Year End 2008 Legal Advisors - Mergermarket · The last quarter of 2008 saw plenty of M&A lows not seen for several years with 2,047 announced deals valued at $490bn globally –

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press release mergermarket Global M&A Round-up for Year End 2008

8 January 2009, for immediate release

Contact: Hannah Bagshawe [email protected]: +44 20 7059 6118

Press Release: www.mergermarket.com 2mergermarket Global M&A Round-up forYear End 2008

‘Tumultuous fourth quarter emphasizes challenging year for dealmakers as M&A subsides’What do dealmakers do in a year that has seen the worst fi nancial crisis since the Great Depression? Not much, as the numbers show. 2008 saw deal values and volumes drop back to the level they were at three years ago with the credit crisis wreaking havoc on the fi nancial services industry.

M&A for Q408 hits 5-year lows; Asia-Pacifi c M&A overtakes North America for fi rst timeThe last quarter of 2008 saw plenty of M&A lows not seen for several years with 2,047 announced deals valued at $490bn globally – it was the worst quarter by value since Q3 2004 ($343bn); and the worst fourth quarter since fi ve years ago by both value and volume (just over 2,000 deals valued at $367bn in Q4 2003). North American deal values dipped a massive 67% compared to the previous quarter (from $302bn in Q3 to just under $100bn in Q4), leaving North American deal values less than the Asia-Pacifi c region for the fi rst time on record.

Asia-Pacifi c sheltered but not immune; good Q4 but overall decreases for the full yearIn contrast, in the same quarter the Asia-Pacifi c region saw a 37% increase on the previous quarter’s $74bn worth of deals. The region also enjoyed more mid-market ($10m-$250m) deal activity compared to North America showing 246 deals valued at $15.7bn compared to just 193 deals valued at $10.8bn in the US and Canada. Despite these numbers, Asia-Pacifi c was not exempt from the global slowdown and the region saw deal values drop by 5.2% for the year, although this was the smallest drop of all the regions.

Global drop in M&A in 2008; Main drop in North America; Financial Services biggest sectorGlobally, a total value of $2.5tr represented a drop of 31% while volumes were down 20% on just over 12,000 deals. North America, which usually provides over 40% of values globally (now less than 35%), saw the biggest overall decline from $1.5tr to $848bn, a drop of 44%. 2008 saw the Asia-Pacifi c region make up 16% of total values, up from between 11-12% in the previous three years. Unsurprisingly fi nancial services, driven by the need to consolidate, was the busiest sector by value (25%), followed by Energy, Mining & Utilities which had a strong H1 but has withered away along with the price of crude. Industrials & Chemicals continues to be the most active sector. Europe meanwhile accounted for half of the top 10 deals announced globally, although only one actually had a target in the fi nancial services industry with the UK Treasury buying a 57.9% stake in RBS plc for $26bn.

Linklaters top rankings for most regionsUnlike 2007 where no single fi rm dominated any particular table, 2008 has been a year to remember for Linklaters as the fi rm ‘sweeps’ the value tables in all regions except for the US tables, although even here the fi rm has jumped an impressive 40 places to rank 11th for the year. Globally Linklaters advised on 267 transactions valued at $729bn. 2007’s top two, Sullivan & Cromwell and Skadden Arps Slate Meagher & Flom, drop to second and third with values of $612bn and $525bn, respectively. In volume terms DLA Piper worked on 304 deals, taking over top spot from Latham & Watkins who drop to fourth on 266 deals. Jones Day jumped six places to second on 294 deals. Freshfi elds suffered a slow year in the value of the deals worked on registering considerable drops in the European and Asian tables, despite actually ranking higher than the previous year in the global activity tables.

DLA Piper had another strong performance in the mid-market tables, topping the global volume table and ranking second in the value table with 147 transactions valued at $10bn. Latham & Watkins took fi rst place on the global mid-market value table with 106 deals valued at $10.2bn, up from third in 2007.

mergermarket Global M&A Round-up Year End 2008

Contents

Section 1:

p. 2 - 8: Global

Section 2:

p. 9- 20: Europe

Section 3:

p. 21- 29: Americas

Section 4:

p. 30 - 38: Asia-Pacifi c

p. 39. Criteria

p. 40 About mergermarket


Global: League Tables of Legal Advisers

League Table of Legal Advisers to Global M&A: ValueY/E 2007 Y/E 2008 House Value

(US$m)Deal Count

4 1 Linklaters 728,566 2671 2 Sullivan & Cromwell 611,704 1352 3 Skadden Arps Slate Meagher & Flom 526,419 1876 4 Allen & Overy 514,627 2283 5 Freshfi elds Bruckhaus Deringer 444,130 257

16 6 Herbert Smith/Gleiss Lutz/Stibbe 397,672 13219 7 Cravath Swaine & Moore 377,789 5840 8 McCarthy Tetrault 366,567 805 9 Clifford Chance 354,958 244

36 10 Slaughter and May 348,652 6512 11 Cleary Gottlieb Steen & Hamilton 327,398 16047 12 Davies Ward Phillips & Vineberg 281,494 4113 13 Simpson Thacher & Bartlett 261,300 819 14 Latham & Watkins 254,650 266

74 15 Lovells 254,111 8745 16 Freehills 233,721 7849 17 Allens Arthur Robinson 233,206 3732 18 Clayton Utz 226,777 4311 19 Shearman & Sterling 226,661 1148 20 Weil Gotshal & Manges 223,095 140

League Table of Legal Advisers to Global M&A: VolumeY/E 2007 Y/E 2008 House Value

(US$m)Deal Count

2 1 DLA Piper 62,188 3048 2 Jones Day 82,578 2944 3 Linklaters 728,566 2671 4 Latham & Watkins 254,650 2666 5 Freshfi elds Bruckhaus Deringer 444,130 2575 6 Baker & McKenzie 144,316 2463 7 Clifford Chance 354,958 2447 8 Allen & Overy 514,627 2289 9 Skadden Arps Slate Meagher &

Flom 526,419 187

11 10 White & Case 84,596 17410 11 Kirkland & Ellis 73,929 16213 12 Cleary Gottlieb Steen & Hamilton 327,398 16012 13 CMS 31,675 15715 14 Dewey & LeBoeuf 188,720 14314 15 Weil Gotshal & Manges 223,095 14016 16 Sullivan & Cromwell 611,704 13517 17 Herbert Smith/Gleiss Lutz/Stibbe 397,672 13221 18 Hogan & Hartson 44,750 11923 19 Shearman & Sterling 226,661 11418 20 Blake, Cassels & Graydon 206,954 107



League Table of Legal Advisers to Global Mid-Market M&A: ValueY/E 2007 Y/E 2008 House Value

(US$m)Deal Count

3 1 Latham & Watkins 10,167 1062 2 DLA Piper 10,013 1477 3 Skadden Arps Slate Meagher & Flom 8,079 688 4 Jones Day 7,521 854 5 Baker & McKenzie 7,061 956 6 Freshfi elds Bruckhaus Deringer 6,890 701 7 Linklaters 6,500 715 8 Clifford Chance 6,121 64

10 9 Allen & Overy 5,546 6414 10 Weil Gotshal & Manges 5,270 5016 11 Dewey & LeBoeuf 5,077 4711 12 Kirkland & Ellis 5,076 589 13 White & Case 4,903 56

28 14 O'Melveny & Myers 4,444 4825 15 Hogan & Hartson 4,386 5351 16 Sullivan & Cromwell 4,152 3836 17 Shearman & Sterling 3,968 3212 18 Cleary Gottlieb Steen & Hamilton 3,966 3126 19 Mallesons Stephen Jaques 3,913 4448 20 SJ Berwin 3,677 42

League Table of Legal Advisers to Global Mid-Market M&A: VolumeY/E 2007 Y/E 2008 House Value

(US$m)Deal Count

1 1 DLA Piper 10,013 1473 2 Latham & Watkins 10,167 1062 3 Baker & McKenzie 7,061 956 4 Jones Day 7,521 854 5 Linklaters 6,500 719 6 Freshfi elds Bruckhaus Deringer 6,890 70

12 7 Skadden Arps Slate Meagher & Flom

8,079 68

5 8 Clifford Chance 6,121 647 9 Allen & Overy 5,546 648 10 Eversheds 3,277 60

13 11 Kirkland & Ellis 5,076 5810 12 White & Case 4,903 5619 13 Hogan & Hartson 4,386 5311 14 CMS 3,262 5117 15 Weil Gotshal & Manges 5,270 5037 16 O'Melveny & Myers 4,444 4820 17 Dewey & LeBoeuf 5,077 4725 18 Wilson Sonsini Goodrich & Rosati 3,031 4530 19 Mallesons Stephen Jaques 3,913 4459 20 SJ Berwin 3,677 42*Mid-Market based on deal value range of US$ 10m - US$ 250m



League Table of Legal Advisers to Global Buyouts: ValueY/E 2007 Y/E 2008 House Value

(US$m)Deal Count

20 1 Linklaters 22,944 388 2 Clifford Chance 22,558 422 3 Weil Gotshal & Manges 16,673 336 4 Freshfi elds Bruckhaus Deringer 16,346 211 5 Simpson Thacher & Bartlett 15,221 22

14 6 Sullivan & Cromwell 14,423 1259 7 Slaughter and May 11,672 755 8 Hengeler Mueller 11,611 67 9 Debevoise & Plimpton 11,133 134 10 Cleary Gottlieb Steen & Hamilton 9,960 163 11 Kirkland & Ellis 9,877 75

27 12 Freehills 9,662 1010 13 Allen & Overy 9,541 2247 14 White & Case 9,400 31

172 15 Poellath & Partners 8,966 1243 16 Ropes & Gray 7,942 1963 17 Hogan & Hartson 7,067 16115 18 Blake Dawson 7,007 15 19 Latham & Watkins 6,718 45

15 20 Mallesons Stephen Jaques 6,131 6

League Table of Legal Advisers to Global Buyouts: VolumeY/E 2007 Y/E 2008 House Value

(US$m)Deal Count

1 1 Kirkland & Ellis 9,877 756 2 DLA Piper 2,856 503 3 Latham & Watkins 6,718 452 4 Clifford Chance 22,558 4211 5 Jones Day 2,461 415 6 Linklaters 22,944 384 7 Weil Gotshal & Manges 16,673 33

14 8 White & Case 9,400 319 9 SJ Berwin 4,023 29

21 10 CMS 2,182 2410 11 Simpson Thacher & Bartlett 15,221 228 12 Allen & Overy 9,541 227 13 Freshfi elds Bruckhaus Deringer 16,346 21

12 14 Baker & McKenzie 4,665 2027 15 Ropes & Gray 7,942 1915 16 Skadden Arps Slate Meagher &

Flom 5,746 17

41 17 Vinge 5,207 1719 18 Cleary Gottlieb Steen & Hamilton 9,960 1646 19 Hogan & Hartson 7,067 1616 20 Herbert Smith/Gleiss Lutz/Stibbe 3,700 16*Based on law fi rm advising the bidder party only


Top 10 Announced Global Deals 2008 (*denotes lapsed deal)

Announced Date

Bidder Company Bidder Legal Advisor Target Company Target/Seller Legal Advisor Seller Company Deal Value (US$m)

06-Feb-08* BHP Billiton Ltd Allen & Overy (Advising BNP Paribas; Citigroup; Goldman Sachs; HSBC Bank; UBS); Blake Dawson; Clayton Utz (Advising Goldman Sachs); Davies Ward Phillips & Vineberg; Freehills; Lovells (Advising Goldman Sachs); Skadden Arps Slate Meagher & Flom; Slaughter and May

Rio Tinto plc Allens Arthur Robinson; Linklaters; McCarthy Tetrault; Sullivan & Cromwell; Advising fi nancial advisers: Cravath Swaine & Moore; Herbert Smith/Gleiss Lutz/Stibbe; Johnson Winter & Slattery

190,344

30-Jan-08 Altria Group Inc (Shareholders)

Philip Morris International Inc

Advising seller: Gibson Dunn & Crutcher; Hunton & Williams; McCarthy Tetrault; Sutherland Asbill & Brennan

Altria Group Inc 106,884

14-Jul-08 InBev SA Allen & Overy (Advising BNP Paribas; Deutsche Bank; JPMorgan); Blake, Cassels & Graydon; Clifford Chance; Herbert Smith/Gleiss Lutz/Stibbe; Linklaters; Loyens & Loeff; Paul Weiss Rifkind Wharton & Garrison (Advising Lazard); Sullivan & Cromwell

Anheuser-Busch Companies Inc

Latham & Watkins (Advising Goldman Sachs); Simpson Thacher & Bartlett; Skadden Arps Slate Meagher & Flom; Weil Gotshal & Manges (Advising Citigroup)

