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Private Equity firms, with limited access to the global credit markets, continued to see majordeclines in merger activity throughout 2008. Fourth quarter volume totaled US$18.8 billion inannounced transactions, the lowest quarterly level for buyout activity since the second quarterof 2002. With just US$234 billion in announced deals, the volume of financial sponsor-backedtransactions reached its lowest level since full year 2003, posting a 69.4% decline over lastyear at this time. As a result, financial sponsors accounted for just 8% of announcedtransactions during 2008 compared to 18.4% during 2007.
Worldwide M&A Declines 29.6% to US$2.9 Trillion l Withdrawn M&A Reaches Milestone l Estimated Financial Advisory Fees Down 29.8%
FOURTH QUARTER 2008 LEGAL ADVISORS
MERGERS & ACQUISITIONS REVIEW
http://banker.thomsonib.com
Ending five consecutive years of M&A growth, the volume of worldwide mergers andacquisitions totaled US$2.9 trillion in announced deals during 2008, a decrease of 29.6% from2007 totals and the lowest level for annual deal activity since 2005. Worldwide announcedM&A for the fourth quarter of 2008 totaled US$555.8 billion, a 34.6% decrease from the thirdquarter of 2008 and down 37.1% from announced merger volume in the fourth quarter of2007. Highlighting the difficult dealmaking environment was a spike in the number ofwithdrawn M&A transactions, which hit an all-time record in 2008. There were 1,194worldwide M&A transactions that were cancelled during the year, the highest level since 2000.
Cross-border deal activity totaled US$1.1 trillion during full year 2008 or 38.4% of worldwidemergers. Compared to 2007, cross-border merger activity declined 38.5%, with targets in theUnited States, United Kingdom, Australia and Germany comprising nearly 50% of overallactivity.
Dealmaking activity in the Financials, Energy and Power and Consumer Staples sectorscombined for just over half of worldwide merger activity during 2008. Activity in the Industrialsand High Technology sectors topped all industry groups, by number, with over 5,000 dealsannounced during full year 2008. During the fourth quarter, dealmaking activity was markedby a flurry of government investments in major financial institutions. Overall investments bygovernment entities totaled US$396 billion during 2008, or 13.5% of worldwide M&A.Government stakes arrived with increasing frequency throughout the year with nearly US$200billion invested in the fourth quarter alone.
Based on the location of the target company, M&A activity in Europe declined 27.3% over theyear-ago period to reach US$1.2 trillion during 2008, while Africa/Middle East saw a decline of39.6%. Deals in Japan decreased 37.9%, and deal volume in the United States fell 37.2%,accounting for one third of worldwide volume, down from 37% during 2007. Bolstered byrobust deal activity in China and South East Asia, volume in Asia Pacific decreased by just8.7% and was the only region with single-digit annual percentage declines.
Worldwide Volume by Deal Status
18.3%
8.0% 7.9%10.3%
18.9% 20.7% 22.3%
15.3%
24.1%
9.5%
31.5%
16.3%
72.7%
21.5%
16.2%
29.1%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
Ran
k Va
lue
(US$
b)
0%
10%
20%
30%
40%
50%
60%
70%
80%
% o
f Glo
bal V
olum
e
WithdrawnCompletedPending% of Withdrawn to Completed
Government M&A Investments
2.5%
3.7%
5.7%
7.6%
5.7%
2.8%
13.5%
6.5%
8.0%
5.7%
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Ran
k Va
lue
(US$
b)
0%
2%
4%
6%
8%
10%
12%
14%
16%
% o
f Wor
ldw
ide
Volu
me
Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)% of Worldwide Volume
1 of 30
48,783.0 32,318.63,782.4 4,785.3
74045Central Asia
75,675.0 79,776.4
▼335,136.7
483 20.9 ▲
460,155.5 395,404.6142,067.2 160,439.72,798 -23.1 ▼
1,592,572.7 1,426,254.2178,754.9 133,692.6Eastern Europe 117,461.7
North Africa 23,828.6 North Africa 5,952.1
Canada Canada75,464.8 59,458.547.7 ▲
Caribbean 26,883.9 Caribbean 9,429.8Central America 19,596.2 Central America 52,285.0
Mexico MexicoNorth America 1,768,497.3 North America
-19.4
Japan 84,700.7 2,525 136,426.8 2,697 -37.9 ▼ -22.8108,401.777.5 ▲ -11.2 ▼Central Asia 6,715.3 77 79
59.3 ▲South Asia 37,217.5 1,094 1,144 -23.7 ▼
788▼
1,024 7.1
▼2,587 38.3 ▲ 42.4 ▲4,438
▲China 104,252.9 2,983 75,389.5
-4.5North Asia 191,712.3 4,933 189,847.8 118,084.61.0 ▲
▲Indonesia 18,098.3 265 6,952.8 150 160.3 ▲ -46.9 ▼
27.1Singapore 27,280.8 396 22,574.0
▼South East Asia 75,176.2 2,065 2,001 -0.7 ▼ -19.4 ▼
370 -30.2 ▼ -61.9New Zealand 3,385.7 236 4,851.2
▼Australia 104,287.3 1,852 136,457.3 2,389 -23.6 ▼ -37.6 ▼
-38.1Australasia 99,380.9 1,581 2,073Australasia 109,259.3 2,122
▲Asia-Pacific 420,080.6 10,291 10,460 -8.7 ▼ -22.4 ▼
1,897 -15.3 ▼ 312.631534,037.55,915
Germany▲
Germany 125,762.5 1,336 148,397.9432 298.3 ▲ 15.7Switzerland 141,955.6 452 35,642.7
▼3,330 -29.4 ▼ 253,577.3 2,189
Western EuropeUnited Kingdom 273,146.3 2,578 387,126.2
Western Europe▼
1,048,871.7 10,208 1,413,817.8 12,420 -22.1-24.3
-25.8United Kingdom
▼-38.8 ▼ -12.1 ▼
-21.21,438
Europe 1,123,855.4 10,226Eastern Europe 109,350.0 2,671 2,183
▼ -16.8 ▼Europe 1,158,221.6 12,879 14,603 -27.3 ▼
27,641.3 486Sub-Saharan Africa 37,535.3
▼8,051.5 110 77 -66.2 ▼ 205.2 ▲
-34.7 ▼ -18.919917,680.5Middle East 18,384.7 392 28,159.6
▲Africa/Middle East 54,077.5 988 769 -39.6 ▼ 11.2 ▲
40.3 ▲ 71.3Chile 7,754.3 61 4,526.3 64Chile 12,514.8 119 8,922.7
▲Brazil 89,957.7 779 45,955.4 715 95.8 ▲ 42.2 ▲
14.5864South America 111,443.2 1,240 South America 68,095.8 867
▼86,621.2 2,139 197,649.2 2,286 -56.2 ▼ -49.1 ▼
United States-47.5 ▼
United States 986,283.0 9,165 1,570,848.1 11,296 -37.2 ▼ -47.3
▲ -49.0 ▼1,072,904.2 11,304 13,582 -39.3 ▼
23,291.3 176 18,614.6
▲24,002.9 215 304 22.5 ▲ -51.2 ▼
237
-44.8 ▼10,529.4 155 147 -60.8 ▼ 161.0
12,1311,890,442.1▼ -33.0 ▼
Americas 1,218,879.7 12,914 15,286 -35.5 ▼43,817
Target Region/Nation Rank Val US$m No. Deals
1/1/2008 - 12/31/2008% Change in Rank Value
% Change in Rank Value
1/1/2008 - 12/31/2008 1/1/2007 - 12/31/2007 1/1/2007 - 12/31/2007
Rank Val US$m No. DealsRank Val
US$m No. Deals
25.1
-29.6Worldwide
Rank Val US$m No. Deals
39,597 4,169,286.9
Scorecard: Worldwide Announced M&A Scorecard: Worldwide Completed M&A
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
-26.4
89,523.4
Worldwide 2,688,177.82,935,960.1
395
1,253
108
297
Americas 1,122,837.5 10,31724,610.1 103
4,011,347.2 31,303
14925,511.4 140
114195
2,035,347.428,861
10,95824,894.6
1,004,620.2 9,207107 48,815.6
1,914,174.07,655 1,714,454.4
101,578.4 1,552 199,719.7903,041.8
Brazil 50,640.1
51,064.6 594
586
9,3481,610
53135,623.5
474
46Middle East 14,331.9
18,164.3 71269
Africa/Middle East 45,939.3
914 128,981.2
Sub-Saharan Africa 22,306.8
1,292,561.6
18,568.4 254
2,8231,172
22911,093
9,6558,1402,086
1,006,393.7
Switzerland
Australia 96,151.3 1,386
140,452.4Asia-Pacific 306,745.8 5,883
372149,234.2
154,003.7 1,734New Zealand 2,210.6 5,798.3 313
South East Asia 64,297.8 1,387178
1,301
33,570.82,130
18,609.0 321623629
South Asia
88943,812.3
23,659.1
34,201.1 40826,033.4
17,842.8
Hong KongHong Kong 48,960.5 45,699.4 449
Japan
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524,248.61,6901,841 ▼83,674.6
731
1,758North Asia 112,785.2
Singapore 261
21,467.530,766.8 826
Mergers & Acquisitions Review
China
Indonesia
Target Region/Nation
2 of 30
* tie * tie
135,469.1Paul Weiss Rifkind Wharton & Garrison LLP
▼▼▼▼
▼▲▼▼
▼▼▼
▼▼▼
▼▼▼▲
▼▼▼▼
▼▼▼▼
▲▲▲▼
▼▼▼▼
▼
▼▲
▼
▼▼▼▼▼▼▼▼
-50.4-29.7
-35.2-41.1-22.1-26.4
-18.1-1.7
-18.7-33.6
-36.4-20.6-65.0-14.1
2,246.411.0
-33.6-33.0-29.6 ▼ ▼-4,011,347.24,169,286.9
84.8
-45.325.4
-42.6
-26.7-49.3-21.6
-12.4-65.5
▲
-47.4
27.8
-27.9
151,795.55.5
2.6-45.6
-19.0
-47.55.0
246,556.4
216,110.6
161,870.216
2021
203,408.17.4
1249.2
6.0
176
86
8.48.07.6
128
Rank Val297147
Deals
570,853.2499,866.7 -6.3
-19.54
Rank
17.33
1604,109.4 345,365.2Allen & Overy-46.8
-43.32 12.9
11.369303
304,775.9Latham & Watkins-1.8
604,930.9 572,692.4430,486.9379,998.6 14.1 246
5 -20.6 529,701.916.0
7463 347,168.6
481,237.9132
528,832.260
450,983.8
130
354,990.9
376,774.2
307,016.0
179,475.3
-19.7 --31.9
5.0
▼ 8,635
18
3,429,998.4 -581,348.8268,758.1
273402,827.7
2324 4.2
44124,572.9
137473,684.3583,555.3
302 11.2 252
254
312267
299205 440,231.4 41973
http://banker.thomsonib.com
148,856.8146,259.0
55
28,861-
645.0
20,22625
2324
- 15.2
5.0
60
217
59471
5.022
5.4
1035
186,467.8 29
19246,628.1132,026.9 42
388,292.7152,825.9
16112 207,070.4 23
293,867.5127
34
13 -44.1-14.2
-0.3
5 -61.5
▼26
930
7
12
2
1Rank
8
McCarthy Tetrault
168,428.3
14
533,217.4517,786.6
3
11385,518.76
15
3.3 105162,368.9196,412.6
6.3 ▲6.3
52
79Cleary Gottlieb Steen & Hamilton
38
17Gibson Dunn & Crutcher
-10.0-21.3
3.1-36.0
Slaughter & MayCravath, Swaine & Moore
Willkie Farr & Gallagher
133,842.1
134,197.5133,910.9
133,335.5
White & Case LLP
324,207.6 11
968
393,673.7432,523.3
Jones Day
Wachtell Lipton Rosen & Katz295,415.121
144,063.0
204,667.3
26 Allens Arthur RobinsonBlake Cassels & Graydon
Dewey & LeBoeuf LLP
127 16
109
270,560.2
23
170,282.4104 32418,557.293
--
3,391,516.79,480777,770.2
20052 123,044.3
93,704.1
No.1/1/2008 - 12/31/2008
30,117
5,309.0242
6318
7
181,576.6
Worldwide Announced (AE1)
Mkt.Rank Value
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
Worldwide Rankings
1/1/2007 - 12/31/2007
15.7
Rank12
Share16.0
US$m RankNo.
Worldwide Completed (AG1)
Rank Value % Chg. in
9.59.4
89
-
48
5.7
15
9.3
12013
12512
10353,144.2259,357.0
299,132.9
100.0
10111213
1817
14
-
19
172
198,561.5
4.7
6.46.4
39,597
7.47.47.2
215,812.1Davis Polk & Wardwell
252,895.5248,575.1
224,979.4
Simpson Thacher & BartlettWeil Gotshal & Manges
Shearman & Sterling LLP
-32.8-25.1 ▼
15
▼
▼▼
300,281.3Debevoise & Plimpton
5
Clifford Chance 76
255,684.1-21.5-34.1
5.0
Slaughter & May5.217
181920
5.1
9.79.0
72185,652.8235,341.7
151
122
5.0
274,949.462
Herbert Smith/Gleiss Lutz/Stibbe
153,070.0149,665.5147,494.0McCarthy Tetrault146,642.2146,287.6
Davis Polk & Wardwell
Paul Weiss Rifkind Wharton & Garrison LLP
3
1213
45
8
67
11
9
11.711.0
10.8
16
1415
9.08.0
10.8
10
5.04.8
2122
2521.3
4.1
78.7--
468,453.9459,734.9349,627.2343,162.5321,670.0318,249.7316,258.7
Gibson Dunn & Crutcher
233,408.2
285,072.5264,724.3264,479.7
187,480.9
216,385.5
142,107.0136,582.5
210,931.7189,034.9
Sullivan & CromwellSkadden, Arps, Slate, Meagher & FlomFreshfields Bruckhaus DeringerAllen & Overy
US$mRank Value
US$m
Davies, Ward, Phillips, & Vineberg, LLP 119,726.5
Linklaters
Dewey & LeBoeuf LLPHunton & WilliamsSutherland Asbill & Brennan
Legal Advisor
1/1/2007 - 12/31/2007Rank Value
11.9 Skadden, Arps, Slate, Meagher & Flom
US$mLegal Advisor Deals% Chg. in
1/1/2008 - 12/31/2008Mkt.
Rank Val
Freshfields Bruckhaus Deringer
ShareSullivan & CromwellLinklaters
17.8477,921.5 1
4
465,842.2 2
408,973.62,279,204.32,688,177.8
Subtotal without Legal Advisor
Shearman & Sterling LLP
Simpson Thacher & Bartlett
Blake Cassels & Graydon
Weil Gotshal & Manges
Wachtell Lipton Rosen & KatzDebevoise & Plimpton
Subtotal with Legal AdvisorIndustry Total
Subtotal with Legal AdvisorIndustry Total100.0-
2,311,100.2624,859.8
2,935,960.1
Cravath, Swaine & Moore
Subtotal without Legal Advisor
Latham & WatkinsClifford ChanceCleary Gottlieb Steen & Hamilton
3 of 30
Based on Number of Deals Based on Number of Deals
* tie * tie
▼▼▼
▼▼▲▼
▲▼▼▼
▼▲▼▼
▲
▲
▼▼
▼▼▼
▼▼▼▼▼▼
▼
▼▲▼▲
▼▼▼
▼
▼▼
▼▼
197Latham & Watkins5
246,156.72.1160 3 6,502.0 161
231
-25.2
-18.1
-7.8-17.5
17.1-28.3
-17.8
-45.0-22.7137.5-44.1
-3.0
-43.111.8
-30.6-32.7
0.0-10.5-35.6
-9.89.3
-9.1-14.7
-0.6-10.7-37.5-37.4
7.8-21.3
-26.2
-2.3-18.5
-2.8-33.4
-6.2-18.1-41.9-27.0
-22.5
-17.9
DLA Piper
# of Deals
345,365.24
-17.4-17.7-23.5-19.8
▼▼
1/1/2007 - 12/31/2007
Worldwide Completed (AG1)
1/1/2008 - 12/31/2008
252Baker & McKenzieClifford Chance
Freehills 138
Dorsey & Whitney LLP
Allen & Overy 267Linklaters
254
0.9
Kirkland & Ellis 140
CMS 183Cleary Gottlieb Steen & Hamilton 176
0.6
0.5
254
137Sullivan & Cromwell
Blake Cassels & Graydon130132
Hogan & Hartson 134Weil Gotshal & MangesShearman & Sterling LLP
60
0.4 161,870.2
0.5
Dechert200 Sidley Austin LLP 64-36.514
24,607.2
16 0.5
18
14
12
0.4
0.4
105,597.8
248,575.1
224,979.40.4 148,856.8
98
Skadden, Arps, Slate, Meagher & Flom
246217207197
10
Freshfields Bruckhaus DeringerWhite & Case LLP
24 68*0.724*Ropes & Gray155 23 57Mallesons Stephen Jaques16*0.7
37,026.510225 0.4 24,549.8 219,450.424*
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903,041.8
61.1 --
100.0 9,348 -
71,367.6 -18.320,22639.02,982 3,627
4,673 -- 5,721831,674.2
Subtotal without Legal Advisor10,598
Industry Total- Subtotal with Legal Advisor
31,303 --
7,655- -7.88,635 2,279,204.3-
2,688,177.8- 100.029.9
28,861
- 70.1 408,973.6 20,70557121 Simpson Thacher & Bartlett33 0.0
22*
20
122 24
124
128
O'Melveny & Myers 124
Dewey & LeBoeuf LLP 127Gibson Dunn & Crutcher
75 2622* 0.4 115 Baker & McKenzie 5842,276.6 37 42,484.623 0.84,822.922
Wilson Sonsini Goodrich & Rosati 121
66 33109 120.8151 24*
21150.9164 20* Goodwin Procter LLP 67-22.0 104▼
63,464.121 0.821,568.720
137107
Dewey & LeBoeuf LLP
DLA Piper
124106
9494
133
Hogan & Hartson
24*19 0.5 151 Cooley Godward Kronish LLP 68 76-13.9 ▼18 280.9186 17 Cleary Gottlieb Steen & Hamilton 72 72-29.0
13
216,110.6 24* 5,632.519 0.9127,609.6
17 1.0477,921.5
1117 0.5 173 Bryan Cave LLP 74 11057,028.2 18 6,831.9131.0168 19 Weil Gotshal & Manges 75 108127,437.716-18.53171.0241 11 78
7,897.815 1.0118,577.0
14113
15 0.5 189 K&L Gates 76 6870,883.4 161465,222.9
13 0.6 215 80Alston & Bird▼10
246,556.4 12 31,284.013 1.1253,062.012 1.1195 15 81Sullivan & Cromwell▼
11 0.7 296 89Morgan Lewis & Bockius▼430,486.9 9 14,252.211 1.247,860.5
76 24*102 16*92
86 2110 1.2
26,666.88* 1.2O'Melveny & Myers0.9
0.7 213133,910.90.8 294379,998.6 327
20,077.2
8* 1.2 ▼8 114Gibson Dunn & Crutcher-24.8 ▼10
435 115Wilson Sonsini Goodrich & Rosati2 21,161.77 1.4-42.1 ▼198
98,370.2
4246,921.789
6 1.6404 3 Skadden, Arps, Slate, Meagher & Flom▼-37.15* 0.9 359 Kirkland & Ellis465,842.2 6 -29.2
659,070.85 1.628,625.9
3333 7
125 200▼▼ 1494 1.7
391 Dorsey & Whitney LLP41,688.2 4 ▼22 2.6
Deals Rank1 3.8
# of Deals120,036.8 1319 ▼Jones Day 290
Legal Advisor US$mRank ShareDealsNo.
