mergers & acquisitions review legal advisors - thomson reuters

MERGERS & ACQUISITIONS REVIEW LEGAL ADVISORS First Quarter 2014

REUTERS / Paulo Whitaker

8

First Quarter 2014 | Mergers & Acquisitions | Legal Advisors

M&A Legal Advisory ReviewTable of Contents

9

13

Any Asian (ex-Japan) Involvement Announced (AE31)

Any Asian (ex-Japan) Involvement Completed (AG32)

13

Global M&A

18

10 Japan M&A5

Mergers & Acquisitions Criteria Summary

6

16

Any Benelux Involvement Completed (AG47)

Global Deals Intelligence

Scorecard: Worldwide Announced M&A

Scorecard: Worldwide Completed M&A

Top Fifteen Worldwide Announced Deals

US Target Announced (AE2)

Any US Involvement Completed (AG34)

Americas M&A

Worldwide Completed (AG1)

Americas Deals Intelligence

Any US Involvement Announced (AE33)

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Japan Deals Intelligence

19

18

Regional Contacts

Any Canadian Involvement Completed (AG35)

Any US Public Involvement Completed

Criteria Summary

18

16

17

Top Ten US Announced Deals

10

Top Ten Japanese Involvement Announced Deals

11

15

6

6

13

14

15

Any European Involvement Completed (AG40)

Any UK Involvement Announced (AE40)

10

14Any UK Involvement Completed (AG41)

Any French Involvement Announced (AE41)

Any Italian Involvement Announced (AE44)

12

10Any French Involvement Completed (AG42)

Any Spanish Involvement Announced (AE42)

Worldwide Announced (AE1) 3

US Target Completed (AG2)

Any Canadian Involvement Announced (AE34)

6

Asia Pacific (ex-Japan) M&A

Asia Pacific (ex-Japan) Deals Intelligence

Top Ten Any Asia (ex-Japan) Involvement Announced Deals

12

Any German Involvement Completed (AG44)

2

11

EMEA M&A

Any European Involvement Announced (AE39)

European Deals Intelligence

1

2

1

7

Any Nordic Involvement Completed (AG46) 12

Any Nordic Involvement Announced (AE45)

Any Benelux Involvement Announced (AE46)

3

8

7

7

5

5

2

9

Top Ten European Involvement Announced Deals

12

Any Italian Involvement Completed (AG45) Any Japanese Involvement Completed (AG52)

8

Any Spanish Involvement Completed (AG43)

11

Any German Involvement Announced (AE43)

11

Any Australia or NZ Involvement Announced (AE27)

Any Australia or New Zealand Involvement Completed (AG28)

9

9

17

Thomson Reuters Soultions for the Deal Making Community

14

14Any Asia Pacific (ex-Japan) Involvement Announced (AE30)

16

Any Japanese Involvement Announced (AE51)

Any Asia Pacific (ex-Japan) Involvement Completed (AG31)

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*tie

Worldwide Cross Border Activity

WORLDWIDE M&A UP 36% NET OF COMPETING BIDS; NUMBER OF DEALS FALLS TO DECADE LOW - The value of worldwide M&A totalled US$756.1 billion during the first quarter of 2014, a 52% increase from comparable2013 levels. Net of the competing bids for US-based Time Warner Cable and France’s SFR, worldwide M&A hasincreased 36% compared to first quarter 2013, marking the best annual start for worldwide deal making since 2011.Just over 8,200 worldwide deals were announced during the first quarter of 2014, a 10% decline from a year ago andthe slowest opening period for M&A, by number of deals, since 2004. CROSS BORDER UP 86%; EMERGING MARKETS ACCOUNT FOR 17% OF M&A – Cross Border M&A activitytotalled US$245.2 billion during the first quarter of 2014, accounting for 32% of overall M&A volume and up 86%compared to first quarter 2013. Accounting for 17% of worldwide announced activity, M&A involving companieslocated in the emerging markets totalled US$125.6 billion during first quarter 2014, a 5% decrease from 2013.

TRIPLE-DIGIT PERCENTAGE GAINS IN MEDIA, HEALTHCARE, TECH DRIVE M&A - The media andentertainment sector was most active during the first quarter of 2014, commanding 21% of announced M&A, while thereal estate and energy and power sectors each accounted for 10%. Net of competing bids, media, healthcare,technology and consumer products led all sectors by growth rate with triple-digit percentage increases over 2013. Thefirst quarter marks the strongest opening period for worldwide media and technology M&A since 2000. Consumerstaples deal making was the only sector to register a deficit compared to first quarter 2013, down 30%.

BUYSIDE PRIVATE EQUITY M&A UP 21% COMPARED TO 2013 –Worldwide private equity-backed buyouts andportfolio company acquisitions totalled US$139.1 billion during the first quarter of 2014. Private equity deal making inthe high tech, telecommunications and energy sectors accounted for 51% of the activity during the first quarter, upfrom 29% during 2013. Accounting for 18% of worldwide M&A during the first quarter 2014, private equity-backedM&A increased 21% compared to first quarter 2013 levels.

Global Deals Intelligence

612

8,237

-162* 0.2-26

18

▲2.2

▼

Cravath, Swaine & Moore 24

756,093.4

52.3% ▲

252*12.2

Industry % Change from Same Period Last Year

100.0Franklin Firm LLP 25Industry Total

- 16,287.827

▼

17,452.818,527.7

2.3 ▼-3.4

Linklaters 22 34Allen & Overy 2323

21,643.7

2.720,247.1 28-3.6

▼

2.5 47-1.9

30*203.0 2.9

2.2▲

▲

41 ▼

-

0.2

30*

▼

7*

0.5

-3.5 ▼

4.3

0.5

0.220

18

-8

-200.2

19*53*30*

20

0.3

▼

▲▲25,905.0

3.1

-6.6

2.9

Mayer Brown LLP 20 80 21,576.032

0.237*Hogan Lovells 21 10 20,790.0 2.8 15

First Quarter 2014 LEGAL ADVISORS

MERGERS & ACQUISITIONS REVIEWWorldwide Deal Making Up 36% Net of Competing Bids; Number of Deals at Decade Low l Best Start for Telecom, Media Since 2000 l Skadden Top Advisor

0.80.3

▼

1▼

0.2 ▲

-6

▲

17

▲

0.3▼

-38

3

▼

▼

-40.4

0.6

▼

▼

-16

0.2 0

26

-1.07.9 -6.55.0

41

▲ 14

19

0.4

-10.2% ▼

1-938

▲

Nishimura & Asahi2.92.9

0.0

2.0 ▲

89

-7.1

-9.1

38,028.6

14

Latham & Watkins 10

Paul, Weiss 7

9

11

41

▼59,681.2 ▼

▼

7*36

-170.2

▼▲2.7 -45 0.1122*

▼

2

-9

64-1019*26

▼ ▲3

1525*46*

11.110.0

66,176.6

12

▲

2

-2.1 0.253*▲

8.3

3.8

▼

-1.9▲

8.9 0.3 41422

-3.5 ▼

▲

4

6Wachtell Lipton Rosen & Katz

▼10

0.813352

▲

0 -

0.6▲

692

0.4-1140

0.40.5

16

Market

11

Change in

White & Case LLP123,685.1 16.4 ▲

3

5

6 3.8 ▲

Legal Advisor

153,039.8Skadden 1

2014

Rank

Simpson Thacher & Bartlett

2013

Rank

Rank Value

4920.28.5 36

Market

11.4

Market

2 130

12 103,152.9106,325.0

12

Davis Polk & Wardwell

-

114,284.8 15.114.1

83,992.7

1

3 95,436.147

13.6

Sullivan & Cromwell

Sidley Austin LLP

5.6Kirkland & Ellis 5

Willkie Farr & Gallagher 8 20 75,671.6

12.6

9

424

3.3

Freshfields Bruckhaus Deringer2

Fried Frank Harris Shriver & Jacobson

Weil Gotshal & Manges

101

7Cleary Gottlieb Steen & Hamilton

16 9617

Arthur Cox

8.862,899.0

3.44.0

13 32,374.7

15

18 168

25,093.8

22,337.8

30,472.5

23,711.518

# of Deals

# of Deals per Advisor

Sh (%)RankDeals

▲

-19.6%

# of

Clifford Chance

▼

Worldwide Announced (AE1)

19

Industry % Change from Last Quarter 12.6%

US$m Sh (%)

Jan 1 – Mar 31

Rank Value per Advisor (US$m)

Share Ch.

Fenwick & West LLP

▲ ▼

Worldwide Announced Buyside Financial Sponsor Activity

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$73.7 $154.2

$201.8

$78.3 $16.3

$61.1 $114.6 $139.1

$109.9

$191.9

$319.7

$82.7

$24.7

$86.2 $68.4

$79.6

$73.6

$160.6

$161.8

$55.7

$36.6

$73.9

$69.7 $89.9

$79.1

$96.9

$281.0

$101.1

$35.7

$51.6

$86.0

$104.4 $120.2 $112.6

13.2%

21.8% 19.0%

8.8%

6.5%

10.4%

12.9% 13.3%

16.0% 18.4%

0%

5%

10%

15%

20%

25%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

% o

f Glo

bal M

&A

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) % of YTD Global M&A

$145.5 $281.0

$406.1 $258.1

$113.4 $175.1 $234.2 $171.4 $131.8 $245.2

$241.2

$273.3

$642.8

$364.0

$112.3

$202.2 $246.3

$270.7

$166.9

$262.9

$254.4

$371.7

$326.3

$149.2

$271.1 $204.0

$203.2

$210.2

$406.2

$430.9

$154.3

$167.9

$263.0

$200.5 $259.1

$241.9

33.6% 33.6%

44.8%

38.3%

27.2%

37.5%

35.1%

35.5%

31.2%

32.4%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

% o

f Glo

bal M

&A

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD Global M&A

1

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Western Europe

South East Asia

Worldwide Announced M&A by Target Industry

1/1/2013 - 3/31/2013

▼

Rank Val

US$m

North Africa

Europe

11,205.6

-20.2

68

-18.6

17

No.

Deals

276,458.7

65.0

50.7Canada

▲

-73.2

-1.6

38

-39.1

-47.3

27

28.8

41.6

-91.31696

33.3

▲

397

92,687.6

▲

59.3

2,120

▼

▼

3,318.6

-27.4 ▼

-1.3

▼

192,194.5

517.4

364

▼

224.5

Australasia

647

61.37,214.6

121,723.1

25.1284

-55.9-76.8

2,759.0-54.8

2,231.9 22

Chile6,888.5Africa/Middle East

3920

-59.6

3,450.8

Middle East 1,761.2243

2,767

▼

11,793.5

143,991.5

199

▲

▼

544

62160

North Africa

801,838.95,016.5

Chile

3,250.6

2,368.510,293.3

Retail / Food & Beverage Retailing

▼

Energy and Power / Oil & Gas

Telecommunications / Telecommunications Services

Real Estate / Other Real Estate

High Technology / Internet Software & Services

Industrials / Automobiles & Components

Target Macro / Mid Industry

United StatesNorth America

58.1

226

Central America

▲

1,860

▼

18

▲28.2

▲

10,048.0

-33.2

▲

▲

11,788.4272

South America330

▼14924,336.3

322,868.4

26

223,922.936,526.4

14.6

2,190

-4.9

1,7782,050

2,576.9

▲9.6

▼-33.444.2

200105

▲

357.0 142,447

260,449.3

2,891.01,330.1

28333,705.1

347,204.7

Caribbean

Worldwide31.1Americas

19

5,898 7,186548,301.42,246

539,511.8

604 27,231.1

1,955 74,404.0

2,700

5,498.4

102▼ 288.6

Middle East

▼

Africa/Middle East

Brazil

-21.6

▼

-81.9 ▼

2,791.4 ▲

72,731.0

273

▼

▲

▲

▼

▲

France / France

Anheuser-Busch Inbev

Vodafone Holdings Europe SLU


▲

▲

▲

Scorecard: Worldwide Completed M&A

1/1/2014 - 3/31/2014

189 13,222.5

87 4,357.9 14223

379

119

15,251.5

Asia-Pacific

South America422261

18,251.7

Asia-Pacific 124,256.3

Papua New Guinea

67.0

9,640.4Australasia

2,164 225,579.0

-61.4244,721.9

62.72,519

4637

2,0972,543

52.3

3,648.1-71.5

▼

▲

▲

265.053.6 362,472.5

Mexico

24

9,175

709.62,868

8,237 496,479.4

8,438.8 62

▼

▲

5,936.3

▲

19,142.9 -4.7

▼

57.4

No.

Deals

1/1/2014 - 3/31/2014 1/1/2013 - 3/31/2013Rank Val

US$mTarget Region/Nation

% Change

in Rank

Value

Rank Val

US$m

No.

Deals

AmericasWorldwide

Target Region/Nation

Rank Val

US$m

756,093.4

% Change

in Rank

Value

Scorecard: Worldwide Announced M&A

2,589.8Caribbean 26


Mergers & Acquisitions

No.

Deals

410,200.1 2,802 267,092.7▼

North America

Central AmericaMexico

2,401.8

385,287.82,290.2

46

367,036.1United States

19,920.8150.811,970.6 99Brazil 4,773.2

Canada

Sub-Saharan Africa

1,7332,406 91.6 73,993.9▼

8,125.6

11,108.9Europe57.9 165,418.6

2,504.0Sub-Saharan Africa

13,147.7 481

3,711.6 122 8,422.7▲3,242

357

79

Western Europe 181,085.6 2,096435France

87,141.6 2,214Eastern Europe

62,481.2

France

Eastern Europe836▲94,492.0▲

▲

-59.2

4249,139.7Germany

766.014,745.6▼-1.8 24619,744.9United Kingdom 32,413.1

United Kingdom 24,631.3 42410,872.925,092.8 599

334 75.1Germany 19,033.3 312▲2,219

5,973.3 126.1▼58,783.1

401 2,642.0981 74,990.1 1,394

17,345.3 278 10,512.9Australia 15,242.3 239

▲ ▲12,797.820,390.0 200 306272

3New Zealand 1,155.8 32 872.5 ▲32.53616,920.8

2194

327 43.5Australia 176116.03,354.0

11,792.3

▲121.9-50.3▲ 13,003.66,457.7

2927147

10,787.1Singapore 12,376.1 79 2,917.3 Singapore324.290

17,773.5

2,270.6 21Indonesia 1,946.2 16.733 ▲

51,459.2 1,115

▼

87 2,389.7

335 8,010.9 21,239.6 -49.2

36,914.5

446 South East Asia

24,676.264.8 589475147 -5.7

740▲ North Asia

37.9

Malaysia 2,252.8 ▼

North Asia 84,828.2 1,136China 50,325.9 712 36,490.3 23,395.1 ▼-52.1243

▲ South Korea 1738,008.711,213.9▲ China 341

294 -2.5206 4,421.0South Korea 20,338.8 262 9,252.6 119.8

South Asia 4,309.4 ▼

7,903.5 160South Asia 2,929.9 112 4,038.2 207

379275.9 ▲

▲ Japan25.2 19,321.1 2975 479.3Central Asia 898.3 11 239.0

Japan 22,553.9 537 18,008.119Central Asia

562 21,140.7128.7 -73.1 ▼

-8.6

Media and Entertainment / Cable

Jan 1 - Mar 31 2014

Media and Entertainment / Cable

Healthcare / Pharmaceuticals

Consumer Staples / Food and BeverageMedia and Entertainment / Cable

Consumer Products and Services / Other Consumer Products


9,161.6Germany / Sweden

7,099.18,235.3

16,287.8

France / France

15,693.310,854.2

19,467.7France / France

Bouygues Telecom SASFR (100%)Actavis PLC

2/19/2014

3/6/2014Pending

Pending WhatsApp Inc (100%)

1/13/2014

2/18/2014 Pending

Pending

United States / United States

Forest Laboratories Inc (100%)

Acquiror / Target Nation

Time Warner Cable Inc (100%) Comcast Corp

Numericable Group SA

Rank Value (US$m)Rank Date Date Effective Target (% Sought/Acquired) Acquiror

United States / United StatesTime Warner Cable Inc (100%)Pending

Charter Communications Inc70,677.162,576.6

United States / United States

2/13/2014

23,980.2Ireland-Rep / United States 23,286.3

Facebook Inc

1/27/2014 Ziggo NV (71.6%)Suntory Holdings LtdLiberty Global PLC

Pending

Pending Beam Inc (100%)1/13/2014Pending

10,025.13/6/20142/21/2014

China / China

Japan / United StatesUnited Kingdom / Netherlands

Shanghai Jinfeng Investment CoSpain / Spain

AB Acquisition LLC United States / United States

L'Oreal SARWE Dea AG (100%)

3/18/2014 Pending

Scania AB (37.4%)Pending

Greenland Holding Group Co Ltd (100%)

3/16/2014

3/17/2014 Pending9,199.4

L'Oreal SAUnited Kingdom / Germany

2/11/2014

Grupo Corporativo ONO SA (100%)

3/11/2014 Pending SFR

5,800.0

Volkswagen AG

L1 EnergyOriental Brewery Co Ltd (100%)

Intended

Consumer Staples / Food and BeveragePending Belgium / South Korea1/20/2014

PendingSafeway Inc (100%)

Top Fifteen Worldwide Announced Deals

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21%

10%

10%

9% 9%

9%

7%

7%

5%

5% 4%

4%

Media and Entertainment Real Estate Energy and Power High Technology Industrials Telecommunications Financials Healthcare Materials Consumer Staples Retail Consumer Products and Services Government and Agencies

2






†Note: Industry Totals include multiple bids for the same target.

1.0

0.015.0

-11.0-4.0-1.014.0

Industry Total 774,491.5 100.0

†Created in response to market demand following the 2013 Legal League Table Criteria Review, our annual forum for determining and responding tothe evolving concerns and demands of our Leagal contributors. For more information on our Legal League Table Criteria, or for information on howyou can participate in our annual Criteria Reviews, please refer to the contact information at the end of this Release.