58,924

15-Sep-08 Bank of America Corporation

Ashurst; Baker & McKenzie; Blake, Cassels & Graydon; Cleary Gottlieb Steen & Hamilton; Debevoise & Plimpton (Advising JC Flowers & Co); Wachtell Lipton Rosen & Katz

Merrill Lynch Cravath Swaine & Moore; Linklaters; Shearman & Sterling

44,340

15-Jul-08 Schaeffl er KG Allen & Overy (Advising ABN AMRO); Davies Ward Phillips & Vineberg; Linklaters (Advising ABN AMRO)

Continental AG (97.03% stake)

Blake, Cassels & Graydon; Clifford Chance (Advising JPMorgan); Freshfi elds Bruckhaus Deringer; Skadden Arps Slate Meagher & Flom (Advising Perella Weinberg Partners); Sullivan & Cromwell (Advising Goldman Sachs)

36,581

31-Jul-08 Gas Natural SDG SA Cleary Gottlieb Steen & Hamilton; Cuatrecasas, Goncalves Pereira (Advising UBS); Freshfi elds Bruckhaus Deringer; Linklaters (Advising UBS)

Union Fenosa SA Garayar Asociados; Uria Menendez 35,575

02-Jun-08 China Unicom Ltd Freshfi elds Bruckhaus Deringer; Skadden Arps Slate Meagher & Flom (Advising JPMorgan); Slaughter and May (Advising China International Capital Corporation Limited); Sullivan & Cromwell

China Netcom Group Corporation Limited

Herbert Smith/Gleiss Lutz/Stibbe (Advising Citigroup); Linklaters; Shearman & Sterling

29,589

05-Jun-08 Verizon Wireless Inc Debevoise & Plimpton; Milbank Tweed Hadley & McCloy (Advising Morgan Stanley); Simpson Thacher & Bartlett

Alltel Corporation Inc Morrison & Foerster; Wachtell Lipton Rosen & Katz; Advising sellers: Cleary Gottlieb Steen & Hamilton (Advising Goldman Sachs); Ropes & Gray

Atlantis Holdings LLC (affi liate of TPG LLP and GS Capital Partners)

28,100

13-Oct-08 HM Treasury Slaughter and May Royal Bank of Scotland Group Plc (57.90% stake)

Fasken Martineau; Freshfi elds Bruckhaus Deringer; Linklaters

25,952

21-May-08 Time Warner Cable Inc (Shareholders)

Time Warner Cable Inc (86.30% stake)

Latham & Watkins; Paul Weiss Rifkind Wharton & Garrison; Weil Gotshal & Manges (Advising Evercore Partners); Advising seller: Cravath Swaine & Moore; Skadden Arps Slate Meagher & Flom

Time Warner Inc 25,461

Global: Top Announced Deals 2008


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Global Buyout M&A Activity - Quarterly

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Global: M&A Activity Trend


Mix of Announced Global Deals by Industry Sector 2008 - Value

Financial Services24.9%

Business Services4.2%

Consumer15.6%

Energy, Mining & Utilities18.0%

TMT12.1%

Defence0.4%

Real Estate2.5%

Agriculture0.3%

Construction2.1%Pharma, Medical & Biotech

4.6%

Transport2.4%

Leisure1.1%

Industrials & Chemicals11.7%

Mix of Announced Global Deals by Industry Sector 2008 - Volume



Consumer12.8%


TMT14.1%

Leisure3.2%

Transport3.2%


Pharma, Medical & Biotech6.4%

Construction4.6%

Agriculture0.9%

Real Estate1.9%

Defence0.3%

Mix of Announced Deals by Geographic Region 2008 - Volume

North America32.3%

Central & South America3.7%

Western Europe23.7%

Southern Europe7.9%

Northern Europe4.9%

Central & Eastern Europe5.7%

North Asia7.3%

Japan3.1%

Australasia3.5%

South & Central Asia1.5%

South East Asia2.4%

Africa & Middle East3.3%

Mix of Announced Deals by Geographic Region 2008 - Value

North America34.5%


Western Europe30.1%

Africa & Middle East1.7%

South East Asia2.1%

South & Central Asia2.6%

Australasia3.0%

Japan2.5%

North Asia7.0%


Northern Europe3.5%

Southern Europe6.8%

Global: Breakdown of Announced Deals 2008


European M&A down 32% in 2008 2008 has seen European M&A reduce across all sectors, with overall values down 32% (from €1,095bn to €741.7bn) and deal activity down 20% (from 6,453 announced transactions in 2007 to 5,152 in 2008) – levels not seen since 2005. Deal volumes dropped particularly dramatically in the last quarter of the year, which with only 825 deals showed the lowest quarterly volume since the second quarter of 2003. Similarly in the same quarter European mid-market M&A saw the quietest quarter in fi ve years (275 transactions valued at €15.8bn).

Major deals lapse due to fi nancing issues, particularly in Energy, Mining, and Utilities sectorPreviously announced acquisitions have also stalled in the face of new fi nancing issues. The Energy, Mining, and Utilities sector was hit hard as the largest announced European deal of 2008, BHP Billiton’s €130bn takeover attempt of Rio Tinto, was withdrawn, as was Xstrata’s €6.8bn acquisition of British mining peer, Lonmin. The Financial Services sector also suffered and - even with the fi gures infl ated by large recent government bail-outs which represent nearly half of the overall M&A value for the sector - dropped 6% in 2008, with €214.7bn-worth of deals as compared with €228.5bn in 2007. The Consumer sector has managed to weather the storm thanks to a few mega deals (€5bn and above) within beverages and tobacco, and advanced by 24% on 2007 values from €121.2bn to €149.8bn.

Decrease in Private Equity deals; massive drop in large buyoutsPrivate Equity fi rms and their large-scale buyouts became noticeably absent in the course of 2008. European buy-outs dropped 61% in value from €214bn in 2007 to €82.6bn in 2008, although the number of announced deals was down only 22%. Further demonstrating the diffi culties in obtaining fi nancing was a sharp decline in buyouts above €1bn, of which there were 14 announced in 2008 compared to 52 in 2007, with total values dropping 74% from €120.1bn to €31.3bn in 2008. Buyout values have not been this low since 2003, although even then the average deal size of €176.1m was larger than the 2008 average of €156m.

Linklaters dominates tablesTopping both value and volume tables for 2008 is Linklaters with 235 transactions totalling a value of €427.1bn. Runner up by value is Allen & Overy 200 deals totalling €333.3bn, ahead of Sullivan & Cromwell in third with a total value of €286.8bn. Freshfi elds Bruckhaus Deringer has unexpectedly dropped four places on the value tables compared to 2007 standings, despite having advised on several government bail-out transactions, and moving up one place on the volume tables to take second place. Advising on bail-out deals has benefi tted Slaughter and May, elevating its ranking from 20th in 2007 to its current seventh place. In the mid-market tables, Linklaters has main-tained its 2007 top position by value, having advised on 79 transactions totalling €7.9bn, 25% of which are within the Energy, Mining, and Utilities sector. Close on its tail is Freshfi elds Bruckhaus Deringer, up from fi fth place in 2007, with €7.4bn worth of deals. DLA Piper also maintained its top ranking on the volume tables with 94 transactions to its credit.

Europe: M&A roundup 2008European M&A Activity - Quarterly

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Europe: League Tables of Legal Advisers

League Table of Legal Advisers to European M&A: ValueY/E 2007 Y/E 2008 House Value (€m) Deal Count

2 1 Linklaters 427,098 2355 2 Allen & Overy 333,308 2004 3 Sullivan & Cromwell 286,756 57

10 4 Herbert Smith/Gleiss Lutz/Stibbe 242,218 1171 5 Freshfi elds Bruckhaus Deringer 225,054 2276 6 Skadden Arps Slate Meagher & Flom 219,261 60

20 7 Slaughter and May 216,307 6046 8 McCarthy Tetrault 215,778 163 9 Clifford Chance 211,496 216

50 10 Lovells 168,169 8153 11 Davies Ward Phillips & Vineberg 154,381 627 12 Cravath Swaine & Moore 152,851 1763 13 Freehills 150,945 2028 14 Clayton Utz 142,432 14

174 15 Blake Dawson 135,449 1138 16 Allens Arthur Robinson 131,256 11

338 17 Johnson Winter & Slattery 130,061 111 18 Cleary Gottlieb Steen & Hamilton 86,783 10223 19 Blake, Cassels & Graydon 81,333 2781 20 Gibson Dunn & Crutcher 78,380 28

League Table of Legal Advisers to European M&A: VolumeY/E 2007 Y/E 2008 House Value (€m) Deal Count

1 1 Linklaters 427,098 2353 2 Freshfi elds Bruckhaus Deringer 225,054 2272 3 Clifford Chance 211,496 2164 4 Allen & Overy 333,308 2005 5 DLA Piper 9,086 1767 6 CMS 22,489 1546 7 Baker & McKenzie 22,847 1338 8 White & Case 39,128 126

12 9 Herbert Smith/Gleiss Lutz/Stibbe 242,218 11711 10 Jones Day 11,564 10413 11 Cleary Gottlieb Steen & Hamilton 86,783 1029 12 Eversheds 3,894 95

18 13 Vinge 34,245 8410 14 Latham & Watkins 74,157 8315 15 Lovells 168,169 8123 16 Loyens & Loeff 47,566 7916 17 Mannheimer Swartling 11,984 7826 18 SJ Berwin 6,923 7814 19 Ashurst 34,567 6820 20 Norton Rose 24,157 68



League Table of Legal Advisers to European Mid-Market M&A: ValueY/E 2007 Y/E 2008 House Value (€m) Deal Count

1 1 Linklaters 7,880 795 2 Freshfi elds Bruckhaus Deringer 7,445 753 3 Clifford Chance 6,484 644 4 Allen & Overy 5,793 632 5 DLA Piper 5,091 948 6 CMS 3,671 53

13 7 Weil Gotshal & Manges 3,444 3114 8 Herbert Smith/Gleiss Lutz/Stibbe 3,386 386 9 Baker & McKenzie 3,362 45

10 10 Jones Day 3,241 4123 11 SJ Berwin 3,220 417 12 White & Case 3,068 429 13 Eversheds 3,001 5411 14 Cleary Gottlieb Steen & Hamilton 2,945 2417 15 Norton Rose 2,797 3658 16 Cuatrecasas, Goncalves Pereira 2,694 3012 17 Latham & Watkins 2,603 3228 18 Dewey & LeBoeuf 2,541 2515 19 Lovells 2,364 3118 20 Ashurst 2,347 32

League Table of Legal Advisers to European Mid-Market M&A: VolumeY/E 2007 Y/E 2008 House Value (€m) Deal Count

1 1 DLA Piper 5,091 942 2 Linklaters 7,880 795 3 Freshfi elds Bruckhaus Deringer 7,445 754 4 Clifford Chance 6,484 643 5 Allen & Overy 5,793 636 6 Eversheds 3,001 548 7 CMS 3,671 537 8 Baker & McKenzie 3,362 459 9 White & Case 3,068 42

10 10 Jones Day 3,241 4123 11 SJ Berwin 3,220 4117 12 Herbert Smith/Gleiss Lutz/Stibbe 3,386 3818 13 Norton Rose 2,797 3629 14 Osborne Clarke 1,248 3420 15 Travers Smith 2,262 3314 16 Latham & Watkins 2,603 3221 17 Ashurst 2,347 3225 18 Mayer Brown 2,056 3213 19 Hammonds 913 3226 20 Weil Gotshal & Manges 3,444 31

*Mid-Market based on deal value range of €10m - €250m



League Table of Legal Advisers to European Buyouts: ValueY/E 2007 Y/E 2008 House Value

(US$m)Deal Count

1 1 Clifford Chance 22,446 384 2 Linklaters 18,386 323 3 Freshfi elds Bruckhaus Deringer 16,321 20

54 4 Sullivan & Cromwell 13,415 457 5 Hengeler Mueller 11,611 618 6 Slaughter and May 9,238 595 7 Poellath & Partners 8,966 122 8 Allen & Overy 8,718 19

61 9 Blake Dawson 7,007 17 10 Cleary Gottlieb Steen & Hamilton 6,018 8

17 11 Weil Gotshal & Manges 5,482 1222 12 Mayer Brown 4,736 10

146 13 Shearman & Sterling 4,600 58 14 Norton Rose 4,349 9

63 15 Roschier 4,337 871 16 Dickson Minto 4,263 575 17 Milbank Tweed Hadley & McCloy 4,020 79 18 Lovells 3,952 13- 19= Baker Botts 3,876 1

13 19= Freehills 3,876 1

League Table of Legal Advisers to European Buyouts: VolumeY/E 2007 Y/E 2008 House Value

(US$m)Deal Count

1 1 Clifford Chance 22,446 384 2 DLA Piper 2,063 342 3 Linklaters 18,386 323 4 SJ Berwin 3,868 28