1/1/2007 - 12/31/20071/1/2008 - 12/31/2008
US Target Completed (AG2)
% Chg. In
Worldwide & Americas Rankings
% Chg. in Rank ValueMkt.No.
5
Rank1
Industry TotalSubtotal with Legal AdvisorSubtotal without Legal Advisor
304,775.9
85,127.85* 0.9300,281.37 0.9
299
471
Mkt.No.
1 1.6
3 1.0
Legal Advisor Rank ShareJones Day
Deals570146,259.0
Latham & Watkins 312 1.12
US$m DealsNo.Rank Value
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
379
4 of 30
Rank Val US$m RankTop Ten US Announced Deals
Mkt. Share No. Deals
87,397.1
5/21/2008
AcquirorInBev NV
Alcon Inc6/5/2008
Merrill Lynch & Co IncAnheuser-Busch Cos Inc
23.22
97,268.0125,967.0
17,411.1
96,157.5
90,458.3 3
9/15/2008 48,766.2Genentech Inc 43,655.47/21/2008
Bank of America CorpRoche Holding AG
Rank Value (US$m)
Wells Fargo,San Francisco,CA
ShareholdersVerizon Wireless IncNovartis AGMars Inc
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7
787 33 60.3
57.656.8
7 3
329 10
11 12
91,795.6
159,356.5 12
3
12 69.4
77.2
85,224.7 3 4 67.710/3/2008
Government Bailouts Fuel US M&A Activity | Withdrawn Deals on the Rise
6/11/2008 60,408.1
Government Bailouts Fuel US M&A Activity
Withdrawn Deals on the Rise
Rank Date Target1,206
12 1
Rohm & Haas Co
42,129.7Time Warner Cable Inc
10/19/200815,112.0Wachovia Corp,Charlotte,NC14,334.8
18,585.17/10/2008
28,100.027,733.723,194.24/28/2008
Dow Chemical Co
4/7/2008William Wrigley Jr Co
Alltel Corp
NRG Energy Inc Exelon Corp
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
Americas M&A
Cravath, Swaine & MooreConsumer Staples
Skadden, Arps, Slate, Meagher & FlomLatham & WatkinsSimpson Thacher & Bartlett
Top US Announced M&A by Target Industry
Freshfields Bruckhaus DeringerHealthcare
Latham & WatkinsSullivan & Cromwell
FinancialsBaker & McKenzieWillkie Farr & Gallagher 23.9
25.919,418.417,897.3
210,573.5
US M&A totaled US$986.3 billion during 2008, a 37.2% decline from the US$1.6 trillion indeal activity in the previous year. Government investments comprised 5.5% of regionalvolume, the highest percentage of total volume on record. Government investment activitywas driven by sovereign wealth fund investments, which totaled US$20.4 billion and includedSingapore Investment Authority’s US$6.9 billion investment in Citigroup and US$2 billioninvestment in Merrill Lynch by Kuwait Investment Authority and Korea Investment Corp.
Government investment activity was also driven by the US Treasury's Troubled Asset ReliefProgram, in which the US Treasury has committed to purchase up to US$250 billion in non-convertible senior preferred stock* as well as receive warrants to purchase common stockwith a total market value equal to 15% of each senior preferred investment for publiclytraded securities and 5% for privately held securities.
*Thomson Reuters' M&A statistics exclude non-convertible preferred investments as theseare classified as debt instruments.
There were US$323.6 billion worth of deals involving targets in the Americas that werewithdrawn in 2008, including the US$46.8 billion BCE leveraged buyout, the largestannounced LBO of all time, and Microsoft's US$41.9 billion unsolicited bid to acquire Yahoo.Potential fees on deals withdrawn in 2008 were estimated at US$312.4 million and the ratioof withdrawn to completed transactions reached 28.8%, surpassing the previous record of20.2% set in 2000.
US Government M&A Investments
0.2% 0.3%
1.6%
0.3%
1.0%
5.5%
0.6%
4.1%
0.3%
1.1%
$0
$20
$40
$60
$80
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Ran
k Va
lue
(US$
b)
0%
1%
2%
3%
4%
5%
6%
% o
f US
Volu
me
Rank Value (US$b) % of US Volume
Withdrawn M&A in the Americas
16.7% 16.4% 17.1%
9.1%11.2% 10.4%
28.8%
15.4% 16.2%
20.2%
$0
$100
$200
$300
$400
$500
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008R
ank
Val
ue (U
S$b
)0%
5%
10%
15%
20%
25%
30%
35%
Rat
io o
f With
draw
n to
C
ompl
eted
Rank Value (US$b) Ratio of Withdrawn to Completed
5 of 30
* tie * tie
100,925.2
53
4673
175,490.4
100,102.0383,293.5
21-19.7
-1.0
39
2619
30148
1016
2,105,926.3
3
11
20
9233,169.8207,548.6
209,701.6
6.4
9278
143,123.1
http://banker.thomsonib.com
24Sidley Austin LLP 5.567,069.3
4,07592.7--89,460.6
-
Subtotal without Legal Advisor-
143,346.8
79164,897.6
135,642.7
17155,223.863,336.1
22
23
100,747.1
Shearman & Sterling LLP
9,8701,962,579.61,141,606.6
1,231,067.2 -
257.3- 5,795
2
132,798.184
Freshfields Bruckhaus Deringer
785819
5,309.0Paul Weiss Rifkind Wharton & Garrison LLP
58
45
Rank Val
34
15
9
67
69
18112,955.2
2295,352.989,459.1
21
Rank Value
90,035.0123,944.6
11.1
116,789.3119,332.6122,688.3
17
10
117
4
2315
-
Any US Involvement Completed (AG34)Any US Involvement Announced (AE33)
No. % Chg. in Rank Value1/1/2007 - 12/31/2007 1/1/2007 - 12/31/2007Rank Value % Chg. in
1/1/2008 - 12/31/2008
Deals
1
Rank348,923.0
Rank
2 271,871.8234156
25
16
68.4
3 -20.13.3
-11.58.4
-29.8
▼164,951.7
725 Debevoise & Plimpton
-21.9
8
7.8
44.165.1
58.9-38.9
9
136
40
118,810.3
24
304,638.6
165,233.2
32
2014
1,803,787.0
147,436.5
-
50
92
16.2
98
148,895.495,006.1
75
373,483.5
310,385.9
253,399.9
105
10552
58
53
1
3
7.22423
10.1
18
1617
9
1,179,326.1
100,651.3Shearman & Sterling LLPDavies, Ward, Phillips, & Vineberg, LLP
116,312.2107,928.2
4325,967.2
94,873.4
1,306,047.3
Davis Polk & Wardwell
Rank ValUS$m
2
467,512.3Rank
1
423,995.0
337,824.65
▼
24132,272.45,443.0
283,257.8 7142,771.1
3481,921.8
153,583.7
11124,752.6
1413
213,673.06
1211
15
259,073.2
2919
13.112.910.5
13
10
10.4
7.3
Allen & OveryDewey & LeBoeuf LLPClifford Chance
Linklaters
20
12
Sutherland Asbill & Brennan
137,627.1
115,847.8
19
100,715.7Davis Polk & Wardwell
55
8.28.28.2
73
1
66
9.250
9.49.5
10.0
10.110.0
8
186,019.0199,390.1
9.7
11650
1315
50
351
96
111
246
258,808.9
5517.313.5
18323,661.3168,174.7
6
19.0
13.6
160,407.619.919.0
49
16.6
15.2 12.613.445
209,387.7
109
Mkt.Share
23.722.620.1
15.3
US$m
Sutherland Asbill & Brennan
US$m308,877.9294,779.7
Weil Gotshal & Manges
Wachtell Lipton Rosen & KatzDebevoise & Plimpton
178,180.3171,352.0
Gibson Dunn & Crutcher
4262,318.2
200,021.2216,222.7
7
248,037.8 56
259,629.3Skadden, Arps, Slate, Meagher & FlomCravath, Swaine & Moore
198,027.5
Simpson Thacher & Bartlett
Cleary Gottlieb Steen & Hamilton
McCarthy Tetrault
8
136,859.4Paul Weiss Rifkind Wharton & Garrison LLP
Legal AdvisorSullivan & CromwellLatham & Watkins
Blake Cassels & Graydon
122,761.8LinklatersAllen & Overy
Hunton & Williams
86
82,596.0
168,411.3
136,378.4
Dewey & LeBoeuf LLP131,361.9134,716.1
130,589.9
135,345.782,128.510.3 63
4614 10.4
124,572.9
12.5
166,569.0
155,374.2153,537.1
Jones DayHunton & WilliamsMcCarthy Tetrault33
10.0
▲▲
284,438.8 1
▼
▼-61.8-20.4
Weil Gotshal & Manges
▲▲
Blake Cassels & Graydon
19 8.98.3
-31.7
9.5 2,246.4
7.72021
Herbert Smith/Gleiss Lutz/Stibbe85,780.3
Subtotal with Legal Advisor
66,282.3Baker & McKenzie
94,224.4Clifford ChanceFreshfields Bruckhaus Deringer 777.3
9.7126,721.2
6.6
4,319Subtotal without Legal Advisor
100.011,936-
Industry Total90.3
- 7,6175.1
1,989,370.3--
100.0
32.542.6
-12.4
Legal AdvisorSkadden, Arps, Slate, Meagher & Flom
Cleary Gottlieb Steen & Hamilton
Gibson Dunn & Crutcher
Rank
-51.6-12.6
ShareRank Value
US$mMkt.
22.020.9
-40.7-29.9
-48.55
7511.2 14196,248.5
892
Latham & WatkinsSimpson Thacher & Bartlett
Wachtell Lipton Rosen & Katz
270,623.9
212,533.2
256,948.3233,311.0
Sullivan & Cromwell
16
137,096.1
123,351.7
2
1/1/2008 - 12/31/2008
23.1Deals
No.
150
185,583.425
113
22
19 8,201.7
13.1
0.8
7.8Cravath, Swaine & Moore
Subtotal with Legal Advisor
-35.4708.2
-54.5
26.4
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
Americas Rankings
61.9
10.364.0
-38.5-49.6
-73.7-29.6
-39.2-19.9-21.2-45.0
-11.3-22.1
1,975.2
-41.8-41.5
-49.0-61.8-71.2-37.6
-34.6-34.3
-42.9
▼▲▼▲
▲
▼▲▼
▲▲▲▼
▲
▲▼▼▼▲▼▼▼
▼▼▼▲▼▼▼▼▼▼▼▼▼▲▲▼▲▲▼▼▼▼▼▼▼▼▼
79,182.7Fried Frank Harris Shriver & Jacobson LLP
Industry Total
6 of 30
* tie * tie
89
368,581.3 3
0.0548.3
19.0
10
11.912
15.6
119,861.3
45
9
43,901.4
-
20
5017
368*
12
10
84,552.3112,432.2
-
9
-
11 13.8
10.5
-135,789.3
270
11.5
15
17
11.4
9.9
1314
16
8.1
11.4
29
16,123.04
6.1
23
54,834.0
-2,9824,673
194,471.7
146,969.0231,450.164
181,338.654,675.3
411,875.1
179,151.4
240,493.4
4
6
814
1
12
7
299,984.7
290,089.2175,445.8
13
5378,908.2 2
18
246,156.7
11
34
2516154,693.3
94,106.1
71,647.54310.7
144,335.6270,242.0
246,921.71
27.32253,062.0 8128.0
US$m303,890.0
Rank ValRank Value % Chg. in
1/1/2008 - 12/31/2008
US$mRank Value
ShareRankSullivan & Cromwell
Mkt.Legal Advisor Rank
1/1/2007 - 12/31/2007
US Target Completed (AG2)
DealsNo.
9410.9
Latham & Watkins
50
75
57
17.114.1
24.327.3
39
11.678
13.3 290
18.0
7214.1
2413.1
1654
7.97.1
2549
44
10.554
9.5
3010.2
64,297.5 20
-
208
5
219,450.4
182
1/1/2007 - 12/31/2007
US$m326,422.3
% Chg. in Mkt.US$m
86
Share293,102.0
Rank
359*1388
61,258.1
Subtotal without Legal Advisor89.9
6.22321
55,971.756,602.0
5.7111,531.2
1,570,848.1
-26.8 7.9
1,714,454.41,435,058.8 Subtotal with Legal Advisor
71,367.6831,674.2
▼
Cravath, Swaine & Moore
60,973.1Kirkland & Ellis
Herbert Smith/Gleiss Lutz/Stibbe 61,258.1
Shearman & Sterling LLP71,038.5
31
4
-67.4
Barbosa Mussnich & Aragao▼▼171,581.5
224
▼
6.82425 14
2191,383.1125
0.011
20
Clifford Chance602436 Linklaters
▼▲
▲18
9,165
26
24
-37.2-
Herbert Smith/Gleiss Lutz/StibbeJones Day
Subtotal with Legal Advisor 886,888.9
Fried Frank Harris Shriver & Jacobson LLP
Industry Total 100.0986,283.0 Industry Total 100.0-
9.91716
8.7
Sidley Austin LLP
18
Freshfields Bruckhaus Deringer59,070.8
19
6.5
7.06.822
--48.1
▼92.1 1,602,022.2 -
162,145.9154,685.0
5
Allen & OveryDavis Polk & Wardwell 92,060.7
21
85,554.8
14
9
6127,609.6127,437.7 8120,036.8
7
Gibson Dunn & Crutcher 98,370.296,458.9Paul Weiss Rifkind Wharton & Garrison LLP
10118,577.0104,401.0
Dewey & LeBoeuf LLPBlake Cassels & Graydon
13
63,464.1
89,600.7
94,986.315
--
http://banker.thomsonib.com
31
319663
DealsLegal AdvisorRank Value
US Target Announced (AE2)
Rank ValueRank
25.0
193
128 21454 141,255.5
253,398.8
296,626.7
17
63
Subtotal without Legal Advisor 99,394.1 6,022
Freshfields Bruckhaus Deringer
5.725
6.719
Barbosa Mussnich & Aragao 2263,964.7 2166,284.8
Gibson Dunn & Crutcher61,943.1
77
3,14310.1
6.3
2111
6.5
7.3
31
3
113,006.1
4067
29,037.0
286,261.8
10103,738.3
4
227 Weil Gotshal & Manges
-9.112.173.6
-19.1Cleary Gottlieb Steen & Hamilton
Jones Day51.2
▼
44
265,045.867
231,485.4
183,603.533
108,471.6
112,866.0
Skadden, Arps, Slate, Meagher & Flom
Allen & Overy 112,431.5
Weil Gotshal & Manges
Linklaters
Debevoise & Plimpton
153,343.9
195,971.7
136,084.8
67
4
98
2416.6
24.420.919.9
72,431.0
97,433.6Shearman & Sterling LLP
79,457.8
103,792.3
Clifford ChanceBaker & McKenzieDavies, Ward, Phillips, & Vineberg, LLP
Davis Polk & Wardwell
240,962.7
164,040.1187,332.8
Blake Cassels & Graydon
205,868.2
Wachtell Lipton Rosen & Katz
Dewey & LeBoeuf LLP
112,137.6
Paul Weiss Rifkind Wharton & Garrison LLP
113,293.9
Cleary Gottlieb Steen & Hamilton
117,252.3
Simpson Thacher & Bartlett
No.
