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Global & Regional M&A Report Q1-Q3 2019 Including League Tables of Legal Advisors

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Content

Overview 03

Global 04

Global Private Equity 09

Europe 14

US 19

Latin America 24

Asia Pacific (excl. Japan) 29

Japan 34

Middle East & Africa 39

M&A and PE League Tables 44

Criteria & Contacts 79

mergermarket.com Mergermarket Global & Regional Global Overview 3 M&A Report 3Q19

Global Overview Regional M&A Comparison

North America USD 1.32tn -0.4% vs. YTD 18 Inbound USD 197.3bn 3.9% Outbound USD 268.3bn -7% PMB USD 230.8bn 3.8x

Latin America USD 56.3bn 3.2% vs. YTD 18 Inbound USD 35bn 38.2% Outbound USD 4.8bn 12.8% EMU USD 20.5bn 57.3% 23%

53% Europe USD 573.5bn -29.4% vs. YTD 18 1.3% Inbound USD 248.3bn -34% Outbound USD 187.1bn 20.2% PMB USD 146.3bn 6.1%

MEA USD 125.1bn 141.7% vs. YTD 18 Inbound USD 38.8bn 13.6% Outbound USD 9.3bn -61.3% Ind. & Chem. USD 71.2bn 6.3x 5% 15.3% 2.3% APAC (ex. Japan) USD 383.5bn -28.5% vs. YTD 18 Inbound USD 78.8bn 1.3% Outbound USD 72.4bn -29.5% Ind. & Chem. USD 85.6bn -4.2%

Japan USD 33.6bn 8.6% vs. YTD 18 Inbound USD 11.3bn 5.7x Global M&A USD 2.49tn -11.4% vs. YTD 18 Outbound USD 67.6bn -48.1% Technology USD 12.8bn 70.3% Cross-border USD 911.4bn -14.6% vs. YTD 18 The % values on the map indicate Top sector: PMB USD 405.8bn 51.1% vs. YTD 18 market shares in global M&A

mergermarket.com Mergermarket Global & Regional Global Analysis 4 M&A Report 3Q19 Global

Value Deal Details (USDbn)

Announcement Bidder Company Target Company Target Target Sector USD 2.49tn Date Geography 89.5 03-Jan Bristol-Myers Celgene USA Pharma, Squibb Company Corporation Medical & Biotech Value of global M&A in 1Q-3Q 2019, down 11.4% on last year

88.9 09-Jun United Raytheon USA Defence Technologies Company Corporation

86.3 25-Jun AbbVie Allergan Republic of Pharma, Ireland Medical & Biotech USD USD

70.4 27-Mar Saudi Arabian Saudi Basic Saudi Arabia Industrials & Oil Co Industries Chemicals 262.9bn 424.6m Corporation (70% Stake) Lowest quarterly US Average disclosed deal M&A value since 1Q16 value, the highest on record 54.4 09-May Occidental Anadarko USA Energy, Mining (USD 254.6bn) Petroleum Petroleum & Utilities Corporation Corporation

mergermarket.com Mergermarket Global & Regional Global Analysis 5 M&A Report 3Q19

Global

The slowdown in dealmaking spread to the US market in 3Q19, which will be going through severe merger control scrutiny, is USD 394.1bn spent by private equity firms so far this year, causing global M&A to drop 11.4% YTD on last year to USD only the tenth largest deal of the year so far. But it exemplifies buyout activity is not too far from the record levels seen this 2.49tn (across 13,304 deals). Activity was particularly subdued the strength of European outbound M&A, which at USD 187.1bn time last year (USD 457.7bn). in the difficult to interpret third quarter of the year, when USD is up more than 20% on last year and at its highest YTD level European private equity firms have been showing particularly 622.2bn worth of deals were struck globally, down 21.2% on since 2016. strong interest for North American assets. Six buyouts above 3Q18 (USD 789.7bn) and with 1,164 fewer deals than last year. It also serves as a reminder that in spite or perhaps because USD 1bn have already been conducted by European sponsors The US market, which had so far seemed immune to the of slowing global economic growth, which, according on North American soil this year, five of which in 3Q19. Deals global downward trend at play since the middle of last year, is to a recent Organisation for Economic Cooperation such as BC Partners’ acquisition of a 51% stake in Canada, starting to be impacted. At USD 262.9bn in 3Q19, US M&A has and Development (OECD) report, could, in 2019, be the Montreal-based security services group Garda World Security fallen to its lowest quarterly value since 1Q16 (USD 254.6bn). weakest since the 2008 financial crisis, appetite for large in July or Permira’s take-private of US-based life sciences Worth USD 1.25tn YTD, US M&A is still marginally up on the transformative deals is still strong among corporates. So far company Cambrex in August have helped take the cross- same period last year (USD 1.23tn), just about retaining a 50% this year, 31 megadeals (> USD 10bn) took place, only the border buyout activity between the two continents to record YTD share of global M&A activity, down from 52.5% in 1H19. second time since 2008, that more than 30 such deals are levels. recorded within the first nine months of the year. Marred by the trade and tech war between Washington and Beijing and persistent political instability in Hong Kong, YTD With regards to large deals, the Pharma, Medical & Biotech M&A activity in Asia is down 26.5% over last year to USD (PMB) sector never fails to deliver and managed to put three “Whether they are 417.2bn. China and Hong Kong accounts for only 7.8% of deals in this quarter’s global top 10, including the creation of a global M&A activity so far this year, down from 11.4% last year mighty generic drugs maker through the combination of US- motivated by the desire to and a far cry from 2015, when they were responsible for 15.6% based Mylan and Pfizer’s Upjohn, which is itself expected to of the total global value of deals. In fact, the largest deal of engage in M&A, as reported. get more growth, or a way the year so far in the region was struck between Japan and Whether they are motivated by the desire to get more growth, Australia with Asahi’s AUD 16bn (USD 11.3bn) acquisition of or a way to secure future survival, deals are getting larger. to secure future survival, Australia-based brewery Carlton & United Breweries (CUB) On the back of the longest equity bull market in history, and from Anheuser-Busch InBev in July. amid persistently low interest rates, corporates have ample deals are getting larger” After an abysmal performance in 1H19, Europe has enjoyed a cash reserves and appealing debt financing options at very relative recovery over the summer, with the value of deals their disposal to pursue M&A. This context and the growing in 3Q19 reaching USD 166.5bn across 1,551 transactions down feeling that it will not last forever are pushing valuations up. only 2.3% compared to 3Q18 (USD 170.5bn across 1,974 deals). At USD 424.6m YTD, the average size of deal with a disclosed Beranger Guille, Global YTD, European M&A is still down 29.4% compared to the same value is up from USD 380.1m in 2018, and the highest on period last year. Mergermarket record by some margin. Editorial Analytics Director The largest deal of the quarter, London Stock Exchange’s USD Private equity’s unquenchable thirst has been another source 27bn acquisition of US-based financial data provider Refinitiv, of great consolation for global dealmakers. With a disclosed Mergermarket Global & Regional Global Analysis 6 M&A Report 3Q19

31 7.8% -21.2% Global share of China and Global M&A value decrease Hong Kong M&A, down from from 3Q18 to 3Q19 Number of megadeals 11.4% the previous year (> USD 10bn) announced so far this year

USD -29.4% USD 27bn 622.2bn Value of LSE-Refinitiv deal, Value of Global M&A in European M&A value YTD the largest deal in 3Q19 3Q19, down 21.2% on last decrease on last year year

mergermarket.com Mergermarket.com Mergermarket Global & Regional Global Analysis 7 M&A Report 3Q19

Chart title 1 Chart title 1 ChartGlobal title Quarterly2 Breakdown Trend ChartGlobal title Sector 2 Breakdown Trend 2014 - 2019 1Q-3Q18 - 1Q-3Q19

1100 4000 21000

1000

3500 18000 900 1,199.8 1,120.0 753.9 3000 800

826.2 15000 959.5 952.2 700

2500 Deal Count 789.7 12000 600 869.8 622.2

2000 ) (USDbn Value Deal 838.5 500 860.5 715.4 1093.8 Deal Value (USDbn) Value Deal 9000 1500 1079.3 400 854.7 960.0 1,040.5 756.8 300 963.2 6000 1000 741.6

200 391.7 523.1 391.7 3000 366.5 331.4 500 948.1 912.7 268.6 257.5 761.5 763.2 100 307.6 226.9 629.5 570.9 284.2

0 0 0 2014 2015 2016 2017 2018 2019 Pharma, Medical Industrials Energy, Mining Technology Business Other & Biotech & Chemicals & Utilities Services

Q1 Q2 Q3 Q4 2018 2019

Deal Count

mergermarket.com Mergermarket Global & Regional Global Analysis 8 M&A Report 3Q19

Global League tables

Legal advisor league table by value

Ranking 3Q19 3Q18 Regional ranking comparison

3Q19 3Q18 Company name Value Deal % Value Value Europe US Asia Japan Middle Latin (USDm) count change (USDm) Pacific East & America Africa 1 9 Wachtell, Lipton, Rosen & Katz 527,507 52 72.3% 306,237 6 1 101 - 78 - 2 14 Kirkland & Ellis 464,618 475 100.1% 232,217 1 2 8 61 34 52 3 1 Davis Polk & Wardwell 412,741 98 -6.4% 441,028 3 3 70 2 28 12 4 4 Sullivan & Cromwell 408,207 107 9.8% 371,612 15 4 48 22 76 6 5 10 Simpson Thacher & Bartlett 335,793 112 10.0% 305,272 12 5 9 13 15 10 6 7 White & Case 306,039 207 -0.9% 308,704 22 14 3 15 1 3 7 17 Weil Gotshal & Manges 294,481 161 45.5% 202,372 4 6 32 39 6 148 8 13 Cravath, Swaine & Moore 289,299 62 8.8% 265,880 19 8 27 - 7 19 9 6 Cleary Gottlieb Steen & Hamilton 282,241 78 -22.6% 364,723 18 10 21 25 24 7 10 3 Skadden Arps Slate Meagher & Flom 279,795 125 -26.8% 382,217 20 7 50 29 64 15 11 2 Latham & Watkins 276,629 271 -27.9% 383,669 8 12 30 36 12 20 12 25 Shearman & Sterling 261,590 88 76.4% 148,295 28 9 18 65 27 34 13 5 Freshfields Bruckhaus Deringer 261,531 147 -28.3% 364,942 2 16 6 3 9 87 14 20 Slaughter and May 245,837 48 28.4% 191,466 5 13 45 59 29 - 15 12 Fried Frank Harris Shriver & Jacobson 232,705 49 -12.9% 267,017 67 11 78 - 79 - 16 24 Jones Day 174,476 263 14.5% 152,435 41 17 53 100 38 9 17 16 Clifford Chance 172,401 151 -20.1% 215,744 17 38 15 72 2 53 18 21 Paul Weiss Rifkind Wharton & Garrison 166,945 86 -9.0% 183,380 25 15 38 31 33 16 19 30 King & Wood Mallesons 146,197 90 23.3% 118,587 81 22 1 - 45 - 20 51 Debevoise & Plimpton 133,747 54 101.0% 66,543 13 18 111 7 19 62

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 9 M&A Report 3Q19 Global Private Equity - Buyouts

Buyouts - Quarterly Breakdown (2015-2019) Buyouts - Top Five Deals (3Q19)

Value Deal Details 600 4000 (USDbn)

111.4 Announcement Bidder Company Target Company Target Target Sector 480 130.3 3200 Date Geography

Deal Count 14.1 08-May EQT Partners - Zayo Group USA Telecommuni- 138.4 Digital Colony Holdings, Inc cation 360 129.5 108.8 2400 Partners 124.6 152.5 consortium

240 107.9 1600 13.4 02-Jun Blackstone Group GLP Pte Ltd (US USA Real Estate 108.6 180.3 Deal Value (USD bn) (USD Value Deal 172.8 Logistics Assets) 168.2 122.6 120 103.5 800 138.9 112.5 65.7 73.6 90.6 11.8 04-Feb Hellman & Ultimate Software USA Technology Friedman - Group Inc 0 0 2015 2016 2017 2018 2019 Blackstone Group consortium

Q1 Q3 Deal Count 10.2 10-May IFM Investors Buckeye Partners, USA Energy, Mining Q2 Q4 LP & Utilities

Buyouts 3Q19 3Q18 Change 10.1 16-May EQT Partners Nestle Skin Health Switzerland Pharma, Deal Value USD 394.1bn USD 457.7bn -13.9% - Abu Dhabi SA Medical & Investment Biotech Deal Count 2,467 Deals 2,860 Deals -393 Authority consortium mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 10 M&A Report 3Q19 Global Private Equity - Exits

Exits - Quarterly Breakdown (2015-2019) Exits - Top Five Deals (3Q19)

Value Deal Details 600 3000 (USDbn)

500 111.7 Announcement Seller Target Target Target Bidder 152.9 2400 Date Company Company Geography Sector Company 127.3 127.0 Deal Count 38.5 16-Jan Kohlberg Kravis First Data USA Business Fiserv, Inc 400 Roberts & Co Corporation Services 155.2 1800 137.8 143.7 95.4 300 112.2

1200 27 01-Aug Blackstone Refinitiv USA Business London Stock

Deal Value (USD bn) (USD Value Deal 130.6 200 191.1 Group; CPPIB; Services Exchange 164.6 120.3 125.1 GIC; Thomson Group Plc Reuters 600 100 Corporation 136.2 109.7 95.2 94.8 103.2 8.1 14-Jan Temasek Ascendas- Singapore Real Estate CapitaLand 0 0 Holdings Pte Singbridge Pte Limited 2015 2016 2017 2018 2019 Ltd

Q1 Q3 Deal Count Q2 Q4

6.7 02-May Apax Acelity USA Pharma, 3M Company Partners LLP; Medical & Exits 3Q19 3Q18 Change CPPIB; PSP Biotech Investments Deal Value USD 326.2bn USD 449.4bn -19.4%

Deal Count 1,711 Deals 1,950 Deals -239 5.6 24-Jun Altamir Altran France Business Capgemini Amboise; Apax Technologies SA Services SA Partners SAS mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 11 M&A Report 3Q19

Buyouts - Investors’ activity

European investors targeting North American assets (1Q-3Q periods) USD 28.4bn

2010 Value of transatlantic buyouts 2011 in North America by European 2012 investors YTD 2019 2013

2014

2015

Deal Count Deal 2016 47.8% 6

2017 Share of North American Number of buyouts above 2018 buyout value across global USD 1bn conducted by

2019 buyout value (YTD 2019) European sponsors on North American soil in 2019

0 10 20 30 40 50 60 Buyouts above USD 1bn Number of Buyouts

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 12 M&A Report 3Q19

Buyouts - Regional Breakdown

Regional Breakdown - Market Share (%) by Deal Count

USA EMEA USD 165.9bn Deal Value 39.4% USD 139.2bn 43.4% Deal Value 971 Deal Count 1,072 Deal Count

Asia-Pacific USD 62.6bn 12.9% Deal Value 318 Americas Deal Count (excl. USA) USD 26.4bn 4.3% Deal Value 106 Deal Count

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 13 M&A Report 3Q19

Global Private Equity League tables

Global (buyouts+exits) league table by value Global (buyouts+exits) league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Simpson Thacher & Bartlett 153,802 50 91.8% 80,187 1 1 Kirkland & Ellis 125,134 251 -5 256 2 1 Kirkland & Ellis 125,134 251 12.2% 111,511 2 2 Goodwin Procter 12,491 124 -7 131 3 3 Latham & Watkins 110,817 108 52.0% 72,909 3 4 Latham & Watkins 110,817 108 -12 120 4 13 Allen & Overy 52,931 46 130.8% 22,937 4 3 DLA Piper 10,086 92 -30 122 5 10 Fried Frank Harris Shriver & Jacobson 45,505 9 57.0% 28,985 5 9 Ropes & Gray 14,617 87 23 64 6 9 White & Case 42,285 49 26.4% 33,446 6 5 Weil Gotshal & Manges 42,149 77 -17 94 7 5 Weil Gotshal & Manges 42,149 77 -10.9% 47,320 7 23 Orrick Herrington & Sutcliffe 6,945 60 21 39 8 4 Freshfields Bruckhaus Deringer 38,612 34 -32.7% 57,350 8 6 Jones Day 9,474 55 -21 76 9 16 Osler, Hoskin & Harcourt 37,122 12 69.9% 21,844 9 12 Paul Hastings 7,496 55 -1 56 10 316 Corrs Chambers Westgarth 32,356 5 37090.8% 87 10 11 Simpson Thacher & Bartlett 153,802 50 -10 60 11 20 Sullivan & Cromwell 30,939 20 72.0% 17,984 11 8 White & Case 42,285 49 -18 67 12 91 Gleiss Lutz 29,517 7 710.0% 3,644 12 19 Willkie Farr & Gallagher 5,247 49 7 42 13 6 Linklaters 26,962 39 -37.1% 42,889 13 14 Allen & Overy 52,931 46 -8 54 14 32 Paul Weiss Rifkind Wharton & Garrison 25,182 39 96.1% 12,842 14 7 McDermott Will & Emery 1,439 45 -24 69 15 116 Shearman & Sterling 22,491 20 738.0% 2,684 15 13 Clifford Chance 12,496 40 -15 55 16 174 Vinge 18,146 18 1591.1% 1,073 16 17 Linklaters 26,962 39 -11 50 17 34 Sidley Austin 18,016 34 43.8% 12,529 17 15 Paul Weiss Rifkind Wharton & Garrison 25,182 39 -12 51 18 11 Davis Polk & Wardwell 17,088 17 -37.2% 27,215 18 35 Morgan Lewis & Bockius 3,383 38 10 28 19 153 Blake, Cassels & Graydon 17,084 13 1048.9% 1,487 19 10 Cooley 6,514 37 -25 62 20 24 Allen & Gledhill 16,664 4 -3.1% 17,195 20 22 Baker McKenzie 11,591 35 -4 39

mergermarket.com Mergermarket Global & Regional Europe Analysis 14 M&A Report 3Q19 Europe

Value Deal Details (USDbn)

Announcement Bidder Company Target Company Target Target Sector Date Geography USD 573.5bn 86.3 25-Jun AbbVie Allergan Republic of Ireland Pharma, Medical & Biotech Value of YTD European M&A, down 29.4% versus YTD 2018 26.9 28-Feb Novartis Alcon Switzerland Pharma, (Shareholders) Medical & Biotech

10.4 31-Jul EssilorLuxottica GrandVision Netherlands Consumer 23% 22.4% 10.1 16-May A consortium led by Nestle Skin Health Switzerland Pharma, EQT Partners AB and Medical Abu Dhabi Investment & Biotech Authority European share of Private equity buyout global M&A, down share of European M&A, 7.6 20-Aug Elanco Animal Health Bayer Animal Germany Pharma, from 27.4% in 2018 the second highest Incorporated Health Medical & Biotech percentage on record

mergermarket.com Mergermarket Global & Regional Europe Analysis 15 M&A Report 3Q19

