Dow Jones Private Equity Analyst April 2011 Insight

Most Active Law Firms By Number of Deals Below is a ranking of law firms based on the number of private equity and venture capital deals they have negotiated and closed on in 2010. The ranking was based on self-reporting by law firms.

Firm Rank/Name PE VC Total Description of Largest Deal 1 DLA Piper LLP 435 541 976 Did not disclose. 2 Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP 4 815 819 Did not disclose. 3 Wilson Sonsini Goodrich 16 775 791 Represented Gymboree Co. in its $1.8B sale to Bain Capital. & Rosati PC 4 Goodwin Procter LLP 153 355 508 Did not disclose. 5 Cooley LLP 54 388 442 Did not disclose. 6 K&L Gates LLP 239 60 299 Did not disclose. SNR Denton 38 261 299 Did not disclose. 8 Ropes & Gray LLP 209 69 278 Represented TPG Capital and CPP Investment Board in their $5.2B acquisition of IMS Health Inc. 9 Orrick Herrington & Sutcliffe LLP 21 250 271 Advised Cube Infrastructure and TrenItalia on their €170M acquisition of Arriva Deutschland GmbH, a transport unit of Deutsche Bahn. 10 WilmerHale 54 211 265 Counsel to SkillSoft in its $1.2B acquisition by Berkshire Partners, Advent International and Bain Capital. 11 Edwards Angell Palmer 166 85 251 Advised on ABRY Partners LLC’s acquisition by merger of RCN Corp. & Dodge LLP 12 Proskauer Rose LLP 182 62 244 The $907M purchase of Allied Capital Corp. by Ares Capital Corp. 13 Latham & Watkins LLP 110 119 229 Represented Leonard Green & Partners LP in the $5.2B acquisition by Leonard Green, TPG Capital and CPP Investment Board of IMS Health Inc. 14 Jones Day 98 77 175 Advised publicly held SunPower Corp. in its $277M acquisition of privately held SunRay Renewable Energy Ltd. 15 Kirkland & Ellis LLP 161 6 167 Represented 3G Capital Management in its $4B acquisition of Burger King Holdings Inc. 16 Nixon Peabody LLP 102 57 159 Did not disclose. 17 Lowenstein Sandler 7 150 157 Did not disclose. 18 Willkie Farr & Gallagher LLP 100+ 50+ 150+ Represented Warburg Pincus in its $3.4B acquisition (with Silver Lake) of Interactive Data Corp. 19 Foley & Lardner LLP 40 99 139 Advised on hanger acquisition of Accelerated Care Plus from management of ACP and ComVest for $155M. 20 Dorsey & Whitney LLP 70 65 135 $16M private offering for Series C financing of MobileIron. 21 Squire Sanders & Dempsey 125 3 128 Advised the management of Inspicio on the disposal by the Inspicio group of the Inspectorate business and the associated refinanancing and restructuring of the remaining group in a deal valued at £450M. 22 Morgan Lewis & Bockius LLP 35 81 116 Represented Interactive Data Corp. in its $3.4B sale to private equity firms Silver Lake and Warburg Pincus. Perkins Coie LLP 38 78 116 Represented NetQuote in its $205M sale to Bankrate Inc. 25 Paul Hastings LLP 107 8 115 Advised Acument Global Technologies in the sale of its Avdel and Global Electronics & Commercial business units to funds advised by CVC Asia Pacific and Standard Chartered Private Equity Ltd. Weil Gotshal & Manges 109 6 115 Did not disclose. 26 Wyrick Robbins Yates & Ponton LLP 29 76 105 Represented Waste Industries USA in the investment by Macquarie of additional capital in the company to acquire a controlling interest. 27 Hogan Lovells US LLP 72 31 103 Advised KRG Capital Partners in a number of 2010 acquisitions, including its acquisition of all of the outstanding equity of Liberty Dialysis Inc. 8 2 Moore & Van Allen PLLC 96 0 96 Represented Gridiron Capital in its partnership with management of Tharpe Robbins Co. on a leveraged recapitalization of the company. 29 Morrison & Foerster LLP 31 62 93 Represented Clorox Co. in the $780M sale of its auto-related business to Avista Capital Partners. 30 Simpson Thacher & Bartlett LLP 92 0 92 Representation of Centerbridge Partners LP, Paulson & Co. and affiliates of Blackstone Group LP in their $3.925B cash acquisition of Extended Stay Inc. 31 Vinson & Elkins LLP 87 4 91 Represented Royal Dutch Shell PLC in the acquisition of East Resources Inc. 32 Choate Hall & Stewart LLP 43 46 89 Did not disclose. 