328.92
1/1/2008 - 12/31/2008
44
246,706.4
Sullivan & Cromwell 29.71285,173.2
5
Cravath, Swaine & MooreLatham & Watkins
26.1
62
85,403.555,572.193,611.1
151,881.8-
23
17123,623.965,308.125,575.8
245,806.1
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
Americas Rankings
257,672.1
Rank Val
-53.9-0.5
-60.80.1
235.5
-10.212.582.4
-16.8
24.0108.4358.5
-38.2
-15.130.3
-22.4-57.9
11,072.4-49.3
-56.961.8
279.9-
-56.3
-35.1
-56.110.9
-36.434.6
-72.6
-20.8-75.0-53.956.5
7,655903,041.8
-42.1-9.5
-46.7-27.3-47.0-16.8
-69.1
-16.7-40.0-17.9
▼▼▼
124197
▼
▼▲▲
Simpson Thacher & Bartlett 43
Skadden, Arps, Slate, Meagher & Flom
▲▲▼▲▲▲▲▼▼▼▲
▼▼-▲
▼
▼▼
▼▼▼▼▼▼▼▲▼▲▼▼▼▲▼▲▼▼▲-▼▼
-36.5
-47.3
78,080.2Fried Frank Harris Shriver & Jacobson LLP
Debevoise & PlimptonWachtell Lipton Rosen & Katz
7 of 30
Based on Value Based on Number of Deals
* tie
96,888.2Paul Weiss Rifkind Wharton & Garrison LLP
* tie
0.9-
4856.9
-2,6861,002,875.664,298.8
37132,145.43,458
Industry Total 5,106
24*
2,202--
2,904 -
Industry Total 1,067,174.5 -
Subtotal without Legal Advisor2,904
100.0 1,684,803.1 -Subtotal with Legal Advisor
5,1061,581,473.8 -Subtotal with Legal Advisor 1,002,875.6 - 94.0
Subtotal without Legal Advisor 64,298.8 - 6.0
49* 20.5Herbert Smith/Gleiss Lutz/Stibbe 64,137.0 25 6.0
130,934.0 1828,144.2 67
24* 0.9 8,519.4 39Shearman & Sterling LLP 67,268.1 24 6.3
4723 7.0 29*23 0.9 62,158.6 59
1.0 93,568.851Freshfields Bruckhaus Deringer20
Cravath, Swaine & Moore 92,242.7 22 8.6 45 190,263.6 11 4221*21* 1.0 165,975.5 72
24,337.5 68 22Freshfields Bruckhaus Deringer 93,568.8 21 8.8 51 83,110.0 30
12*20 9.1 28 89,474.8 27 20 1.0
18* 1.0 145,985.0 8614,040.9 50 35*
Davis Polk & Wardwell 98,001.3 19 9.2 54 377,621.6 2
9Blake Cassels & Graydon 103,177.3 18 9.7 34 111,990.9 23 18* 1.0
16* 1.1 98,001.3 9367,268.1 60 28
Linklaters 107,745.8 17 10.1 37 55,799.8 43
14*Sutherland Asbill & Brennan 112,955.2 16 10.6 1 5,414.0 133 16* 1.1
15 1.1 222,989.2 8459,385.4 87 11
McCarthy Tetrault 117,282.6 15 11.0 25 78,742.5 32
84 14*Clifford Chance 117,299.9 14 11.0 77,629.2 33 13* 1.1
1.1 46,271.158Hogan & Hartson8,324.6 83 16
Jones Day 118,020.1 13 11.1 13*-12.5 ▼12 1.3▼ 65Dorsey & Whitney LLP
74 18Hunton & Williams 122,375.3 12 11.5 17 122,665.7 20 -0.2
O'Melveny & Myers 11 1.4 25,093.66947 87,850.9 28 ▲Allen & Overy 132,145.4 11 12.41.4 209,240.0 81 177 10▼ 71Gibson Dunn & CrutcherDewey & LeBoeuf LLP 135,599.4 10 12.71.4 21,989.9 88 1013.0 912 ▼
1076*10358Weil Gotshal & Manges 145,985.0 8 13.7
1.6 253,393.81.5 45,379.6
36 151,185.2 15 7Debevoise & Plimpton 150,214.3 7 14.16 1.6 135,599.4 143Wachtell Lipton Rosen & Katz 165,975.5 6 15.6
95 81.8 138,762.7 103
Rank
1/1/2007 - 12/31/2007
# of Deals
134,941.6 1746
317,638.3 5
317,715.7 4
53 237,445.3 8
268,773.4
-16.9
1
43.1100.0 -1,067,174.5 6,144
55
208Rank
▼1
% Chg. in
3175 3
Any US Public Involvement Completed
1
171
2,202
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
Americas Rankings
176
71 164,241.7352,371.4
305418
Cleary Gottlieb Steen & Hamilton 138,762.7 9
Skadden, Arps, Slate, Meagher & Flom
Simpson Thacher & Bartlett 222,989.2
Sullivan & Cromwell 253,393.8Latham & Watkins 242,601.6
Gibson Dunn & Crutcher 209,240.0 520.919.6
US$m
22.7 302,184.5
429,696.281
2.2
3.5 242,601.62
6
5
3.4 118,020.1
http://banker.thomsonib.com
Any US Public Involvement Completed
US$m
1/1/2008 - 12/31/2008
Rank ShareNo.Rank Value
DealsRank Value No. % Chg. In
(Published in collaboration with West GSI)
Legal Advisor
1/1/2007 - 12/31/2007Rank ValueMkt.
2
43
3
272,430.1183,348.3
193,813.9 10
14
-
6*4
1/1/2008 - 12/31/2008
DealsRankMkt.
-17.0-12.3
Rank Val
103,329.3
23.7
83
51
93
268,773.4 1 25.2 111
-24.3-50.250.4
8.312.6
Fried Frank Harris Shriver & Jacobson LLP 74,374.7
Share
51.148.9
1,986.493.1
-36.6-36.7
-37.5-20.2-19.7-36.727.4
-47.8-0.6
-38.5
-6.8
-37.8
-51.5-61.6-48.6127.9
-7.9-74.0
-21.7-31.0-33.3-34.5-10.0
-38.4
-2.1-16.0-18.0
-41.96.0
-23.5-29.221.4
-18.6
-9.7-42.0-21.4-30.8
▼▼
(Published in Collaboration with West GSI)
No.Deals US$m
▼
-15.4-2.3
-39.34.2
183 24 1.9 31,036.5
▲▼▼▼
▲▲▲▲▼▼▲▲▼▼▼▲▼▼▼
▼▼▼▲▼▼▼▼▼▼▼▼▼▼▼▼▼▲▼▼▼▲▼▲▼▼▼▼
7473
Baker & McKenzieWilson Sonsini Goodrich & Rosati
5855545453535251
Legal Advisor
Kirkland & EllisSimpson Thacher & BartlettShearman & Sterling LLPDavis Polk & WardwellMorgan Lewis & BockiusWeil Gotshal & MangesAlston & BirdWachtell Lipton Rosen & Katz
Cleary Gottlieb Steen & HamiltonDewey & LeBoeuf LLPSullivan & Cromwell
176171111
99938381
Latham & WatkinsJones DaySkadden, Arps, Slate, Meagher & FlomDLA Piper
Sidley Austin LLPK&L GatesAllen & Overy
484747
8 of 30
* tie * tie
109,336.6
19
20,268.5
49
29
554
17
US$m
11
5
Deals
42
8,224.3
109,710.8
4,324.0
15
37
-
-
327
12
72
3
10
5
3
8
2.9
12
19
5.9
20
100.0Industry Total
5.5
6.06.2
4.95.0
- 1,091Subtotal with Legal Advisor
100.0
Debevoise & Plimpton 212,885.0
-400
1,168
Baker Botts LLP 2.4
102,908.2 - 69.830.2
Dewey & LeBoeuf LLP
80,150.2
--
1.71
2
97.64
3,098.5
-3
34
95.52,706.4
3.5
6.8
Rank Value1/1/2008 - 12/31/2008
Mkt. No.
2.5
22 1.9
251.824
202.0
23
147,482.4
65Cravath, Swaine & Moore 2,243.7
Subtotal with Legal Advisor
Freshfields Bruckhaus Deringer2
3,651.6 18Hogan & Hartson 3,648.0 19
2.5
Industry Total 1,568 -
Leoni Siqueira Advogados
2.524
1.8
-
33-
192,147.3
-15
33,511.952.7354
Mayer Brown LLPMilbank Tweed Hadley & McCloy LLP
44,574.2
2,600.02,500.0Stikeman Elliott
Subtotal without Legal Advisor2,027.1
66,922.3 -100,434.2 143,598.6
88,793.966.633.4 737
Levy & Salomao Advogados24
2.621
25 2.1
23
2,728.6
29.4359.7
4,194.9 16 2.8
433,666.4 17
3,520.0
2,668.0
Dewey & LeBoeuf LLPPerez Alati, Grondona, Benites, Arntsen
Veirano Advogados
Cleary Gottlieb Steen & Hamilton
6,650.8
5Veirano Advogados
5,219.95,500.0 14
Linklaters
3.515
Gibson Dunn & Crutcher
Deals
Americas Rankings
RankRank Value
13
7,125.1
--252.0
860
Rank Value
Any Latin American Involvement Announced (AE35)
1/1/2008 - 12/31/2008
Any Latin American Involvement Completed (AG36)
% Chg. in Share
7,948.9 7.9
405,760.9
Davis Polk & WardwellCarvalhosa e Eizirik Advogados
1,074.911.112.5
34
5
711
611,167.1
US$m
10,309.1
17,685.2Barbosa Mussnich & Aragao
Mattos Filho Veiga Filho Marrey Jr
Skadden, Arps, Slate, Meagher & FlomShearman & Sterling LLP
21,693.02
4 16.9 13,011.4
3615
Machado Meyer Sendacz & Opice
249 ▲
Sullivan & CromwellPinheiro Neto Advogados 6.4Davis Polk & Wardwell
7
517,803.115,035.410,915.110,309.1Carvalhosa e Eizirik Advogados
Skadden, Arps, Slate, Meagher & Flom
9,704.5
Weil Gotshal & Manges
Legal Advisor
White & Case LLPMachado Meyer Sendacz & Opice
US$m35,217.4Mattos Filho Veiga Filho Marrey Jr
24,884.1
Barbosa Mussnich & Aragao28,340.7Shearman & Sterling LLP 2,614.63
23.419.2
15
513.0
21.6Rank
21
Legal Advisor
43
Rank
1/1/2007 - 12/31/2007
4575.9 48
14,599.2
312,109.712,106.0
14
27
5,430.0
Cleary Gottlieb Steen & Hamilton
Pinheiro Neto Advogados
Gibson Dunn & CrutcherGarrigues
Sullivan & Cromwell
20
1,578.3
1,475.7
529.7
-
16
3,960.42,451.05,486.3 12
5.6
30
3.784.54
5.5
1
7,453.42,572.7
18,890.6
2.7
1,093.0
5
3,144.328
56.3 75*
2
2.5
2.7 12
43
39
30172,885.0
12
3,492.5
5,017.7
13
164,950.7
18
15
1011
5,497.8
87,744.0
6,245.05,972.5
575.918,028.6
10.3
7.7
1
Rank Val
6,091.1
644
1,035.6
58.2105.5938.9
--
12,519.8
18.7
953700.0136,793.5
18,788.9
7
17.6
1/1/2007 - 12/31/2007
97.61,614.3
422,451.01,475.7
48
54,804.7 --
2.22.2
20,299.3231.5
http://banker.thomsonib.com
6,806.26.6
Share
10.212.1
1
5,175.314,095.3
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
14
47Rank Val
% Chg. in Rank Value
1148
6.0
7.086
10
9,826.9
7.4
No.
1
Mkt.Rank
23.9
49
28
25
52
7
14
Latham & Watkins
Simpson Thacher & Bartlett
Debevoise & Plimpton
Linklaters
2
5,492.8Souza, Cescon Avedissian
4 2,832.4794.4
2,739.0588.7 ▲
2,568.8
Azevedo Sette Avogados
2,511.25
222,739.0
6
8,813.79,394.3
9
12
4
3
5,063.4
5
Souza, Cescon Avedissian
8,252.513
US$m
34,517.7
▲28.434.9
-▲▲
2,166.0 66
White & Case LLP
Subtotal without Legal Advisor58.4
67.9124.4
-4.9-17.2
95.52,706.4
-
141.2251.3983.9
76.5244.0111.0
4,231.4
-
13.6
78.7-22.4-27.2
1,333.0
-
69.0135.0
-88.9835.6
-87.6
▲▲▲-
-73.842.5
14.0-62.2984.4
10,508.3-26.2113.5
59.6
-38.9-24.6-30.1
29,186.4
-
▲▲▲
▲▲▲
123.4226.1309.0
▲▲ Weil Gotshal & Manges▲-▲▼▼▲▲▲▼▼▲▲
▲▲▲-▲▲▼▲▲▼▲▲▼▲▲▲▲▲▼▼▲▲▼▼▼▲
9 of 30
-
* tie
Mattos Filho Veiga Filho Marrey Jr
6
7*
1
3
RankUS$m9,710.8
* tie
Rank ValDealsUS$m RankDeals1
ShareMattos Filho Veiga Filho Marrey Jr 35,217.4
Shearman & Sterling LLP 25,740.7
Legal Advisor US$m
Any Brazilian Involvement Completed (AG38)
Rank Value
1Machado Meyer Sendacz & Opice
Any Brazilian Involvement Announced (AE37)
Rank Val% Chg. in Mkt. No.
1/1/2008 - 12/31/2008
Rank36.9 47
-583 11,156.7
1 38.3 40
% Chg. in Rank ValueMkt. No.Share
1/1/2008 - 12/31/2008Rank Value
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
1/1/2007 - 12/31/2007
Americas Rankings
Rank Value
21,693.0141.2Rank Legal Advisor
14,599.2282.2
1/1/2007 - 12/31/2007
23 Barbosa Mussnich & Aragao 16,890.8Barbosa Mussnich & Aragao 34,517.7 2 36.2 36 9,032.5 4
3 27.0 14 1,559.649 14,095.3 2Machado Meyer Sendacz & Opice 24,884.1 4 26.1 3,596.1 11Shearman & Sterling LLP 12,519.8 4 22.1 1110 770.2 31White & Case LLP 13,803.1 5 14.5 18Skadden, Arps, Slate, Meagher & Flom 11,701.4 5 20.7 5
6 5,243.2 10Skadden, Arps, Slate, Meagher & Flom 13,708.4 6 14.4 - -Weil Gotshal & Manges 11,167.1 6 19.7 43 252.0 44Weil Gotshal & Manges 10,915.1 7 11.5 - -Carvalhosa e Eizirik Advogados 10,309.1 7 18.2 1
Carvalhosa e Eizirik Advogados 10,309.1 8 10.8 8 12.347 11,315.4 3
1 - - Pinheiro Neto Advogados 6,949.6Pinheiro Neto Advogados 9,394.3 9 9.9 700.0 36Davis Polk & Wardwell 6,497.0 9 11.5 4
4 5,430.0 9Davis Polk & Wardwell 8,252.5 10* 8.7 3 575.9 40Gibson Dunn & Crutcher 6,245.0 10 11.04 575.9 33Gibson Dunn & Crutcher 8,252.5 10* 8.7 7 2,246.0 23Linklaters 5,429.1 11 9.64 6,595.9 7Sullivan & Cromwell 7,263.7 12 7.6 3 8,912.0 2Sullivan & Cromwell 5,256.2 12 9.35 3,633.7 16Linklaters 6,587.1 13 6.9 28 3,144.3 14Souza, Cescon Avedissian 5,017.7 13 8.95 2,451.0 18Veirano Advogados 5,500.0 14 5.8 3 2,451.0 17Veirano Advogados 3,492.5 14 6.2
30 5,063.4 11Souza, Cescon Avedissian 4,194.9 15 4.4 19 224.0 44Azevedo Sette Avogados 2,166.0 15 3.84 2,832.4 17Leoni Siqueira Advogados 3,666.4 16 3.9 15 2,027.1 26Levy & Salomao Advogados 2,147.3 16 3.82 - -Freshfields Bruckhaus Deringer 2,341.6 17 2.5 4 611.5 39Leoni Siqueira Advogados 2,084.5 17 3.7
20 3,760.2 15Tozzini Freire Teixeira e Silva 2,280.1 18 2.4 1 0.0 53*Fulbright & Jaworski 1,611.2 18* 2.825 246.9 45Azevedo Sette Avogados 2,196.9 19 2.3 1 3,994.9 7*Simpson Thacher & Bartlett 1,611.2 18* 2.8
3 500.0 36Jones Day 1,700.0 20 1.8 3 903.7 34Debevoise & Plimpton 1,385.0 20 2.43 903.7 30Debevoise & Plimpton 1,385.0 21 1.5 2 718.2 35White & Case LLP 1,068.8 21 1.92 2,158.0 19Greenberg Traurig 977.0 22 1.0 18 3,377.0 12Tozzini Freire Teixeira e Silva 964.6 22 1.71 - -Bredin Prat 943.7 23* 1.0 1 - -Bredin Prat 943.7 23* 1.71 1,847.2 21Cravath, Swaine & Moore 943.7 23* 1.0 1 1,847.2 27Cravath, Swaine & Moore 943.7 23* 1.71 3,994.9 12* 1.7Hengeler Mueller 943.7 23* 1.0 943.7 23*Hengeler Mueller 3,994.91
-- 33.4Subtotal without Legal Advisor 33,511.9- 66.6
737 54,804.7
- 100.0100.0 861 58,779.5 - Industry Total-
- 18.5354 88,793.9278 47,622.7 - Subtotal with Legal Advisor 66,922.3
Industry Total 95,336.8Subtotal with Legal Advisor 77,678.7Subtotal without Legal Advisor 17,658.1
386.8
123.4US$m
2,403.5--
10.2
▲▲▲▲
43 6,306.5
248.1
828.1984.4141.7-41.059.642.5
867.05.9
240.9-
-59.753.348.8
▼▼▼
-71.4-
-48.9-76.4
▼-
-38.9-24.6-30.1
http://banker.thomsonib.com
1,091 143,598.6 -100,434.2
▲▲
▲▲5,760.9 4422
▲226.1321.23 29.8 33 4,010.5
33.218,788.9
-▼▲▲▲▲
▲
▲▲▼-
▲▼
▼▼▲
▲-▼▲
▲▲
▲▲
▲--▲▲
▼▲▲▲▲▲-▼▲▲
▼▼
1,550.576.5
1,692.1161.5
4,231.4-
-17.052.0
1,333.010.181.3
124.4-17.229.4
--39.4789.8240.0
53.3-54.7
--48.9-76.458.363.162.2 ▲
- 81.5
10 of 30
* tie * tie
12.214.0
812
22
14
25
- 682
998.5-
25
267,479.315,847.39.7 1,447
90.3-
150
8
46
25
34
17
11
147
14,899.2
71,619.1
138.0
48,198.57,224.8
43,032.218,588.9
57,591.76
-
20
-
30
93,697.0
12,209.328,690.6
6,886.5
13.1
10
13.2
92
64
13.3 4
19
43,446.93711,608.3
31,359.5
2128,058.5
15
4
41
2
2915,307.3
28,134.5
5,656.1
1049,313.0
1/1/2007 - 12/31/2007
126
US$mRank Value
71,550.263,297.0
1
10,065.946,297.8
3,508.0
5
31
36
97
2
12
50
22
40
64
3
Rank Val% Chg. in
33
1
23.0
1/1/2008 - 12/31/2008
4
43
25
15
40
61
1/1/2007 - 12/31/2007
8634
1/1/2008 - 12/31/2008
Any Canadian Involvement Announced (AE34)
45,012.9
10 23,772.12232
9,201.68.4 23
6.36.5
26,289.92.912,259.9
61,713.422
19 4,699.3
100.0 3,087
312,38219.5 27,840.7
316,769.3
26,789.44
2.7 4
3.6
4
3.01110
3.0
2,744.72,716.1
7,840.972345 55,769.2
2.5
27,519.32.32.3
2425
80.596,571.023,357.9
--
Industry Total 119,928.9
Subtotal without Legal AdvisorSubtotal with Legal Advisor
8
Rank
5
2
20
7
12
Rank Value
9
6
Mkt.