Industry % Change from Last Quarter 13.8% ▲ 13.8% ▲

0.2-6.2

-1,055

Industry % Change from Same Period Last Year 35.7% ▲ 35.7% ▲

▲Franklin Firm LLP 25 - 16,287.8 2.1 2.1 ▲ 1 56*▼ 12 13 0.4 ▲Cravath, Swaine & Moore 24 29 17,452.8 2.3 -2.6 12.0▼ 47 21 0.3 ▼-26.0Allen & Overy 23 25 18,527.7 2.4 -2.9▼ 28 - - ▼-38.0Linklaters 22 35 20,247.1 2.6 -1.4▼ 32 34* 0.2 ▼-19.0Hogan Lovells 21 5 20,790.0 2.7 -10.2▲ 18 8 0.6 ▲18.0Mayer Brown LLP 20 86 21,576.0 2.8 2▲ 20 19 0.4 ▲20.0Nishimura & Asahi 19 93 21,643.7 2.8 2.2▲ 20 4 0.8 ▲20.0Fenwick & West LLP 18 178 22,337.8 2.9 2.8▼ 41 6 0.7 ▼-21.0Clifford Chance 17 21 23,711.5 3.1 -2.7▲ 5 68* 0.2 ▲5.0Arthur Cox 16 100 25,093.8 3.2 2.7▲ 26 7 0.7 ▲17.0Sidley Austin LLP 15 106 25,905.0 3.3 2.9▲ 14 65* 0.2 ▲14.0Cleary Gottlieb Steen & Hamilton 14 41 30,472.5 3.9 0.8▼ 21 12 0.5 ▼-8.0Sullivan & Cromwell 13 8 34,069.0 4.4 -6.8▼ 19 5 0.8 ▲19.0Fried Frank Harris Shriver & Jacobson 12 26 38,028.6 4.9 -0.4▼ 41 89* 0.1 ▼-17.0Freshfields Bruckhaus Deringer 11 7 59,681.2 7.7 -4.8▼ 64 54* 0.2 ▼-1.0Latham & Watkins 10 3 62,899.0 8.1 -7.3▲ 15 71* 0.1 ▲15.0Willkie Farr & Gallagher 9 13 75,671.6 9.8 0.4▼ 27 1 1.0 ▼-14.0Weil Gotshal & Manges 8 2 81,113.3 10.5 -6.6▲ 22 15* 0.4 ▲2.0Paul, Weiss 7 51 83,992.7 10.8 8.8

Wachtell Lipton Rosen & Katz 6 4 95,436.1 12.3 -2.2▲ 70 11 0.5 ▼

▼ 14 3 0.8 ▲

0.4 ▼

Kirkland & Ellis 5 6 104,847.3 13.5 0.8106,325.0 13.7 -8.5 ▼ 35 17

▲ 40 14 0.4 ▼

0.2

Davis Polk & Wardwell 4 1White & Case LLP 3 11 114,284.8 14.8 4.9

7.4 ▲ 36 43* 0.2 ▲

16 154,734.2 20.0 12 -Simpson Thacher & Bartlett 2 14 123,685.1 16.0

Legal Advisor US$m Sh (%)

1Share Ch. Deals Rank

2014

Rank

2013

Rank

Rank Value Market Market # of

WW Announced Incl. Withdrawn (AE71)† Jan 1 – Mar 31

Rank Value per Advisor (US$m) # of Deals per Advisor


▼

▼

-1.6%

539,511.8

-17.9%

▲

▼

▼

0.2

▼

▼

46▲22

56*

▼

▲2▲

-2.6 ▼

330.4

27.32612▲

20.6 028.7 ▲

15 7.5

Macfarlanes 414*

27.2 12.2 ▲ 41 6

73*26

▼10

-4

▼

11

Cravath, Swaine & Moore

Blake Cassels & Graydon 1831,706.8 5.9

24.2

16

▲24.224.8133,737.7 ▲

8.413 47 ▲46,281.2

Market

7.0

21.5

31.2 13.6 ▲ 16

16* 0.5-6

0.2▼

-1

▼-23

-17

-8 ▼

▼ Simpson Thacher & Bartlett 0.640* 38

▼

Sh (%)Rank

Jan 1 – Mar 31

▼

-

▼

▼

▲

11

0.620*

Change in

-140.7


180.3


0.2

0.6 -1

56*

3 35

Market

# of Deals

28.044*

Debevoise & Plimpton

AllensJones Day

De Brauw Blackstone Westbroek

33

136,284.3

Change in

Sh (%)

9

11 29

8.6

8

12

57

137,237.0

164,245.230.6165,048.4

Hogan Lovells135,010.1

37,862.91015

45,354.4Fried Frank Harris Shriver & Jacobson

130,352.2

Latham & Watkins 15

5.4

7.514

7.0Freshfields Bruckhaus Deringer

29,330.5

Skadden 6

1717

154,991.2

320

# of Deals

18

21,689.7

0.724,999.627

40,511.3

27,712.6 5.14.7

Kirkland & EllisLinklatersWhite & Case LLP 9

Slaughter & May4Baker & McKenzie 6

TorysClifford Chance

▲

-3.5-0.8

5

▼

▼

25

0.68

2023 90*

-1.24.0

-1,288-0.4 12Sullivan & Cromwell

1921,619.2 ▼

▼2424

▼

100.021,474.1 56*

5,898

▼

Worldwide Completed (AG1) - Based on Number of Deals

▲

-

2013

Rank

2014

Rank

Market

22.60.7

-0.8

▲

# of Deals

Market

Share Ch.

#

-19.1%

Sh (%)

25.44.6

-5.6

-4.7 ▼

-

▼

▼

▲

▲ 50 0.4

▼52▼ -9

0.1

0.5160*

8

0.8

3

0.2

838

0.94

27 18*45

112

▼

▼

▲

0.1

0.4

1.5

30

▲ 89

90*

-4.7-1.8

0.6

▼ 5

13 50*

-5.6

9*37

▼ -7-12

40 7-35

27 18*▼ 0.5-15

31-5.3 0.7

-11.9 15▼ 0.5

4.02.4

4.6 ▲

▲

4.14.0

Industry Total


Osler Hoskin & Harcourt LLP

23.3 ▲

22.6

25.0

25.325.4

21.3 ▲25.323.9

5 52

10

4 13

146,784.1

136,634.9377

Davis Polk & WardwellSimpson Thacher & Bartlett

Legal Advisor

Weil Gotshal & MangesWachtell Lipton Rosen & Katz


Value US$m

1 31.3

2013

Rank Sh (%) Share Ch.

Worldwide Completed (AG1)

36▲16.3

2014

Rank

Market

5 168,590.722

Worldwide Rankings

# of Rank

2134 21,920.0

29*

1.1

0.3-11

10

▼Industry % Change from Last Quarter -7.5%

Rank Value

0.2

-2

0.1

Of Deals Sh (%)

Worldwide Announced (AE1) - Based on Number of Deals Jan 1 – Mar 31

Market

Jan 1 – Mar 31

# of Deals per Advisor Rank Value per Advisor (US$m)

Deals

-20

-6

▼

371.4

25,122.2

9

168,103.6

Change in

Legal Advisor


66

33*-3-7

Market

Market

Legal Advisor Of DealsShare (%) # of Deals

2014

Rank

2013

Rank

# Market

1 97RankUS$m Share Ch.Sh (%)

Change in Rank Value Market

103,152.9Kirkland & Ellis 2 5 691.2 -6 ▼Jones Day 1

1 ▲ 62,899.00.8 13.6

9,439.7 - -0 -

10 8.3 ▼

5 ▲

Latham & Watkins 3 7 64 0.8▼ -DLA Piper LLP 4 2 57 -

Skadden 5 13* 490.7 -31

▼ 18,527.70.6 20.2

13,962.7 - -0 - 153,039.8

Allen & Overy 6 4 47 0.6 -26 23 2.5 ▼

1 ▲11.4-3.6

▼ ▼Clifford Chance 7* 8* 41 -3.5Freshfields Bruckhaus Deringer 7* 10 41

0.5 -20

▼ 10,961.90.5 7.9

23,711.5 17 3.1-17 ▼ 59,681.2

Baker & McKenzie 7* 3 41 0.5 -43 35 1.5 ▼

11 ▼-6.5-2.6

▼ ▲White & Case LLP 10 12 40 3.8CMS 11 8* 38

0.5 -11

▲ 123,685.10.5 -

114,284.8 3 15.1-23 ▼ 572.0

Simpson Thacher & Bartlett 12 39* 36 0.4 16 2 16.4 ▲

- --8.5

▲ ▼Davis Polk & Wardwell 13 20* 35 -4Mori Hamada & Matsumoto 14 17 33

0.4 2

▼ 20,790.00.4 -

106,325.0 4 14.1-5 ▼ 5,984.4

Hogan Lovells 15 15 32 0.4 -16 21 2.8 ▼

- ---7.1

▲ -Lee & Ko 16 59* 30 -Cooley LLP 17 67* 29

0.4 14

▼ 20,247.10.4 -

6,781.7 - -14 ▲ 2,137.5

Linklaters 18 6 28 0.3 -38 22 2.7 ▼

- ---1.9

▲ ▲Sidley Austin LLP 19* 117* 26 2.9Morgan Lewis & Bockius 19* 20* 26

0.3 17

▼ 66,176.60.3 -

25,905.0 15 3.4-7 ▼ 6,929.6

Weil Gotshal & Manges 19* 18 26 0.3 -10 9 8.8 ▼

- ---1.9

▼ ▲Ashurst 22* 24 25 7,861.8 48 1.0Bryan Cave LLP 22* 44* 25

0.3 -50.3 6

Kim & Chang 24 49* 24 0.3 6 ▼

-

▲ 2,108.1 - -- -

-0.3 -13 -▲ 9,017.3

-▼

44 1.2

756,093.4Industry Total 8,237 -938

Stikeman Elliott 25* 19 22 5,203.4

12.6%

Industry % Change from Same Period Last Year -10.2% ▼ 52.3% ▲

100.0▼

1.5 -14 ▼ 137,237.0Jones Day 1 1 89

40,511.3

US$m Rank

721

- -24,999.6

▼ 12,067.60.9 -91.1 -181.1 -2 ▼Kirkland & Ellis 2 4 66

▼

DLA Piper LLP 3 2 62Latham & Watkins 4 7 52

12.2 ▲6 27.20.7 -23Baker & McKenzie 6 6 41▼ 45,354.45Skadden

7 12* 40▼ 146,784.1

8.411 45

▼ 27,712.6▲

19 5.1▲ 165,048.48

-5.3 ▼

18 28.0White & Case LLP 0.7 -7

17 5.9

140.8 -6

3 30.6

21,920.0Freshfields Bruckhaus Deringer 9* 10 37 0.6 -15 ▼ 31,706.8

Weil Gotshal & Manges 11 17 36Clifford Chance 9* 8 37

0.6 -1 16.3 ▲

22 4.1▼ 168,590.7

0.6 -20

52 1.6

1.4 ▲

1 31.3

▲ 20,710.4Allen & Overy 12 3 34 0.6 -36 ▼ 8,797.5

Herbert Smith Freehills 13* 14 32Shearman & Sterling LLP 13* 40* 32

0.5 -13 -1.9 ▼

26 3.8▼ 17,366.3

0.5 12

-11.9 ▼20 4.7

-5.0 ▼

31 3.2

▼ 1,821.0Linklaters 15 5 31 0.5 -35 ▼ 25,122.2

Hogan Lovells 16* 12* 30CMS 16* 9 30

0.5 -17 21.3 ▲

- -▼ 136,284.3

0.5 -23

7.0 ▲13 8.6

- -9 25.3

▼ 29,330.5Fried Frank Harris Shriver & Jacobson 18* 51* 27 0.5 10 ▲ 46,281.2

Davis Polk & Wardwell 20* 22* 26Blake Cassels & Graydon 18* 15 27

0.4 0 20.6 ▲

18 5.4- 164,245.2

0.5 -12

- -- -

-1.8 ▼

4 30.4

▼ 9,355.4Morgan Lewis & Bockius 20* 26* 26 0.4 1 ▲ 2,757.3Stikeman Elliott 22* 26* 24 0.4 -1

▲ 7,930.5Sidley Austin LLP 22* 101* 24-2.8 ▼

- -0.4 14 - -49 1.7

-- -0.4 -5 ▼ 12,161.9 --Nagashima Ohno & Tsunematsu 25* 22* 23 0.4

Mayer Brown LLP 22* 20* 24

Mori Hamada & Matsumoto 25* 16 23-

-17.9%

-1,288Industry Total 5,898

-3 ▼

▼▼

7,788.1 - -

100.0▼ 539,511.8

▼

▲

*tie

Industry % Change from Last Quarter -19.1%


▼

- Skadden

-7.5%

-1.6%

5.6-9.1

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables

Industry % Change from Last Quarter -19.6% ▼

Shearman & Sterling LLP 25* 34* 22 0.3 0

-

▼- 12,141.3 32 1.6 -5.5

-

-

Paul, Weiss 25* 49* 22 0.3 4 ▲ 83,992.7

0.4

7 11.1 8.9 ▲

--15 ▼ 9,797.9 -

3

https://ww.thomsonone.com/







36.1

-

33.3

* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2013 - 3/31/2014 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.

22.6

38.8

24.4

22.4

7.6-19.526.5 -

30.4 34.5

26.3 -

27.6

3.2

41.2

24.1

12.3

30.4

33.3

27.4 9.6

21.8 11.2

36.4

22.7

18.223.4

21.4

34.4

-

33.9

23.3 23.410.1

31.426.128.1 28.5 50.3

-

34.4

-

26.8

- 10.1

26.2

- 27.429.8

-Average Industry Total 26.1 36.5 34.127.8

-Telecommunications 33.6

30.927.4

31.8 21.6- 9.3-22.1 - 10.0- 26.130.030.4 -

Retail 22.5 30.4 34.2

Real Estate 23.6

27.9

3.9

24.4 50.9

23.0 26.3-21.144.8 - 25.6

23.3 28 23.3 28 -Media and Entertainment 22.8 26.7 39.9 31.2 51.9 31.2

34.1 30.0 31.8 30.018.2 35.7

-

26.7Materials 33.0 29.6 32.227.6

37.5 - 56.1 35.325.7

32.9

55.9 20.0

25.6 27.5 - - 17.9

30.1

28.0 23.0

25.3 13.6 32.6Industrials 21.1 25.4 35.7 20.8 17.2

Healthcare 24.7 40.5

37.972.6 9.5

High Technology 25.5 28.6 24.8 33.9 24.7 36.4

16.2 17.8 -

24.6

- - 16.2 31.623.4 23.412.5 20.3 20.6 - 28.642.9 12.5 20.330.424.6 54.6 57.5

31.5

46.4 40.834.9 43.0

19.3

- 35.931.3 2641.3Financials 30.9 34.7 33.4

27.0 22.1 16.2 33.6 -1940.4 55.1 34.7

32.4

8

32.2 17.6 45.425.4

34.7 8 - - 11.619 -

22.1 54.9

34.8Energy and Power 30.9 25.0 37.4 41.5 -

Consumer Staples28.2

21.0 33.326.724.0

33.8

5.3 28.2 17.0 6.643.3 54.9 - - 11.4 13.6

2013World Americas UK Asia ex. Japan

Consumer Products and Services 18.1 18.1 21.5 22.3

Average Industry Total 12.8x

USA Canada

12.7x 11.7x

EMEA Europe Japan2014 UP 2014 DOWN

6.0x

11.5x 12.7x11.7x 7.4x 18.9x 13.9x12.8x

-

11.7x 12.2x 10.6x 12.2x14.2x 11.6x 7.3x11.4x

6.8x

4.9x 15.3x

13.9x- 6.0x - - 18.0x 13.9x 12.6x15.3x 10.7x

11.2x

10.8x16.6x-

- - 4.9x 10.8xTelecommunications 14.0x 11.2x9.5x - --

- 20.5x

6.2x

Retail 12.2x 12.7x 10.7x - 19.1x

11.0x

12.7x

13.4x

12.7x

15.4x 8.4x

- 13.0x

18.4x 22.3x -

11.0x 13.0x 13.4xReal Estate 18.9x 17.2x 16.3x 21.1x 1.0x

Media and Entertainment

9.0x 10.6x

13.0x 12.0x

- 16.5x 18.6x 19.3x

3.6x -11.5x 13.0x 8.9x

- 22.6x

12.1x

8.6x 12.9x

12.1x 10.2x

12.6x 11.7x5.8x 8.6x - -Materials 12.1x 10.2x 16.7x

12.1x 12.9x12.1x 11.7x

8.5x 12.0x6.9x 11.0x 8.5x

9.9x 18.2x

14.6x 14.2x

9.7x 5.8x 8.3x

Industrials 10.7x 9.8x 11.0x 8.2x 9.8x19.0x 14.5x

9.3x -21.9x

11.2x14.2x

High Technology 13.7x 10.1x 19.0x 12.9x 11.5x8.7x6.4x - 11.6x 12.7x

22.8x

8.7x

22.8x 8.8x- 22.8x

12.0x 12.7x 5.7x23.2x 12.9x

5.1x 9.4x

8.8x 10.3x 10.3x

5.1x 5.2xHealthcare 19.8x 16.7x 20.1x 8.8x 25.2x 21.9x 9.3x

14.7x - -15.7x 5.2x - 3.1x 10.7x 11.8x15.7x

13.8x 11.7x 4.8 4.8xEnergy and Power 10.2x 9.7x 5.9x 11.8x

Consumer Staples 11.7x 11.2x 12.7x 14.6x- 11.7x 14.6x10.7x 15.0x 8.4x - 12.2x-7.4x12.2x 13.1x 5.7x -10.0x 10.0x 11.6x 28.9x 13.0x 28.9x 26.8x10.7x3.6x 7.4x - 29.0x 11.7x

15.9x

Consumer Products and Services

Canada EMEA EuropeUSA JapanAsia ex. Japan


Worldwide M&A Matrix

World Americas2014 UP 2014 DOWN 2013

UK

Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA Jan 1 – Mar 31

Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price Jan 1 – Mar 31


4







Telecommunications Media

Energy & Power Industrials

Real Estate Financials

Healthcare

MaterialsHigh Technology

Paul, Weiss


21,093.3 42.016.4

7,302.0

Ropes & Gray 1,230.0

15,645.2

3,500.01 1*

3

22.7

13.43

2,432.32,432.3

24,790.7

2,432.3

Fenwick & West LLP

5 1

Hogan Lovells242

1,150.0

Simpson Thacher & BartlettAlston & Bird

2

1*

21,747.2

Osler Hoskin & Harcourt LLP

3,298.2 14.3

53.8

2

43.3

Net of the competing bids for Time Warner Cable, Americas volume increased 30% over totals reached last year,accruing US$457.7 billion in activity, from 3,358 announced deals.

US Targeted M&A also posted significant gains, rising 35% (net of competing bids for TWC) over announced M&Aduring the first three months of 2013. Driven by 2,164 deals, US-targeted volume including both offers for Time WarnerCable accrued a total of US$367 billion during the first quarter of 2014.

The Media & Entertainment sector dominated the US market for the first three months of 2014, with deal volume totaling US$140.6 billion, a 38.3% market share. High Technology placed second, accruing US$50.2 billion for a 13.7% share.Healthcare trailed closely behind, with US$46.1billion and a 12.6% share of the market.

Accumulating US$35.7 billion in transaction value, announced Canadian Involvement activity rose by 20% over thetotals reached in the same period last year. Completed Canadian Involvement however, fell to US$34.04 billion from393 deals, a 26% decrease from completed activity during the first quarter of 2013.

Buoyed by extremely high multiples in several sectors, US targets enjoyed the highest average exit multiples worldwideduring the first quarter of 2014. Average Healthcare multiples rose to 25.2x from 8.8x in the first quarter of 2013.Average High Tech multiples rose to 23.2x from 12.9x, and average Materials multiples rose to 18.2x from the 9.0xaveraged during the same period last year.


1 22.7

(US$m)

23,148.0

38,219.0Skadden

No. Deals

2 62.980.0

16,564.7

Shearman & Sterling LLP

46,115.5

50,190.0

1 2

3,103.1

29,017.2 5

ShareMkt. Mkt.