33 Andrews Kurth LLP 35 51 86 Did not disclose. 34 Morrison Cohen LLP 66 18 84 Represented Littlejohn Fund III LP in $915M sale of its portfolio company LIVH Holdings Inc. to Green Mountain Coffee Roasters. 35 Fried Frank Harris Shriver 83 0 83 Represented GS Capital Partners in the $1.7B acquisition of Michael Foods Inc. from & Jacobson LLP Thomas H. Lee Partners LP and affiliated investment funds. Paul Weiss Rifkind Wharton 78 5 83 Represented Simon Property Group Inc. in connection with its approx. $2.3B & Garrison LLP acquisition of Prime Outlets Acquisition Co. Dow Jones Private Equity Analyst April 2011 Insight

Firm Rank/Name PE VC Total Description of Largest Deal 37 Ice Miller LLP 37 40 77 Representation of a private equity fund in the $75M sale of its portfolio company. O’Melveny & Myers LLP 21 56 77 Represented GIC SI in connection with the $1.6B disposal of its 15.9% stake in Ambea AG to Triton. 39 Dechert LLP 42 32 74 Did not disclose. 40 Hughes Hubbard & Reed LLP 66 6 72 Represented the U.S. Treasury Department in redeeming equity investments in banks under TARP in an aggregate amount of approx. $12.3B. 41 Linklaters LLP 68 0 68 Restructuring of the debt of the Actavis Group. 42 McCarthy Tétrault LLP 30 33 63 Did not disclose. 43 Dewey & LeBoeuf LLP 33 28 61 Represented an institutional investor in the secondary sale of a portfolio of 26 limited partnership interests for over $650M. 44 Gibson Dunn & Crutcher LLP 28 32 60 Represented American Tire Distributors, a portfolio company of Investcorp, in its sale to TPG Capital for $1.3B. Herrick Feinstein LLP 45 15 60 Represented Dubilier & Co. on its acquisition of Bluegrass Dairy & Food. 46 Skadden Arps Slate Meagher Represented Burger King Holdings Inc. in its approx. $4B acquisition by 3G Capital & Flom LLP 56 0 56 Management. 47 Kramer Levin Naftalis & Frankel LLP 40 15 55 Did not disclose. 48 Davis Polk & Wardwell LLP 53 0 53 Advised DLJ Merchant Banking Partners as selling shareholder of FDR Holdings in the acquisition of Frontier by Noble in a cash transaction that values the enterprise at $2.16B. Mayer Brown LLP 44 9 53 Did not disclose. 50 Fulbright & Jaworski LLP 37 15 52 Did not disclose. 51 SJ Berwin 32 19 51 Acted for Lion Capital in the purchase of frozen food company Picard Surgeles for £1.5B. 52 Gray Plant Mooty Mooty & Bennett 20 30 50 Did not disclose. 53 Walkers 47 2 49 Acted for the Norwegian oil services company Acergy SA on the $2.5B merger between Acergy SA and Subsea 7 Inc. 54 McDermott Will & Emery 42 4 46 Represented a Catholic, not-for-profit health system in connection with the negotiation and execution of an asset purchase agreement in which the client will sell substantially all of its assets to an affiliate of Cerberus Capital Management LP for approx. $430M to $450M. 55 Greenberg Traurig LLP 35 10 45 Did not disclose. 56 Morris Manning & Martin LLP 7 30 37 Advised on a $23.6M Series F venture round in Nexidia Inc. 57 Wiggin & Dana LLP 8 28 36 Represented CGI Pharmaceuticals in CGI’s acquisition by Gilead Sciences for up to $120M. Yigal Arnon & Co. 0 36 36 Handled a $26M Series C round investment by Intel Capital in Anobit Technologies. 59 Macfarlanes LLP 25 10 35 Advised Lexington Partners on their £470M acquisition of the Lloyds Bank private equity fund portfolio comprising 33 interests in, primarily, European mid-market funds. 60 Thompson Hine LLP 20 12 32 Represented a private equity fund in the formation and funding, through debt and equity vehicles. The initial $16M acquisition is the first in a roll-up strategy that contemplates a total enterprise value of approx. $50M. 61 Smith Anderson Blount Dorsett 4 24 28 Represented Triange Capital in its approx. $11M investment in Top Knobs USA Inc. Mitchell & Jernigan LLP Total transaction size of $188M. 62 Schottenstein Zox & Dunn Co. LPA 18 7 25 Did not disclose. 63 Haynes & Boone LLP 17 6 23 Did not disclose. 