11.9
2915.1
6
No.
14.9
13
9337
9934
11.810.8
24-
Industry Total
21
705-
288,928.6
26
-- 283,326.62,129160,634.0 100.0-
145,080.3Subtotal with Legal Advisor15,553.7Subtotal without Legal Advisor
9.112
950
-95.1
9.69.323
24
10
17
13
1112
14
16
13 3Rank Val
Rank Value % Chg. in
Osler Hoskin & Harcourt LLPStikeman Elliott
Legal Advisor Legal AdvisorRankUS$mShareUS$m79
Deals24.623.5
129,555.128,123.2
2
81,253.3
56,433.0
-45.5-65.4
54,230.03
112328,396.7
27
19.6
15.7
817.0
553 127.0 6▲
-68.362,141.2 -73.0
6,440.4
-36.3▼▼
▼
Deals
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
Americas Rankings
Share
Any Canadian Involvement Completed (AG35)
US$m Rank
24.2
No.
757832.3
27.6
Mkt.
http://banker.thomsonib.com
7
981,797.225,902.3 -45.0 ▼
▼▼
8
18
1617
18,091.2
12.2
11.419*
18
19*
19*
12.3
13.012.812.6
11.411.4
1522 12.1
11.411.4
▼▼▼
4475
5
-23.2
-81.6-92.8-84.1
84.54.2 69,661.3
29,066.312
5.8
1014 96.1
6.313
3037
15
15,453.5
2,807.57 13,477.7
11,269.4
4811
160.5-48.2
-15.8
-62.1
-70.9-86.8-94.8-61.9
-90.1-16.1
-83.3-33.5
-66.6
-27.5-30.1-16.0267.2-36.2-12.9117.4-50.9
-71.8-65.727.5
49.6-46.4
-0.3
168.4-62.0
-1.7-57.6
-43.3
-24.8-25.2493.9262.2
112.3-85.4
-1.9-45.8
13,136.6
▼▼ 2
Rank ValueRank
-16.1-82.7
▼-57.5
21,336.621,162.621,000.4
LinklatersShearman & Sterling LLP
▼▼▼
▼
▲▼
▼▼▼
▼
▼▼
▼▼▼
▼▼▼▲▼▼▲▼▼▼▲▲▼▼▲
▼▼
▲▼▼▼
▼
▼▼▲▼
▲▲
17,869.016,752.314,621.514,257.914,150.412,964.610,097.5
7,743.27,514.67,489.97,313.66,980.3
2,987.0
3,470.7
5,358.84,986.84,265.33,607.6
Borden Ladner Gervais LLPBlake Cassels & GraydonTorysLang MichenerPaul Weiss Rifkind Wharton & Garrison LLPMcCarthy TetraultBurnet Duckworth & PalmerBennett JonesCassels Brock & Blackwell LLPDavies, Ward, Phillips, & Vineberg, LLPMayer Brown LLPWhite & Case LLPCleary Gottlieb Steen & HamiltonSkadden, Arps, Slate, Meagher & FlomLatham & WatkinsSimpson Thacher & BartlettGowling Lafleur Henderson LLPFraser Milner Casgrain
LinklatersFried Frank Harris Shriver & Jacobson LLP
3,564.6
3,228.5Hogan & HartsonOgilvy RenaultDorsey & Whitney LLP
51,842.244,252.638,876.836,965.431,470.227,320.925,239.8
20,833.820,483.920,212.619,739.119,521.619,389.518,301.418,275.718,266.518,266.518,266.515,375.314,861.414,618.613,692.8
Stikeman ElliottOsler Hoskin & Harcourt LLPTorysBorden Ladner Gervais LLPBlake Cassels & GraydonDavies, Ward, Phillips, & Vineberg, LLPSkadden, Arps, Slate, Meagher & Flom
Paul Weiss Rifkind Wharton & Garrison LLPClifford ChanceSlaughter & MaySullivan & CromwellAllens Arthur RobinsonBurnet Duckworth & PalmerFreehillsFreshfields Bruckhaus DeringerAllen & OveryLevy & Salomao AdvogadosAllen & GledhillWeil Gotshal & MangesBennett JonesFried Frank Harris Shriver & Jacobson LLPLang MichenerMcCarthy Tetrault
11 of 30
Media and Entertainment Sector Suffers Largest Decline
FinancialsLinklaters 151,456.3
Hunton & Williams 112,955.2
Gibson Dunn & Crutcher 113,036.4
30 1,246
18 17
Alcon Inc
1,158 5
9/29/2008
Continental AG
4/7/200810/13/2008
7/15/2008British American Tobacco PLC
9/18/2008
8/8/2008
45.0 2
1 45.1
53,472.8 3 19.1250,764.5
Allen & Overy
20.2Linklaters 90,032.9 Cuatrecasas 56,566.0 2
1Energy and Power 280,084.2
96,721.9 3 28.5
32.1
Freshfields Bruckhaus DeringerConsumer Staples
McCarthy Tetrault 3 2* 45.0112,955.2 2*
Rank Date3/18/2008
7/21/20086/11/2008
European M&A at Lowest Level Since 2005 | Government Bailouts Dominate European M&A | Media & Entertainment Sector Drops 71.3%
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
Europe M&A
43,655.427,733.7
RBSHBOS PLC
26,062.9HM TreasuryLloyds TSB Group PLC 25,439.5
19,826.7
23,137.3NetherlandsGas Natural SDG SA 22,750.2
16,302.3
http://banker.thomsonib.com
Schaeffler KG
Rank Value (US$m)112,955.2
60,408.1
AcquirorShareholders
Top European Involvement Announced by Target Industry
Roche Holding AGNovartis AG
Philip Morris Intl IncAnheuser-Busch Cos IncGenentech Inc
InBev NV
TargetTop Ten European Involvement Announced Deals
53
Rank
41 97,837.2 244.728.9
339,018.7 1
No. DealsRank Val US$m Mkt. Share1,779
Freshfields Bruckhaus Deringer48
Fortis Bank Nederland(Holding)7/30/2008 Union Fenosa SA
Shareholders
European M&A Drops to Lowest Level Since 2005Annual M&A volume in Europe dropped to its lowest level since 2005 amidst recessionarypressures. Earlier in the year, European M&A volume remained at par with 2006 activity level asindustries consolidated and national governments took equity stakes in troubled banks, but a weakfourth quarter with just US$282.3 billion worth of deals left the full year volume down 27.8% fromUS$2.1 trillion recorded in 2007. European deals involving buyside financial sponsors have been hitparticularly hard, as volume dropped 66.3% from the high of US$337 billion in 2007 and onlyUS$7.8 billion worth of deals were announced during the fourth quarter.
Government Bailouts Dominate European M&AEuropean M&A in 2008 was dominated by national government bailouts of financial institutions. TheFinancials sector made up 22.4% of all European deals during 2008, demonstrating the effect ofconsolidation and state sponsored rescue packages. The largest European bank bailouts were theUS$26.1 billion equity investment made by the UK government in the Royal Bank of Scotland, theDutch government's US$23.1 billion acquisition of Fortis Bank Netherlands and the UKgovernment's US$14.8 billion acquisition of a majority interest in HBOS, the holding company whichowns Halifax and Bank of Scotland.
European M&A activity in the Media and Entertainment sector was hit hardest by the economicdownturn as 2008 volume totaled US$32.2 billion, a 71.3% decrease from last year and the sector'slowest total since 1997. The fourth quarter of 2008 was even worse for this sector as volumetotaled just US$3.4 billion, the lowest level since the first quarter of 1995. Real Estate volumeswere also down significantly as deal activity decreased by 63.9% to US$81.7 billion while ConsumerStaples bucked the trend as volume increased by 77% to US$250.8 billion.
1 Sutherland Asbill & Brennan 112,955.2 2* 45.0
European Government M&A Investments
3.7% 3.5%
8.8%
11.0%
4.5%3.4%
10.8%
16.3%
6.7%
21.3%
$0
$50
$100
$150
$200
$250
$300
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Ran
k Va
lue
(US$
b)
0%
5%
10%
15%
20%
25%
% o
f EU
Vol
ume
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of European Volume
12 of 30
136,745.2132,280.6128,075.5
Herbert Smith/Gleiss Lutz/StibbeSkadden, Arps, Slate, Meagher & Flom
138,394.8
29.4
% Chg. in Share
Any European Involvement Announced (AE39)
Legal Advisor▼
Legal AdvisorRank Value
22.320.7
25
32
-
* tie
Subtotal with Legal Advisor
24
-
3.4
4.1
2021
24
Sutherland Asbill & Brennan 7.5 15.8
23
7.5
7.9117.5 222
288,219.1118
24120.4 6620.5
17.73
6254,495.8177,931.2
Slaughter & May
54
11.716.8
153,621.8
Subtotal with Legal AdvisorSubtotal without Legal AdvisorIndustry Total
1,260,855.5
6.26.0
100.0Industry Total
1229 134,589.6
4,328-
88.4-
201,585.65270
26,472.9
1341
-1205
10
1,488.934,140.5
213,534.4
99,932.5
70
8236
34
69
58
-
212812
-1,863,032.6- 12,22011.6-
29-
212,750.8 -1,650,281.8
96,769.1
7,892100.0 15,442- -
Subtotal without Legal Advisor
112,955.2
Bredin Prat
41
102,641.43.4
Sutherland Asbill & BrennanGide Loyrette Nouel
257
Simpson Thacher & Bartlett
2,101,925.0171,837.6
120114,150.4
8,147.2▼
1,487,091.1
34
32
51 Herbert Smith/Gleiss Lutz/Stibbe▲▲4.2
284.35.4
11102
3111
78
9.09
10.19.1
8.58.1
8.7
23
18
22
195.75.5
17
10
1415
111213
23
25
6.923
106,703.6104,856.7 22
21
114,514.213
497.1
7.67.2
8.2222,207.88.3
76,140.33157
16
1817
1514
11544
280,660.39.0120,567.21698.3
1312
9.6
297
60
1
1336
3
5
9
319,719.316
8
9.810
199,317.9
214,346.31187232,055.6
12.2160,412.2
67,517.8
9
6015.2
10.810.2
272,355.1226,510.7 6
151,456.6
18.35
27
133,301.9
McCarthy Tetrault
Cleary Gottlieb Steen & Hamilton
102,073.426143,010.4 1126,387.19.0
220167,838.9
477
145,130.1
133,650.2
193,892.4
58
5123,605.7
121,498.2123,272.1
116,975.980,542.4
-1,773,528.616.983.2
1,516,299.1255,443.6
* tie
Debevoise & Plimpton
1,505.495,114.3 26
64,898.3232,041.3
40,527.8195,295.5
204.425.7
Sullivan & Cromwell
-
10,653 328,396.44,789
46,249.4
190,695.462,341.6
699
12
11
25-
83,310.7
-
40
167,855.3
1,031.8
-22.2-27.9
534.7
78
45
16
65
73
8.170 119,664.2
1415
740
Allens Arthur RobinsonSlaughter & May
Latham & WatkinsShearman & Sterling LLP
0.5187,246.1 180,894.4
12
Skadden, Arps, Slate, Meagher & FlomWeil Gotshal & Manges
Clifford Chance1
22108 177,074.2256
425,259.2515,070.4310,044.74
277,425.7 Freshfields Bruckhaus Deringer6
-52.8
26.0Allen & Overy
445,862.0 3 -11.6273 2264 Linklaters
507,352.62
Rank ValUS$m Rank428,434.9 2.1
57
332,281.5437,567.0
20.1216308,214.3
2241
299,343.6
239
7.97.7
91,492.789,637.3
1920
1,315,253.5
Blake Cassels & GraydonHunton & Williams
Willkie Farr & Gallagher
1/1/2008 - 12/31/2008
Rank Share US$m RankDeals
1/1/2007 - 12/31/2007Rank ValueRank Value
US$mMkt. No.
539,353.9
Gibson Dunn & Crutcher
17
White & Case LLP
Davis Polk & Wardwell
-34.4
7,495.4-60.6
Rank
1/1/2007 - 12/31/2007Rank Value
Deals
1/1/2008 - 12/31/2008No.
371,449.4
10
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
267,931.8
Rank Val
Europe Rankings
Any European Involvement Completed (AG40)
Mkt. % Chg. in
4
US$m
-18.0
37.83.8
113.2-41.1-21.2
-38.911.5
-27.9
-28.9
9.4-55.8
-0.1-56.9
5,943.1-54.6
40.1
-52.52.5
-44.5
-19.2
-48.0
59.6-44.0242.6
7,591.2-
303.1
2.7-32.0
-21.9-40.2
-3.5
406.5
-14.835.0
167.9-19.5-34.7-32.3
-7.4-20.3
-20.2
▲▼▼▲▼▲▼▼▼▲▲▲▼-▲▼▼▼
▼▲
▲
▼▼
▲▼▼▼▼▲▲▼▼▼▲▲▼▲▼▲▼▲▲-▲▼▲▼▼▼▼▼
http://banker.thomsonib.com
394,213.6310,077.7309,345.4
▼
123,361.6119,596.5114,340.7113,669.3112,955.2
88,111.985,615.583,216.582,197.264,719.763,743.262,352.651,794.251,708.9
LinklatersAllen & OverySullivan & CromwellClifford ChanceFreshfields Bruckhaus DeringerLatham & WatkinsCravath, Swaine & MooreBlake Cassels & Graydon
Gibson Dunn & CrutcherMcCarthy TetraultHunton & WilliamsCleary Gottlieb Steen & Hamilton
Weil Gotshal & MangesDebevoise & PlimptonSimpson Thacher & BartlettDavis Polk & WardwellCuatrecasasPaul Weiss Rifkind Wharton & Garrison LLPBarbosa Mussnich & AragaoHengeler MuellerHomburger Rechtsanwalte
13 of 30
35,899.5
130,577.3
Skadden, Arps, Slate, Meagher & Flom
Linklaters
18
23
121,019.0120,104.4
95,730.1
Rank Share
-
1
102,314.7
Freshfields Bruckhaus Deringer
US$m129,641.8Linklaters
12,391.1 23
25White & Case LLPLatham & Watkins
10,884.5
420,947.2
12,077.7
Allens Arthur RobinsonWachtell Lipton Rosen & Katz
44,064.3
-
Shearman & Sterling LLP
32,143.6
- -20.3
5021
Cravath, Swaine & MooreBlake Cassels & Graydon
35,896.8
36,856.9
Any UK Involvement Completed (AG41)
1/1/2007 - 12/31/2007
13,600.2
76 285,783.8Freshfields Bruckhaus Deringer 146,759.2
% Chg. in
▼US$mDeals
234,411.2 91
46,246.3 2418
10129,714.5
31119
36,736.715
1,928.8
115,128.5
106,699.2 195911,153.9
2268,356.0135,904.7
8
1,871
24
14
1,612
10
9
24
--
5.35.4
6.26.6
36,277.2
47,355.6
11
1918
18
22
24
4020
6.020
1
Sullivan & Cromwell
Slaughter & MayClifford Chance
Allen & Overy
-50.0-47.2
▼▼▼
Rank ShareUS$mMkt.
Rank Val% Chg. in
Legal Advisor Rank
131,506.8
6
Rank Val
1/1/2008 - 12/31/2008Rank Value No.
17
12 29.4
Deals
Any UK Involvement Announced (AE40)
1/1/2008 - 12/31/2008No.
Legal Advisor
95
Sullivan & Cromwell
Slaughter & MayAllen & OveryClifford Chance
71,095.2
422.7
65
54,932.4
20,856.920,676.6
Norton RoseSubtotal with Legal Advisor 374,652.2
46,294.9Subtotal without Legal AdvisorIndustry Total
-31,324.0-
25
Subtotal without Legal Advisor
http://banker.thomsonib.com
Industry Total 100.0 -707,145.33,483▼
670,868.193.018,323.745,034.1
71716
▼
6.8
5.6
8
246.2
6
5
14
15 7.07.27.5
8.2
8.08.0
13
9.987
9
12.4
111,552.5
14
121110
210,170.6 4253,543.1
114,732.8 25.7 49
14
-45.4-32.6-41.7
68215.1
165,552.3
30,435.06046
31,481.7
29,487.3Mallesons Stephen JaquesCleary Gottlieb Steen & Hamilton 30,411.4
27,538.5Stikeman Elliott
Uria Menendez
Allen & Gledhill 26,944.3
Lovells LLPSubtotal with Legal Advisor
-85.2-47.0
-22
12164
2823
14
3518
4915
2.9
* tie
4,218
5
6.35.6 215.0
10
41
2510
26,555.8
924
130,764.4138,617.9
7
Rank Value Mkt.
