Global Mid-Market M&A Review

FULL YEAR 2019 | LEGAL ADVISORS Mid-Market Mergers & Acquisitions Review Full Year 2019 | Legal Advisors

Global Deals Intelligence Global Scorecard: Announced Mid-Market M&A by Target Nation (Up To US$500mil) MID-MARKET DEAL MAKING FALLS 7%, WEAKEST ANNUAL PERIOD SINCE 2014 01/01/2019 - 12/31/2019 01/01/2018 - 12/31/2018 YoY % YoY % Target Region / Nation Value ($mil) # of Deals Value ($mil) # of Deals Chg. ($) Chg. (#) Global mid-market M&A deals valued up to US$500 million (including undisclosed value deals), reached Worldwide 925,655.5 47,950 1,000,084.3 50,234 -7% ▼ -5% ▼ US$925.7 billion during full year 2019, a decrease of 7% compared to year-ago levels and the slowest Americas 289,131.9 14,313 319,607.5 16,143 -10% ▼ -11% ▼ annual period in five years. Mid-market transactions during the fourth quarter of 2019 totaled US$243.3 United States of America 224,890.2 10,847 255,944.4 12,322 -12% ▼ -12% ▼ billion, a 4% uptick compared to the third quarter of the year and an 11% decrease compared to the Canada 31,035.3 2,153 28,326.9 2,391 10% ▲ -10% ▼ Brazil 14,634.4 662 12,838.1 649 14% ▲ 2% ▲ fourth quarter of 2018. By number of deals, mid-market deal making reached a three-year low of 47,950 Mexico 3,836.2 127 4,541.8 181 -16% ▼ -30% ▼ deals, a 5% decline compared to a year ago. Chile 3,498.5 133 3,643.6 123 -4% ▼ 8% ▲ Colombia 2,728.1 100 2,433.8 101 12% ▲ -1% ▼ CROSS-BORDER MID-MARKET M&A DECLINES 2%; PE-BACKED M&A UP 20% Bermuda 1,429.9 21 2,415.4 18 -41% ▼ 17% ▲ Africa/Middle East/Central Asia 23,479.8 1,246 26,016.6 1,220 -10% ▼ 2% ▲ Cross-border mid-market M&A activity totaled US$325.4 billion during full year 2019, a 2% decrease Israel 6,938.1 200 4,422.9 154 57% ▲ 30% ▲ compared to the same period during 2018. By deal value, the Real Estate, Technology and Financials South Africa 3,740.6 252 4,353.4 249 -14% ▼ 1% ▲ sectors accounted for 44.6% of cross-border deal making during full year 2019, up from 42.1% a year Europe 212,639.7 15,465 208,119.8 15,798 2% ▲ -2% ▼ ago. Private equity-backed mid-market M&A deals totaled a record US$154.6 billion, an increase of 20% United Kingdom 43,373.9 3,215 51,470.4 3,636 -16% ▼ -12% ▼ Germany 25,853.4 1,626 19,106.1 1,658 35% ▲ -2% ▼ compared to a year ago. France 22,248.5 1,877 21,717.3 1,874 2% ▲ 0% ▲ Italy 18,719.8 1,231 15,653.4 1,148 20% ▲ 7% ▲ REAL ESTATE AND TECHNOLOGY LEAD MID-MARKET SECTOR MIX Spain 15,735.0 1,099 16,842.0 1,128 -7% ▼ -3% ▼ Asia-Pacific 365,898.3 14,154 411,624.7 14,130 -11% ▼ 0% ▲ The value of mid-market M&A in the Real Estate sector accounted for an industry-leading 18% of overall China 196,460.2 6,343 229,265.3 5,694 -14% ▼ 11% ▲ deal making, or $164.3, billion, up from 16% a year ago. Technology-related M&A transactions South Korea 38,945.6 1,736 42,734.7 1,864 -9% ▼ -7% ▼ accounted for 14% of deal activity during full year 2019, or $130.9 billion in transactions. Nearly all India 34,186.1 1,538 33,645.1 1,669 2% ▲ -8% ▼ industries for mid-market M&A saw year-over-year percentage declines, by number of deals, compared Australia 33,451.0 1,619 30,926.1 1,626 8% ▲ 0% ▼ Singapore 18,672.7 528 13,883.0 521 35% ▲ 1% ▲ to the same period last year. Japan 34,505.9 2,772 34,715.7 2,943 -1% ▼ -6% ▼