12 5 CMS 2,182 246 6 Freshfi elds Bruckhaus Deringer 16,321 207 7 Latham & Watkins 2,924 205 8 Allen & Overy 8,718 1911 9 White & Case 3,523 199 10 Herbert Smith/Gleiss Lutz/Stibbe 3,700 16

10 11 Travers Smith 2,087 1623 12 Vinge 1,107 168 13 Eversheds 1,470 15

28 14 Osborne Clarke 826 1513 15 Lovells 3,952 1361 16 Poellath & Partners 8,966 1217 17 Weil Gotshal & Manges 5,482 1229 18 Chiomenti Studio Legale 3,130 1219 19 Loyens & Loeff 2,155 1271 20 d'Urso Gatti e Associati Studio

Legale1,339 12

*Based on law fi rm advising the bidder party only and dominant target geography being Europe


Top 10 Announced European Deals 2008 Announced Date Bidder Company Bidder Legal Advisor Target Company Target/Seller Legal Advisor Seller Company Deal Value

(€m)06-Feb-08* BHP Billiton Ltd Allen & Overy (Advising BNP Paribas;

Citigroup; Goldman Sachs; HSBC Bank; UBS); Blake Dawson; Clayton Utz (Advising Goldman Sachs); Davies Ward Phillips & Vineberg; Freehills; Lovells (Advising Goldman Sachs); Skadden Arps Slate Meagher & Flom; Slaughter and May

Rio Tinto plc Allens Arthur Robinson; Linklaters; McCarthy Tetrault; Sullivan & Cromwell; Advising fi nancial advisers: Cravath Swaine & Moore; Herbert Smith/Gleiss Lutz/Stibbe; Johnson Winter & Slattery

130,061

30-Jan-08 Altria Group Inc (Shareholders)

Philip Morris International Inc Advising seller: Gibson Dunn & Crutcher; Hunton & Williams; McCarthy Tetrault; Sutherland Asbill & Brennan

Altria Group Inc 71,922

15-Jul-08 Schaeffl er KG Allen & Overy (Advising ABN AMRO); Davies Ward Phillips & Vineberg; Linklaters (Advising ABN AMRO)

Continental AG (97.03% stake) Blake, Cassels & Graydon; Clifford Chance (Advising JPMorgan); Freshfi elds Bruckhaus Deringer; Skadden Arps Slate Meagher & Flom (Advising Perella Weinberg Partners); Sullivan & Cromwell (Advising Goldman Sachs)

22,991

31-Jul-08 Gas Natural SDG SA Cleary Gottlieb Steen & Hamilton; Cuatrecasas, Goncalves Pereira (Advising UBS); Freshfi elds Bruckhaus Deringer; Linklaters (Advising UBS)

Union Fenosa SA Garayar Asociados; Uria Menendez 22,839

13-Oct-08 HM Treasury Slaughter and May Royal Bank of Scotland Group Plc (57.90% stake)

Fasken Martineau; Freshfi elds Bruckhaus Deringer; Linklaters

19,112

03-Oct-08 Government of the Netherlands

Allen & Overy; Clifford Chance Fortis Bank Nederland (Holding) NV; Fortis Corporate Insurance NV; and Fortis Verzekeringen Nederland NV

Advising seller: De Brauw Blackstone Westbroek; Linklaters

Fortis NV / Fortis SA/NV 16,800

24-Sep-08 Electricite de France SA Herbert Smith/Gleiss Lutz/Stibbe; Lovells (Advising BNP Paribas; Merrill Lynch)

British Energy Group Plc Clifford Chance; Shepherd & Wedderburn; Slaughter and May; Sullivan & Cromwell (Advising Gleacher Partners/ Gleacher Shacklock)

15,125

25-Jan-08 Carlsberg A/S; and Heineken NV

A&L Goodbody; Allen & Overy; Ashurst (Advising Credit Suisse; Lehman Brothers); Hammarskiold & Co; Kromann Reumert; Matheson Ormsby Prentice; Norton Rose; Plesner; Roschier; Vinge

Scottish & Newcastle plc Arthur Cox; Freshfi elds Bruckhaus Deringer; Linklaters; Travers Smith

13,007

13-Oct-08 HM Treasury Slaughter and May HBOS Plc (58.11% stake) Allen & Overy; Freshfi elds Bruckhaus Deringer (Advising Morgan Stanley)

10,854

19-Oct-08 Government of the Netherlands

Allen & Overy ING Group NV (undisclosed economic interest)

De Brauw Blackstone Westbroek; Linklaters; Sullivan & Cromwell

10,000

Europe: Top Announced Deals 2008


Mix of Announced European Deals by Industry Sector 2008 - Value




Consumer20.2%


TMT5.5%

Leisure0.9%

Transport3.1%


Construction2.9%

Agriculture0.2%

Real Estate4.1%

Defence0.3%

Mix of Announced European Deals by Industry Sector 2008 - Volume

Leisure3.5%




Consumer14.9%


TMT13.0%

Transport4.1%


Construction5.5%

Agriculture0.9%

Real Estate1.6%

Defence0.3%

Mix of Announced European Deals by Geographic Region 2008 - Volume

UK & Ireland23.7%

Germanic14.9%

France9.1%Italy

8.1%

Iberia7.3%

Benelux8.3%

Nordic11.7%


South Eastern Europe4.5%

Mix of Announced European Deals by Geographic Region 2008 - Value

UK & Ireland25.9%

Germanic25.8%Italy

4.4%

Iberia8.4%

France5.4%

Benelux11.5%

Nordic7.9%


South Eastern Europe3.4%

Europe: Breakdown of Announced Deals 2008


Legal Advisers to UK M&A: ValueY/E 2007 Y/E 2008 Company Name Value (€m) Deal

Count3 1 Linklaters 236,215 857 2 Slaughter and May 209,581 524 3 Allen & Overy 204,985 825 4 Sullivan & Cromwell 170,149 196 5 Herbert Smith/Gleiss Lutz/Stibbe 159,906 35

44 6 Lovells 151,463 3937 7 Freehills 146,713 912 8 Clayton Utz 141,857 810 9 Skadden Arps Slate Meagher & Flom 141,006 22

102 10 Blake Dawson 134,783 525 11 Cravath Swaine & Moore 134,074 527 12 McCarthy Tetrault 133,783 643 13 Davies Ward Phillips & Vineberg 131,301 3

120 14 Allens Arthur Robinson 130,539 5210 15 Johnson Winter & Slattery 130,061 1

Legal Advisers to German M&A: ValueY/E 2007 Y/E 2008 Company Name Value (€m) Deal

Count1 1 Freshfi elds Bruckhaus Deringer 76,261 874 2 Clifford Chance 55,165 533 3 Linklaters 51,465 42

10 4 Sullivan & Cromwell 45,878 112 5 Hengeler Mueller 35,115 477 6 Allen & Overy 31,643 33

30 7 Blake, Cassels & Graydon 27,145 39 8 Skadden Arps Slate Meagher & Flom 26,074 7

20 9 Davies Ward Phillips & Vineberg 22,991 18 10 Shearman & Sterling 22,210 246 11 Cleary Gottlieb Steen & Hamilton 17,357 16

44 12 Lovells 12,216 135 13 Herbert Smith/Gleiss Lutz/Stibbe 11,932 26

29 14 Latham & Watkins 9,831 1969 15 Poellath & Partners 7,651 24

Legal Advisers to UK M&A: VolumeY/E 2007 Y/E 2008 Company Name Value (€m) Deal

Count1 1 DLA Piper 7,487 1143 2 Linklaters 236,215 854 3 Eversheds 3,573 846 4 Freshfi elds Bruckhaus Deringer 103,880 835 5 Allen & Overy 204,985 822 6 Clifford Chance 60,841 7426 7 Osborne Clarke 4,012 637 8 Pinsent Masons 2,262 619 9 Slaughter and May 209,581 5211 10 Ashurst 32,971 528 11 Addleshaw Goddard 6,409 5213 12 Travers Smith 6,903 5010 13 Hammonds 4,103 4712 14 Jones Day 7,166 4618 15 Norton Rose 19,813 43

Legal Advisers to German M&A: VolumeY/E 2007 Y/E 2008 Company Name Value (€m) Deal

Count1 1 Freshfi elds Bruckhaus Deringer 76,261 875 2 CMS 1,654 562 3 Clifford Chance 55,165 534 4 Hengeler Mueller 35,115 473 5 Linklaters 51,465 428 6 Baker & McKenzie 871 376 7 Allen & Overy 31,643 339 8 Herbert Smith/Gleiss Lutz/Stibbe 11,932 26

22 9 SJ Berwin 672 2612 10 Shearman & Sterling 22,210 2428 11 Poellath & Partners 7,651 247 12 Noerr Stiefenhofer & Lutz 286 22

10 13 Latham & Watkins 9,831 1916 14 Jones Day 1,253 1917 15 DLA Piper 581 17



Legal Advisers to French M&A: ValueY/E 2007 Y/E 2008 Company Name Value (€m) Deal

Count38 1 Herbert Smith/Gleiss Lutz/Stibbe 40,160 252 2 Linklaters 39,810 53

16 3 Cleary Gottlieb Steen & Hamilton 34,083 2920 4 Clifford Chance 33,440 3215 5 Gide Loyrette Nouel 33,092 504 6 Sullivan & Cromwell 20,139 11

56 7 Lovells 17,971 111 8 Bredin Prat 13,359 29

12 9 Debevoise & Plimpton 10,414 1159 10 Slaughter and May 10,397 59 11 Davis Polk & Wardwell 10,145 7

129 12 Eubelius 9,360 45 13 Freshfi elds Bruckhaus Deringer 9,134 23- 14 Liedekerke Wolters Waelbroeck

Kirkpatrick & Cerfontaine9,000 2

6 15 White & Case 8,785 26

Legal Advisers to Benelux M&A: ValueY/E 2007 Y/E 2008 Company Name Value (€m) Deal

Count8 1 Linklaters 99,747 431 2 Allen & Overy 86,674 699 3 Clifford Chance 68,224 326 4 Herbert Smith/Gleiss Lutz/Stibbe 62,113 544 5 Sullivan & Cromwell 61,197 14

19 6 Loyens & Loeff 46,609 7566 7 Weil Gotshal & Manges 40,979 92 8 De Brauw Blackstone Westbroek 39,488 407 9 Skadden Arps Slate Meagher & Flom 38,627 8

43 10 Latham & Watkins 37,806 947 11 Simpson Thacher & Bartlett 37,126 3

254 12 Paul Weiss Rifkind Wharton & Garrison 37,062 211 13 Blake, Cassels & Graydon 37,045 424 14 Cleary Gottlieb Steen & Hamilton 25,938 2798 15 Eubelius 15,235 15

Legal Advisers to French M&A: VolumeY/E 2007 Y/E 2008 Company Name Value (€m) Deal

Count1 1 Linklaters 39,810 533 2 Gide Loyrette Nouel 33,092 505 3 CMS 5,543 334 4 Clifford Chance 33,440 329 5 Cleary Gottlieb Steen & Hamilton 34,083 296 6 Bredin Prat 13,359 297 7 White & Case 8,785 2617 8 Jones Day 3,008 2627 9 Herbert Smith/Gleiss Lutz/Stibbe 40,160 2515 10 Mayer Brown 5,608 2411 11 Freshfi elds Bruckhaus Deringer 9,134 2310 12 SJ Berwin 3,620 238 13 Allen & Overy 7,587 2219 14 Willkie Farr & Gallagher 2,924 2114 15 De Pardieu Brocas Maffei 1,509 21

Legal Advisers to Benelux M&A: VolumeY/E 2007 Y/E 2008 Company Name Value (€m) Deal

Count2 1 Loyens & Loeff 46,609 751 2 Allen & Overy 86,674 694 3 Herbert Smith/Gleiss Lutz/Stibbe 62,113 545 4 Linklaters 99,747 433 5 De Brauw Blackstone Westbroek 39,488 406 6 Freshfi elds Bruckhaus Deringer 12,038 408 7 CMS 3,281 339 8 Clifford Chance 68,224 32

17 9 Cleary Gottlieb Steen & Hamilton 25,938 2714 10 White & Case 6,972 257 11 Baker & McKenzie 2,258 25

10 12 NautaDutilh 5,479 2316 13 DLA Piper 848 2211 14 Houthoff Buruma 1,911 1945 15 Eubelius 15,235 15



Legal Advisers to Nordic M&A: ValueY/E 2007 Y/E 2008 Company Name Value (€m) Deal Count

1 1 Vinge 32,399 803 2 Linklaters 26,547 39

44 3 Kromann Reumert 22,567 1815 4 Roschier 20,089 3013 5 Allen & Overy 18,550 1748 6 Hammarskiold & Co 16,204 511 7 Freshfi elds Bruckhaus Deringer 15,807 1471 8 Matheson Ormsby Prentice 15,665 29 9 Plesner 14,357 235 10 Clifford Chance 14,151 19