Europe

With growing concerns over the Eurozone economy, resulting buyouts announced so far this year accounts for 22.4% of YTD share on record. The weakening of German firms may in the ECB announcing another round of stimulus, European total activity, ahead of all annual figures bar 2006 (25.3%). result in a rise in interest in large and upper-mid cap assets, M&A has taken a downturn, supported only by the ongoing while activity the Mittlestand remains fairly subdued. The Take-privates remain a key avenue for buyout firms and, due to strength of the private equity market. Mirroring wider global pipeline points to private equity interest in a number of high- the vast amounts of dry-powder available, there appears little activity, dealmaking targeting Europe fell 29.4% versus Year- profile situations, including BASF’s construction chemicals unit sign the trend is coming to a halt. The YTD deal count (USD To-Date (YTD) 2018. The largest deal in Europe in the third and Thyssenkrupp’s elevator business. 37.1bn, 25 deals) has reached its highest point since 2007 (31 quarter saw EssilorLuxottica acquire Grand Vision for USD deals) while the combined value has already surpassed the Meanwhile political uncertainty continues to hamper Italian 10.4bn. The deal is one of a number in the retail and leisure 2018 full-year total (USD 35.2bn). This includes Advent’s USD M&A (USD 26.7bn), falling 48.9% versus the equivalent period spaces announced in Q3 pointing to defensive consolidation 5.2bn offer for UK-based defence company Cobham. in 2018 (USD 52.3bn). Dealmakers, however, may be cautiously in under-performing sectors more severely exposed to an optimistic that the formation of a new coalition will bring economic downturn. Take-privates were prevalent in the UK where private equity greater confidence to the market. firms have taken advantage of the fall in sterling to acquire Following a strong second quarter, foreign investment into international assets. The proposed Cobham takeover is a Despite the buoyant private equity activity, European Europe has again fallen, demonstrating the lack of confidence prime example, given a large proportion of the firm’s revenues dealmakers will continue to worry about the state of M&A with many have in conducting high-profile acquisitions in Europe in derive from work in the United States. the seemingly unrelenting geopolitical upheaval appearing the current climate. Takeovers by Chinese investors continue to affect investment. While private equity looks set to stay to drop, plummeting to the lowest YTD value since 2013 (USD Foreign investment has also begun to see an uptick as, in healthy it remains unclear how corporates will react in the 4.5bn) as political pressure curtails dealmaking. Just USD a similar vein to the months following the 2016 referendum, fourth quarter, and into 2020. 7.5bn has been spent so far this year, down 60.9% versus the cheaper UK assets have been targeted. Recent transactions equivalent period last year. include the USD 6.1bn tie-up between Takeaway.com and Just Eat, and CK Asset Holdings’ USD 5.5bn acquisition of Greene “With many corporates Despite a clear fall from Q2, US investment into Europe King. remains robust and is on course to reach one its highest sitting on their hands due annual totals on Mergermarket record. Europe continues to Overall the UK has seen mixed activity so far this year, down be a key destination for US firms looking to invest abroad, 43.8% by value versus YTD 2018, with many corporates to lack of confidence in the accounting for 67.2% of activity outside the country by value. deciding to delay investments while the current political situation and the threat of a no deal Brexit scenario persists. Deals in the opposite direction also appear to be on the rise, market, private equity has pushing outbound M&A higher, following a slow 2018. The Germany, which suffered a 0.1% decrease in GDP in Q2 and third quarter saw LSE’s USD 27bn acquisition of Refinitiv, the may be on course to hit a recession, saw an uptick in M&A seen its influence grow” largest deal from Europe into the US since the USD 60.6bn value in Q3 – driven by private equity interest in large-cap tie-up between BAT and Reynolds American in early 2017. assets. Buyouts targeting the country have reached USD 23.4bn this year, the second highest YTD value on record, only With many corporates sitting on their hands due to lack of behind 2007 (USD 27.3bn). As a result, buyouts account for Jonathan Klonowski, confidence in the market, private equity has seen its influence a 43.2% share of the country’s overall M&A value, the highest grow in 2019. The USD 128.5bn (1,025 deals) of European Research Editor (EMEA) mergermarket.com Mergermarket Global & Regional Europe Analysis 16 M&A Report 3Q19

USD 130.1bn +6.1% +28.1%

Value of European investment into Increase in PMB M&A (USD Rise in tech M&A value (USD 146.3bn) to its highest YTD 49.8bn) versus the equivalent the USA, already ahead of the full- value on record period last year (USD 38.9bn) year 2018 value (USD 127.9bn)

USD 23.4bn -43.8% -34% Value of German buyouts Drop in UK M&A Fall in European inbound M&A this year, the second highest (USD 114.5bn) versus the value (USD 248.3bn) down from equivalent period last year USD 376.4bn in YTD 2018 YTD value on record (USD 203.8bn)

mergermarket.com Mergermarket.com Mergermarket Global & Regional Europe Analysis 17 M&A Report 3Q19

Chart title 1 Chart title 1 ChartEurope title 2Quarterly Breakdown Trend ChartEurope title Sector2 Breakdown Trend 2014 - 2019 1Q-3Q18400 - 1Q-3Q19

350 1000 10000

900 165.8 9000 300

800 214.1 8000

293.3 250 195.4 170.5 700 7000 199.7

600 Deal Count 200 202.9 6000 373.1 166.5 Deal Value (USDbn) Value Deal 179.8 500 166.5 5000 179.8 366.4 150 Deal Value (USDbn) Value Deal 400 4000 269.0 309.5 193.3 300 3000 100 262.6 199.6 259.2 146.3 200 137.9 2000 116.2 114.3 50 275.0 76.3 63.3 209.4 100 180.5 1000 49.8 44.5 163.6 174.6 147.7 38.9 31.8 0 0 0 Pharma, Medical Industrials Energy, Technology Consumer Other 2014 2015 2016 2017 2018 2019 & Biotech & Chemicals Mining & Utilities

Q1 Q2 Q3 Q4 2018 2019

Deal Count

mergermarket.com Mergermarket Global & Regional Europe Analysis 18 M&A Report 3Q19

Europe League tables

Europe league table by value Europe league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 16 Kirkland & Ellis 190,918 115 114.4% 89,036 1 1 DLA Piper 18,836 217 -99 316 2 1 Freshfields Bruckhaus Deringer 178,943 125 -42.8% 313,000 2 2 CMS 23,577 183 -59 242 3 3 Davis Polk & Wardwell 148,142 33 -29.9% 211,468 3 3 Allen & Overy 103,857 157 -39 196 4 37 Weil Gotshal & Manges 136,447 76 183.3% 48,166 4 8 White & Case 51,445 131 -12 143 5 6 Slaughter and May 124,161 42 -32.5% 183,941 5 9 Freshfields Bruckhaus Deringer 178,943 125 -15 140 6 92 Wachtell, Lipton, Rosen & Katz 112,496 8 1023.2% 10,016 6 6 Linklaters 96,130 124 -22 146 7 4 Allen & Overy 103,857 157 -50.5% 209,704 7 4 Baker McKenzie 30,883 124 -60 184 8 8 Latham & Watkins 98,223 109 -28.7% 137,692 8 5 Clifford Chance 71,912 121 -39 160 9 20 Arthur Cox 97,020 28 17.5% 82,543 9 13 Kirkland & Ellis 190,918 115 11 104 10 2 Linklaters 96,130 124 -66.0% 282,938 10 12 Latham & Watkins 98,223 109 -3 112 11 34 Matheson 94,548 23 79.1% 52,804 11 11 Jones Day 19,979 102 -19 121 12 43 Simpson Thacher & Bartlett 92,030 24 158.4% 35,618 12 7 Eversheds Sutherland 4,667 91 -53 144 13 49 Debevoise & Plimpton 91,438 15 214.0% 29,125 13 15 Orrick Herrington & Sutcliffe 13,270 85 0 85 14 12 A&L Goodbody 88,930 22 -6.4% 95,009 14 16 Weil Gotshal & Manges 136,447 76 -8 84 15 9 Sullivan & Cromwell 88,364 38 -32.4% 130,701 15 10 PwC legal 15,374 76 -55 131 16 90 McCann FitzGerald 86,300 6 745.9% 10,202 16 14 Hogan Lovells International 41,292 74 -21 95 17 5 Clifford Chance 71,912 121 -61.3% 185,912 17 19 Vinge 24,565 70 -9 79 18 15 Cleary Gottlieb Steen & Hamilton 68,298 41 -26.7% 93,193 18 45 Schjodt 6,919 70 21 49 19 28 Cravath, Swaine & Moore 65,743 18 -2.1% 67,140 19 18 Dentons 3,839 69 -14 83 20 14 Skadden Arps Slate Meagher & Flom 61,847 43 -33.9% 93,580 20 23 Cuatrecasas 5,442 63 -7 70

mergermarket.com Mergermarket Global & Regional US Analysis 19 M&A Report 3Q19 US

Value Deal Details (USDbn)

Announcement Bidder Company Target Company Target Target Sector Date Geography USD 1.24bn 89.5 03-Jan Bristol-Myers Celgene USA Pharma, Squibb Company Corporation Medical & Biotech Total combined deal value in the US year-to-date, the second 88.9 09-Jun United Raytheon USA Defence Technologies Company highest on Mergermarket record Corporation

54.4 09-May Occidental Anadarko USA Energy, Mining Petroleum Petroleum & Utilities Corporation Corporation USD 137% 42.6 18-Mar Fidelity National Worldpay USA Business Information Services 838m Services Average deal size of Year-do-date Deal value disclosed deals 1Q-3Q increase in Pharma, Medical 41.3 08-Mar DuPont de Dow USA Industrials & (Highest on & Biotech, compared to Nemours Chemicals (Shareholders) Mergermarket record) the same period in 2018

mergermarket.com Mergermarket Global & Regional US Analysis 20 M&A Report 3Q19

Driven by mega deals, the average deal size among disclosed for USD 89.5bn. In August, Celgene announced it would sell facing a large amount of uncertainty that could cause declines deals increased 39% in the US compared to the same period operations related to the Otezla drug to Amgen, for USD 13.4bn, in M&A activity. Global currency values and trade policies are last year. Through 3Q19, the average deal size of disclosed in connection with the merger. In another blockbuster merger in among things expected to see changes between the third and deals in the US was USD 831m, compared to USD 596m for the pharmaceutical space, Pfizer announced at the end of July fourth quarter which could factor into economic sentiment average disclosed deal values through 3Q18. it would merge its Upjohn unit with rival Pharmaceutical giant as more investors believe we are entering an end of cycle Mylan in a Reverse Morris Trust transaction worth USD 24.6bn. economic period. Overall, activity in the US through the third quarter increased by value compared to the same period last year, despite seeing In a media deal years in the making, CBS and Viacom a decrease in the numbers of deals announced. So far in 2019, announced in August they will recombine 14 years after their the US has seen 4,057 deals announced worth a combined split in 2005, in a deal worth USD 20bn. As over-the-top USD 1.25tn, compared to 4,787 deals announced worth a (OTT) content providers such as Netflix, Amazon and Hulu have combined USD 1.23tn from 1Q-3Q 2018. presented an increased threat in the media entertainments space, traditional players have been pursuing consolidations as “Amid sluggish global economic Activity in 3Q declined by both count and value, with 1,206 a defensive strategy. The deal – which has been in the works for deals worth a combined USD 262.9bn, down32% by value from growth and Federal Reserve rate some time – faced some early challenges in the board room, the same period last year, (1,565 deals announced worth a this news service reported last year. combined USD 387bn in 3Q18). cuts in already historically low Outside investors have continued to make large acquisitions Small and mid-market deals appear to be most affected by in the US, with 204 deals announced in 3Q worth a combined interest rate conditions, despite the decline, with over 75% of activity by value in 3Q deriving USD 82.5bn. Inbound deals were led by the London Stock from deals worth at least USD 1bn. Out of a total 1148 deals Exchange’s USD 27bn acquisition of Refinitiv, the US-based strong year-to-date activity, the announced in 3Q worth a combined USD 262.9bn, there were financial data provider, announced on August 1. The transaction, 50 deals worth at least USD 1bn which combined are worth third quarter saw a significant the largest deal announced in the US in 3Q19, marks the USD 199bn. second-largest inbound deal from the UK on record, behind the slowdown” Deals in the Pharmaceutical, Medical, and Biotech sectors led 57.83% stake acquisition of tobacco giant Reynolds American, activity by value in the US, with 444 deals worth a combined by British American Tobacco in 2017 for USD 60.6bn. USD 229bn announced so far this year. Dealmakers started Overall, there have been 697 inbound deals announced so 2019 with expectations that deals would unfold in the space, far in 2019 worth a combined USD 228bn, up 8% by value Philip Segal, with big pharma companies eyeing a large pipeline of attractive compared to the same period last year, (839 inbound deals potential targets, this news service reported in February. announced worth a combined 211.2bn in 1Q-3Q 18). Head Analyst (Americas) Activity in the sectors marks the highest on record (since Looking ahead, M&A activity by value can be expected to 2001), slightly above the previous peak seen in 2015, (457 deals increase compared to 2018 and could potentially surpass the worth a combined USD 224bn). Activity was led by Bristol- highest activity in the country on record, (5,462 deals worth a Myers Squibb’s announced merger with Celgene Corporation combined USD 1.8tn in 2015). However, market conditions are mergermarket.com Mergermarket Global & Regional US Analysis 21 M&A Report 3Q19

USD USD 96bn 89.5bn USD Value of the Celgene-Bristol- Myers Squibb deal, the largest Combined value of 165bn transaction announced YTD 2019 Mega deals (> 10bn) in 3Q19 Combined Technology deal value 1Q-3Q 2019

USD 8.7bn 50 76% Deal Value of Brookfield Infrastructure Deals worth at least USD 1bn Activity by value of deals in 3Q acquisition of Genesee & Wyoming, announced in 3Q worth > USD 1bn the largest Transport buyout in US

mergermarket.com Mergermarket.com Mergermarket Global & Regional US Analysis 22 M&A Report 3Q19

Chart title 1 Chart title 1 ChartUS titleQuarterly 2 Breakdown Trend ChartUS Sectortitle 2 Breakdown Trend 2014 - 2019 1Q-3Q18 - 1Q-3Q19

400

2000 6500

350 6000 1750 5500 300 509.5 508.8 5000 1500

325.7 4500 250 1250 346.9 502.6 4000

412.2 262.9 Deal Count 3500 200 392.5 463.6 387.1 1000 384.7

3000 (USDbn) Value Deal 424.7 150 Deal Value (USDbn) Value Deal 750 391.2 294.9 2500 284.5 509.9 421.1 469.1 2000 228.8 100 500 184.8 293.6 1500 389.6 326.8 161.7 164.8 160.9 153.1 145.6 1000 250 50 96.6 112.8 357.1 416.9 472.9 321.1 500 219.8 254.6

0 0 0 2014 2015 2016 2017 2018 2019 Pharma, Medical Technology Business Energy, Industrials Other & Biotech Services Mining & Utilities & Chemicals

Q1 Q2 Q3 Q4 2018 2019

Deal Count

mergermarket.com Mergermarket Global & Regional US Analysis 23 M&A Report 3Q19

US League tables

US league table by value US league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Wachtell, Lipton, Rosen & Katz 527,507 52 72.3% 306,237 1 1 Kirkland & Ellis 420,531 439 20 419 2 10 Kirkland & Ellis 420,531 439 108.6% 201,615 2 3 Goodwin Procter 32,911 229 -15 244 3 3 Davis Polk & Wardwell 401,250 80 41.5% 283,516 3 5 Latham & Watkins 222,358 204 2 202 4 7 Sullivan & Cromwell 388,802 92 51.2% 257,096 4 2 Jones Day 160,214 198 -68 266 5 6 Simpson Thacher & Bartlett 334,235 100 26.4% 264,437 5 4 DLA Piper 16,857 184 -48 232 6 13 Weil Gotshal & Manges 275,838 118 56.0% 176,842 6 13 Ropes & Gray 42,340 136 30 106 7 1 Skadden Arps Slate Meagher & Flom 262,898 108 -23.8% 344,892 7 7 Weil Gotshal & Manges 275,838 118 -19 137 8 9 Cravath, Swaine & Moore 253,897 57 10.9% 228,891 8 8 Morgan Lewis & Bockius 9,186 110 -26 136 9 27 Shearman & Sterling 249,799 61 156.6% 97,346 9 9 Skadden Arps Slate Meagher & Flom 262,898 108 -15 123 10 5 Cleary Gottlieb Steen & Hamilton 244,305 50 -10.5% 272,834 10 23 Orrick Herrington & Sutcliffe 11,557 107 16 91 11 11 Fried Frank Harris Shriver & Jacobson 229,070 45 21.6% 188,397 11 22 Wilson Sonsini Goodrich & Rosati 46,012 104 10 94 12 4 Latham & Watkins 222,358 204 -19.4% 275,759 12 6 Cooley 32,234 101 -53 154 13 46 Slaughter and May 215,818 18 415.7% 41,853 13 12 Simpson Thacher & Bartlett 334,235 100 -11 111 14 8 White & Case 186,488 81 -23.8% 244,727 14 16 McGuireWoods 12,387 100 -4 104 15 12 Paul Weiss Rifkind Wharton & Garrison 162,922 82 -8.1% 177,245 15 10 Sidley Austin 54,640 98 -25 123 16 15 Freshfields Bruckhaus Deringer 161,298 58 8.3% 148,963 16 17 Sullivan & Cromwell 388,802 92 -6 98 17 18 Jones Day 160,214 198 13.2% 141,556 17 18 Gibson, Dunn & Crutcher 70,543 85 -13 98 18 41 Debevoise & Plimpton 131,412 47 159.9% 50,571 18 14 Paul Weiss Rifkind Wharton & Garrison 162,922 82 -23 105 19 42 Mayer Brown 125,204 55 147.7% 50,556 19 15 White & Case 186,488 81 -23 104 20 44 Alston & Bird 121,718 50 158.6% 47,067 20 24 Davis Polk & Wardwell 401,250 80 -6 86

mergermarket.com Mergermarket Global & Regional Latin America Analysis 24 M&A Report 3Q19 Latin America

Value Deal Details (USDm)

Announcement Bidder Company Target Company Target Target Sector Date Geography 8,641 05-Apr ENGIE SA; Caisse Transportadora Brazil Energy, Mining USD 4.7bn de Depot et Associada de Gas & Utilities Placement du (90% Stake) Quebec; Engie Brasil Energia Value of the largest deal announced

4,715 24-Jul Companhia Almacenes Exito Colombia Consumer in Latin America in 3Q19 – Brasileira de Distribuicao Companhia Brasileira de Distribuicao acquisition of Almecenes Exito 4,200 25-Jan The Boeing Embrae Brazil Industrials & Company (commercial Chemicals aviation business) (80% Stake) 1,728 06-Jun Sonae Sierra Aliansce Shopping Brazil Real Estate Brasil Centers 38% 102%

Increase in inbound deals by Increase in Latin American value compared to last year buyouts by value 1,701 23-Jul Banco Santander, Grupo Financiero Mexico Financial Santander Services (16.68% Stake)

mergermarket.com Mergermarket Global & Regional Latin America Analysis 25 M&A Report 3Q19

Latin America

Propelled by inbound activity, Latin American M&A has been involved domestic bidders. In July, Companhia Brasileira de healthy so far in 2019. Overall, Latin America saw 442 deal Distribuicao, a Brazil-based retail conglomerate acquired “In a post-election year when six announced worth a combined USD 56.3bn, relatively flat a 55.3% stake in Almacenes Exito, a Colombia-based Latin American countries held compared to the same period last year, (493 deals announced supermarket chain operator from France-based Casino worth a combined 58.1bn in 1Q-3Q 2018). Inbound activity Guichard Perrachon, for USD 4.7bn. In September, Brookfield presidential elections, a robust went from making up around 44% of all activity by value in 1Q- Infrastructure Partners sold its 99.2% stake in Colombian 3Q 2018 to over 60% of all activity in the region. So far this electrical power company Empresa De Energia De Boyaca, to M&A market in 2019 had been year, there have been 199 inbound deals worth a combined Canada-based Northland Power for USD 795m. USD 35bn, up over 38% by value compared to 1Q-3Q 2018, Buyouts in Latin America saw an increase compared to last somewhat anticipated” (208 inbound deals worth a combined USD 25.3bn). year, with 41 buyouts worth a combined USD 4bn, nearly Deals in Latin America’s biggest sector, Energy, Mining, and, doubling by value over fewer deals, (53 buyouts worth a Utilities, have made up 36% of all activity by value so far this combined USD 2bn). The largest buyout in Latin America Philip Segal, year, with 65 deals announced worth a combined USD 20.5bn. during the third quarter was the USD 500m buyout of Activity in the sector is up over 60% by value compared to Laboratorios Sanfer, the Mexico-based pharmaceutical Head Analyst (Americas) the same period last year, despite a slight decline in deal company announced in August by Canada’s Caisse de Depot count. A lot of activity in the sector has come from Brazil- et Placement du Quebec. based Petroleo Brasileiro, which continued to make significant Softbank Group ramped up acquisitions in Brazil in the third divestitures in Q3. quarter, participating in three buyouts in the country worth a Petrobras’ divestments have accounted for over 20% of all combined USD 600m. While the Japan-based institution had M&A activity by value in the region so far this year. In Q3, the previously made only two acquisitions in Brazil, so far in 2019 company made four divestments worth a combined USD 1.8bn. Softbank has made six acquisitions in the country worth a Since the beginning of the year Petrobras made ten disposals combined USD 1bn. worth a combined USD 12.5bn, in line with the company’s In a post-election year when six Latin American countries held 2019-2013 Business and Management Plan. presidential elections, a robust M&A market in 2019 had been Colombia proved to be an attractive market for dealmakers somewhat anticipated. Looking ahead, and despite a slowing outside the country, seeing the most inbound activity on economic growth on the continent, Latin America should, in Mergermarket record year-to-date. The outlook on Colombia’s the short term at least, continue to be a source of value for economy is generally positive in the short and medium investors both domestically and abroad. term, with growing consumer spending and lower effective corporate tax rates expected to support sentiment. Out of the 45 deals announced worth a combined USD 8.5bn in Colombia this year, only 13 deals worth under USD 600m mergermarket.com Mergermarket Global & Regional Latin America Analysis 26 M&A Report 3Q19