(US$m) Rank ShareRank Val

Skadden

Latham & Watkins202

21.1

2

10,717.3 1

White & Case LLP

36,904.7 13 Skadden

5,601.5

3

1*

134

Vinson & Elkins LLP

3

2 3 Willkie Farr & GallagherWhite & Case LLP 73,250.4

4 Willkie Farr & Gallagher

4

44.1

71,077.1

255

3,239.5

Skadden

Jan 1 - Mar 31 2014

251

Paul, Weiss

1


LBOs as a Percentage of US Targeted Announced M&A

Top Ten US Announced Deals

12.4

146 384

2

22.7

50.550.6

1

Greenberg Traurig

3

3

2

52.1

4

3 56.41

4 3 39.655.8 8 8,726.9

3 2Kirkland & Ellis

2


2

2

9,953.9

3

35,255.0

2,128.0

8,816.31

140,610.7


19.6

6,194.0

11.6

28.028.2

15

159

6

No. Deals

21.4 1

178 1 30.2

5,297.3

Rank Val

71,052.9 3

Sullivan & Cromwell

Consumer Products & Services

5,660.21

Rank

Healthcare / Healthcare Equipment & Supplies

Americas M&A Up 30% From Q1 2013 | Media & Entertainment Volume Drives US Activity | Canadian Activity Rises 20%

Americas M&A

Americas Deals Intelligence Jan 1 - Mar 31 2014

1

5


24.2 10 Latham & Watkins18,771.3


62,576.6

4,150.0


1/6/2014 Materials / Paper & Forest ProductsUnited States / United States1/16/2014 Pending

AB Acquisition LLC United States / United States3/6/2014

Acquiror / Target Nation Rank Value (US$m)

2/13/2014 PendingRank Date Date Effective Target (% Sought/Acquired) Acquiror

Time Warner Cable Inc (100%) Comcast Corp1/13/2014 United States / United States

Healthcare / PharmaceuticalsPending United States / United States 19,467.7WhatsApp Inc (100%)

2/18/2014 23,286.32/19/2014

15,693.3Pending

Media and Entertainment / CablePending Forest Laboratories Inc (100%) Actavis PLC Ireland-Rep / United States

9,199.4Japan / United States

Safeway Inc (100%)

United States / United StatesPending Time Warner Cable Inc (100%)

Media and Entertainment / CableCharter Communications Inc

70,677.1

Consumer Staples / Food and BeverageHigh Technology / Internet Software & Services

1/1/2014 1/21/2014 Chrysler Group LLC (41.46%)

Facebook Inc

Healthcare / Healthcare Providers & Services (HMOs)Retail / Food & Beverage Retailing

1/13/2014 Pending Beam Inc (100%) Suntory Holdings Ltd

2/20/2014 Pending Emeritus Corp (100%) Brookdale Senior Living Inc United States / United States 5,373.2

NewPage Holdings Inc (100%) Verso Paper Corp United States / United States 4,332.9Fiat North America LLC Industrials / Automobiles & Components

Jan 1 - Mar 31 2014US Target Announced M&A Target Industry by Value

Ortho-Clinical Diagnostics Inc (100%) The Carlyle Group LP

US Announced Advisors by Target Industry

United States / United States 4,350.0Pending

3,201.7 31 Skadden 2,910.0 1* 90.9 1 Weil Gotshal & Manges 2,910.0 1* 90.9 1 Cleary Gottlieb Steen & Hamilton 2,910.0 1* 90.9 1

Hogan Lovells 2,432.3 1* 22.7 1

38.3%

13.7% 12.6%

6.3%

5.1%

5.1%

4.5% 4.3%

3.6% 2.9% 2.7%

0.9% 0.0% Media and Entertainment High Technology Healthcare Energy and Power Consumer Staples Industrials Financials Materials Retail Real Estate Consumer Products and Services Telecommunications Government and Agencies

0%

5%

10%

15%

20%

25%

30%

35%

$0

$100

$200

$300

$400

$500

$600

3Q06

4Q

06

1Q07

2Q

07

3Q07

4Q

07

1Q08

2Q

08

3Q08

4Q

08

1Q09

2Q

09

3Q09

4Q

09

1Q10

2Q

10

3Q10

4Q

10

1Q11

2Q

11

3Q11

4Q

11

1Q12

2Q

12

3Q12

4Q

12

1Q13

2Q

13

3Q13

4Q

13

1Q14

% o

f US

M&A

Ran

k Va

lue

(US

$b)

Non-LBO LBO LBO as % of US M&A

5





http://banker.thomsonib.com/

73* 0.1▲2.2 ▲ 6 44* 0.3 1▼

Osler Hoskin & Harcourt LLP 25 105 8,314.4 2.324 36 9,749.4 2.7 2-3.8 ▼ -7

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com

White & Case LLP 16100.0

Industry % Change from Last Quarter

▼0.8

19.1%

▲

▲

25

44.2%

▼

▼

-137*16*-0.815,393.2 154.8

-75* 0.14.9 4.6 ▲ 2 0WilmerHale 22 82* 16,821.1Kim & Chang 23 79 15,791.1

2 ▲

1 ▲46* 0.454* 0.35.5 4.4 ▲ 5

▲ 75.2 5.0

Paul, Weiss 20 15 18,736.2Norton Rose Fulbright 21 49 17,657.5

-2 ▼

2 ▲24* 0.733* 0.55.9 3.7 ▲ 9

▼ 135.8 -0.6

Blake Cassels & Graydon 18 24 21,546.8Sullivan & Cromwell 19 34 19,037.3

2 ▲

3 ▲37* 0.51 3.06.9 -0.6 ▼ 53

▲ 86.7 3.6

Skadden 16 14 32,767.9Kirkland & Ellis 17 13 22,350.5

6 ▲

-1 ▼4 1.628* 0.610.5 9.5 ▲ 11

▲ 2810.2 3.4

Latham & Watkins 14 7 37,214.4Cravath, Swaine & Moore 15 53 33,950.3

▲

-5 ▼3 2.08* 1.222

▼ 3511.5 -3.0913 25 43,687.2 13.5 10.6 ▲

12 - 130,298.3 ▲ 140.4 40.41 ▲

1 ▲100* 0.175* 0.141* 130,498.3 40.4 39.0 ▲ 2

10 31* 130,913.3 ▲ 240.6 38.4-5 ▼

1 ▲75* 0.137* 0.5

0.3

40.7 32.2 ▲ 8▲ 4140.8 36.0

642.8 11.8

1 ▲

-12 ▼2 2.349*

0 --3 ▼

▲ 159 0.5

4 - 150,689.2 ▲

46.346.746.731.3149,384.2

5 162,028.9

414 ▲

4 ▲58* 0.2

▲

14▲ 24

Simpson Thacher & Bartlett 3 30 157,497.2Weil Gotshal & Manges

48.82

# of Deals

# of

RankDeals

Change in

Sh (%)

Market

2646.4 5 1.527.3

▲

322,868.4Industry Total

Hogan Lovells 9 9 131,525.1

▼20*6*50.2 21.4

0.833*16*

▲

6

39 133,373.72 138,277.9

41.3

22 15,560.824 1.4 ▲ 8

8

-4.8

6

-16.9%

1,778

18 131,638.039.7 ▲

367,036.1 100.0

Jones DayDebevoise & Plimpton 7

▼

11

De Brauw Blackstone Westbroek 11

Baker & McKenzie

67

Allens

MacfarlanesFried Frank Harris Shriver & Jacobson

0.5▼

▼

-10

▲Industry % Change from Same Period Last Year 62.7%

Industry Total

Industry % Change from Last Quarter 49.1% ▲

-20.344*

2,164

-9.7

▲

12

6

22*-0.5

▼

62*3-11.1

Debevoise & Plimpton 23 18 9,782.9▲▼ 11 24* 0.5

2.7Dechert 22 40 10,104.9 2.8

Schulte Roth & Zabel LLP 20 52 11,377.6 ▼

Shearman & Sterling LLP 21 13 10,899.3 3.00.1 -30.6 ▲

1.0

Nishimura & Asahi 18 - 15,693.414,126.9 3.9 -16.1

4.3

3.134* ▼Sullivan & Cromwell 19 10

4.3 1 97*▲

8

▼4.3▼0.5

24* -511-7.6 ▼ 11

0.1 10.5

▲

▼

▲

-130.8

24*▲ 17 14*

6.7 73*

Hogan Lovells 17 9

145.9

Cravath, Swaine & Moore 16

24,598.9 6.7Fenwick & West LLP

-15.617,038.222 4.615,896.8

▲10.15.8

▲

114 21,750.72

-Sidley Austin LLP 13 60 24,640.6 ▲16

024 6

0.8

▲

82

Cleary Gottlieb Steen & Hamilton 12 43 25,073.2 6.836,860.4

▼55,147.0 15.010.0 -2.5

5.86.7

14*174.0

Willkie Farr & Gallagher 8 75,671.6

▲Fried Frank Harris Shriver & Jacobson 11 16-5

4014*5

19▲19.8

Latham & Watkins 9 3 57,458.4 15.7 -16.0

1125.4

-9.86 1 90,176.4

36*

9

24*

-4

Wachtell Lipton Rosen & Katz 5 2 93,231.298,138.8

20*

4

2013

Rank US$m Rank

6.0 6.0

139*

0.4

15

0.5

19

Sh (%)

▲ 428

Market

34


▼

Jan 1 – Mar 31

Rank Value

7 50

104,793.2

2014

Rank

30.126 110,406.234

Sh (%)

Simpson Thacher & BartlettWhite & Case LLP

▼

58

Legal AdvisorLegal Advisor

139,120.3

8.3

▲

▼

▼

Market

18.1 ▲

11

1510.8

18

13-6.8

10

24.6

2312

28.610

▲

22.2

15

Baker Botts LLP

-7.7

Paul, Weiss20.6

*tie

Arthur Cox

81,464.2

140

14 39

Freshfields Bruckhaus Deringer

15Sullivan & Cromwell

17

115

Dechert



Arthur Cox 13

1112

Skadden

Kirkland & Ellis

Cleary Gottlieb Steen & Hamilton

14.4

22

-13.3Weil Gotshal & Manges

Sidley Austin LLPFried Frank Harris Shriver & Jacobson

9 3

38,028.6

▲

13.2

1▲ 4 0.2

1029

-3▼35.9▼

-13▲

2.65871* -234.78

31.6 ▲

132,463.7 28.011 35.6

35.9

▲

0.8▼

▲ 135.2 71*

19*▲ 4

28 8* 1.113

17Hogan Lovells


3735.1

▲

▼

26.7▲

▲

Share Ch.

37.9

▼


▲

US Target Announced (AE2)

0.7

4715*

19-6.8 ▼

30.7

▼

47*7 ▲

11 133,504.1De Brauw Blackstone Westbroek-7 Jones Day

▲

133,449.719

133,891.0

0.340.8 ▲

▼▲ -69 46* ▲

193

40.81936

559*

36.0 33.9▲

29.57

10*0.4

37.96

3311.2

4

140,706.0

▼18 0.8-10

2 14*▲

0.8-3

-1189.6 2.4▼ 0.5

42.2Slaughter & May

67 ▼ ▲

Wachtell Lipton Rosen & Katz 5 2Kirkland & Ellis 4

-5.524.71122.4

103,040.4

-15.1

1 90,439.4

75,671.6

-0.4

55,147.0

25,092.4

18.2 6.760,021.3

-3.2

-9.81.8

Paul, Weiss 7

10 5

Willkie Farr & Gallagher45

Latham & Watkins

▲

28 -1 ▼7 1.21.6 22536

24.2

45.2168,103.635

162,874.3164,943.5

105,951.5

-4 ▼

1.2 15 ▲ Simpson Thacher & Bartlett23*1Wachtell Lipton Rosen & Katz

10

▲




4 1.4

White & Case LLP 3

Skadden

3Weil Gotshal & Manges

Sh (%)Sh (%) Share Ch.

5 ▲

29.2

44.41 12 ▲21.2

29.0138

331

23

93,231.2

142,216.6 34.1

25.4 7.8 -515*120,764.6 ▲ 6

0.4

2

156,964.7

Baker & McKenzie5

-11▼▲ 0.7

81,616.2 Debevoise & Plimpton

Allens-10

18.3

-9.0▲

29*

12* 0.7

17,038.2

6

17

▼

36*

13 ▼

24

820

▲

6.0

11

20

▼

▼

3.8

4.1-13.83.8

-2

19

1.540

▼ 0.9

11

1415

15*

Slaughter & May

Skadden

16 19,972.3

24,029.0

Value US$m

1

22,946.7

44 35,292.9

10

44,675.635.1130,298.3 0.0143*

Kim & Chang

▼

▲

Latham & Watkins

▲

Paul, Weiss

# of Deals

▼

Blake Cassels & Graydon

5

-7

Kirkland & Ellis

-67

1.1

12* 0.824*

40*

3

0.4

2.7

▼

3.2%

17

00.6

0.8

11

# of

▲

Deals Legal Advisor

▲

0

Market

1

▲

▲

Rank Sh (%) # of Deals

2014

Rank Deals Rank

Market

22

151,522.0

Market

9.6

▲

43.842.4

Sh (%) Share Ch.

2.5

3.8

▼

18▼ 1819

▲

1

5

0.0 0

19.6

1.3

17

14

0.724*

▼

Change in

▼

▲

-6.75.1 -14.9

5.2

5.49.1

-10.5

1

5

-10

4

22*

7*


20 7 14,445.3

US$m

21.717.1

▲

▲

21,355.5

▲ 0.125,073.2 8

8*

145.422,337.8

25

Shearman & Sterling LLP 23 14 11,107.3

Fenwick & West LLP

Nishimura & Asahi

6Cravath, Swaine & Moore

163

# of Market

-3

0.9 17

2▼

-1.7

21

19 199* 15,693.4

65 Macfarlanes 12 216*

Market

21025,808.4

1.7

Market

6.2

Rank

Value US$m


Change in

# of Deals

2014

Rank

2013

Rank

Rank Value

Legal Advisor

2013

Rank


130,913.3

9.5

0

19

▼

9.3

-1

15 0.7

12.0 10 ▲26

▼

▼

▼

-0.233.3

35,572.212

20▼

9

▲ 48* 0.3175*

6 10.133

3

Any US Involvement Announced (AE33) Jan 1 – Mar 31 Any US Involvement Completed (AG34) Jan 1 – Mar 31


▲

2.8 -4.3 -121.86

37,535.012* -7

0.5128.2 ▲

42.1 ▲

1 02.86 ▲-11 ▼ Cravath, Swaine & Moore 16 34*

Hogan Lovells 18 9 15,965.0 0.7-6.5 -1.2 ▼ 63

- Sullivan & Cromwell02.5 ▲ 15 0.7

0.25.45.1

0.5▼18,888.2

-▼▲

23*6.2-6

23*-0.411 37*

21 53 12,745.7 3.13.5

21Schulte Roth & Zabel LLP 2 ▲59* 0.31 ▲0.715▼

86

15

23*Osler Hoskin & Harcourt LLP 22 63 11,559.358* 0.2

▼4.8▲17,959.0 4.8 4.5

17,853.6-22.7

2.855* 0.33.8 ▲

-3.9 154.8

102▼45* 0.3 -4 ▼ Freshfields Bruckhaus Deringer 22 -30.7

24 42 10,461.4▼ 15 ▼22* 0.6 2 ▲ 54 17,682.5 7

0.6 ▲

2316,931.1

Norton Rose Fulbright3 ▲4.6 4.4 ▲ 8 51* 0.4 1

14* 0.8WilmerHale 24 113

16,613.7 -7 ▼-7 ▼ ▼ 19White & Case LLP 25 4.5 -0.6Industry Total

2.5 17Baker Botts LLP 25 36 10,445.3 3 75* 0.1

Industry % Change from Same Period Last Year 60.0% ▲

Industry % Change from Last Quarter 33.9% ▲

416,909.1

1.6

▼ 21

0.718

1.0

8.9

26.1

# of

▲

Deals

Wachtell Lipton Rosen & Katz 1

▲0.5

-

1.9 -9

0.5 0Proskauer Rose LLP

1.1

▲

-13.8% ▼

-82

-4.4%

▼


100.0 -189

-7.7% ▼

-15.9% ▼

-

Industry Total

11.6%

Americas Rankings

▼

371,742.6

166,203.6 8.8

Davis Polk & Wardwell 5▼

Share Ch.

▲

-4

100.0

US Target Completed (AG2)

# of Deals per AdvisorRank Value per Advisor (US$m)

-2.4% ▼

2,742

0.8▲51.5

2,272

Market

Jan 1 – Mar 31

Sh (%)

Rank Market

▲

39.3%

Market Change in


2014

Rank

2013

Rank


-15.6% ▼

6






*tie

-3.0 ▲ 911.1 - - -

26.11,477.5

2 20* 0.5 1

Rank

10.8

Market

▲

0.5

-1 58.0

1 37.9

26.740.0Jones Day 2.3 -5.0


2 2 49.02.7

-83

98,138.81

0.3

100.0

Share ChDeals

Industry Total

30* ▼

30* 900.0 2.6 0.5 ▲ ▲

-11 0.3 -1 ▼

9* 900.0 2.6 -35.8 ▼ 122*

Covington & Burling 24*6 1,165.0

- 1,462.11,097.7


Weil Gotshal & Manges 24*

-35.4 ▼3.4

Legal Advisor

1.8

1


30*

30* 10

1

0.3

-17.4%



1.1

▼

▲ -22.3%

-12.1% ▼

▲ 1

319,297.45

18.4%

16,821.1

Industry % Change from Same Period Last Year 53.3%

39334,039.5


0.8

-26.0% ▼

-21.7%-21.1%

▲

▼

▼

Kirkland & Ellis▼

38*Cleary Gottlieb Steen & Hamilton

▼

29* ▲

00.2

3.1

22* 1,165.08*3

-▲

Davis Polk & Wardwell13.4 -35.9

29*

▼ ▼51.8

30* -10.3▲ 728 1,292.0

1▲ Fasken Martineau DuMoulin LLP

▲

14* 3.8 1.5 321 ▲

▲4.2 4.2 3.9 3.929* Eversheds 17* - 1,342.6▲

-30* 0.31,342.6 ▲ 13.9 3.81Sutherland Asbill & Brennan LLP 17* 5.0▲A&L Goodbody 17* - 1,342.6 0.3 13.9 30*

29*▼1 ▲ 1

1 ▲

▲

Gibson Dunn & Crutcher 17* 60

▲Cravath, Swaine & Moore 17* - 1,342.6 ▲ 30*3.9 3.9 0.3

6 2.34.11.3

▼

1

-4.4 -14.1 -1.6 5 1▼ 13

1

29* 0.2▲16 17▼McCarthy Tetrault 9

▲

-1

4

▼

1 29* 21

0.2 1▲ 2 ▲Shearman & Sterling LLP 14 - 1,457.6 ▲4.34.3 20* 0.5▲Norton Rose Fulbright 13 49 2,039.1 ▲ 7 8* 1.85.7

-3 ▼Skadden 12 14 2,308.8 20* 0.5-4.2 ▼

▲Drew & Napier 10* - 3,044.8 ▲ 1 30* 10.321 29*

-1 8.914*6.8-

3▲

8.91.9

▼

▼

8.9▼

29*-50.7

▼King & Wood Mallesons 10* 63 3,044.8 ▲ -18.9 1 30* 0.3

McCarthy Tetrault7.3

8 14* 1.09.32Cassels Brock & Blackwell LLP 9.0 ▲Deloitte 9 - 3,046.2 20* 0.5 2▲9.0

4 ▲Ashurst 8 - 3,172.1 ▲ 49.30.9 9.6 0 -Herbert Smith Freehills 7 4 3,260.0▼

2 5.1▼ 20-46.4-30.0 ▼ 3 17* 0.8

9* 0.7▲ -1311.9 ▼Blake Cassels & Graydon 6 1 4,047.21 ▲Stikeman Elliott 5 3 4,071.4 ▼ 2112.0 5.3

12 1.5Torys

13.7 -11.6 14 ▼

-13.7 1-3 ▼Borden Ladner Gervais LLP 4 16 13,615.9 40.0 32.0 ▲ 6

8*Gowling Lafleur Henderson LLP 4,893.4 130 10.7 ▲ 20 2 3.4 ▲Davies Ward Phillips & Vineberg LLP 3 47 16,426.4 8* 1.847.8

-3 ▼

-7 ▼ ▲ 748.3▲ 72 53.4 36.03 12▲ Torys

4 3.855.4 -0.4 ▼▼ ▼2 18,858.3Osler Hoskin & Harcourt LLP 1 415 -5

2014

Rank

Osler Hoskin & Harcourt LLP 1 1 6,212.5 17.4 11 -121.9RankShare Ch. Deals

2013

Rank

Market Change in

Jan 1 – Mar 31

DealsLegal Advisor Sh (%) # of Deals

# of Change in 2014

Rank


RankUS$m

Market Market

Legal AdvisorShare Ch.Sh (%)