Fasken Martineau DuMoulin LLPLovells LLPWachtell Lipton Rosen & Katz
Simpson Thacher & Bartlett18,428.5
24.3
6.4
8.0
100.0
4.23.7
16.9
6.6
4.9
2.6
28.5
9785
30.828.8
54
95
7.210
126,708.7
72,367.5
3
5
4
95,605.1
Ashurst27,694.5
33,698.1 8
10930,129.7
26,828.9 11
Cravath, Swaine & MooreHerbert Smith/Gleiss Lutz/StibbeMallesons Stephen JaquesA&L Goodbody
Cleary Gottlieb Steen & Hamilton
Skadden, Arps, Slate, Meagher & Flom
Hogan & Hartson
Davis Polk & Wardwell
WongPartnership LLPShearman & Sterling LLP
Allens Arthur Robinson
213,790.3
3.415,668.0 2114,318.5
146,594.2100,725.6
7,550.61,034.7
44,026.237,384.0
122,016.2
263,270.7339,109.3
191,280.6134,661.1
294,986.6
31,389.7
139,673.217,928.8
223,019.6
11
20
723
US$mRank Value
2
1/1/2007 - 12/31/2007
13.1
Europe Rankings
3
5
415,718.9
24,049.723,765.8
Simpson Thacher & Bartlett
67,094.8
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
824,714.4 ▼-36.8447,043.0 --49.0-7.0
77
26,507.3
Weil Gotshal & Manges
-51.1
Garrigues
-41.9-85.6 52
125,978.9
1,722 766,646.9
-11.0
16
19,827.817 4.4
54.725
1326,320.123,630.3
12
1415
20
17,558.5
16
19
8
377
59
3024
3.3
2.9
143.2 6
2122
2,496
3575,378.851
89.0
20,778.3
58,067.5
27,546.2
Latham & Watkins
33,338.0
Norton Rose49,285.2Ashurst55,451.567,592.8
2,979.0
* tie
4.3
4
3211.0
25.0116,025.1
106,970.8
-87.0
-89.1-88.9
-73.4-82.0-24.716.3
-58.1-75.7107.5
-55.1
-50.8-64.3-46.1-65.3
-58.0-75.7
1,283.8 1,557.6-82.0733.1
1261,625.57
105Fasken Martineau DuMoulin LLP 147,037.6
-80.6
188.2-70.5
524.5-41.8
1124,816.624,479.9
7
225.921
23 5.5
82.2-53.9
-4.71,810.9
-2.3
-77.6-56.9
29.726 -46.6
-68.8-74.3
-38.0-13.7▼
▼
▼▼▼ -48.5
32.8 1 -48.6-49.2
329.2 8986
Rank
▼▼
Rank Value
259,011.4 2
▼▼▼▲▼▼▼▲▼▼▼▼▲▲▼▼▼▼▼▼
▼▼▼▲▼▼▲▼▼▼▲▼▼▼▲▼▲▼▲▼▼▲
14 of 30
16
19
183,132.0
Gernandt & Danielsson Advokatbyra AB 8,888.0
Industry Total
* tie
-Subtotal without Legal Advisor
-204,234.6
6,534.8
Advokatfirman CederquistMayer Brown LLP
8,888.08,625.4
Subtotal with Legal Advisor-
21*4.224
25
4.4
10.321,102.5
Bonelli Erede e Pappalardo
Macfarlanes2021*
1516
8,888.0
Bredin Prat
Dechert
White & Case LLP
Advokatfirman Vinge
21*
56
49,477.1Gide Loyrette Nouel 51,017.6 19
1024,289.0
74,557.8
21
5
2,649.9
828
94.1
97.0
17
261
14.5
714
11222,326.6
-
28
24
6
2Rank
13
335
20,988.922
No.
Lovells LLP 21,575.9
Herbert Smith/Gleiss Lutz/Stibbe
Allen & OveryCleary Gottlieb Steen & HamiltonLandwell
34,789.2
Freshfields Bruckhaus Deringer
Clifford Chance
Davis Polk & Wardwell
Debevoise & PlimptonSlaughter & May
Salans
Legal Advisor
Sullivan & Cromwell
Skadden, Arps, Slate, Meagher & Flom
Darrois Villey Maillot Brochier
Linklaters
43,482.1
53,403.3US$m
17.0
1918
48,388.9
17
724,517.3
1314
9,364.4
17,813.047
Rank Value
2
35,081.6
Rank1 26.2
4713 21,322.0
421.3
3
Share49.7
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
US$mNo.
Rank US$m
Bredin Prat100,923.3
146
14,132.4
3731,834.7
59
416,324.9
11
815.612.0
15,537.8 11
10,983.311,393.9
14,317.2
9,713.9
14,242.3
13,080.5
4.4
1,867
4.5
12
100.0
8
5.6
12
910 8.0
7.6
8
24.2
6.4
23.7
Share Deals
25.061
1/1/2008 - 12/31/2008Mkt. % Chg. in
27
30
4.6
18
32
9
10
4.8
746
810
1,121
3.2
9,091.9
10.6
6.9
7.07.0
4.4
5.4
3
Mkt.1/1/2008 - 12/31/2008
DealsRank
107,875.941.8
2 42.3
Rank Value
97
13
1618
145
2510,631.315
3
41,847.732
7,583.4
25.020,719.7
7
417.129.5
15.8 33
3.8
5.6
575.4
54,003.446
http://banker.thomsonib.com
14*14*
29.5
5.029
5 2,040.6
3,804.5
8,934.5
43
9,598.5
269,547.1
27
42,860.9
4
48
0.0
792.7
12,645.0
57,594.1
956.9
1-
26
59,452.5
Rank ValueUS$m
5,916.8
7
7,192.5652,253.7
3Rank ValLegal Advisor
511
Weil Gotshal & MangesShearman & Sterling LLP
Darrois Villey Maillot Brochier 76
31.0
39.6
910
White & Case LLPDavis Polk & Wardwell
Cleary Gottlieb Steen & Hamilton
30.7
32.6
35.154
37.0
87
46
1,280.743
1
Advokatfirman Vinge
96-
173*
88
22 -23.2146.1850.1
40,479.975,426.2
1,031.5
89.7-
4,407.04,859.8
55,292.7
37
35
63,961.4 259
52,830.614
Any French Involvement Announced (AE41)
1/1/2007 - 12/31/2007
Europe Rankings
Sullivan & CromwellGide Loyrette Nouel
Rank Val
Freshfields Bruckhaus Deringer
▼
-10.2186.4132.0
-8.4
Linklaters
89,314.3
106,594.5
94,259.4▲▼ Debevoise & Plimpton
126,714.9
4310
1243
42,962.678,789.3 1
86,678.8
32.883,526.084,592.7
33.433.2
34.085,067.2 8
78,267.9
111278,923.413
83,074.6
--32.1--50.8-34.6
247,118.0Subtotal with Legal Advisor ▲▼▼
--
100.0
4
7059
10.4
12- -
1,513.2
7.57,427.6
7.4
22
--
69▼▼▼
Subtotal without Legal Advisor 7,650.7
37,005.0
18,945.614,260.3
254,768.8
25
12,635.224
43,433.675,242.375,242.3
Herbert Smith/Gleiss Lutz/Stibbe
Allen & Overy
19,158.626,556.0Landwell
Clifford Chance
Allens Arthur Robinson
18
20
312,408.0 Industry Total
23
100548.7
6 520.7
1,542
236,816.9
263,565.426,748.6
* tie
13,972.0101
Salans
Shalakany Law Office
Mayer Brown LLPDechert
10,335.99,688.0
32
7,192.533
318
311,101.6
1619,621.6
33,137.3
195,541.1
56,057.1
49
Rank Value
Any French Involvement Completed (AG42)
1/1/2007 - 12/31/2007% Chg. in
40,313.9
Skadden, Arps, Slate, Meagher & Flom
▲▲
--3.5
220.2
23.9 19.6
▼
-80.2
-37.1-50.2314.4
-65.1
857.4127.0252.6194.6
Squire Sanders & Dempsey LLP
Willkie Farr & Gallagher
-82.7
-
14.4
1,021.2
▼▼
▲
▼
134.9
-26.0
21.7-31.5257.5
-
662.01,001.4
323.4642.4
1,665.64.3
615.0842.4
277.7300,869.2
12,976.53.8
3.0-
-71.4-3.3
▼▲
1,511.954.6
1,082.7
70.0414.0338.9
▲▲▲▲
▲▼▲▲▲--▼▲
▲▲▲▲▲▲▲▲▲▲▲▲▲▲▲▲▲▼▲-▲▲▲▼▲
15 of 30
24* 1.4 26,587.8 ▼Skadden, Arps, Slate, Meagher & Flom 1,910.2Subtotal without Legal Advisor
22,651.7
No.
734 -
19
1,116
22
2,813.8
11.3
24*
* tie
1
Industry Total
2.62.4
16
18
20,465.06
12,230.5
17
15 37,282.85,880.1
5.3 214.3
LinklatersUria MenendezFreshfields Bruckhaus Deringer
Legal Advisor
4
79,120.296,855.4
Cleary Gottlieb Steen & Hamilton
32
Cuatrecasas 64,627.2
Rank Value
6
1
28
48-
-
-
330.37,602.2
84,887.9
19,676.5158,412.6
26,634.8
26,480.5-
50,259.7
974,948.3
59
RankRank Value
16*
22
2120
- 100.0
1.8
Mkt.Rank Share
59,152.4
21,444.0
47.21
42,823.2
US$m
32,359.041,297.6
23.6 8
612
1342
2
225
19
3
23
11,977.7
2,518.02,101.9
Gide Loyrette Nouel
11,425.2
AshurstMorgan Lewis & Bockius
Allen & Overy
3,251.0Sullivan & Cromwell 3,035.4
CMSSlaughter & May
Davis Polk & Wardwell
30.2
43.231.3
28
Deals99
67
1/1/2008 - 12/31/2008
27
19,649.215,221.0
9,320.9
Bonelli Erede e PappalardoGarrigues
14,342.2
Perez LlorcaKPMGGianni, Origoni, Grippo & PartnersClifford Chance
Berwin Leighton PaisnerDewey & LeBoeuf LLP 2,828.3
3,505.5LandwellMilbank Tweed Hadley & McCloy LLP
Subtotal with Legal Advisor 121,468.6 204,837.9
5,990.6Simpson Thacher & BartlettCravath, Swaine & Moore
88.7
11,910.21,910.2
Subtotal without Legal Advisor 15,513.3136,981.9
1.4
382
24*
23
--
26.226.7
150.0
20
80,492.321
No.Mkt.
54.8
1/1/2008 - 12/31/2008
Share DealsRank
100.0
90.69.4
2.2
22
-
2.74.3
17,994.2 22
42
6630*9
-2,881.5
13,310.1 26
56,411.2 ▼
62
26,437.8
38,199.2
451.9
-78.8
8,123.6330.3
-
d'Urso Gatti e AssociatiLabruna Mazziotti Segni
Bonelli Erede e Pappalardo
Chiomenti Studio Legal
Gianni, Origoni, Grippo & Partners
Norton RoseAllen & Overy
US$m
12,286.020,552.5
59,463.6
Rank Value1/1/2007 - 12/31/2007
Any Spanish Involvement Announced (AE42)
14
11
89
1312
7
8.36.8
11.110.5
5
8.9
14.3
10
15.7 45,873.5
1,342.675,148.914.9 48
14
2.1-2.1
6,209.71
19-
5,990.6
9,127.08,263.5 20
21-27.1 ▼
3,103.0 25
2.2
KPMGCravath, Swaine & Moore
23
McDermott Will & EmeryMilbank Tweed Hadley & McCloy LLPSlaughter & May
9,288.3
26,478.233,592.0
20-
51
7
14.1
24.3 31,897.659,755.0
Dewey & LeBoeuf LLP
1412,093.6
Freshfields Bruckhaus DeringerCMS 9,522.6
10,952.0 16
Davis Polk & WardwellLatham & Watkins
9
12*13,212.0
1112*13,212.0
14,572.1 10Perez Llorca
1817
7.9
19,541.3
9.6
9.6
8.61511,884.6 6
4
1.41.4
1.55
-
3218
- -40.525,450.0
41
215
11
▼▼▼
52
230,287.9
35,081.9
26,710.492,207.1
2,945.4
310.2 686
4
287
3121
% Chg. in
5Rank Rank Val
▲8.7
1/1/2007 - 12/31/2007
2
-87.3-52.224
% Chg. in
6.6
8.8
44.5
929.4 53
Baker & McKenzie
Rank ValueUS$m
Any Spanish Involvement Completed (AG43)
29,484.0
178,089.2959
125,234.523
3,635.93,750.1
72.6Landwell
16
▼
13,029.9-
▼▼
▼Subtotal with Legal Advisor
25
64
608351
2
11
3
22
112
12-
2
4
31
2
6
25,018.8222.0 70*
9.6
212
11
13,221.610.5
16.4
Europe Rankings
6.0
4
Uria Menendez
41,003.0Garrigues
36,900.6
41,978.775,795.1
2
8
6.711 60,159.46.9
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
Legal Advisor
416.8
-26.63
1
19.27
94
1,342.6
47,947.7
US$m Rank Val
36,264.1
LinklatersCuatrecasasClifford Chance 5
30.429.7
76*6
-51.78
337.6
-86.7-67.4
2,904.8-87.1
961.3-60.0
-67.3
--
7
-25.2-55.8100.9163.4-53.3-72.8
1,363.5
▼
-46.3
-68.1-92.8
-40.7-39.0
-92.8
34*
1,584.7
271.022.5
3,560.99,870.6
54,147.3
36*
56,541.7
291.9-
-79.0164.1-84.2-62.9
4,011.3-69.0
-92.1
-54.95.3
-55.715,001.1
▼▼▲▲
▼
1,355.5-45.0
-1,321.6
839.4-20.9-33.8-22.4
▲▼
1.1-12.4
3
▼▲▲
53
▲▲▲▼
▲▼
▲
▼▲▼
▼--
▼▼
▼-
▼▲▼▲▲
▲▼▼▲▼▲-▼▼▲▼▼▼
http://banker.thomsonib.com
-Industry Total -
* tie
138,264.4
16 of 30
7,648.3
Sullivan & Cromwell
Slaughter & MayAdvokatfirman Vinge
Bonelli Erede e Pappalardo
7,880.4
Allen & Overy
Baker & McKenzie
28,868.6
Freshfields Bruckhaus Deringer
Clifford ChanceCleary Gottlieb Steen & Hamilton 24,628.6
23,970.5
8,107.8
13,912.6
11,036.0Skadden, Arps, Slate, Meagher & FlomFried Frank Harris Shriver & Jacobson 12,708.5
Latham & Watkins
Jones Day
97
56
140,500.2
Uria MenendezCuatrecasas
Gianni, Origoni, Grippo & Partners
8101
▼
Perez Llorca▲▲
632.199
-11.2
2811,076.2
107*
18,360.01,199.2
111.4-38.2
2,278.1
13
Rank
5725,677.1 11
Rank Value Rank ValueUS$m
1/1/2008 - 12/31/2008
83
6
79
16
10,226.4
-
500.0
* tie
-
6,296.9267,423.7
873531
6346
23,091.4
5.42120
8
34
2947
30
Rank
4
73
110
25.3
Mkt.Rank
36.8Share
59
DealsNo.
3
Legal AdvisorFreshfields Bruckhaus Deringer 74,640.4 1
US$m
Any German Involvement Announced (AE43)
23.5
6
4
2 -77.6
51
1
31,018.58114
46
43
Share
25.021.7
6,388.7
http://banker.thomsonib.com
3
13.515.8
12.9
13.1
Rank
2
22,597.8
18,484.7
-
7,727.5
7,368.7
▲▼
952,864.41,784.3
7
4
413
22
674965
4.4
-
95
Industry Total37,674.4
13.1
25
14,078.8
257.6
▲Bredin PratShearman & Sterling LLP
1,462.6
274,368.6
290,515.1
-
18,746.319,370.2
1211
89
18,741.318,738.1
149.8
8.99.7
13
15
Hengeler Mueller
Linklaters35,695.631,026.3
36,933.4
47,430.95
23.447,023.2Sullivan & Cromwell
18.723.2
38,031.7-53.1
47,369.37 12.2 5
4927
6
611.5811.1
6.0
18*7.56.5
51
594,254.84
8.0
994.66
1449.2
9.2
11
9
12*9.2
10 9.2
Cravath, Swaine & Moore
Lovells LLPLatham & Watkins
CMSSlaughter & May
Gianni, Origoni, Grippo & Partners
Cuatrecasas
12*
18,741.3
-202,979.3
Bredin PratHerbert Smith/Gleiss Lutz/Stibbe
Milbank Tweed Hadley & McCloy LLP
Subtotal without Legal AdvisorSubtotal with Legal Advisor 165,304.8 -
Perez LlorcaBonelli Erede e Pappalardo
Davies, Ward, Phillips, & Vineberg, LLP 16,302.3 1418,738.1
LinklatersClifford ChanceHengeler Mueller
47,665.251,259.1
Shearman & Sterling LLPAllen & Overy
22,476.3
24,750.823,415.7
Skadden, Arps, Slate, Meagher & Flom18,746.3
Blake Cassels & Graydon
Uria Menendez
13,218.112,178.0
10,714.811,102.3
Cleary Gottlieb Steen & Hamilton
18,738.1
15,213.9
Wilmer Cutler Pickering Hale & Dorr LLP
1617
7,561.27,663.0 22
7,201.7
8,944.6
15
6,662.4
218,318.9
2423
25
201918
18.6 1,405-
3.381.4
100.0
5.55.3
3.73.6
4.44.1
5
3.84
16
70
3
77228,536.8
8
* tie
52,977.0
5
2,177
36,354.0
20
11
3
6,779.634 5,642.3
610
788.3
43
1/1/2007 - 12/31/2007
1
2
583122
9,795.64,298.0
15,402.0
28,622.719,533.219,443.6
7,354.5
6,378.6
128,531.9
6,660.6
Wilson Sonsini Goodrich & Rosati
23
-Subtotal with Legal AdvisorSubtotal without Legal Advisor
1718
-
19
22
24
11,952.340,441.911
5
1,639
89.9
32
5.2
4.75.1
54.5 3
10
-▼▲▼-310,835.0
36,466.3
67
525 17.2
7
16.8
Any German Involvement Completed (AG44)
13P+P Pollath + Partners
14
9
Allens Arthur RobinsonWillkie Farr & Gallagher
▼▼▼
-61.3
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
Europe Rankings
1,141.1
14,524.3143,056.2
49,367.6
10.2
10,241.1
23
2,410.6
100.0
20,433.6
4
44,056.675,379.780,471.4
37
10
52,767.8
6
5-46.9 ▼
% Chg. in
50,886.2
41,765.5
91
Rank Val
13.1
Rank Value
21
1,199.2
77,091.4 2
-
994.6 88788.3
5
66,670.2
-42
83.1-19.7
16.3-36.8-41.1 -62.6
▲▼▼
0.020.2
159,155.1
-30.4-8.793.6
-73.2
2,278.11,784.31,462.61,519.9
-51.6-64.0-45.9
-
6,362.127
-75.0115.8
63.85.77.716
5.512,101.7
-24.5217.3
-31.1-71.8
6.3-72.7-33.023.9
3.3-34.7
-63.0-76.7-39.8
▼▼
1,159.4-51.9
▼
5.4
▲1,060.1
811,529.4
-37.1-50.8
15.3593.8-34.9-44.7
-25.2US$m
% Chg. in DealsUS$mLegal Advisor
1/1/2008 - 12/31/2008Mkt. Rank Value
Rank Val▼49,370.9
1/1/2007 - 12/31/2007No.