143 11 Norton Rose 13,611 618 12 Ashurst 13,487 470 13 Arthur Cox 13,053 3

199 14 A&L Goodbody 13,007 136 15 Gorrissen Federspiel Kierkegaard 12,390 14

Legal Advisers to Swedish M&A: ValueY/E 2007 Y/E 2008 Company Name Value (€m) Deal Count

1 1 Vinge 16,577 7419 2 Gernandt & Danielsson 11,472 184 3 Mannheimer Swartling 9,965 726 4 White & Case 9,135 258 5 Clifford Chance 8,947 132 6 Linklaters 8,000 26

163 7 Dechert 6,379 33 8 Cederquist 5,928 19

16 9 Roschier 5,786 15124 10 Gide Loyrette Nouel 5,702 310 11 Davis Polk & Wardwell 5,653 2

153 12 Sorainen 5,626 2- 13= Debevoise & Plimpton 5,626 1

113 13= Lett Advokatfi rma 5,626 1173 13= Macfarlanes 5,626 1

- 13= McDermott Will & Emery 5,626 1

Legal Advisers to Nordic M&A: VolumeY/E 2007 Y/E 2008 Company Name Value (€m) Deal Count

2 1 Vinge 32,399 801 2 Mannheimer Swartling 11,008 754 3 Thommessen 6,446 463 4 Linklaters 26,547 39

10 5 White & Case 12,253 3511 6 Wiersholm 9,231 338 7 Roschier 20,089 30

24 8 Bugge Arentz-Hansen and Rasmussen 4,593 2812 9 Lindahl 1,879 2825 10 DLA Piper 461 245 11 Plesner 14,357 239 12 Selmer 1,570 23

15 13 Hannes Snellman 2,542 2131 14 Wistrand Advokatbyra 1,153 216 15 Cederquist 6,029 20

Legal Advisers to Swedish M&A: VolumeY/E 2007 Y/E 2008 Company Name Value (€m) Deal Count

2 1 Vinge 16,577 741 2 Mannheimer Swartling 9,965 725 3 Lindahl 1,879 284 4 Linklaters 8,000 267 5 White & Case 9,135 253 6 Cederquist 5,928 1912 7 Wistrand Advokatbyra 1,097 196 8 Gernandt & Danielsson 11,472 1810 9 Delphi & Co 352 169 10 Roschier 5,786 1514 11 Setterwalls 347 1528 12 DLA Piper 79 1513 13 Clifford Chance 8,947 1321 14 Allen & Overy 3,800 816 15 Freshfi elds Bruckhaus Deringer 1,099 8



Legal Advisers to Italian M&A: ValueY/E 2007 Y/E 2008 Company Name Value (€m) Deal Count

4 1 Chiomenti Studio Legale 16,016 541 2 Bonelli Erede Pappalardo 14,094 32

14 3 d'Urso Gatti e Associati Studio Legale 11,103 395 4 Linklaters 10,685 132 5 Gianni, Origoni, Grippo & Partners 7,478 44

28 6 Legance Studio Legale Associato 7,106 223 7 Clifford Chance 6,551 286 8 Sullivan & Cromwell 6,386 5

33 9 Studio Legale Pavesi Gitti Verzoni 6,076 955 10 Slaughter and May 5,707 467 11 Debevoise & Plimpton 5,595 530 12 Dewey & LeBoeuf 5,589 209 13 Freshfi elds Bruckhaus Deringer 4,755 12- 14 Gide Loyrette Nouel 4,392 47 15 Skadden Arps Slate Meagher & Flom 4,253 2

Legal Advisers to Irish M&A: ValueY/E 2007 Y/E 2008 Company Name Value (€m) Deal Count

1 1 Arthur Cox 6,634 306 2 Matheson Ormsby Prentice 2,814 199 3 A&L Goodbody 2,770 19

13 4 Linklaters 2,630 47 5 Allen & Overy 1,572 3

17 6 Skadden Arps Slate Meagher & Flom 1,518 2- 7= Burness 1,455 1- 7= Lavery Kirby Gilmartin 1,455 15 7= Shearman & Sterling 1,455 1- 10 Cleary Gottlieb Steen & Hamilton 1,047 18 11 William Fry 960 202 12 Freshfi elds Bruckhaus Deringer 588 3

12 13 Clifford Chance 549 315 14 Eversheds 361 3- 15 Winston & Strawn 345 1

Legal Advisers to Italian M&A: VolumeY/E 2007 Y/E 2008 Company Name Value (€m) Deal Count

1 1 Chiomenti Studio Legale 16,016 543 2 Gianni, Origoni, Grippo & Partners 7,478 445 3 d'Urso Gatti e Associati Studio Legale 11,103 392 4 Bonelli Erede Pappalardo 14,094 324 5 Clifford Chance 6,551 287 6 MBL & Partners 345 2539 7 Legance Studio Legale Associato 7,106 2210 8 Simmons & Simmons 2,703 2213 9 Dewey & LeBoeuf 5,589 2011 10 NCTM Studio Legale Associato 1,853 1912 11 Grimaldi e Associati 3,755 178 12 Cleary Gottlieb Steen & Hamilton 2,115 149 13 Allen & Overy 1,879 1416 14 Linklaters 10,685 136 15 Freshfi elds Bruckhaus Deringer 4,755 12

Legal Advisers to Irish M&A: VolumeY/E 2007 Y/E 2008 Company Name Value (€m) Deal Count

1 1 Arthur Cox 6,634 304 2 William Fry 960 202 3 Matheson Ormsby Prentice 2,814 193 4 A&L Goodbody 2,770 195 5 McCann FitzGerald 304 106 6 Mason Hayes & Curran 282 7

19 7 LK Shields Solicitors 24 59 8 Linklaters 2,630 4

12 9 Allen & Overy 1,572 38 10 Freshfi elds Bruckhaus Deringer 588 3

22 11 Clifford Chance 549 37 12 Eversheds 361 3

32 13 Macfarlanes 228 310 14 DLA Piper 141 315 15 O'Donnell Sweeney Eversheds 45 3



Legal Advisers to Iberian M&A: ValueY/E 2007 Y/E 2008 Company Name Value (€m) Deal Count

22 1 Freshfi elds Bruckhaus Deringer 35,843 214 2 Cuatrecasas, Goncalves Pereira 30,257 592 3 Uria Menendez 25,925 44

13 4 Cleary Gottlieb Steen & Hamilton 23,283 6- 5 Garayar Asociados 22,839 33 6 Linklaters 16,961 225 7 Garrigues 16,478 36

39 8 KPMG Abogados 12,323 3630 9 CMS 9,894 111 10 Clifford Chance 5,758 17

24 11 Davis Polk & Wardwell 5,095 515 12 Allen & Overy 3,497 983 13 Slaughter and May 3,303 39 14 Sullivan & Cromwell 2,121 2

35 15 Dewey & LeBoeuf 2,085 2

Legal Advisers to Spanish M&A: ValueY/E 2007 Y/E 2008 Company Name Value (€m) Deal Count

22 1 Freshfi elds Bruckhaus Deringer 35,658 204 2 Cuatrecasas, Goncalves Pereira 30,135 452 3 Uria Menendez 25,847 39

13 4 Cleary Gottlieb Steen & Hamilton 23,283 5- 5 Garayar Asociados 22,839 35 6 Garrigues 16,478 363 7 Linklaters 15,392 17

39 8 KPMG Abogados 12,323 3630 9 CMS 9,709 924 10 Davis Polk & Wardwell 5,095 51 11 Clifford Chance 4,608 16

15 12 Allen & Overy 3,497 876 13 Slaughter and May 3,303 39 14 Sullivan & Cromwell 2,121 2

35 15 Dewey & LeBoeuf 2,085 2

Legal Advisers to Iberian M&A: VolumeY/E 2007 Y/E 2008 Company Name Value (€m) Deal Count

2 1 Cuatrecasas, Goncalves Pereira 30,257 591 2 Uria Menendez 25,925 443 3 Garrigues 16,478 364 4 KPMG Abogados 12,323 3611 5 Araoz & Rueda 1,228 246 6 Linklaters 16,961 228 7 Freshfi elds Bruckhaus Deringer 35,843 215 8 Clifford Chance 5,758 17

123 9 PricewaterhouseCoopers legal 1,888 1610 10 Deloitte & Touche Legal 1,228 1613 11 CMS 9,894 117 12 DLA Piper 484 10

12 13 Allen & Overy 3,497 914 14 Gomez-Acebo & Pombo Abogados 1,621 89 15 Baker & McKenzie 1,096 8

Legal Advisers to Spanish M&A: VolumeY/E 2007 Y/E 2008 Company Name Value (€m) Deal Count

1 1 Cuatrecasas, Goncalves Pereira 30,135 452 2 Uria Menendez 25,847 393 3 Garrigues 16,478 364 4 KPMG Abogados 12,323 3611 5 Araoz & Rueda 1,228 247 6 Freshfi elds Bruckhaus Deringer 35,658 208 7 Linklaters 15,392 175 8 Clifford Chance 4,608 16

105 9 PricewaterhouseCoopers legal 1,888 1610 10 Deloitte & Touche Legal 1,228 1612 11 CMS 9,709 96 12 DLA Piper 484 9

15 13 Allen & Overy 3,497 813 14 Gomez-Acebo & Pombo Abogados 1,621 89 15 Baker & McKenzie 1,096 8



Legal Advisers to Central & Eastern European M&A: ValueY/E 2007 Y/E 2008 Company Name Value (€m) Deal Count

1 1 Clifford Chance 18,162 317 2 White & Case 9,484 313 3 Freshfi elds Bruckhaus Deringer 8,659 242 4 Linklaters 5,926 26

25 5 Akin Gump Strauss Hauer & Feld 5,031 1072 6 Herbert Smith/Gleiss Lutz/Stibbe 4,997 811 7 Cleary Gottlieb Steen & Hamilton 4,947 1416 8 Debevoise & Plimpton 4,695 621 9 McCarthy Tetrault 4,466 117 10 Chadbourne & Parke 4,336 1349 11 Latham & Watkins 3,768 513 12 Dewey & LeBoeuf 3,761 118 13 Allen & Overy 3,697 174 14 Skadden Arps Slate Meagher & Flom 3,364 11

54 15 Gide Loyrette Nouel 3,340 10

Legal Advisers to Russian M&A: ValueY/E 2007 Y/E 2008 Company Name Value (€m) Deal Count

6 1 Clifford Chance 14,636 1815 2 White & Case 6,705 2024 3 Akin Gump Strauss Hauer & Feld 5,031 1047 4 Herbert Smith/Gleiss Lutz/Stibbe 4,997 89 5 Cleary Gottlieb Steen & Hamilton 4,947 124 6 Freshfi elds Bruckhaus Deringer 4,672 16

14 7 Debevoise & Plimpton 4,545 520 8 McCarthy Tetrault 4,466 123 9 Chadbourne & Parke 4,314 121 10 Linklaters 4,257 10

38 11 Latham & Watkins 3,768 511 12 Dewey & LeBoeuf 3,721 102 13 Skadden Arps Slate Meagher & Flom 3,325 9

13 14 Osler Hoskin & Harcourt 3,036 240 15 SALANS 2,920 5

Legal Advisers to Central & Eastern European M&A: VolumeY/E 2007 Y/E 2008 Company Name Value (€m) Deal Count

2 1 Clifford Chance 18,162 314 2 White & Case 9,484 315 3 Linklaters 5,926 263 4 Freshfi elds Bruckhaus Deringer 8,659 246 5 Allen & Overy 3,697 171 6 Baker & McKenzie 3,002 1510 7 Weil Gotshal & Manges 1,798 1513 8 Cleary Gottlieb Steen & Hamilton 4,947 1422 9 Chadbourne & Parke 4,336 1311 10 Sorainen 2,207 137 11 CMS 635 139 12 Dewey & LeBoeuf 3,761 1116 13 Skadden Arps Slate Meagher & Flom 3,364 118 14 Lawin 72 1146 15 Akin Gump Strauss Hauer & Feld 5,031 10

Legal Advisers to Russian M&A: VolumeY/E 2007 Y/E 2008 Company Name Value (€m) Deal Count

3 1 White & Case 6,705 202 2 Clifford Chance 14,636 181 3 Freshfi elds Bruckhaus Deringer 4,672 168 4 Cleary Gottlieb Steen & Hamilton 4,947 12

19 5 Chadbourne & Parke 4,314 1227 6 Akin Gump Strauss Hauer & Feld 5,031 106 7 Linklaters 4,257 105 8 Dewey & LeBoeuf 3,721 107 9 Skadden Arps Slate Meagher & Flom 3,325 9

32 10 Herbert Smith/Gleiss Lutz/Stibbe 4,997 89 11 Hogan & Hartson 1,499 6

17 12 Debevoise & Plimpton 4,545 510 13 Latham & Watkins 3,768 514 14 SALANS 2,920 516 15 Allen & Overy 1,758 5



2008 sees huge slump in North American M&AWith 3,843 M&A transactions valued at $848bn, North American deal volumes are down 24% from 2007 and deal values are down 44%. H1 fi gures already showed a drop of almost 50% in M&A values when compared to H1 2007, and actual deal fl ow was down 6% at this point. The second half of 2008 though saw values drop 12% compared to H2 2007 but volumes drop 35%.