5 7*-13.0

22

▼

▲

Industry Total43*▲

3

-1

0.2

0

0.2

0.3

1

0.2

12

0.2

6.0▼-1

15 1,402.91,395.71 Jones Day

15▼

18*

-2 3.9

▲ 1

▲

Deals

▲

29*

907-7

2.9

0.7543*

7 31*

-163* 0.3

0.6

▲

5

29*

14,759.0

17,682.5 37*

1.816

▼

-6 ▼

-3 ▼

▲

-3

-56

▲

Gibson Dunn & Crutcher 25 19 14,068.0 4.4 0.2

5.046

4.6

5.5

5.05.3 3

▼

7 -5.3

1

Freshfields Bruckhaus DeringerWhite & Case LLP 23

Paul, Weiss 19

24

20

16,080.4

- 17,699.0

11 22,253.6

102

Skadden

13

9.1

152,280.6

16

Blake Cassels & Graydon 18 21,989.4 6.9

20.0% ▲

Linklaters 23*

US$m

4

160,714.3

35,691.5

Kirkland & Ellis 17

▼

0.6

6▼

12 18,736.2


Market

▲

▼

-4

0.2

-7

0.2

▼

-39.6

Any Canadian Involvement Completed (AG35)

# of


3.6

-1

Jan 1 – Mar 31

# of DealsSh (%)Sh (%)

0.9

▼

18,183.1

-11

0.21,489.0

2.3621

▼

# of

1.7

Change in

29* -1

Rank

0.5

# of Deals

1

Sh (%)


Jan 1 – Mar 31

4.1

3.1

4.1

▲

1


3.1 1.4

▼

▼

Market

▲

- Weil Gotshal & Manges

Rank Market Market

Value US$m

▼

▲

▲

-


Americas Rankings

▲

▼

4,546.1

US$m

US Target Announced (AE2) - Based on Number of Deals Jan 1 – Mar 31

Slaughter & May

1514



Baker & McKenzie

Hogan Lovells11*

Jones Day 9

28

5 6

10 29,001.7

11* 29

162

732

150,604.2151,522.0


Neal Gerber & Eisenberg

Wachtell Lipton Rosen & Katz 1


10*

138,246.3

3

6

7.5

6.1

2,183.4

2,183.42,183.4

2014

Rank

20

3.79.2-12.3

7.22,555.4

168,103.6

1,097.7

Sh (%)

MarketRank Value

-1.1%

1,097.7

2,555.4


3

Rank Value


Industry Total

Skadden

5

33

Norton Rose Fulbright

Stikeman Elliott

2013

Rank

5

3

1813.5

7.2

5.0

3,291.9

▲

De Brauw Blackstone WestbroekDebevoise & Plimpton

Macfarlanes

1.5

43.3

19

Kaye, Scholer LLP

63*

21

▲

▼

▼

-1

5

47.5

4

5

Market

0.2

29*

29*

1.2

-10

-8

0.5

12

▼

9*▼

7*

1

0.2

4

Kim & Chang-1.0

18

1.0

75.9

▼

▲

-1.3

5.5

WilmerHale 22

14-2

Norton Rose Fulbright 21

-0.7

4.3

▼

▼

2.5

5.5

1

588

26

10

-2

1.26

0

-1

11*

6

0.8

2.71*

31*

▲

-18

5

0

3 0.3

-215*

13.715.6

Any Canadian Involvement Announced (AE34)

1,800.0

12*

-

-

4,822.8

7

2

4

5,578.8

3,053.2

Bennett Jones

2

2,183.4

2,662.5

4,873.4

Burnet Duckworth & Palmer

2,594.6

6

9

Davies Ward Phillips & Vineberg LLP 7

74*

1,820.1

1,500.0-

34*

38*

1,800.0

-

Weil Gotshal & Manges47.7

2

23*

13.6

Legal Advisor

10*

Mayer Brown LLP

Sullivan & Cromwell

Paul, Weiss

5.0

4.2

1,800.0Vinson & Elkins LLP 17* 69*

85.1

5.0

5.0

41*

2013

Rank

40.8

41.7

47.2

23*

▼ 58

▼ 7

▲

▼

6.1 5.8 ▲

7.21

21

48.6

6

41.8 40.3

-19.0

Market

-19.5

3.9

▲

6.1

▲

2.5

-10.83.2

▲

4.9

▲

6.1

Davis, Graham & Stubbs 17*

- 6.1

White & Case LLP

12*12*

Gilbert + Tobin

▲

▲

2.0

1

15

-15.6%

9*

37*

▼

0.7

1.2

2.9

133,504.13

13

0.463*

7

50.3

132,351.1

52.733.5

1*47.5

4

▲

▲

▲

41.5 ▲

13*10 39 132,335.715

▲

40.8

26

51*

106*

39.436.9

15*

45.2

11

Fried Frank Harris Shriver & Jacobson 13 ▲

40.8 38.410.2

▲130,298.3Allens

10.1

39.8

37 34,904.1 1.123 42,742.7

8

▲

41.5

10.9 9.2 ▲

18

21

12

10

▲

13.4 ▲

76* 0.2 ▼

-14▲419*

1.5 6

1.30.1

Latham & WatkinsCravath, Swaine & Moore

- 130,298.3

8

16

133,203.741*

32,129.8 ▲1.2 23

19*

▲

8

24

▲

2.5 Fried Frank Harris Shriver & Jacobson▼

100.0

4*

7.0

Share Ch.

3.1

▲

Any US Public Involvement Completed

King & Wood Mallesons 12* 31

100.0

6.8

▲

▲

1.4

10.231.3

-8.7%

11

14

0.2 ▼

▲

Market


2014

Rank

2013

Rank Sh (%)

Change in Rank Value

Sh (%)

▼1.9 -9.0 ▼ 57,458.4- - -▼ -

Skadden 4 5 34.09 15.7Latham & Watkins 3 3

40* 24.0-

40.0▲1.6 5.0 ▲ 139,120.3

-16

5.8- -1.3 14.0 ▲

13 6.71.1 5.0 ▲

-Cooley LLP 5 24* 27.0Sidley Austin LLP 6

24* 23.0-

▲1.1 16.0 ▲ 24,640.6- --Bryan Cave LLP 7* 15 23.0

2 30.12,008.1

Simpson Thacher & Bartlett 7* 18.1 ▲1.1 10.0 ▲ 110,406.2- -1.0 -13.0 ▼ 909.7

Morgan Lewis & Bockius 9* 7* 22.0- -DLA Piper LLP 9* 4 22.0- - - -1.0 0.0 - 5,547.5

-9.8 ▼1.0 0.0 - 90,176.4Vinson & Elkins LLP 12* 13* 18.0

6 24.6Davis Polk & Wardwell 11 10 21.028 1.6 -7.1 ▼0.8 -1.0 ▼ 5,813.0

19.8 ▲0.8 5.0 ▲ 81,464.2Fenwick & West LLP 14* 21* 17.0

7 22.2Paul, Weiss 12* 24* 18.015 5.9 26.1 ▲0.8 3.0 ▲ 21,750.7

-0.8 2.0 ▲ 36,860.4 11 10.014* 20 17.015.0 26.1

-14* 7* 17.0 ▲0.8 -5.0 ▼ 55,147.0 10

- -0.7 5.0 ▲ 1,356.0White & Case LLP 18 21* 15.0

- -King & Spalding 17 28* 16.08.9 ▲0.7 1.0 ▲ 104,793.2 3 28.6

-11.4 ▼0.7 -3.0 ▼ 7,813.6Bracewell & Giuliani 20* 31* 13.0

26 2.1Ropes & Gray 19 16* 14.0

20*-3 ▼0.6 3.0 ▲ 1,367.2 53 0.4

12.0Shearman & Sterling LLP-6.8 ▼0.6 -10.0 ▼ 93,231.2 5 25.4

- -

6 13.0▼0.6 1.0 ▲ 10,899.3 21

12.0Winston & Strawn 24* 40* 11.0

-0.6 -5.0 ▼ 888.1

Industry % Change from Same Period Last Year 62.7% ▲

-11.1

367,036.1+67

Akin, Gump, Strauss, Hauer & Feld

▲Industry % Change from Last Quarter -13.8% ▼ 49.1%

# of

3.2% ▲

# of Deals

Wachtell Lipton Rosen & Katz

-

Industry Total 2,164

3.022* 28*

22 2.8Dechert 24* 31* 11.0

22* 16*

-0.5 ▼0.5 1.0 ▲ 10,104.9

7






*tie

EMEA Involvement Announced Advisors by Target Industry Jan 1 - Mar 31 2014

1


De Pardieu Brocas Maffei

8,039.4

3

Hannes Snellman

34,597.7

27,181.7 7,730.5

Announced M&A activity with EMEA involvement totaled US$271.8 billion in the first quarter 2014, up 53.1%compared to the US$177.6 billion reached for the same period last year. Net competing bids for SFR, EMEAmergers are up by 33% compared to the same period last year.

Telecommunications was the highest valued sector of this first quarter 2014, with 44 deals grossing a combinedUS$52.6 billion. Industrials accrued US$31.6 billion, and Healthcare totaled US$30.6 billion worth of activity.

Additionally financial sponsors were more active this year compared to 2012 and 2013. EMEA-targeted buysidefinancial sponsor activity reached US$41.4 billion only in the first quarter, up from US$25.1 billion reported lastyear and the highest first quarter total since 2008. The largest deal in this category was the US$3.1 billion offerfor Danish electronic payments provider Nets Holdings in March.

Acquirors listed on the Euronext Paris stock exchange were EMEA's most acquisitive companies this year, witha combined total of US$50.1 billion in offers. The largest deals are the competing bids for SFR worth US$18.1billion and US$16.3 billion.

Davis Polk & Wardwell2

11,154.8

7,156.1 Linklaters1

113,594.6

19.5

2

36,193.4

1*

13,511.6 37.3

28.5

3

2 2 16.9

2 3

28.4

Liberty Global PLC United Kingdom / Netherlands

Top Ten EMEA Involvement Announced DealsAcquiror / Target Nation Target Macro / Mid Industry

2/18/2014 Forest Laboratories Inc (100%)

236

23,286.3

Real Estate 32,008.1

EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)

14,433.2

1,616.6 Financials

Primary Stock Exch. Listing of Most Acquisitive EMEA Companies - Top 10 (US$ bil)

24.9

3,679.7 2 14.9

1Osler Hoskin & Harcourt LLPCastren & Snellman 4,579.2


3

Media and Entertainment / CableTelecommunications / Telecommunications Services

2 376

22.2

6.5

17.9

16.9

Bouygues Telecom SA France / France

Vodafone Holdings Europe SLUGrupo Corporativo ONO SA (100%)

Belgium / South KoreaFinland / Finland

SFR (100%)3/6/2014 Pending

SFR

L'Oreal SA

Financials / Banks


OP-Pohjola Group Central Coop

Consumer Products and Services / Other Consumer ProductsEnergy and Power / Oil & Gas

8,235.3

Consumer Staples / Food and Beverage5,800.03/16/2014

Numericable Group SA

L1 Energy

9,161.6

United Kingdom / GermanyL'Oreal SA France / France

7,099.1Anheuser-Busch Inbev

4,579.2

Volkswagen AG


2/21/2014

RWE Dea AG (100%)

3/17/2014

Pending3/11/20141/27/2014

Spain / Spain 10,025.1

Actavis PLC

Ziggo NV (71.6%)PendingPending

Scania AB (37.4%)

Pending

Pending

Pending

EMEA Deals Intelligence

Ireland-Rep / United States Healthcare / Pharmaceuticals

2/6/2014

2/11/2014 Intended

Pohjola Pankki Oyj (62.8%)

5

Share

184

4

2

Rank

1

Rank Val US$m

57,097.5 1* 28.5

65 No. Deals


EMEA M&A

Clifford Chance

Hengeler Mueller

Franklin Firm LLP 16,287.8

Sullivan & Cromwell

Mkt.

1

EMEA Announced M&A Increases 33% | Telecommunications Highest Valued Sector | Financial Sponsor Activity Rises

Noerr LLP

Energy and Power 32,290.8

Mayer Brown LLP

Telecommunications

16,287.8 3

534 37.6

2

23,980.2

Industrials

Rank Value (US$m)Acquiror

10,854.2France / France 16,287.8

Rank Date Date Effective Target (% Sought/Acquired)

1/20/2014

Pending

Oriental Brewery Co Ltd (100%)Pending

Industrials / Automobiles & ComponentsGermany / Sweden

Jan 1 – Mar 31 2014


$26.7

$25.6

$16.1

$13.6

$11.7

$7.1 $4.6

$1.8 $1.4 $1.2 Frankfurt

London

Nasdaq

Euronext Brussels

OMX Stockholm

Swiss Stock Exchange

OMX Copenhagen

Zurich

$33.4

$76.4 $73.9

$27.1 $4.0 $15.5 $21.9 $18.5 $25.1

$44.8

$61.2

$45.5 $86.9

$44.4

$9.1 $16.3

$37.9 $20.1

$34.1

$37.1

$60.3

$54.2

$27.8

$14.6

$37.1

$23.1

$18.8

$21.9

$46.0

$90.9 $56.2

$24.9

$18.7

$25.1 $21.6

$24.0

$35.8

17.6%

19.7% 16.3%

10.2%

7.5%

13.1% 13.9%

9.6%

18.2%

22.5%

0%

5%

10%

15%

20%

25%

$0

$50

$100

$150

$200

$250

$300

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

% o

f EM

EA

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) % of YTD EMEA M&A

8






*tie

Allen & Overy25


4,084.5 ▼-10▼

5*

4,713.8

100.0169,113.7Industry Total

189.1%

100.0

-19.4%

-13.6% ▼


746

▲

-179

3

▼

0.90.5

1.8-6

72,786.9

▲ Lee & Ko 22*Covington & Burling

-11

▲

▲

A&L Goodbody

22*


9*

Jones Day ▲

Herbert Smith Freehills 19 1 2,441.9▲

▼

119* ▲

▼


3

▲

Simpson Thacher & Bartlett-2.8 ▼

3.73.4 -19.8 4

20

2.6 ▲

2

3.8

▼

-249-8Clifford Chance 1.2

1.410*

8▲

1.9 7-3.2 ▼

2.4 0.62.1 2.1 ▲

2

4,325.0▲

0.1 901

4 ▲0.3

-02.5▲

2.7

▲ 1 66*2.6 0.2

0.212 35*▲

66*

2-1

▼

2

-12 0.3 1 ▲

2

-41.4-2

1

-55 18*0.335*

35*20*2.2 2.70.5

2.6

0.4 5028*

4,325.04,636.5

▼

▼419▲

2.82.820 2.3 0.3

0.52.720

615 2.9

20*

54*1

-13.017

2,131.5 2.92.9

618

0.126 2,675.446 1

1.0 ▲

4-0.2 ▼

▼

1.035*2

0.9-25.2

-1.6

5 ▲

-10.39

▼

2

-▼ -

0▼

1.7 3.5151740 2,777.5

3.94.5

3.8

3,271.2 ▲ -0.336* 0Latham & Watkins 15 2,804.0Noerr LLP 14

3.5 ▲ ▲

00.3213 Fried Frank Harris Shriver & Jacobson

3.36,017.9

3.9▼▼ 9 4

-10-91.5

3 ▼2.2

9.8Hengeler Mueller 12Hogan Lovells 13 23 4,254.7

119* 7,099.110▼ 6.7-7 11,265.42.8 ▲ 7

▲ 19.8 54*5.9

-3 ▼ 10*Allens0.1

12* 0.9 Freshfields Bruckhaus DeringerWachtell Lipton Rosen & Katz 130,298.3

1 66*10*1.1

-0 6016

3

00.20.266*

73.4 1 -266*77.0

-

▼77.177.1 ▲

76.8

▲ 0.2▼13.3

54*

2.2

14.9▲

214.0 13.4 ▲ 36*228*

▲ 8 110.3 1 -1103▲

77.1130,352.2

▼

0.1 0 -2.6 1 ▲

114.9 ▲

14.8 13.0▲

19 21

▲ 9

Linklaters

6* - ▲77.4 1.48 5*0.1 51NautaDutilh14.9 13.1 ▲

14.9 14.9

15.9 ▲

0.7De Brauw Blackstone Westbroek 2

15.8

130,836.6▲

▲1 77.5 77.5 ▲

Hogan Lovells 7

4.1 ▲ 3*▼ 1

Weil Gotshal & Manges-12135*-1

8

▲ 1 1

1454* 0.154*

▼0.520*3Jones Day8* -7

1.9-1

55.4

1.2

5▼ 131,903.9135*4

▼▲ 21132,119.7

78.078.1Simpson Thacher & Bartlett

9▲ 4

132,312.3-914.8 ▼

3.9 ▲78.2 75.8 ▲ 17 2.9Slaughter & May

80.6 80.6 ▲ 4▼

133,098.6Davis Polk & Wardwell

12 78.7 ▼

4▲ 6

▲

2-

13*72.40.7

12,812.7 17.6 1.28*▲ 9

Sh ($)

28.8 ▲ 14Deals

136,311.93* 11.9 -5Legal Advisor

Change in

Sh ($) Value US$m# of Deals

2013

Rank

Market

40.0%

# of

Share Ch.Sh ($) Rank

Market Market Rank 2014

Rank

Jan 1 - Mar 31

# of Deals per Advisor # of Deals per Advisor

-18.4%

Jan 1 - Mar 31

-14.3%▲ ▼▼

23.4%

263,615.4 -586

▲



Industry Total

▼

▲

325 6267,002.5

122 7,812.1 ▲2.83.0

2,562

▼

-20.6%

100.0

28-6.7▲

745*

-664

▼-271.10.2

Cleary Gottlieb Steen & Hamilton ▼3.0 -27.0 ▼ 7 -338* 0.3

-14.2 ▼

8,067.5

10

225* 0.3 -1 ▼ 238,538.9Latham & Watkins 3.2 1.6 ▲ 25 ▲8* 1.0 12▼

Shearman & Sterling LLP 6 -3.69,472.5 0-3-1

▲20Blake Cassels & Graydon

30

▲

28* 0.4

7216*53* 19

10.2

23Hengeler Mueller▼

0.4▼

53.74.0 -438*

-5 ▼9,769.27

56* 0.23.410,679.7

7▲

0.5 5 ▲ 12,248.318 4.6 -12.6 ▼

▲4.7▼

720* 0.4▲ 11▼1.0

173*30 1.2 ▼

0.7-196

9.4 -30.2 -19▼

▼

8* -2

1.1

254.5

-17.7 129

-2

▲

▼

-4 ▼

20.1

29,768.2

15,688.4

-4.1130,352.2

▲8.2 13

▼

0.1-13▼ 1.230 3*

3▲ 88*2 111*

▼

47.0

21,943.85.9 1.3 ▲

48.8

25,117.2

48.811.2

5

1018

De Brauw Blackstone WestbroekJones Day

127

Debevoise & Plimpton

6Slaughter & May

1

13.3

22

Davis Polk & Wardwell▲

-17

0.3 -40.4

▲

▼

140,607.1

Market

Baker & McKenzieSimpson Thacher & Bartlett

1.0 20

32

# of

▼ 156,203.3# of Deals

Change in

Any European Involvement Completed (AG40)

1.0

46.052.7

3

Change in


Sh ($) Share Ch.

▲

Market

7# of DealsDeals

29

Market

Jan 1 - Mar 31

Rank

2013

Rank Value US$mSh ($)

EMEA Rankings

Jan 1 - Mar 31

Legal Advisor Share Ch.