USD 12.5bn 62% USD 2bn

Increase by value consumer Value of Real Estate Combined deal value of deals YTD transactions in Latin America Petrobras divestments YTD

USD 500m 32 555.5% Largest buyout in Latin Total inbound deals into Increase in YTD combined deal America: Laboratorios Sanfer Colombia YTD value in Colombia compared to (highest on record) last year acquisition by Caisse de Depot

mergermarket.com Mergermarket.com Mergermarket Global & Regional Latin America Analysis 27 M&A Report 3Q19

Chart title 1 Chart title 1 ChartLatin title America 2 Quarterly Breakdown Trend ChartLatin title America 2 Sector Breakdown Trend 2014 - 2019 1Q-3Q18 - 1Q-3Q19

150 800

140

130 700 20

120 28.6 600 110

100 15 500 90

38.1 Deal Count 80 22.2 44.4 400 70 19.5 18.1

Deal Value (USDbn) Value Deal 10 29.4 Deal Value (USDbn) Value Deal 20.5 60 9.3 300 50 18.0 39.9 13.1 30.1 12.7 40 25.3 24.2 21.1 200 11.6 5 10.1 30 21.8

20 11.4 13.8 6.2 12.2 100 5.0 24.8 27.7 4.8 10 3.4 3.2 11.9 14.9 14.1 16.5 1.6 0 0 0 2014 2015 2016 2017 2018 2019 Energy, Mining Consumer Financial Industrials Technology Other & Utilities Services & Chemicals

Q1 Q2 Q3 Q4 2018 2019

Deal Count

mergermarket.com Mergermarket Global & Regional Latin America Analysis 28 M&A Report 3Q19

Latin America League tables

Latin America league table by value Latin America league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 5 Machado Meyer Sendacz e Opice 15,607 28 -24.2% 20,602 1 1 Pinheiro Neto Advogados 15,479 40 4 36 2 13 Pinheiro Neto Advogados 15,479 40 181.8% 5,493 2 2 Mattos Filho, Veiga Filho, Marrey Jr. e 10,643 31 -4 35 Quiroga Advogados 3 7 White & Case 12,348 17 -32.0% 18,149 3 7 Machado Meyer Sendacz e Opice 15,607 28 7 21 4 2 Mattos Filho, Veiga Filho, Marrey Jr. e 10,643 31 -52.3% 22,314 Quiroga Advogados 4 3 Barbosa, Mussnich & Aragao 9,798 23 -2 25 5 1 Barbosa, Mussnich & Aragao 9,798 23 -58.9% 23,865 5 5 Demarest Advogados 2,781 22 -2 24 6 55 Sullivan & Cromwell 9,672 3 1485.6% 610 6 9 Philippi Prietocarrizosa, Ferrero DU & Uria 1,936 19 -1 20 7 4 Cleary Gottlieb Steen & Hamilton 8,891 8 -58.5% 21,408 7 11 Veirano Advogados 941 18 3 15 8 50 Posse, Herrera & Ruiz 5,884 7 616.7% 821 8 22 White & Case 12,348 17 8 9 9 11 Jones Day 5,868 8 -18.6% 7,205 9 14 Stocche Forbes Advogados 5,213 16 3 13 10 31 Simpson Thacher & Bartlett 5,637 9 238.8% 1,664 10 19 Brigard & Urrutia 1,767 15 4 11 11 21 DLA Piper 5,524 14 60.3% 3,445 11 6 DLA Piper 5,524 14 -8 22 12 3 Davis Polk & Wardwell 5,315 6 -75.4% 21,575 12 20 Marval, O'Farrell & Mairal 194 14 4 10 13 25 Stocche Forbes Advogados 5,213 16 117.3% 2,399 13 13 Tozzini Freire Teixeira e Silva Advogados 441 13 0 13 14 30 Baker McKenzie 4,999 8 179.6% 1,788 14 8 Lefosse Advogados 198 12 -8 20 15 57 Skadden Arps Slate Meagher & Flom 4,960 3 750.8% 583 15 15 Lobo de Rizzo Advogados 1,159 11 -2 13 16 - Paul Weiss Rifkind Wharton & Garrison 4,557 3 - - 16 49 Azevedo Sette Advogados 858 11 7 4 17 - Tian Yuan Law Firm 4,174 1 - - 17 27 Simpson Thacher & Bartlett 5,637 9 2 7 18 80 Gibson, Dunn & Crutcher 3,557 3 1294.9% 255 18 32 Latham & Watkins 3,489 9 3 6 19 - Cravath, Swaine & Moore 3,557 1 - - 19 76 Felsberg Advogados 337 9 6 3 20 12 Latham & Watkins 3,489 9 -50.5% 7,053 20 18 Estudio Muniz, Olaya, Meléndez, Castro, Ono 124 9 -2 11 & Herrera Abogados

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 29 M&A Report 3Q19 Asia Pacific (excl. Japan)

Value Deal Details (USDbn)

Announcement Bidder Company Target Company Target Target Sector Date Geography 11.3 19-Aug-19 Asahi Group CUB Pty Ltd Australia Consumer USD 383.5bn Holdings Ltd Asia Pacific (excl. Japan)

8.1 14-Jan-19 CapitaLand Ascendas- Singapore Real Estate M&A value in 1Q-3Q19, the Limited Singbridge Pte Ltd lowest value since 2013

6.8 26-Feb-19 Hanergy Mobile Hanergy Thin Hong Kong SAR Energy, Mining & Energy Holding Film Power Utilities Group Limited Group Limited (32.49% Stake)

6.0 08-Mar-19 ArcelorMittal SA; Essar Steel India India Industrials & 15.4% 80.7% Nippon Steel Ltd Chemicals Corporation Share of global market Australia’s outbound M&A M&A in 1Q-3Q19, compared value year-on-year increase 5.8 26-Jan-19 Henan Henan Luohe China Consumer Shuanghui City Shuanghui to 19% in 1Q-3Q18 in terms of deal value Investment and Industrial Group Development Co Ltd Co Ltd

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 30 M&A Report 3Q19

Asia Pacific (excl. Japan)

M&A activity in APAC excl. Japan recorded USD 118.7bn across India, a poor performer in the first half of 2019, reversed year-on-year to USD 26.04bn over the same period, turning 786 deals in 3Q19, equal to a 25.8% decrease year-on-year its downward trend in 3Q19 generating USD 17.3bn, a year- Australian into the largest outbound dealmaking market in in terms of value (3Q18: USD 160bn; 1067 deals) in line with on-year 52.1% increase in deal value. Infrastructure deals APAC excl. Japan. In May, IFM Investors acquired US-based the downward trend in the first half of the year. The first three have been an M&A growth engine for the second largest liquid petroleum products pipeline operator Buckeye Partner quarters of 2019 generated 2471 deals valued USD 383.5bn, M&A market in APAC ex Japan. In July, a consortium led by for USD 10.2bn. In August, Macquarie Infrastructure and Real the lowest activity since 2013. Brookfield Infrastructure acquired India’s Tower Infrastructure Assets (MIRA) bought German chemicals firm Currenta for Trust for USD 3.66bn. However, India aggregated 1Q-3Q19 USD 3.9bn. And in June, MIRA acquired a 39% stake in UK- However, the largest deal of the year so far materialised over results (USD 52.7bn; 288 deals) are still lagging behind those based gas distributor Cadent Gas for USD 2.5bn. the last quarter – the AUD 16bn (USD 11.3bn) acquisition of of the same period in 2018 (USD 82.4bn; 343 deals). Australia-based brewery Carlton & United Breweries (CUB) by The outbound landscape could have been shaken up if Japan’s Asahi from Anheuser-Busch InBev. This transaction South East Asia, which hogged the limelight with a stellar the USD 36bn proposed acquisition of the London Stock contributed to a surge in dealmaking value in the consumer performance in the first half of the year, slowed down the Exchange by the Hong Kong Stock Exchange had materialised. sector during 3Q19, which jumped year-on-year by 80.1% to pace of its M&A activity in 3Q19 generating USD 18.4bn across However, the London Stock Exchange rejected the potential USD 21bn (3Q18: USD 11.7bn) despite a 40.7% decrease in deal 84 deals, equal to a year-on-year 13.9% decrease in value deal and observers have been skeptical on whether about count (3Q19: 67 deals; 3Q18: 113 deals). and a 25.7% decrease in volume (3Q18: USD 21.3bn across 113 its chance to be revived, especially due to political and deals). regulatory reasons. The CUB mega deal cemented Japan’s entrenched position as the most active M&A inbound dealmaker in Australia. Private equity buyout activity in APAC excl. Japan edged up Bank of Japan’s low interest rate and lower competition from in 3Q19 compared to 2Q19 but remained weak as previously Chinese players amid a Sino-US trade war provide more M&A predicted. YTD, private equity buyouts almost halved in value “China and Hong Kong, opportunities for Japanese bidders. year-on-year to 57.3bn (1Q18-3Q18: 104.4bn) and decreased 30.9% in deal count to 286 deals (1Q18-3Q18: 414 deals). China and Hong Kong – the largest M&A market in APAC the largest market in APAC excl. Japan – continued their lacklustre performance in 3Q19, With 32 deals valued USD 9.5bn, private equity exits activity generating USD 52.7bn across 381 deals (3Q18: 84.9bn; 521 recorded its worst 3Q performance since 2014 and the worst continued their lacklustre deals). The region recorded USD 194.5bn across 1170 deals quarter performance since 2Q17. The largest PE exit in 3Q19 from January to September 2019, equal to a year-on-year was India’s hotel chain owner and operator Oravel Stays USD performance in 3Q19” decrease of 35.4% in terms of value and 21.8% in terms of 2bn sale to private investor Ritesh Agarwal. YTD, just 124 deal count. private equity exits valued USD 40.75bn were logged in, equal to a 38.3% year-on-year decrease in deal count and a 60.1% The trade and tech war waged by Washington against Beijing decrease in value. Riccardo Ghia, and persistent political instability in Hong Kong, led YTD US investment into China and Hong Kong to decrease by 46.3% While Chinese outbound activity is still dragged down by Research Editor (APAC) in value to USD 5.2bn and 52.4% in deal count vs last year. stricter domestic regulatory controls and a continuous Meanwhile, US outbound investment to Japan increased 7.8x crackdown in the US and the EU on Chinese acquisitions, in value to USD 9.8bn over the same period. Australian outbound M&A surged in deal value by 80.7% mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 31 M&A Report 3Q19

USD 11.4bn 1 Mega deal above USD 10bn 80.1% (Carlton & United Breweries) Value of the CUB - Asahi transaction, Consumer M&A value year-on-year increase in 3Q19 the largest deal in 1Q-3Q19 (best performing sector)

USD 46.3% USD 57.3bn 40.8bn Value decrease in US outbound Value of PE buyouts in Value of PE exits in 1Q-3Q19 investment to China and 1Q-3Q19, the lowest value since 2014 Hong Kong (1Q-3Q19)

mergermarket.com Mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 32 M&A Report 3Q19

Chart title 1 Chart title 1 ChartAsia title Pacific 2 (excl. Japan) Quarterly Breakdown Trend ChartAsia title Pacific 2 (excl. Japan) Sector Breakdown Trend 2014 - 2019 1Q-3Q18 - 1Q-3Q19

200

900 4500

800 4000

160 293.6 700 3500

194.9 600 249.2 3000 120 178.5 170.3 500 152.8 2500 Deal count 160.1 199.9

400 2000 173.4 182.8 80

123.9 (USDbn) deals of Value ) (USDbn deals of Value 232.6 300 118.8 1500 217.5 122.7 149.1 144.1 89.4 89.5 200 168.9 1000 115.4 40 85.6 64 60.2 100 195.9 500 48.5 38.8 141.4 140.9 158.7 33.2 45.3 42.6 114.9 149.4

0 0 0 2014 2015 2016 2017 2018 2019 Industrials Financial Energy, Mining Consumer Technology Other & Chemicals Services & Utilities

Q1 Q2 Q3 Q4 2018 2019

Deal Count

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 33 M&A Report 3Q19

Asia Pacific (excl. Japan) League tables

Asia Pacific (excl. Japan) league table by value Asia Pacific (excl. Japan) league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 King & Wood Mallesons 41,570 76 -58.8% 100,782 1 1 King & Wood Mallesons 41,570 76 -37 113 2 9 Allen & Overy 31,851 28 -26.0% 43,062 2 17 Khaitan & Co 9,106 67 22 45 3 28 White & Case 25,243 24 30.5% 19,338 3 4 AZB & Partners 17,573 66 -14 80 4 5 Linklaters 24,723 31 -57.9% 58,686 4 3 Shardul Amarchand Mangaldas & Co 22,589 65 -21 86 5 2 Herbert Smith Freehills 23,167 57 -67.5% 71,333 5 5 Kim & Chang 18,600 58 -11 69 6 3 Freshfields Bruckhaus Deringer 22,922 18 -65.2% 65,827 6 2 Herbert Smith Freehills 23,167 57 -41 98 7 7 Shardul Amarchand Mangaldas & Co 22,589 65 -51.9% 46,980 7 9 Zhong Lun Law Firm 20,574 46 -7 53 8 21 Kirkland & Ellis 21,401 17 -10.0% 23,774 8 13 Lee & Ko 9,857 44 -3 47 9 13 Simpson Thacher & Bartlett 20,779 15 -37.6% 33,292 9 6 Baker McKenzie 16,889 41 -24 65 10 24 Zhong Lun Law Firm 20,574 46 -10.5% 22,978 10 11 Allens 14,225 39 -12 51 11 14 Cyril Amarchand Mangaldas 19,934 37 -35.4% 30,836 11 12 Cyril Amarchand Mangaldas 19,934 37 -13 50 12 23 Allen & Gledhill 19,064 13 -18.5% 23,390 12 7 Fangda Partners 11,184 37 -21 58 13 16 Kim & Chang 18,600 58 -37.4% 29,729 13 23 Shin & Kim 5,990 34 -2 36 14 8 AZB & Partners 17,573 66 -60.6% 44,568 14 19 Ashurst 12,074 33 -9 42 15 20 Clifford Chance 17,124 25 -33.8% 25,850 15 25 Linklaters 24,723 31 -2 33 16 15 Baker McKenzie 16,889 41 -44.5% 30,453 16 10 DLA Piper 2,820 31 -21 52 17 4 Allens 14,225 39 -78.2% 65,192 17 8 MinterEllison 10,400 30 -24 54 18 36 Shearman & Sterling 13,817 8 -14.6% 16,175 18 36 Corrs Chambers Westgarth 1,623 29 4 25 19 62 Tian Yuan Law Firm 12,981 12 65.8% 7,829 19 15 Allen & Overy 31,851 28 -17 45 20 55 Bae Kim & Lee 12,950 28 25.5% 10,319 20 28 Bae Kim & Lee 12,950 28 -3 31

mergermarket.com Mergermarket Global & Regional Japan Analysis 34 M&A Report 3Q19 Japan

Value Deal Details (USDm)

Announcement Bidder Company Target Company Target Target Sector Date Geography USD 5.2bn 5,193 16-Aug Fortress Unizo Holdings Japan Real Estate Investment Company Group LLC Limited Value of the potential combination

4,154 08-May SoftBank Corp Yahoo Japan Japan Technology Unizo-Fortress, the largest Corporation (31.75% Stake) deal targeting Japan in 3Q19

3,755 12-Sep Yahoo Japan ZOZO Inc (50.1% Japan Technology Corporation Stake)

2,200 01-Jul Applied Kokusai Electric Japan Technology Materials, Inc Corporation 8.6% 44.8% 1,215 06-Aug Kirin Holdings Fancl Japan Industrials & Chemcials Company, Ltd Corporation Year-to-date increase Share of outbound (32.94% Stake) in Japan M&A by value transactions targeting (USD 33.6bn, 320 deals) the US in 3Q19 compared to YTD 2018 (USD 11.9bn, 14 deals) (USD 31bn, 348 deals)

mergermarket.com Mergermarket Global & Regional Japan Analysis 35 M&A Report 3Q19

Japan

M&A activity in Japan is gaining momentum despite growing Chinese bidders, which also continued to be the largest conflict of interest arising from cross-ownership among geopolitical uncertainty and global economic concerns. The outbound destination for Japan in terms of both deal value Zaibatsu in Japan, by forcing listed parent conglomerates to first three quarters of 2019 generated 320 deals worth USD and deal count (USD 11.9bn, 14 deals) in 3Q19, representing restructure their subsidiaries through a series of spin-off and 33.6bn, equal to a year-on-year 8.6% increase in value. These 44.8% of total outbound activity. Financial Services sector buyouts. Japanese private equity buyout investments surged positive results stand in stark contrast with most of APAC M&A deals accounted for 83.2% of total outbound deals to by 7.3x in YTD 2019 (USD 5.3bn, 32 deals) compared to YTD excl. Japan, which has been adversely affected by an ongoing the US in 3Q19, with Tokyo Century Corporation’s USD 9.9bn 2018 (USD 719m, 40 deals) in terms of deal value. Private trade confrontation between Washington and Beijing. acquisition of 75.5% stake of Aviation Capital Group leading equity exits also skyrocketed during the last quarter, recording the outbound deal value to the US. USD 2.3bn worth of deals across 7 deals in 3Q19 alone, more US-based Fortress Investment Group’s USD 5.2bn tender offer than the entire fiscal year in 2018 (USD 1.7bn, 26 deals) by for Unizo Holdings Company is expected to be the largest Inbound activities skyrocketed to USD 11.3bn across 28 deals deal value. The largest exit was led by KKR’s USD 2.2bn sale of Japan-targeted deal in YTD 2019 if completed, turning Real in YTD 2019, 5.7x larger compared to YTD 2018 (USD 2bn, Kokusai Electric Corporation to Applied Materials in 3Q19. Estate into the second largest sector in Japan in 3Q19 in 23 deals). US bidders contributed USD 9.8bn to YTD 2019 terms of deal value (USD 5.2bn; four deals). Meanwhile, the inbound deal values. Japan outperformed China to become Buyout activities in Japan are expected to gain even stronger Technology sector remained the most active sector in terms the most popular Asian destination of outbound investment momentum. Bain Capital will set up a new buyout fund in of deal value both in 3Q19 (USD 6.1bn; 12 deals) and in YTD for US companies, shifting focus from China (USD 3.6bn Japan targeting mid-sized cap companies as private equity 2019 (USD 12.8bn; 39 deals). across 14 deals in YTD 2019, equal to a 63.2% decrease investment has been encouraged by negative interest rates year-on-year versus USD 9.6bn, 41 deals in YTD 2018) amid and the government’s determination in improving corporate Buoyant outbound activity was once again driven by loose tense trade negotiations between the world’s two largest governance, while Carlyle Group is also expecting to raise its monetary policy and the search for investment opportunities economies. Meanwhile, Japanese inbound investment from fourth private equity fund worth USD 1.8bn. overseas amid low domestic growth. Japanese outbound the US increased by 8.8x in YTD 2019 (USD 9.76bn, 13 deals) dealmaking recorded a 29.6% increase in terms of deal value compared to YTD 2018 (USD 1.11bn, seven deals). in YTD 2019 (USD 67.6bn, 243 deals) compared to YTD 2018 (USD 52.2bn after excluding the USD 78.1bn Takeda-Shire deal, The Japanese government is expected to tighten restrictions “M&A activity in Japan 235 deals). Asahi Group’s USD 11.3bn takeover of Australian on foreign inbound investment on high-tech sectors due to brewing manufacturer Carlton & United Breweries (CUB) was national security concerns. Foreign bidders will be increasingly is gaining momentum the largest outbound deal since the beginning of the year, subjected to screening from the government, which will have turning the Consumer sector into the sector with the highest the power to block deals related to the acquisition of at despite growing values in outbound dealmaking in 3Q19. least a 10% stake in domestic targets in certain sectors. The proposed regulation, which is already in place in the defence Outbound dealmaking activity in Financial services (USD 11bn, geopolitical uncertainty” sector, is expected to be expanded to 20 more industries seven deals) remained brisk in 3Q19 as Japanese financial including computer circuits and semiconductors. institutions continue to search for profit in higher-interest rate regions since their ultra-low interest rates at home slashed its According to Mergermarket Intelligence, Japan’s Ministry of loan income. Economy, Trade and Industry unveiled a new set of guidelines Joji Sekinuma, in June 2019 to improve corporate governance and address US is a favourable destination due to less competitions from Analyst (APAC) mergermarket.com Mergermarket Global & Regional Japan Analysis 36 M&A Report 3Q19