Private Equity Wasteland as 2008 sees the end of mega dealsThe biggest losers in M&A in 2008 were the Private Equity (PE) shops, with the Leverage in “Leverage Buy Out” (LBO) emphatically vanishing. Although PE fi rms are still sitting on piles of money ready to invest, the returns prom-ised to eager investors are simply not realistic targets in the current environment – it is a case of sit tight and weather the storm, or surrender high returns by sacrifi cing more equity to make deals happen.

2008 did not see a single PE “mega deal” (>$5bn), almost inconceivable when compared to previous years (2006 and 2007) where there were 14 and 20 mega deals respectively. Furthermore, in 2008 PE fi rms had to walk away from 23 deals in the region with a total value of $101bn, with even a host of 2007 deals falling victim to the drought in the debt markets; the most high profi le of which is the failed $48bn buyout of Canada’s telecoms giant BCE Inc.

One of the more high profi le casualties of the crisis was Texas Pacifi c Group (TPG), as the company saw a drop of $82.2bn in value of deals compared to 2007, completing just 5 deals for the year (down from 12 in 2007). The Carlyle Group lost most ground in terms of volumes, racking up 16 deals in 2008 compared to 27 for all of the previous year. The Riverside Company on the other hand appears to be revelling in the current conditions as the company was the most active PE fi rm in the region completing 17 deals in 2008, up from 11 in 2007, with an increase in values of $382m.

Sullivan & Cromwell still top law fi rm by value; Jones Day narrowly beats Latham & Watkins by volumeThe league tables for the US throw up few surprises, with the top 5 fi rms only experiencing slight shifts compared to 2007. Sullivan & Cromwell still heads the value count on $243bn worth of deals, while Simpson Thacher & Bartlett and Skadden Arps Slate Meagher & Flom swap places to rank second and third on $241bn and $235bn, respec-tively. Jones Day worked on 217 deals in the US in 2008, making it the most active fi rm and moving up three places. Latham & Watkins slipped one spot to second on 212 deals, while Kirkland & Ellis retained third spot working on 156 deals. Latham & Watkins maintained its top spots in both the value and volume tables for the US mid-market.

Americas: M&A roundup 2008North American M&A Activity - Quarterly

(USA and Canada)

0

100

200

300

400

500

600

Qtr 103

Qtr 203

Qtr 303

Qtr 403

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Qtr 204

Qtr 304

Qtr 404

Qtr 105

Qtr 205

Qtr 305

Qtr 405

Qtr 106

Qtr 206

Qtr 306

Qtr 406

Qtr 107

Qtr 207

Qtr 307

Qtr 407

Qtr 108

Qtr 208

Qtr 308

Qtr 408

Valu

e of

Dea

ls ($

bn)

0

200

400

600

800

1,000

1,200

1,400

1,600

Volu

me

of D

eals

Value

Volume

North American Mid market M&A Activity - Quarterly(USA and Canada, $10m to $250m)

0

5

10

15

20

25

30

35

40

45

Qtr 103

Qtr 203

Qtr 303

Qtr 403

Qtr 104

Qtr 204

Qtr 304

Qtr 404

Qtr 105

Qtr 205

Qtr 305

Qtr 405

Qtr 106

Qtr 206

Qtr 306

Qtr 406

Qtr 107

Qtr 207

Qtr 307

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Qtr 108

Qtr 208

Qtr 308

Qtr 408

Valu

e of

Dea

ls ($

bn)

0

100

200

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400

500

600

700

Volu

me

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eals

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Volume


Americas: League Tables of Legal Advisers

League Table of Legal Advisers to USA M&A: ValueY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

1 1 Sullivan & Cromwell 242,826 933 2 Simpson Thacher & Bartlett 240,555 742 3 Skadden Arps Slate Meagher & Flom 234,985 1415 4 Latham & Watkins 221,080 2124 5 Wachtell Lipton Rosen & Katz 204,480 496 6 Weil Gotshal & Manges 203,452 99

14 7 Gibson Dunn & Crutcher 199,304 7810 8 Cleary Gottlieb Steen & Hamilton 190,429 9318 9 Cravath Swaine & Moore 179,724 527 10 Dewey & LeBoeuf 149,991 98

51 11 Linklaters 145,793 5412 12 Blake, Cassels & Graydon 143,827 4813 13 Debevoise & Plimpton 135,659 4327 14 Hunton & Williams 128,566 4439 15 McCarthy Tetrault 126,554 2624 16 Paul Weiss Rifkind Wharton &

Garrison 122,894 49

38 17 Sutherland Asbill & Brennan 120,383 720 18 Shearman & Sterling 111,827 5823 19 Baker & McKenzie 109,329 9921 20 Allen & Overy 101,593 62

League Table of Legal Advisers to USA M&A: VolumeY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

4 1 Jones Day 65,649 2171 2 Latham & Watkins 221,080 2123 3 Kirkland & Ellis 70,123 1566 4 DLA Piper 45,011 1452 5 Skadden Arps Slate Meagher &

Flom 234,985 141

11 6 Hogan & Hartson 43,148 1058 7 Weil Gotshal & Manges 203,452 997 8 Baker & McKenzie 109,329 995 9 Dewey & LeBoeuf 149,991 989 10 Sullivan & Cromwell 242,826 93

14 11 Cleary Gottlieb Steen & Hamilton 190,429 9323 12 Wilson Sonsini Goodrich & Rosati 10,428 9016 13 O'Melveny & Myers 26,329 8813 14 Gibson Dunn & Crutcher 199,304 7840 15 K&L Gates 9,079 7510 16 Simpson Thacher & Bartlett 240,555 7418 17 Morgan Lewis & Bockius 6,896 7119 18 Dechert 29,253 6817 19 Davis Polk & Wardwell 98,142 6631 20 Cooley Godward Kronish 6,980 66



League Table of Legal Advisers to USA Mid-Market M&A: ValueY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

1 1 Latham & Watkins 8,167 853 2 Skadden Arps Slate Meagher & Flom 6,075 499 3 DLA Piper 5,142 582 4 Kirkland & Ellis 5,013 574 5 Jones Day 4,763 5511 6 O'Melveny & Myers 4,086 4312 7 Dewey & LeBoeuf 3,901 3213 8 Hogan & Hartson 3,892 4829 9 Sullivan & Cromwell 3,377 306 10 Wilson Sonsini Goodrich & Rosati 3,031 458 11 Weil Gotshal & Manges 2,960 317 12 Goodwin Procter 2,931 34

10 13 Vinson & Elkins 2,801 2317 14 Cleary Gottlieb Steen & Hamilton 2,799 2135 15 Morgan Lewis & Bockius 2,632 3415 16 Gibson Dunn & Crutcher 2,476 255 17 Baker & McKenzie 2,340 36

16 18 Dechert 2,333 2539 19 Pillsbury Winthrop Shaw Pittman 2,183 2045 20 WilmerHale 2,168 22

League Table of Legal Advisers to USA Mid-Market M&A: VolumeY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

1 1 Latham & Watkins 8,167 854 2 DLA Piper 5,142 582 3 Kirkland & Ellis 5,013 573 4 Jones Day 4,763 556 5 Skadden Arps Slate Meagher &

Flom 6,075 49

11 6 Hogan & Hartson 3,892 487 7 Wilson Sonsini Goodrich & Rosati 3,031 45

10 8 O'Melveny & Myers 4,086 435 9 Baker & McKenzie 2,340 368 10 Goodwin Procter 2,931 34

21 11 Morgan Lewis & Bockius 2,632 3417 12 Dewey & LeBoeuf 3,901 3213 13 Weil Gotshal & Manges 2,960 3146 14 Sullivan & Cromwell 3,377 3016 15 Paul Hastings Janofsky & Walker 1,920 2929 16 K&L Gates 1,540 2818 17 Cooley Godward Kronish 2,051 2736 18 Dorsey & Whitney 2,109 2625 19 Fenwick & West 1,774 2619 20 Gibson Dunn & Crutcher 2,476 25*Mid-Market based on deal value range of US$ 10m - US$ 250m



League Table of Legal Advisers to USA Buyouts: ValueY/E 2007 Y/E 2008 House Value

(US$m)Deal Count

3 1 Weil Gotshal & Manges 10,319 181 2 Simpson Thacher & Bartlett 9,811 13

29 3 Ropes & Gray 7,366 182 4 Debevoise & Plimpton 7,310 79 5 Kirkland & Ellis 6,964 68

62 6 White & Case 5,497 1055 7 Hogan & Hartson 4,980 1345 8 Freehills 4,940 2- 9 Arnold & Porter 4,237 5

75 10 Levy & Salomao 4,200 24 11 Osler Hoskin & Harcourt 4,174 2- 12= Araoz & Rueda 4,100 1- 12= De Brauw Blackstone Westbroek 4,100 1

18 12= Mallesons Stephen Jaques 4,100 1187 12= Vinge 4,100 1

5 16 Cleary Gottlieb Steen & Hamilton 3,555 411 17 Dechert 3,396 116 18 Latham & Watkins 2,549 23

36 19 Blake, Cassels & Graydon 2,436 622 20 Skadden Arps Slate Meagher & Flom 2,258 10

League Table of Legal Advisers to USA Buyouts: VolumeY/E 2007 Y/E 2008 House Value

(US$m)Deal Count

1 1 Kirkland & Ellis 6,964 685 2 Jones Day 1,521 262 3 Latham & Watkins 2,549 233 4 Weil Gotshal & Manges 10,319 186 5 Ropes & Gray 7,366 18

20 6 DLA Piper 793 144 7 Simpson Thacher & Bartlett 9,811 13

21 8 Hogan & Hartson 4,980 137 9 O'Melveny & Myers 813 12

16 10 Dechert 3,396 1119 11 Vinson & Elkins 1,495 1111 12 Bingham McCutchen 1,328 1138 13 White & Case 5,497 1012 14 Skadden Arps Slate Meagher &

Flom 2,258 10

17 15 Proskauer Rose 1,257 108 16 Goodwin Procter 908 10

26 17 Gibson Dunn & Crutcher 1,241 922 18 Morgan Lewis & Bockius 139 99 19 Debevoise & Plimpton 7,310 7

28 20 McDermott Will & Emery 121 7*Based on law fi rm advising the bidder party only and dominant target geography being USA


Top 10 Announced North American Deals 2008 Announced Date


14-Jul-08 InBev SA Allen & Overy (Advising BNP Paribas; Deutsche Bank; JPMorgan); Blake, Cassels & Graydon; Clifford Chance; Herbert Smith/Gleiss Lutz/Stibbe; Linklaters; Loyens & Loeff; Paul Weiss Rifkind Wharton & Garrison (Advising Lazard); Sullivan & Cromwell

Anheuser-Busch Companies Inc

Latham & Watkins (Advising Goldman Sachs); Simpson Thacher & Bartlett; Skadden Arps Slate Meagher & Flom; Weil Gotshal & Manges (Advising Citigroup)

58,924

15-Sep-08 Bank of America Corporation

Ashurst; Baker & McKenzie; Blake, Cassels & Graydon; Cleary Gottlieb Steen & Hamilton; Debevoise & Plimpton (Advising JC Flowers & Co); Wachtell Lipton Rosen & Katz

Merrill Lynch Cravath Swaine & Moore; Linklaters; Shearman & Sterling

44,340

05-Jun-08 Verizon Wireless Inc Debevoise & Plimpton; Milbank Tweed Hadley & McCloy (Advising Morgan Stanley); Simpson Thacher & Bartlett

Alltel Corporation Inc Morrison & Foerster; Wachtell Lipton Rosen & Katz; Advising sellers: Cleary Gottlieb Steen & Hamilton (Advising Goldman Sachs); Ropes & Gray

Atlantis Holdings LLC (affi liate of TPG LLP and GS Capital Partners)

28,100

21-May-08 Time Warner Cable Inc (Shareholders)

Time Warner Cable Inc (86.30% stake)

Latham & Watkins; Paul Weiss Rifkind Wharton & Garrison; Weil Gotshal & Manges (Advising Evercore Partners); Advising seller: Cravath Swaine & Moore; Skadden Arps Slate Meagher & Flom

Time Warner Inc 25,461

28-Apr-08 Mars Incorporated Arthur Cox; Davies Ward Phillips & Vineberg; Freshfi elds Bruckhaus Deringer; Paul Hastings Janofsky & Walker (Advising JPMorgan); Simpson Grierson; Simpson Thacher & Bartlett