Rank Value


2014

Rank Sh ($)


▲

▲

56.752.3

58.5Legal Advisor

1

37.651.651.4

12

Rank


Market

Deals

Market # of


Market Rank

50,928.5 19.3US$m


Any European Involvement Announced (AE39)

2013

Rank

Slaughter & May

0.3

93426

3.9 ▲

50.0

9013

▼

4-3

26

▲

49.3

47.718 137,038.4

Sh ($)

20*11


133,053.3

4

49.449.4131,931.4

137,678.9137,162.8

2014

Rank

271*

92510

▲


19133,537.7

1211

16

AllensMacfarlanes

Hogan Lovells

Fried Frank Harris Shriver & Jacobson▼

▲

Linklaters

White & Case LLP

9

17 104

1514

Skadden

-

▼

Clifford Chance

▼


22

▼

24 2614


▲

8,035.5Linklaters

Kirkland & Ellis

92*16

▲

4.8

5,512.1

36.8%

3,228.6

Bredin Prat 21

14

4,905.417

3.6


4,668.6

2.6

0.81.1

▼0.10.2

0.0 ▲

-17

113* 1

-270.3

11.2

-529*

-10.1

6

20*

33

▼

0.420*11

25*

6-2

▲15.9 8.7

4.1

2

12.512.9

13.7▲

11

10

2.9

▼

▲

5.2 ▲

▲9.3

9.8

-1.9

27

-1.9 ▼

4

▼

▲

▲3.7

42*5 68*7

▲

9.7 ▲

7.8

▲

9.59.3

16.26

-4.8

-8.67.3 96.3

0.20.2

0.27

13

0.2

85

75

11,481.5

109

4.1

124

10 61*36

445

31*

6*

89

Stibbe 10,854.2

5 9,687.2

Loyens & Loeff

72.3%

25

6473*

2Allen & Overy

9

5

36,068.3

Linklaters

Latham & WatkinsFried Frank Harris Shriver & Jacobson 25,854.1

35,058.7

Sullivan & Cromwell

5

17

20

DLA Piper LLP

1011

18

Mayer Brown LLPAllen & OveryFranklin Firm LLP

2 9

312

14

6

3 6794

137

41,779.2

▲

24.5% ▲

▼

19,130.8

89

34,049.0 51.3

13

18


▲

36*

Baker & McKenzie

5

54*36*

▲

Macfarlanes

Allen & Overy

67

13

131,131.1

7,990.6

12,509.4

▲

Skadden

21

▲

▲

1

Any UK Involvement Completed (AG41)

24Morrison & Foerster 2.9


0.1

53*

-353* 0.2

-12

-2

82*1.1

3

3517

42*

12

6

113*

4

42*

6

▲

2*160*

10

-15.6%

3,171

▲

▼

38▼

▲

7.3

6.2-15,419.6 -0.3

13,047.6

▼

19,342.166

-1.80.9

13

5.6

11,923.463

16,287.815

19

16,354.3 6.2

10,894.915

14,801.05.0

5.9

2411,854.2

1.5

▲4.0


5.6

14

▲

7.5

-Roschier


Clifford Chance

825,093.8

4.5

16.5

Arthur Cox 7

4.14.5

10,406.94.1

10,854.2

16.111,745.1

US$m

37,357.8 51.3

3.1

2.1%

1,524.924

10,854.2

-4.02.11.7

1,504.1

1,607.9 2.2

10,776.2

Garrigues

23

2

Garrigues

22

9

Lee & Ko

Sullivan & Cromwell 21

16


6*


DLA Piper LLP


Davis Polk & WardwellSidley Austin LLP


2014

Rank

10,186.5

2,760.8

1,624.822

3

8

-

2517

31


100.0

23

21

10,071.7 3.8

10,676.4NautaDutilh

Kim & Chang


1.229

Legal Advisor

▲57.1%


Mannheimer Swartling AdvokatbyraStibbe 13

24

10,854.2

Rank Value

2.2

4.0

2.0

▲

Industry Total

3

2013

Rank

95

Any UK Involvement Announced (AE40)

11,990.1Clifford Chance

Industry TotalNorton Rose Fulbright

Bredin Prat


12*4


Loyens & Loeff

8,054.3

16

8.15

419,774.7 ▲

8-21

▲

0.7

44256* 24,598.91811

21,429.9 36*0.1

0.3

▼

4

111*

1

8▲

2

▲

49.8▲

▼

▼

▲

-2

▼

-1-3

▼

▼

8

▼

6 ▲

-9

0.40.5

15 0.50.9

-90.3

-171016*

1335*

0.1

38*

88*

24

42 1.60.3

8

10*

130,578.9

130,298.3

77.2

1

5,602.7

Change in

▼

Market

▼

6

# of

3▼-10

1.3

11

46.249.2

41.6

Market

0.948.8

Market

▲

▲

▲

131,610.949.1

47.1131,198.3

11

314

18

▲ 7

22131,868.8

Slaughter & May

1,229.0 20*

Debevoise & Plimpton11

7White & Case LLP

18*135*

77.1

3.3

130,298.3

-3

0.7

▼-29.7%

1.0

13*

4-4

23*0.5

Rank

-3

1.0

Deals Sh ($)

5

23*

13*62

▼

# of Deals

▼

590

13*6

35*

1

-16.3%

▼

-57.8

4

▲

▲

-10.6▼

▲

76.9

▲77.1

Share Ch.

0.3

13

78.1 ▲

73.7

1.0

23*

1

9






*tie

▼ 6 7* 1.2 -1 ▼Allen & Overy 25* 7 198.6 1.2 -12.3▲ 1 55* 0.2 0 -

28* 0.4 2 ▲

Blake Cassels & Graydon 25* 114* 371.9 0.5 0.5McCarthy Tetrault 25* - 371.9 0.5 0.5 ▲ 2

Covington & Burling 22 4*

Jan 1 - Mar 31

20* -4

3*

112

2

▲

1

▲

▲

▲

Legal Advisor

Change in Market

# of Deals

Rank Value2013

Rank

Market Market

Sh ($)


EMEA Rankings

Jan 1 - Mar 31

0.8▲

25*

0.8

34*Sh ($)

0.250*

17,128.8Legal Advisor

24.811*

1

5

Sh ($)


0.250* ▲

▲

50*

▲

1

1.27*

0.2

1

6

0.47* 1.2

11*

0

1.8

50*

25*

0

-1

-

0.2

▼

▼

▲1

-0

▲

-

▼

▲1

Mayer Brown LLP 1 ▲

-5323.3 11*

Change in

0.5

Market2014

Rank US$m

-# of Deals

0Sh ($)

0.8▼ 25.42Linklaters1Bredin Prat

# of

4

Market

Value US$m

41.4RankDeals

6,729.9Share Ch.

▲

Share Ch.

# of

Deals Rank

▲

7.929.6▲

▲

12.63

28.64,636.55*Freshfields Bruckhaus Deringer4,806.5Franklin Firm LLP

1.323.62

Bredin Prat10.2- 55*1

4 2.9

23.6 ▲

116,287.8

14.6 -40.0 ▼10,071.7De Pardieu Brocas Maffei

1▲2,018.5 8

772.7

358 Shearman & Sterling LLP6 0 3*-1.1 28.64,636.5

Paul Hastings-00.250*1▲28.6

10.7114*5 11*4▲2.61,781.5 2.6 ▲ 28.64,636.5-3* 28.6A&L Goodbody20 ▲Blake Cassels & Graydon▼-50.7▼ 11*4

Orrick Herrington & Sutcliffe LLP6Clifford Chance

57

1,563.100.5▲

2.3 -1.420*3

26.628.64,636.525*3*

0.520*8 1.51,035.2114*7 2.12.11,439.4

Herbert Smith Freehills68▼-1.5

324*

0Latham & Watkins

▲ 18.99

19.619.61.3

BDGS Associes-Stikeman Elliott 18.9

--00.425*2▲

▲0.4 2

Skadden 0.7881.7

- 1018211.41.3

54106 White & Case LLP

0.4 0▲ 215.62,533.1 12.4▲

15.115.12,454.0Herbert Smith Freehills-9

Heuking Kuehn Lueer Wojtek▼-20.250*128*736.1 104101.1 ▲

-▲1.1- ▲1.114.18

De Pardieu Brocas Maffei 6719.7

▲1.0▲

▲1.00.255*BDGS Associes

11 1.1732.0 55*Slaughter & May

12719.7

-

0.2 1 Cleary Gottlieb Steen & Hamilton▲

12*1

0.4 228*12* ▲1.0

▲

161312

13.32,152.313.313.42,177.4

DLA Piper LLP

9▲9.2Latham & Watkins

-54

1660.6 114 -50.811*- Mayer Brown LLP6* ▼ 18

0.4 Houthoff BurumaCravath, Swaine & Moore ▲5.79.11,483.200.255*

115* - 6.914

▲

645.4 ▲0.9▲

55*115 6.928*52 ▼2 1,119.11.0656.1 0.6

Shook Lin & Bok LLP▼-10.250*1d'Urso Gatti e Associati ▲5.4-16 6.91,119.110.2 27*15*▲0.9 Debevoise & Plimpton

10.2 6.91,119.1121*15*Stibbe▲17 55*1▲0.90.9644.555*Ropes & Gray

-00.250*1▲6.9-- ▲ 1 1,119.1

-18 10.20.9608.9 6.9 1▲ 15*Hamelink & Van den Tooren NV 6.9-

▼ 2Mijares Angoitia Cortes y Fuentes SC0.7 05▼-2.1 -1.6

Cooley LLP - 0.6 ▲0.6

▲10.250*6.9

55*20* -1

6.9▲1▼

20*-13.4 0.4

Gide Loyrette Nouel 19Shearman & Sterling LLP 5

498.5400.0

2328*

DLA Piper LLP▲

0.20.2

96.9 1

50*0.2

▲

6.9 ▲

Greenberg Traurig1

6.9 ▲ 50*15* 6.9

-1.3▲3.8

659.6▲

12611.4

22 4.1 ▼11*Ropes & Gray 1,119.115*1

2 Davies Ward Phillips & Vineberg LLP1

-▲16 400.0

Uria Menendez20*23 44 399.3

11▼-4.10.615 382.7 2.02*230.520*

Weil Gotshal & Manges 24-3 ▼

1▲0.5371.925* 98 0.5 ▼-10.2

100.0

1.2Sayenko Kharenko LLC 25*

▼

▼-24.9%Industry % Change from Same Period Last Year

-13560

-2.3%

12*

2.07 2*

6.6113

43.63.1

# of Deals

16,240.4

Market

-8.6%

Change in

Any Spanish Involvement Completed (AG43)

▼ ▼

Market

6

6

Sh ($) RankDeals

# of Market

Share Ch.Sh ($)

Jan 1 - Mar 31


-6.0%

-0.8%

Jan 1 - Mar 31

▼

-49.0%Industry % Change from Last Quarter

# of Deals

Rank

Value US$m

2013

Rank

2014

RankLegal Advisor

-2

2014

Rank

Market

US$m Sh ($)

MarketRank Value # of

Deals

10,676.4- 46.7 6▲0

Clifford Chance▼ 2 5,073.528 ▲43.47

▲24.53*Freshfields Bruckhaus Deringer

34.446.76,888.7

17 ▲33.71.112*4,992.2-2 33.9 ▲-3 2

8▲2

033.9Skadden▼

▲54.53*59.2 10.512*▲ 1

3 15.5Proskauer Rose LLP 1.1 ▲12* 2Baker & McKenzie

2▲14.85 -1.5 - 12*4

-2 ▲ 6*

82,931.7 19.914.8

▲

2,175.01▲

▲

14.714.7 ▲10.617*Stikeman Elliott-0.410 11.11,875.3▲6.3▼

14.76.3

1,060.1 0 Walkers-▼

0.56.3 1

▲1

▲10.617*-00.617*

14.714.76.614.7

1▲12* 1 ▲

Cleary Gottlieb Steen & HamiltonConyers Dill & Pearman0.5

12* 0.51▲6.36.3

2.4

3.8 1▲

▲2.4 1▲397.1 1 6* 2,169.08.41

0.5 Blake Cassels & Graydon 0.617*14.7- 14.7 11 11

▲1▲12*Uria Menendez0.5 ▲3-0.8

-53.6- ▲0.7 12* 13.5▲1117.0 0.7

106.413

12*0.60.6

7 2*

-01.79*

-00.617*01.1

113.0 ▼-11.80.7 24-7*▼

Osborne Clarke▼

12*8.1 ▲144.811.4

321.5 - Allen & Overy

10.5▲

14Linklaters12* 9*

-4.2

0

15Jones Day 643.73 4.4

1,675.01,554.8

▲1▲

0.6 10.6 0.5 1

12*▲

0.423*▲0.6

102.2

3.60.5

526.32▼

▲22.387▼

▼

▼-63.95*10* -4.2Garrigues1 8161.0 ▲

▼

21

1.00.5

▲ 10* ▲10.617*1▲ 17* ▲402.6 10.6

3.41

500.02.7

▲3.4

295.6

17

Deloitte12* 0.5

Dechert▲

▼

112*

9*

4* ▼

-116

0.53.1

-4

0.6

0.9-0▲

▲

1.1▲11.73

▲112*17*1.5

1.2▲ 1

2

▼

196-6

▲

▲

-5

▲

227.9 1.621*20-1112*

2.0

▼

DLA Piper LLP1.5

▼

-6

▲

14,745.8 178

4

2.7

▲1▼

Industry Total

-

0.8

▼

214.8

-31.4%

▼


100.0

117.0

-2.7%

Industry % Change from Last Quarter 21.7% -14.0%

- 70.8 0.5 1-

21Norton Rose Fulbright

18

12*


-

2,169.0

3,187.2

2,169.0

1

11

7

6*6*

63

2013

Rank

2014

Rank

5*

6*


15▼

6

4* 1▲

1▲

89

491

▲

-

14.7

0.2

1,119.1

Rank

17*

2,291.9

Any French Involvement Completed (AG42)

50*3.820*

13

1,990.2

-

1

68.4

330.0

2

Industry Total

Sidley Austin LLP

15*

121*

-

1619

Market

7*4*

55*

Rank

-2

1.0 -8.6



0.7

3,065.4

1

-30.6Willkie Farr & Gallagher

59.763.1

24Jones Day▼


Stikeman Elliott

Industry Total 68,958.3

14

2013

Rank

2

90.7%

10,927.5111

3

▲

▲

Any Spanish Involvement Announced (AE42)

Clifford Chance21

61.9

▲

▲


Herbert Smith Freehills 7*

Uria Menendez59.2-

1,060.1

Weil Gotshal & Manges 5

-6.50.1

Jones DayPaul, Weiss

Baker & McKenzie

7*

-0.4

--0.2

9

-4.8

22

-0.30.1

Morrison & FoersterGomez Acebo & Pombo

21.96.4

13 6.0

192021

-

Kirkland & Ellis1314*

1211Covington & Burling10

Cuatrecasas Goncalves Pereira

30*17

Ashurst 7*

Bredin PratAllens

6

Legal Advisor


0.4

▲

0.00.0


0.0

▼-26.1%

Change in

Market

Sh ($)

1,119.1

11.4 11.2

16,930.7

-22.8%

17.5% -3.0% ▼

16

Garrigues

4 60.6DLA Piper LLP

64.5

400.04

0.6

▼-4.0

Any French Involvement Announced (AE41)

0.6 3

0.9

0.6

1.0

-0.1

100.0


14*

100.0

59.8

1

2,169.02,169.0

-

1,675.0

2.0

▲

-

2.0

53.6

▲290.8%

198.6

Industry Total

Industry % Change from Same Period Last Year ▲



0.6

1

2▲

▲

-46

1 50* 0.2 111*4

0.6

▼

4

0.8

4

1.2 ▲

-7.3 ▼

10▲0.5

PwC Legal LLPPerez LlorcaMarimon Abogados SLP

1718

63.0 0.450.9

30*12

10,482.9

-

10,253.0

102.2-

1,060.1-

24.3

10,025.1

Share Ch.

3

17* 0 -▼ 2 5.6 -1 ▼

17*Cuatrecasas Goncalves Pereira 23 1 113.0 0.8 -38.4Hogan Lovells 24 0.6 1 ▲

PwC Legal LLP 25 21* 63.0 0.4 0.0 9* 1.7 1 ▲

10






*tie

▲ 3 18* 0.7 3 ▲Drew & Napier 25* - 494.7 1.5 1.5▲ 9 5* 2.0 6 ▲Ashurst 25* 50 494.7 1.5 1.5

0.91

-8.6

▲

2

6.8

▼

6.8

5 04.21* -

0.9

15*2

0.3


39*

1011*

# of

-20.7

6.5

6

Jan 1 - Mar 31

EMEA Rankings

20.3

▲10.8

21.4

18*

7*

18*

2.1

1

▲

28.6

-3-2

▲10.9▲

11.70

1-

2.5

2,570.0 10.8

Clifford Chance23.2

▲

Nagashima Ohno & Tsunematsu

▲

8.6

18.8

16.716.7

Sh ($)

-0

-18.8% ▼

3

5*2

▼

1

▼

7.3

10.8

61

4.2

38.6

▼

18*1

4-12.42

▼

▲

▲

▼

1

0▲

▲

▲

# of Deals

1

Change in

6

38.81*

Skadden

4*


Value US$m

5,089.6

16.7

▼

▲

18*

-1

2▲

2.5

-1

▲

3.6 ▲

▼

0.915*

0.9

Deals

4

Rank

0.9

▼

▲

-15.4

3*

18*▲

0.6

9.4▲

Market

Jan 1 - Mar 31

37.6%

10.9 1

4,350.0

-13.8%

5*

▼

7*

845.4

White & Case LLP

7*Hengeler MuellerHannes Snellman

2* 1,165.4

410

16*

8

0.64*

14

16*

1

Jan 1 - Mar 31

3

Market

3

4.5 3 31.8

-18.3

▲

6*1

▲

-10.5

298.7

1,724.9

3

1.8

12*

930.7

-

1 2*

1,724.9▼

2,940.04,114.7

-

36*6

-

▼

3.4▼-7

13*

▲

3* ▲

-4

-


4,350.0

7*

2.1


-9.1

▼

1,550.0

3.7

7*

5*


▼

-81

▲

# of

Any Italian Involvement Completed (AG45)

Gianni Origoni Grippo Cappelli & Partners

018*

1

▲

▲

1

0.91

0.90.9

▲

18*▼

18*18*

118*

1▲

▼

▲

0.9 -468.8

1▲112.2

18*

68.3

1.71.5

1

181.0

0.90.9

17*

1.72

▲

0.91.1

18*

16

▼ 1.1

1

140.1140.1112.2

20*

-

-

-0.1 ▼

168

-0.6▲

▲

68.80.4

0.3

POGGI&ASSOCIATI

50.0

▼

▲

0.2

3.0%

100.0

Industry % Change from Same Period Last Year ▲3.1%

16*

-


Skadden

0.6

▼1.2

-

11820.3

-

261.4

32*

2214

32*12*

16*

352.0Baker & McKenzie 12

Luther Rechtsanwaltsgesellschaft mbHFreshfields Bruckhaus Deringer

7

Bonelli Erede e Pappalardo-

8*8*

16*

4 2,758.2

102 705.4

293.4

562.113

2,886.9

6.6

1.4

1,212.9

1.9

6.615.0

1,212.9


0.80.8140.1

140.1-

Gattai Minoli & PartnersCleary Gottlieb Steen & Hamilton

15Clifford Chance

▼

▼

6*

2

▲

Linklaters

Kim & ChangJipyong Jisung

18 0.6

0.3

10.4

21*

4.5

1.91.6

3.13.1

5*

32.72324 28*

▲0.230.8

18,334.3

32*

Gianni Origoni Grippo Cappelli & Partners-Eversheds 19*

32*

NCTM

19*

Industry Total

Studio Legale Riolo Calderaro Crisostomo e Assoc50.0Paul Hastings

-7.6%Industry % Change from Last Quarter

9

18*

DLA Piper LLP

Kim & ChangJipyong Jisung


2*

58*

24*

8

113.6865.0

3

1,140.2

882.55

11

2

18*

11512*

2*

58*24*

13*

18*58*

Gibson Dunn & Crutcher

Advokatfirmaet Wiersholm AS

49

9*


12*

-5

0.232*

Wikborg Rein & Co 14

Legal Advisor

2.1

6.5

1,129.8

486.3De Brauw Blackstone Westbroek

2013

Rank

Morrison & Foerster

▼-3


▲

23▲1

10

0.6

Watson Farley & Williams

16.8

Eversheds 2221* -

▲

32*

0.3 0.3

Hogan Lovells

2*

6 15.5d'Urso Gatti e Associati

0.4 -47.168.8


Sullivan & Cromwell

-

Chiomenti Studio Legal 5

-Simpson Thacher & Bartlett

Industry Total

Morgan Lewis & Bockius

Clifford Chance 17

-

23.725.3

▲

3.9 -36.2

-6.8

-15.8 ▼

▲

23.7

6.6

0.6 -11

▲

12*

Chiomenti Studio Legal▲

1

6*

4.2

1

▲

▲

1

▼

7

10*0.6

16*

▼

221▲

216*

016*0.6

6.6

16*

5

Sh ($)

-3.6%

15.8

454


23.7 ▲

▲

▲

1

Rank # of DealsSh ($)

▲

0.6

-1

1.61.5Allen & Gledhill 25*

11Jones Day 8Heuking Kuehn Lueer Wojtek

19

526.5

744.9

23* -23* 3

1.8Hogan Lovells

▼

1

2013

RankLegal Advisor

23.725.3

23.73

32*

4,638.0-

3,072.3

4,350.0

1

3

0.8▲

10.8

Deals

4,350.0

▲

0.6

1

4*1▼

23.7

US$m

3

Change in

4.80

34.9

16*

4

101.3

4,350.0

26*

2*

2*

Baker & McKenzie

34.9

2014

Rank

▲

▲

Share Ch.