25.8
▲▼▼▲
▲▼
▲▲
▼▲▼▼▼▼-▲▲▲▲▼▼▲▼▼▲▼▲▲▲▼
▼
▼▲▼
▼Industry Total
17 of 30
Allen & Overy
8
45,934.231,211.0
7 80,523.411.5
11.311.5
3,738.331
Clifford Chance 10,277.9 11
Legance Studio Legale Associato11,610.911,359.6
d'Urso Gatti e AssociatiSullivan & Cromwell 10
9
1
2
29
% Chg. in
67,559.5-38.0
7
3
37,375.3
1/1/2007 - 12/31/2007
US$m Rank Rank Val
75,543.410,739.6
46,459.4
38,069.1
25
45,934.2
9.9807100.0
51,412.0
57,316.045,738.7
16,185.2 27
2826
76,708.4
22.022,777.1
165.8
12,473.9
44
1210
14103
5
15
9
87*
8
▼
* tie
-
--
-
8
3
450
2
10
16
75,080.935,586.0
29,815.72,428.7
449.630,190.1
41371
112*1
35719,288.3
0.0
214,277.7-
3
19
90.1
4.54.4
4.6
4.7
5.15.0 3
4.622
516
2611
6
Deals
1/1/2008 - 12/31/2008
Share
Any Italian Involvement Completed (AG45)
US$mMkt. Rank Value
Bonelli Erede e Pappalardo 37,853.8 1
11,642.5
19,491.9
Chiomenti Studio LegalCuatrecasasUria Menendez
17,569.4
18,096.217,705.4
13
Perez Llorca
17.4
3,085.9
5,482.2
16,852.3
30,050.8
8,351.08,846.0
Subtotal without Legal Advisor-101,009.1
-
5,668.32423
-
5,634.7Debevoise & Plimpton
Grimaldi e Associati 5,846.65,671.8Slaughter & May
9152.6
38 7.81 -
-81.53,652.4
6,411.2
6,354.8
31,018.5
SJ Berwin6,285.298
14▲▼
▼
-
-▲-
-
▲▼
-▲
43,891.6 9264.2 ▲
2021
4.2
5.65.44.222*
22*
6
3
1/1/2008 - 12/31/2008
54
Europe Rankings
29.8
Rank Value Rank Value
Gianni, Origoni, Grippo & Partners
1718
1516
14
12
19
13 8.8
2
Rank
6,525.5
10,113.1
Akin, Gump, Strauss, Hauer & Feld
6,887.2
4,281.5
6,263.1
Studio Pavesi Gitti VerzoniDebevoise & Plimpton
5,730.6
Arnold & PorterShearman & Sterling LLP 4,281.5
5,726.25,684.9
Subtotal with Legal Advisor
Freshfields Bruckhaus DeringerSlaughter & MayAllen & Overy
Grimaldi e AssociatiHerbert Smith/Gleiss Lutz/StibbeLatham & WatkinsSkadden, Arps, Slate, Meagher & Flom
Studio Legale d'Urso 5,482.2Arnold & Porter
Subtotal without Legal Advisor111,852.2 -
Industry Total
19.3
17.5
5.75.7
6.2
10.0
16.7
10.2
17.9
64
7
46
5
82
2728,938.344,861.7
425
1,619.8
30
-
60
-
110427.3
8
111
36,514.8
7
33,725.6
38
Any Italian Involvement Announced (AE44)
US$m
Linklaters
Legal Advisor4937.5
50,733.2
US$mMkt.
20
% Chg. in
-35.3-40.8
No.Rank ValDealsShare
3
4
6
33
5
32
415
3.1
55,055.2
2,428.7
6
3
3,971.7
6.5
8.3
-
6.8
21206,147.4
4
6,421.5
1711 ▼ Studio Pedersoli e Associati
10,192.1
5.47,889.9
6.66.4
8,223.0
16151413Studio Pavesi Gitti Verzoni
Sullivan & Cromwell
175.25.2
18
30,481.8
44,166.939,547.6
Legal Advisor
35,863.8
1
Rank Value
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
65
3
Rank
28
13
317.8
4
262724.6
28.9
87
12.0
12
10
9.211
914.114.6
37
511.410.9
13
138.2
6
3035.6
33,725.6
▼-46.1-55.7
-57.0
-100.0 1,053
* tie
Gide Loyrette Nouel 242,626.7 118*25 0.02.6
14,435.586,573.6 -
14.385.7 201,423.5-
- 26,771.0 -628228,194.5 124,100.5
▼▼ Industry Total
50,656.1
39
Bonelli Erede e Pappalardo
93
1
5
12
Linklaters10,464.0
3
2
Rank
1/1/2007 - 12/31/2007
71,880.2
58,504.4
▲ Uria Menendez171.3-72.9
d'Urso Gatti e Associati6
11,421.5
14,121.713,464.2
Legance Studio Legale AssociatoCleary Gottlieb Steen & HamiltonLabruna Mazziotti SegniFreshfields Bruckhaus Deringer
6,677.2
14,885.1
12,248.3
Cuatrecasas
22,120.6Perez Llorca 18,096.2
17,552.2
Gianni, Origoni, Grippo & Partners
Latham & WatkinsWhite & Case LLP
Subtotal with Legal Advisor
Skadden, Arps, Slate, Meagher & Flom
Clifford Chance-76.2-82.1286.7
-10.5
11,203.7
▼Chiomenti Studio Legal
24.930,917.3 4
2
-75.3-81.3-77.0
-
-81.4
▼
-65.0-47.9-79.1
▼▼
211.4-62.8
▼▲
7.9
-4.9-63.4
-4.0-18.8
-70.710,814.5
183.8
-48.0
-81.0--
-85.1-37.0
133.5
-91.5-82.3
1,267.3-80.6
-82.1-86.2-85.4-87.5
▼▼ 108,162.2
No.
5931.9▼
▼▼▼
▼
▼▼▼▲▼▲▼▲▼▲▼▼▼▼▼▼▼▼▲▼▲▼--▼▼
-47.8-36.5-46.9233,566.0
http://banker.thomsonib.com18 of 30
-
20
23
-59.3-
413,974.8
5,558.45,576.8
4,809.3
7,114.54.3
3.74
5,448.4
Dechert14,648.766
8Debevoise & PlimptonShearman & Sterling LLP
Macfarlanes0.0
4,762.8
Subtotal without Legal Advisor
23.6Weil Gotshal & MangesWongPartnership LLP
244,720.2
131,106.0
25
Bech-BruunWinston & Strawn22
21 -78.110,919.8 ▼25,344.3
5,680.8 16818 4.6
4.319
9,021.8
5.1156*
325.7 105.2 55 9,325.3
7
36,397.1
1,868.8
2
-
6.9
4
Any Nordic Involvement Completed (AG46)
Rank ValueRank Val
110.2
▼▲
7
% Chg. in US$mRank Deals
3
4
20-
51 624.452
23
9
2
-59.9
66.0Rank
1,873.011.7
No.
3122
32
2,298.9
18,868.6
1/1/2007 - 12/31/2007
16.7
18.025.2
42,362.7
11,374.06,434.9
Share
1/1/2008 - 12/31/2008Mkt.
10.110.9
22
43
1517
15,639.01664
Legal Advisor23,702.7
Any Nordic Involvement Announced (AE45)
27,577.2US$mUS$m
-14.0Advokatfirman Vinge
Dechert
Debevoise & Plimpton
Gernandt & Danielsson Advokatbyra AB
Gide Loyrette NouelMacfarlanes
Gorrissen & Federspiel
Hannes Snellman
Davis Polk & Wardwell12 -
3- -
-
10
8
1211
6.9
7.27.2
75.6
6.89,021.8
11,089.29,627.49,045.5
1748.9
7.7
20 6.3
26
157.2
1917*
32
46
21
7.3
8,021.4
6.1
2
11
7.1
19
23
--
25Subtotal with Legal Advisor
- 1,745-20,174.5
* tie
13.5
-
0.035,111.6
50-
154*
14.8
17.017.1
1,161
4.9
6.1
7.1
7.3
13.6
9.4
98
67
18,397.5
14,579.316,861.8
5
1
Rank Value
Advokatfirman Cederquist
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
Europe Rankings
Clifford Chance 20,894.5 1415.92
Davis Polk & Wardwell
9,468.9
2,485.8414,253.5Wiersholm Mellbye & Bech DA
Araoz y RuedaHannes SnellmanCleary Gottlieb Steen & Hamilton
Baker & McKenzieCravath, Swaine & Moore
Herbert Smith/Gleiss Lutz/Stibbe
6,821.3Thommessen Krefting Greve Lund AS
6,049.96,737.2Mannheimer Swartling Advokatbyra 17
1615
13*
White & Case LLP
3
10.4
7,505.7
8,888.013*8,888.0
Roschier
13,607.312,761.3
17,685.810.9
56
6.8
9.7Linklaters7
Allen & Overy 99,469.99,881.79,909.9
10,030.3
13.5
35
11
34
ShareRank18.1
% Chg. in 1/1/2007 - 12/31/2007
16
7.77.67.5
49
19
78Deals
4
2017 13
209,833.24
Rank ValueNo.Mkt.1/1/2008 - 12/31/2008
22,670.6Advokatfirman Vinge
RankRank Value
▼Rank Val
-41.53 Cleary Gottlieb Steen & Hamilton
22,412.921,241.721,214.3
LinklatersClifford Chance
Advokatfirman Cederquist50
-7.849.9
473.4
77.3 123
23,244.4
5,412.7
7,197.311,274.7
1556
31
12,636.5
42.03.6
3
4.24.2 25
11
547.2 93149.2
97,798.9 678
* tie
-25.1 ▼-130,530.6-- 100.0 2,356
1,678 4.5-19.3
▲-
31,863.3 -162,393.9
116
124,476.6
3,063.7 ▲
16,740.0100.0
Holland & Knight LLP
Industry TotalSubtotal without Legal Advisor
6,049.9107,736.6
Herbert Smith/Gleiss Lutz/Stibbe
-
-
138,610.9
5
-1,993.5
11,662.0 1112
17,185.74.1
1211,802.3
Gernandt & Danielsson Advokatbyra AB
4
12434
White & Case LLP
Allen & Overy
7,578.5
8,888.08,888.08,931.9
20,830.0
US$m
-
10,848.3
4.1
15
-153
-
276,342.3108260.1
17*16
-1
14
Levy & Salomao Advogados
31,321.4
Sidley Austin LLP
Wiersholm Mellbye & Bech DA
Legal Advisor
Gide Loyrette Nouel
Gorrissen & Federspiel
Roschier
7,812.08,573.9
-
23
7,562.0162
Plesner 6,792.57,562.0
-50.111,350.7
770.4132
1
25241
5.5
6.122*
5,190.80.0
319 154*
22*
http://banker.thomsonib.com
172,455.8
Subtotal with Legal Advisor25.474.6
33,307.1Industry Total
▼▼▼
-17.086.6 152,281.3584
-25.7244,541.5
0.837.3
-16.074.9
11,833.6-
-40.6
-54.0-
-26.9
-29.3
-
43.386.8
229.7-50.8
--
--75.6
28.8-11.3
30.9-
280.2
42.63,368.6
217,751.2-
700.3
571.6-
▼▲ 13
▲▼
▲▼
-
▼▲▲▲
▲
▲▼▲
▲-2
2312,551.413,567.7
10
▲
-▼▼▼
▼▲▼
▼
▲▲▲▲
▲
▲▲▲--▼-▲--▲-
-27.8-▼
▲
19 of 30
- - -1
Burnet Duckworth & Palmer
* tie
47.8 9753,842.538.8
23.0
5,831.0
1223.1
7,114.5
20,045.528,744.1
66,164.4
7,376.4
Paul Weiss Rifkind Wharton & Garrison LLP
Osler Hoskin & Harcourt LLP
28,795.0
1/1/2007 - 12/31/2007Mkt.
4
* tie
Rank
33.13137
US$m
Dewey & LeBoeuf LLP
2
6,134.5
Allen & Overy 125,674.0
9,420.1
89
4
14
Any Benelux Involvement Announced (AE46)
% Chg. in
-51.7
Rank Val▼▲▲▲▲▼
▲
RankRank Val
6
32
▲▲▼-51.6
1
24.3
23.2
196
11
8723.7
7
128,525.83,910.9
9,692.8
124
20.8
921.210
118 22.6
4,151.5
22.1
25.2 52,904.33212
122,866.326.3
No.Deals
94
37.3
7
4653.61638 19
57
20
Rank59.6
5
230,462.4
57,208.5
1118
3,209.463,535.1
68
Rank Value
4954
26150.0
82
141
1,548.325,790.2
9,315.2
623.0 213.7
1165,165.9
63,787.2
LinklatersDeals
5454.1Share
142,219.2Legal Advisor
1/1/2008 - 12/31/2008Rank Value No.
US$m Rank
102,292.2
US$m
1/1/2008 - 12/31/2008Rank Value
11
13
27 810 1,206.3 86 2,287.1
4
38
2
20.1
420.720.7
--
167,572.6
9,176.7 41
3
124,080.6
14
17
12
20
50.07.11918
142,353.13616 8.215 19.7
7.1 99,997.62,406.2
15
35
1
1/1/2007 - 12/31/2007
12.2118.349,947.8
66
5865
9
2,901.7
4
Share
28.0
4
35.0
% Chg. in
176,557.1
3 20115,579.5
25.21514
34.3Clifford Chance
90,158.1102,070.0
87,022.1Herbert Smith/Gleiss Lutz/Stibbe
Skadden, Arps, Slate, Meagher & FlomWeil Gotshal & Manges
7
56
Sullivan & Cromwell
11
Debevoise & PlimptonLatham & Watkins 61,050.5
60,695.1
62,341.4
1060,563.2
3
128,678.2
23.1Simpson Thacher & Bartlett7,025.4
16 10.9
Blake Cassels & GraydonBarbosa Mussnich & AragaoDe Brauw Blackstone Westbroek
1360,408.135,930.3
60,449.5
11.0
7.6 171,290.3
2.7
254
-3.6
30,709.38 23
Bonelli Erede e Pappalardo19 2.8
1698,300.13 -
6,479.0 22 2.5 8 ▼2,003.2
-94.52
3 312.5 121
2-
117,002.3 10
8,519.9 52 6.423*-31.6
- -39.1 ▼23*23*
-90.0 18,631.518,631.5
A&L GoodbodyArthur Cox
6.46.4
6.4- 93.6
162
6.76.5 5
6.8 6 -8 188.5
2
1,340 -
2
1-
5,593.6
2
383,680.0
693.4-
292,412.818,643.2
-
238,250.9 - 90.7
262,795.9 -273,769.6Subtotal with Legal Advisor
100.0
http://banker.thomsonib.com
352,569.531,110.5 -
-733607
-23.8▼▼
23 2.3
6,572.5 2.5
Gide Loyrette NouelCleary Gottlieb Steen & HamiltonFreshfields Bruckhaus Deringer 17
Slaughter & May
Industry Total 100.0 1,677997Subtotal without Legal Advisor 24,545.0 - 9.3
-
Subtotal with Legal Advisor
-39.1
391,390.768042
5
-
431,212.4 -Industry Total
39,821.8Subtotal without Legal Advisor
▼▼
-
Loyens & Loeff 2524
Wilmer Cutler Pickering Hale & Dorr LLP 21
Torys18
15
20
2.21.95,096.3
22-▼▼
23*
51,017.5 21
10
1,794.1
6
136,584.7150.0
472 141
139,528.8
Rank ValueUS$m
99.451,308.41,874.2
40
18
8
-45.589.6
-22.0
-78.6
37.01,961.6
11.5
769.0551.6
3,811.6
-88.3-90.4
-76.8
134.440,172.1
--76.8 10,304.0
-50
136
2
216.46.4
-38.4
526.2560.0
40,172.1-56.9-59.6900.8-79.1
41,234.2
-
-22.4-40.1
-37.339.4
2,181.71,554.1
957.6235.5
-2,587.0
-
77
-101
-1.3
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
Europe Rankings
-13.9
Any Benelux Involvement Completed (AG47)
1Legal Advisor
Mkt.
▼▲
▼
▲▲▲▲▼▲▼▼▼-▼▲
▲▲
▲▲
▲▼
▲▼▼▲▼▲-▲
-
▼
▲▲-▲
-
174,338.9156,596.3109,047.2
Allen & OveryLinklatersSullivan & Cromwell
▼▲
81,960.277,007.773,726.366,207.464,691.862,097.560,695.160,563.260,408.158,827.157,455.524,080.420,862.420,667.119,930.919,611.518,974.118,766.818,631.518,631.5
Clifford ChanceBlake Cassels & GraydonHerbert Smith/Gleiss Lutz/StibbeSkadden, Arps, Slate, Meagher & FlomWeil Gotshal & MangesLatham & WatkinsDebevoise & PlimptonSimpson Thacher & BartlettPaul Weiss Rifkind Wharton & Garrison LLPBarbosa Mussnich & AragaoFreshfields Bruckhaus DeringerDe Brauw Blackstone WestbroekAshurstSlaughter & MayMcCarthy TetraultPlesner
Matheson Ormsby Prentice
Norton RoseAdvokatfirman VingeTravers SmithRoschier
20 of 30
With China seemingly unaffected by the crisis, Chinese investors were the mostactive buyers in the region for 2008, with 2,499 deals amounting to US$105.4 billionor a 20.5% market share. Australia and Hong Kong followed suit, with 1,642 dealstotaling US$75.1 billion and 939 deals amounting to US$51.1 billion respectively.Investors also took advantage of the plummeting Australian share prices becomingthe most targeted nation in the region for 2008 with a 20.3% market share.