Global Mid-Market M&A (up to US$500mil) - Deal Size Composition (US$bil) Global Mid-Market Cross-Border M&A (up to US$500mil)

$300 14,000 $100 4,000

$90 3,500 12,000 $250 $80 3,000 10,000 $70 $200 2,500 $60 8,000

$150 $50 2,000 6,000 $40 1,500 $100 4,000 $30 1,000 $20 $50 2,000 500 $10

$0 0 $0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 US$200 - 500 mil US$100 - 200 mil US$50 - 100 mil US$0 - 50 mil Total # of Deals Cross-Border (US$ Bil) Number of Deals

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Worldwide Mid-Market (MML1)YoY Change ($) -7% Global Mid-Market M&A - Regional Composition (US$bil) Global Mid-Market M&A - Target Macro Industry Composition (US$bil) Rank Rank # of YoY Chg Value Legal Advisor 2019 2018 Deals # of Deals US$mil $1,200 DLA Piper LLP 1 1 626 -48 14,936.7 Asia-Pacific (ex Central Asia) Americas Kirkland & Ellis 2 3 608 107 18,206.9 Europe Japan $164.3 Goodwin Procter LLP 3 4 477 -19 21,322.9 18% Jones Day 4 2 420 -137 17,514.9 $1,000 Latham & Watkins 5 7 402 22 25,397.3 $260.6 CMS 66333 -53 9,265.6 28% Orrick Herrington & Sutcliffe LLP 7 14 328 112 12,093.6 Real Estate White & Case LLP 8 11 281 28 18,028.9 $800 McGuireWoods LLP 98275 -56 2,458.6 High Technology Baker Mckenzie 10 5 238 -156 11,047.8 Allen & Overy 11 9 235 -84 14,808.9 Industrials Gowling WLG 12* 17 231 30 3,057.2 $130.9 $600 Financials Hunton Andrews Kurth LLP 12* 15 231 19 2,993.6 14% Clifford Chance 14 12 221 -15 12,331.7 Energy and Power Hogan Lovells 15 10 196 -76 7,946.4 Morgan Lewis & Bockius 16 20 178 -11 4,888.7 Materials Ropes & Gray 17 33 177 33 7,854.8 $400 $67.4 Freshfields Bruckhaus Deringer 18 23* 174 3 11,007.6 7% Other Linklaters 19 22 170 -12 10,827.7 Eversheds Sutherland LLP 20 13 166 -54 3,170.7 $113.1 $200 Weil Gotshal & Manges 21* 19 165 -31 11,457.7 $79.6 12% Willkie Farr & Gallagher 21* 30 165 17 7,779.4 9% Kim & Chang 23 44 164 38 11,120.1 $109.7 Dentons 4,520.1 24 23* 162 -9 12% AZB & Partners 25 29 151 0 9,527.7 $0 Industry Total 47,950 -2,284 925,655.5 2015 2016 2017 2018 2019