USD 2.3bn 70.3% 29.9% Increase in tech M&A value Increase in Industrials & Value of PE Exit deals in 3Q19, more (USD 12.8bn), versus YTD Chemicals M&A value, (USD 2018 (USD 7.5bn) 5.9bn), versus YTD 2018 than the whole 2018 (USD 1.7bn) (USD 4.5bn)

USD 67.6bn 7.3x 5.7x Value of YTD outbound M&A, up 29.6% compared to the Increase in PE Buyouts value Increase in Inbound M&A value in YTD 2019 (USD 5.3bn) in YTD 2019 (USD 11.3bn, 28 equivalent period in 2018 versus YTD 2018 deals) versus YTD 2018 (USD 52.2bn excluding Takeda-Shire) (USD 719m) (USD 2bn, 23 deals)

mergermarket.com Mergermarket.com Mergermarket Global & Regional Japan Analysis 37 M&A Report 3Q19

Chart title 1 Chart title 1 ChartJapan title Quarterly 2 Breakdown Trend ChartJapan title Sector 2 Breakdown Trend 2014 - 2019 1Q-3Q18 - 1Q-3Q19

13 80 500

12 450 70 11

400 10 60 35.3 15.2 350 9

50 8 300

Deal count 7 40 11.4 250 17.1 16.3 6

200 5 12.9

30 21.6 ) (USDbn deals of Value Value of deals (USDbn) deals of Value 9.4 14.9 4 14.1 19.7 13.3 150 5.1 4.8 11.7 20 3 100 7.5 4.5 5.9 9.1 8.6 2.7 8.3 10.6 5.5 11.3 2 2.4 10 17.1 50 2.1 1 1.6 9.1 9.0 9.1 7.1 7.5 0.3 0 0 0 2014 2015 2016 2017 2018 2019 Technology Industrials Consumer Pharma, Financial Other & Chemicals Medical Services & Biotech

Q1 Q2 Q3 Q4 2018 2019

Deal Count

mergermarket.com Mergermarket Global & Regional Japan Analysis 38 M&A Report 3Q19

Japan League tables

Japan league table by value Japan league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 Nishimura & Asahi 23,348 52 -76.0% 97,418 1 1 Nishimura & Asahi 23,348 52 -4 56 2 7 Davis Polk & Wardwell 18,489 6 -79.1% 88,577 2 2 Mori Hamada & Matsumoto 14,265 41 -15 56 3 49 Freshfields Bruckhaus Deringer 17,969 7 214.7% 5,709 3 3 Nagashima Ohno & Tsunematsu 13,321 28 -7 35 4 33 Allen & Overy 16,164 9 -62.8% 43,509 4 4 Anderson Mori & Tomotsune 5,170 24 -8 32 5 5 Mori Hamada & Matsumoto 14,265 41 -84.8% 93,963 5 13 TMI Associates 11,790 16 8 8 6 6 Nagashima Ohno & Tsunematsu 13,321 28 -85.0% 88,761 6 6 Baker McKenzie 5,523 16 2 14 7 - Debevoise & Plimpton 11,915 4 - - 7 5 Morrison & Foerster 11,563 14 -6 20 8 65 TMI Associates 11,790 16 682.9% 1,506 8 15 Allen & Overy 16,164 9 2 7 9 9 Morrison & Foerster 11,563 14 -86.4% 85,271 9 7 White & Case 4,115 8 -4 12 10 50 Herbert Smith Freehills 7,193 7 71.1% 4,205 10 14 Hibiya-Nakata 1,142 8 0 8 11 51 Baker McKenzie 5,523 16 76.8% 3,124 11 11 Freshfields Bruckhaus Deringer 17,969 7 -2 9 12 12 Anderson Mori & Tomotsune 5,170 24 -93.7% 82,515 12 8 Herbert Smith Freehills 7,193 7 -5 12 13 31 Simpson Thacher & Bartlett 4,881 6 -92.0% 60,806 13 87 Wilson Sonsini Goodrich & Rosati 1,640 7 5 2 14 98 Takai & Partners 4,154 1 923.2% 406 14 18 Davis Polk & Wardwell 18,489 6 0 6 15 22 White & Case 4,115 8 -93.4% 62,026 15 97 Simpson Thacher & Bartlett 4,881 6 5 1 16 168 Clayton Utz 4,019 3 14253.6% 28 16 30 Hogan Lovells International 2,809 6 2 4 17 160 Gilbert + Tobin 3,645 3 7493.8% 48 17 39 Orrick Herrington & Sutcliffe 734 6 2 4 18 - Makes & Partners 3,501 1 - - 18 20 DLA Piper 2,307 5 -1 6 19 141 Kim & Chang 3,388 4 3392.8% 97 19 - Tokyo International Law Office 1,001 5 5 0 20 170 Simpson Grierson 3,019 1 11081.5% 27 20 71 Norton Rose Fulbright 750 5 3 2

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 39 M&A Report 3Q19 Middle East & Africa

Value Deal Details (USDbn)

Announcement Bidder Target Target Target Sector Date Company Company Geography 70.4 27-Mar Saudi Arabian Saudi Basic Industries Saudi Arabia Industrials & USD 125.1bn Oil Co Corporation (70% Stake) Chemicals

8.8 05-May Total SA Anadarko Petroleum Mozambique Energy, Value invested into MEA in 2019, Corporation (Algerian assets Mining & in the Berkine basin) (24.5% Utilities 2.4x higher versus YTD 18 Stake); Anadarko Petroleum Corporation (Assets in Ghana in Jubilee field) (27% Stake); Anadarko Petroleum Corporation (Assets in Ghana in TEN fields) (19% Stake); Anadarko Petroleum Corporation (Assets in Mozambique in Area 1) (26.5% Stake) USD 4.0 24-Feb Kohlberg Kravis ADNOC Oil Pipelines LLC United Arab Energy, Roberts & Co LP; (40% Stake) Emirates Mining & 6 BlackRock Inc Utilities 8.3bn 4.0 29-Jan Abu Dhabi Union National Bank United Arab Financial Commercial Bank Emirates Services Number of deals above Value of Private Equity USD 500m in 3Q19, with exits in 2019, surpassing all 3.4 24-Jun Fuhrer Family; B Communications Ltd Israel Technology three above USD 1bn annual values since 2014 Searchlight (36.89% Stake) Capital Partners, LP

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 40 M&A Report 3Q19

Middle East & Africa

The Middle East & Africa (MEA) region has experienced a the same number in Q2 and six in Q1. In 2018 there were 16 the purchase of US data analytics firm Tableau for USD 15bn. slowdown in M&A during Q3, with 82 deals worth USD 9.4bn such transactions. Looking ahead, dealmakers will closely follow how regional being recorded, representing the lowest quarterly value since Moving forward, ongoing situations include Dana Gas’ plans to tensions unfold, while monetary policy, particularly in the US 3Q15 (USD 6.1bn, 119 deals). offload its assets in Egypt, which are valued at more than USD will remain a factor, given the reliance of local currencies on The dip in dealmaking contrasts with a blockbuster H1, when 500m, and Exxon Mobile’s intended divestment of its oil and the US dollar and the possible effect on oil prices. 220 transactions amounting to USD 115.7bn were announced, gas fields in Nigeria, which could fetch up to USD 3bn. Orion driven by the USD 70bn SABIC deal. The Year-to-date (YTD) Oil are also pursuing a 40% stake in the Mengo-Kundji-Bindi figures stand at 125.1bn and 302 deals, 2.4x higher value-wise (MKB) block onshore Congo (Brazzaville), likely valued in the compared to the same period in 2018 (USD 51.8bn, 337 deals) region of USD 700-USD 800m. “The Middle East & despite 35 fewer deals. In the Middle East (excl. Israel) 65 transactions have been Africa (MEA) region has The largest transaction struck in Q3 saw PepsiCo acquire recorded so far this year worth a total value of USD 94.7bn, South African food manufacturer Pioneer Food Group for out of which eleven deals and USD 2bn are attributable to experienced a slowdown USD 1.8bn, in a push to improve its presence within the region. Q3. Heightened geopolitical tensions appear to have resulted The deal follows a tough year for local food producers, which in a dip in both value and volume in comparison to Q1 (USD in M&A during Q3... have been struggling amid a slower retail environment and dry 89.3bn, 35 deals) and Q2 (USD 3.4bn, 19 deals). weather which has hit produce. The third largest deal in Q3 was the exit by Oman’s Looking ahead, dealmakers Other high-profile deals in Africa include Total’s acquisition of Renaissance Services and Singapore’s Affirma Capital from Anadarko’s African assets for USD 8.8bn in Q2, whereby the UAE’s Topaz Energy and Marine, which was acquired by DP will closely follow how French firm cements its position in the continent while also World for USD 1.1bn. The transaction is intended to improve DP gaining greater exposure to LNG. Lukoil has also increased its World marine logistics capabilities. regional tensions unfold, interests in the region with the acquisition of a 25% stake in Elsewhere in the UAE, ADNOC agreed to sell a further 6% one of New Age’s marine licenses in Congo for USD 800m. while monetary policy, stake in its oil pipelines network to GIC for USD 600m, As a result, Africa as a whole has seen USD 19bn change bringing its holding down to 51%. The deal follows a string particularly in the US hands across 147 deals, marking the strongest YTD value of divestments made earlier this year by ADNOC, worth a figure since 2016 (USD 24.3bn, 214 deals) despite registering a combined USD 10.6bn. will remain a factor” decrease in volume compared to previous years (YTD 2018: 171 Interest in the technology sector continues to drive Israeli deals; YTD 2017: 204 deals), pointing to higher valuations on M&A, which has reached 90 deals worth USD 11.3bn so far announced deals. this year. Salesforce conducted the largest deal this quarter, So far this year 12 deals above the USD 1bn mark were acquiring ClickSoftware from Francisco Partners for USD Mohamed Rais, announced across MEA, three of them in Q3, compared to 1.4bn. The deal was announced after Salesforce completed Research Analyst (EMEA) mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 41 M&A Report 3Q19

USD 38.8bn 57 USD 1.8bn Number of deals targeting Value of PepsiCo’s acquisition of the tech sector, up from 40 Pioneer Food, the largest South Value of foreign investment into in YTD 2019 African deal this year MEA this year, already ahead of the full-year 2018 value (USD 38.1bn)

USD 19bn USD 15bn USD 10.7bn 2019 private equity buyout 2019 African M&A value, Value of M&A from Asia, its highest YTD value since Americas and Europe into the value, already higher than full- 2016 UAE, the highest figure on year 2017 and 2018 figures record

mergermarket.com Mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 42 M&A Report 3Q19

Chart title 1 Chart title 1 ChartMiddle title East2 & Africa Quarterly Breakdown Trend ChartMiddle title East2 & Africa Sector Breakdown Trend 2014 - 2019 1Q-3Q18 - 1Q-3Q19

150 525

63 135 472

9.4 120 420 54

105 20.6 367

45 90 315 Deal Count 22.1 36 75 262 71.2

17.7 60 10.9 210 (USDbn) Value Deal Deal Value (USDbn) Value Deal 95.1 27 34.9 24.5 45 12.3 17.1 157

20.7 10.0 18 30 9.6 105 16.9 6.1 24.8 24.9 19.4 9.4 29.7 9 15 52 15.8 17.7 9.7 11.4 13.7 11.5 7.6 8.6 6.9 6.4 4.8 4.2 4.3 0 0 1.9 2014 2015 2016 2017 2018 2019 0 Industrials Energy, Technology Financial Telecoms Other & Chemicals Mining & Utilities Services

Q1 Q2 Q3 Q4 2018 2019

Deal Count

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 43 M&A Report 3Q19

Middle East & Africa League tables

MEA league table by value MEA league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 11 White & Case 78,058 17 949.2% 7,440 1 4 Clifford Chance 77,810 23 4 19 2 3 Clifford Chance 77,810 23 658.7% 10,256 2 2 Allen & Overy 11,793 23 -7 30 3 213 Khoshaim & Associates 70,995 4 - - 3 5 Meitar Liquornik Geva Leshem Tal 5,830 19 0 19 4 26 AS&H 70,930 3 1993.6% 3,388 4 3 Webber Wentzel 2,551 19 -3 22 5 6 Allen & Overy 11,793 23 40.3% 8,404 5 6 White & Case 78,058 17 -2 19 6 2 Weil Gotshal & Manges 10,117 5 -3.9% 10,530 6 19 Latham & Watkins 5,214 15 7 8 7 29 Cravath, Swaine & Moore 9,674 3 212.0% 3,101 7 9 Herzog, Fox and Neeman 2,138 15 0 15 8 16 Linklaters 9,028 12 35.2% 6,676 8 8 Freshfields Bruckhaus Deringer 7,066 14 -3 17 9 15 Freshfields Bruckhaus Deringer 7,066 14 4.3% 6,773 9 7 Bowmans 2,561 14 -4 18 10 92 Ashurst 6,128 4 1697.1% 341 10 15 Linklaters 9,028 12 0 12 11 8 Meitar Liquornik Geva Leshem Tal 5,830 19 -27.4% 8,033 11 12 ENSafrica 1,128 12 -2 14 12 41 Latham & Watkins 5,214 15 179.0% 1,869 12 1 DLA Piper 900 12 -22 34

13 19 Herbert Smith Freehills 4,848 8 8.6% 4,465 13 14 Naschitz Brandes Amir & Co 1,502 11 -1 12 14 59 Hogan Lovells International 4,267 5 386.0% 878 14 17 Yigal Arnon & Co 1,974 10 0 10 15 48 Simpson Thacher & Bartlett 4,000 1 178.6% 1,436 15 10 Baker McKenzie 572 10 -5 15 16 - Gissin & Co 3,369 1 - - 16 22 Norton Rose Fulbright 1,715 9 2 7 17 27 Wilson Sonsini Goodrich & Rosati 3,274 3 2.1% 3,208 17 13 Cliffe Dekker Hofmeyr 1,312 9 -4 13 18 84 BonelliErede 3,240 2 582.1% 475 18 38 Orrick Herrington & Sutcliffe 650 9 5 4 19 - Debevoise & Plimpton 3,200 3 - - 19 55 Khaitan & Co 298 9 6 3 20 - Morrison & Foerster 3,100 2 - - 20 16 Herbert Smith Freehills 4,848 8 -4 12

mergermarket.com Mergermarket Global & Regional League Tables 44 M&A Report 3Q19

M&A Rankings by deal value and deal count for a wide range of regions

M&A and PE Legal Advisory League Tables

mergermarket.com Mergermarket Global & Regional League Tables 45 M&A Report 3Q19

Global Advisory League tables

Global league table by value Global league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 9 Wachtell, Lipton, Rosen & Katz 527,507 52 72.3% 306,237 1 2 Kirkland & Ellis 464,618 475 21 454 2 14 Kirkland & Ellis 464,618 475 100.1% 232,217 2 1 DLA Piper 32,865 380 -145 525 3 1 Davis Polk & Wardwell 412,741 98 -6.4% 441,028 3 5 Latham & Watkins 276,629 271 -7 278 4 4 Sullivan & Cromwell 408,207 107 9.8% 371,612 4 3 Jones Day 174,476 263 -78 341 5 10 Simpson Thacher & Bartlett 335,793 112 10.0% 305,272 5 4 Goodwin Procter 34,322 256 -28 284 6 7 White & Case 306,039 207 -0.9% 308,704 6 9 White & Case 306,039 207 -25 232 7 17 Weil Gotshal & Manges 294,481 161 45.5% 202,372 7 7 CMS 23,777 187 -63 250 8 13 Cravath, Swaine & Moore 289,299 62 8.8% 265,880 8 8 Allen & Overy 122,739 182 -60 242 9 6 Cleary Gottlieb Steen & Hamilton 282,241 78 -22.6% 364,723 9 6 Baker McKenzie 42,512 173 -86 259 10 3 Skadden Arps Slate Meagher & Flom 279,795 125 -26.8% 382,217 10 20 Orrick Herrington & Sutcliffe 22,685 169 19 150 11 2 Latham & Watkins 276,629 271 -27.9% 383,669 11 11 Weil Gotshal & Manges 294,481 161 -28 189 12 25 Shearman & Sterling 261,590 88 76.4% 148,295 12 10 Clifford Chance 172,401 151 -45 196 13 5 Freshfields Bruckhaus Deringer 261,531 147 -28.3% 364,942 13 29 Ropes & Gray 45,384 149 26 123 14 20 Slaughter and May 245,837 48 28.4% 191,466 14 14 Freshfields Bruckhaus Deringer 261,531 147 -21 168 15 12 Fried Frank Harris Shriver & Jacobson 232,705 49 -12.9% 267,017 15 12 Linklaters 107,200 147 -26 173 16 24 Jones Day 174,476 263 14.5% 152,435 16 18 Skadden Arps Slate Meagher & Flom 279,795 125 -26 151 17 16 Clifford Chance 172,401 151 -20.1% 215,744 17 21 Morgan Lewis & Bockius 9,374 117 -29 146 18 21 Paul Weiss Rifkind Wharton & Garrison 166,945 86 -9.0% 183,380 18 15 Hogan Lovells International 57,092 116 -52 168 19 30 King & Wood Mallesons 146,197 90 23.3% 118,587 19 27 Simpson Thacher & Bartlett 335,793 112 -15 127 20 51 Debevoise & Plimpton 133,747 54 101.0% 66,543 20 16 Herbert Smith Freehills 77,245 111 -50 161

mergermarket.com Mergermarket Global & Regional League Tables 46 M&A Report 3Q19

EMEA Advisory League tables

Europe league table by value Europe league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