7,011.0
7,231.4
For 2008, mostly driven by consolidations, the Financials sector was themost sought after industry by domestic and foreign investors with a totalvalue of US$100.5 billion, or a 19.6% market share. This included thelargest deal in the region, the US$17.9 billion stock swap mergerbetween Westpac and St George Bank.
As a result of Shining Prospect’s US$14.3 billion stake purchase in RioTinto, the Materials sector came in second with an 18.8% market sharefrom 2,009 transactions valued at US$96.7 billion. Energy and Powerranked third with 15.5% of the market from 860 deals valued at US$79.7billion. The three preferred industries remained unchanged from lastquarter.
China Unicom LtdAsciano Group SPV
7,067.4
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
Asia Pacific (ex-Japan) M&A
8,976.6
Regional Crisis in Full Swing
Completed Rio Tinto PLC Shining Prospect Pte Ltd2/1/20084/28/2008
Coca-Cola Amatil Ltd
11/18/2008 Completed China Construction Bank Corp
14,284.25/13/2008
8/4/2008
Completed St George Bank Ltd
9/8/2008 7,937.7
17,933.0Westpac Banking Corp
6/2/2008
Completed6/13/2008 Completed1/15/2008
Investor GroupPending
ConocoPhillips Co
6,040.2
http://banker.thomsonib.com
Bank of America Corp
7,785.0
11/17/2008
Investor GroupGIC
Shareholders
Regional Crisis in Full Swing I Chinese Buyers On A Shopping Spree | Financials Consolidation Drive M&A Activity
Rank Date Status Target Acquiror Rank Value ($m)
Chinese Buyers On A Shopping Spree
Top 10 Any Asia Pacific (ex-Japan) Involvement Announced Deals
Completed TM International Sdn Bhd
Angel Trains Ltd
Asciano GroupPendingCompleted China Netcom Grp(HK)Corp LtdCompleted
Citigroup Inc
Origin Energy-Coal Seam Gas
6,880.0
With the global economic crisis in full effect in the region, Asia Pacific (excludingJapan) M&A activity for 2008 dropped by 17.3% to US$513.3 billion from last year’sUS$620.4 billion total. Dealmaking activity for the quarter reached a two year lowwith only US$97.1 billion worth of deals. Financial sponsor activity also fell 21.5%to US$55 billion in 2008, comprising of only 10.7% of total deal volume in theregion.
Financials Consolidation Drive M&A Activity
Asia Pacific (ex-Japan) Involvement Announced M&A by Target Industry
$0 $20 $40 $60 $80 $100 $120
Financials
Materials
Energy and Power
Industrials
Real Estate
Telecommunications
Consumer Staples
High Technology
Rank Value (US$m)
January 1, 2008 - December 31, 2008
January 1, 2007 - December 31, 2007
21 of 30
* tie * tie
15.747,244.9 5 46.7 ▲
5.0
2.4
52,230.112.7 24.4
Rank Value
Asia Pacific (ex-Japan) RankingsFourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
DealsUS$m Share Rank ValRankRank US$m114
Subtotal without Legal Advisor
Simpson Thacher & Bartlett
Baker & McKenzieSlaughter & May
Ashurst
-513,329.3
Latham & Watkins
Any Asia Pacific (ex-Japan) Involvement Completed (AG31)
Rank Value % Chg. in No.1/1/2007 - 12/31/2007
10,229.5311,083.9
Dewey & LeBoeuf LLP25Jones Day
11,807.4
Subtotal with Legal Advisor -
24
13,139.3Allen & Overy
12,304.7
20,662.8
13,564.8
Blake Dawson12,496.6
Herbert Smith/Gleiss Lutz/Stibbe14,882.1
White & Case LLP
27,525.425,689.825,627.2
20
20,900.9
4.0
186
4.5
Clayton UtzAllen & GledhillShearman & Sterling LLP
495.04.9
Cleary Gottlieb Steen & HamiltonClifford ChanceGilbert + TobinWachtell Lipton Rosen & Katz
4926
Freshfields Bruckhaus Deringer65,061.1Linklaters 10.042,300.7537.6
Skadden, Arps, Slate, Meagher & Flom
69,327.664,968.3
Legal AdvisorAllens Arthur RobinsonMallesons Stephen Jaques 2
38,992.0 6
56,888.751,928.351,297.8
34
28,293.1
20,667.1
12
1615
131425,058.6
23,303.3
28,291.4
7
5
32,411.033,482.7
5.5
8
11
910
5.4
11.110.1
5.56.36.5
Rank Value
23 2.4
1
19
21
4.11718
4.0
1/1/2007 - 12/31/20071/1/2008 - 12/31/2008 1/1/2008 - 12/31/2008
97Legal Advisor
Mkt.Rank Val
Mallesons Stephen JaquesDealsUS$m
Any Asia Pacific (ex-Japan) Involvement Announced (AE30)
RankMkt.
RankRank Value % Chg. in No.
US$mShare548,406.3266,031.4
67,162.6
545,672.2
352,975.4263,328.61
26,982.095,023.2 1
4
12
44,964.0
31,472.2
32,726.2
3914 22,424.2
30,689.8
▲▼▲
15
Wachtell Lipton Rosen & Katz177
947 Allen & Gledhill
Clayton UtzGilbert + Tobin
Clifford Chance
29
24
16
5213
10
-17.3 ▼-▼-
26,936.4
23564,127.0
4,344.5Ashurst
-12.5
5,904.225,434.9
23,244.18,053.4
2 -21.2
135.189.921
3
22,008.9
30,142.4
LinklatersAllens Arthur Robinson
-40.192.5
▲▼▲
▲
90
Freshfields Bruckhaus DeringerSullivan & CromwellFreehills
6
51,754.4
10.710.7
4▲
14.812.4 4112.1
451,519.71
20133 111,814.8
1135,963.028,588.4 15
21 744-7.8
10.5-36.4 ▼6 45,625.5▼
165452,657.513,784.1 22 8
22Skadden, Arps, Slate, Meagher & FlomCleary Gottlieb Steen & Hamilton 7.7
7.632,536.1WongPartnership LLP 499
83710
11 7.27.4
1224,282.2 5.75.523,658.95.3
1314
3.619
4.24.0
161718 3.7
37,824.0740,168.611
17
4.7
17,183.317,819.1
1520,000.5Baker & McKenzie
Dewey & LeBoeuf LLP 15,510.6
Allen & Overy
14,682.114,603.7
Shearman & Sterling LLP 15,572.6Simpson Thacher & BartlettSlaughter & May
620,369.7
22,212.07,632.0
389,270.2
2213,226.6
1,5089,857 231,099.5-
262.92412,450.7
25-
Industry Total
-20.1
Minter Ellison
▼11,395.5
12,683.3
21
3.02313,054.4 22
3.43.4
526,799.0-5,321
Subtotal with Legal Advisor-
100.027.6
309,355.3 -
--
370,149.4 -16.4 ▼▼▼
-24.8117,845.8100.0 427,201.1
156,649.6Subtotal without Legal Advisor6,626
-202,245.4
Industry Total39.4
11,365
72.4242.7
30
89
3.1
1,305
2.6 18
852027
2.92.6
10,831.6
36
90
30
Herbert Smith/Gleiss Lutz/Stibbe-5.6 ▼
-23.3242.6228.7
-44.6▲▼ White & Case LLP
60.6
902.32.0
962
7,312.019,085.6
23,644.617,144.4
19
17
3722
203
40,563.4
61,846.212,208.8
17,171.1
7
7023,937.9
617,132.241,134.8
48 23
132374
1629,597.6
348,958.212
-
11,120.338,220.7
-
29
29,733.3
8
9
10
28
109143
17
Freehills
Sullivan & CromwellWongPartnership LLP
40
72-1.5
54.7
156.6
-0.7-56.9
6
30
29,011.1
14
25.1413.8-15.0
266
14,897.0
5,000.0
32,863.0192.6
13.5
▼
294.7-10.1
-13.9
112.1
-17.7-
41.7-42.5
-6.3-32.4-55.6-54.6-18.4
-79.9-33.6
27.059.651.2
265.3
-14.4-38.2-67.8
3.9
38.7-4.12.8
-53.7▼
▲▲▼
▲▼▼▲▼▲
▼
▲▼▲▼
▲▲▲▲▼-▲▼▼▼▼▼▼▲▼▼▼▲▼▼
-18.9
http://banker.thomsonib.com22 of 30
Asia (ex-Japan) M&A
Despite three consecutive quarters of growth, Asia (excluding Japan) M&A activity in2008 fell by 11.1% to US$387.8 billion as the economic turmoil that started in the USproved to have unprecedented impact on the markets around the world. Fourthquarter dealmaking volume totaled US$71.3 billion, a 45.5% drop from the all time highof US$130.7 billion recorded in the fourth quarter of 2007. Despite the regional andglobal turmoil, M&A activity in China remained strong as deal volume increased by44% to US$159.6 billion.
Asia (ex-Japan) M&A Falls 11.1%
Top Deals: Rio Tinto Stake Purchase & TM International SpinoffShining Prospect’s US$14.3 billion stake purchase in Rio Tinto was the region’slargest deal of the year. The second largest deal announced during 2008, TelekomMalaysia’s US$9 billion spinoff of TM International, was also the second largest Asianspinoff of all time.
1/15/2008
7/7/2008
1/25/2008
11/18/2008
4/28/2008 Completed
Pending
6/2/2008
Awilco Offshore ASA
Target
Asia (ex-Japan) M&A Falls 11.1% I China - Remains Strong I Top Deals: Rio Tinto Stake Purchase & TM International Spinoff
Completed
Completed
Bakrie & Brothers Tbk PT
Citigroup IncPCCW Ltd
China Construction Bank Corp
Investor Group
CompletedCompleted
Daiichi Sankyo Co Ltd
GIC
Acquiror
Shareholders 8,976.6
Rank Value ($m)Top 10 Any Asian (ex-Japan) Involvement Announced Deals
6/11/2008
1/18/2008
Status
7,785.0
6,880.07,067.4
4,333.811/4/2008
Shining Prospect Pte LtdRio Tinto PLC
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
14,284.2TM International Sdn BhdChina Netcom Grp(HK)Corp Ltd
Ranbaxy Laboratories Ltd
2/1/2008Rank Date
CompletedChina Unicom Ltd
CompletedCompleted
Bank of America Corp
Bumi Resources Tbk PT
3,441.7COSL Norwegian AS
4,813.0Korea Express Co Ltd
Completed
http://banker.thomsonib.com
Investor Group
3,887.13,910.4
Asia (ex-Japan) Financial Sponsor Activity
$0
$5
$10
$15
$20
$25
$30
$35
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Ran
k Va
lue
(US$
b)
0%
2%
4%
6%
8%
10%
12%
% o
f Asi
a (e
x-Ja
pan)
Vol
ume
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of Asia (ex-Japan) Volume
Asia (ex-Japan) Involvement Announced M&Aby Target Industry
$0 $15 $30 $45 $60 $75 $90 $105
Materials
Financials
Energy and Power
Industrials
Telecommunications
Real Estate
Rank Value (US$b)
January 1, 2008 - December 31, 2008
January 1, 2007 - December 31, 2007
23 of 30
* tie * tie
Allen & Overy
Asia ex-Japan RankingsFourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
AshurstBaker & McKenzie
Allens Arthur Robinson
Wachtell Lipton Rosen & Katz
Herbert Smith/Gleiss Lutz/Stibbe
48
13
4.4
3.5 27
4
49
6
Allen & Gledhill
22,800.0
20
25,087.8
Slaughter & May
Simpson Thacher & Bartlett
Allen & Gledhill 24,948.6
16,800.9
Shearman & Sterling LLP 23,288.917,571.616,969.2Mallesons Stephen Jaques
5
16 29,844.4
Skadden, Arps, Slate, Meagher & Flom 24,264.2Mallesons Stephen Jaques
2
WongPartnership LLPSkadden, Arps, Slate, Meagher & FlomFreshfields Bruckhaus Deringer
Clifford Chance
Cleary Gottlieb Steen & HamiltonSullivan & Cromwell
Mkt.
40,966.4Legal Advisor ShareUS$m
1Linklaters
11,498.1
3543
14,956.5
-
9
91
▲
685.5
196,292.3
786.7
10,480.3
16,094.8
16,004.521,012.0
15,649.1
25,648.8
524
137,519.4198,899.5
-
39,986.3
25,022.3
4,171.621
White & Case LLPDLA Piper 21
22
Jones Day
Simmons & SimmonsDavis Polk & Wardwell
9,068.0
6,222.26,128.3
8,009.9
5,803.35,494.6
Sidley Austin LLP
4.23.83.8
1833.2
51.3
12
4.5
2.3193.2
4.3
6.56.46.0
25,975.5 6
47.35
31,776.928,111.2
6.7
1.61.6
100.0
228,144.8
16,165.0
161514
13,564.814,575.7
Subtotal with Legal Advisor
14,640.3
33
15824
12,250.8
25
12
387,768.1
White & Case LLP
- Industry Total-11.19,044 -
http://banker.thomsonib.com
100.0
18
2578
8Stamford Law Corp
Jones Day
-9.2
▼
Subtotal without Legal Advisor
-25.1
-46.7
-70.5▼▲
333,811.6301,704.0 4,908
652-4,256
-
-12.8--
48.7-
1513,266.5
4.91414,364.31514,081.216
4,813.44
1716,070.9 5.3
117,749.8
17,292.5
Ashurst
24,266.3
16,183.3Wachtell Lipton Rosen & Katz
12,800.0
Clifford ChanceCleary Gottlieb Steen & Hamilton
28,268.6▲▼
17,132.2
8,868.2
7 6,953.316,958.3
12
2512,499.632
1546
8.07.9
22,571.6 10 7.523,759.6
137
18
-
8678
81
2384
12
3815
928
28
2.8
46
3
248
3.83.1
4.34.4
12,984.3 17
5,672.3
9,402.711,395.5
21
1920
25
18
Industry Total 436,039.2 ▼
Subtotal with Legal Advisor109,505.9192,198.1 63.7
36.3--9.6
18,379.5
7,624.37,146.4
5,790.27,331.7
8,220
17
188,868.5
12,318.0
1.4-
28
2.120
3
141016,479.7
% Chg. in
94.3▲▲
13,784.158,305.9 -29.7
135.1▼1
Rank Value
Any Asia (ex-Japan) Involvement Announced (AE31)
10.6US$m Legal Advisor
Any Asia (ex-Japan) Involvement Completed (AG32)
US$mRank Value
1/1/2008 - 12/31/2008
RankDeals
1/1/2008 - 12/31/2008
Rank ValRank Value
1/1/2007 - 12/31/2007
47,554.513.3232,837.6
3316
Mkt. No.
41
10.8
13.51
34
11.049
9.95
14,640.3
9
5.4
1312
9.48.0
14
Deals
6
4.74.8
Rank Share
22,132.92211,120.325
5
6
20
108
Rank21
11
36
29
Lovells LLP
Simmons & Simmons
Allen & Overy
Slaughter & MayHerbert Smith/Gleiss Lutz/Stibbe
Latham & WatkinsShearman & Sterling LLPBaker & McKenzie
13
1.9 2415
2.5
1.92.02.4 43
Subtotal without Legal Advisor 207,894.4
3
11
Freehills 5,423.9
2324
1.51.4
1011
9
8.4
8.2
78
9,632.21,704.7
51
5,000.0
14
53
826.1
30,593.6
18
9
27
16
4,127.0
7,245.8
3,786.217
▼
▲-
1,135.7
57
411.0
19,163.341
40
-
3.9132.2
32,026.5
Rank Value No.
-50.1
▲ WongPartnership LLP
Linklaters
Rank
1/1/2007 - 12/31/2007
35
19
32,411.0 548.33
2
10.0
18,146.226
7
12,107.011
11,637.64
52,033.0
4
-0.3515.1251.4
45.8
193.7
-7.4123.1
--23.9
369.9653.2
▼▲
-5.9▲▼▲
228.7-17.6
--6.4
107.4▼ Allens Arthur Robinson
-6
23
-Simpson Thacher & Bartlett
▲
6,072.122
827.6
23
Sidley Austin LLP 8,363.4-55.3
686.2
821.3-23.5671.8
24 736.5
9,345.8
14.4198.4-10.0-17.6
-45.9-2.1
-20.4
126.2249.0
43.138.7
1,120.0
-49.4-28.8
-15.949.8
192.6236.5
▲Rank Val24.1
% Chg. in
32,536.1
US$m40,765.5
Freshfields Bruckhaus Deringer 33,158.8
Sullivan & Cromwell
▲▼▲▲
▼▼▼
▼▲▲▲▲▲▲▲-▼▲▲▲▼▼▼▼▼▲▲▼▲▲▼▼▼▼-
24 of 30
Australia M&A activity reached its lowest level since 2005 with US$134.7 billion in deal activity, a 33.6%decrease from 2007. Domestic and cross-border activity declined 39.1% and 34.6%, respectively. Westpac'sUS$17.9 billion merger with St George Bank was the largest domestic Australian deal of all time.
New Zealand M&A Shows Signs of Life During Fourth Quarter
Completed
Rank Date
3/11/2008
Australia M&A Sinks to Three Year Low | New Zealand M&A Shows Signs of Life During Fourth Quarter
Status
8/13/2008
Angel Trains Ltd
ConocoPhillips Co
Santos Ltd-Gladstone Liquefied
3/3/20086,040.23,774.53,100.0
Coca-Cola Amatil LtdOxiana LtdInvestor Group
CSL LtdZinifex LtdTalecris Biotherapeutics Hldg
5/29/2008 Completed
5/13/2008
Pending
PendingCompleted
6/13/2008 Completed11/17/2008
8/4/2008
Completed St George Bank LtdOrigin Energy-Coal Seam Gas
Top 10 Any Australian or New Zealand Involvement Announced Deals
Investor Group7,231.4Asciano Group SPV7,011.0
7,937.7
Rank Value ($m)
Australia M&A Sinks to Three Year Low
Completed9/8/2008
Australia & New Zealand M&A
17,933.0Target Acquiror
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
Even though New Zealand M&A activity declined 48.4% in 2008 compared to deal volume in 2007, it isnoteworthy to mention that M&A activity in the fourth quarter more than quadrupled the third quarter volume,amounting to US$1.8 billion. The declining New Zealand dollar contributed to this increase as there was aninflux of inbound investments as foreign buyers took advantage of the weakened local currency.