▲

16*

▼

-

0.6 1

1.8

2.4

▲0.6

2.4

1

0.7

▼

1.1 ▼

1.8 -4

Allen & Overy0.7

15*

-58

▲


Milbank Tweed Hadley & McCloy

18*

Industry Total18*

58*-3.9

720*

39*

4.8

1,550.0

2,603.9

3,959.854

▲

6.5-2

2,570.0

12

-9

0

1131*

329.3▲

11

1.2 -6

1

10*

16*

39*

▲2

-00.339*

1-21.77*

0.9

18*

0.9

3.4

1

1.7

118*7*

5*

23-

12

-

0.4

-23.0

1

16*

▼

20*Fried Frank Harris Shriver & Jacobson▲


Studio Legale Riolo Calderaro Crisostomo e Assoc


10.9

-20118

Gattai Minoli & PartnersHogan Lovells

--

Bonelli Erede e Pappalardo

850.96.3

0.6 -

3.0

Cooley LLP

▼


23.6

7.5 -5.06.8

845.4845.4

6.8

13.8 13.8

6.8

4,350.0

-7.3

▲ Simpson Thacher & Bartlett-Sullivan & Cromwell

5-

36*

Skadden 355.56,920.3

23.6


Sh ($)

13.8

33.0

1.8

▲


494.7

68.0%


Any Italian Involvement Announced (AE44)

Rank Value

100.0Industry Total

▲3

▼-11.3%▲

1.5

33,835.8

Market # of

▼-17.3%

Jan 1 - Mar 31

349

4.1%

▲

23,775.3

▲Industry % Change from Last Quarter

3-Sh ($)Value US$m

2014

Rank Share Ch.

▲

Rank 2013

Rank

▲

▲

Market

1

Market

100.0

Legal Advisor

Market

▲▲

223 23

1.6 0.4 226*2-

1.8

1.6526.5 1.6-41.77*486.3

▲

-Chiomenti Studio Legal606.422

32*36

1.852* 612.320*1.4

200

Latham & Watkins21

▼ 1

Noerr LLP▲ White & Case LLP

-31.77*▼0.6 -3▲Shearman & Sterling LLP -00.232*612.320* 1.8 4.8▼-10.339*1▼

52.0▼

2.2 Sullivan & Cromwell 4 -10.6-5.5-3.7

▼

749.137 14▲

17 1,129.81.818 2.2

3.3 -8.6▲10.620*

7.31,724.9 20.93Luther Rechtsanwaltsgesellschaft mbH ▼-42.05*White & Case LLP

92.73 18*

58*16 2,036.3▲

▼ Hannes Snellman 17Shearman & Sterling LLP

0.7

Latham & Watkins ▲41.312*1,236.727 3.716

12* 1,910.210 5.7 6 1313*-0.3 ▼ ▼-10.339*▲

1 ▲10.3▲12*Blake Cassels & Graydon ▼-20.232*▲1,910.246 5.712*Squire Sanders LLP ▼-10.232*52* 5.71,910.2

5.6▲ 1 Cravath, Swaine & Moore

-5.7

13*Selmer113*

-00.6▲

12,570.0 ▲10.339*20*5.5 2

-11.010.8

Thompson Hine LLP ▲10.232*- 1,910.2 5.75.712*Clifford Chance 11 3.11*31 ▲6.1 5.42,054.4 14 ▼3 -10.915*9* 3,959.8 ▲16.316.7

7 9*Mori Hamada & Matsumoto 1-2.6 0.3▲16.6Allen & Overy ▲22.24106.310 ▼2,126.8 03,959.8 1▲

39*▲10.3-

Noerr LLP 17 8▲3,762.3 7.911.17*

9 ▼-41.88* 39*-▲4,815.0

Linklaters -01.32 6.67,123.87 ▲21.1-8 ▲7,099.1 21.0

▼-72.649▲

▲51.7

Hengeler Mueller -01.88*8,039.41 ▲1.4

▼

6 -6Nishimura & Asahi23.8 5,509.827.1 ▲

20*220.2 -

▲20.620*

8

▲10.3▲20.61 6,952.0

Roschier 27.1-27.19,161.63* -

1

3.2

1.4

Market

Hengeler Mueller0

Rank

36.5▲19.6

3*-▲0.2▲

94 15*

0.24

Rank Value

-5

Market

13,518.7

▲29.6 5

12.93

6

Change in

▼

2014

Rank

1

2014

Rank

35.927.1

122

1

32*

2013

Rank Sh ($)

21.0

14

▲

8*

▼-20.90.2

1

▼-4

32*

8

20.37

10.8

55.5

▲

34.9

29.2▲29.2

23.2

6,952.0

56.9

Any German Involvement Completed (AG44)

29.2

▲

▲

▲

3*Mannheimer Swartling Advokatbyra 9,171.2-

23.313*

5*0.9

Market


▲

-1230.4

3

9,161.6

12,154.6

4*

1

▲

127.1

58*

Linklaters27.1


Market

Deals

Any German Involvement Announced (AE43)

Sh ($)

Change in

1US$m

Market

132*27.19,161.6

Freshfields Bruckhaus Deringer# of DealsShare Ch.

# of


Legal Advisor

0.2

Slaughter & May

1

▼-13.4%

16*1

-12

2.0

8,676.9Freshfields Bruckhaus Deringer

12,469.7

00.6

▲

▼-10.1

Rank

34.9

13.8

-5.2

2.4

9,227.1

6*5

1

50.0


0.6

6.8

Sullivan & Cromwell


3

▼ ▲

Share Ch.

1125.4

29.2 1

▲

-7.1

# of DealsSh ($)Rank

0.9

2.6

0.6

1.1

Deals

2

34.9

▲

1

▼

▲

2▲

▲

33.0

1

▼-14.5%

1

3▼

▼

▲

▼

▲

▼


▲

23.7%

▲

1Paul Hastings 36* ▲

-22.4%-40.9%

1

100.0

Market

5-5.5 ▼ 2 10* 1.2 0 -

1 16* -Allen & Overy 25 17 18.9 0.1 50.0

118* 0.9 118* 0.9 0- 0.4 0.424*

24* 0.4 0.4 ▲

11






*tie

*tie

-0.6

4,328.74,516.8

7,586.9

▲

1,605.6

281

35*


1,190.2

1,605.6

11.0

11.0

Greenberg Traurig

Industry Total


1

19*

6.7

11.0

1,964.4

1,964.4

23.2

▼

1,964.4

18.94,325.0

3,506.6

▲

Share Ch.

16.3

6

Industry Total

22

100.0

-

0.2

Jones DayHerbert Smith Freehills 20*

192.12.1

▲

Skadden

-1.7

Morrison & Foerster

-13.0%

Watson Farley & Williams

20*

1.4


Any Benelux Involvement Announced (AE46)

13*

17*

▼

-29.8%

--

-16.0%Industry % Change from Last Quarter ▼ ▼

38,991.3

Macfarlanes 24* 69*

25*

Demarest E Almeida 1,000.0

Allen & Overy

Clifford ChanceAshurst 43*

9

Argo BCVBA

Sullivan & Cromwell12 14


238.2

7,136.1

20.3

18.3 ▼

5

Market

27.8

▲

15.4

▲

10*

▲

2,717.4

Rank

44.1%

Simpson Thacher & BartlettKim & Chang 33* ▲

5,800.0

4.8

Value US$m

318.5

4 20.7 0

23.20.7

24

9

7,931.96

55*

3

940.3

10*

8

EMEA Rankings

Change in

0.3

0

Share Ch.

Market

16.2

2,602.5

24,733.3

3


BA-HR


▲

1

1

▼

4

▼

1

5,984.2

5,800.0

13*

-

15*


Mannheimer Swartling AdvokatbyraLatham & Watkins

Kirkland & Ellis

35*

▲

-19.0

-23.4%


53*18*

▲

11

-46.3%

12

-2-

1,964.415*28*0.4

28*

▲

▼

▼-2

0.4

111.0

▲

▼

-86

1,964.4

Dentons▲

Hinckley Allen & Snyder LLP33*

-15*0.4

25

11.0

16

-

28*

▼

2

6.72,602.5 ▲

0.4

6.7

11.3

3.6

12.2

1

6.1 1312.1

-0.4

3.6


▲ 6

▲

▼

11.0White & Case LLPOsler Hoskin & Harcourt LLP

▼

-23.9%

▼

17,850.8

▼

100.0

-33.3%

-43.8%

111.0

16.216.216.3

15.5

▲

11.0

11.0

▲

▲

12.8

13.2

Sh ($)

▲

▲

▲

▲

6.6

-41.9

-5

7.0

30*

30*

4*

15.4

10.26

22.0

Sh ($)Rank

0.6

-0.330*18.1

4▲

2▲

3

▲

▲

0.3

12*

41.3

0.3

0.9

0.617*8*

0

30*30*

22.4

34.734.7

4.8

7.0

15.4

▲

▲

7.0 ▲5.9

▼15.2

29.4▲

18.2

▲

25.3

▼-25.9

▼

1

▲

42.4

32063.4

▼

6

9

1.912*4

1*

2.85*

2

▲0.5▲

▲

▼

▼-1

3

▲2▲

-6

0.533*

-8

▲1

▼

1

11.0-3▲

4

33*11

1

0▲

10.5

1.9

-134▲

▼

-

▲

▲

1

1

0.5

0.50.9

-

0.5

0.9

▲ 33*

33*12*

▲

1

1

18*

4▲

1.9436.7

▼

100.0

261.9

5*▲

33*33*

▲10.51

▲115* ▲

-108216

0.5-1

33*▼2.8

▲

Norton Rose Fulbright15*Hill Smith King & Wood

1,964.415*

Gibson Dunn & Crutcher 11.0

11.0

15*10.1

15*

▲

▲

-

-12.6

-2.0

19.819.8

1 -10.7

11.0 10.111.0

0.5

11.0

-

-

0

33*11

0.5

0

1

0.50.5

33*33*

0.5

1,964.461*33*45 33*

11.0 0

1

Gilbert + Tobin

1,964.4-1,964.416

▲

328*

-1.23,947.013* 2,602.5

11,854.2

10.1

20.3

-1.612.9

1.4832.8

14*

526.569*

▲

2.5

1 0.4

0.4

1▼

▲ 12.6980.0832.8 1.1

▼

-4▲2.1▼

2.5 ▲2.5

4*

1

-42.917* 1,000.0

128*1▲

2.6

De Brauw Blackstone Westbroek 4.21,625.3 72.6Souza, Cescon, Barrieu & Flesch Advogados

61*15*

12.6

28*▲ Borden Ladner Gervais LLP15*Goodwin Procter LLP-6

12.22,173.00.712.111.0

2,162.91,964.4

14▼

0.4

6.728*18* K&L Gates

6.7 --1 ▼

-1-

10

0.7

3


0.42,285.0-1 ▼ 12

▼-2Latham & Watkins

-Stocche Forbes Advogados29

10* 13.22,346.8 33*2,346.85*

13.2- Davis Polk & Wardwell 10*0▲

33*114.9 28*

18*14.9▲5.4▼-10.1

12

2.39*2,659.3 5▲1.4 6.514.9119-19.912*

Linklaters8▼-91.4 Allen & Overy

12* 3Linklaters

▼-11.414*32Hengeler Mueller 5*-11

Slaughter & May7,625.6

-7 18*

▲ 14*19.639 - Shearman & Sterling LLP 7 2,896.7

6▲

1.1-

3,239.34,137.4

▲ 1De Brauw Blackstone Westbroek0 5

3 ▼-102.39*524.74,412.8 3.0 ▲4NautaDutilh 10,854.2Loyens & Loeff

4*4* 7

371* 4.3 Freshfields Bruckhaus Deringer▲3

-27.810,854.2

2 18*26.0 Simpson Thacher & Bartlett

3 28.3121211,028.4

▲7.22 -15.8 4.31*

-2▼

27* SkaddenSouza, Cescon, Barrieu & Flesch Advogados-5

2.125.3

52▼

42.5

4,519.95,767.9 32.3

-3

16.8 6

▼

Clifford Chance

2013

Rank

2014

Rank# of Deals

▼-4

Change in

Legal Advisor

Stibbe 2030.42.17*

61Freshfields Bruckhaus Deringer ▲ 64 63.4

Sh ($)Legal Advisor Share Ch.

Market# of

Sh ($)US$m

Rank Value

Deals

Market

100.0

Jan 1 - Mar 31


2013

Rank

2014

Rank Rank

Market


Industry Total 38,299.5

112.0%Industry % Change from Same Period Last Year

▲

▲

29.6% -20.1%


Industry % Change from Last Quarter▼

-90

-16.9%

Industry Total

▼ 68.7%

0 235.51122,841.8

▲

0.519* 25Kromann Reumert442

2*111.0980.0

2.51.21.2▲2.6 1

25Hengeler Mueller- 24

-2▲2.52.6Argo BCVBA ▲

▼

17*2 0.620 ▲76.313.13.1 35* 1 ▲ 23

Gleiss Lutz 0

53*20* -Fried Frank Harris Shriver & Jacobson 1,167.8 ▲ 1 0.2

0.519*2.43.1 2▲

20* 3.1 201,100.053*- 221,167.820* 37*

Sidley Austin LLP ▲10.235*1▲1,167.8 3.1- -00.30.3

Dittmar & Indrenius ▼-10.713*1720* ▼-20.330*7.01,605.6 6.7 1▲393▲1,167.813.5

3.1 18*0.7 CMS▲10.330*

Fangda Partners-18*Maples & Calder 1

1,605.6Bruun & Hjejle I/S -00.235*33* 1,344.819 ▲2.5

1Allen & Overy ▼-20.519*18 2,126.823 -7.017* ▲20.912*

▲7.0 0Cleary Gottlieb Steen & Hamilton2.85.6 4

5.6 23.7 ▲

3▲5.97.21,642.217Freshfields Bruckhaus Deringer ▲10.911*2,147.813172,488.1-3,103.0

16▲

6.77.61,724.9250.2▼-11.38*15Linklaters 55* 11.3 4▲

6.50.5 ▲19* 2,570.022

1 35* 16▲6.58.18.1 14*Selmer2▲

1 Hannes Snellman1

Kirkland & Ellis -00.235*▲29* 6.58.23,151.311* ▲1.911.32,570.0 11 514*Advokatfirmaet Wiersholm AS▼-100.617*13Wikborg Rein & Co 11.4 3.4▼30*

11*Travers Smith -00.235*1▲3,151.333* 7.28.21▲

2,603.96 2▲

11*Accura Advokataktieselskab ▲10.519*3,151.333* 8.2 -8.2

2▲7.2 1253*

Torys1111*

3,166.1-BA-HR ▲10.235*1▲3,151.3 8.2

3,727.753*8.38.3Waselius and Wist LLP

10Hengeler Mueller3,698.4

▲1▼-20.617*

10Bech-Bruun ▲20.519*2▲

-▲1

2▲ ▲10.31Lee & Ko9Advokatfirmaet Wiersholm AS ▼-10.519*3,354.818.9 1▲▼-11.4

18.925* 4,325.0-7.08.8 18.97*▼

4,716.3 2▲

4,325.028*7*Covington & Burling10

6*55* 12.3

White & Case LLP 3,898.14 -11.410.2Castren & Snellman 7

8

6Gorrissen & Federspiel ▲11.846,325.936 8▲ 6Skadden16.519* 012.3 -0.5 7*Freshfields Bruckhaus Deringer

▲19.019.0-5 511.520.4

15.7 -

23.9Hannes Snellman ▼-31.657▲7,795.89

30.912*▲ 3Sullivan & Cromwell ▲10.235*

▼

4White & Case LLP 5,108.4373* 1▲9,161.6-

38.7 38.7

23.9 6

2 -2.73 27.1-

-6,192.4

▲

2 ▲

▲30.90.6

12*1 ▲30.230.2

▲-0.9 7,933.46,895.0

Davis Polk & Wardwell 1▲9,161.63 1.83* 23.9

Share Ch.

Mannheimer Swartling AdvokatbyraRoschier 1 -

# of Deals

414,801.011,923.4 31.1

-1

4

Fried Frank Harris Shriver & JacobsonCravath, Swaine & Moore 2

0.253.9

Davis Polk & Wardwell▲

17

2014

Rank

▼

Deals

▲

Market

11*Rank Sh ($)

1

Market

Legal Advisor


Value US$mLegal Advisor Sh ($)US$m

2014

Rank

2013

Rank

Market # of Rank Value Market

Any Nordic Involvement Announced (AE45)

Change in 2013

Rank


Any Nordic Involvement Completed (AG46)

Sh ($)


# of Deals

Market

Deals

17*

Jan 1 - Mar 31

Rank

# of


Any Benelux Involvement Completed (AG47)

Market

Jan 1 - Mar 31


2 -

▲11.94*▲

Market Change in

▲27.12

0

217*▲

32

9Deals

4.21*

30*

1

▲2▲

19*11.414*

4.2

4

Sh ($)Rank

Jan 1 - Mar 31

# of Deals

2

2

▲3

-29.5% ▼

-2.1% ▼

3

# of

Cleary Gottlieb Steen & Hamilton 23 10 352.0 0.9 -18.4 ▼ 1 28*

0.8 0.7 1293.5 0.8 0.8 ▲ 01 28* -

▲ 2 18*Addleshaw Goddard 24* 69* 293.5 0.80.4

12






Consumer Staples

Healthcare

18.8 1

Simpson Thacher & Bartlett 5,800.0 2* 47.1 1 Nishimura & Asahi 1,012.0 3* 7.0 5


Hong Kong / Hong Kong

3,463.9 Materials / Containers & Packaging

2,781.8

Vaish & Associates 1,637.8 1* 14.4 1

Real Estate / Other Real EstateChina / China

Singapore / ChinaHong Kong / United States

Real Estate / Other Real EstateConsumer Staples / Agriculture & Livestock

Telecommunications / Telecommunications Equipment

Trilegal

China Cross Border Announced M&A

10,048.0

Retail / Other RetailingBelgium / South Korea 5,800.0

1,637.8

1,360.4DLA Piper LLPHairun Law Firm

St James Holdings Ltd

AZB & Partners

Allen & Overy

1,360.4

Real EstateKing & Wood MallesonsAllen & Gledhill

10,048.0

FinancialsHerbert Smith Freehills

10,339.3

1,637.8

785.2

New World China Land Ltd (31.4%)Hong Kong / China

2,620.4Perennial RE Hldg-Asts (100%)

25.7

* tie2

Industrials / Transportation & InfrastructureInvestor Group 2,357.5

Singapore / Singapore

Iowa China Offshore Holdings (34%)Easywin Enterprises Corp Ltd Real Estate / Other Real Estate

Pending

Cheil Industries Inc (100%)

Greenland Holding Group Co Ltd (100%)Consumer Staples / Food and Beverage

Real Estate / Other Real Estate

3/13/2014 Intended

Shanghai Jinfeng Investment Co1/20/2014

Olam International Ltd (52.9%)

1/9/2014

3/14/2014

AS Watson Holdings Ltd (25%)

Breedens Investments Pte Ltd

Motorola Mobility Holdings Inc (100%)

6.71

160

3,000.9 Fangda Partners

13.27.6

74.2

2.9

2 2 15.1

1 2* 74.2

Cleary Gottlieb Steen & Hamilton2,910.0

Target (% Sought/Acquired) Rank Value (US$m) Target Macro / Mid Industry

851.5 3

199.9

Materials

3,923.9

Announced M&A activity with Asian involvement in the first quarter of 2014 grossed at US$127.3 billion in value,a 52.2% increase over the US$83.6 billion recorded in the same period last year. China remains the mosttargeted nation in the region with a 39.5% share from 712 deals.

