global m&a market review · • global merger and acquisition activity reached $1.5 trillion,...

GLOBALM&AMARKET REVIEWLEGAL RANKINGS1H 2017

CONTENTS

1. Introduction

2. Global M&A Heat Map

3. Global M&A Regional Review

4. Global M&A League Tables

6. Americas M&A Regional Review

7. Americas M&A League Tables

9. EMEA M&A Regional Review

10. EMEA M&A League Tables

14. APAC M&A Regional Review

15. APAC M&A League Tables

20. Disclaimer

DATA SUBMISSIONS AND QUERIES

Contact Phone Email

North America Meaghan Burke +1-646-324-1537 [email protected]

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

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

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

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

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

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

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

1H 2017

GLOBAL M&A LEGAL ADVISORY RANKINGS

©2017 Bloomberg Finance L.P. All rights r eserved.

mailto:[email protected]



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

Global M&A Heat Map

Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1H 2017.

North AmericaUSD 878.1B1. Skadden Arps Slate Meagher & Flom LLP 18.5%2. Kirkland & El l i s LLP 14.1%3. Wachtel l Lipton Rosen & Katz 13.2%

Western Europe USD 546.25B1. Davis Polk & Wardwel l LLP 16.2%2. Cleary Gottl ieb Steen & Hamilton LLP 11.9%3. Freshfields Bruckhaus Deringer LLP 10.8%

Asia PacificUSD 526.0B1. Simpson Thacher & Bartlett LLP 6.7%2. Fangda Partners 4.0%3. Cl i fford Chance LLP 3.9%

Middle East & AfricaUSD 44.7B1. Herbert Smith Freehi l l s LLP 14.8%2. Ashurst LLP 14.6%3. ASAR - Al Ruwayeh & Partners 12.8%

Eastern Europe USD 20.7B1. White & Case LLP 15.0%2. CMS 11.3%3. Dentons 10.2%

Latin AmericaUSD 69.7B1. Simpson Thacher & Bartlett LLP 24.0%2. Cl i fford Chance LLP 20.1%3. Loyens & Loeff NV 19.8%

2

Date

Total Value

(Mln.)

Amount

(Bln.) % of Total

% YoY

Change

Number of deals 20,027 Financial $409.0 26.2% 21.4%

Volume (Bln.) $1,536.4 Consumer Non-cyclical $340.4 21.8% 19.3%

Avg Deal Size (Mln.) $76.7 Consumer Cyclical $185.5 11.9% -2.3%

Energy $172.6 11.1% 57.6%

Industrial $140.4 9.0% -5.4%

Skadden Arps Slate Meagher & Flom LLP Communications $113.1 7.2% -18.3%

Number of deals 108 Technology $80.8 5.2% -39.4%

Volume (Bln.) $170.1 Utilities $65.3 4.2% -14.8%

Avg Deal Size (Bln.) $1.6 Basic Materials $45.5 2.9% -75.0%

Diversified $8.9 0.6% -58.6%

Amount

(Bln.)

% Change

Deal Count

% Change

Volume

Company Takeover $863.0 -6.4% -9.3%

Cross Border $665.5 -0.7% -3.1%

Private Equity $406.4 3.2% 16.1%

Asset Sale $304.6 7.4% 21.0%

Tender Offer $197.8 17.0% 39.7%

Venture Capital $61.3 3.3% -16.3%

Spin-off $7.5 -5.2% -89.1%

Minority Purchase $198.0 4.0% 4.3%

Majority Purchase $121.2 17.9% 13.4%

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

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

Deal Type

2/1/2017 ONEOK Partners LP ONEOK Inc - $17,377.7

$29,762.2

$24,195.8

2/10/2017 Mead Johnson Nutrition Co Reckitt Benckiser Group PLC - $17,809.8

Top Adviser4/23/2017 CR Bard Inc Becton Dickinson and Co -

1/26/2017 Actelion Ltd Johnson & Johnson -

Global M&A Regional Review

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Global M&A: Premium Breakdown

Global M&A: Highlights of 1H 2017 Global M&A: Industry Breakdown

Summary Target Acquirer Seller Industry

5/15/2017 Abertis Infraestructuras SA Atlantia SpA - $34,388.4

0

2,000

4,000

6,000

8,000

10,000

12,000

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2

Volume $(Bln.) Deal Count

22%

42%

33%

1%2%

0%0-10%

10-25%

25-50%

50-75%

75-100%

100%+

• Global merger and acquisition activity reached $1.5 trillion, representing a 3.7% decrease from the same period last year. The consumer, non-cyclical sector experienced year-on-year growth of 19.3%, with $340.4 billion in deal activity for the period. Atlantia SpA’s announced acquisition of Abertis Infraestructuras SA for $34.4 billion was the largest deal both globally and for the sector.

• Private equity activity increased 16.1% year-on-year to $406.4 billion in transactions. The United States continued to be the most acquisitive country in 1H2017, accounting for 61.4% of the global private equityvolume.

• Cross border deals reached $665.5 billion in deal volume for 1H2017, representing a decrease of 3.1% from 1H2016. Deals involving European-based targets experienced a year-on-year increase of 31.3% to $277.0 billion, accounting for 41.6% of cross border transactions.

3

Global Announced Deals (By Volume) 01/01/2017 - 06/30/2017 Global Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017

Skadden Arps Slate Meagher & Flom LLP 1 11.1 170,127 108 7 11.6 -0.5 Jones Day 1 4.4 68,239 223 1 8.8 -4.3

Davis Polk & Wardwell LLP 2 9.1 139,165 65 4 13.3 -4.3 Kirkland & Ellis LLP 2 8.7 133,065 192 3 7.6 1.1

Cleary Gottlieb Steen & Hamilton LLP 3 8.8 134,882 50 6 12.2 -3.4 Latham & Watkins LLP 3 5.9 89,957 188 2 6.5 -0.6

Kirkland & Ellis LLP 4 8.7 133,065 192 16 7.6 1.1 White & Case LLP 4 5.3 80,949 121 6 17.4 -12.1

Sullivan & Cromwell LLP 5 7.7 118,226 77 2 16.2 -8.5 Clifford Chance LLP 5 3.1 47,867 113 13 8.8 -5.7

Wachtell Lipton Rosen & Katz 6 7.5 115,724 38 8 11.6 -4.0 Goodwin Procter LLP 6 1.2 17,651 110 16 1.9 -0.8

Cravath Swaine & Moore LLP 7 6.7 102,988 38 5 13.1 -6.4 Skadden Arps Slate Meagher & Flom LLP 7 11.1 170,127 108 15 11.6 -0.5

Simpson Thacher & Bartlett LLP 8 6.2 94,757 86 3 13.4 -7.2 Morgan Lewis & Bockius LLP 8 0.7 10,953 106 12 1.8 -1.1

Latham & Watkins LLP 9 5.9 89,957 188 19 6.5 -0.6 Baker & McKenzie LLP 9 1.6 24,755 105 4 3.3 -1.7

Blake Cassels & Graydon LLP 10 5.5 84,628 81 13 8.6 -3.1 Weil Gotshal & Manges LLP 10 3.5 53,937 103 14 5.2 -1.7

White & Case LLP 11 5.3 80,949 121 1 17.4 -12.1 Hogan Lovells US LLP 11 2.2 33,464 102 8 3.7 -1.5

Paul Weiss Rifkind Wharton & Garrison LLP 12 5.2 80,005 90 9 9.6 -4.4 CMS 12 0.5 7,818 101 5 0.4 0.1

Shearman & Sterling LLP 13 5.0 76,291 66 15 8.1 -3.1 Allen & Overy LLP 13 1.6 24,546 93 7 6.0 -4.4

Gibson Dunn & Crutcher LLP 14 4.9 74,532 65 18 6.5 -1.7 DLA Piper LLP 14 2.8 43,534 92 9 1.2 1.6

Jones Day 15 4.4 68,239 223 11 8.8 -4.3 Paul Weiss Rifkind Wharton & Garrison LLP 15 5.2 80,005 90 27 9.6 -4.4

Fried Frank Harris Shriver & Jacobson LLP 16 4.4 68,202 29 31 3.3 1.2 Simpson Thacher & Bartlett LLP 16 6.2 94,757 86 34 13.4 -7.2

Freshfields Bruckhaus Deringer LLP 17 4.1 63,126 69 22 5.8 -1.7 Linklaters LLP 17 3.2 48,674 85 10 2.6 0.6

Slaughter and May 18 3.9 59,422 21 34 3.1 0.8 Blake Cassels & Graydon LLP 18 5.5 84,628 81 18 8.6 -3.1

Weil Gotshal & Manges LLP 19 3.5 53,937 103 25 5.2 -1.7 Sullivan & Cromwell LLP 19 7.7 118,226 77 29 16.2 -8.5

Vinson & Elkins LLP 20 3.2 49,459 48 39 2.2 1.0 Kim & Chang 20 1.3 20,481 71 39 0.6 0.7

TOTAL 1,536,621 20,031 TOTAL 1,536,621 20,031

Global Announced Deals- Principals (By Volume) 01/01/2017 - 06/30/2017 Global Announced Deals- Principals (By Deal Count) 01/01/2017 - 06/30/2017

Skadden Arps Slate Meagher & Flom LLP 1 13.7 153,053 105 7 10.9 2.8 Jones Day 1 6.1 67,879 222 1 11.3 -5.2

Kirkland & Ellis LLP 2 11.2 125,898 189 13 7.9 3.3 Kirkland & Ellis LLP 2 11.2 125,898 189 3 7.9 3.3

Wachtell Lipton Rosen & Katz 3 10.3 115,724 38 1 14.9 -4.6 Latham & Watkins LLP 3 5.9 65,921 181 2 8.0 -2.1

Blake Cassels & Graydon LLP 4 7.2 81,152 79 6 10.9 -3.7 Clifford Chance LLP 4 4.3 47,867 113 13 6.0 -1.8

Davis Polk & Wardwell LLP 5 6.4 72,194 47 5 11.3 -4.8 Goodwin Procter LLP 5 1.6 17,651 110 16 1.9 -0.4

Sullivan & Cromwell LLP 6 6.1 67,933 58 9 10.2 -4.1 Skadden Arps Slate Meagher & Flom LLP 6 13.7 153,053 105 15 10.9 2.8

Jones Day 7 6.1 67,879 222 4 11.3 -5.2 Baker & McKenzie LLP 6 2.2 24,755 105 4 4.3 -2.1

Cleary Gottlieb Steen & Hamilton LLP 8 6.0 67,618 39 16 7.5 -1.5 Morgan Lewis & Bockius LLP 6 0.9 10,364 105 11 2.3 -1.4

Simpson Thacher & Bartlett LLP 9 6.0 66,711 79 2 14.3 -8.3 White & Case LLP 9 3.5 39,274 103 12 7.2 -3.7

Latham & Watkins LLP 10 5.9 65,921 181 12 8.0 -2.1 Weil Gotshal & Manges LLP 10 4.4 48,883 101 14 6.6 -2.2

Paul Weiss Rifkind Wharton & Garrison LLP 11 5.8 65,164 87 3 12.2 -6.4 CMS 10 0.7 7,818 101 5 0.6 0.1

Cravath Swaine & Moore LLP 12 5.6 62,167 27 23 5.9 -0.3 Hogan Lovells US LLP 12 2.5 28,421 97 7 4.7 -2.2

Freshfields Bruckhaus Deringer LLP 13 5.3 59,701 66 27 4.5 0.8 Allen & Overy LLP 13 2.2 24,546 93 6 7.6 -5.4

Slaughter and May 14 5.3 59,422 21 31 3.9 1.4 DLA Piper LLP 14 3.9 43,534 91 8 1.2 2.7

Vinson & Elkins LLP 15 4.4 49,459 48 36 2.9 1.6 Paul Weiss Rifkind Wharton & Garrison LLP 15 5.8 65,164 87 26 12.2 -6.4

Weil Gotshal & Manges LLP 16 4.4 48,883 101 19 6.6 -2.2 Linklaters LLP 16 4.3 48,674 85 9 3.3 1.1

Linklaters LLP 17 4.3 48,674 85 34 3.3 1.1 Blake Cassels & Graydon LLP 17 7.2 81,152 79 18 10.9 -3.7

Clifford Chance LLP 18 4.3 47,867 113 21 6.0 -1.8 Simpson Thacher & Bartlett LLP 17 6.0 66,711 79 36 14.3 -8.3