United States Target Mid-Market (MML2) YoY Change ($) -12% Canadian Involvement Mid-Market (MML22) YoY Change ($) -4% Latin America Involvement Mid-Market (MML17) YoY Change ($) 4% Rank Rank # of YoY Chg Value Rank Rank # of YoY Chg Value Rank Rank # of YoY Chg Value Legal Advisor 2019 2018 Deals # of Deals US$mil Legal Advisor 2019 2018 Deals # of Deals US$mil Legal Advisor 2019 2018 Deals # of Deals US$mil Kirkland & Ellis 1 1 492 71 13,106.0 Gowling WLG 1 1 111 -16 1,103.8 Pinheiro Neto Advogados 1 1 108 31 3,429.1 Goodwin Procter LLP 2 2 391 -10 17,926.5 Stikeman Elliott 2 3 62 -25 3,969.5 Mattos Filho Veiga Filho Marrey Jr 2 2 77 10 3,504.9 McGuireWoods LLP 3 3 269 -56 2,304.5 Blake Cassels & Graydon 3 2 61 -40 3,738.1 Barbosa Mussnich & Aragao 3* 7 53 11 3,036.5 Latham & Watkins 4 6 245 19 14,144.0 Osler Hoskin & Harcourt LLP 4 6 48 0 2,938.0 Demarest Advogados 3* 3 53 -12 1,847.7 Hunton Andrews Kurth LLP 5 7 225 22 2,219.4 Fasken Martineau DuMoulin LLP 5 13* 47 25 1,973.3 Machado Meyer Sendacz & Opice 5 8* 49 17 3,096.0 DLA Piper LLP 6 5 220 -26 4,750.6 McCarthy Tetrault 6 5 41 -11 2,744.5 Veirano Advogados 6 6 47 4 440.4 Jones Day 7 4 200 -88 7,992.9 Kirkland & Ellis 7 20 30 12 1,916.8 Cescon, Barrieu, Flesch & Barreto Advogados 74 36 -27 808.4 Orrick Herrington & Sutcliffe LLP 8 16* 171 71 7,025.3 Norton Rose Fulbright 8* 10 28 -1 1,694.7 Stocche Forbes Advogados 8* 10 30 1 584.1 Morgan Lewis & Bockius 9 9 143 -21 3,608.7 Torys 8* 12 28 3 2,627.4 Lefosse Advogados 8* 16 30 15 1,091.6 Ropes & Gray 10 15 142 36 4,783.8 Cassels Brock & Blackwell LLP 10 7 26 -16 139.2 Lobo de Rizzo Advogados 10 17* 21 7 849.4 Honigman Miller Schwartz And Cohn 11 25 138 61 616.0 Davies Ward Phillips & Vineberg LLP 11 8 24 -10 2,385.3 Simpson Thacher & Bartlett 11 26* 19 10 2,033.7 Sidley Austin LLP 12 14 119 12 5,067.6 Borden Ladner Gervais LLP 12* 18* 19 0 302.4 Azevedo Sette Avogados 12* 23 13 1 50.3 Holland & Knight LLP 13* 64* 101 83 865.5 Latham & Watkins 12* 13* 19 -3 1,418.3 Baker Mckenzie 12* 5 13 -38 259.6 Willkie Farr & Gallagher 13* 26* 101 27 3,914.2 Miller Thomson 14 4 18 -49 111.2 Carey & Cia 14 13 12 -6 136.7 Weil Gotshal & Manges 15 11 92 -30 5,257.0 Jones Day 15 16* 17 -3 1,261.2 Jones Day 15* 17* 11 -3 542.0 McDermott Will & Emery 16 10 88 -47 2,154.7 Bennett Jones 16 11 14 -13 1,361.1 Pinheiro Guimaraes 15* 12 11 -8 391.7 Skadden 17 22 85 -2 6,006.6 Morgan Lewis & Bockius 17* 36* 13 6 177.1 DLA Piper LLP 17* 21* 10 -3 39.2 Bryan Cave Leighton Paisner LLP 18 12* 78 -32 1,519.2 Weil Gotshal & Manges 17* 38* 13 7 1,187.7 Cuatrecasas 17* 24 10 -1 110.1 Paul, Weiss 19 12* 77 -33 3,311.9 Goodwin Procter LLP 19* 21 12 -5 547.5 Felsberg Pederetti Mannrich e Aidar Advogados 19* 14* 9 -8 347.0 Simpson Thacher & Bartlett 20 23* 73 -5 2,640.5 Orrick Herrington & Sutcliffe LLP 19* 22 12 0 118.7 White & Case LLP 19* 17* 9 -5 2,301.8 Pillsbury Winthrop Shaw Pitt LLP 21 23* 71 -7 3,818.3 McMillan LLP 21* 23* 10 1 524.8 Latham & Watkins 21 29* 8 0 1,234.4 Wilson Sonsini Goodrich & Rosati 22 19* 70 -28 3,852.6 Dentons Canada LLP 21* 30* 10 2 1,249.7 Clifford Chance 22* 31* 7 1 675.0 Alston & Bird 23* 29 68 1 3,480.3 AZB & Partners 21* 38* 10 4 401.7 CMS 22* 21* 7 -6 151.2 Vinson & Elkins LLP 23* 28 68 -4 3,942.6 Baker Mckenzie 21* 18* 10 -9 658.9 Uria Menendez 22* 36* 7 3 905.8 White & Case LLP 23* 34 68 14 4,014.3 Simpson Thacher & Bartlett 21* 45* 10 5 618.7 Industry Total 10,847 -1,478 224,868.6 Industry Total 2,369 -354 42,591.6 Industry Total 1,356 -89 36,738.0 *Indicates a Tie