Companies in the Real Estate sector were the most targeted, with US$29.2 billion accumulated from 160 deals.This is the strongest start to a year for Real Estate driven by Greenland Holdings’ plans to list on the ShanghaiStock Exchange through a reverse merger (valued at US$10.05 billion) with Shanghai Jinfeng Investments. TheMaterials and High Technology sector followed, with US$14.5 billion and US$13.6 billion, respectively.

China cross-border activity accrued US$22.0 billion, a slight increase from the US$21.8 billion accumulated inthe same period last year. Outbound investment volume recorded US$8.8 billion, a 40% decrease from theUS$14.6 billion in the first quarter of 2013.

Australian announced M&A activity increased by 91%, reaching US$21.6 billion as compared to the US$11.3billion accumulated in the same period of 2013. Australia cross border activity totalled US$12.4 billion; inboundinvestments into the Energy and Power sector led the market, with a 70% share, while outbound activityamounted to US$3.7 billion.

2*

Acquiror

1 1

14.4

Sullivan & Cromwell5,800.0

102

11 Freshfields Bruckhaus Deringer

47.62*

127

1

1

203

14.4 1 2

5,862.2 2

1*

(US$m)

1*

ShareIndustrials

Morrison & Foerster

Stamford Law Corp

5,800.0

Share

3,717.62,444.3

1

2,357.5 3*

Rank

47.1

1

Mkt.

1 WongPartnership LLP

Kim & Chang

14.4

2,357.5 3*

Asia Pacific (ex-Japan) Deals Intelligence

Rank Val (US$m) Rank

4,398.8

14,535.0

13.21*

3

1,403.9

29,170.4

No. Deals

No. Deals

Mkt.Rank Val

1 47.1

233 12,311.1

2

Pending3/14/2014Pending

3/18/2014

1/9/2014

34.5

Fangda Partners

Date EffectiveRank Date

1/29/2014

Anheuser-Busch InbevMayon Investments Pte Ltd

3/31/2014

3/21/2014Oriental Brewery Co Ltd (100%)

Lenovo Group Ltd

Shareholders

Pending

PendingPending

PendingFrasers Centrepoint Ltd (100%)

Samsung SDI Co Ltd

Singapore / Hong KongSingapore / Singapore

South Korea / South Korea

5,667.0

2 Bae Kim & Lee 3,729.7

1

1*

Skadden2 1


2,910.0

2,369.9


4,398.8

2 9.7 4 Herbert Smith Freehills3* 7.0

Pending



Asia Pacific (ex-Japan) M&AAsian M&A Rises 52% I US$22 bil of Cross Border Activity I Australian M&A Up 91%

Any Asian (Ex-Japan) Announced M&A by Target Industry

Top Ten Asia Pacific (ex-Japan) Announced Deals Jan 1 - Mar 31 2014

Jan 1 - Mar 31 2014

296 2

2*

18.83

29.719.5

2/18/2014

1

Any Asian (Ex-Japan) Involvement Advisors by Target Industry Jan 1 - Mar 31 2014

12,511.9

1,012.0

5.7 1 3

Hairun Law Firm 172.3


31 3,274.2 1 83.4 2

Telecommunications

1 Weil Gotshal & Manges 2,910.0

Energy & Power 11,378.8 144 1*1,637.8

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

% O

utbo

und

Ran

k Va

lue

(US

$b)

Outbound (US$b) Inbound (US$b) % of Cross Border is Outbound

14%

14%

12%

12% 11%

10%

10%

5% 4%

3% 3% 2%

0%

Real Estate Consumer Staples Industrials High Technology Energy and Power Materials Financials Consumer Products and Services Telecommunications Media and Entertainment Healthcare Retail Government and Agencies

13






▼ ▼

▼ ▼

▼ ▼

▼ ▼

Amarchand Mangaldas 9-5 ▼

▲ 2,755.6 ▲ 9

Rank

Value US$m

Change in

0.52

0.2

2014

RankLegal Advisor



Market Change in# of MarketMarket


Market Market2013

Rank US$m



▲

Legal Advisor

Kim & Chang

▲6,146.5

Sullivan & Cromwell

▼

61.24.20.7

Sh (%)

Market2014

Rank

15,227.7

44

8.312.017

4

Rank

# of Rank Value

Sh (%)

72 7.19,017.3

▲

▲

67 5,222.13

4.84 36*

6,154.85.0

* tie

Freshfields Bruckhaus Deringer 1

4

Skadden 6 9

Allen & Gledhill 8 27Cleary Gottlieb Steen & Hamilton 9

Clifford Chance 7 48

6,387.6

5,272.9

5

Simpson Thacher & Bartlett 3 9,031.4


8,577.613* Allen & Gledhill# of DealsShare Ch.

0.4

2013

Rank

▼

# of Deals

▼

8.8▼

2

Sh (%) Share Ch.

6.3

5 15* -150

Any Asian (ex-Japan) Involvement Completed (AG32)

-Deals

7.1 ▲

6.9 25*▲

2.3

24

4.1 20*▲

9 7*

1 14.79.436*-1.0

▲ 70.2 ▲Herbert Smith Freehills 2 6 5,252.5

1329.0 -10.0 5*4 -15 1.0▼

Deals Rank

1.9 ▲ 0.5Sh (%)

King & Wood Mallesons 2 1 10,533.3 9▲Simmons & Simmons 3 - 5,115.0 ▲ 247*8.8 0.20.3

1.325

▲104 ▲

▲1.2 -Kim & Chang 4 21 4,153.5 7.1 1 2.321 0-1 ▼Shin & Kim 5 25 4,075.5 7.0 1.12 ▲Minter Ellison 6 85 3,771.2 21*6.4

3.9 4▲▲

310

▲

-10.3▲ 3Allens

30.4▲ 46.5

0.9▲ 8

6.2 ▲ 877 30*

8*5.135 3,696.01.1

0.34.8▼Bae Kim & Lee 8 22 3,607.24.1 2.0 13* 0.4

-564 5,176.3 5* 1.02 -16▲

▲ 7

-1652* 0.1 1 ▲

4.7 2.3Baker & McKenzie 10 27 ▼

4.1 3.8 4.8 3.131 2,808.9 ▼8* 0.9

11Bae Kim & Lee 11 7 4,925.5Davis Polk & Wardwell 10

▲51 2,746.4 4.7 4.0 3▲

4.1 3.8-4 ▼

13* 0.43.9 -0.8 4

3 ▲

▼ 15 30* 0.313 Slaughter & May 12

23.2 -1.4

0.80.4▲ 44.4 3.5▲ 2,536.8 21*42

Morrison & Foerster 138 4,020.8 1 1.5Lee & Ko 12 ▼ 29

20* 0.3 5 ▲137* 3,871.2 3.0 3.0 ▲ 6 ▲Wachtell Lipton Rosen & Katz 13 - 2,300.0 47* 0.2▲ 2 23.8 3.8 ▲ 124.0 4.0

-2 ▼ Fangda Partners 14 129* 2,186.3 7 ▲2 1.32.5 -5.1 10* 0.4▼ 8Herbert Smith Freehills 14 2 3,141.3Weil Gotshal & Manges 15 36 2,910.0 1.1 68* 0.1▲ 1 -3-1 ▼ 3 ▼Clifford Chance 15 28 2,008.0 3.4 1.1 30* 0.3▲

3.3 3.03 ▲ Paul Hastings 16 67 1,900.0 ▲ 1 0 -63* 0.1Latham & Watkins 16 71 2,699.02.0 1.12.1 1.9 20* 0.3▲ 6

Stamford Law Corp 17 41 2,512.9 45* 0.2 Davis Polk & Wardwell 17 5 1,870.9 3.2 -15.8 -2 ▼21* 0.4▼ 3▼ 4▲ 3 -1 ▼

WongPartnership LLP 18 26 2,500.2 2.0 -0.2 -5 ▼ 2 ▲Cleary Gottlieb Steen & Hamilton 18 8* 1,786.3 30* 0.33.1 -15.5▲ 14

36* 0.2▼ 45 0.7 1 ▲Jones Day 19 89 1,780.3 8* 0.9▲ 8AZB & Partners 19 52 2,383.2 -6 ▼1.9 1.3 3.1 3.0

▼ 3 -3 ▼ Kramer Levin Naftalis & Frankel 201.9 -0.5Hogan Lovells 20 20 2,359.93 ▲

45* 0.2▲ 3▲ 1 1 ▲

2.7 2.7- 1,675.0- 1,576.3

2.9 2.9 63* 0.130* 0.31.8 1.6 Lee and Li 21▲ 1 0 -68* 0.1Cravath, Swaine & Moore 21 82 2,312.1

10* 0.4Allen & Overy 22 47 2,117.0 1.7 1.0 ▲ 8 Sullivan & Cromwell 2211 ▲

-3 ▼ 50 1,501.7 2.6 1.9 0 -▲ 1 63* 0.1-1 ▼Osler Hoskin & Harcourt LLP 23 8* 1,432.5 63* 0.1▼ 1

1.5 -0.92.5 -16.13 1.1▼ 201.6 -0.7

Jones Day 24 19 1,851.7Fangda Partners 23 21 2,070.9

2 ▲Ropes & Gray 24 37 1,361.3 30* 0.31.2▼ 7 13* 0.4 ▲ 30 - 2.3Zhong Lun Law Firm 25 39 1,805.7 -11.4 0.4 7

-1711,910▼▲

MarketRank

127,310.1

Any Asia Pacific (ex-Japan) Involvement Completed (AG31)


-36.2% ▼

Jan 1 – Mar 31

▼1,298.0 21* 0.4-9.6 4 -132.2

Change in

13* 0.4

Industry % Change from Same Period Last Year 52.2%

Jan 1 – Mar 31

Industry Total 100.0

Any Asia Pacific (ex-Japan) Involvement Announced (AE30)

Industry % Change from Same Period Last Year▲ -8.2%

Linklaters 25 14Industry Total

# of

-38.5%

Industry % Change from Last Quarter -10.7% ▼

Deals

2013

Rank


Sh (%)

-25.6%

-25.5%

Market Market Market

Industry % Change from Last Quarter-24.5%


▼

-# of DealsShare Ch.Value US$m

Market Change in# of

Rank

Market

15,227.7 16.4Sh (%)Legal Advisor US$m Deals

2014

Rank

2013

RankLegal Advisor

21*# of DealsRank Sh (%)

Freshfields Bruckhaus Deringer 1 18 0Sh (%)

2014

Rank

▼▲

Rank Value

Share Ch.

0.51110.4 8.0

▼

0.3-26

7 -7 ▼Herbert Smith Freehills 1 3 12,534.1 1 2.011.2

23-0.4-2.2

King & Wood Mallesons 2 1 13,425.9 9.2 -1.0▲

10 -17 ▼Allen & Gledhill 2 13 8,577.6 23* 0.43

▼ 5Simpson Thacher & Bartlett 3 81 9,031.4 6.2 6.0

▼

3316 -1 ▼Minter Ellison 3 62 6,597.7 8.6 8.0

41.4

6.2 0.3▲ 5 32* 0.2 4 ▲

1.0Kim & Chang 4 3 9,017.3 8.3 6.4▲ 24 Allens3.8 4*

6,336.6 ▲ 11-101.1▲ 13

7*

Simmons & Simmons 6▼

2 1.1 9 ▲ -4 ▼

7.26 ▲ 25 5,536.6▲ 10▲ 10 11* 0.5

11* 0.5Clifford Chance 5 King & Wood Mallesons 556 8,769.2 6.0 5.4Skadden 6 9 8,757.3 6.0 2.6

▲ 21▲ 2- 5,115.0 6.7 6.72 ▲ 2 ▲

2 1.8 -1 ▼

54* 0.2Herbert Smith Freehills 7 5.4 0.14.8 -3.7 ▼ 14 -23 ▼

Ashurst 8 30 6,859.9 4* 0.7▲ 154.7 3.02 6,989.9 Kim & Chang 7 22 4,153.56* 0.6

▲ 105.3 2.60 - 27 4,075.5Baker & McKenzie 9

-1 ▼10 0.9Shin & Kim 84* 1.1▲ 13

2 ▲

32* 0.2 4 ▲

53* 0.1-8 ▼5.2 2.84.7 4.0 30 3,999.1▲ 5-3 ▼Ashurst 10 32 3,918.2 ▲ 115.1 3.2Cleary Gottlieb Steen & Hamilton 10

54 6,795.5Sullivan & Cromwell 976 6,122.1

-16 ▼

▲ 3 7* 1.0-5 ▼ Bae Kim & Lee 11 13* 0.7▲ 84.7 0.1

4.2 3.923 3,607.2

Davis Polk & Wardwell 1228 5,272.9 21* 0.3Allen & Gledhill 11 ▲ 73.6 1.7

-2 ▼Drew & Napier 12 95 3,053.5 54* 0.2▲ 221* 0.3 3 ▲73 5,176.3 3.6 3.3 ▲ 74.0 3.1 ▲ 14.0 3.8

2 ▲ Torys 13* 48 3,044.8 -1 ▼79* 0.13.4 2.5 18* 0.4▲ 8Gilbert + Tobin 13 49 4,963.3Bae Kim & Lee 14 7 4,925.5 3.4 -0.9 4* 0.7▼ 15 1 ▲Deloitte 13* - 3,044.8 4.0 4.0-4 ▼ 79* 0.1▲ 1

4.0 -13.313 ▲ Stikeman Elliott 15 5 3,022.9 ▼ 3 -1 ▼39* 0.32.8 -1.3Lee & Ko 15 8 4,020.8Allens 16 44 3,956.4 2.7 1.7 15* 0.4▲ 9

1 1.3▼ 29-16 ▼Amarchand Mangaldas 16 35 2,808.9 3.7 2.2-3 ▼ 13* 0.7▲ 8

3.05 ▲ Simpson Thacher & Bartlett 17 60 2,746.4 ▲ 3 2 ▲39* 0.3155* 3,871.22.6 0.52.7 2.7 29* 0.3▲ 6

Hogan Lovells 18 20 3,792.4Morrison & Foerster 17

White & Case LLP 18 19 2,637.3 3.5 -3.5 -1 ▼31* 0.4▲ 4▼ 4

31* 0.4-2 ▼

44* 0.2▲ 4 -2Weil Gotshal & Manges 19 42 2,910.0 77* 0.12.0 0.9 ▲ 1

▲ 83 ▲Slaughter & May 19 53 2,536.8 3.3 2.5

-14 ▼9 0.6 1 ▲Gilbert + Tobin 20 26 2,522.5Baker & McKenzie 20 2.0 -1.3 ▼ 12

▲ 7 21* 0.3

10 2,875.6128 2,802.0 1.9 1.9 3 ▲

Latham & Watkins 22 80 2,699.0Paul, Weiss 21

1.9 1.7▲ 4

▲

44* 0.2 0.26Fangda Partners 22

▲

▲

7 ▲

2 ▲3.0 3.01.12.9

54*122.9

WongPartnership LLP 24 271.7 0.9 ▲3 53*

11*95

2Wachtell Lipton Rosen & Katz

0.1 -1240.2

▲

5 -4 Jones Day 0.8▼-22.6▲

31 2,008.0

32 2,389.6 0.1

Stamford Law Corp 23 51 2,512.92,500.2 1.7 -0.3

▲

-28.3%

5925100.0

▼

2

Industry % Change from Same Period Last Year -27.6%

-21.0%

32*

▼ -26.0%

2.3-4▲

▼

▲54*2.5 1▲

23* 0.4

Industry % Change from Same Period Last Year 58.3% ▲ -10.8%


▼

653

1.6

▼

2,201

3

Industry Total 145,810.913Allen & Overy 25

76,460.6-557Sullivan & Cromwell


0.6 2.5

Clifford Chance2,186.3

91 1,932.38

100.0

1.9

3.3

149*

-31.2%

0.1

3.6

Any Asian (ex-Japan) Involvement Announced (AE31) Jan 1 – Mar 31 Jan 1 – Mar 31

1,909.7▼

2,300.0

0.5

0.2

▼

1,145 329

-

100.0

23

21

▼

58,288.3


1

13*

-26.5%▼

Industry Total

935

0.7

Asia (Ex-Japan) Rankings

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▼

▼

▼

▲ 3 13* 0.9 3 ▲Drew & Napier 25* - 494.7 2.3 2.3

▼-27.8%-6.3%

Australian Cross Border Announced M&A Asia (ex-Japan) Buyside Financial Sponsor Activity


* tieIndustry % Change from Last Quarter ▼ -31.0%

▼

-1.1

-8.8

247

Industry % Change from Same Period Last Year 51.7% ▲ -33.4%

22,853.7Industry Total 1,539

1-17.1 ▼

1.0

100.0

23*2524Creel, Garcia-Cuellar y Muggenburg

349

-52.7%

-22.1%▲78.7%

▲

1.1250.010.4

▲10.423*1

Industry Total 1,462

▲

223.2

21,688.0

Lander & Rogers Lawyers585.0▲22

100.0

- 494.7 2.3 2.3

794.8- 3.73.7--

2▲1.31 297.05622Kirkland & Ellis ▲10.814*1.3Guantao Law Firm ▲10.324*

1.81.818*Willkie Farr & Gallagher ▲10.324*1▲ 319.121 53-

▲900.0900.0 4.2 00.423*1▲

1▲

19Clayton Utz- 407.920Sullivan & Cromwell

428.19▲10.423*

Simpson Grierson18*

4.2 1.31.4 -Ropes & Gray ▲10.324*- 4.24.2 1

▲1900.0

4.24.24.24.2 1

▲15▼ ▼-42.07*

0.423*1.918*Dechert ▲10.324*▲-

1▲1▲ 2.32.30.324* 529.2-18Maddocks17Sullivan & Cromwell 4.34.318*Cleary Gottlieb Steen & Hamilton 900.0-

933.3- 585.03417King & Spalding2▲ 0.618*0.423*1▲

0.814*2▲

16Chapman Tripp ▼-21.48*1,019.722 3.34.7▲1▲2▲1

1.82.62.72.7

2▲

5▲

15*Drinker Biddle & Reath LLP15*Latham & Watkins

15Linklaters ▼-20.618*1,020.015 0.34.7▼-5

615.0-0.423*615.0- ▲12.72.7 1▲

14Hogan Lovells ▲10.324* 1,265.72514Baker & McKenzie 2.07*5▲2.45.51,432.5- 6.66.69▼-7.48.31▲

13Allen & Overy▼-172.6213Minter Ellison 1,789.72 4▲1,489.046 6.26.5 ▼-11.69*▲10.423*1▲2,454.0- 10.710.711*Burnet Duckworth & Palmer ▲10.324*1▲ 12White & Case LLP2,183.4- 10.110.1

1▲ 11Gilbert + Tobin-00.324*9.110.111*Davies Ward Phillips & Vineberg LLP 2,183.424* ▲13.263▲

8▼2,522.51 -11.511.0-01.211*3,022.919▼-70.618*2▲10Norton Rose Fulbright 2,220.535

10.810.89.910.2 7.813.210Stikeman Elliott

▲10.423*1▲7*Drew & Napier9Paul, Weiss ▲20.618*2,335.4- 2▲

13.313.33,044.8- 13.313.33,044.8-8Baker & McKenzie ▼-22.062,524.05 2.311.6 ▲10.423*7*Deloitte 1▲7▲

13.313.31▲ Torys▼-10.3 1▲ ▲10.423*Clifford Chance

3,044.8-11.212.110.712.07Skadden 7*24*2,602.523

2,622.727 ▲1▲3 16.0Allen & Gledhill 3,657.359*8.317.15AshurstKing & Wood Mallesons ▼-152.33*-5.913.32,892.715

▲

▲

6 4▲ 1.210*▼

16.06

-84.53*▼-1

211

0.814*4.58

53,918.210

4King & Wood Mallesons 5,500.9Herbert Smith Freehills 6▲3,848.63 4.4414.527.76,336.67

11▲9.624.1▲ 11

22.9

▼-271.7717.8

15.82.33*8▲

3*▼-4

2Minter Ellison8▲

3AllensGilbert + Tobin

8 10.5Allens 18.22 11 4,963.33 3,949.5

▲6,597.72348.8 19▲1 35.44.3 6

24.928.92.3 ▲2

Rank Value

US$m

2013

Rank Sh (%) Share Ch.