DLA Piper LLP 19 3.9 43,534 91 63 1.2 2.7 Kim & Chang 19 1.8 20,481 71 38 0.8 1.0

Homburger AG 20 3.8 42,367 11 29 4.2 -0.4 Dentons 20 0.4 4,591 67 20 1.0 -0.6

TOTAL 1,121,091 4,525 TOTAL 1,121,091 4,525

FIRM

2017 2016MKT SHR

CHANGE FIRM

2017

FIRM

VOLUME USD

(Mln)

DEAL

COUNT

2016MKT SHR

CHANGE FIRM

2017

VOLUME USD

(Mln)

DEAL

COUNTVOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2017

RANK

MKT SHR

(%)

1,595,243 1,595,243

RANK

MKT SHR

(%)

2016MKT SHR

CHANGE RANK

MKT SHR

(%)

2016MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

1,233,868 1,233,868

4

Cross Border Announced Deals (By Volume) 01/01/2017 - 06/30/2017 Global Private Equity Deals (By Volume) 01/01/2017 - 06/30/2017

Cleary Gottlieb Steen & Hamilton LLP 1 10.9 72,712 29 21 9.5 1.5 Kirkland & Ellis LLP 1 14.4 58,668 132 3 10.4 4.0

Cravath Swaine & Moore LLP 2 10.4 69,054 14 1 23.7 -13.3 Simpson Thacher & Bartlett LLP 2 11.4 46,233 57 1 13.1 -1.8

Davis Polk & Wardwell LLP 3 10.3 68,743 24 15 11.5 -1.2 Skadden Arps Slate Meagher & Flom LLP 3 11.2 45,328 39 2 12.4 -1.3

Kirkland & Ellis LLP 4 8.1 53,550 56 22 9.3 -1.3 Sullivan & Cromwell LLP 4 7.9 32,132 23 8 6.6 1.3

Skadden Arps Slate Meagher & Flom LLP 5 7.9 52,564 47 10 11.8 -3.9 Latham & Watkins LLP 5 6.9 27,961 97 4 8.8 -2.0

Simpson Thacher & Bartlett LLP 6 7.4 49,083 43 4 16.3 -9.0 Cravath Swaine & Moore LLP 6 6.4 26,110 11 37 2.4 4.0

Slaughter and May 7 7.2 48,172 14 26 6.7 0.5 Weil Gotshal & Manges LLP 7 6.2 25,043 54 24 3.3 2.9

Linklaters LLP 8 7.1 47,083 72 31 3.7 3.4 Paul Weiss Rifkind Wharton & Garrison LLP 8 5.9 24,101 50 7 6.6 -0.7

Freshfields Bruckhaus Deringer LLP 9 7.1 47,066 50 14 11.6 -4.5 Clifford Chance LLP 9 5.8 23,673 45 34 2.6 3.2

Paul Weiss Rifkind Wharton & Garrison LLP 10 6.7 44,388 30 17 10.6 -3.9 Davis Polk & Wardwell LLP 10 5.5 22,306 28 12 4.9 0.6

Sullivan & Cromwell LLP 11 6.5 43,527 35 5 14.2 -7.6 Shearman & Sterling LLP 11 4.5 18,351 21 22 3.5 1.0

Blake Cassels & Graydon LLP 12 6.2 41,084 45 9 12.4 -6.3 Cleary Gottlieb Steen & Hamilton LLP 12 4.2 16,966 18 38 2.4 1.7

Clifford Chance LLP 13 5.9 39,531 88 3 19.4 -13.4 Loyens & Loeff NV 13 4.0 16,106 11 104 0.3 3.7

Wachtell Lipton Rosen & Katz 14 5.9 39,429 11 11 11.8 -5.8 Goodwin Procter LLP 14 3.9 15,863 60 50 1.4 2.5

DLA Piper LLP 15 5.9 39,361 37 75 0.7 5.3 White & Case LLP 15 3.9 15,834 47 14 4.3 -0.4

Gibson Dunn & Crutcher LLP 16 5.4 35,673 27 60 1.0 4.4 Sidley Austin LLP 16 3.9 15,735 17 28 3.0 0.9

Jones Day 17 5.2 34,486 90 19 10.0 -4.8 Freshfields Bruckhaus Deringer LLP 17 3.5 14,024 26 9 6.3 -2.8

Grippo Associatie Simons & Simons 18 5.2 34,388 1 - - 5.2 Herbert Smith Freehills LLP 18 3.4 13,971 19 13 4.6 -1.2

Gianni Origoni Grippo Capelli Partners 18 5.2 34,388 3 207 0.1 5.1 Hogan Lovells US LLP 19 3.1 12,748 34 30 2.9 0.2

Norton Rose Fulbright LLP 20 5.1 33,954 31 63 0.9 4.2 Jones Day 20 3.1 12,568 82 10 6.2 -3.1

TOTAL 665,471 7,270 TOTAL 406,432 5,881

2016MKT SHR

CHANGE FIRM

2017VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

686,989 350,004

FIRM

2016MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2017

5

Country

United States $602.0 85.7% -22.4%

Canada $64.2 9.1% 59.5%

Brazil $19.8 2.8% 133.8%

British Virgin Islands $4.3 0.6% 59.1%

Mexico $3.6 0.5% -22.8%

Chile $1.9 0.3% -85.6%

Colombia $1.0 0.1% -79.9%

Bermuda $0.8 0.1% 1642.7%

Date

Total Value

(Mln.)

Amount

(Bln.) % of Total

% YoY

Change

Number of deals 8,386 Consumer Non-cyclical $173.3 24.5% -6.5%

Volume (Bln.) $702.5 Financial $150.4 21.3% 8.1%

Avg Deal Size (Mln.) $83.8 Energy $119.2 16.9% 63.6%

Consumer Cyclical $72.2 10.2% -23.2%

Communications $52.4 7.4% -32.7%

Skadden Arps Slate Meagher & Flom LLP Industrial $43.6 6.2% 6.0%

Number of deals 83 Technology $37.5 5.3% -55.2%

Volume (Bln.) $136.7 Utilities $36.2 5.1% -38.5%


Diversified $0.1 0.0% -95.3%

Amount

(Bln.)

% Change

Deal Count

% Change

Volume

Company Takeover $460.2 -8.8% -24.0%

Cross Border $245.0 1.6% -23.9%

Private Equity $207.2 -0.1% 6.7%

Asset Sale $150.7 9.0% 16.0%

Tender Offer $55.2 13.9% 49.0%

Venture Capital $30.8 -0.8% -3.6%

Spin-off $5.1 -11.6% -87.6%

Minority Purchase $51.6 0.2% -0.9%

Majority Purchase $14.1 8.8% -21.5%


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

Deal Type

6/2/2017 Logicor Europe Ltd China Investment CorpBlackstone

Group LP/The$13,805.8

3/13/2017 Mobileye NV Intel Corp - $14,132.0

Becton Dickinson and Co - $24,195.8

Top Adviser2/1/2017 ONEOK Partners LP ONEOK Inc -

2/10/2017 Mead Johnson Nutrition Co Reckitt Benckiser Group PLC - $17,809.8

$17,377.7

Americas M&A Regional Review

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Americas M&A: Country BreakdownAmount

(Bln.) % of Total

% YoY

Change

Americas M&A: Highlights of 1H 2017 Americas M&A: Industry Breakdown


4/23/2017 CR Bard Inc

0

1000

2000

3000

4000

5000

6000

$0

$200

$400

$600

$800

$1,000

2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2


• Deal activity in the Americas reached a volume of $702.5 billion in 1H2017, representing a 17.8% decrease compared to the same period last year. The United States contributed to 85.7% of the region’s total and continued to be most targeted country for M&A transactions.

• Deals exceeding $1.0 billion in value accounted for 66.2% of the region’s total deal volume in 1H2017. The average transaction value for megadeals experienced a year-on-year decrease of 24.5%. Becton Dickinson and Co’s announced acquisition of CR Bard Inc for $24.2 billion was the largest deal within the region for the period.

• Private equity activity in 1H2017 for Americas-based targets increased 6.7% from the same period last year to $207.2 billion. United States-based companies were the most sought-after for private equity buyouts with $62.2 billion in transactions. JAB Holding Co Sarl’s announced acquisition of Panera Bread Co for $7.5 billion was the largest buyout for the period.

6

US Announced Deals (By Volume) 01/01/2017 - 06/30/2017 US Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017

Skadden Arps Slate Meagher & Flom LLP 1 19.8 162,268 92 4 19.4 0.4 Kirkland & Ellis LLP 1 14.8 121,699 179 2 12.8 2.0

Kirkland & Ellis LLP 2 14.8 121,699 179 11 12.8 2.0 Jones Day 2 4.7 38,854 156 1 14.2 -9.5


Sullivan & Cromwell LLP 4 12.9 106,191 63 1 26.7 -13.7 Goodwin Procter LLP 4 1.8 14,720 101 7 3.3 -1.5

Cleary Gottlieb Steen & Hamilton LLP 5 12.1 99,325 36 9 15.7 -3.6 Morgan Lewis & Bockius LLP 5 1.2 9,788 96 4 3.0 -1.8

Cravath Swaine & Moore LLP 6 12.1 98,910 37 5 17.9 -5.9 Skadden Arps Slate Meagher & Flom LLP 6 19.8 162,268 92 6 19.4 0.4

Simpson Thacher & Bartlett LLP 7 11.2 91,957 74 6 17.5 -6.3 Paul Weiss Rifkind Wharton & Garrison LLP 7 8.5 69,626 83 14 16.0 -7.5

Davis Polk & Wardwell LLP 8 9.8 80,296 57 7 16.9 -7.1 Weil Gotshal & Manges LLP 8 5.5 45,267 77 9 8.7 -3.2

Latham & Watkins LLP 9 9.3 76,555 142 16 9.6 -0.3 Simpson Thacher & Bartlett LLP 9 11.2 91,957 74 19 17.5 -6.3

Gibson Dunn & Crutcher LLP 10 8.9 72,731 52 13 11.2 -2.3 DLA Piper LLP 10 0.9 7,164 72 5 1.9 -1.0

Paul Weiss Rifkind Wharton & Garrison LLP 11 8.5 69,626 83 8 16.0 -7.5 White & Case LLP 11 8.1 66,595 64 11 23.2 -15.1

Fried Frank Harris Shriver & Jacobson LLP 12 8.3 68,202 29 28 5.8 2.6 Sullivan & Cromwell LLP 12 12.9 106,191 63 18 26.7 -13.7

White & Case LLP 13 8.1 66,595 64 2 23.2 -15.1 Hogan Lovells US LLP 13 3.3 27,039 62 8 5.8 -2.5

Shearman & Sterling LLP 14 8.1 66,462 38 12 12.7 -4.6 O'Melveny & Myers LLP 14 3.8 30,914 59 20 3.2 0.6

Vinson & Elkins LLP 15 6.0 48,933 47 33 3.9 2.1 Davis Polk & Wardwell LLP 15 9.8 80,296 57 15 16.9 -7.1

Blake Cassels & Graydon LLP 16 5.8 47,926 33 24 7.5 -1.6 McGuireWoods LLP 15 0.2 1,886 57 16 1.3 -1.1

Weil Gotshal & Manges LLP 17 5.5 45,267 77 20 8.7 -3.2 Cooley LLP 17 0.9 7,086 54 13 1.4 -0.6

Homburger AG 18 5.0 41,205 6 284 - 5.0 Gibson Dunn & Crutcher LLP 18 8.9 72,731 52 16 11.2 -2.3

Jones Day 19 4.7 38,854 156 10 14.2 -9.5 Vinson & Elkins LLP 19 6.0 48,933 47 32 3.9 2.1

Freshfields Bruckhaus Deringer LLP 20 4.5 36,928 22 26 6.0 -1.5 Paul Hastings LLP 19 3.1 25,511 47 23 1.0 2.1

TOTAL 821,120 8,801 TOTAL 821,120 8,801

US Announced Deals- Principals (By Volume) 01/01/2017 - 06/30/2017 US Announced Deals- Principals (By Deal Count) 01/01/2017 - 06/30/2017

Skadden Arps Slate Meagher & Flom LLP 1 21.3 145,194 89 4 15.9 5.4 Kirkland & Ellis LLP 1 17.6 120,256 177 2 11.8 5.8

Kirkland & Ellis LLP 2 17.6 120,256 177 8 11.8 5.8 Jones Day 2 5.6 38,494 155 1 16.4 -10.8