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Hochinma Involvement Mid-Market (MML13) YoY Change ($) -14% Japan Involvement Mid-Market (MML15) YoY Change ($) -4% Chinese Involvement Mid-Market (MML20) YoY Change ($) -16% Rank Rank # of YoY Chg Value Rank Rank # of YoY Chg Value Rank Rank # of YoY Chg Value Legal Advisor 2019 2018 Deals # of Deals US$mil Legal Advisor 2019 2018 Deals # of Deals US$mil Legal Advisor 2019 2018 Deals # of Deals US$mil AZB & Partners1 1 93 -16 7,042.1 Nishimura & Asahi1 2 146 50 7,691.2 Fangda Partners1 1 93 35 4,523.2 Khaitan & Co2 2* 68 -6 4,180.6 Mori Hamada & Matsumoto2 1 140 11 5,509.4 Commerce & Finance Law Offices2 33* 49 41 975.0 Shardul Amarchand Mangaldas & Co3 2* 54 -20 4,417.0 Nagashima Ohno & Tsunematsu3 3 101 7 6,403.4 Grandall Law Firm3 2 44 -10 2,209.3 Fangda Partners 4 4 53 5 3,268.8 Anderson Mori & Tomotsune4 4 77 -2 3,731.5 Zhong Lun Law Firm4 4 42 6 1,988.5 Cyril Amarchand Mangaldas 5 6* 44 6 3,350.5 TMI Associates5 5 32 -25 1,490.6 King & Wood Mallesons5 3 28 -22 3,769.3 Zhong Lun Law Firm6 12* 36 5 1,508.0 Hibiya-Nakata6 8 23 4 248.1 AllBright Law Offices6 8 24 3 1,179.4 J Sagar Associates7* 8* 31 -5 2,370.1 Baker Mckenzie 7 718 -7 797.9 Jingtian & Gongcheng7* 9 19 -1 1,652.6 King & Wood Mallesons7* 5 31 -14 3,297.8 Freshfields Bruckhaus Deringer 8 23* 16 8 1,179.4 Tian Yuan Law Firm7* 13* 19 2 1,922.5 Trilegal 9 8* 24 -12 1,257.7 Herbert Smith Freehills 9 9* 15 -2 241.6 Clifford Chance9 7 18 -5 1,247.5 AllBright Law Offices10* 28* 23 9 1,140.5 Kim & Chang10* 16* 11 1 1,305.9 Deheng Law Offices10* 13* 16 -1 133.3 Allen & Overy10* 17 23 3 2,425.7 Allen & Overy10* 16* 11 1 115.3 Dentons 10* 33* 16 8 149.0 Clifford Chance12 14 20 -6 1,022.2 Mattos Filho Veiga Filho Marrey Jr10* 52* 11 8 180.2 Freshfields Bruckhaus Deringer 12 60* 14 11 1,046.4 Grandall Law Firm13* 6* 19 -19 717.1 Hogan Lovells 13* 34* 10 4 575.1 White & Case LLP13 17 13 -2 531.9 Baker Mckenzie13* 10* 19 -15 2,121.1 Norton Rose Fulbright 13* 70* 10 8 509.2 Jones Day14* 10* 12 -6 306.5 Goodwin Procter LLP15 23 18 1 1,938.7 Orrick Herrington & Sutcliffe LLP13* 19* 10 1 737.8 Allen & Overy14* 18 12 -2 2,186.2 Deheng Law Offices 16 32* 17 5 200.2 Clifford Chance16* 34* 8 2 435.1 Linklaters16* 10* 11 -7 1,011.4 Jingtian & Gongcheng17* 18* 16 -3 1,439.3 McGuireWoods LLP16* 29* 8 1 494.5 DLA Piper LLP16* 19* 11 -2 282.6 Dentons17* 38* 16 6 194.4 Shearman & Sterling LLP16* 11* 8 -8 563.4 Yingke Law Firm 16* 60* 11 8 557.5 Jones Day19* 12* 13 -18 450.3 DLA Piper LLP16* 19* 8 -1 0.0 Latham & Watkins16* 13* 11 -6 1,546.1 Norton Rose Fulbright19* 25* 13 -2 1,101.4 AZB & Partners16* 38* 8 3 686.5 Baker Mckenzie 16* 611 -15 1,308.9 Linklaters21* 20* 12 -6 1,456.9 Tokyo International Law Office16* 104* 8 7 149.3 Davis Polk & Wardwell21 44* 10 5 588.0 Davis Polk & Wardwell21* 100* 12 9 614.1 Morrison & Foerster16* 16* 8 -2 881.4 Sullivan & Cromwell 22 36* 9 2 150.4 DLA Piper LLP21* 24 12 -4 384.1 Miura&Partners16* - 8 8 588.6 JunHe LLP 23 13* 8 -9 220.6 White & Case LLP21* 25* 12 -3 965.8 Latham & Watkins16* 14* 8 -3 1,105.8 White & Case LLP 16*9* 8 -9 552.1 Industry Total 7,447 291 210,390.7 Industry Total 3,806 -136 56,703.4 Industry Total 7,033 494 219,010.6