mergermarket.com Mergermarket Global & Regional League Tables 47 M&A Report 3Q19

EMEA Advisory League tables

UK league table by value UK league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 5 Allen & Overy 57,803 56 -21.1% 73,294 1 2 DLA Piper 4,293 69 -30 99 2 1 Freshfields Bruckhaus Deringer 57,216 44 -57.2% 133,721 2 1 CMS 13,523 65 -42 107 3 15 Kirkland & Ellis 50,040 64 77.1% 28,259 3 10 Kirkland & Ellis 50,040 64 15 49 4 17 Simpson Thacher & Bartlett 40,771 10 65.7% 24,601 4 5 Allen & Overy 57,803 56 -6 62 5 2 Herbert Smith Freehills 38,021 20 -67.1% 115,396 5 3 Eversheds Sutherland 3,767 55 -33 88 6 6 Linklaters 37,683 43 -46.1% 69,943 6 8 Pinsent Masons 2,879 53 -2 55 7 4 Clifford Chance 35,894 37 -53.0% 76,413 7 7 Squire Patton Boggs 701 50 -7 57 8 3 Slaughter and May 34,963 31 -65.6% 101,640 8 4 Addleshaw Goddard 3,065 46 -20 66 9 265 Corrs Chambers Westgarth 32,120 5 32675.5% 98 9 13 Freshfields Bruckhaus Deringer 57,216 44 -2 46 10 33 Osler, Hoskin & Harcourt 31,952 8 223.5% 9,877 10 6 Linklaters 37,683 43 -17 60 11 20 Latham & Watkins 29,607 42 26.4% 23,430 11 15 Latham & Watkins 29,607 42 0 42 12 25 Weil Gotshal & Manges 29,157 26 78.1% 16,370 12 14 Travers Smith 3,510 40 -3 43 13 237 Gleiss Lutz 27,957 4 17483.0% 159 13 9 Clifford Chance 35,894 37 -13 50 14 42 Blake, Cassels & Graydon 27,438 5 281.2% 7,198 14 21 Slaughter and May 34,963 31 -1 32 15 23 Ashurst 24,939 21 41.6% 17,617 15 17 Osborne Clarke 321 31 -7 38 16 22 Sullivan & Cromwell 24,377 13 15.2% 21,156 16 12 White & Case 7,085 29 -19 48 17 7 Davis Polk & Wardwell 18,387 12 -71.7% 65,068 17 38 Orrick Herrington & Sutcliffe 2,723 29 13 16 18 48 Paul Weiss Rifkind Wharton & Garrison 18,170 9 171.1% 6,702 18 16 Jones Day 5,426 28 -10 38 19 29 Cleary Gottlieb Steen & Hamilton 16,833 9 42.8% 11,786 19 19 Weil Gotshal & Manges 29,157 26 -9 35 20 45 Wachtell, Lipton, Rosen & Katz 16,742 3 143.3% 6,880 20 24 Taylor Wessing 1,601 25 -6 31

mergermarket.com Mergermarket Global & Regional League Tables 48 M&A Report 3Q19

EMEA Advisory League tables

Ireland league table by value Ireland league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal Count Deal 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 2 Arthur Cox 96,921 25 19.1% 81,368 1 1 Arthur Cox 96,921 25 0 25 2 27 Matheson 94,341 18 7253.2% 1,283 2 2 William Fry 878 21 -1 22 3 3 Davis Polk & Wardwell 93,970 2 16.6% 80,598 3 3 Matheson 94,341 18 -4 22 4 57 Kirkland & Ellis 91,165 5 71122.7% 128 4 5 A&L Goodbody 88,459 18 -2 20 5 4 A&L Goodbody 88,459 18 9.8% 80,594 5 7 Mason Hayes & Curran 256 13 -1 14 6 16 Slaughter and May 88,179 4 12.8% 78,198 6 19 Flynn O'Driscoll 32 10 5 5 7 18 Weil Gotshal & Manges 86,465 3 3185.1% 2,632 7 37 Allen & Overy 3,423 9 7 2 8 17 McCann FitzGerald 86,300 6 2682.1% 3,102 8 11 Ronan Daly Jermyn 51 8 0 8 9= - Debevoise & Plimpton 86,270 1 - - 9 4 Eversheds Sutherland 252 7 -14 21 9= - Wachtell, Lipton, Rosen & Katz 86,270 1 - - 10 6 McCann FitzGerald 86,300 6 -12 18

DACH league table by value DACH league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 2Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Freshfields Bruckhaus Deringer 94,546 51 -35.2% 145,977 1 1 CMS 6,046 83 -2 85 2 3 Linklaters 41,376 34 -41.0% 70,126 2 2 Freshfields Bruckhaus Deringer 94,546 51 -11 62 3 8 Kirkland & Ellis 40,117 18 7.3% 37,394 3 3 Noerr 1,876 42 -10 52 4 20 Latham & Watkins 36,278 32 170.0% 13,436 4 4 Baker McKenzie 16,767 41 -6 47 5 22 Cleary Gottlieb Steen & Hamilton 35,911 9 215.8% 11,371 5 15 White & Case 16,563 38 5 33 6 63 Baer & Karrer 34,401 17 1147.3% 2,758 6 9 Hengeler Mueller 33,073 36 -4 40 7 2 Hengeler Mueller 33,073 36 -60.4% 83,591 7 6 Gleiss Lutz 22,445 36 -6 42 8 18 Cravath, Swaine & Moore 31,506 5 113.7% 14,746 8 5 Allen & Overy 21,709 35 -8 43 9 23 Hogan Lovells International 29,571 20 162.9% 11,247 9 14 Linklaters 41,376 34 1 33 10 9 Shearman & Sterling 29,420 17 -14.6% 34,462 10 12 Latham & Watkins 36,278 32 -3 35

mergermarket.com Mergermarket Global & Regional League Tables 49 M&A Report 3Q19

EMEA Advisory League tables

Germany league table by value Germany league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Freshfields Bruckhaus Deringer 58,982 41 -45.1% 107,367 1 1 CMS 4,250 62 -9 71 2 2 Hengeler Mueller 33,073 36 -60.4% 83,591 2 3 Freshfields Bruckhaus Deringer 58,982 41 -7 48 3 3 Linklaters 29,636 24 -49.3% 58,498 3 2 Noerr 1,876 40 -10 50 4 17 Latham & Watkins 26,241 28 224.0% 8,098 4 4 Hengeler Mueller 33,073 36 -3 39 5 18 Kirkland & Ellis 24,747 9 272.3% 6,647 5 5 Gleiss Lutz 22,445 36 -3 39 6 19 Cleary Gottlieb Steen & Hamilton 23,375 5 270.8% 6,304 6 13 Latham & Watkins 26,241 28 2 26 7 22 Gleiss Lutz 22,445 36 337.2% 5,134 7 6 Allen & Overy 18,848 28 -10 38 8 43 Simpson Thacher & Bartlett 22,412 4 942.4% 2,150 8 14 White & Case 11,154 27 1 26 9 15 Sullivan & Cromwell 21,688 6 138.0% 9,111 9 21 Linklaters 29,636 24 5 19 10 4 Allen & Overy 18,848 28 -65.7% 55,004 10 11 DLA Piper 1,776 23 -6 29 11 7 Shearman & Sterling 16,042 13 -44.0% 28,625 11 8 P+P Poellath + Partners 3,656 22 -11 33 12 6 Gibson, Dunn & Crutcher 13,605 6 -70.8% 46,646 12 7 Heuking Kuhn Luer Wojtek 22 22 -13 35 13 123 Skadden Arps Slate Meagher & Flom 13,599 3 7852.6% 171 13 9 Clifford Chance 12,767 20 -10 30 14 14 Clifford Chance 12,767 20 37.6% 9,276 14 12 Jones Day 1,691 20 -7 27 15 78 White & Case 11,154 27 1957.9% 542 15 17 Luther 617 19 -3 22 16 81 PwC legal 8,155 14 1669.0% 461 16 10 Baker McKenzie 6,281 18 -11 29 17 46 Davis Polk & Wardwell 7,935 2 278.2% 2,098 17 20 Orrick Herrington & Sutcliffe 570 16 -5 21 18= - Alston & Bird 7,600 1 - - 18 15 Taylor Wessing 9 16 -9 25 18= 273 Paul Weiss Rifkind Wharton & Garrison 7,600 1 - - 19 50 ARQIS 91 15 8 7 20 113 NautaDutilh 7,335 2 3234.1% 220 20 33 PwC legal 8,155 14 4 10

mergermarket.com Mergermarket Global & Regional League Tables 50 M&A Report 3Q19

EMEA Advisory League tables

Austria league table by value Austria league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal Count Deal 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 49 Allen & Overy 4,939 3 27338.9% 18 1 1 Schoenherr 2,491 12 1 11 2 2 Freshfields Bruckhaus Deringer 4,920 3 25.5% 3,920 2 13 Baker McKenzie 308 7 3 4 3= 12 Gleiss Lutz 4,920 1 211.2% 1,581 3 4 Wolf Theiss Rechtsanwaelte 10 5 -2 7 3= 27 Hengeler Mueller 4,920 1 1471.9% 313 4 2 Binder Groesswang Rechtsanwaelte 68 4 -4 8 3= 59 Herbst Kinsky 4,920 1 - - 5 10 CMS 61 4 -1 5 3= 63 Linklaters 4,920 1 - - 6 16 Dorda Brugger Jordis - 4 1 3 3= - Schellenberg Wittmer 4,920 1 - - 7 63 Allen & Overy 4,939 3 2 1 8 1 Schoenherr 2,491 12 -57.0% 5,792 8 5 Freshfields Bruckhaus Deringer 4,920 3 -3 6 9 3 CERHA HEMPEL 2,430 3 -27.0% 3,329 9 15 CERHA HEMPEL 2,430 3 0 3 10 38 Cleary Gottlieb Steen & Hamilton 2,430 2 3883.6% 61 10 - Hasch & Partner 10 3 3 0

Switzerland league table by value Switzerland league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Freshfields Bruckhaus Deringer 43,152 11 5.6% 40,855 1 1 Walder Wyss 1,343 22 -12 34 2 37 Baer & Karrer 34,333 15 1203.0% 2,635 2 4 CMS 1,735 20 3 17 3 9 Cravath, Swaine & Moore 29,525 3 138.0% 12,406 3 7 Lenz & Staehelin 10,773 18 6 12 4 12 Hogan Lovells International 27,627 7 239.6% 8,136 4 2 Baker McKenzie 10,178 18 -4 22 5 144 Shardul Amarchand Mangaldas & Co 17,385 3 5 5 3 Baer & Karrer 34,333 15 -5 20 6 20 Cleary Gottlieb Steen & Hamilton 17,349 3 246.6% 5,006 6 5 Linklaters 12,085 13 0 13 7 23 Latham & Watkins 17,280 7 284.1% 4,499 7 9 Freshfields Bruckhaus Deringer 43,152 11 0 11 8 2 Kirkland & Ellis 15,370 8 -57.4% 36,121 8 6 Homburger 9,513 11 -2 13 9 224 NautaDutilh 13,545 2 - - 9 12 Clifford Chance 11,496 10 0 10 10 38 Shearman & Sterling 13,378 6 417.1% 2,587 10 17 White & Case 5,409 9 1 8

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France league table by value France league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 12 Latham & Watkins 24,065 20 77.1% 13,586 1 11 Jones Day 7,089 37 6 31 2 23 Sullivan & Cromwell 23,399 7 294.5% 5,932 2 2 DLA Piper 10,741 36 -8 44 3 2 Weil Gotshal & Manges 14,555 27 -49.7% 28,945 3 4 Gide Loyrette Nouel 5,482 35 -2 37 4 29 Stibbe 12,686 10 182.7% 4,488 4 6 CMS 4,209 30 -4 34 5 380 De Brauw Blackstone Westbroek 11,421 2 - - 5 1 Lamartine Conseil 591 28 -19 47 6 11 Linklaters 10,786 26 -22.1% 13,838 6 3 Weil Gotshal & Manges 14,555 27 -10 37 7 38 DLA Piper 10,741 36 246.6% 3,099 7 18 Hogan Lovells International 2,028 27 3 24 8 26 NautaDutilh 10,375 1 110.4% 4,932 8 10 Linklaters 10,786 26 -5 31 9 1 Clifford Chance 10,071 23 -69.8% 33,310 9 9 Mayer Brown 8,807 25 -8 33 10 7 Cravath, Swaine & Moore 9,846 3 -42.9% 17,247 10 8 Allen & Overy 3,101 24 -9 33 11 41 White & Case 9,435 16 215.1% 2,994 11 14 PwC legal 2,311 24 -5 29 12 39 Herbert Smith Freehills 9,126 20 199.0% 3,052 12 5 Clifford Chance 10,071 23 -11 34 13 22 Mayer Brown 8,807 25 27.2% 6,926 13 19 Orrick Herrington & Sutcliffe 5,616 23 0 23 14 459 Machado Meyer Sendacz e Opice 8,641 1 - - 14 7 De Pardieu Brocas Maffei 2,335 22 -12 34 15 6 Cleary Gottlieb Steen & Hamilton 8,368 11 -58.1% 19,960 15 12 Latham & Watkins 24,065 20 -10 30 16 3 Skadden Arps Slate Meagher & Flom 7,644 7 -71.0% 26,365 16 30 Herbert Smith Freehills 9,126 20 7 13 17 24 Jones Day 7,089 37 37.9% 5,141 17 20 Bredin Prat 6,371 19 -2 21 18 5 Bredin Prat 6,371 19 -70.5% 21,625 18 13 Baker McKenzie 4,189 19 -10 29 19 - Wachtell, Lipton, Rosen & Katz 6,084 2 - - 19 15 Goodwin Procter 1,402 19 -6 25 20 100 Norton Rose Fulbright 6,069 7 866.4% 628 20 25 McDermott Will & Emery 347 19 0 19

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Benelux league table by value Benelux league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 Allen & Overy 21,822 58 26.5% 17,252 1 1 Allen & Overy 21,822 58 -2 60 2 6 De Brauw Blackstone Westbroek 20,490 22 36.9% 14,971 2 5 Stibbe 19,388 45 4 41 3 34 Stibbe 19,388 45 655.9% 2,565 3 2 Loyens & Loeff 5,630 44 -6 50 4 14 NautaDutilh 16,848 28 110.3% 8,011 4 11 deBreij 87 37 8 29 5 2 Latham & Watkins 16,793 15 -13.0% 19,313 5 8 NautaDutilh 16,848 28 -3 31 6 30 Cravath, Swaine & Moore 16,315 3 451.2% 2,960 6 4 Clifford Chance 6,770 26 -15 41 7 47 Sullivan & Cromwell 14,991 6 988.7% 1,377 7 10 AKD 68 26 -3 29 8 1 Freshfields Bruckhaus Deringer 14,918 25 -25.1% 19,920 8 13 Freshfields Bruckhaus Deringer 14,918 25 0 25 9 15 Linklaters 12,819 24 70.8% 7,507 9 6 Houthoff 487 25 -13 38 10 19 Skadden Arps Slate Meagher & Flom 11,979 10 177.9% 4,311 10 16 Linklaters 12,819 24 6 18

Iberia league table by value Iberia league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 Linklaters 11,023 19 -80.9% 57,840 1 3 Cuatrecasas 4,749 54 -12 66 2 1 Uria Menendez 10,981 41 -85.4% 75,278 2 1 Garrigues 7,516 53 -25 78 3 35 Latham & Watkins 10,076 11 173.2% 3,688 3 4 Uria Menendez 10,981 41 1 40 4 7 Garrigues 7,516 53 -85.2% 50,741 4 6 Perez-Llorca 4,601 23 -4 27 5 6 Allen & Overy 7,211 12 -85.9% 51,214 5 10 Linklaters 11,023 19 -2 21 6 4 Freshfields Bruckhaus Deringer 5,760 12 -89.6% 55,360 6 15 Clifford Chance 5,398 18 2 16 7 5 Clifford Chance 5,398 18 -89.6% 51,924 7 8 Gomez-Acebo & Pombo Abogados 1,331 17 -8 25 8 19 Cuatrecasas 4,749 54 -62.2% 12,573 8 2 PwC legal 2,491 13 -57 70 9 16 Perez-Llorca 4,601 23 -83.0% 27,029 9 7 Allen & Overy 7,211 12 -14 26 10 8 Davis Polk & Wardwell 4,191 6 -91.4% 48,750 10 17 Freshfields Bruckhaus Deringer 5,760 12 -1 13

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Spain league table by value Spain league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Uria Menendez 10,973 39 -85.4% 75,272 1 1 Garrigues 7,486 51 -25 76 2 12 Linklaters 10,401 18 -65.0% 29,698 2 3 Cuatrecasas 4,705 50 -11 61 3 32 Latham & Watkins 10,076 11 173.2% 3,688 3 4 Uria Menendez 10,973 39 0 39 4 4 Garrigues 7,486 51 -85.2% 50,501 4 6 Perez-Llorca 4,601 23 -4 27 5 5 Allen & Overy 7,211 12 -85.3% 49,161 5 14 Linklaters 10,401 18 2 16 6 2 Freshfields Bruckhaus Deringer 5,760 9 -89.6% 55,360 6 13 Clifford Chance 5,386 17 1 16 7 3 Clifford Chance 5,386 17 -89.6% 51,924 7 9 Gomez-Acebo & Pombo Abogados 1,331 17 -5 22 8 16 Cuatrecasas 4,705 50 -61.7% 12,278 8 2 PwC legal 2,491 13 -57 70 9 13 Perez-Llorca 4,601 23 -83.0% 27,029 9 7 Allen & Overy 7,211 12 -13 25 10 6 Davis Polk & Wardwell 4,191 6 -91.4% 48,750 10 20 Latham & Watkins 10,076 11 1 10 11 10 Cleary Gottlieb Steen & Hamilton 3,628 4 -90.8% 39,622 11 11 DLA Piper 1,636 11 -6 17 12 8 Herbert Smith Freehills 3,499 10 -91.5% 41,065 12 18 CMS 1,120 11 0 11 13 17 Kirkland & Ellis 3,092 5 -63.8% 8,531 13 22 Herbert Smith Freehills 3,499 10 3 7 14 27 Mattos Filho, Veiga Filho, Marrey Jr. e 2,876 2 -38.7% 4,694 14 8 Baker McKenzie 81 10 -12 22 Quiroga Advogados 15 15 Freshfields Bruckhaus Deringer 5,760 9 -4 13 15 - Orrick Herrington & Sutcliffe 2,823 5 - - 16 10 KPMG Abogados 1,780 9 -12 21 16 - Lenz & Staehelin 2,758 3 - - 17 5 Deloitte Legal 23 9 -26 35 17 25 PwC legal 2,491 13 -49.6% 4,942 18 25 Davis Polk & Wardwell 4,191 6 1 5 18 77 Proskauer 2,244 2 2189.8% 98 19 19 Hogan Lovells International 1,806 6 -4 10 19 117 Bredin Prat 2,239 2 - - 20 16 King & Wood Mallesons 953 6 -7 13 20 49 Osborne Clarke 2,002 5 93.4% 1,035

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Italy league table by value Italy league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 4 Gianni, Origoni, Grippo, Cappelli & Partners 10,739 47 -76.9% 46,431 1 3 Gianni, Origoni, Grippo, Cappelli & Partners 10,739 47 3 44 2 12 BonelliErede 8,515 25 -66.5% 25,397 2 4 Pedersoli Studio Legale 7,945 33 -5 38 3 2 Allen & Overy 7,948 16 -84.8% 52,125 3 2 Nctm Studio Legale 7,745 32 -14 46 4 17 Pedersoli Studio Legale 7,945 33 -39.5% 13,122 4 1 Chiomenti 4,225 30 -16 46 5 39 Nctm Studio Legale 7,745 32 312.4% 1,878 5 15 PwC legal 3,645 27 11 16 6 14 Linklaters 4,536 6 -72.0% 16,219 6 11 Legance Avvocati Associati 4,036 26 8 18 7 16 Chiomenti 4,225 30 -69.0% 13,608 7 6 BonelliErede 8,515 25 -6 31 8 6 Legance Avvocati Associati 4,036 26 -90.9% 44,570 8 10 Orrick Herrington & Sutcliffe 2,106 25 5 20 9 50 PwC legal 3,645 27 217.8% 1,147 9 5 Gatti Pavesi Bianchi 3,034 23 -9 32 10 48 Ashurst 3,240 2 172.5% 1,189 10 7 Gattai Minoli Agostinelli & Partners 2,425 21 -5 26 11 21 Gatti Pavesi Bianchi 3,034 23 -45.2% 5,536 11 25 Allen & Overy 7,948 16 6 10 12 23 Latham & Watkins 2,724 15 -49.5% 5,399 12 13 Giovannelli e Associati 328 16 -1 17 13 18 White & Case 2,660 12 -77.4% 11,779 13 17 Latham & Watkins 2,724 15 0 15 14 20 Gattai Minoli Agostinelli & Partners 2,425 21 -70.4% 8,197 14 14 Dentons 397 15 -1 16 15 53 Orrick Herrington & Sutcliffe 2,106 25 119.1% 961 15 12 DLA Piper 945 14 -3 17 16 270 Studio Legale Andrea Zoppini 1,768 3 - - 16 37 Deloitte Legal 307 14 8 6 17 7 Davis Polk & Wardwell 1,600 2 -96.4% 44,367 17 9 Pavia e Ansaldo 44 14 -7 21 18 29 Wachtell, Lipton, Rosen & Katz 1,300 1 -50.7% 2,636 18 26 White & Case 2,660 12 3 9 19 3 Clifford Chance 1,247 9 -97.5% 50,358 19 22 Simmons & Simmons 684 12 1 11 20 34 Shearman & Sterling 1,184 4 -44.8% 2,144 20 40 Grimaldi Studio Legale 1,053 11 5 6