Simpson Thacher & Bartlett LLP 4 9.4 63,911 67 5 15.5 -6.1 Goodwin Procter LLP 4 2.2 14,720 101 6 3.0 -0.9

Cravath Swaine & Moore LLP 5 8.5 58,088 26 16 9.3 -0.8 Morgan Lewis & Bockius LLP 5 1.4 9,199 95 4 3.4 -2.1

Sullivan & Cromwell LLP 6 8.2 56,208 45 6 14.4 -6.2 Skadden Arps Slate Meagher & Flom LLP 6 21.3 145,194 89 7 15.9 5.4

Paul Weiss Rifkind Wharton & Garrison LLP 7 8.0 54,784 80 2 18.2 -10.2 Paul Weiss Rifkind Wharton & Garrison LLP 7 8.0 54,784 80 13 18.2 -10.2

Latham & Watkins LLP 8 7.7 52,519 135 10 10.8 -3.1 Weil Gotshal & Manges LLP 8 5.9 40,213 75 9 9.9 -4.0

Vinson & Elkins LLP 9 7.2 48,933 47 28 4.5 2.7 DLA Piper LLP 9 1.1 7,164 71 5 1.6 -0.6

Davis Polk & Wardwell LLP 10 7.0 47,713 40 13 10.1 -3.1 Simpson Thacher & Bartlett LLP 10 9.4 63,911 67 17 15.5 -6.1

Blake Cassels & Graydon LLP 11 6.5 44,449 31 20 8.6 -2.1 Hogan Lovells US LLP 11 3.9 26,797 61 8 6.7 -2.7

Homburger AG 12 6.0 41,205 6 284 - 6.0 Cooley LLP 12 1.0 7,086 54 12 1.6 -0.6

Weil Gotshal & Manges LLP 13 5.9 40,213 75 15 9.9 -4.0 O'Melveny & Myers LLP 13 3.7 25,334 53 19 3.6 0.1

Jones Day 14 5.6 38,494 155 3 16.4 -10.8 McGuireWoods LLP 13 0.2 1,391 53 14 1.1 -0.9

Freshfields Bruckhaus Deringer LLP 15 5.4 36,928 22 46 2.4 3.1 White & Case LLP 15 4.1 27,918 50 16 8.6 -4.5

Linklaters LLP 16 4.9 33,245 31 50 2.2 2.7 Vinson & Elkins LLP 16 7.2 48,933 47 30 4.5 2.7

Cleary Gottlieb Steen & Hamilton LLP 17 4.7 32,061 26 9 11.2 -6.5 Fenwick & West LLP 17 1.1 7,140 46 26 1.0 0.0

Andrews Kurth Kenyon LLP 18 4.7 31,895 28 101 0.4 4.3 Sullivan & Cromwell LLP 18 8.2 56,208 45 29 14.4 -6.2

Slaughter and May 19 4.5 30,545 3 27 4.7 -0.2 Gibson Dunn & Crutcher LLP 18 3.7 25,459 45 15 9.0 -5.3

Niederer Kraft & Frey 20 4.4 30,015 2 - - 4.4 Paul Hastings LLP 20 1.2 8,218 43 21 1.1 0.1

TOTAL 682,680 2,248 TOTAL 682,680 2,248

FIRM

2017 2016MKT SHR

CHANGE FIRM

2017

VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

2016MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2016MKT SHR

CHANGE FIRM

2017

VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

901,283 901,283

780,220 780,220

FIRM

2016MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2017

7

Canada Announced Deals (By Volume) 01/01/2017 - 06/30/2017 Canada Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017

Paul Weiss Rifkind Wharton & Garrison LLP 1 23.8 34,197 18 27 3.8 20.1 Blake Cassels & Graydon LLP 1 22.2 31,815 65 1 24.1 -1.9

Osler Hoskin & Harcourt LLP 2 22.5 32,224 55 1 32.3 -9.9 Miller Thomson LLP 2 0.1 135 61 3 0.2 -0.1

Blake Cassels & Graydon LLP 3 22.2 31,815 65 3 24.1 -1.9 Stikeman Elliott LLP 3 16.6 23,875 57 2 23.1 -6.5

Norton Rose Fulbright LLP 4 20.9 30,004 18 31 3.0 17.9 Osler Hoskin & Harcourt LLP 4 22.5 32,224 55 5 32.3 -9.9

Stikeman Elliott LLP 5 16.6 23,875 57 4 23.1 -6.5 McCarthy Tetrault LLP 5 9.9 14,185 37 4 6.9 3.0

Skadden Arps Slate Meagher & Flom LLP 6 15.6 22,440 9 5 23.0 -7.4 Gowling WLG Canada LLP 6 0.5 664 24 6 1.0 -0.5

Cravath Swaine & Moore LLP 7 11.5 16,544 6 33 2.6 8.9 Davies Ward Phillips & Vineberg LLP 7 3.1 4,489 23 8 20.3 -17.2

McCarthy Tetrault LLP 8 9.9 14,185 37 22 6.9 3.0 Torys LLP 8 2.2 3,216 19 10 6.8 -4.6

Latham & Watkins LLP 9 8.2 11,775 16 24 6.4 1.8 Paul Weiss Rifkind Wharton & Garrison LLP 9 23.8 34,197 18 30 3.8 20.1

Kirkland & Ellis LLP 10 8.2 11,729 15 15 9.1 -1.0 Norton Rose Fulbright LLP 9 20.9 30,004 18 21 3.0 17.9

Vinson & Elkins LLP 11 7.9 11,312 9 69 0.2 7.6 Borden Ladner Gervais LLP 9 0.9 1,309 18 6 2.4 -1.5

Sullivan & Cromwell LLP 12 6.0 8,559 7 11 12.4 -6.4 Latham & Watkins LLP 12 8.2 11,775 16 24 6.4 1.8

Shearman & Sterling LLP 13 5.9 8,479 4 44 1.3 4.6 Kirkland & Ellis LLP 13 8.2 11,729 15 13 9.1 -1.0

Weil Gotshal & Manges LLP 14 5.4 7,778 7 16 8.7 -3.3 Jones Day 14 1.7 2,443 14 13 17.5 -15.8

Cleary Gottlieb Steen & Hamilton LLP 15 5.0 7,119 4 70 0.2 4.7 Fasken Martineau DuMoulin LLP 15 2.0 2,878 13 9 1.8 0.3

Herbert Smith Freehills LLP 16 4.9 7,018 3 12 9.4 -4.6 Goodmans LLP 16 4.4 6,322 12 21 2.0 2.4

Covington & Burling LLP 17 4.8 6,926 2 85 0.1 4.7 Cassels Brock & Blackwell LLP 17 1.1 1,520 11 19 0.8 0.3

Davis Polk & Wardwell LLP 18 4.6 6,583 4 115 - 4.6 Skadden Arps Slate Meagher & Flom LLP 18 15.6 22,440 9 27 23.0 -7.4

Goodmans LLP 19 4.4 6,322 12 38 2.0 2.4 Vinson & Elkins LLP 18 7.9 11,312 9 51 0.2 7.6

Allens 20 4.2 6,091 3 13 9.4 -5.1 Baker & McKenzie LLP 18 0.6 836 9 17 7.4 -6.8

TOTAL 143,502 1,604 TOTAL 143,502 1,604

Brazil Announced Deals (By Volume) 01/01/2017 - 06/30/2017 Brazil Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017

Mattos Filho Veiga Filho Marrey Jr e Quirog 1 24.9 5,402 27 8 11.1 13.8 Mattos Filho Veiga Filho Marrey Jr e Quirog 1 24.9 5,402 27 5 11.1 13.8

Sullivan & Cromwell LLP 2 17.4 3,772 1 - - 17.4 Pinheiro Neto Advogados 2 2.5 539 20 1 30.9 -28.4

Machado Meyer Sendacz e Opice Advogado 3 12.1 2,617 18 32 1.4 10.6 Machado Meyer Sendacz e Opice Advogado 3 12.1 2,617 18 4 1.4 10.6

Tozzini Freire Teixeira E Silva 4 11.8 2,566 13 17 5.3 6.5 Tozzini Freire Teixeira E Silva 4 11.8 2,566 13 3 5.3 6.5

Barbosa Mussnich & Aragao 5 8.4 1,827 8 3 12.2 -3.8 Veirano Advogados 4 0.2 41 13 6 5.8 -5.6

Stocche Forbes Padis Filizzola e Clapis Adv 6 7.7 1,676 10 37 0.5 7.2 Lobo de Rizzo Advogados 6 2.2 481 11 11 0.0 2.2

Allen & Overy LLP 7 6.0 1,298 1 36 0.6 5.4 Stocche Forbes Padis Filizzola e Clapis Adv 7 7.7 1,676 10 9 0.5 7.2

Davis Polk & Wardwell LLP 7 6.0 1,298 2 4 12.2 -6.2 Souza Cescon Barrieu & Flesch Advogados 7 2.0 437 10 7 5.4 -3.4

Pinheiro Neto Advogados 9 2.5 539 20 1 30.9 -28.4 Barbosa Mussnich & Aragao 9 8.4 1,827 8 2 12.2 -3.8

Lobo de Rizzo Advogados 10 2.2 481 11 45 0.0 2.2 Demarest Advogados 9 1.8 380 8 8 4.6 -2.9

White & Case LLP 11 2.2 470 2 - - 2.2 Lefosse Advogados 11 1.9 401 5 10 1.3 0.6

Baker & McKenzie LLP 11 2.2 470 4 2 13.3 -11.1 Baker & McKenzie LLP 12 2.2 470 4 11 13.3 -11.1

Souza Cescon Barrieu & Flesch Advogados 13 2.0 437 10 16 5.4 -3.4 Jones Day 12 1.1 237 4 15 - 1.1

Proskauer Rose LLP 14 1.9 406 2 - - 1.9 Azevedo Sette Advogados 12 0.3 68 4 11 0.3 0.1

Lefosse Advogados 15 1.9 401 5 33 1.3 0.6 Hogan Lovells US LLP 15 1.4 312 3 25 - 1.4

Wolf Theiss Rechtsanwalte GmbH 16 1.8 400 1 - - 1.8 Simpson Thacher & Bartlett LLP 15 0.5 100 3 - - 0.5

Demarest Advogados 17 1.8 380 8 18 4.6 -2.9 Davis Polk & Wardwell LLP 17 6.0 1,298 2 15 12.2 -6.2

Bae Kim & Lee 18 1.5 318 1 - - 1.5 White & Case LLP 17 2.2 470 2 - - 2.2

Hogan Lovells US LLP 19 1.4 312 3 46 - 1.4 Proskauer Rose LLP 17 1.9 406 2 - - 1.9

Paul Weiss Rifkind Wharton & Garrison LLP 20 1.2 250 1 46 - 1.2 Blake Cassels & Graydon LLP 17 0.3 58 2 15 0.9 -0.6

TOTAL 21,705 205 TOTAL 21,705 205

FIRM

2017 2016MKT SHR

CHANGE FIRM

2017

VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

2016MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2016MKT SHR

CHANGE FIRM

2017

VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

133,644 133,644

12,984 12,984

FIRM

2016MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2017

8

Country

United Kingdom $101.3 23.5% 89.0%

France $73.8 17.1% 95.9%

Spain $51.5 12.0% 188.9%

Italy $37.7 8.8% 49.9%

Germany $34.9 8.1% 13.9%

Switzerland $32.6 7.6% -43.9%

Netherlands $16.4 3.8% 25.6%

Finland $4.8 1.1% -62.6%

Date

Total Value

(Mln.)

Amount

(Bln.) % of Total

% YoY

Change

Number of deals 5,391 Consumer Non-cyclical $128.5 29.8% 140.1%

Volume (Bln.) $430.2 Financial $106.1 24.6% 37.8%

Avg Deal Size (Mln.) $79.8 Consumer Cyclical $67.4 15.6% 96.6%

Industrial $42.0 9.7% 2.1%

Energy $33.1 7.7% 71.5%

Davis Polk & Wardwell LLP Utilities $16.9 3.9% 81.4%

Number of deals 11 Communications $13.8 3.2% -12.4%

Volume (Bln.) $61.9 Technology $12.3 2.9% -44.9%


Diversified $4.7 1.1% -8.9%

Amount

(Bln.)