10/28/20082,500.52,489.2
Dyno Nobel LtdCompleted Queensland Gas Co Ltd 2,818.6
Westpac Banking Corp
PendingBG Group PLC
Asciano Group
PETRONASIncitec Pivot Ltd
http://banker.thomsonib.com
Announced M&A by Target Industry
23%
19%
18%
16%
8%
4%3%
3%2%2% Energy and Power
Financials
Materials
Industrials
Consumer Staples
Healthcare
Media and Entertainment
Consumer Products and Services
Real Estate
High Technology
Retail
Telecommunications
Government and Agencies
Australian Involvement
New Zealand Involvement
26%
18%
16%
13%
12%
7%3%2%2%
25 of 30
* tie * tie
6,568.5
110,373.360,863.1
1/1/2007 - 12/31/2007
2
Australia & New Zealand Rankings
Clifford Chance
10,456.1
4311
911438
542 3,801.9
446,481.3
1,728.4
18
88
98
9.1
9.5
2,631.6
3,751.2
432
1716
4,531.5
4,962.4194,662.3
5,298.2
127,918.8
3,591.83,500.3
Subtotal without Legal Advisor 9,208.9
3,654.6Corrs Chambers Westgarth
Cochrane Lishman
Industry Total
Stikeman ElliottDeaconsClifford ChanceSubtotal with Legal Advisor
137,127.7
3,606.1
492.9
6,628.6
Sullivan & Cromwell
Bell Gully27 ▼
▼McCullough Robertson
▲▼
8,118.25.95.5
-7,227.8624.6
-62
Gilbert + TobinClayton UtzSkadden, Arps, Slate, Meagher & Flom
Minter Ellison
5.1
4.4
Simpson Thacher & Bartlett
Sullivan & Cromwell
McCullough RobertsonBaker & McKenzie
7,562.9
8,416.3
3.0
4.96,115.9 17
15
12
14
16
18
-25
88.0
2.32.3
2019
2221
100.0
4
6
27,525.4
Allens Arthur Robinson
5
7
--
5
16.4
Slaughter & May
1.8
23
2
1.91.924
4
Dewey & LeBoeuf LLP
5.213
3,583.0
940.0
10,501.8
33
-
60
29
13-
3,363.1
-
745 185,312.21,808 25,187.4 -
-
2,553 210,499.7
22
1,876100.0
4123
-
2.6 44
-
711
3210,170.6 18
198,761.47
2425
- 1,1656.793.3
7,011.0
224
205,097.984
Blake Cassels & Graydon
6,710.0Blake Dawson
White & Case LLP78*
25Wachtell Lipton Rosen & KatzBaker & McKenzie
-1,110.8
58.8109.2
8 -6.3
3
-55.1305.6
-
87
666
4036
-76.2500.0
-10
27,855.3
19,156.7
16,103.01,728.4 45
-
13-
3,428.4
530.5
26
-
883.0
23 467.0
3,125.52,228.913
3.9 4
4.9
5
40,865.9
36.1
17.3 7023
388
9.115,857.9
1221,446.518,647.9
32,087.6 4378
2,743.5
7
22
4
298.1
11,836.0
3,881.86.97.4
6.1
16,544.1
488
15
12.0
1010,206.9
9,544.3
Wachtell Lipton Rosen & Katz
3.3
Industry Total 137,902.1
3,415.7
3,100.03,203.6
2,636.2
Subtotal without Legal Advisor
Arnold & Porter
121,358.0
Blake Cassels & Graydon
Subtotal with Legal Advisor2,495.4
9
7,215.1
8,118.2
4,478.4
6,748.7
Corrs Chambers Westgarth4,100.0
Slaughter & May
12,266.110,331.4
11
Vinson & Elkins LLP
Blake DawsonLinklaters
Freshfields Bruckhaus DeringerWhite & Case LLPAtanaskovic Hartnell
Cochrane Lishman
7,011.0
7.58
529,852.014.418.6
898
3
672
10,502.319,901.825,627.2
43,804.0
Rank Value
49,918.223
821
US$m
Mallesons Stephen Jaques6
93,581.7
22,008.9
1/1/2008 - 12/31/2008
3
Any Australia or New Zealand Involvement Announced (AE27)
Mkt. No.
42,076.6
RankLegal Advisor56,888.7
Rank
54,878.0Freehills
Rank Value1/1/2007 - 12/31/2007
US$m Legal AdvisorFreehills-39.2
26100
39.836.2
Share41.3 142
Deals
1/1/2008 - 12/31/2008
-218,847.2
7
82
25,863.3
20,085.9
25
-
4,950.0
-
567
Clayton Utz
20,699.8
23,658.9
Skadden, Arps, Slate, Meagher & Flom12,989.1
45,581.6
▲▼
▼
▲▲▼
Bracewell & Giuliani
22,424.2
8,416.3
Freshfields Bruckhaus DeringerMinter EllisonDewey & LeBoeuf LLP 10,884.4
12,466.6Linklaters
12,450.7
Mkt.Rank
Rank Value
Any Australia or New Zealand Involvement Completed (AG28)
30.4
US$m51,754.4
Allens Arthur Robinson 48,881.1
8.9
% Chg. in
Gilbert + Tobin
Mallesons Stephen Jaques2
1Rank Val
20.0
Deals
2.5
1
30
22
20
5
Rank ValueRank
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
13278
101
3.4
22
2
37.7
3.6
71
2.6
10
2.7
2.6
1415
111213
4.8
▼-1.9-42.1
http://banker.thomsonib.com
1714
49,151.65,449.0
12,775.023,937.9
2120 3.3
135.733.2
-53.1-19.7
2.7
715.1
7.9
5.35.9
5.1
-42.8-44.6
2,163.9-41.5
272.0-70.3116.8
14.025.1
-34.5
--26.4-21.8165.5-34.5
-14.289.5
99.8-56.1
-
-34.3
808.6-19.6-10.2-69.5
-39.0305.6
-37.3
870.39.4
-64.1579.8-27.4-86.5-35.6-54.2
62.0-18.189.8
-74.7
Rank Val% Chg. in
▲1
No.Share US$m
▼▼
▼▲▼▲-▲▼▲
▲▼
-▼▼▲
▼▼
▼
▼▼▲▼▲▼▲▼-▼▲-
▼▼
▼▲▲▲
▼
▼▲▼▼
▲▲
26 of 30
High Technology
36,305.4 Financials16,355.9 1
8,254.4
Mori Hamada & MatsumotoStikeman ElliottArnold & Porter
13,578.6 126,933.6
1 8,127.5 2*
1 11,091.1
37.1
50.4
1
41.241.2
2
37.1
Investor GroupInvestor Group 2,829.1
9/5/20083/14/2008
10/17/2008
Lion Power Holdings Pte Ltd 2,762.9Ashikaga Bank Ltd
CompletedCompleted
Senoko Power Ltd
3,120.0
http://banker.thomsonib.com
Wilmer Cutler Pickering Hale & Dorr LLP8,127.5 Edwards Angell Palmer & Dodge 2*
15,901.7 22.7
11 2 43.8
42.8121,920.7
9,374.3 Dewey & LeBoeuf LLP
2*2*
7,839.211/17/2008 Investor Group
CompletedPending
Morgan StanleyCoca-Cola Amatil Ltd
Ranbaxy Laboratories Ltd
Mahogany Acquisition Corp
3,441.7
8,127.5
Bank of Tokyo-Mitsubishi UFJ LtdDaiichi Sankyo Co Ltd
3,707.0
6,040.2Tokio Marine Holdings Inc 4,692.0
Mitsubishi UFJ Financial Group Inc
12/19/2008No. Deals
Japanese M&A Volume Drops 3.8%Japan M&A dealmaking was impacted by the global credit crisis as announced deal volumedecreased by 3.8% to US$161.6 billion. The Financials industry remained the most targetedsector as Japanese companies and investors acquired stakes and businesses of well-knownnames in the global banking community. Notable deals included Mitsubishi UFJ FinancialGroup's US$7.8 billion investment in Morgan Stanley and Nomura's US$225 million acquisitionof Lehman Brothers' European and Asian businesses.
The largest announced deal in 2008 was Panasonic's US$11.1 billion tender offer for SanyoElectric, which was both the largest public tender offer and the largest High Technology M&Atransaction involving a Japanese target company of all time.
Japanese Outbound Deals Breaks All-time RecordOutbound cross-border deals by Japanese firms surpassed an all-time record during 2008 withUS$74 billion in announced deals from 389 deals, a 200% increase compared to 2007 activityand a 67% increase over the previous record set in 2006. Resulting from a combination of theJapanese Yen’s recent surge to a 13-year high against the weakening US dollar and domesticfirms with large cash reserves, Japanese companies made opportunistic and strategicinvestments in the United States, India and Australia to drive growth, buy technology andincrease their global presence.
Conversely, inbound Japan cross-border M&A deal activity decreased significantly by 71% toUS$10.4 billion compared to the record-breaking US$35.7 billion volume in 2007.
Panasonic Corp
45.1 4
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
Japan M&A
Rank DateRank Val US$m
Mkt.
Japanese Involvement Announced Advisors by Target Industry
Japanese M&A Volume Drops 3.8% | Japanese Outbound Deal Volume Breaks All-time Record
Rank Val. ($m)StatusRank
7/23/20088/12/2008 Completed
2 3
Completed
Healthcare
6/11/2008535
Pending
115 1 11,091.1
15
Davis Polk & Wardwell
Share227
UnionBanCal Corp,CA
Sullivan & CromwellMori Hamada & Matsumoto
9/29/2008
Completed
4/10/2008
Nacionale Minerios SA
Top 10 Japanese Involvement Announced DealsTargetSANYO Electric Co LtdMillennium Pharmaceuticals Inc
Acquiror
Completed11,091.1
Philadelphia Consolidated Holdings Corp
Intended
1 Skadden, Arps, Slate, Meagher & Flom 8,127.5 2* 37.1 1 Gibson Dunn & Crutcher 8,127.5 2* 37.1
Any Japanese Involvement Announced M&Aby Target Industry
$0
$10
$20
$30
$40
$50
$60
Financials High Technology Healthcare Consumer Staples Materials Real Estate
Ran
k Va
lue
(US$
b) January 1, 2008 - December 31, 2008
January 1, 2007 - December 31, 2007
Japanese Cross Border Volume
$0
$5
$10
$15
$20
$25
$30
$35
1Q03
2Q03
3Q03
4Q03
1Q04
2Q04
3Q04
4Q04
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
Ran
k Va
lue
(US$
b)
0%
20%
40%
60%
80%
100%
%
Out
boun
d
Inbound (US$b) Outbound (US$b) % of Cross Border is Outbound
27 of 30
* tie* tie
21
82
11
15
17
45*0.0
9,739.2
87
8
4,769.5
4 10.2
10* 6.9
9
9.3
6.7
7 9.3
6.910* 6.9
21 4.5
17*19*
5.04.94.9
12
6
805.5Skadden, Arps, Slate, Meagher & FlomGibson Dunn & CrutcherNagashima Ohno & Tsunematsu
88
1
20,978.555.0
Jones DayClayton UtzAtanaskovic HartnellGilbert + Tobin
7,278.6
8,127.5
6,128.96,094.2
11,091.110,758.510,743.1
8,503.4
15,078.612,414.711,108.811,091.1
19,336.416,398.216,061.815,092.1
20,015.8
1/1/2007 - 12/31/2007
Rank Val22.8
Rank
847.0 48
6,318.8
Cravath, Swaine & Moore
17,494.9
Edwards Angell Palmer & Dodge
10,530.7
43
Rank Val% Chg. in
1/1/2007 - 12/31/2007
10
1323,685.9
331,408.8
1
932.5
73.136,431.2
41569,175.9
Subtotal with Legal Advisor98,872.7- -
5,547.4 22
24.93.225Sidley Austin LLP
245,283.94,879.7
27.0 Subtotal without Legal Advisor4,694.0
-2,567
586.0
10,073.910,028.6
Mallesons Stephen Jaques
47
6,068.5Paul Weiss Rifkind Wharton & Garrison LLP
Mori Hamada & Matsumoto
FreehillsDavis Polk & WardwellCravath, Swaine & Moore
Nagashima Ohno & TsunematsuClifford ChanceStikeman ElliottArnold & Porter
Skadden, Arps, Slate, Meagher & FlomSullivan & Cromwell
930.8 ▲
22 3.8 15 83.4
36,837.6
8,127.57,956.8
8,127.5
-
215,884.9
187,839.2
23
109,787.1 -75.1
312.9 712
3.3 3
1,755 -57,527.9
155,542.02,136- 100.0 -381 98,014.1
Industry Total 161,589.1 - 100.0 2,982 168,048.5 - 146,218.3Industry Total
- -
-3.8
-37.119.4
▼▲▼
-Subtotal without Legal Advisor 43,543.5Subtotal with Legal Advisor 118,045.7
-
6,040.26,040.2 24* 3.7 1
24* 3.7 123 3.8 3 508.1 50 8
Debevoise & Plimpton3.61,099.4
-▲-
Pillsbury Winthrop Shaw Pitt LLP86 - -3.8 47,248.8 Nakamura, Tsunoda & Matsumoto▲
4.0 14
Wachtell Lipton Rosen & Katz
Jones Day19*Osler Hoskin & Harcourt LLP
Blake Dawson- -
7,839.2
3,828.97,839.2
Edwards Angell Palmer & Dodge
10,530.79,374.3
8,127.5
Dewey & LeBoeuf LLPStamford Law CorpWilmer Cutler Pickering Hale & Dorr LLP
725.0
Mallesons Stephen JaquesGibson Dunn & CrutcherShearman & Sterling LLPNishimura & Asahi
15 5,144.1 16
US$mDeals34.1
3 12.0 10 19,294.6
27,463.5 22 12.41
Legal Advisor US$m Rank Share Deals RankUS$mNo. Rank ValueRank ValueRank Value Rank Value% Chg. in
1/1/2008 - 12/31/2008 1/1/2008 - 12/31/2008Mkt.
Legal Advisor US$m Rank ShareMkt. No.
8039,189.0Mori Hamada & Matsumoto 1726.81 6,653.929,003.3Sullivan & Cromwell 10,560.9
3 3 18.126,421.6Nishimura & Asahi289.1
0.2142 19.879
9,299.05 9.9 3 76.2
6 1,811.0 18,929.8Davis Polk & Wardwell32 4 13.0
517 9.3311.06
111210,436.85 12.0 14402544,404.7
8.5
1,001.716,061.8
Clifford Chance 12,463.494
88 7.7 5313,613.1
1
30
13Shearman & Sterling LLP 11 6.9 12,086.3725.0
122*
1,650.511 11,948.47.1
7 -7.01,429.81 ▲ 10,358.0
9 7.2 310
3,307.4 24 12Morrison & Foerster▲
2Dewey & LeBoeuf LLP16,410.2 4 13▼
6.2-34.5 9,374.3
9,064.01413
6.5 36.7
441445* Wachtell Lipton Rosen & Katz
Wilmer Cutler Pickering Hale & Dorr LLP 15*1,352.5 ▲
▲15 5.816 -
2 763.3-
17* 5.0 1 122*5.3 3
0.0
2
Osler Hoskin & Harcourt LLPStamford Law Corp
- - -▲-
12 1,224.8 35 540.0
-Freshfields Bruckhaus Deringer
10,517.525 21,553.8
20 4.219 4.3
5
7
5.6 0.01
-5.4
-12
216.9 5,175.1 19
27
8
1,128.1385.4
-16.793.8
763.3
1,811.0
8,846.7 40.914538.0471.928
Any Japanese Involvement Completed (AG52)Any Japanese Involvement Announced (AE51)
67.61,503.5
489.0174.6
11.5103.6
▲▲
341.03,086.9▲10▲
5.4 2
118*
17-15*
615.6
491.3
1,867.5526.4
-66.0▲▼
http://banker.thomsonib.com
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
Japanese Rankings
90.1
160.3
1,128.1---
-225.3
11
2
1,459.5403.4
-70.7-42.3317.7
-
2-
523.8
--
1,519.5-
-36.712.0-6.0
▲▲▲▲▲▲▼
-
--
▲
▲▲▲▲
▲
▼▲
▲
▲
--
▲
▲-▼▼▲
▼▲▼
-▲▲▲
28 of 30
-
-
-
-
-Asia-PacificKaterina YlenTel: +632 858 7260E-mail: [email protected]
Japan -Tomomi TeraharaTel: +813 5218 6582
If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:
http://banker.thomsonib.com
Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless theyrepresent minority sellers or advise on only a portion of the transaction or Thomson Reuters has not been made aware of theirparticipation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction agreed toor, in the absence of an agreement, the value of the highest offer.
Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) inthe specified region or nation.
E-mail: [email protected]
Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactionsare converted to the US dollar equivalent at the time of announcement of terms.
Europe
Fourth Quarter 2008 | Mergers & Acquisitions | Legal Advisors
Ranking Criteria Summary
Tel: +1 646 223 8473Victor EngUnited States
A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declaredwholly unconditional.
League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debtrestructurings.
Announced league tables include all deals that were announced between January 1, 2007 and December 31, 2008 and of whichThomson Reuters was made aware. All current data and previous year's data is as of 5:00pm EST on December 31, 2008.
E-mail: [email protected]
Tel: +44 (0) 207 542 1990Leon Saunders Calvert
E-mail: [email protected]
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party contentproviders shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reutersdisclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is notappropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations orsolicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale ofsecurities for or by any person in connection with this document.
© 2008 Thomson Reuters. All rights reserved.
Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
29 of 30
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