64 Baker Hostetler 19 2 21 Represented TransDigm Group Inc. in its acquisition of McKechnie Aerospace Holdings Inc. for $1.265B. Seward & Kissel LLP 9 12 21 Advised on $350M private equity investment in ship acquisition and operation business. Shearman & Sterling LLP 21 0 21 Represented BAML Capital Partners in its acquisition of Strategic Partners Holdings Inc. 67 Drinker Biddle & Reath LLP 12 7 19 In a transaction valued at more than $175M, represented two private equity funds in the acquisition of a manufacturer of UV-protective window film for automotive and architectural use. 8 6 Loeb & Loeb LLP 12 4 16 Represented a private equity firm which provided a $50M convertible loan to recapitalize a portfolio company. 69 Gibbons PC 4 9 13 Did not disclose. 70 Klehr Harrison Harvey Branzburg 9 0 9 Did not disclose. 71 Blake Cassels & Graydon LLP 7 0 7 Advised on the $1.028B sale by CVC Capital Partners of a 42.5% ownership interest in Univar to Clayton Dubilier & Rice LLC. 72 Bonelli Erede Pappalardo 4 0 4 Advised on the acquisition by BC Partners from AXA Private Equity, European Capital Studio Legale Ltd. and the Gualandi Family of Spotless Group SAS for €585M. Prieto & Carrizosa SA 4 0 4 Represented Tribeca Energy Partners and Americas Energy Fund in the acquisition of a controlling interest in Termobarranquilla for $130M. Sadis & Goldberg LLP 3 1 4 Advised on a $200M investment by apension plan. Sullivan & Worcester LLP 2 2 4 Did not disclose. Dow Jones Private Equity Analyst April 2011 Insight

Most Active Law Firms By Number of Funds Below is a ranking of law firms based on the number of private equity or venture capital funds they have worked on for general partners and limited partners that had a final close in 2010. Law firms that represented more than one LP in a single fund were asked to count that as a single fund. The ranking was based on self-reporting by law firms.

Firm Rank/Name GP LP Total Description of Largest Fund 1 Morgan Lewis & Bockius LLP 26 343 369 Represented a global firm in the formation of a $2.1B secondary fund. 2 Proskauer Rose LLP 103 197 300 Advised a global financial institution in structuring funds with total commitments in excess of $4B. 3 Nixon Peabody LLP 33 253 286 Did not disclose. 4 Ropes & Gray LLP 51 225 276 Did not disclose. 5 Morrison & Foerster LLP 57 178 235 Represented GP in formation of $1.5B fund. 6 Cooley LLP 56 72 128 Did not disclose. 7 O’Melveny & Myers LLP 47 74 121 Did not disclose. 8 Kirkland & Ellis LLP 53 63 116 Represented Energy Capital Partners II LP, which closed in August 2010 with commitments of $4.35B. 9 K&L Gates LLP 21 86 107 GP representation: Closed a $1.9B fund and $1.4B fund for a global private equity firm. 10 Linklaters LLP 34 70 104 Represented private equity firm in the formation of a $1.1B private equity co-investment fund. 11 Schottenstein Zox & Dunn Co. LPA 0 89 89 Represented several LPs with their investment in Landmark Equity Partners XIV LP. 12 Fried Frank Harris Shriver 48 32 80 Did not disclose. & Jacobson LLP 13 Latham & Watkins LLP 44 32 76 Did not disclose. Mayer Brown LLP 24 52 76 Did not disclose. 15 Simpson Thacher & Bartlett LLP 16 59 75 Represented GP in connection with GSO Capital Solutions Fund, $3.25B. 16 Paul Weiss Rifkind Wharton 60 13 73 Represented Wellspring Capital Management in the raising of Wellspring Capital Partners & Garrison LLP V LP, a $1.2B buyout fund. 17 Hogan Lovells US LLP 7 62 69 Represented Thayer Hotel Investors V LP, as GP, in a final closing of a $300M fund. 18 Fulbright & Jaworski LLP 5 60 65 Did not disclose. 19 Shearman & Sterling LLP 4 55 59 Represented the sponsor in the formation of Squadron Capital Asia Pacific Fund II, a $400M Asian fund of funds. 20 Dewey & LeBoeuf LLP 9 49 58 Represented GE Asset Management Inc. in the offering and organization of International Private Equity Fund II LP, a $350M international private equity fund. 1 2 Jones Day 8 39 47 Represented a global asset management company, as LP, in its investment in a fund with a maximum size of $3.5B. 22 Gunderson Dettmer Stough 46 0 46 Did not disclose. Villeneuve Franklin & Hachigian LLP 23 Willkie Farr & Gallagher LLP 9 36 45 Represented Goldentree Asset Management with a $750M fund. WilmerHale 16 29 45 Did not disclose. 