% Change

Deal Count

% Change

Volume

Company Takeover $240.0 -10.5% 39.0%

Cross Border $291.0 -2.3% 27.0%


Asset Sale $88.0 6.0% 29.0%

Tender Offer $117.5 18.2% 39.6%

Venture Capital $8.9 11.4% 20.0%

Spin-off $0.7 -15.0% -94.6%


$48.1 3.8% 76.3%

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

Deal Type

Majority Purchase


$16,608.8

3/31/2017 Bradford & Bingley assets Multiple Acquirers

United Kingdom of

Great Britain and

Northern Ireland

$14,799.6

4/25/2017 Christian Dior SE Groupe Arnault SE - $13,213.9

Atlantia SpA - $34,388.4

Top Adviser1/16/2017 Luxottica Group SpA Essilor International SA Delfin Sarl

1/26/2017 Actelion Ltd Johnson & Johnson - $29,762.2

EMEA M&A Regional Review

Glo

bal

M&

A R

evi

ew |

1H

20

17

EMEA M&A: Country Breakdown

Amount

(Bln.) % of Total

% YoY

Change

EMEA M&A Highlights of 1H 2017 EMEA M&A: Industry Breakdown


5/15/2017 Abertis Infraestructuras SA

0

1000

2000

3000

4000

$0

$100

$200

$300

$400

$500

2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2


• Deal volume for EMEA-based targets increased 30.4% from the same period last year to $430.2 billion. The United Kingdom was the most sought-after country in 1H2017, with $101.3 billion in transactions.

• Capital flow from North America to EMEA reached a volume of $123.2 billion in 1H2017, a year-on-year increase of 113.6%. The EMEA consumer, non-cyclical industry proved to be the most attractive to North American buyers, accounting for 47.4% of the transactions for the period.

• Private equity activity for EMEA-based targets reached a volume of $114.3 billion in 1H2017, representing a 40.5% increase from the same period last year. The pending acquisition of Bradford & Bingley assets by the consortium consisting of Prudential PLC and The Blackstone Group LP Ltd for $11.8 billion was the largest private equity deal announced this year.

9

Europe Announced Deals (By Volume) 01/01/2017 - 06/30/2017 Europe Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017

Davis Polk & Wardwell LLP 1 15.9 87,974 21 13 12.2 3.7 CMS 1 1.4 7,818 101 1 1.2 0.3

Cleary Gottlieb Steen & Hamilton LLP 2 11.7 65,046 21 14 12.0 -0.3 Jones Day 2 7.4 41,045 92 2 9.2 -1.8

Freshfields Bruckhaus Deringer LLP 3 10.7 59,545 64 5 16.6 -5.9 Clifford Chance LLP 2 5.1 28,214 92 7 26.3 -21.2

Slaughter and May 4 10.1 56,267 16 24 9.5 0.6 Linklaters LLP 4 8.8 48,660 83 4 3.8 5.0

Cravath Swaine & Moore LLP 5 8.9 49,200 6 1 32.1 -23.2 Latham & Watkins LLP 5 5.1 28,031 80 9 4.5 0.6

Linklaters LLP 6 8.8 48,660 83 29 3.8 5.0 Allen & Overy LLP 6 3.7 20,685 78 3 16.6 -12.9

Homburger AG 7 7.6 42,367 11 17 10.2 -2.6 White & Case LLP 7 6.3 34,698 74 8 24.3 -18.0

Kirkland & Ellis LLP 8 7.6 42,231 33 21 9.6 -2.0 Freshfields Bruckhaus Deringer LLP 8 10.7 59,545 64 5 16.6 -5.9

Wachtell Lipton Rosen & Katz 9 7.6 42,198 7 9 13.8 -6.2 Baker & McKenzie LLP 9 3.3 18,441 62 6 3.4 -0.1

Jones Day 10 7.4 41,045 92 25 9.2 -1.8 Hogan Lovells US LLP 10 0.9 4,794 49 10 2.0 -1.2

DLA Piper LLP 11 6.6 36,534 30 74 0.6 6.0 Weil Gotshal & Manges LLP 11 2.9 16,181 47 14 2.0 0.9

Gibson Dunn & Crutcher LLP 12 6.4 35,614 24 69 0.7 5.8 Cuatrecasas Goncalves Pereira SLP 11 0.3 1,398 47 102 0.1 0.2

White & Case LLP 13 6.3 34,698 74 3 24.3 -18.0 Dentons 13 0.5 2,873 45 11 0.4 0.1

Grippo Associatie Simons & Simons 14 6.2 34,388 2 - - 6.2 Hengeler Mueller 14 1.5 8,149 38 25 2.0 -0.6

Gianni Origoni Grippo Capelli Partners 14 6.2 34,388 3 163 0.1 6.1 Goodwin Procter LLP 15 1.5 8,443 34 54 0.3 1.2

Bredin Prat 16 5.9 32,591 12 43 1.5 4.4 Kirkland & Ellis LLP 16 7.6 42,231 33 16 9.6 -2.0

Skadden Arps Slate Meagher & Flom LLP 17 5.5 30,434 29 27 6.4 -0.9 Uria Menendez Abogados SLP 17 1.1 6,234 31 15 1.1 0.0

Niederer Kraft & Frey 18 5.4 30,015 2 - - 5.4 DLA Piper LLP 18 6.6 36,534 30 30 0.6 6.0

Sexton Riley LLP 19 5.4 29,762 1 - - 5.4 Skadden Arps Slate Meagher & Flom LLP 19 5.5 30,434 29 18 6.4 -0.9

Clifford Chance LLP 20 5.1 28,214 92 2 26.3 -21.2 Houthoff Buruma 19 0.3 1,415 29 31 1.7 -1.4

TOTAL 554,840 6,381 TOTAL 554,840 6,381

Europe Announced Deals- Principals (By Volume) 01/01/2017 - 06/30/2017 Europe Announced Deals- Principals (By Deal Count) 01/01/2017 - 06/30/2017

Slaughter and May 1 12.9 56,267 16 19 11.5 1.4 CMS 1 1.8 7,818 101 1 1.4 0.4

Freshfields Bruckhaus Deringer LLP 2 12.8 56,120 61 21 11.2 1.7 Jones Day 2 9.4 41,045 92 2 11.2 -1.8

Linklaters LLP 3 11.1 48,660 83 26 4.6 6.5 Clifford Chance LLP 2 6.5 28,214 92 7 16.1 -9.6

Cleary Gottlieb Steen & Hamilton LLP 4 10.7 46,883 18 33 2.7 8.1 Linklaters LLP 4 11.1 48,660 83 4 4.6 6.5

Davis Polk & Wardwell LLP 5 10.4 45,419 17 8 13.5 -3.1 Latham & Watkins LLP 5 6.3 27,592 79 9 4.9 1.5

Homburger AG 6 9.7 42,367 11 11 12.3 -2.7 Allen & Overy LLP 6 4.7 20,685 78 3 19.8 -15.0

Kirkland & Ellis LLP 7 9.7 42,231 33 16 11.6 -2.0 White & Case LLP 7 3.8 16,559 66 8 7.9 -4.1

Wachtell Lipton Rosen & Katz 8 9.7 42,198 7 3 16.6 -7.0 Baker & McKenzie LLP 8 4.2 18,441 62 5 4.2 0.1

Cravath Swaine & Moore LLP 9 9.6 41,719 5 15 11.7 -2.2 Freshfields Bruckhaus Deringer LLP 9 12.8 56,120 61 6 11.2 1.7

Jones Day 10 9.4 41,045 92 20 11.2 -1.8 Weil Gotshal & Manges LLP 10 3.7 16,181 47 14 2.4 1.3

DLA Piper LLP 11 8.4 36,534 30 72 0.7 7.7 Hogan Lovells US LLP 10 0.9 3,726 47 10 2.5 -1.6

Grippo Associatie Simons & Simons 12 7.9 34,388 2 - - 7.9 Cuatrecasas Goncalves Pereira SLP 10 0.3 1,398 47 102 0.1 0.3

Gianni Origoni Grippo Capelli Partners 12 7.9 34,388 3 159 0.1 7.8 Dentons 13 0.7 2,873 45 11 0.5 0.1

Bredin Prat 14 7.5 32,591 12 42 1.8 5.7 Hengeler Mueller 14 1.9 8,149 38 24 2.4 -0.6

Niederer Kraft & Frey 15 6.9 30,015 2 - - 6.9 Goodwin Procter LLP 15 1.9 8,443 34 52 0.4 1.5

Sexton Riley LLP 16 6.8 29,762 1 - - 6.8 Kirkland & Ellis LLP 16 9.7 42,231 33 16 11.6 -2.0

Clifford Chance LLP 17 6.5 28,214 92 6 16.1 -9.6 Uria Menendez Abogados SLP 17 1.4 6,234 31 15 1.3 0.1

Blake Cassels & Graydon LLP 18 6.4 27,971 16 9 13.2 -6.8 DLA Piper LLP 18 8.4 36,534 30 29 0.7 7.7

Latham & Watkins LLP 19 6.3 27,592 79 25 4.9 1.5 Houthoff Buruma 19 0.3 1,415 29 31 2.0 -1.7

Skadden Arps Slate Meagher & Flom LLP 20 6.3 27,469 28 24 7.8 -1.5 Skadden Arps Slate Meagher & Flom LLP 20 6.3 27,469 28 18 7.8 -1.5

TOTAL 437,045 1,820 TOTAL 437,045 1,820

FIRM

2017 2016MKT SHR

CHANGE FIRM

2017

VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

2016MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2016MKT SHR

CHANGE FIRM

2017

VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

505,337 505,337

417,011 417,011

FIRM

2016MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2017

10

UK Announced Deals (By Volume) 01/01/2017 - 06/30/2017 UK Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017

Linklaters LLP 1 17.2 33,611 37 19 3.2 14.0 CMS 1 1.1 2,163 38 1 2.0 -0.9

Slaughter and May 2 12.9 25,222 12 17 3.8 9.1 Linklaters LLP 2 17.2 33,611 37 3 3.2 14.0

Kirkland & Ellis LLP 3 12.6 24,684 18 9 6.3 6.4 Latham & Watkins LLP 3 5.1 9,932 36 6 8.7 -3.6

Cleary Gottlieb Steen & Hamilton LLP 4 9.9 19,385 5 18 3.3 6.6 Jones Day 4 2.4 4,741 32 4 2.5 -0.1

Davis Polk & Wardwell LLP 5 9.9 19,362 7 2 13.1 -3.2 Clifford Chance LLP 5 8.7 17,089 31 5 8.3 0.5

Freshfields Bruckhaus Deringer LLP 6 9.2 18,055 23 1 23.5 -14.3 Allen & Overy LLP 6 3.1 6,115 29 9 8.8 -5.7

Clifford Chance LLP 7 8.7 17,089 31 6 8.3 0.5 White & Case LLP 7 5.9 11,471 24 12 5.7 0.2

AZB & Partners 8 6.9 13,474 6 134 0.1 6.8 Freshfields Bruckhaus Deringer LLP 8 9.2 18,055 23 2 23.5 -14.3

S&R Associates 9 6.8 13,272 2 - - 6.8 Travers Smith 9 0.7 1,324 20 10 2.2 -1.5

Vaish Associates 9 6.8 13,272 2 - - 6.8 Kirkland & Ellis LLP 10 12.6 24,684 18 15 6.3 6.4

Bharucha & Partners 9 6.8 13,272 2 - - 6.8 Baker & McKenzie LLP 11 3.1 6,079 17 12 6.8 -3.7

White & Case LLP 12 5.9 11,471 24 11 5.7 0.2 Ashurst LLP 12 5.5 10,794 16 15 2.4 3.1

Ashurst LLP 13 5.5 10,794 16 26 2.4 3.1 Morgan Lewis & Bockius LLP 12 3.0 5,886 16 30 1.2 1.8

Sullivan & Cromwell LLP 14 5.5 10,787 9 7 7.7 -2.2 Macfarlanes LLP 14 3.1 6,145 15 14 2.2 1.0

Latham & Watkins LLP 15 5.1 9,932 36 5 8.7 -3.6 Squire Patton Boggs US LLP 14 0.7 1,285 15 8 0.7 -0.1

Skadden Arps Slate Meagher & Flom LLP 16 3.4 6,613 13 3 13.1 -9.7 Skadden Arps Slate Meagher & Flom LLP 16 3.4 6,613 13 22 13.1 -9.7

Herbert Smith Freehills LLP 17 3.3 6,446 12 21 3.0 0.3 Dentons 16 0.2 311 13 11 1.3 -1.1

Macfarlanes LLP 18 3.1 6,145 15 29 2.2 1.0 Slaughter and May 18 12.9 25,222 12 25 3.8 9.1