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Nordics league table by value Nordics league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 9 Vinge 24,565 70 116.4% 11,353 1 1 DLA Piper 850 82 -12 94 2 21 Skadden Arps Slate Meagher & Flom 22,317 8 282.3% 5,838 2 2 Vinge 24,565 70 -5 75 3 17 Kirkland & Ellis 21,071 24 208.0% 6,841 3 6 Schjodt 6,919 68 21 47 4 57 Simpson Thacher & Bartlett 20,616 7 1062.8% 1,773 4 4 Mannheimer Swartling 4,673 51 0 51 5 101 Cleary Gottlieb Steen & Hamilton 16,811 7 2633.5% 615 5 8 Bech-Bruun 4,173 46 0 46 6 19 Thommessen 14,595 34 142.3% 6,023 6 17 Plesner 6,550 42 12 30 7 177 Blake, Cassels & Graydon 14,116 1 29308.3% 48 7 3 Accura 2,970 39 -13 52 8 24 Hannes Snellman 12,685 24 129.5% 5,527 8 15 Roschier 11,303 36 2 34 9 23 Freshfields Bruckhaus Deringer 12,616 14 126.1% 5,581 9 16 Gorrissen Federspiel 9,811 35 4 31 10 2 Clifford Chance 12,565 12 -41.2% 21,354 10 10 Thommessen 14,595 34 -6 40 11 13 White & Case 12,484 34 22.7% 10,178 11 7 White & Case 12,484 34 -12 46 12 8 Linklaters 11,588 12 -3.5% 12,004 12 11 Wiersholm 9,546 30 -10 40 13 15 Latham & Watkins 11,333 9 15.0% 9,853 13 14 Selmer 1,714 29 -7 36 14 1 Roschier 11,303 36 -58.0% 26,941 14 36 Krogerus 5,815 28 11 17 15 306 Shardul Amarchand Mangaldas & Co 10,106 1 - - 15 12 Kromann Reumert 7,707 27 -12 39 16 18 Gorrissen Federspiel 9,811 35 44.6% 6,786 16 9 Wikborg Rein & Co 7,302 27 -14 41 17 33 Wiersholm 9,546 30 161.1% 3,656 17 13 Baker McKenzie 3,365 25 -13 38 18 84 Davis Polk & Wardwell 7,908 5 642.5% 1,065 18 44 Simonsen Vogt Wiig 546 25 13 12 19 6 Kromann Reumert 7,707 27 -51.3% 15,841 19 23 CLP 103 25 2 23 20 30 Wikborg Rein & Co 7,302 27 65.0% 4,426 20 34 Kirkland & Ellis 21,071 24 7 17

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Denmark league table by value Denmark league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal Count Deal 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 8 Gorrissen Federspiel 9,811 34 44.6% 6,786 1 2 Bech-Bruun 4,173 45 2 43 2 1 Clifford Chance 9,000 2 -53.9% 19,542 2 3 DLA Piper 195 44 2 42 3 4 Kromann Reumert 7,169 26 -54.7% 15,841 3 6 Plesner 6,278 40 12 28 4 25 Kirkland & Ellis 6,490 3 336.2% 1,488 4 1 Accura 2,432 36 -14 50 5 - Skadden Arps Slate Meagher & Flom 6,316 2 - - 5 5 Gorrissen Federspiel 9,811 34 5 29 6 2 Plesner 6,278 40 -65.8% 18,332 6 4 Kromann Reumert 7,169 26 -13 39 7= 35 Ashurst 5,807 1 638.8% 786 7 8 Moalem Weitemeyer Bendtsen 5,326 18 0 18 7= 9 Slaughter and May 5,807 1 -1.0% 5,865 8 10 Lundgrens 152 13 -3 16 9 6 Moalem Weitemeyer Bendtsen 5,326 18 -49.5% 10,539 9 9 Horten Law Firm 79 11 -7 18 10 112 Latham & Watkins 5,049 3 - - 10 7 Bruun & Hjejle 3,531 10 -11 21

Norway league table by value Norway league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Thommessen 14,337 33 138.0% 6,023 1 2 Schjodt 5,508 64 19 45 2 12 Wiersholm 9,008 29 198.6% 3,017 2 4 Thommessen 14,337 33 -6 39 3 2 BAHR 6,010 21 33.6% 4,500 3 5 Wiersholm 9,008 29 -7 36 4 5 Schjodt 5,508 64 45.4% 3,789 4 3 Wikborg Rein & Co 4,109 25 -15 40 5 67 Hannes Snellman 4,867 5 6567.1% 73 5 6 Selmer 569 25 -10 35 6 - Cleary Gottlieb Steen & Hamilton 4,372 2 - - 6 7 CLP 103 23 4 19 7 3 Wikborg Rein & Co 4,109 25 -7.2% 4,426 7 13 Simonsen Vogt Wiig 381 22 11 11 8 73 Krogerus 3,587 2 8052.3% 44 8 1 BAHR 6,010 21 -25 46 9 6 White & Case 3,558 5 1.7% 3,497 9 10 Advokatfirmaet Haavind 2,548 21 4 17 10 - Dittmar & Indrenius 3,539 2 - - 10 9 DLA Piper 250 17 -1 18

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Sweden league table by value Sweden league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 Vinge 23,567 67 115.9% 10,917 1 1 Vinge 23,567 67 -5 72 2 70 Simpson Thacher & Bartlett 20,616 7 3406.1% 588 2 2 Mannheimer Swartling 4,302 47 -4 51 3 9 Skadden Arps Slate Meagher & Flom 14,372 4 146.2% 5,838 3 3 DLA Piper 390 29 -7 36 4 182 Blake, Cassels & Graydon 14,116 1 - - 4 6 Roschier 8,543 24 0 24 5 31 Kirkland & Ellis 13,850 16 482.2% 2,379 5 5 White & Case 4,722 23 -9 32 6 69 Cleary Gottlieb Steen & Hamilton 12,161 3 1877.4% 615 6 15 Gernandt & Danielsson 5,102 21 7 14 7 6 Linklaters 11,233 8 28.6% 8,733 7 7 Cederquist 1,610 18 -5 23 8 - Shardul Amarchand Mangaldas & Co 10,106 1 - - 8 4 Baker McKenzie 1,262 17 -15 32 9 1 Roschier 8,543 24 -65.3% 24,619 9 27 Kirkland & Ellis 13,850 16 7 9 10 13 Freshfields Bruckhaus Deringer 7,622 8 48.6% 5,129 10 19 Hannes Snellman 4,395 16 3 13

Finland league table by value Finland league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal % Value Value (USDm) count change (USDm) (USDm) count change (USDm) 1 2 Hannes Snellman 10,374 15 183.7% 3,657 1 4 Krogerus 5,815 28 12 16 2 1 White & Case 7,861 9 87.3% 4,196 2 3 Avance Attorneys 1,852 21 3 18 3 16 Krogerus 5,815 28 1610.3% 340 3 8 Roschier 4,417 17 4 13 4 6 Roschier 4,417 17 90.2% 2,322 4 1 Castren & Snellman 1,520 17 -5 22 5 - Cleary Gottlieb Steen & Hamilton 4,052 4 - - 5 2 Hannes Snellman 10,374 15 -3 18 6 - Sullivan & Cromwell 3,750 1 - - 6 5 Borenius Attorneys 431 15 0 15 7 12 Dittmar & Indrenius 3,539 8 738.6% 422 7 6 Eversheds Sutherland 68 10 -5 15 8 - Thommessen 3,539 3 - - 8 16 White & Case 7,861 9 3 6 9 - Orrick Herrington & Sutcliffe 3,539 1 - - 9 11 Dittmar & Indrenius 3,539 8 -1 9 10 67 Schjodt 3,100 6 - - 10 7 DLA Piper 22 7 -8 15

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CEE league table by value CEE league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 4 Freshfields Bruckhaus Deringer 18,703 10 274.1% 5,000 1 1 CMS 1,353 24 -5 29 2 19 Kirkland & Ellis 10,163 3 266.9% 2,770 2 7 Clifford Chance 2,703 18 3 15 3 43 Hengeler Mueller 9,918 2 2639.8% 362 3 16 HAVEL & PARTNERS 33 17 7 10 4 8 White & Case 7,390 16 74.6% 4,233 4 2 COBALT - 17 -11 28 5 13 Latham & Watkins 5,935 5 52.6% 3,888 5 8 White & Case 7,390 16 1 15 6 5 Herbert Smith Freehills 5,034 10 3.9% 4,847 6 3 Ellex 847 16 -7 23 7 6 Allen & Overy 3,514 12 -27.4% 4,838 7 6 Schoenherr 700 16 -3 19 8 79 Ogier 2,959 1 4009.7% 72 8 14 Weil Gotshal & Manges 2,085 15 5 10 9 3 Clifford Chance 2,703 18 -49.3% 5,328 9 5 DLA Piper 1,617 13 -7 20 10 2 Cleary Gottlieb Steen & Hamilton 2,487 5 -65.1% 7,117 10 10 Allen & Overy 3,514 12 -2 14 11 1 Linklaters 2,482 10 -74.5% 9,721 11 9 Dentons 891 11 -4 15 12 9 Weil Gotshal & Manges 2,085 15 -49.9% 4,160 12 21 Freshfields Bruckhaus Deringer 18,703 10 3 7 13= - Alston & Bird 1,882 1 - - 13 17 Herbert Smith Freehills 5,034 10 2 8 13= - Conyers Dill & Pearman 1,882 1 - - 14 13 Linklaters 2,482 10 0 10 13= - Cravath, Swaine & Moore 1,882 1 - - 15 11 Baker McKenzie 414 9 -3 12 13= - Davis Polk & Wardwell 1,882 1 - - 16 22 Wolf Theiss Rechtsanwaelte 944 8 1 7 17 34 DLA Piper 1,617 13 108.6% 775 17 30 Bryan Cave Leighton Paisner (BCLP) 467 8 2 6 18 16 CMS 1,353 24 -63.8% 3,741 18 4 SORAINEN 420 8 -15 23 19 148 Debevoise & Plimpton 1,336 2 - - 19 41 GESSEL Attorneys at Law 140 7 3 4 20 59 Sullivan & Cromwell 1,209 2 484.1% 207 20 12 TGS Baltic 5 7 -4 11

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Russia league table by value Russia league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal % Value Value (USDm) count change (USDm) (USDm) count change (USDm) 1 11 Freshfields Bruckhaus Deringer 6,289 5 148.7% 2,529 1 1 Herbert Smith Freehills 3,445 8 1 7 2 4 Herbert Smith Freehills 3,445 8 -27.6% 4,757 2 4 Bryan Cave Leighton Paisner (BCLP) 467 8 2 6 3 19 Latham & Watkins 3,091 2 933.8% 299 3 11 Freshfields Bruckhaus Deringer 6,289 5 2 3 4 17 White & Case 3,047 4 639.6% 412 4 5 Cleary Gottlieb Steen & Hamilton 2,487 5 0 5 5 27 Ogier 2,959 1 4009.7% 72 5 2 Linklaters 1,564 5 -1 6 6 2 Cleary Gottlieb Steen & Hamilton 2,487 5 -65.1% 7,117 6 3 DLA Piper 1,408 5 -1 6 7= - Alston & Bird 1,882 1 - - 7 7 White & Case 3,047 4 0 4 7= - Conyers Dill & Pearman 1,882 1 - - 8 - CMS 5 4 4 0 7= - Cravath, Swaine & Moore 1,882 1 - - 9 14 ALRUD 539 3 0 3 7= - Davis Polk & Wardwell 1,882 1 - - 10 25 Latham & Watkins 3,091 2 1 1

Turkey league table by value Turkey league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal % Value Value (USDm) count change (USDm) (USDm) count change (USDm) 1 8 White & Case 717 6 -49.8% 1,428 1 1 Baker McKenzie 193 9 -4 13 2 2 Paksoy Attorneys at Law 425 6 -89.6% 4,077 2 6 Caliskan Okkan Toker - 7 3 4 3= - Akol Avukatlik Burosu 405 2 - - 3 2 White & Case 717 6 -2 8 3= 31 Pekin & Bayar Law Firm 405 2 - - 4 5 Paksoy Attorneys at Law 425 6 1 5 5= - ELIG 405 1 - - 5 8 Yegin Ciftci Attorney Partnership (YCAP) - 5 3 2 5= - Nishimura & Asahi 405 1 - - 6 4 Kolcuoglu Demirkan Kocakli Attorneys at Law 340 3 -3 6 7 20 Kolcuoglu Demirkan Kocakli Attorneys at Law 340 3 273.6% 91 7 12 Balcioglu Selcuk Akman Keki 136 3 1 2 8 1 Baker McKenzie 193 9 -96.4% 5,366 8 9 Verdi Law Firm 43 3 1 2 9 5 Clifford Chance 180 2 -95.4% 3,905 9 - PwC legal - 3 3 0 10 30 Balcioglu Selcuk Akman Keki 136 3 - - 10= - Akol Avukatlik Burosu 405 2 2 0 10= 13 Pekin & Bayar Law Firm 405 2 0 2

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Africa league table by value Africa league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal % Value Value (USDm) count change (USDm) (USDm) count change (USDm) 1 - Cravath, Swaine & Moore 8,974 2 - - 1 2 Webber Wentzel 2,551 19 22 -3 2 - Weil Gotshal & Manges 8,800 2 - - 2 3 Bowmans 2,561 13 17 -4 3 3 Bowmans 2,561 13 2,948 -13.1% 3 4 ENSafrica 1,128 12 14 -2 4 1 Webber Wentzel 2,551 19 4,178 -38.9% 4 5 Cliffe Dekker Hofmeyr 1,312 9 13 -4 5 7 Allen & Overy 2,140 6 2,201 -2.8% 5 49 Werksmans 704 7 2 5 6= - Debevoise & Plimpton 1,850 1 - - 6 6 Allen & Overy 2,140 6 9 -3 6= - Paul Weiss Rifkind Wharton & Garrison 1,850 1 - - 7 1 DLA Piper 474 6 25 -19 6= 53 Slaughter and May 1,850 1 287 544.6% 8 15 Norton Rose Fulbright 420 6 5 1 9 33 Freshfields Bruckhaus Deringer 1,815 3 618 193.7% 9 61 Banwo & Ighodalo 383 6 1 5 10 - Davis Polk & Wardwell 1,815 2 - - 10 25 Orrick Herrington & Sutcliffe 226 5 3 2

Israel league table by deal count Israel league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal % Value Value (USDm) count change (USDm) (USDm) count change (USDm) 1 2 Meitar Liquornik Geva Leshem Tal 5,830 19 8,033 -27.4% 1 1 Meitar Liquornik Geva Leshem Tal 5,830 19 19 0 2 - Gissin & Co 3,369 1 - - 2 2 Herzog, Fox and Neeman 2,138 15 15 0 3 16 White & Case 2,254 3 3,174 -29.0% 3 3 Naschitz Brandes Amir & Co 1,502 11 12 -1 4 22 Latham & Watkins 2,210 7 1,340 64.9% 4 4 Yigal Arnon & Co 1,974 10 10 0 5 - Paul Hastings 2,200 2 - - 5 15 Latham & Watkins 2,210 7 2 5 6 11 Herzog, Fox and Neeman 2,138 15 6,132 -65.1% 6 5 Erdinast, Ben Nathan Toledano & Co 1,013 4 5 -1 7 36 Yigal Arnon & Co 1,974 10 241 719.1% 7 21 Fenwick & West 570 4 2 2 8 - Shibolet & Co 1,685 1 - - 8 12 DLA Piper 329 4 3 1 9 3 Naschitz Brandes Amir & Co 1,502 11 7,868 -80.9% 9 49 Goodwin Procter 234 4 1 3 10= - Debevoise & Plimpton 1,350 1 - - 10 35 White & Case 2,254 3 1 2 10= 15 Shearman & Sterling 1,350 1 3,174 -57.5%

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Americas Advisory League tables

Americas league table by value Americas league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 Wachtell, Lipton, Rosen & Katz 527,507 52 72.3% 306,237 1 1 Kirkland & Ellis 426,299 443 20 423 2 10 Kirkland & Ellis 426,299 443 110.3% 202,680 2 4 Goodwin Procter 33,785 231 -17 248 3 4 Davis Polk & Wardwell 403,702 84 33.3% 302,931 3 5 Latham & Watkins 226,609 213 4 209 4 8 Sullivan & Cromwell 389,569 95 47.6% 263,868 4 2 Jones Day 164,947 204 -70 274 5 7 Simpson Thacher & Bartlett 335,249 105 26.0% 265,996 5 3 DLA Piper 26,803 203 -55 258 6 12 Weil Gotshal & Manges 281,908 122 52.9% 184,372 6 16 Ropes & Gray 42,340 136 29 107 7 1 Skadden Arps Slate Meagher & Flom 264,674 112 -26.6% 360,636 7 7 Weil Gotshal & Manges 281,908 122 -17 139 8 9 Cravath, Swaine & Moore 255,028 58 2.4% 249,101 8 25 Orrick Herrington & Sutcliffe 12,777 113 20 93 9 27 Shearman & Sterling 250,660 64 148.7% 100,800 9 9 Skadden Arps Slate Meagher & Flom 264,674 112 -15 127 10 2 Cleary Gottlieb Steen & Hamilton 247,413 56 -19.7% 308,131 10 8 Morgan Lewis & Bockius 9,186 111 -25 136 11 11 Fried Frank Harris Shriver & Jacobson 232,662 46 23.5% 188,397 11 11 Simpson Thacher & Bartlett 335,249 105 -12 117 12 5 Latham & Watkins 226,609 213 -19.7% 282,220 12 24 Wilson Sonsini Goodrich & Rosati 46,012 105 10 95 13 52 Slaughter and May 216,457 20 417.2% 41,853 13 6 Cooley 33,309 103 -51 154 14 6 White & Case 199,181 101 -25.2% 266,435 14 13 White & Case 199,181 101 -12 113 15 15 Freshfields Bruckhaus Deringer 174,358 66 10.3% 158,038 15 19 McGuireWoods 12,387 100 -4 104 16 18 Jones Day 164,947 204 12.4% 146,721 16 10 Sidley Austin 54,640 98 -27 125 17 13 Paul Weiss Rifkind Wharton & Garrison 164,945 85 -8.3% 179,864 17 18 Sullivan & Cromwell 389,569 95 -11 106 18 34 Debevoise & Plimpton 132,674 51 100.9% 66,043 18 14 Stikeman Elliott 40,993 90 -23 113 19 45 Mayer Brown 125,204 56 147.6% 50,566 19 20 Gibson, Dunn & Crutcher 70,976 87 -14 101 20 46 Alston & Bird 121,718 50 145.1% 49,654 20 15 Paul Weiss Rifkind Wharton & Garrison 164,945 85 -24 109

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Americas Advisory League tables

US league table by value US league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

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Americas Advisory League tables