The Wm Wrigley Jr Company

Latham & Watkins (Advising Goldman Sachs); Skadden Arps Slate Meagher & Flom; Sonnenschein Nath & Rosenthal (Advising William Blair & Company); Stikeman Elliott

22,638

11-May-08 EnCana Corporation (Shareholders)

McCarthy Tetrault EnCana Corporation (Integrated Oil and Canadian Plains divisions)

Advising seller: Bennett Jones; Dewey & LeBoeuf; Felesky Flynn; Paul Weiss Rifkind Wharton & Garrison

EnCana Corporation 21,545

10-Jul-08 The Dow Chemical Company

Baker & McKenzie; Cleary Gottlieb Steen & Hamilton; Dewey & LeBoeuf (Advising Citigroup; Merrill Lynch; Morgan Stanley); Gibson Dunn & Crutcher; Mayer Brown; McCarthy Tetrault; Shearman & Sterling; White & Case

Rohm And Haas Ltd Cravath Swaine & Moore; Dechert; Fasken Martineau; Freshfi elds Bruckhaus Deringer; Kim & Chang; Sullivan & Cromwell; Wachtell Lipton Rosen & Katz

18,166

03-Oct-08 Wells Fargo & Company Cravath Swaine & Moore (Advising JPMorgan); Davies Ward Phillips & Vineberg; Wachtell Lipton Rosen & Katz

Wachovia Corporation Simpson Thacher & Bartlett; Sullivan & Cromwell; Weil Gotshal & Manges (Advising Goldman Sachs; Perella Weinberg Partners)

15,121

13-May-08 Hewlett-Packard Company (HP)

Baker & McKenzie; Bell Gully; Borden Ladner Gervais; Cleary Gottlieb Steen & Hamilton; Freshfi elds Bruckhaus Deringer; Simpson Thacher & Bartlett (Advising Lehman Brothers)

Electronic Data Systems Corporation

Paul Weiss Rifkind Wharton & Garrison (Advising Evercore Partners); Stikeman Elliott; Weil Gotshal & Manges (Advising Citigroup); Willkie Farr & Gallagher

13,044

11-Nov-08 Exelon Corporation Sidley Austin; Simpson Thacher & Bartlett (Advising ABN AMRO; Barclays Bank; UBS)

NRG Energy Inc Dewey & LeBoeuf (Advising Citigroup); Kirkland & Ellis

12,599

Americas: Top Announced Deals 2008


Mix of North American Deals by Industry Sector 2008 - Value

Industrials/Manufacturing/Engineering

8.2%



Consumer14.8%

Energy, Mining, Oil & Gas17.1%

Technology4.5%

Media2.8%

Telco9.6%

Leisure1.2%

Transport1.4%

Lifesciences & Healthcare9.4%

Construction0.8%

Agriculture0.5%

Real Estate0.5%

Defense0.7%

Mix of North American Deals by Industry Sector 2008 - Volume

Leisure2.6%

Industrials/Manufacturing/Engineering

20.0%



Consumer10.3%

Energy, Mining, Oil & Gas10.2%

Technology12.7%

Media3.3%

Telco1.3%

Transport1.9%

Lifesciences & Healthcare9.1%

Construction2.9%

Agriculture0.6%

Real Estate0.8%

Defense0.6%

Mix of Announced Americas Deals by Geographic Region 2008 - Volume

US (North East)16.9%

US (Mid West)15.2%

US (South)25.9%

US (West)21.3%

Canada10.3%


Mix of Announced Americas Deals by Geographic Region 2008 - Value

US (North East)28.8%

US (Mid West)16.9%

US (West)13.6%

Canada9.6%

US (South)20.6%


Americas: Breakdown of Announced Deals 2008


Americas: League Tables of Legal AdvisersLegal Advisers to Canadian M&A: Value

Y/E 2007 Y/E 2008 Company Name Value (US$m)

Deal Count

8 1 McCarthy Tetrault 38,146 7030 2 Paul Weiss Rifkind Wharton & Garrison 34,140 928 3 Bennett Jones 30,172 2310 4 Osler Hoskin & Harcourt 28,526 511 5 Stikeman Elliott 26,224 68

56 6 Dewey & LeBoeuf 24,300 676 7 Felesky Flynn 23,121 24 8 Blake, Cassels & Graydon 17,895 79

17 9 Torys 14,588 3468 10 Lang Michener 12,262 1555 11 White & Case 10,956 952 12 Burnet Duckworth & Palmer 9,945 1760 13 Cassels Brock & Blackwell 9,419 207 14 Linklaters 9,150 5

67 15 Mayer Brown 7,563 8

Legal Advisers to Central & South American M&A: ValueY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

- 1 Barbosa, Muessnich & Aragao 36,369 2825 2 Shearman & Sterling 30,950 92 3 Cleary Gottlieb Steen & Hamilton 26,090 7

60 4 Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados

19,248 19

5 5 White & Case 13,403 61 6 Skadden Arps Slate Meagher & Flom 10,906 8

43 7 Machado Meyer Sendacz e Opice 9,761 1352 8 Weil Gotshal & Manges 8,043 33 9 Sullivan & Cromwell 7,772 4

26 10 Davis Polk & Wardwell 7,211 321 11 Pinheiro Neto Advogados 6,056 1641 12 McCarthy Tetrault 5,867 78 13 Linklaters 5,633 4

69 14 Gibson Dunn & Crutcher 5,519 17 15 Simpson Thacher & Bartlett 5,132 5

Legal Advisers to Canadian M&A: VolumeY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

1 1 Blake, Cassels & Graydon 17,895 794 2 McCarthy Tetrault 38,146 702 3 Stikeman Elliott 26,224 683 4 Osler Hoskin & Harcourt 28,526 515 5 Fasken Martineau 2,322 377 6 Torys 14,588 3411 7 Davies Ward Phillips & Vineberg 6,824 3112 8 Ogilvy Renault 3,992 308 9 Bennett Jones 30,172 2310 10 Borden Ladner Gervais 6,370 236 11 Goodmans 2,683 2217 12 Cassels Brock & Blackwell 9,419 2020 13 Burnet Duckworth & Palmer 9,945 1713 14 Fraser Milner Casgrain 4,615 169 15 Dorsey & Whitney 2,681 16

Legal Advisers to Central & South American M&A: VolumeY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal

Count- 1 Barbosa, Muessnich & Aragao 36,369 28

24 2 Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados

19,248 19

7 3 Pinheiro Neto Advogados 6,056 1620 4 Machado Meyer Sendacz e Opice 9,761 1311 5 Baker & McKenzie 802 13

132 6 Azevedo Sette Advogados 1,247 1256 7 Tozzini Freire Teixeira E Silva Advogado 4,544 1112 8 Shearman & Sterling 30,950 934 9 Souza, Cescon Avedissian, Barrieu e Flesch

Advogados2,333 9

105 10 Rodrigo Elias & Medrano 987 93 11 Skadden Arps Slate Meagher & Flom 10,906 88 12 Cleary Gottlieb Steen & Hamilton 26,090 7

48 13 McCarthy Tetrault 5,867 7126 14 Rebaza & Alcazar Abogados Financieros 310 751 15 Muniz Ramirez Perez-Taiman & Luna-Victoria 243 7


Legal Advisers to US (North East) M&A: ValueY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

6 1 Gibson Dunn & Crutcher 168,660 4133 2 Cravath Swaine & Moore 130,040 3626 3 McCarthy Tetrault 126,200 1113 4 Cleary Gottlieb Steen & Hamilton 122,945 435 5 Wachtell Lipton Rosen & Katz 121,617 25

24 6 Hunton & Williams 119,336 1531 7 Sutherland Asbill & Brennan 118,488 39 8 Debevoise & Plimpton 116,117 272 9 Skadden Arps Slate Meagher & Flom 110,080 773 10 Sullivan & Cromwell 109,164 511 11 Simpson Thacher & Bartlett 92,083 48

19 12 Shearman & Sterling 86,970 2812 13 Dewey & LeBoeuf 85,373 564 14 Weil Gotshal & Manges 82,963 65

42 15 Linklaters 77,188 31

Legal Advisers to US (Mid-West) M&A: ValueY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

26 1 Simpson Thacher & Bartlett 126,987 1410 2 Latham & Watkins 119,915 611 3 Sullivan & Cromwell 110,913 234 4 Skadden Arps Slate Meagher & Flom 106,356 447 5 Weil Gotshal & Manges 90,669 18

21 6 Dewey & LeBoeuf 78,277 2913 7 Blake, Cassels & Graydon 75,557 1325 8 Paul Weiss Rifkind Wharton & Garrison 67,166 1238 9 Herbert Smith/Gleiss Lutz/Stibbe 63,551 624 10 Allen & Overy 63,066 986 11 Linklaters 62,826 828 12 Clifford Chance 62,800 1437 13 Loyens & Loeff 59,323 530 14 Cleary Gottlieb Steen & Hamilton 48,317 2244 15 Freshfi elds Bruckhaus Deringer 48,028 14

Legal Advisers to (North East) M&A: VolumeY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

1 1 Latham & Watkins 69,256 904 2 Jones Day 22,722 902 3 Skadden Arps Slate Meagher & Flom 110,080 773 4 Kirkland & Ellis 39,056 756 5 Weil Gotshal & Manges 82,963 657 6 Dewey & LeBoeuf 85,373 5610 7 Sullivan & Cromwell 109,164 5111 8 Dechert 26,158 505 9 Simpson Thacher & Bartlett 92,083 489 10 Goodwin Procter 16,725 4825 11 Ropes & Gray 40,087 4616 12 DLA Piper 7,613 4613 13 Morgan Lewis & Bockius 5,713 4512 14 Cleary Gottlieb Steen & Hamilton 122,945 4321 15 Gibson Dunn & Crutcher 168,660 41

Legal Advisers to US (Mid-West) M&A: VolumeY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal

Count2 1 Jones Day 33,118 853 2 Latham & Watkins 119,915 611 3 Kirkland & Ellis 35,234 574 4 Skadden Arps Slate Meagher & Flom 106,356 445 5 Sidley Austin 24,267 366 6 DLA Piper 13,286 348 7 Dorsey & Whitney 2,222 34

14 8 Dewey & LeBoeuf 78,277 299 9 Baker & McKenzie 22,589 27

26 10 Foley & Lardner 4,297 257 11 McDermott Will & Emery 2,782 25

10 12 Sullivan & Cromwell 110,913 2321 13 Cleary Gottlieb Steen & Hamilton 48,317 2213 14 Hogan & Hartson 11,073 2111 15 Morgan Lewis & Bockius 1,844 21



Legal Advisers to US (South) M&A: ValueY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

5 1 Wachtell Lipton Rosen & Katz 150,313 2510 2 Cleary Gottlieb Steen & Hamilton 138,454 378 3 Simpson Thacher & Bartlett 121,583 3111 4 Cravath Swaine & Moore 97,546 1512 5 Debevoise & Plimpton 92,287 162 6 Latham & Watkins 72,281 72

22 7 Blake, Cassels & Graydon 69,843 1352 8 Baker & McKenzie 69,532 356 9 Sullivan & Cromwell 62,385 27

15 10 Weil Gotshal & Manges 57,493 3645 11 Freshfi elds Bruckhaus Deringer 55,911 124 12 Skadden Arps Slate Meagher & Flom 52,350 49

74 13 Linklaters 50,215 111 14 Dewey & LeBoeuf 48,613 34

31 15 Shearman & Sterling 48,004 12

Legal Advisers to US (West) M&A: ValueY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

9 1 Weil Gotshal & Manges 46,624 257 2 Wachtell Lipton Rosen & Katz 43,378 124 3 Simpson Thacher & Bartlett 43,162 201 4 Sullivan & Cromwell 38,961 312 5 Latham & Watkins 37,990 993 6 Skadden Arps Slate Meagher & Flom 31,457 40

13 7 Gibson Dunn & Crutcher 29,535 3748 8 Cravath Swaine & Moore 27,258 1421 9 Fried Frank Harris Shriver & Jacobson 25,939 1346 10 Cleary Gottlieb Steen & Hamilton 25,842 2114 11 Baker & McKenzie 25,529 2837 12 DLA Piper 25,050 6510 13 Paul Weiss Rifkind Wharton & Garrison 22,650 1631 14 Davis Polk & Wardwell 22,164 2625 15 Freshfi elds Bruckhaus Deringer 21,396 13

Legal Advisers to US (South) M&A: VolumeY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

4 1 Jones Day 31,619 831 2 Latham & Watkins 72,281 722 3 Kirkland & Ellis 25,415 578 4 DLA Piper 27,389 5613 5 Hogan & Hartson 28,243 555 6 Skadden Arps Slate Meagher & Flom 52,350 497 7 Alston & Bird 10,749 4330 8 Cleary Gottlieb Steen & Hamilton 138,454 373 9 Vinson & Elkins 13,261 379 10 Weil Gotshal & Manges 57,493 3629 11 Baker & McKenzie 69,532 356 12 Dewey & LeBoeuf 48,613 3412 13 Baker Botts 5,801 3317 14 Hunton & Williams 9,197 3252 15 K&L Gates 5,907 32

Legal Advisers to US (West ) M&A: VolumeY/E 2007 Y/E 2008 Company Name Value

US$m)Deal Count

1 1 Latham & Watkins 37,990 994 2 Kirkland & Ellis 16,237 732 3 Wilson Sonsini Goodrich & Rosati 7,311 736 4 DLA Piper 25,050 655 5 Jones Day 16,921 638 6 O'Melveny & Myers 7,280 597 7 Cooley Godward Kronish 5,902 49

17 8 Hogan & Hartson 6,968 413 9 Skadden Arps Slate Meagher & Flom 31,457 4015 10 K&L Gates 6,596 399 11 Gibson Dunn & Crutcher 29,535 3712 12 Bingham McCutchen 9,412 3413 13 Fenwick & West 3,010 3425 14 Dorsey & Whitney 1,308 3318 15 Sullivan & Cromwell 38,961 31



M&A in fi rst half of 2008 steady, second half sees slight decline; Big deals still announcedOverall M&A value for the full year dipped by only 5.2% to $399bn, while volume fell by 15.4% to 2,249 deals. M&A value and volume in the region held steady in the fi rst half as compared with H1 2007 while Europe and America saw huge declines. While both deal value and volume declined in H2 2008, seven out of the top 10 deals in the region totaling $63.6bn were announced in the second half of the year. Mid-market M&A activity was down 17% by value compared to 2007. However, the fourth quarter did see 246 deals valued at $15.7bn which meant the region outperformed the North American market in this segment for the fi rst time.