Allen & Overy LLP 19 3.1 6,115 29 4 8.8 -5.7 Herbert Smith Freehills LLP 18 3.3 6,446 12 19 3.0 0.3

Baker & McKenzie LLP 20 3.1 6,079 17 8 6.8 -3.7 Goodwin Procter LLP 18 2.7 5,200 12 34 0.3 2.4

TOTAL 195,954 2,428 TOTAL 195,954 2,428

Germany Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017 France Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017

Hengeler Mueller 1 7.2 4,377 35 4 5.7 1.5 Jones Day 1 20.2 25,855 30 2 1.4 18.8

Clifford Chance LLP 2 6.8 4,170 34 7 56.9 -50.1 Clifford Chance LLP 2 2.3 2,968 24 6 3.1 -0.8

CMS 3 5.6 3,436 30 1 1.7 3.9 Latham & Watkins LLP 3 7.6 9,755 23 5 11.8 -4.2

Freshfields Bruckhaus Deringer LLP 4 13.7 8,343 19 2 14.3 -0.7 Linklaters LLP 4 3.0 3,859 20 3 8.6 -5.6

Noerr LLP 5 1.8 1,106 17 3 1.4 0.4 CMS 4 0.5 601 20 1 2.6 -2.1

Latham & Watkins LLP 6 7.0 4,249 15 13 1.8 5.2 Weil Gotshal & Manges LLP 6 7.2 9,214 18 9 7.8 -0.6

Allen & Overy LLP 7 13.0 7,930 14 9 53.1 -40.1 Hogan Lovells US LLP 7 1.1 1,441 14 8 0.5 0.6

Hogan Lovells US LLP 7 2.3 1,399 14 6 0.3 2.0 Mayer Brown LLP 7 0.3 319 14 11 1.2 -0.9

White & Case LLP 9 8.6 5,245 13 5 7.4 1.2 Orrick Herrington & Sutcliffe LLP 9 7.4 9,440 13 64 - 7.4

Dentons 9 1.9 1,160 13 12 0.2 1.7 Allen & Overy LLP 9 0.4 534 13 4 4.2 -3.8

Jones Day 11 3.3 2,039 12 11 2.2 1.2 Bredin Prat 11 25.4 32,591 12 7 9.4 16.0

Weil Gotshal & Manges LLP 12 1.3 769 9 54 - 1.3 Goodwin Procter LLP 11 2.2 2,809 12 64 0.0 2.2

Baker & McKenzie LLP 12 0.4 251 9 14 0.2 0.2 Cleary Gottlieb Steen & Hamilton LLP 13 28.2 36,117 11 15 5.8 22.4

Linklaters LLP 14 8.5 5,190 8 7 1.5 7.1 De Pardieu Brocas Maffei 13 0.1 128 11 9 7.2 -7.1

McDermott Will & Emery LLP Inc 14 0.3 178 8 16 3.3 -3.0 Dechert LLP 15 0.7 863 10 17 0.5 0.2

Kirkland & Ellis LLP 16 12.1 7,357 7 24 2.8 9.3 Dentons 15 0.1 101 10 12 0.7 -0.7

Orrick Herrington & Sutcliffe LLP 16 0.1 34 7 - - 0.1 Baker & McKenzie LLP 17 0.7 891 9 12 1.0 -0.3

DLA Piper LLP 16 - - 7 18 - - McDermott Will & Emery LLP Inc 18 0.4 561 7 21 0.1 0.3

Ashurst LLP 19 2.1 1,275 6 18 0.1 2.0 Davis Polk & Wardwell LLP 19 19.1 24,515 6 28 6.9 12.2

Luther Rechtsanwaltsgesellschaft mbH 19 - - 6 9 1.4 -1.4 Skadden Arps Slate Meagher & Flom LLP 19 3.1 4,028 6 19 5.1 -2.0

TOTAL 61,009 1,086 TOTAL 128,325 956

FIRM

2017 2016MKT SHR

CHANGE FIRM

2017

VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

2016MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2016MKT SHR

CHANGE FIRM

2017

VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

102,422 102,422

129,164 70,485

FIRM

2016MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2017

11

Italy Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017 Benelux Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017

Chiomenti Studio Legale 1 1.3 1,020 19 2 9.3 -8.0 Houthoff Buruma 1 1.8 1,415 29 4 7.0 -5.3

NCTM Studio Legale Associato 2 0.3 195 17 1 0.9 -0.6 Allen & Overy LLP 2 9.9 7,934 27 1 12.6 -2.6

Jones Day 3 21.9 17,168 9 4 4.8 17.1 Loyens & Loeff NV 3 4.9 3,930 22 2 4.5 0.4

Dentons 3 0.0 10 9 20 - 0.0 Jones Day 4 25.7 20,532 17 12 6.6 19.1

Orrick Herrington & Sutcliffe LLP 5 0.1 75 7 - - 0.1 Linklaters LLP 4 1.6 1,283 17 6 1.5 0.1

Gattai Minoli Agostinelli & Partners 5 0.1 48 7 3 2.7 -2.7 Clifford Chance LLP 6 11.2 8,939 15 9 7.3 3.9

Linklaters LLP 7 6.5 5,057 6 13 0.3 6.2 CMS 7 1.4 1,078 14 5 0.9 0.5

Freshfields Bruckhaus Deringer LLP 7 3.1 2,405 6 7 4.0 -0.9 Freshfields Bruckhaus Deringer LLP 8 6.2 4,922 13 7 13.7 -7.5

Latham & Watkins LLP 7 1.2 897 6 11 4.5 -3.4 NautaDutilh NV 8 1.1 840 13 3 5.5 -4.4

Allen & Overy LLP 7 0.4 317 6 17 0.8 -0.4 Stibbe BV 10 11.7 9,366 12 7 3.6 8.1

CMS 7 0.3 268 6 17 0.2 0.2 Latham & Watkins LLP 10 10.7 8,546 12 18 0.1 10.6

Cleary Gottlieb Steen & Hamilton LLP 12 36.3 28,396 5 13 9.2 27.1 White & Case LLP 12 7.7 6,184 9 10 22.5 -14.8

Portolano Cavallo Studio Legale 12 0.0 10 5 20 0.0 0.0 Hogan Lovells US LLP 13 0.2 156 7 14 11.7 -11.5

Bonelli Erede Pappalardo 14 23.3 18,218 4 - - 23.3 Cleary Gottlieb Steen & Hamilton LLP 14 23.5 18,799 6 16 4.8 18.8

Shearman & Sterling LLP 14 1.3 1,003 4 13 - 1.3 Baker & McKenzie LLP 14 4.3 3,445 6 10 1.8 2.5

Clifford Chance LLP 14 0.9 696 4 8 5.2 -4.3 De Brauw Blackstone Westbroek NV 14 4.2 3,326 6 12 18.1 -13.9

Grimaldi & Associates 14 0.2 151 4 - - 0.2 Gibson Dunn & Crutcher LLP 14 3.8 2,994 6 45 3.0 0.8

Ashurst LLP 14 0.1 88 4 11 0.4 -0.3 Dentons 14 0.4 355 6 15 0.2 0.3

Cuatrecasas Goncalves Pereira SLP 14 0.0 19 4 - - 0.0 Norton Rose Fulbright LLP 19 12.1 9,686 5 18 0.5 11.6

White & Case LLP 14 - - 4 8 1.3 -1.3 Sullivan & Cromwell LLP 19 4.8 3,802 5 45 0.1 4.6

TOTAL 78,307 388 TOTAL 79,891 740

Iberia Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017 Nordic Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017

Cuatrecasas Goncalves Pereira SLP 1 2.1 1,398 45 11 1.1 1.0 White & Case LLP 1 14.0 5,126 17 4 35.6 -21.6

Uria Menendez Abogados SLP 2 9.5 6,234 31 2 16.8 -7.3 Hannes Snellman Advokatbyra Ab/FI 1 3.1 1,115 17 3 17.0 -13.9

Perez-Llorca 3 2.4 1,581 21 5 3.1 -0.7 Baker & McKenzie LLP 3 10.0 3,654 12 6 0.3 9.7

Clifford Chance LLP 4 10.0 6,549 18 3 6.5 3.5 Allen & Overy LLP 4 13.7 4,992 9 9 5.5 8.1

Linklaters LLP 5 10.1 6,634 15 6 10.4 -0.3 Attorneys COBALT AS 4 2.1 775 9 - - 2.1

Rousaud Costas Duran Slp 6 0.2 116 10 4 0.3 -0.1 Thommessen Krefting Greve Lund 6 3.5 1,276 7 8 2.4 1.1

Freshfields Bruckhaus Deringer LLP 7 3.1 2,023 9 17 11.5 -8.5 Linklaters LLP 6 2.8 1,027 7 19 0.7 2.1

CMS 8 4.0 2,599 8 7 4.6 -0.7 Freshfields Bruckhaus Deringer LLP 8 6.3 2,291 6 11 4.3 1.9

Allen & Overy LLP 9 1.8 1,168 7 17 4.1 -2.4 SORAINEN 8 2.8 1,014 6 21 0.0 2.7

Garrigues Abogados 10 0.6 385 6 14 0.1 0.5 Ellex 8 2.5 896 6 10 0.7 1.8

Dentons 10 0.3 198 6 24 0.3 0.0 Paul Hastings LLP 11 2.9 1,064 5 - - 2.9

DLA Piper LLP 12 54.6 35,841 5 24 1.3 53.3 CMS 11 2.6 958 5 4 1.2 1.4

White & Case LLP 12 6.1 3,993 5 19 1.4 4.7 Advokatfirman Vinge KB 11 0.1 33 5 1 20.9 -20.8

Latham & Watkins LLP 12 1.7 1,087 5 8 7.2 -5.6 Simpson Thacher & Bartlett LLP 14 9.0 3,290 4 21 1.0 8.0

Simpson Thacher & Bartlett LLP 15 6.7 4,405 4 - - 6.7 Cooley LLP 14 1.9 675 4 43 - 1.9

Jones Day 15 1.7 1,115 4 14 0.2 1.5 Clifford Chance LLP 14 1.5 541 4 11 5.6 -4.1

Hogan Lovells US LLP 15 0.9 614 4 10 0.6 0.3 Jones Day 14 0.8 290 4 15 2.9 -2.1

Sullivan & Cromwell LLP 18 1.6 1,043 3 36 0.2 1.4 DLA Piper LLP 14 - - 4 21 0.1 -0.1

Baker & McKenzie LLP 18 0.4 280 3 8 27.0 -26.6 Skadden Arps Slate Meagher & Flom LLP 19 14.0 5,111 3 43 2.7 11.3

Gibson Dunn & Crutcher LLP 18 0.0 6 3 24 0.3 -0.3 Castren & Snellman 19 8.9 3,241 3 74 0.2 8.7

TOTAL 65,589 390 TOTAL 36,560 981

FIRM

2017 2016MKT SHR

CHANGE FIRM

2017

VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

31,858 48,515

2016MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2016MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%)

2017 2016MKT SHR

CHANGE FIRM

2017

VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

26,551 57,951

FIRM

12

Eastern Europe Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017

CMS 1 11.3 2,349 22 1 1.2 10.1

Ellex 2 1.2 249 18 2 0.5 0.7

White & Case LLP 3 15.1 3,119 17 5 1.6 13.4

Attorneys COBALT AS 4 1.1 227 16 9 0.1 1.0

Dentons 5 10.2 2,114 14 3 2.0 8.2

Clifford Chance LLP 6 3.4 712 10 13 1.0 2.4

Baker & McKenzie LLP 7 6.0 1,246 9 4 1.1 4.9

Weil Gotshal & Manges LLP 7 2.8 585 9 8 7.8 -5.0

SORAINEN 9 2.2 465 7 12 0.1 2.1

Hogan Lovells US LLP 10 1.1 237 5 10 0.9 0.2

Allen & Overy LLP 11 4.5 928 4 6 2.0 2.5

Latham & Watkins LLP 12 8.9 1,850 3 23 11.2 -2.3

Linklaters LLP 12 0.7 153 3 6 12.0 -11.3

Morgan Lewis & Bockius LLP 12 0.6 120 3 23 0.2 0.4

Norton Rose Fulbright LLP 15 4.3 887 2 13 2.1 2.2

Wolf Theiss Rechtsanwalte GmbH 15 2.9 603 2 31 0.1 2.8

Noerr LLP 15 1.0 203 2 10 2.5 -1.5

Cyril Amarchand Mangaldas 15 0.1 23 2 31 0.1 0.1

Balcioglu Selcuk Akman Keki Avukatlik Ort 15 0.1 19 2 16 - 0.1

Squire Patton Boggs US LLP 15 0.1 11 2 18 0.7 -0.6

TOTAL 20,724 518

FIRM

2017 2016MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

28,058

13

Date

Total Value

(Mln.)