US North East league table by value US North East league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 Wachtell, Lipton, Rosen & Katz 270,436 27 61.1% 167,902 1 1 Kirkland & Ellis 239,487 235 23 212 2 10 Kirkland & Ellis 239,487 235 181.1% 85,208 2 2 Goodwin Procter 21,276 135 -4 139 3 4 Simpson Thacher & Bartlett 236,949 65 75.9% 134,669 3 4 Latham & Watkins 114,682 98 -6 104 4 7 Sullivan & Cromwell 231,262 51 113.0% 108,591 4 3 Jones Day 124,695 89 -42 131 5 2 Davis Polk & Wardwell 220,159 43 6.5% 206,803 5 9 Ropes & Gray 18,154 87 18 69 6 13 Cleary Gottlieb Steen & Hamilton 149,643 16 94.8% 76,830 6 5 DLA Piper 7,116 75 -18 93 7 17 Jones Day 124,695 89 120.6% 56,537 7 6 Weil Gotshal & Manges 46,747 68 -12 80 8 14 White & Case 121,977 39 74.4% 69,940 8 7 Simpson Thacher & Bartlett 236,949 65 -12 77 9 34 Shearman & Sterling 119,767 21 284.5% 31,150 9 10 Skadden Arps Slate Meagher & Flom 52,905 58 -8 66 10 5 Cravath, Swaine & Moore 115,306 29 -0.3% 115,705 10 11 Paul Weiss Rifkind Wharton & Garrison 81,541 54 -6 60

US Mid West league table by value US Mid West league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 8 Davis Polk & Wardwell 192,150 24 85.4% 103,617 1 1 Kirkland & Ellis 160,439 142 8 134 2 21 Kirkland & Ellis 160,439 142 148.6% 64,546 2 2 Jones Day 26,510 78 -12 90 3 7 Weil Gotshal & Manges 146,991 20 34.4% 109,330 3 14 Latham & Watkins 81,539 46 15 31 4 2 Skadden Arps Slate Meagher & Flom 142,853 23 -21.2% 181,312 4 16 Ropes & Gray 5,773 45 18 27 5 3 Wachtell, Lipton, Rosen & Katz 100,025 12 -33.8% 151,160 5 3 DLA Piper 2,985 44 -4 48 6 121 Debevoise & Plimpton 97,951 15 12298.9% 790 6 15 The International Law Firm of Winston & 5,673 31 1 30 Strawn 7 385 Matheson 93,970 4 - - 7 4 Sidley Austin 21,609 30 -16 46 8 180 Arthur Cox 93,970 2 47359.6% 198 8 13 McGuireWoods 8,800 29 -3 32 9 42 Slaughter and May 92,370 4 914.4% 9,106 9 8 Goodwin Procter 845 28 -10 38 10 4 Cleary Gottlieb Steen & Hamilton 90,083 18 -35.7% 140,061 10 39 Katten Muchin Rosenman 2,613 25 10 15

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Americas Advisory League tables

US South league table by value US South league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 17 Fried Frank Harris Shriver & Jacobson 203,066 19 252.7% 57,567 1 1 Kirkland & Ellis 125,534 202 24 178 2 22 Cravath, Swaine & Moore 142,093 21 257.2% 39,782 2 2 Jones Day 16,102 80 -21 101 3 4 Sullivan & Cromwell 135,786 24 22.3% 111,055 3 3 DLA Piper 4,883 74 -25 99 4 8 Kirkland & Ellis 125,534 202 36.2% 92,175 4 4 Latham & Watkins 96,201 72 -9 81 5 11 Wachtell, Lipton, Rosen & Katz 118,542 16 60.1% 74,053 5 5 McGuireWoods 10,512 67 -3 70 6 14 Davis Polk & Wardwell 107,933 31 73.3% 62,265 6 7 Goodwin Procter 11,302 59 -4 63 7 26 Alston & Bird 103,995 31 243.4% 30,283 7 13 Ropes & Gray 3,149 58 14 44 8 1 Latham & Watkins 96,201 72 -41.6% 164,743 8 12 Sidley Austin 12,967 52 -1 53 9 9 Skadden Arps Slate Meagher & Flom 91,175 30 8.0% 84,384 9 11 Morgan Lewis & Bockius 2,033 47 -7 54 10 31 Weil Gotshal & Manges 89,110 42 317.1% 21,365 10 17 Locke Lord 22,524 44 3 41

US West league table by value US West league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 20 Sullivan & Cromwell 91,296 36 78.9% 51,031 1 1 Kirkland & Ellis 72,891 166 -10 176 2 5 Skadden Arps Slate Meagher & Flom 88,903 41 -20.0% 111,085 2 2 Goodwin Procter 16,907 131 -11 142 3 3 Wachtell, Lipton, Rosen & Katz 84,318 21 -32.4% 124,807 3 5 Latham & Watkins 77,175 92 -1 93 4 1 Latham & Watkins 77,175 92 -40.2% 129,088 4 7 Wilson Sonsini Goodrich & Rosati 15,856 81 4 77 5 2 Simpson Thacher & Bartlett 75,626 27 -40.7% 127,598 5 3 Cooley 28,574 67 -46 113 6 19 Kirkland & Ellis 72,891 166 35.7% 53,711 6 12 Orrick Herrington & Sutcliffe 8,128 67 17 50 7 43 Paul Weiss Rifkind Wharton & Garrison 70,696 23 830.9% 7,594 7 4 DLA Piper 6,436 65 -31 96 8 46 Shearman & Sterling 67,904 18 835.1% 7,262 8 6 Jones Day 19,686 55 -25 80 9 7 Cravath, Swaine & Moore 60,612 25 -30.7% 87,499 9 13 Weil Gotshal & Manges 34,400 52 4 48 10 34 Alston & Bird 58,159 20 431.3% 10,947 10 9 Morgan Lewis & Bockius 3,810 45 -12 57

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Americas Advisory League tables

Canada league table by value Canada league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 12 Simpson Thacher & Bartlett 65,491 17 175.4% 23,784 1 1 Stikeman Elliott 35,855 84 -12 96 2 1 Osler, Hoskin & Harcourt 65,247 53 18.7% 54,958 2 2 Blake, Cassels & Graydon 42,830 59 -33 92 3 10 Freshfields Bruckhaus Deringer 42,964 8 60.9% 26,698 3 4 Osler, Hoskin & Harcourt 65,247 53 2 51 4 9 Blake, Cassels & Graydon 42,830 59 55.0% 27,636 4 12 Fasken Martineau Dumoulin 5,843 48 23 25 5 5 Stikeman Elliott 35,855 84 8.5% 33,053 5 3 McCarthy Tetrault 23,913 40 -13 53 6 22 Herbert Smith Freehills 35,203 9 158.8% 13,602 6 6 Tor ys 21,190 32 -3 35 7 8 Wachtell, Lipton, Rosen & Katz 34,103 4 20.0% 28,417 7 8 Norton Rose Fulbright 18,571 28 -2 30 8 30 White & Case 30,307 11 263.8% 8,331 8 13 Kirkland & Ellis 18,137 26 3 23 9 175 Corrs Chambers Westgarth 28,343 3 47138.3% 60 9 7 Gowling WLG 637 22 -9 31 10 7 Weil Gotshal & Manges 27,760 16 -5.4% 29,332 10 28 Latham & Watkins 16,258 19 8 11 11 14 Allen & Overy 27,153 6 52.0% 17,861 11 5 Davies Ward Phillips & Vineberg 8,725 19 -18 37 12 - Gleiss Lutz 27,000 1 - - 12 15 Bennett Jones 5,629 19 -4 23 13 32 Goodmans 23,926 13 195.2% 8,106 13 35 Simpson Thacher & Bartlett 65,491 17 9 8 14 6 McCarthy Tetrault 23,913 40 -26.0% 32,330 14 24 Weil Gotshal & Manges 27,760 16 3 13 15 37 Cleary Gottlieb Steen & Hamilton 21,511 6 244.3% 6,247 15 9 Cassels Brock & Blackwell 16,431 16 -14 30 16 2 Tor ys 21,190 32 -57.2% 49,563 16 40 Skadden Arps Slate Meagher & Flom 19,625 14 7 7 17 3 Sullivan & Cromwell 21,067 10 -49.5% 41,716 17 23 Miller Thomson 1,721 14 0 14 18 109 Mayer Brown 19,697 8 4715.9% 409 18 16 Jones Day 898 14 -6 20 19 20 Skadden Arps Slate Meagher & Flom 19,625 14 30.0% 15,096 19 14 Goodmans 23,926 13 -10 23 20 4 Norton Rose Fulbright 18,571 28 -49.8% 37,027 20 22 Goodwin Procter 2,581 12 -2 14

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Americas Advisory League tables

Latin America league table by value Latin America league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

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Asia Pacific Advisory League tables

Asia Pacific (excl. Japan) league table by value Asia Pacific (excl. Japan) league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

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Asia Pacific Advisory League tables

Asia (excl. Australasia & Japan) league table by value Asia (excl. Australasia & Japan) league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 King & Wood Mallesons 31,560 40 -59.3% 77,482 1 11 Khaitan & Co 9,106 67 22 45 2 4 Shardul Amarchand Mangaldas & Co 22,589 65 -51.9% 46,980 2 2 AZB & Partners 17,573 66 -14 80 3 43 Kirkland & Ellis 21,401 17 90.4% 11,238 3 1 Shardul Amarchand Mangaldas & Co 22,589 65 -21 86 4 20 Zhong Lun Law Firm 20,574 46 -10.5% 22,978 4 4 Kim & Chang 18,600 58 -11 69 5 12 Cyril Amarchand Mangaldas 19,934 37 -35.4% 30,836 5 6 Zhong Lun Law Firm 20,574 46 -7 53 6 19 Allen & Gledhill 19,064 13 -18.1% 23,269 6 9 Lee & Ko 9,857 44 -3 47 7 13 Kim & Chang 18,600 58 -37.4% 29,729 7 3 King & Wood Mallesons 31,560 40 -30 70 8 10 Simpson Thacher & Bartlett 18,579 14 -44.2% 33,292 8 7 Cyril Amarchand Mangaldas 19,934 37 -13 50 9 3 Linklaters 18,288 25 -62.0% 48,161 9 5 Fangda Partners 11,184 37 -21 58 10 5 AZB & Partners 17,573 66 -60.6% 44,568 10 13 Shin & Kim 5,990 34 -2 36 11 55 Tian Yuan Law Firm 12,981 12 65.8% 7,829 11 8 Baker McKenzie 10,966 30 -18 48 12 48 Bae Kim & Lee 12,950 28 25.5% 10,319 12 17 Bae Kim & Lee 12,950 28 -3 31 13 18 Herbert Smith Freehills 12,841 19 -45.1% 23,395 13 20 Linklaters 18,288 25 -3 28 14 42 L&L Partners 11,773 21 -0.9% 11,882 14 27 Yulchon 2,800 22 -1 23 15 9 Fangda Partners 11,184 37 -67.7% 34,668 15 37 L&L Partners 11,773 21 3 18 16 62 WongPartnership 11,022 11 71.0% 6,446 16 18 AllBright Law Offices 7,437 21 -10 31 17 24 Baker McKenzie 10,966 30 -43.6% 19,452 17 12 Trilegal 2,471 20 -21 41 18 22 Clifford Chance 10,553 19 -50.9% 21,484 18 28 Herbert Smith Freehills 12,841 19 -3 22 19 25 White & Case 10,481 17 -45.8% 19,338 19 15 Clifford Chance 10,553 19 -15 34 20 31 Lee & Ko 9,857 44 -39.7% 16,353 20 33 J Sagar Associates 4,197 19 -1 20

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Asia Pacific Advisory League tables

Australasia league table by value Australasia league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 6 Allen & Overy 27,802 12 47.2% 18,884 1 1 Herbert Smith Freehills 14,768 45 -38 83 2 82 White & Case 16,351 8 8285.1% 195 2 4 Allens 14,225 39 -7 46 3 1 Herbert Smith Freehills 14,768 45 -76.3% 62,375 3 2 King & Wood Mallesons 10,566 39 -17 56 4 4 Freshfields Bruckhaus Deringer 14,654 4 -56.1% 33,356 4 11 Corrs Chambers Westgarth 1,623 29 4 25 5 2 Allens 14,225 39 -75.8% 58,738 5 7 Ashurst 7,074 28 -6 34 6 16 Shearman & Sterling 13,429 5 27.9% 10,500 6 3 MinterEllison 2,064 28 -26 54 7 3 King & Wood Mallesons 10,566 39 -76.1% 44,169 7 5 Gilbert + Tobin 6,194 22 -21 43 8 20 Cleary Gottlieb Steen & Hamilton 10,188 2 51.9% 6,709 8 6 Clayton Utz 5,926 21 -13 34 9= 15 Baker Botts 10,188 1 -5.7% 10,800 9 8 DLA Piper 1,582 17 -12 29 9= 21 Cravath, Swaine & Moore 10,188 1 51.9% 6,709 10 10 Norton Rose Fulbright 1,183 17 -9 26 9= 39 Vinson & Elkins 10,188 1 607.5% 1,440 11 13 HWL Ebsworth Lawyers 195 16 -5 21 12 24 Clifford Chance 8,253 8 82.0% 4,534 12 43 Hamilton Locke 559 15 10 5 13 8 Ashurst 7,074 28 -52.8% 14,978 13 9 Thomson Geer 61 13 -15 28 14 12 Linklaters 6,965 7 -44.9% 12,649 14 17 Allen & Overy 27,802 12 -3 15 15 7 Gilbert + Tobin 6,194 22 -60.7% 15,763 15 14 Baker McKenzie 5,989 12 -7 19 16 13 Baker McKenzie 5,989 12 -49.8% 11,936 16 24 Clarendon Lawyers 111 12 -1 13 17 5 Clayton Utz 5,926 21 -70.8% 20,326 17 119 Hall & Wilcox 64 11 10 1 18 35 Weil Gotshal & Manges 4,259 3 152.2% 1,689 18 23 Talbot Sayer Lawyers 34 11 -2 13 19 38 Simpson Grierson 3,492 8 137.6% 1,470 19 19 Jones Day 1,239 9 -6 15 20 - Nishimura & Asahi 3,430 2 - - 20 33 White & Case 16,351 8 1 7

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Asia Pacific Advisory League tables

Greater China league table by value Greater China league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 King & Wood Mallesons 31,165 37 -59.2% 76,322 1 3 Zhong Lun Law Firm 20,574 46 -7 53 2 12 Zhong Lun Law Firm 20,574 46 -10.5% 22,978 2 1 King & Wood Mallesons 31,165 37 -29 66 3 2 Linklaters 14,695 16 -67.1% 44,707 3 2 Fangda Partners 11,184 37 -21 58 4 31 Tian Yuan Law Firm 12,981 12 65.8% 7,829 4 6 AllBright Law Offices 7,437 21 -10 31 5 5 Fangda Partners 11,184 37 -67.7% 34,668 5 15 Linklaters 14,695 16 0 16 6 19 Clifford Chance 8,485 15 -38.4% 13,765 6 11 Clifford Chance 8,485 15 -6 21 7 45 Norton Rose Fulbright 7,554 8 70.0% 4,444 7 4 Grandall Law Firm 3,608 15 -31 46 8 15 White & Case 7,538 7 -59.6% 18,668 8 7 JunHe 5,241 13 -15 28 9 35 AllBright Law Offices 7,437 21 22.5% 6,071 9 8 DeHeng Law Offices 2,133 13 -10 23 10 56 Commerce and Finance Law Offices 7,186 5 87.6% 3,830 10 19 Tian Yuan Law Firm 12,981 12 -3 15 11 66 Beijing Dentons Law Offices 6,672 11 172.0% 2,453 11 28 Beijing Dentons Law Offices 6,672 11 -1 12 12 23 Slaughter and May 6,584 8 -47.2% 12,465 12 9 Baker McKenzie 6,405 11 -11 22 13 26 Baker McKenzie 6,405 11 -43.3% 11,305 13 17 JiaYuan Law Offices 2,862 11 -5 16 14 20 Haiwen & Partners 6,238 6 -54.6% 13,736 14 10 Jingtian & Gongcheng 2,701 10 -12 22 15 71 Paul Hastings 6,175 2 261.1% 1,710 15 14 Grandway Law Offices 3,119 9 -8 17 16 14 JunHe 5,241 13 -72.4% 18,963 16 16 DLA Piper 877 9 -7 16 17 61 Kirkland & Ellis 4,904 6 71.3% 2,862 17 40 Norton Rose Fulbright 7,554 8 -1 9 18 11 Sullivan & Cromwell 4,652 4 -80.9% 24,347 18 33 Slaughter and May 6,584 8 -2 10 19 72 Gibson, Dunn & Crutcher 4,410 4 160.3% 1,694 19 39 Skadden Arps Slate Meagher & Flom 2,539 8 -1 9 20 73 Deacons 3,688 5 127.1% 1,624 20 18 Han Kun Law Offices 1,624 8 -7 15

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Asia Pacific Advisory League tables

India league table by value India league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Shardul Amarchand Mangaldas & Co 22,169 63 -52.6% 46,730 1 4 Khaitan & Co 9,106 67 23 44 2 3 Cyril Amarchand Mangaldas 19,934 37 -35.4% 30,836 2 2 AZB & Partners 17,129 64 -16 80 3 2 AZB & Partners 17,129 64 -61.6% 44,568 3 1 Shardul Amarchand Mangaldas & Co 22,169 63 -22 85 4 13 L&L Partners 11,761 19 -1.0% 11,882 4 3 Cyril Amarchand Mangaldas 19,934 37 -13 50 5 4 Khaitan & Co 9,106 67 -61.3% 23,501 5 8 L&L Partners 11,761 19 1 18 6 12 S&R Associates 6,796 9 -45.4% 12,458 6 7 J Sagar Associates 4,197 19 -1 20 7 17 J Sagar Associates 4,197 19 -32.9% 6,259 7 5 Trilegal 2,151 19 -21 40 8 41 Argus Partners 3,003 1 180.1% 1,072 8 11 Veritas Legal 1,110 12 1 11 9 59 Baker McKenzie 2,217 4 512.4% 362 9 9 DSK Legal 135 12 -3 15 10 11 Trilegal 2,151 19 -84.1% 13,537 10 14 S&R Associates 6,796 9 1 8

South Korea league table by value South Korea league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Kim & Chang 18,582 57 -37.5% 29,729 1 1 Kim & Chang 18,582 57 -12 69 2 4 Bae Kim & Lee 12,941 27 25.4% 10,319 2 2 Lee & Ko 9,857 44 -2 46 3 2 Lee & Ko 9,857 44 -37.0% 15,653 3 3 Shin & Kim 5,990 34 -2 36 4 3 Shin & Kim 5,990 34 -54.4% 13,149 4 4 Bae Kim & Lee 12,941 27 -4 31 5 49 Ashurst 2,951 4 3215.7% 89 5 5 Yulchon 2,800 22 0 22 6 5 Yulchon 2,800 22 -26.7% 3,818 6 6 Yoon & Yang 335 8 -2 10 7= 12 Latham & Watkins 2,000 1 -27.0% 2,740 7 - LAB Partners 320 7 7 0 7= 9 Paul Weiss Rifkind Wharton & Garrison 2,000 1 -36.0% 3,127 8 7 JIPYONG 779 6 -4 10 9 21 Hengeler Mueller 1,168 1 -5.0% 1,230 9 13 Ashurst 2,951 4 1 3 10 6 Baker McKenzie 1,112 2 -67.9% 3,467 10 12 Kim, Choi & Lim 230 4 1 3

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Asia Pacific Advisory League tables

Japan league table by value Japan league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

South East Asia league table by value South East Asia league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 7 Allen & Gledhill 19,064 13 162.3% 7,269 1 3 Allen & Gledhill 19,064 13 -6 19 2 10 Kirkland & Ellis 16,062 8 225.3% 4,937 2 1 Baker McKenzie 1,884 13 -9 22 3 3 Simpson Thacher & Bartlett 13,400 1 -6.0% 14,250 3 4 WongPartnership 11,022 11 -6 17 4 11 WongPartnership 11,022 11 126.7% 4,861 4 10 Herbert Smith Freehills 10,999 11 1 10 5 13 Herbert Smith Freehills 10,999 11 143.9% 4,510 5 2 Allen & Overy 3,189 11 -8 19 6 124 MinterEllison 8,351 3 10084.1% 82 6 15 Linklaters 3,241 10 2 8 7 60 Drew & Napier 8,199 2 1046.7% 715 7 23 Kirkland & Ellis 16,062 8 3 5 8 4 Freshfields Bruckhaus Deringer 5,377 7 -59.1% 13,138 8 21 Latham & Watkins 4,366 8 2 6 9 57 Latham & Watkins 4,366 8 383.5% 903 9 8 Freshfields Bruckhaus Deringer 5,377 7 -3 10 10 45 Nishimura & Asahi 4,219 7 226.5% 1,292 10 40 Nishimura & Asahi 4,219 7 4 3