Consolidation in Financial Services sector; TMT bolstered by Chinese dealsDespite the lack of mega-bailouts, consolidation in the Financial Services sector in Asia-Pacifi c picked up steam much like the rest of the world. Deal value in the sector jumped from $78bn in 2007 to more than $103bn in 2008, making up more than 26% of the total M&A value in the region. Figures for TMT deals, which made up almost 19% of total M&A value across all industries, were bolstered by the government-mandated telecom reform in China. The two transactions comprising the reform – China Unicom’s merger with China Netcom, and China Telecom’s acquisi-tion of the CDMA business of China Unicom – provided more than $36bn in value and contributed to nearly half of the total deal value in the sector for 2008.

Increased Chinese deals dominate Asia-Pacifi c activity; other areas see decline in M&AWithout question, Greater China dominated regional M&A in 2008. Chinese deals comprised six of the top 10 deals in Asia-Pacifi c (excluding lapsed deals). Deal value for the area jumped from $101bn in 2007 to $156bn in 2008, making up over 39% of the total deal value in Asia-Pacifi c. Indonesia also posted a strong gain, nearly quadrupling its deal value to $19bn. However, Japan, Australia, India and Malaysia saw marked declines in deal values.

Asian law fi rms dominate in terms of deal activity, though international fi rms boosted by BHP Billiton/Rio Tinto dealThe year-end Asia-Pacifi c (ex-Japan) league table of legal advisors by value is heavily skewed by the lapsed transaction between BHP Billiton and Rio Tinto, which was advised by 15 international and Australian law fi rms. Nonetheless, local fi rms across Asia-Pacifi c made up the shortfall by their deal volumes. South Korean law fi rm Kim & Chang, with 47 deals, knocked Baker & McKenzie off the top spot on the Asia (ex-Japan & Australasia) rankings by volume. Two Indian fi rms, AZB & Partners (34 deals) and Desai & Diwanji (38 deals), moved up sharply in the Asia (ex-Japan & Australasia) rankings by volume as well – Desai & Diwanji climbing from 36th to third and AZB from 29th to sixth place.Linklaters topped the overall Asia-Pacifi c value table with $270.6bn worth of deals. Mallesons Stephen Jaques moved up a spot to take the title of the most active fi rm in the region having worked on 73 deals valued at $66.6bn along with Baker & McKenzie which also worked on 73 deals but with a lower valuation at $16.4bn. Both fi rms also dominated the Asia-Pacifi c (ex-Japan) mid market tables.

Asia-Pacifi c: M&A roundup 2008Asia-Pacific M&A Activity - Quarterly

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Asia-Pacific Mid Market M&A Activity - Quarterly(incl Japan, $10m to $250m)

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Asia-Pacifi c: League Tables of Legal Advisers

League Table of Legal Advisers to Asia-Pacifi c ex. Japan M&A: ValueY/E 2007 Y/E 2008 House Value

(US$m)Deal Count

2 1 Linklaters 270,604 446 2 Sullivan & Cromwell 251,461 20

13 3 Skadden Arps Slate Meagher & Flom 247,687 2554 4 Slaughter and May 243,149 137 5 Allen & Overy 235,538 258 6 Allens Arthur Robinson 232,356 35

55 7 Herbert Smith/Gleiss Lutz/Stibbe 229,739 174 8 Clayton Utz 225,616 401 9 Freehills 224,276 72

12 10 Blake Dawson 205,814 5338 11 Lovells 202,609 13

163 12 Davies Ward Phillips & Vineberg 191,989 6104 13 Johnson Winter & Slattery 190,722 7107 14 McCarthy Tetrault 190,592 380 15 Cravath Swaine & Moore 190,487 23 16 Mallesons Stephen Jaques 66,589 735 17 Freshfi elds Bruckhaus Deringer 63,905 33

10 18 Clifford Chance 37,420 3888 19 Shearman & Sterling 36,402 1517 20 Cleary Gottlieb Steen & Hamilton 22,943 14

League Table of Legal Advisers to Asia-Pacifi c ex. Japan M&A: VolumeY/E 2007 Y/E 2008 House Value

(US$m)Deal Count

2 1 Mallesons Stephen Jaques 66,589 733 2 Baker & McKenzie 16,370 731 3 Freehills 224,276 728 4 Blake Dawson 205,814 5311 5 DLA Piper 9,022 505 6 Minter Ellison 7,308 49

20 7 Kim & Chang 11,247 477 8 Linklaters 270,604 444 9 Clayton Utz 225,616 40

14 10 Jones Day 10,500 406 11 Clifford Chance 37,420 38

10 12 Deacons 15,567 3848 13 Desai & Diwanji 8,487 3813 14 Allen & Gledhill 19,521 3618 15 Allens Arthur Robinson 232,356 3539 16 AZB & Partners 12,075 349 17 Freshfi elds Bruckhaus Deringer 63,905 33

12 18 WongPartnership 14,136 3122 19 White & Case 18,353 2856 20 Corrs Chambers Westgarth 4,486 27



League Table of Legal Advisers to Asia-Pac ex. Japan Mid-Market M&A: ValueY/E 2007 Y/E 2008 House Value

(US$m)Deal Count

2 1 Mallesons Stephen Jaques 3,688 434 2 Baker & McKenzie 3,395 431 3 Freehills 2,906 34

32 4 Desai & Diwanji 2,455 279 5 Minter Ellison 2,450 28

18 6 Allens Arthur Robinson 1,696 1522 7 Kim & Chang 1,667 2740 8 Corrs Chambers Westgarth 1,576 158 9 Deacons 1,516 187 10 Blake Dawson 1,445 22

25 11 Jones Day 1,333 1611 12 WongPartnership 1,321 1710 13 DLA Piper 1,293 2634 14 Shearman & Sterling 1,263 913 15 Allen & Gledhill 1,249 155 16 Clifford Chance 1,243 11

14 17 Skadden Arps Slate Meagher & Flom 1,214 1029 18 King & Wood 1,198 116 19 Clayton Utz 1,182 163 20 Linklaters 1,168 12

League Table of Legal Advisers to Asia-Pac ex. Japan Mid-Market M&A: VolumeY/E 2007 Y/E 2008 House Value

(US$m)Deal Count

2 1 Mallesons Stephen Jaques 3,688 434 2 Baker & McKenzie 3,395 431 3 Freehills 2,906 343 4 Minter Ellison 2,450 28

43 5 Desai & Diwanji 2,455 2727 6 Kim & Chang 1,667 277 7 DLA Piper 1,293 268 8 Blake Dawson 1,445 226 9 Deacons 1,516 1811 10 WongPartnership 1,321 1713 11 Jones Day 1,333 165 12 Clayton Utz 1,182 16

49 13 AZB & Partners 1,147 1640 14 Shin & Kim 975 1626 15 Allens Arthur Robinson 1,696 1544 16 Corrs Chambers Westgarth 1,576 1514 17 Allen & Gledhill 1,249 1541 18 Lee & Ko 728 149 19 Linklaters 1,168 12

17 20 Freshfi elds Bruckhaus Deringer 877 12*Mid-Market based on deal value range of US$ 10m - US$ 250m



League Table of Legal Advisers to Asia-Pacifi c ex. Japan Buyouts: ValueY/E 2007 Y/E 2008 House Value

(US$m)Deal Count

- 1 Picazo Buyco Tan Fider & Santos 2,203 117 2 Shin & Kim 1,898 529 3 Linklaters 1,348 33 4 Mallesons Stephen Jaques 1,324 48 5 WongPartnership 1,077 3

37 6 Debevoise & Plimpton 916 224 7 Kim & Chang 876 316 8 Baker & McKenzie 868 51 9 Freehills 846 7

66 10 Lee & Ko 804 210 11 Allen & Gledhill 775 3- 12 Nishith Desai Associates 717 2

21 13 Simpson Thacher & Bartlett 545 39 14 Allen & Overy 530 2

12 15 Allens Arthur Robinson 477 3

League Table of Legal Advisers to Asia-Pacifi c ex. Japan Buyouts: VolumeY/E 2007 Y/E 2008 House Value

(US$m)Deal Count

1 1 Freehills 846 715 2 Shin & Kim 1,898 55 3 Baker & McKenzie 868 5- 4 Lexygen 155 56 5 Mallesons Stephen Jaques 1,324 4- 6 J Sagar Associates 242 4

19 7 AZB & Partners 128 4- 8 DSK Legal 101 4

11 9 Linklaters 1,348 37 10 WongPartnership 1,077 3

36 11 Kim & Chang 876 39 12 Allen & Gledhill 775 3

16 13 Simpson Thacher & Bartlett 545 312 14 Allens Arthur Robinson 477 3- 15 Desai & Diwanji 318 3

*Based on law fi rm advising the bidder party only and dominant target geography being Asia-Pacifi c (excluding Japan)


Top 10 Announced Asia-Pacifi c Deals 2008 Announced Date


02-Jun-08 China Unicom Ltd Freshfi elds Bruckhaus Deringer; Skadden Arps Slate Meagher & Flom (Advising JPMorgan); Slaughter and May (Advising China International Capital Corporation Limited); Sullivan & Cromwell

China Netcom Group Corporation Limited

Herbert Smith/Gleiss Lutz/Stibbe (Advising Citigroup); Linklaters; Shearman & Sterling

29,589

07-Nov-08 China SAFE Investments Limited Agricultural Bank of China (50% stake)

Not disclosed 19,028

13-May-08 Westpac Banking Corporation Gilbert + Tobin St George Bank Ltd Allens Arthur Robinson; Mallesons Stephen Jaques

17,936

24-Jun-08* BG Group Plc Allen & Overy; Linklaters; Mallesons Stephen Jaques; Simpson Grierson

Origin Energy Limited Clayton Utz; Freehills; Slaughter and May

16,164

19-Dec-08 Panasonic Corporation Stikeman Elliott Sanyo Electric Co Ltd Mori Hamada & Matsumoto 12,926

08-Sep-08 ConocoPhillips Company Allens Arthur Robinson; Dewey & LeBoeuf (Advising Credit Suisse); Wachtell Lipton Rosen & Katz

Origin Energy CSG Limited (50% stake)

Advising seller: Clayton Utz Origin Energy Limited 7,836

17-Nov-08 Bank of America Corporation Cleary Gottlieb Steen & Hamilton; Deacons

China Construction Bank Corporation (8.35% stake)

Freshfi elds Bruckhaus Deringer China SAFE Investments Limited

7,072

27-Jul-08 China Telecom Corporation Limited

Jingtian & Gongcheng; Linklaters; Skadden Arps Slate Meagher & Flom (Advising UBS)

China Unicom Corporation (CDMA business)

Advising seller: Allen & Overy (Advising Merrill Lynch);

Commerce and Finance Law Offi ces; Freshfi elds Bruckhaus Deringer; Sullivan & Cromwell

China Unicom Corporation Limited

6,423

11-Jul-08 Shinsei Bank Limited Simpson Thacher & Bartlett GE Consumer Finance Co Ltd Advising seller: Latham & Watkins; Nagashima Ohno & Tsunematsu