Number of deals 6,233

Volume (Bln.) $406.8

Avg Deal Size (Mln.) $65.3

AZB & Partners

Number of deals 50

Volume (Bln.) $19.8

Avg Deal Size (Bln.) $0.4

Deal Type

Amount

(Bln.)

% Change

Deal

% YoY

Change

Company Takeover $166.7 6.0% -4.4%

Cross Border $132.0 -0.6% -5.1%


Asset Sale $65.1 4.1% 20.3%

Tender Offer $25.1 17.2% 23.4%

Venture Capital $21.6 2.9% -36.2%

Spin-off $1.7 9.1% -88.6%


Majority Purchase $59.4 29.9% -4.8%

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

Japan M&A: Quarterly Volume

4/28/2017Belle International

Holdings LtdMultiple Acquirers - $5,724.8

APAC M&A: Breakdown

Greater China M&A: Quarterly Volume

6/1/2017Hengda Real Estate

Group Co LtdMultiple Acquirers - $5,806.4

$8,109.5Top Adviser

6/29/2017 Multiple Targets China Vanke Co Ltd

Guangdong

International Trust &

Investment Corp

4/26/2017 Multiple Targets Lotte Confectionery Co Ltd - $8,855.5

APAC M&A Regional Review

Glo

bal

M&

A R

evi

ew |

1H

20

17

APAC M&A: Quarterly Volume

Australia/NZ M&A: Quarterly Volume

APAC M&A: Highlights of 1H 2017

Summary Target Acquirer Seller

3/20/2017 Vodafone India Ltd Idea Cellular Ltd Vodafone Group PLC $12,679.0

36%

13%11%

11%

9%

7%

5%4% 3%

1%

APAC Industry Breakdown Financial

Industrial

Communications

Consumer Cyclical

Consumer Non-cyclical

Technology

Energy

Basic Materials

Utilities

Diversified

0

2000

4000

6000

$0

$200

$400

$600


0

200

400

600

$0

$20

$40

$60


0

500

1000

1500

2000

$0

$100

$200

$300


0

500

1000

$0

$50

$100

• In 1H2017, M&A activity targeting the Asia-Pacific region decreased marginally year-on-year to $406.8 billion. Inbound M&A activity accounted for 91.7% of the region’s deal volume, with $374.0 billion in transactions for the period.

• Deal activity involving India-based targets reached $33.8 billion, representing a 45.7% increase from thesame period last year. The communications sector experienced the largest year-on-year growth of295.2%.

• M&A activity targeting the Association of Southeast Asian Nations, ASEAN, region declined to $53.5billion in 1H2017, resulting in the lowest half yearly volume since 1H2012.

• South Korea experienced a 30.0% increase in year-on-year deal volume amounting to $38.8 billion. LotteConfectionery Co Ltd.’s announced $8.9 billion restructuring was the largest M&A deal for the Asia-Pacific region in Q22017.

14

APAC Ex Japan Announced Deals (By Volume) 01/01/2017 - 06/30/2017 APAC Ex Japan Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017

Simpson Thacher & Bartlett LLP 1 5.1 24,305 20 2 14.4 -9.3 Kim & Chang 1 4.3 20,475 70 2 1.9 2.4

Fangda Partners 2 4.4 20,683 27 3 13.8 -9.4 AZB & Partners 2 4.2 19,852 51 2 1.5 2.7

Clifford Chance LLP 3 4.3 20,524 24 9 10.0 -5.7 Shin & Kim 3 1.5 7,107 42 11 1.5 0.1

Kim & Chang 4 4.3 20,475 70 32 1.9 2.4 Cyril Amarchand Mangaldas 3 0.5 2,503 42 39 0.9 -0.4

AZB & Partners 5 4.2 19,852 51 42 1.5 2.7 Baker & McKenzie LLP 5 1.9 9,183 38 6 4.9 -3.0

Herbert Smith Freehills LLP 6 4.0 18,958 34 15 4.4 -0.4 Lee & Ko 6 1.3 6,351 36 16 1.4 -

Slaughter and May 7 3.4 16,002 8 37 1.8 1.6 Herbert Smith Freehills LLP 7 4.0 18,958 34 4 4.4 -0.4

Skadden Arps Slate Meagher & Flom LLP 8 3.3 15,812 20 13 5.3 -1.9 Minter Ellison 8 0.9 4,092 31 22 2.6 -1.8

Kirkland & Ellis LLP 9 3.3 15,718 18 36 1.8 1.5 Bae Kim & Lee 8 0.8 3,533 31 25 0.7 0.1

Allens 10 3.0 14,380 24 25 2.4 0.7 Jones Day 10 0.8 3,632 28 12 3.7 -2.9

Loyens & Loeff NV 11 2.9 13,873 2 172 0.0 2.9 Fangda Partners 11 4.4 20,683 27 5 13.8 -9.4

S&R Associates 12 2.8 13,283 8 180 0.0 2.8 Latham & Watkins LLP 11 1.6 7,489 27 19 1.8 -0.2

Vaish Associates 13 2.8 13,272 2 - - 2.8 Clifford Chance LLP 13 4.3 20,524 24 30 10.0 -5.7

Bharucha & Partners 13 2.8 13,272 2 - - 2.8 Allens 13 3.0 14,380 24 22 2.4 0.7

Davis Polk & Wardwell LLP 15 2.2 10,374 10 5 12.7 -10.5 Gilbert + Tobin 13 1.8 8,715 24 20 2.3 -0.4

Grandall Law Firm 16 2.0 9,375 18 18 3.0 -1.0 Trilegal 16 0.6 2,884 22 30 0.2 0.4

Ashurst LLP 17 2.0 9,247 6 55 1.1 0.9 King & Wood Mallesons 17 1.7 7,999 21 1 17.6 -15.9

Baker & McKenzie LLP 18 1.9 9,183 38 14 4.9 -3.0 HWL Ebsworth Lawyers 17 0.1 470 21 39 0.0 0.1

Linklaters LLP 19 1.9 9,087 14 17 3.5 -1.6 Simpson Thacher & Bartlett LLP 19 5.1 24,305 20 22 14.4 -9.3

Gilbert + Tobin 20 1.8 8,715 24 26 2.3 -0.4 Skadden Arps Slate Meagher & Flom LLP 19 3.3 15,812 20 30 5.3 -1.9

TOTAL 473,324 6,313 TOTAL 473,324 6,313

APAC Private Equity Announced Deals (By Volume) 01/01/2017 - 06/30/2017

Simpson Thacher & Bartlett LLP 1 17.8 24,171 15 1 18.5 -0.6

Clifford Chance LLP 2 11.6 15,778 10 39 1.5 10.1

Loyens & Loeff NV 3 10.2 13,806 1 - - 10.2

Herbert Smith Freehills LLP 4 9.7 13,155 14 4 11.0 -1.3

Kirkland & Ellis LLP 5 8.6 11,684 14 23 3.2 5.4

Skadden Arps Slate Meagher & Flom LLP 6 8.6 11,608 10 2 16.5 -7.9

Allens 7 8.0 10,859 10 9 8.1 0.0

Fangda Partners 8 6.8 9,186 12 13 6.7 0.1

Cleary Gottlieb Steen & Hamilton LLP 9 5.1 6,978 7 22 3.2 2.0

Davis Polk & Wardwell LLP 10 4.9 6,651 6 38 1.6 3.3

Freshfields Bruckhaus Deringer LLP 11 4.8 6,475 7 28 2.8 2.0

Morrison & Foerster LLP 12 4.5 6,041 5 75 0.2 4.3

Kim & Chang 13 4.4 5,911 22 14 5.5 -1.1

Ashurst LLP 14 4.1 5,620 1 103 0.0 4.1

Ropes & Gray LLP 15 3.8 5,144 8 65 0.4 3.4

Shearman & Sterling LLP 16 3.5 4,686 6 43 1.4 2.1

Allen & Overy LLP 17 3.1 4,137 9 50 0.8 2.3

Linklaters LLP 18 3.0 4,047 9 19 3.8 -0.8

Lee & Ko 19 2.9 3,943 11 33 2.0 0.9

Gilbert + Tobin 20 2.9 3,873 9 8 9.1 -6.3

TOTAL 135,636 1,413

FIRM

2017 2016MKT SHR

CHANGE

MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) FIRM

2017 2016

528,713 528,713

FIRM

2017 2016MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

125,437

15

AU & NZ Announced Deals (By Volume) 01/01/2017 - 06/30/2017 AU & NZ Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017

Herbert Smith Freehills LLP 1 35.4 17,268 29 1 35.1 0.3 Herbert Smith Freehills LLP 1 35.4 17,268 29 1 35.1 0.3

Allens 2 29.5 14,380 24 4 26.9 2.6 Minter Ellison 2 7.5 3,667 28 5 29.7 -22.2

Gilbert + Tobin 3 17.9 8,715 24 6 25.6 -7.8 Allens 3 29.5 14,380 24 4 26.9 2.6

Ashurst LLP 4 15.6 7,607 4 12 5.0 10.7 Gilbert + Tobin 3 17.9 8,715 24 3 25.6 -7.8

Baker & McKenzie LLP 5 8.7 4,252 14 7 23.9 -15.2 HWL Ebsworth Lawyers 5 1.0 470 21 7 0.5 0.5

Minter Ellison 6 7.5 3,667 28 3 29.7 -22.2 Corrs Chambers Westgarth 6 1.1 546 16 15 0.3 0.8

Allen & Overy LLP 7 6.9 3,358 6 17 3.2 3.6 Baker & McKenzie LLP 7 8.7 4,252 14 10 23.9 -15.2

King & Wood Mallesons 8 5.6 2,750 5 2 34.2 -28.6 Chapman Tripp 8 0.8 394 12 36 0.0 0.8

Linklaters LLP 9 5.3 2,598 4 10 7.4 -2.1 Clifford Chance LLP 9 5.1 2,498 9 19 0.1 5.0

Clifford Chance LLP 10 5.1 2,498 9 55 0.1 5.0 Bell Gully 9 1.4 687 9 9 3.3 -1.9

Freshfields Bruckhaus Deringer LLP 11 3.2 1,580 3 26 1.1 2.2 Jones Day 11 0.4 168 7 11 23.2 -22.8

Macfarlanes LLP 12 2.3 1,130 1 24 1.3 1.1 Allen & Overy LLP 12 6.9 3,358 6 13 3.2 3.6

Cleary Gottlieb Steen & Hamilton LLP 13 1.9 930 1 - - 1.9 King & Wood Mallesons 13 5.6 2,750 5 2 34.2 -28.6

Bell Gully 14 1.4 687 9 16 3.3 -1.9 Norton Rose Fulbright LLP 13 0.1 37 5 6 0.7 -0.6

Trilegal 15 1.2 600 1 - - 1.2 Ashurst LLP 15 15.6 7,607 4 7 5.0 10.7

K&L Gates LLP 16 1.1 550 3 19 1.7 -0.6 Linklaters LLP 15 5.3 2,598 4 16 7.4 -2.1

Corrs Chambers Westgarth 17 1.1 546 16 42 0.3 0.8 Kim & Chang 15 0.8 391 4 - - 0.8

HWL Ebsworth Lawyers 18 1.0 470 21 39 0.5 0.5 Freshfields Bruckhaus Deringer LLP 18 3.2 1,580 3 19 1.1 2.2

Kirkland & Ellis LLP 19 0.9 445 2 18 2.4 -1.4 K&L Gates LLP 18 1.1 550 3 11 1.7 -0.6

Goodwin Procter LLP 20 0.9 426 2 - - 0.9 Fenwick & West LLP 18 0.4 216 3 36 - 0.4

TOTAL 48,772 846 TOTAL 48,772 846

Japan Announced Deals (By Volume) 01/01/2017 - 06/30/2017 Japan Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017

Morrison & Foerster LLP 1 20.6 16,015 12 8 9.1 11.5 Nagashima Ohno & Tsunematsu 1 11.8 9,156 58 2 8.1 3.6

Simpson Thacher & Bartlett LLP 2 17.7 13,803 6 5 11.5 6.2 Anderson Mori & Tomotsune 2 3.7 2,881 48 3 18.3 -14.6