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Private Equity Advisory League tables*

Global (buyouts+exits) league table by value Global (buyouts+exits) league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

US (buyouts+exits) league table by value US (buyouts+exits) league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Simpson Thacher & Bartlett 130,655 27 114.4% 60,938 1 1 Kirkland & Ellis 75,320 198 6 192 2 3 Latham & Watkins 79,512 61 148.9% 31,943 2 2 Goodwin Procter 10,577 93 -6 99 3 1 Kirkland & Ellis 75,320 198 9.5% 68,772 3 6 Ropes & Gray 9,246 69 22 47 4 4 Fried Frank Harris Shriver & Jacobson 41,913 8 44.6% 28,985 4 3 Latham & Watkins 79,512 61 -3 64 5 84 Allen & Overy 37,625 3 9236.2% 403 5 4 Weil Gotshal & Manges 13,520 39 -15 54 6 257 Gleiss Lutz 29,133 3 - - 6 22 Orrick Herrington & Sutcliffe 5,012 38 16 22 7 245 Corrs Chambers Westgarth 27,000 1 - - 7 9 DLA Piper 1,555 37 -6 43 8 44 White & Case 24,820 15 630.2% 3,399 8 16 Morgan Lewis & Bockius 2,492 35 9 26 9 61 Shearman & Sterling 19,672 8 1032.5% 1,737 9 11 McGuireWoods 797 34 -7 41 10 25 Sidley Austin 16,472 30 137.3% 6,942 10 5 Cooley 5,666 32 -22 54

*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with target dominant geography being Global and US mergermarket.com Mergermarket Global & Regional League Tables 74 M&A Report 3Q19

Private Equity Advisory League tables*

Europe (buyouts+exits) league table by value Europe (buyouts+exits) league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 5 Kirkland & Ellis 43,277 42 40.6% 30,788 1 1 DLA Piper 4,800 50 -20 70 2 3 Freshfields Bruckhaus Deringer 30,969 26 -8.5% 33,838 2 3 Kirkland & Ellis 43,277 42 -3 45 3 2 Latham & Watkins 28,472 39 -16.6% 34,133 3 5 Latham & Watkins 28,472 39 -4 43

4 7 Weil Gotshal & Manges 26,040 34 62.1% 16,068 4 6 Allen & Overy 14,905 39 -4 43 5 1 Linklaters 25,207 35 -27.0% 34,508 5 4 Linklaters 25,207 35 -9 44 6 21 Allen & Overy 14,905 39 105.6% 7,251 6 12 Weil Gotshal & Manges 26,040 34 0 34 7 183 Paul Weiss Rifkind Wharton & Garrison 14,435 9 15094.7% 95 7 2 CMS 2,761 30 -20 50 8 8 White & Case 14,034 29 -10.7% 15,718 8 7 White & Case 14,034 29 -9 38 9 35 Sullivan & Cromwell 13,601 5 186.0% 4,755 9 9 Clifford Chance 11,435 29 -8 37 10 349 Cleary Gottlieb Steen & Hamilton 13,206 7 - - 10 15 Jones Day 2,933 27 3 24

Asia Pacific (excl. Japan) (buyouts+exits) league table by value Asia Pacific (excl. Japan) (buyouts+exits) league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 4 Allen & Gledhill 16,664 4 -3.1% 17,195 1 3 AZB & Partners 4,769 19 -7 26 2 22 Simpson Thacher & Bartlett 5,547 10 13.9% 4,869 2 2 Kim & Chang 4,376 17 -9 26 3 7 King & Wood Mallesons 5,414 5 -64.4% 15,213 3 1 Shardul Amarchand Mangaldas & Co 2,232 17 -10 27 4 2 Herbert Smith Freehills 4,982 10 -78.7% 23,345 4 4 Fangda Partners 3,703 13 -8 21 5 25 AZB & Partners 4,769 19 14.2% 4,177 5 7 Khaitan & Co 1,918 13 -2 15 6 15 Kim & Chang 4,376 17 -36.1% 6,853 6 18 Simpson Thacher & Bartlett 5,547 10 2 8 7 32 Allens 3,954 6 38.6% 2,852 7 5 Herbert Smith Freehills 4,982 10 -8 18 8 10 Fangda Partners 3,703 13 -69.4% 12,117 8 11 Trilegal 1,548 9 -4 13 9 146 Makes & Partners 3,501 1 - - 9 9 Gilbert + Tobin 1,988 8 -6 14 10 31 Lee & Ko 2,354 7 -18.6% 2,891 10 10 Cyril Amarchand Mangaldas 1,829 8 -5 13

*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with target dominant geography being Europe and Asia-Pacific (excl. Japan) mergermarket.com Mergermarket Global & Regional League Tables 75 M&A Report 3Q19

Private Equity Advisory League tables*

Global Buyouts league table by value Global Buyouts league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Kirkland & Ellis 76,423 177 13.4% 67,368 1 1 Kirkland & Ellis 76,423 177 -2 179 2 2 Simpson Thacher & Bartlett 61,950 34 5.0% 58,988 2 3 Goodwin Procter 4,520 83 11 72 3 3 Latham & Watkins 53,329 68 17.0% 45,588 3 2 Latham & Watkins 53,329 68 -16 84 4 4 Freshfields Bruckhaus Deringer 30,723 25 -24.6% 40,748 4 8 Ropes & Gray 8,086 64 19 45 5 12 Weil Gotshal & Manges 28,439 49 52.2% 18,684 5 4 DLA Piper 4,204 52 -19 71 6 6 White & Case 27,694 31 1.4% 27,318 6 5 Weil Gotshal & Manges 28,439 49 -4 53 7 7 Linklaters 23,837 25 -8.2% 25,976 7 35 Orrick Herrington & Sutcliffe 2,492 36 19 17 8 11 Allen & Overy 20,647 32 6.0% 19,474 8 9 Simpson Thacher & Bartlett 61,950 34 -10 44 9 40 Paul Weiss Rifkind Wharton & Garrison 20,292 24 245.6% 5,872 9 11 Jones Day 6,370 33 -6 39 10 242 Blake, Cassels & Graydon 17,084 10 17883.2% 95 10 10 Paul Hastings 1,110 33 -7 40

US Buyouts league table by value US Buyouts league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Simpson Thacher & Bartlett 46,491 18 12.5% 41,313 1 1 Kirkland & Ellis 30,916 138 7 131 2 2 Kirkland & Ellis 30,916 138 -19.5% 38,386 2 2 Goodwin Procter 3,968 59 10 49 3 4 Latham & Watkins 29,797 37 54.8% 19,253 3 7 Ropes & Gray 3,077 50 19 31 4 46 White & Case 20,124 9 1071.4% 1,718 4 3 Latham & Watkins 29,797 37 -7 44 5 106 Blake, Cassels & Graydon 15,994 4 - - 5 6 McGuireWoods - 25 -8 33 6 - Vinge 14,116 1 - - 6 5 Weil Gotshal & Manges 4,413 24 -11 35 7 23 Sidley Austin 12,748 18 197.0% 4,292 7 33 Orrick Herrington & Sutcliffe 1,042 22 15 7 8 50 Shearman & Sterling 11,232 5 772.7% 1,287 8 4 McDermott Will & Emery 320 21 -15 36 9 67 Allen & Overy 10,625 2 2536.5% 403 9 22 Morgan Lewis & Bockius 1,273 19 8 11 10 100 Baker Botts 10,188 2 67820.0% 15 10 10 DLA Piper 218 19 -4 23

*Based on advisors to bidder on buyout deals with target dominant geography being Global and US mergermarket.com Mergermarket Global & Regional League Tables 76 M&A Report 3Q19

Private Equity Advisory League tables*

Europe Buyouts league table by value Europe Buyouts league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 Kirkland & Ellis 39,470 31 77.7% 22,215 1 2 Kirkland & Ellis 39,470 31 -1 32 2 5 Freshfields Bruckhaus Deringer 28,758 19 62.0% 17,754 2 1 DLA Piper 374 29 -12 41 3 6 Linklaters 22,967 23 30.5% 17,595 3 4 Allen & Overy 9,621 27 -1 28 4 18 Weil Gotshal & Manges 21,437 21 263.8% 5,893 4 3 Latham & Watkins 20,718 25 -5 30 5 2 Latham & Watkins 20,718 25 -13.8% 24,043 5 8 Linklaters 22,967 23 -2 25 6 - Cleary Gottlieb Steen & Hamilton 10,614 4 - - 6 7 PwC legal 4,284 23 -2 25 7 25 Sullivan & Cromwell 10,044 4 190.6% 3,456 7 15 Weil Gotshal & Manges 21,437 21 7 14 8 14 Allen & Overy 9,621 27 48.8% 6,466 8 11 Freshfields Bruckhaus Deringer 28,758 19 -2 21 9 147 Paul Weiss Rifkind Wharton & Garrison 9,545 6 9947.4% 95 9 6 Clifford Chance 9,396 19 -6 25 10 1 Clifford Chance 9,396 19 -63.6% 25,825 10 22 Paul Hastings 490 19 7 12

Asia Pacific (excl. Japan) Buyouts league table by value Asia Pacific (excl. Japan) Buyouts league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal Count Deal 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 3 King & Wood Mallesons 5,142 4 -55.5% 11,554 1 4 AZB & Partners 4,445 15 -2 17 2 20 AZB & Partners 4,445 15 142.1% 1,836 2 2 Shardul Amarchand Mangaldas & Co 1,722 13 -7 20 3 10 Simpson Thacher & Bartlett 4,400 8 13.7% 3,869 3 3 Fangda Partners 2,617 11 -8 19 4 62 Allens 3,954 6 1575.4% 236 4 1 Kim & Chang 2,049 11 -12 23 5 5 Fangda Partners 2,617 11 -66.1% 7,723 5 8 Khaitan & Co 526 10 0 10 6 - Mayne Wetherell 2,200 1 - - 6 14 Simpson Thacher & Bartlett 4,400 8 1 7 7 70 Lee & Ko 2,130 4 1421.4% 140 7 26 Bae Kim & Lee 1,653 7 2 5 8 8 Kim & Chang 2,049 11 -55.8% 4,634 8 21 Trilegal 1,459 7 1 6 9 9 Ropes & Gray 1,933 4 -53.4% 4,145 9 54 Allens 3,954 6 4 2 10 13 Shardul Amarchand Mangaldas & Co 1,722 13 -43.5% 3,047 10 12 Gilbert + Tobin 1,527 6 -2 8

*Based on advisors to bidder on buyout deals with target dominant geography being Europe and Asia-Pacific (excl. Japan) mergermarket.com Mergermarket Global & Regional League Tables 77 M&A Report 3Q19

Private Equity Advisory League tables*

Global Exits league table by value Global Exits league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 6 Simpson Thacher & Bartlett 91,852 16 333.3% 21,199 1 1 Kirkland & Ellis 48,711 74 -3 77 2 3 Latham & Watkins 57,488 40 110.4% 27,321 2 2 Goodwin Procter 7,971 41 -18 59 3 1 Kirkland & Ellis 48,711 74 10.3% 44,143 3 7 Latham & Watkins 57,488 40 4 36 4 5 Fried Frank Harris Shriver & Jacobson 38,448 3 69.7% 22,658 4 3 DLA Piper 5,882 40 -11 51 5 156 Osler, Hoskin & Harcourt 33,147 9 6374.0% 512 5 4 Cooley 6,414 30 -13 43 6 55 Allen & Overy 32,284 14 832.3% 3,463 6 5 Weil Gotshal & Manges 13,710 28 -13 41 7 140 Gleiss Lutz 27,255 2 3598.1% 737 7 10 Wilson Sonsini Goodrich & Rosati 7,453 25 2 23 8 - Corrs Chambers Westgarth 27,000 2 - - 8 12 Orrick Herrington & Sutcliffe 4,453 24 2 22 9 80 Wachtell, Lipton, Rosen & Katz 21,296 6 836.5% 2,274 9 16 Ropes & Gray 6,531 23 4 19 10 15 Sullivan & Cromwell 18,055 12 53.0% 11,797 10 22 Paul Hastings 6,386 22 6 16

US Exits league table by value US Exits league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 Simpson Thacher & Bartlett 84,164 9 328.9% 19,625 1 1 Kirkland & Ellis 44,404 60 -1 61 2 5 Latham & Watkins 49,715 24 291.8% 12,690 2 2 Goodwin Procter 6,609 34 -16 50 3 1 Kirkland & Ellis 44,404 60 46.1% 30,386 3 3 Cooley 5,666 27 -12 39 4 2 Fried Frank Harris Shriver & Jacobson 38,448 3 69.7% 22,658 4 8 Latham & Watkins 49,715 24 4 20 5 61 Osler, Hoskin & Harcourt 30,613 2 7103.1% 425 5 6 Wilson Sonsini Goodrich & Rosati 4,053 21 0 21 6 - Gleiss Lutz 27,255 2 - - 6 11 Ropes & Gray 6,169 19 3 16 7= - Allen & Overy 27,000 1 - - 7 9 DLA Piper 1,337 18 -2 20 7= - Corrs Chambers Westgarth 27,000 1 - - 8 13 Orrick Herrington & Sutcliffe 3,970 16 1 15 9 32 Wachtell, Lipton, Rosen & Katz 20,627 5 807.1% 2,274 9 16 Fenwick & West 2,449 16 4 12 10 8 Sullivan & Cromwell 10,523 10 0.2% 10,498 10 12 Morgan Lewis & Bockius 1,219 16 1 15

*Based on advisors to target/seller on exit deals with target dominant geography being Global and US mergermarket.com Mergermarket Global & Regional League Tables 78 M&A Report 3Q19

Private Equity Advisory League tables*

Europe Exits league table by value Europe Exits league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 9 Herbert Smith Freehills 8,188 3 45.1% 5,642 1 1 DLA Piper 4,426 21 -8 29 2 15 White & Case 8,167 11 84.6% 4,423 2 2 CMS 2,278 15 -7 22 3 4 Latham & Watkins 7,754 14 -23.2% 10,090 3 8 Latham & Watkins 7,754 14 1 13 4 67 Allen & Overy 5,284 12 573.1% 785 4 3 Weil Gotshal & Manges 4,603 13 -7 20 5 178 Paul Weiss Rifkind Wharton & Garrison 4,890 3 - - 5 6 Allen & Overy 5,284 12 -3 15 6 3 Weil Gotshal & Manges 4,603 13 -54.8% 10,175 6 4 Linklaters 2,240 12 -7 19 7 18 DLA Piper 4,426 21 14.5% 3,866 7 10 White & Case 8,167 11 -2 13 8 197 Wiersholm 3,970 4 - - 8 9 Kirkland & Ellis 3,807 11 -2 13 9 5 Kirkland & Ellis 3,807 11 -55.6% 8,573 9 11 Jones Day 1,204 11 -2 13 10 148 Hannes Snellman 3,774 3 6521.1% 57 10 55 Travers Smith 420 11 7 4

Asia Pacific (excl. Japan) Exits league table by value Asia Pacific (excl. Japan) Exits league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal Count Deal 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 1 Allen & Gledhill 16,128 2 -6.2% 17,187 1 15 Kim & Chang 2,327 6 3 3 2 6 Herbert Smith Freehills 4,259 5 -68.9% 13,714 2 1 Herbert Smith Freehills 4,259 5 -4 9 3 - Makes & Partners 3,501 1 - - 3 4 Shardul Amarchand Mangaldas & Co 510 4 -3 7 4 24 Kim & Chang 2,327 6 4.9% 2,219 4 2 AZB & Partners 324 4 -5 9 5 3 Khaitan & Co 1,392 3 -91.5% 16,334 5 6 Khaitan & Co 1,392 3 -2 5 6 - ETR Law Firm 1,338 1 - - 6 12 Cyril Amarchand Mangaldas 1,285 3 0 3 7 2 Cyril Amarchand Mangaldas 1,285 3 -92.2% 16,492 7 64 Shin & Kim 420 3 2 1 8 33 Simpson Thacher & Bartlett 1,147 2 14.7% 1,000 8 23 Lee & Ko 224 3 1 2 9 12 Fangda Partners 1,086 2 -75.3% 4,394 9 18 Allen & Gledhill 16,128 2 0 2 10 75 Skadden Arps Slate Meagher & Flom 1,000 1 - - 10 46 Simpson Thacher & Bartlett 1,147 2 1 1

*Based on advisors to target/seller on exit deals with target dominant geography being Europe and Asia-Pacific (excl. Japan) mergermarket.com Mergermarket Global & Regional Criteria & Contacts 79 M&A Report 3Q19

Criteria Contacts

Research Analyst (EMEA) All data is based on transactions over USD 5m and is Production Commercial Mohamed Rais Global Editorial Analytics [email protected] Americas based on the Mergermarket’s M&A deals database. Director +44 20 3741 1190 Kurt Viehl Deals with undisclosed deal values are included where Beranger Guille Head Analyst (Americas) [email protected] [email protected] +1 212 390 7812 the target’s turnover exceeds USD 10m. Deals where +44 20 3741 1186 Philip Segal [email protected] Asia Head of Research (Asia) +1 212 574 7877 the effective stake acquired is less than 30% will only Laurence Edwards Gerry Tee Analyst (APAC) [email protected] be included if the value is greater than USD 100m. [email protected] +852 2158 9771 +852 2158 9741 Joji Sekinuma Full deal inclusion criteria can be found here. [email protected] EMEA Head of Research (EMEA) +852 2158 9796 Ben Rumble Trend data: Based on the dominant geography League tables: Based on the dominant Andrea Putaturo [email protected] of the target company and excludes lapsed geography of the target, bidder or seller, and [email protected] +44 20 3741 1007 and withdrawn bids. Sector trends based on excludes lapsed and withdrawn bids. Private +44 20 3741 1274 the dominant sector of the target. equity buyout league tables are based on advisors advising the bidder only on buyout Research Editor (APAC) Global cross-border M&A: Based on the deals with target dominant geography being dominant geography of the target and bidder the country/region and excludes lapsed and Riccardo Ghia company being in a different region. [email protected] withdrawn bids. Private equity exit league +852 2158 9704 Deal Submissions Press Relations Inbound: Global/US/Japan: The dominant tables based on advisors advising the target/ geography of the target is X and the dominant seller on exit deal with target dominant Research Editor (EMEA) Americas Americas geography of the bidder is any other country geography being the country/region and excluding X. Europe/Asia/Africa & Middle East: excludes lapsed and withdrawn bids. Private Jonathan Klonowski Jason Loria Lindsay Spivak [email protected] [email protected] The dominant geography of the target is X and equity buyout and exit combined league tables [email protected] +1 646 378 3122 +1 212-390-7801 the dominant geography of the bidder is any are based on advising the bidder on buyout +44 20 3741 1293 other region excluding X. deals AND the target/seller on exit deals, Deputy Head of Research (EMEA) Asia Asia excluding lapsed and withdrawn bids. Equal Outbound: Global/US/Japan: The dominant rankings are based on having both identical Marie-Laure Keyrouz John Capulong Candy Tam geography of the bidder is X and the dominant values and deal counts reported in one table. [email protected] [email protected] [email protected] geography of the target is any other country +44 20 3741 1282 +852 2158 9723 +852 2158 9706 excluding X. Europe/Asia/Africa & Middle East: All values are in USD The dominant geography of the bidder is X M&A Trends and Top Deals correct as of 10am Global PE Specialist EMEA EMEA and the dominant geography of the target is (GMT), 30-Sep-2019. Cut off date 29-Sep- any other region excluding X. 2019 Mate Taczman Michael Richards Ioiana Luncheon [email protected] [email protected] [email protected] Top deals: Based on the dominant geography League Tables correct as of 10am (GMT), +44 20 3741 1361 +44 20 3741 1294 +44 203 741 1391 of the target company. 03-Oct-2019. Cut off date 30-Sep-2019. mergermarket.com Mergermarket Global & Regional 80 M&A Report 3Q19

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