Australia/New Zealand Hong Kong Involvement Mid-Market (MML12) YoY Change ($) -15% Involvement Mid-Market (MML11) YoY Change ($) 1% Singapore Involvement Mid-Market (MML14) YoY Change ($) 14% Rank Rank # of YoY Chg Value Rank Rank # of YoY Chg Value Rank Rank # of YoY Chg Value Legal Advisor 2019 2018 Deals # of Deals US$mil Legal Advisor 2019 2018 Deals # of Deals US$mil Legal Advisor 2019 2018 Deals # of Deals US$mil King & Wood Mallesons1 1 21 4 997.0 Corrs Chambers Westgarth1 10 85 47 2,042.5 Allen & Gledhill1 1 32 -12 2,104.9 Clifford Chance2 3 15 0 1,257.4 King & Wood Mallesons2 2 71 -4 3,972.6 WongPartnership LLP2 2 23 -3 2,557.3 Fangda Partners3 7* 13 4 941.7 Gilbert + Tobin3 3 66 4 2,992.2 Rajah & Tann LLP3* 3 20 -3 1,701.0 Norton Rose Fulbright4 2 12 -4 1,101.4 Allens4 7 65 18 4,947.0 AZB & Partners3* 4 20 0 1,440.9 Baker Mckenzie5 15* 9 4 1,301.5 Herbert Smith Freehills5 1 63 -40 4,985.1 DLA Piper LLP 5 17 13 5 682.9 Allen & Overy 6 6 8 -5 1,363.1 HWL Ebsworth Lawyers6 5* 58 5 772.4 Baker Mckenzie6* 5 12 -6 665.4 Kim & Chang 7* 25* 7 3 228.6 Talbot Sayer Lawyers7 8 53 7 53.1 Shook Lin & Bok LLP6* 7* 12 -2 627.0 DLA Piper LLP 7* 9 7 -1 443.6 Minter Ellison8 4 50 -5 3,083.8 Freshfields Bruckhaus Deringer 8* 22* 9 3 0.0 Morrison & Foerster 7* 71* 7 6 804.5 DLA Piper LLP9 5* 46 -7 2,783.4 Kim & Chang8* 32* 9 5 592.1 White & Case LLP 7* 33* 7 4 138.9 Kain Lawyers Pty Ltd10 17* 29 3 539.0 Morgan Lewis & Bockius 8* 26* 9 4 616.2 Simpson Thacher & Bartlett 11 33* 6 3 524.1 Jones Day11* 14 27 -3 353.8 Squire Patton Boggs LLP11* 48* 8 6 124.6 Freshfields Bruckhaus Deringer 12* 15* 5 0 301.1 Baker Mckenzie11* 15* 27 -1 1,217.7 Khaitan & Co 11* 7* 8 -6 772.0 Goodwin Procter LLP12* 25* 5 1 873.0 Clayton Utz 13* 9 24 -15 1,528.1 Shardul Amarchand Mangaldas & Co 11* 98 -5 599.8 Jones Day12* 4* 5 -9 224.8 Clifford Chance13* 23* 24 8 1,218.7 Allen & Overy11* 16 8 -1 1,100.2 De Brauw Blackstone Westbroek12* 71* 5 4 5.5 Thomson Geer15 19 23 -2 40.6 Linklaters15* 39* 7 4 482.1 Davis Polk & Wardwell12* 45* 5 3 827.4 Lander & Rogers Lawyers16* 15* 19 -9 624.9 Clifford Chance 15* 14* 7 -3 312.8 Corrs Chambers Westgarth12* 33* 5 2 48.9 Norton Rose Fulbright16* 11 19 -18 402.4 Latham & Watkins 15* 67 -8 797.6 Latham & Watkins12* 4* 5 -9 341.1 Johnson Winter & Slattery16* 23* 19 3 736.7 Jones Day18* 11* 6 -5 831.1 Rajah & Tann LLP19* 33* 4 1 331.9 Clarendon Lawyers Pty Ltd19 21 18 -4 92.1 Hogan Lovells18* 14* 6 -4 319.1 Linklaters19* 15* 4 -1 1,329.3 Allen & Overy20 22 16 -4 1,444.1 King & Wood Mallesons18* 26* 6 1 307.7 Ropes & Gray 19* 33* 4 1 546.1 Ashurst21 20 15 -9 959.3 Kirkland & Ellis18* - 6 6 16.0 Commerce & Finance Law Offices19* 71* 4 3 123.9 Chapman Tripp22 12 13 -21 752.8 Orrick Herrington & Sutcliffe LLP18* - 6 6 140.0 Zhong Lun Law Firm19* 15* 4 -1 136.7 Hogan Lovells23 38* 10 5 573.5 Shook, Hardy & Bacon (MO)18* 39* 6 3 409.3 White & Case LLP24 34* 9 3 710.6 Nishimura & Asahi 18* 65* 6 5 387.3 Orrick Herrington & Sutcliffe LLP25 - 8 8 310.0 Industry Total 1,562 -143 54,197.9 Industry Total 2,281 -94 47,358.0 Industry Total 1,122 -77 43,179.1 *Indicates a Tie