GE Japan Holdings 5,452

24-Dec-08 CITIC Group Richards Butler in association with Reed Smith

CITIC Pacifi c Ltd (39.85% stake) Clifford Chance 4,899

Asia-Pacifi c: Top Announced Deals 2008


Mix of Announced Asia-Pacific Deals by Industry Sector 2008 - Value



TMT18.6%



Consumer6.8%

Leisure1.6%

Transport2.7%


Construction2.6%

Agriculture0.3% Real Estate

2.7%

Defence0.2%

Mix of Announced Asia-Pacific Deals by Industry Sector 2008 - Volume



Consumer12.0%


TMT12.8%


Leisure3.6%

Transport3.0%


Construction4.9%

Agriculture0.9%

Real Estate4.0%

Defence0.1%

Mix of Announced Asia-Pacific Deals by Geographic Region 2008 - Volume

China24.2%

Japan16.9%

Australia16.7%

India10.2%

South Korea7.4%

Hong Kong5.5%

Singapore3.7%

Malaysia3.1%

Indonesia2.5%

Other9.9%

Mix of Announced Asia-Pacific Deals by Geographic Region 2008 - Value

China22.3%

Japan15.5%

Australia17.8%

India6.7%

South Korea5.0%

Hong Kong15.3%

Singapore4.7%

Malaysia1.5%

Indonesia4.8%

Other6.5%

Asia-Pacifi c: Breakdown of Announced Deals 2008


Legal Advisers to Asia (ex. Japan & Australasia) M&A: ValueY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

3 1 Freshfi elds Bruckhaus Deringer 57,645 3016 2 Skadden Arps Slate Meagher & Flom 55,709 191 3 Linklaters 54,771 362 4 Sullivan & Cromwell 53,092 14

51 5 Herbert Smith/Gleiss Lutz/Stibbe 39,395 1670 6 Shearman & Sterling 36,196 1410 7 Clifford Chance 34,434 3336 8 Slaughter and May 33,845 912 9 Cleary Gottlieb Steen & Hamilton 22,761 1113 10 Allen & Overy 20,017 185 11 Allen & Gledhill 19,415 35

102 12 Ashurst 16,687 715 13 Simpson Thacher & Bartlett 15,482 86 14 Mallesons Stephen Jaques 15,383 13

20 15 WongPartnership 14,136 31

Legal Advisers to Greater China M&A: ValueY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

2 1 Freshfi elds Bruckhaus Deringer 55,356 231 2 Linklaters 43,822 18

10 3 Skadden Arps Slate Meagher & Flom 41,852 93 4 Sullivan & Cromwell 40,874 8

20 5 Herbert Smith/Gleiss Lutz/Stibbe 35,967 1211 6 Clifford Chance 31,386 1637 7 Shearman & Sterling 31,363 312 8 Slaughter and May 30,078 317 9 Simpson Thacher & Bartlett 14,539 335 10 Mallesons Stephen Jaques 13,626 824 11 Allen & Overy 13,230 7- 12 Ashurst 13,205 2

124 13 Deacons 12,964 745 14 Richards Butler in association with Reed

Smith11,168 8

71 15 Cleary Gottlieb Steen & Hamilton 9,332 4

Legal Advisers to Asia (ex. Japan & Australasia) M&A: VolumeY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

9 1 Kim & Chang 11,247 471 2 Baker & McKenzie 13,401 4436 3 Desai & Diwanji 8,487 382 4 Linklaters 54,771 366 5 Allen & Gledhill 19,415 3529 6 AZB & Partners 12,075 343 7 Clifford Chance 34,434 335 8 WongPartnership 14,136 314 9 Freshfi elds Bruckhaus Deringer 57,645 308 10 DLA Piper 7,695 3015 11 White & Case 11,346 267 12 Jones Day 9,026 2617 13 Shin & Kim 10,231 2524 14 Lee & Ko 4,950 2512 15 Bae Kim & Lee 12,471 21

Legal Advisers to Greater China M&A: VolumeY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

1 1 Freshfi elds Bruckhaus Deringer 55,356 237 2 DLA Piper 6,591 203 3 Baker & McKenzie 3,449 202 4 Linklaters 43,822 185 5 Jones Day 4,079 174 6 Clifford Chance 31,386 16

10 7 King & Wood 6,065 158 8 Lee and Li Attorneys at Law 1,746 156 9 Herbert Smith/Gleiss Lutz/Stibbe 35,967 129 10 LCS & Partners 549 11

34 11 Commerce and Finance Law Offi ces 8,993 1022 12 Morrison & Foerster 2,763 1012 13 O'Melveny & Myers 849 1013 14 Skadden Arps Slate Meagher & Flom 41,852 928 15 Latham & Watkins 1,536 9



Legal Advisers to Australasian M&A: ValueY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

4 1 Allens Arthur Robinson 232,328 333 2 Clayton Utz 225,616 401 3 Freehills 224,193 716 4 Linklaters 215,833 88 5 Allen & Overy 215,521 7

179 6 Slaughter and May 209,304 47 7 Blake Dawson 205,776 52

20 8 Sullivan & Cromwell 198,407 718 9 Skadden Arps Slate Meagher & Flom 191,978 6112 10 Lovells 191,418 447 11 Johnson Winter & Slattery 190,722 796 12 Davies Ward Phillips & Vineberg 190,692 343 13= Cravath Swaine & Moore 190,344 157 13= Herbert Smith/Gleiss Lutz/Stibbe 190,344 162 13= McCarthy Tetrault 190,344 1

Legal Advisers to Japanese M&A: ValueY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

1 1 Mori Hamada & Matsumoto 36,822 6038 2 Skadden Arps Slate Meagher & Flom 19,303 144 3 Sullivan & Cromwell 18,982 13- 4 Gibson Dunn & Crutcher 15,554 35 5 Nagashima Ohno & Tsunematsu 15,117 402 6 Nishimura & Asahi 13,861 45

44 7 Stikeman Elliott 12,926 16 8 Clifford Chance 12,633 8

45 9 Cravath Swaine & Moore 10,699 33 10 Davis Polk & Wardwell 10,320 4

72 11 Dewey & LeBoeuf 8,863 225 12 Latham & Watkins 8,702 78 13 Simpson Thacher & Bartlett 8,691 4- 14 Wachtell Lipton Rosen & Katz 8,451 29 15 Shearman & Sterling 8,162 10

Legal Advisers to Australasian M&A: VolumeY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

1 1 Freehills 224,193 712 2 Mallesons Stephen Jaques 52,645 685 3 Blake Dawson 205,776 524 4 Minter Ellison 7,308 493 5 Clayton Utz 225,616 407 6 Baker & McKenzie 4,028 349 7 Allens Arthur Robinson 232,328 336 8 Deacons 3,840 33

20 9 Corrs Chambers Westgarth 4,386 2611 10 DLA Piper 1,445 228 11 Gilbert + Tobin 21,349 19

44 12 Simpson Grierson 17,269 1615 13 McCullough Robertson 4,209 1625 14 Cochrane Lishman 4,038 1417 15 Jones Day 1,474 14

Legal Advisers to Japanese M&A: VolumeY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal

Count1 1 Mori Hamada & Matsumoto 36,822 602 2 Nishimura & Asahi 13,861 453 3 Nagashima Ohno & Tsunematsu 15,117 40

22 4 Skadden Arps Slate Meagher & Flom 19,303 144 5 Morrison & Foerster 4,233 14

14 6 Sullivan & Cromwell 18,982 137 7 Freshfi elds Bruckhaus Deringer 3,777 116 8 Shearman & Sterling 8,162 10

18 9 Linklaters 3,081 105 10 Baker & McKenzie 1,189 98 11 Clifford Chance 12,633 8

17 12 Jones Day 5,796 811 13 Latham & Watkins 8,702 735 14 Pillsbury Winthrop Shaw Pittman 4,988 715 15 Allen & Overy 2,077 7



Legal Advisers to South East Asian M&A: ValueY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

1 1 Allen & Gledhill 18,926 338 2 Sullivan & Cromwell 15,284 6

33 3 Skadden Arps Slate Meagher & Flom 12,560 315 4 Baker & McKenzie 11,142 255 5 Cleary Gottlieb Steen & Hamilton 10,591 2

91 6 Sidley Austin 9,903 2- 7 Gibson Dunn & Crutcher 9,880 1

10 8 Lovells 8,093 56 9 WongPartnership 7,666 23

19 10 Rajah & Tann 5,330 1320 11 Shook Lin & Bok Singapore 4,270 8- 12 Haiwen & Partners 4,113 2

16 13 Linklaters 3,980 969 14 Davis Polk & Wardwell 3,738 260 15 Latham & Watkins 3,731 2

Legal Advisers to Indian M&A: ValueY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

8 1 AZB & Partners 12,062 3319 2 Desai & Diwanji 8,487 382 3 Khaitan & Co 6,081 16

75 4 Jones Day 4,677 4- 5 Vaish Associates 4,636 2- 6 P&A Law Offi ces 4,625 13 7 Linklaters 4,586 9

48 8 Shearman & Sterling 4,459 664 9 White & Case 3,982 79 10 Allen & Overy 3,953 7

42 11 Skadden Arps Slate Meagher & Flom 3,938 818 12 Amarchand & Mangaldas & Suresh A Shroff

& Co3,703 15

69 13 Blake, Cassels & Graydon 3,534 326 14 Ashurst 3,482 559 15 Hogan & Hartson 3,350 4

Legal Advisers to South East Asian M&A: VolumeY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

2 1 Allen & Gledhill 18,926 334 2 Baker & McKenzie 11,142 251 3 WongPartnership 7,666 23

14 4 Stamford Law 2,640 147 5 Rajah & Tann 5,330 133 6 Clifford Chance 2,370 135 7 Drew & Napier 2,576 128 8 White & Case 3,202 116 9 Linklaters 3,980 9

10 10 Shook Lin & Bok Singapore 4,270 824 11 Sullivan & Cromwell 15,284 615 12 Kadir, Andri & Partners 3,392 625 13 Lovells 8,093 521 14 Norton Rose 1,147 5- 15 Milbank Tweed Hadley & McCloy 1,062 5

Legal Advisers to Indian M&A: VolumeY/E 2007 Y/E 2008 Company Name Value

(US$m)Deal Count

5 1 Desai & Diwanji 8,487 381 2 AZB & Partners 12,062 332 3 Khaitan & Co 6,081 164 4 Amarchand & Mangaldas & Suresh A Shroff

& Co3,703 15

- 5 DSK Legal 300 117 6 Linklaters 4,586 9

13 7 J Sagar Associates 3,079 93 8 Luthra & Luthra Law Offi ces 1,721 9

19 9 Skadden Arps Slate Meagher & Flom 3,938 817 10 DLA Piper 1,011 871 11 White & Case 3,982 710 12 Allen & Overy 3,953 795 13 Kanga & Co 420 7- 14 Lexygen 215 7

15 15 Shearman & Sterling 4,459 6



The global Year End 2008 house league tables are based on announced transactions over USD 5m in the period from 1 January 2008 to 31 December 2008. Deals with undisclosed deal val-ues are included where the target’s turnover exceeds USD 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than USD 100m. Activities excluded from the league tables include property transactions and restructurings where the ultimate shareholders’ interests are not changed. League tables are based on the dominant geography of the target, bidder or seller.

Rankings are based on the advisory fi rms advising either target, bidder or seller companies, unless stated otherwise. Advice to fi nancial advisers is also included.

The trend graphs and pie charts are based on the dominant industry and/or dominant geography of the target and include announced transactions over USD 5m in the given time period. Deals with undisclosed deal values are included where the target’s turnover exceeds USD 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than USD 100m. Activities excluded from the graphs and charts include property transactions and restructurings where the ultimate shareholders’ interests are not changed.

The top deals tables are based on announced transactions between 1 January 2008 and 31 December 2008 and are based on dominant geography of the target only.

Unless stated otherwise, all data includes lapsed and withdrawn bids.

All data correct as of January 8, 2009.

Nordic: Denmark, Sweden, Finland, Norway, Faroe Islands, Greenland and IcelandBenelux: Belgium, the Netherlands and LuxembourgIberia: Portugal and SpainCEE: Armenia, Azerbaijan, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Latvia, Lithuania, Macedonia, Moldova, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Ukraine

US (Mid-West): llinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin US (North East): Connecticut, Maine, Massachusetts, New Hamshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont US (South): Alabama, Arkansas, Delaware, District of Columbia, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, West VirginiaUS (West): Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming

Greater China: China, Hong Kong, Macau, TaiwanSouth East Asia: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam

Criteria


Contact: Hannah [email protected]: +44 20 7059 6118

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Year End 2008 Legal Advisors - Mergermarket · The last quarter of 2008 saw plenty of M&A lows not seen for several years with 2,047 announced deals valued at $490bn globally –