Skadden Arps Slate Meagher & Flom LLP 3 16.0 12,468 9 24 3.7 12.3 Mori Hamada & Matsumoto 3 7.3 5,655 42 1 30.1 -22.8

Jones Day 4 12.0 9,342 11 51 0.1 11.9 Nishimura & Asahi 4 5.8 4,483 37 4 22.0 -16.2

Nagashima Ohno & Tsunematsu 5 11.8 9,156 58 13 8.1 3.6 Morrison & Foerster LLP 5 20.6 16,015 12 5 9.1 11.5

Paul Weiss Rifkind Wharton & Garrison LLP 6 10.8 8,370 3 20 4.4 6.4 Latham & Watkins LLP 5 4.5 3,499 12 17 5.5 -1.0

Davis Polk & Wardwell LLP 7 10.6 8,221 6 35 1.0 9.6 Jones Day 7 12.0 9,342 11 13 0.1 11.9

Shearman & Sterling LLP 8 8.1 6,323 8 16 6.4 1.8 Allen & Overy LLP 8 2.1 1,646 10 7 3.7 -1.5

Mori Hamada & Matsumoto 9 7.3 5,655 42 1 30.1 -22.8 Skadden Arps Slate Meagher & Flom LLP 9 16.0 12,468 9 23 3.7 12.3

Fangda Partners 10 7.1 5,532 2 15 6.7 0.4 Shearman & Sterling LLP 10 8.1 6,323 8 15 6.4 1.8

Sullivan & Cromwell LLP 11 7.0 5,451 3 7 9.5 -2.5 Baker & McKenzie LLP 10 1.5 1,126 8 8 9.7 -8.2

Fried Frank Harris Shriver & Jacobson LLP 12 6.4 5,001 1 - - 6.4 White & Case LLP 12 2.7 2,063 7 8 12.1 -9.5

Cleary Gottlieb Steen & Hamilton LLP 12 6.4 5,001 2 37 0.8 5.7 Morgan Lewis & Bockius LLP 12 0.6 450 7 23 - 0.6

Weil Gotshal & Manges LLP 14 6.1 4,713 4 - - 6.1 Simpson Thacher & Bartlett LLP 14 17.7 13,803 6 8 11.5 6.2

Nishimura & Asahi 15 5.8 4,483 37 2 22.0 -16.2 Davis Polk & Wardwell LLP 14 10.6 8,221 6 64 1.0 9.6

Debevoise & Plimpton LLP 16 5.4 4,169 2 - - 5.4 Herbert Smith Freehills LLP 14 1.7 1,305 6 17 0.3 1.4

Kirkland & Ellis LLP 17 5.2 4,019 4 39 0.4 4.8 Fenwick & West LLP 14 0.1 100 6 23 8.4 -8.2

Latham & Watkins LLP 18 4.5 3,499 12 19 5.5 -1.0 Kim & Chang 18 1.5 1,191 5 12 1.4 0.2

Akin Gump Strauss Hauer & Feld LLP 19 4.3 3,306 1 41 0.4 3.9 Cooley LLP 18 1.4 1,103 5 39 - 1.4

Vinson & Elkins LLP 19 4.3 3,306 1 71 - 4.3 O'Melveny & Myers LLP 18 0.1 94 5 17 3.0 -2.9

TOTAL 77,827 1,470 TOTAL 77,827 1,470

FIRM

2017 2016MKT SHR

CHANGE

MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) FIRM

2017 2016

46,589 46,589

FIRM

2017 2016MKT SHR

CHANGE FIRM

2017 2016MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

102,848 102,848

16

South Korea Announced Deals (By Volume) 01/01/2017 - 06/30/2017 South Korea Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017

Kim & Chang 1 42.1 20,475 70 1 25.1 17.0 Kim & Chang 1 42.1 20,475 70 1 25.1 17.0

Shin & Kim 2 14.2 6,907 41 3 21.0 -6.8 Shin & Kim 2 14.2 6,907 41 3 21.0 -6.8

Lee & Ko 3 13.1 6,351 36 4 19.7 -6.6 Lee & Ko 3 13.1 6,351 36 4 19.7 -6.6

Bae Kim & Lee 4 7.3 3,533 31 5 9.5 -2.2 Bae Kim & Lee 4 7.3 3,533 31 5 9.5 -2.2

Nagashima Ohno & Tsunematsu 5 5.8 2,808 2 - - 5.8 Yulchon LLC 5 2.8 1,363 16 2 22.7 -19.9

Simpson Thacher & Bartlett LLP 6 5.7 2,776 2 14 0.6 5.1 Yoon & Yang LLC 6 1.8 849 15 6 1.8 -0.1

Jones Day 7 4.7 2,276 2 30 - 4.7 JIPYONG 7 1.7 813 6 7 0.8 0.9

Skadden Arps Slate Meagher & Flom LLP 7 4.7 2,276 1 11 1.2 3.5 Latham & Watkins LLP 8 1.8 862 5 16 0.2 1.6

Freshfields Bruckhaus Deringer LLP 7 4.7 2,276 1 - - 4.7 Cooley LLP 9 2.7 1,328 4 - - 2.7

Davis Polk & Wardwell LLP 7 4.7 2,276 1 - - 4.7 Ropes & Gray LLP 9 1.9 902 4 - - 1.9

Cleary Gottlieb Steen & Hamilton LLP 11 3.2 1,559 1 8 1.5 1.7 Kim Choi & Lim 9 0.5 233 4 8 0.6 -0.1

Sullivan & Cromwell LLP 11 3.2 1,559 1 - - 3.2 Nagashima Ohno & Tsunematsu 12 5.8 2,808 2 - - 5.8

Yulchon LLC 13 2.8 1,363 16 2 22.7 -19.9 Simpson Thacher & Bartlett LLP 12 5.7 2,776 2 16 0.6 5.1

Morgan Lewis & Bockius LLP 14 2.8 1,357 2 14 0.6 2.2 Jones Day 12 4.7 2,276 2 16 - 4.7

Cooley LLP 15 2.7 1,328 4 - - 2.7 Morgan Lewis & Bockius LLP 12 2.8 1,357 2 16 0.6 2.2

Nishimura & Asahi 16 2.3 1,131 2 - - 2.3 Nishimura & Asahi 12 2.3 1,131 2 - - 2.3

Ropes & Gray LLP 17 1.9 902 4 - - 1.9 O'Melveny & Myers LLP 12 1.7 842 2 9 0.2 1.5

Latham & Watkins LLP 18 1.8 862 5 23 0.2 1.6 White & Case LLP 12 1.2 584 2 16 1.5 -0.3

Yoon & Yang LLC 19 1.8 849 15 7 1.8 -0.1 Allen & Overy LLP 12 1.0 481 2 - - 1.0

O'Melveny & Myers LLP 20 1.7 842 2 21 0.2 1.5 Norton Rose Fulbright LLP 12 0.0 19 2 - - 0.0

TOTAL 48,610 821 TOTAL 48,610 821

China Announced Deals (By Volume) 01/01/2017 - 06/30/2017 China Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017

Fangda Partners 1 7.3 20,630 26 2 21.2 -13.9 Fangda Partners 1 7.3 20,630 26 1 21.2 -13.9

Simpson Thacher & Bartlett LLP 2 6.1 17,189 12 3 20.1 -14.1 Grandall Law Firm 2 3.3 9,375 18 2 4.6 -1.3

Clifford Chance LLP 3 6.0 16,992 7 9 15.3 -9.3 King & Wood Mallesons 3 2.7 7,687 17 2 25.3 -22.5

Loyens & Loeff NV 4 4.9 13,806 1 125 0.0 4.8 Simpson Thacher & Bartlett LLP 4 6.1 17,189 12 8 20.1 -14.1

Kirkland & Ellis LLP 5 4.8 13,536 9 38 1.7 3.1 Beijing Grandway Law Offices 4 1.2 3,404 12 73 0.1 1.1

Skadden Arps Slate Meagher & Flom LLP 6 3.7 10,541 11 13 7.7 -4.0 Zhong Lun Law Firm 4 1.1 3,067 12 5 2.0 -1.0

Grandall Law Firm 7 3.3 9,375 18 14 4.6 -1.3 Skadden Arps Slate Meagher & Flom LLP 7 3.7 10,541 11 8 7.7 -4.0

King & Wood Mallesons 8 2.7 7,687 17 1 25.3 -22.5 Latham & Watkins LLP 7 1.1 3,016 11 15 1.5 -0.4

Baker & McKenzie LLP 9 2.4 6,745 10 22 3.0 -0.6 Baker & McKenzie LLP 9 2.4 6,745 10 17 3.0 -0.6

Davis Polk & Wardwell LLP 10 2.4 6,737 6 5 17.7 -15.3 Kirkland & Ellis LLP 10 4.8 13,536 9 35 1.7 3.1

Linklaters LLP 11 2.2 6,365 5 50 1.0 1.3 Allbright Law Offices 11 0.9 2,575 8 8 1.1 -0.2

Shearman & Sterling LLP 12 1.9 5,504 6 56 0.9 1.0 Jones Day 11 0.3 832 8 17 3.4 -3.1

Morrison & Foerster LLP 13 1.9 5,500 1 16 3.9 -1.9 Clifford Chance LLP 13 6.0 16,992 7 15 15.3 -9.3

Sullivan & Cromwell LLP 14 1.9 5,312 5 23 2.9 -1.1 Jia Yuan Law Firm 13 1.0 2,736 7 21 3.8 -2.8

Hogan Lovells US LLP 15 1.8 5,202 6 44 1.3 0.5 Hunan Qiyuan Law Firm 13 0.2 463 7 105 0.4 -0.2

Beijing Dacheng Law Offices 16 1.6 4,530 1 103 0.1 1.5 Davis Polk & Wardwell LLP 16 2.4 6,737 6 7 17.7 -15.3

Jincheng & Tongda Law Firm 17 1.3 3,793 2 62 0.6 0.7 Shearman & Sterling LLP 16 1.9 5,504 6 35 0.9 1.0

Cleary Gottlieb Steen & Hamilton LLP 18 1.3 3,690 2 8 15.7 -14.4 Hogan Lovells US LLP 16 1.8 5,202 6 21 1.3 0.5

Norton Rose Fulbright LLP 19 1.3 3,648 4 30 2.6 -1.4 Weil Gotshal & Manges LLP 16 1.1 3,192 6 29 2.0 -0.9

Herbert Smith Freehills LLP 20 1.2 3,471 4 15 4.5 -3.2 Haiwen & Partners 16 0.8 2,124 6 105 1.4 -0.6

TOTAL 283,675 2,615 TOTAL 283,675 2,615

FIRM

2017 2016MKT SHR

CHANGE FIRM

2017 2016MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

36,206 36,206

FIRM

2017 2016MKT SHR

CHANGE FIRM

2017 2016MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

343,282 343,282

17

Hong Kong Announced Deals (By Volume) 01/01/2017 - 06/30/2017 Hong Kong Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017

Kirkland & Ellis LLP 1 14.2 10,166 8 36 1.1 13.2 Kirkland & Ellis LLP 1 14.2 10,166 8 8 1.1 13.2

Ropes & Gray LLP 2 6.7 4,758 7 46 0.8 5.9 Clifford Chance LLP 1 3.1 2,240 8 49 - 3.1

Herbert Smith Freehills LLP 3 6.3 4,478 2 31 1.3 5.0 Ropes & Gray LLP 3 6.7 4,758 7 49 0.8 5.9

Fangda Partners 4 4.8 3,453 5 18 3.3 1.6 Latham & Watkins LLP 3 2.8 2,023 7 8 0.4 2.5

Shearman & Sterling LLP 5 4.6 3,290 4 22 2.7 1.9 Norton Rose Fulbright LLP 5 2.8 2,027 6 5 1.0 1.8

Allen & Overy LLP 6 4.3 3,080 3 91 - 4.3 Fangda Partners 6 4.8 3,453 5 2 3.3 1.6

Hogan Lovells US LLP 7 3.8 2,714 2 50 0.4 3.4 Weil Gotshal & Manges LLP 6 3.6 2,563 5 27 0.8 2.8

Stikeman Elliott LLP 8 3.7 2,655 2 20 3.2 0.6 Shearman & Sterling LLP 8 4.6 3,290 4 5 2.7 1.9

Cleary Gottlieb Steen & Hamilton LLP 9 3.6 2,564 2 9 6.8 -3.2 Mayer Brown LLP 8 2.6 1,887 4 27 1.0 1.7