25 Walkers 43 0 43 Represented Blackstone Group in the establishment of Blackstone Capital Partners VI, a $15B U.S. private equity fund. 26 Morrison Cohen LLP 6 34 40 Represented Littlejohn Fund IV LP and Littlejohn Fund IV-A LP in the formation of a $1.34B fund. 27 Edwards Angell Palmer & Dodge LLP 1 25 1 36 Represented LP in its investment in the $2.5B Varde X. Goodwin Procter LLP 26 10 36 Did not disclose. 29 Gibson Dunn & Crutcher LLP 12 22 34 Represented Warburg Pincus/Sheridan Production Partners in the formation of the $1.8B+ fund, Sheridan Production Partners II. 0 3 SJ Berwin 31 2 33 Advised Litorina Capital Advisors on the raising of Litorina IV, a €2.5B buyout fund focused on the Nordic region. 31 Sullivan & Worcester LLP 0 32 32 Did not disclose. 32 Orrick Herrington & Sutcliffe LLP 8 23 31 Represented Washington State Investment Board with its commitment to Southern Cross Latin America IV LP, a $1.5B+ Latin American buyout fund Vinson & Elkins LLP 0 31 31 Represented LP in White Deer Energy LP, an $820M+ private equity fund. 4 3 Davis Polk & Wardwell LLP 11 18 29 Advised Morgan Stanley Infrastructure Partners on the formation of several co-investment partnerships and joint venture arrangements, thereby expanding the reach of their $4B global infrastructure fund. 35 Foley & Lardner LLP 5 23 28 Served as outside investment counsel for the Ventura County Employees’ Retirement Association regarding its $50M investment with the Walter Scott & Partners Ltd. Group Trust. 36 Seward & Kissel LLP 5 22 27 Represented an LP which invested in a real estate private equity fund with an expected size of $1B. 37 Weil Gotshal & Manges 18 8 26 Did not disclose. Dow Jones Private Equity Analyst April 2011 Insight

Firm Rank/Name GP LP Total Description of Largest Fund 38 Dechert LLP 12 11 23 Did not disclose. 39 McCarthy Tétrault LLP 1 21 22 Did not disclose. 40 Choate Hall & Stewart LLP 2 19 21 Did not disclose. Ice Miller LLP 6 15 21 Represented LP in a commitment to a $15B private equity fund. 42 Gray Plant Mooty Mooty & Bennett 20 0 20 Did not disclose. Herrick Feinstein LLP 15 5 20 Represented LP in $200M Selene Capital Management. Kramer Levin Naftalis & Frankel LLP 15 5 20 Did not disclose. 45 Thompson Hine LLP 1 14 15 Represented the GP in the formation of $95M Fort Washington Private Equity Opportunities Fund II LP. 46 Andrews Kurth LLP 3 11 14 Did not disclose. 47 DLA Piper LLP 0 13 13 Did not disclose. Dorsey & Whitney LLP 0 13 13 Represented LP in the closing of Riverwood Capital Partners LP, which targeted $750M. 49 Macfarlanes LLP 8 3 11 Acting for GP of Close Brothers Private Equity Fund VIII, a £410M fund. 50 Gibbons PC 1 9 10 Did not disclose. Haynes & Boone LLP 10 0 10 Represented EnerVest Ltd. in raising its Fund XII, which closed with over $1.5B. 52 Yigal Arnon & Co. 3 5 8 Did not disclose. 53 McDermott Will & Emery 0 7 7 Represented an LP of a PE fund that closed in 2010 with a target of $3.5B. Morris Manning & Martin LLP 0 7 7 Counseled Cole Credit Property Trust in its $2.75B private equity offering. 55 Paul Hastings LLP 4 2 6 Represented the GP of $400M+ Threadneedle Strategic Property Fund IV as the firm’s U.S. legal counsel. 56 Perkins Coie LLP 5 0 5 Represented Performance Equity Management LLC, the GP, in the formation of Performance Opportunities Fund LP, a $125M private equity fund. 57 Baker Hostetler 2 2 4 Did not disclose. Klehr Harrison Harvey Branzburg 1 3 4 Did not disclose. Skadden Arps Slate Meagher 3 1 4 Did not disclose. & Flom LLP Wyrick Robbins Yates & Ponton LLP 3 1 4 Represented LP in making a $10M investment in a $50M early-stage venture capital fund. 61 Drinker Biddle & Reath LLP 0 3 3 Represented LP in a foreign venture capital/private equity fund formation in the amount of $1.35B. 62 Bonelli Erede Pappalardo 1 0 1 Did not disclose. Studio Legale Prieto & Carrizosa SA 1 0 1 Represented Advent International Corp. in a $1.65B fund. Sadis & Goldberg LLP 1 0 1 Did not disclose.