11,158.7

Market

▲▲23.9Legal Advisor

1 9 1

2014

Rank

31.66,859.9

Market


Australia & New Zealand RankingsFirst Quarter 2014 | Mergers & Acquisitions | Legal Advisors


1Ashurst Herbert Smith Freehills15

-10 ▼

▼7.71▼

-8

3*▼

-1

# of DealsSh (%)RankShare Ch.

▼-44.56.52

RankDeals

2013

RankLegal Advisor# of DealsSh (%)

Market Rank

Any Australia or New Zealand Involvement Announced (AE27) Jan 1 – Mar 31


2014

Rank


# of Change in

Sh (%)Value US$m

Any Australia or New Zealand Involvement Completed (AG28)

Market# of Market Market

Allen & Gledhill2.4

12▲


232425*

King & SpaldingStephen Blanks & Associates

3

24*18*13* 2 14*

▲1.0-23

0.8


2 168.8

Change in


0.30.6

123

▲

Corrs Chambers Westgarth

▲

▲

Jan 1 – Mar 31

▲

Deals

525.42.72.4

2.7

0.9 0.7▲

3*16

$6.5 $8.4 $3.8

$13.9

$1.5

$14.7 $9.9

$6.0

$23.7

$3.2 $3.3 $9.6

$5.5

$10.0

$10.2

$8.3

$9.0 $19.7 $5.6

$9.9 $4.5

$5.7

$9.1

$12.8 $14.7

$18.2

$5.2

$5.5

$11.7 $4.4

$5.9

$18.0

$9.8

$5.4

$13.6

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

$0

$10

$20

$30

$40

$50

$60

$70

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

% o

f Asi

a (e

x-Ja

pan)

Vol

ume

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of WW FS Volume YTD

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

Out

boun

d

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

15






*tie

Skadden 363.4 2 15.6 1 Nishimura & Asahi 357.1 3 15.3 1

Anderson Mori & Tomotsune 68.0 3* 2.1 1 Mayer Brown LLP 68.0 3* 2.1 1

15,693.4 1* 97.9 1

Nagashima Ohno & Tsunematsu 794.0 3 8.3 9

Cleary Gottlieb Steen & Hamilton 15,693.4

Schulte Roth & Zabel LLP 1,368.11,368.1

Sidley Austin LLP 15,693.4White & Case LLP 15,693.4 1*

1,162.0

3

Nishimura & Asahi 15,693.4

97.9 1 Kirkland & Ellis

Nakamura, Tsunoda & Matsumoto

Retail

Mori Hamada & Matsumoto


Media and Entertainment


1*Clifford Chance

4

192.6

35.9

10.1

1 1 1* 8.7

Jan 1 - Mar 31 2014

2 70

13.9

14.4


68.0

7.5

1,559.2

1

Japanese Involvement Announced M&A Target Industry by Value

Linklaters

Japan / Japan

Nipsea International Ltd

3,174.2 1*Shearman & Sterling LLP

Any Japanese involvement announced M&A volume during the first quarter of 2014 recorded US$44.7 billion, a74.5% increase compared to the first quarter of 2013. This surge came despite a 3.9% decrease in the numberof deals, and was the lowest first quarter deal count since 2004.

Consumer Staples topped the Japanese market, accumulating US$16 billion in value, a significant increase fromthe US$958.8 million posted last year. This total marked both the largest first quarter volume on record and thelargest quarterly volume since the fourth quarter of 2006. This value was primarily driven by Suntory Holdings’

$15.7 billion acquisition of Beam, a US-based producer of liquor.

Japanese outbound activity for the first three months of 2014 recorded the highest first quarter volume on record.Worth US$20.9 billion, this marked a 178.6% increase compared to the first quarter of 2013 and a 31.5%increase compared to 2012’s US$15.3 billion, the previous record holder for the largest first quarter outboundvolume. Outbound activity accounted for about 47% of the Japanese market’s M&A activity during the firstquarter of 2014.

Any Japanese involvement completed M&A volume reached US$32.3 billion from 391 deals.

2 60 1,779.1

165.5192.6

8.7Hogan Lovells


Japan / Japan

Nishimura & Asahi

Morgan Lewis & BockiusConsumer Products and Services

13.9

35.9

AZB & Partners

Financials

Mori Hamada & MatsumotoKhaitan & Co

1247.5 2*

1

14.62

256.4

247.5

Simpson Thacher & Bartlett2,331.6

1 2*

3 1

72.8 4

169.8

1,135.8

Japan M&AJapanese M&A Up 75% | Consumer Staples At Record Volume | Outbound Activity Highest First Quarter Volume

97.9


1


Rakuten Inc3/11/2014

21* 97.3

61

7 1,121.3

11.9

1


1 Nagashima Ohno & Tsunematsu

71.9

1

97.9

72

1*1*

1 12 28.4

1

3

34.7

(US$m)

1*

9,600.8 14.3

1,236.4

14.3

3,568.7

No. Deals

Rank Val(US$m)

1 22.645

525.8

RankMkt.

RankNo.

Deals47

Share

Japan Deals Intelligence

16,038.1 Consumer Staples

Rank Val

Any Japanese Involvement Advisors by Target IndustryMkt.

Share

Pending

Materials / Chemicals

Japan / Cyprus

Real Estate / Non Residential

Consumer Products and Services / Other Consumer ProductsKokusai Kogyo Co Ltd (55%)

1

261.5

1*

Acquiror

15,693.3

Telecommunications

1

2,208.2 Industrials

Nishimura & Asahi

7

Hong Kong / Japan

1*

1.4 2

3/27/2014 3/27/2014Japan / JapanJapan / Japan

Real Estate

2/12/2014

50.9

Rank Value (US$m)

2/7/2014

Nakano Ekimae Kaihatsu- (100%)

2/7/2014

1

1,012.0

Anderson Mori & Tomotsune

Real Estate / Real Estate Management & Development

1/13/2014 PendingTelecommunications / Telecommunications Services

2/14/2014

Jan 1 - Mar 31 2014

PendingBeam Inc (100%)


96


1

54

97.9

Rank Date Date Effective

Japan / United StateseAccess Ltd (99.7%)

Top Ten Japanese Involvement Announced DealsTarget (% Sought/Acquired)

3/27/2014

High Technology 2,800.1

Nintendo Co Ltd

Nippon Paint Co Ltd

Anderson Mori & Tomotsune

21.7

12*

96.8

Retail / Food & Beverage Retailing

3

1/29/2014

Nippon Paint(Singapore)Co Pte (11%)1/31/2014

2/3/2014 Pending

Izumiya Co Ltd (100%)Nintendo Co Ltd (7.43%)

Nippon Paint Co Ltd (18.7%)

Pending2/3/2014

124

97.33*

Japan / Singapore

Viber Media Ltd (100%)

Pending

Nishimura & Asahi

Tokyo Prime Stage-Otemachi (30%)

3,263.5 3,174.2

2/4/2014

2* 13.7

Jan 1 - Mar 31 2014

1

Umegae Chuo Legal Profession Corp

13.7

3

2 2.1

1 37.22

5.8

Nishimura & Asahi

8 37.2 3 1 1,040.3

30 1

3 .9

1,042.9

1,805.3

905.0 3* 32.3 1

Healthcare37.0

Japan / JapanJapan / Japan

1,737.8

Consumer Staples / Food and Beverage

High Technology / Software

Real Estate / Non Residential

Suntory Holdings LtdYahoo Japan CorpInvestor GroupMizuho Bank Ltd

H2O Retailing Corp


Materials / Chemicals

1,101.5


905.0

1,368.1

Materials

1

1,021.8

Kokusai Kogyo Holdings

1,012.0

White & Case LLP 905.0 3* 32.3

1,118.6

.4

Any Japanese Involvement Announced M&A


3,174.2

35.9%

21.5% 8.0%

7.3%

6.3%

5.2% 4.9%

4.0% 3.5% 2.6%

0.3%

Consumer Staples Real Estate Materials Telecommunications High Technology Financials Industrials Consumer Products and Services Retail Media and Entertainment Healthcare Energy and Power

$71.3

$26.9 $50.5

$34.0 $23.5 $35.1 $38.8 $37.0 $25.6

$44.7

$38.3

$51.8 $31.1

$37.2

$21.6 $19.2

$45.9 $40.1

$32.8

$31.5

$22.5 $28.7 $47.6

$42.4 $50.3

$50.1 $42.4

$39.3

$42.3

$48.5 $51.9 $28.6

$38.8 $30.2

$50.5 $59.2

$38.1

0

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

# of

Dea

ls

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) # of Deals 1Q

16


*tie

▼

6,414.8

Nishimura & Asahi

Rank Value

US$m

11,019.2

Japan M&A

2Nagashima Ohno & TsunematsuLinklaters

0.481

20* 0.1

2

▲

Weil Gotshal & Manges 5

31


6▲ -

▲


▲

1 20*

1

0.30.8

0.5

12*

3*

▲11.85

17*0.5

7

8.6

1

-15

10.81

▲

▲

310.2

▼

▲0.335*

▲50.8

2

3

▲

▲

1.0 ▲

-1

3

2 17*1

▲

▲ 1▼

-10.8▼-10.2▼

3▼

5.58.7

20

4.8

3.0

-1,368.11,368.1

1,260.01,260.0

15*

- 41

19*

2,794.5

0.1

▼

26

19*- K&L Gates

17*Cleary Gottlieb Steen & Hamilton

-

9* 0.3

-5 13 7

Morrison & Foerster

2.5

100.0

3.1

-21.6%

1

▲

▼

10*

3.3

▲

0.5

13

4

1

▲

▲

▼

2.3-9.8

35*

3.9

▲ 14.2

6*

35*

22 17*

1

1

35*

62

35*

12*

▲

▲

0.335*

▲

▲

0.31 ▲

0.3

-3

▼-2

-1080 -

1

▼

▼

Shin & Kim0.0 - 1 20*


44,711.7

74.5% ▲ ▼

0.3

35* 0.3

-2

1

0.5

-2

1

35*

17*

391

11.50.5

17*


▲ -14.4% ▼

100.0 690

-3.9%

Jan1 – Mar 31Any Japanese Involvement by Market

17.4% Industry % Change from Last Quarter

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-18.0% ▼

0.1 0-28 Industry Total 32,289.2

▼

▼

1.925Skadden 24

- 71* 1.9-0.8

598.5

0 Bae Kim & Lee 23-▲1▲ 0.11

0.1 -0.20.1

▼ 2 -20*

23 34 41.8Midosuji Legal Profession Corp 24 0.1Kitahama Partners

- 37.2

Bae Kim & Lee 22 23 44.3 Kim & Chang0.1 -0.8 ▼ 0.11 ▼ 37▲ 1 20* 0.1 1

-220*▲Mayer Brown LLP 21 - 68.0 0.2 110.2 ▼

0.30.2 00.1 ▲ 213.9 3.9 ▲

20 48 86.4 9*19 -1

0.1

Shearman & Sterling LLP65* 160.5 19* -0.4 0.4 ▲ 1

▲17* 35 192.6Sato Sogo Law Office ▼20* 0.1

0 -

0.3

Schulte Roth & Zabel LLP0.4▼

1▲ 1

20*0.1

0.2Clifford Chance 17* 67* 192.6 20*0.40.4Hogan Lovells

4.8Kim & Chang ▲ 616 42 3195.2 0.44.2 4.2Morgan Lewis & Bockius 17* --1

0.3-17.7 11,550.0▲

▲ 2 9* 0.30.9

0Khaitan & Co 14* 58* 247.5 0.6▲

-2 ▼2.7 ▲

12*1,550.0

0.6 -9.5 0.1 -9.514▼

-1 0 5.3-

1,769.41,715.0AZB & Partners 8*7* 247.5 20*14*

Anderson Mori & Tomotsune20* 0.11.2 ▼

0.8 -4.4 1 20*-1

13 11Skadden 0.1▼

12363.4

-11.7Anderson Mori & Tomotsune ▼11Linklaters

5▼

Simpson Thacher & Bartlett 1 ▼

1.7 1110 0-8.1 -

1.6-13.5 42 Noerr LLP

10.23 771.0 -43,277.33,277.3Herbert Smith Freehills 10*

7* 905.03.1

2.03.1

▼

1,368.1 3.1 3.1111,368.1

20* 0.1

12.4

▲

8Hogan LovellsAmarchand Mangaldas

7

10.3 9.210.8

2 3.050 10.68* 11.0▼

16.21▼

▼ -3.8Shearman & Sterling LLP-533 4.8 12.4

-

5.5

6

▲

▲ 1 0.1

1 ▲

▲

0.8

23▼ 1* ▼

▲ 1.56*

▲1

4

71*12*▲ 3

6▲

4

▼5.91*-35.9

▲

67* 15,693.4 35.1▲

1.6-6.224.100.1

3

35.1 35.1

Sh (%)

20*1

20*1

35.11

Sh (%)

Market

5

21 -11-10.5▼

35.1

0.6

▲

# of

2.9 3

2

Change in

Sh (%)

2014

Rank

3# of Deals

Market

3,321.6

15,693.4

525.8

▲ 20 34.1

▲

5,984.4 -8.5

▲

Market

# of DealsDeals

▼

Rank

-113.3Sh (%)

▲ 13 3*

35.115,693.4

7.4

US$m

21,643.7 48.4

13.4 3

23

Rank

Jan1 – Mar 31

# of


Deals

4

Market

Share Ch.

Rank Value

67* 37.116,598.4 37.135.5

-Morgan Lewis & Bockius 8* -

Sidley Austin LLP 3* --

Mori Hamada & Matsumoto 6

57


1Nagashima Ohno & Tsunematsu 7

Schulte Roth & Zabel LLP

Legal Advisor

Kirkland & Ellis

8*

3*

-2.3%

-5.1%

Sullivan & Cromwell 15* 4

1,260.0

1,040.2

▼

25Industry Total

Jan1 – Mar 31

2013

Rank

Change in

Nakamura, Tsunoda & Matsumoto

2

2

▲

30.3Nishimura & Asahi 1

Cleary Gottlieb Steen & Hamilton 3*White & Case LLP

2014

Rank

Market

Legal Advisor

Market


35

Gibson Dunn & Crutcher

Any Japanese Involvement Announced (AE51)

Share Ch.

1

White & Case LLP

▼

3.23.93.9

4.2

7,788.1

0.1

-

Simpson Thacher & Bartlett 12


35.9

3,987.03,535.53,477.33,316.0

Clifford Chance

952.51,003.6

10.2

2013

Rank

5

9

33

22

10*

Any Japanese Involvement Completed (AG52)

5,219.8 16.219.9

-15.39,797.9

0

100

200

300

400

500

600

700

0

5

10

15

20

25

30

35

40

3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14

# of

Dea

ls

Ran

k Va

lue

(US$

b)

Domestic Inbound Outbound Outbound Inbound Domestic

17

-

-

-

-

-

-

-


Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only aportion of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bidsreceive credit for the transaction agreed to or, in the absence of an agreement, the value of the highest offer.

JapanCatherina Guinto-RoldanTel: +813 6441 1142

Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation.

League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, andunconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

Robert Levine

A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.Tel: +1 646 223 5682

E-mail: [email protected] with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalentat the time of announcement of terms.

E-mail: [email protected]

EMEA

Tel: +44 (0) 20 7542 3558


Ranking Criteria Summary

Redina Doda

If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:

Asia-PacificKelvin Bian

Americas

Announced league tables include all deals that were announced between January 1, 2013 and March 31, 2014 and of which Thomson Reuters was made aware. All current dataand previous year's data is as of 5:00pm EDT on March 31, 2014.

League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.

E-mail: [email protected]

Tel: +852 3761 1852E-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 content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. © 2014 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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Solution for:• Market Analysis & Trends (Geography, Sector,

Asset Class, Deal Type, Deal Size, etc.)• Deal Origination (Debt Maturity Analysis,

Company Lifecycle including Private Equity)• Pitch Creation (Firm Credentials,

Representative Acquirors)• M&A Targeting (Active Strategic/Sponsor

Acquirors, Target Company Screener)• Negotiation (T&C Benchmarking)

FOR INVESTMENT BANKERSThomson Reuters Eikon is the most intuitive and comprehensive way of staying informed. With natural-language search, you can quickly find global information, news, charts and analytics. Company and industry views provide top-level summaries, and then detailed information is just a click away. Identify new opportunities and gain deep understanding of markets, industries, companies and events.

Thomson Reuters Eikon also includes an Add-In for Microsoft® Office to help you increase your efficiency. From screening and targeting to comparables analysis, building league tables, valuing a company and

developing a client pitch book, you can do all this without leaving Microsoft Office. Search and autosuggest features in Excel make model-building easier.

Solution for:• Managing Client Relationships• Deal Origination• New Issues Pre-Marketing/Roadshows• Financial Modeling• Customized League Tables• Simple Deals screening• Valuation analysis and comparable

deal screening• On-brand pitch book creation

FOR STRATEGY AND PLANNING TEAMSThomson Reuters Deals Business Intelligence enables you to slice and dice our renowned Deals and Fees data to create ad hoc reports, analyze market trends, benchmark your performance and identify opportunities – all within a tool built into your workflow in Excel®, saving you valuable time and giving you a competitive edge.

Solution for:• Conducting market analysis and

identifying trends• Benchmarking your performance and

monitoring competitors• Targeting clients by wallet size and

banking relationship• Allocating resources more effectively by

evaluating and analyzing lost deals

Send us a sales enquiry at: financial.thomsonreuters.com/salesRead more about our products at: financial.thomsonreuters.com/products

To purchase individual Thomson Reuters Deals or League Table reports, please contact our Thomson Reuters On Demand group:

Web: http://financial.thomsonreuters.com/ondemandEmail: [email protected]

Access unique analysis for free anytime using Thomson Reuters Deals Intelligence website and receive regular updates, delivered direct to your inbox.

Go to: dmi.thomsonreuters.com/dealsintelligence

Thomson Reuters Solutions for the Deal Making Community

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