Weil Gotshal & Manges LLP 10 3.6 2,563 5 47 0.8 2.8 Sidley Austin LLP 8 0.8 571 4 8 0.9 -0.1

Davis Polk & Wardwell LLP 11 3.5 2,530 2 26 2.3 1.2 O'Melveny & Myers LLP 8 0.7 499 4 27 6.6 -5.9

Clifford Chance LLP 12 3.1 2,240 8 91 - 3.1 Gibson Dunn & Crutcher LLP 8 0.6 427 4 - - 0.6

Linklaters LLP 13 3.0 2,161 2 12 6.0 -3.0 Jones Day 8 0.3 204 4 8 1.8 -1.5

Torys LLP 14 3.0 2,120 1 27 2.3 0.7 Allen & Overy LLP 14 4.3 3,080 3 27 - 4.3

Osler Hoskin & Harcourt LLP 14 3.0 2,120 1 19 3.2 -0.2 Baker & McKenzie LLP 14 2.5 1,787 3 1 2.9 -0.4

Norton Rose Fulbright LLP 16 2.8 2,027 6 37 1.0 1.8 Sullivan & Cromwell LLP 14 1.5 1,036 3 49 0.9 0.6

Latham & Watkins LLP 17 2.8 2,023 7 52 0.4 2.5 Paul Weiss Rifkind Wharton & Garrison LLP 14 1.4 1,020 3 27 3.5 -2.0

Mayer Brown LLP 18 2.6 1,887 4 42 1.0 1.7 Skadden Arps Slate Meagher & Flom LLP 14 1.4 973 3 15 5.8 -4.5

Haiwen & Partners 19 2.5 1,794 2 - - 2.5 Yulchon LLC 14 0.9 668 3 15 1.0 -0.1

Baker & McKenzie LLP 20 2.5 1,787 3 21 2.9 -0.4 Kim & Chang 14 0.9 612 3 4 1.1 -0.3

TOTAL 71,528 787 TOTAL 71,528 787

Taiwan Announced Deals (By Volume) 01/01/2017 - 06/30/2017 Taiwan Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017

Sullivan & Cromwell LLP 1 16.7 903 2 10 1.2 15.5 LCS & Partners 1 11.0 595 4 3 0.9 10.1

LCS & Partners 2 11.0 595 4 21 0.9 10.1 PriceWaterhouseCoopers Legal 1 0.7 38 4 2 0.7 0.0

Chen & Lin 3 5.0 269 2 22 0.8 4.2 Sullivan & Cromwell LLP 3 16.7 903 2 12 1.2 15.5

Lexcel Partners Attorney-at-Law 4 2.5 136 1 16 1.1 1.5 Chen & Lin 3 5.0 269 2 8 0.8 4.2

Fenwick & West LLP 5 2.4 130 1 - - 2.4 Jones Day 3 1.4 75 2 8 30.7 -29.3

Jones Day 6 1.4 75 2 3 30.7 -29.3 Lexcel Partners Attorney-at-Law 6 2.5 136 1 3 1.1 1.5

Baker & McKenzie LLP 7 1.0 53 1 1 59.1 -58.1 Fenwick & West LLP 6 2.4 130 1 - - 2.4

Fangda Partners 7 1.0 53 1 - - 1.0 Baker & McKenzie LLP 6 1.0 53 1 6 59.1 -58.1

Hengeler Mueller 7 1.0 53 1 - - 1.0 Fangda Partners 6 1.0 53 1 - - 1.0

PriceWaterhouseCoopers Legal 10 0.7 38 4 24 0.7 0.0 Hengeler Mueller 6 1.0 53 1 - - 1.0

Mori Hamada & Matsumoto 11 0.6 30 1 30 0.0 0.5 Mori Hamada & Matsumoto 6 0.6 30 1 8 0.0 0.5

Nishimura & Asahi 11 0.6 30 1 2 42.2 -41.7 Nishimura & Asahi 6 0.6 30 1 3 42.2 -41.7

TMI Associates 11 0.6 30 1 - - 0.6 TMI Associates 6 0.6 30 1 - - 0.6

Weil Gotshal & Manges LLP 14 0.4 22 1 - - 0.4 Weil Gotshal & Manges LLP 6 0.4 22 1 - - 0.4

Dorsey & Whitney LLP 14 0.4 22 1 31 0.0 0.4 Dorsey & Whitney LLP 6 0.4 22 1 12 0.0 0.4

Shin & Kim 16 - - 1 - - - Shin & Kim 6 - - 1 - - -

Cleary Gottlieb Steen & Hamilton LLP 16 - - 1 - - - Cleary Gottlieb Steen & Hamilton LLP 6 - - 1 - - -

Andrews Kurth Kenyon LLP 16 - - 1 - - - Andrews Kurth Kenyon LLP 6 - - 1 - - -

Chiomenti Studio Legale 16 - - 1 - - - Chiomenti Studio Legale 6 - - 1 - - -

TOTAL 5,408 83 TOTAL 5,408 83

FIRM

2017 2016MKT SHR

CHANGE FIRM

2017 2016MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

59,048 59,048

FIRM

2017 2016MKT SHR

CHANGE FIRM

2017 2016MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

19,930 19,930

18

South East Asia Announced Deals (By Volume) 01/01/2017 - 06/30/2017 South East Asia Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017

Simpson Thacher & Bartlett LLP 1 8.2 4,341 8 16 4.0 4.2 Baker & McKenzie LLP 1 5.4 2,870 18 6 12.3 -6.9

Baker & McKenzie LLP 2 5.4 2,870 18 8 12.3 -6.9 Rajah & Tann 2 1.8 935 14 3 1.7 0.1

Skadden Arps Slate Meagher & Flom LLP 3 5.4 2,858 6 12 5.7 -0.3 Allen & Gledhill LLP 3 4.8 2,535 10 1 3.5 1.3

WongPartnership LLP 4 4.9 2,577 9 11 9.6 -4.8 WongPartnership LLP 4 4.9 2,577 9 2 9.6 -4.8

Allen & Gledhill LLP 5 4.8 2,535 10 18 3.5 1.3 Simpson Thacher & Bartlett LLP 5 8.2 4,341 8 15 4.0 4.2

White & Case LLP 6 4.5 2,402 3 15 4.2 0.3 Jones Day 5 0.4 229 8 10 12.8 -12.3

Latham & Watkins LLP 7 4.2 2,244 7 34 1.3 2.9 Latham & Watkins LLP 7 4.2 2,244 7 14 1.3 2.9

Linklaters LLP 8 4.1 2,186 4 5 13.7 -9.6 Skadden Arps Slate Meagher & Flom LLP 8 5.4 2,858 6 37 5.7 -0.3

Freshfields Bruckhaus Deringer LLP 9 4.1 2,159 6 27 2.4 1.7 Freshfields Bruckhaus Deringer LLP 8 4.1 2,159 6 28 2.4 1.7

Kirkland & Ellis LLP 10 3.6 1,914 3 42 0.8 2.8 AZB & Partners 8 1.6 828 6 9 0.9 0.6

Uria Menendez Abogados SLP 11 3.6 1,904 1 93 - 3.6 Gibson Dunn & Crutcher LLP 8 1.2 615 6 61 - 1.2

Morrison & Foerster LLP 12 2.4 1,245 1 93 - 2.4 Clifford Chance LLP 12 1.6 863 5 28 0.3 1.3

Shin & Kim 13 1.9 991 2 - - 1.9 Allen & Overy LLP 12 0.7 374 5 3 2.9 -2.2

Ropes & Gray LLP 14 1.8 952 1 44 0.7 1.1 Linklaters LLP 14 4.1 2,186 4 3 13.7 -9.6

Rajah & Tann 15 1.8 935 14 31 1.7 0.1 Kim & Chang 14 1.6 829 4 28 0.2 1.4

Clifford Chance LLP 16 1.6 863 5 55 0.3 1.3 Norton Rose Fulbright LLP 14 1.2 617 4 24 0.2 1.0

Kim & Chang 17 1.6 829 4 66 0.2 1.4 Morgan Lewis & Bockius LLP 14 1.0 514 4 10 2.4 -1.5

AZB & Partners 18 1.6 828 6 41 0.9 0.6 Shook Lin & Bok LLP 14 0.6 320 4 18 0.3 0.3

Cleary Gottlieb Steen & Hamilton LLP 19 1.5 800 2 50 0.4 1.1 Bae Kim & Lee 14 0.3 132 4 37 0.5 -0.2

Sullivan & Cromwell LLP 19 1.5 800 1 38 1.2 0.3 White & Case LLP 20 4.5 2,402 3 8 4.2 0.3

TOTAL 53,058 1,093 TOTAL 53,058 1,093

India Announced Deals (By Volume) 01/01/2017 - 06/30/2017 India Announced Deals (By Deal Count) 01/01/2017 - 06/30/2017

AZB & Partners 1 51.4 19,852 51 1 25.4 26.0 AZB & Partners 1 51.4 19,852 51 1 25.4 26.0

Slaughter and May 2 34.7 13,397 3 24 1.0 33.7 Cyril Amarchand Mangaldas 2 6.5 2,503 42 6 15.5 -9.0

S&R Associates 3 34.4 13,275 7 31 0.4 34.0 Trilegal 3 7.5 2,884 22 4 3.1 4.4

Bharucha & Partners 4 34.3 13,272 2 - - 34.3 J Sagar Associates 4 1.3 513 20 5 3.2 -1.9

Vaish Associates 4 34.3 13,272 2 - - 34.3 Khaitan & Co 5 0.9 361 17 2 4.0 -3.1

Trilegal 6 7.5 2,884 22 14 3.1 4.4 HSA Advocates 6 1.2 474 10 10 0.4 0.8

Cyril Amarchand Mangaldas 7 6.5 2,503 42 2 15.5 -9.0 Veritas Legal 7 1.1 420 8 8 2.3 -1.2

Davis Polk & Wardwell LLP 8 4.6 1,760 3 - - 4.6 Shardul Amarchand Mangaldas & Co 7 0.6 243 8 3 4.0 -3.3

Mayer Brown LLP 9 3.7 1,421 1 - - 3.7 S&R Associates 9 34.4 13,275 7 14 0.4 34.0

Drinker Biddle & Reath LLP 9 3.7 1,421 1 - - 3.7 Luthra & Luthra Law Offices LLP 9 1.1 436 7 11 0.3 0.8

Cuatrecasas Goncalves Pereira SLP 9 3.7 1,421 1 - - 3.7 White & Case LLP 11 1.6 609 4 14 3.1 -1.5

Kim & Chang 12 2.5 945 1 - - 2.5 Jones Day 11 0.3 126 4 14 0.3 0.1

Shin & Kim 12 2.5 945 1 - - 2.5 Clove Legal 11 0.1 31 4 18 0.0 0.1

Nishimura & Asahi 12 2.5 945 1 8 3.8 -1.4 Slaughter and May 14 34.7 13,397 3 40 1.0 33.7

White & Case LLP 15 1.6 609 4 13 3.1 -1.5 Davis Polk & Wardwell LLP 14 4.6 1,760 3 - - 4.6

J Sagar Associates 16 1.3 513 20 12 3.2 -1.9 Juris Corp 14 0.0 1 3 - - -

Latham & Watkins LLP 17 1.3 500 2 3 11.9 -10.6 Bharucha & Partners 17 34.3 13,272 2 - - 34.3

HSA Advocates 18 1.2 474 10 30 0.4 0.8 Vaish Associates 17 34.3 13,272 2 - - 34.3

Luthra & Luthra Law Offices LLP 19 1.1 436 7 33 0.3 0.8 Latham & Watkins LLP 17 1.3 500 2 11 11.9 -10.6

Veritas Legal 20 1.1 420 8 17 2.3 -1.2 O'Melveny & Myers LLP 17 1.0 402 2 29 0.5 0.5

TOTAL 38,646 789 TOTAL 38,646 789

FIRM

2017 2016MKT SHR

CHANGE FIRM

2017 2016MKT SHR

CHANGE RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

82,690 82,690

FIRM

2017 2016MKT SHR

CHANGE FIRM

2017 2016MKT SHR

CHANGE

30,883 30,883

RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%) RANK

MKT SHR

(%) VOLUME USD

(Mln)

DEAL

COUNT RANK

MKT SHR

(%)

19

Bloomberg League Criteria

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

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

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

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

Advisory fees hold no weight over advisory credit.

General Database Criteria

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

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

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

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

20

global m&a market review · • global merger and acquisition activity reached $1.5 trillion,...

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