www.refinitiv.com/dealsintelligence EMEA Rankings Full Year 2019 | Mid-Market M&A | Legal Advisors

European Involvement Mid-Market (MML3) YoY Change ($) 0% United Kingdom Involvement Mid-Market (MML4) YoY Change ($) -13% French Involvement Mid-Market (MML5) YoY Change ($) 3% Rank Rank # of YoY Chg Value Rank Rank # of YoY Chg Value Rank Rank # of YoY Chg Value Legal Advisor 2019 2018 Deals # of Deals US$mil Legal Advisor 2019 2018 Deals # of Deals US$mil Legal Advisor 2019 2018 Deals # of Deals US$mil DLA Piper LLP 1 2 375 7 8,545.3 DLA Piper LLP 1 2 165 7 2,619.6 Jones Day 1 1 82 1 2,376.2 CMS 2 1 326 -48 9,076.4 CMS 2 1 113 -46 5,255.6 CMS 2 3 58 -4 865.1 White & Case LLP 3 8 200 17 11,512.1 Eversheds Sutherland LLP 3 3 82 -52 1,548.2 Gide Loyrette Nouel 3 2 54 -10 2,195.8 Allen & Overy 4 4 196 -58 10,077.0 Squire Patton Boggs LLP 4 5 79 -18 1,058.8 Hogan Lovells 4 7 53 4 1,151.0 Jones Day 5 5 192 -56 9,076.6 Addleshaw Goddard 5 4 77 -35 609.3 DLA Piper LLP 5 4 51 -10 1,421.5 Clifford Chance 6 7 171 -16 8,164.0 Kirkland & Ellis 6 16 69 22 2,758.8 Lamartine Conseil 6 5 48 -7 218.8 Orrick Herrington & Sutcliffe LLP 7 17 163 45 6,048.9 Allen & Overy 7 6 67 -17 3,582.8 Clifford Chance 7 8* 47 2 2,770.7 Linklaters 8 9 152 -7 7,684.8 Latham & Watkins 8 12 65 8 3,252.8 Orrick Herrington & Sutcliffe LLP 8 12* 45 7 1,276.3 Baker Mckenzie 9 3 151 -111 3,999.2 Pinsent Masons 9 24* 60 30 698.3 White & Case LLP 9 22 41 16 1,386.2 Eversheds Sutherland LLP 10* 6 145 -58 2,288.6 Gowling WLG 10 24* 55 25 1,091.7 Allen & Overy 10 6 38 -12 3,131.5 Latham & Watkins 10* 12 145 0 7,556.6 Jones Day 11* 7 51 -25 2,429.6 Weil Gotshal & Manges 11 14* 37 3 1,789.0 Freshfields Bruckhaus Deringer 10* 10 145 -12 9,751.6 Freshfields Bruckhaus Deringer 11* 10 51 -13 3,805.0 Mayer Brown LLP 12 8* 32 -13 705.9 Hogan Lovells 13* 11 129 -26 4,328.4 Linklaters 13* 8 49 -19 2,445.1 McDermott Will & Emery 13 20* 29 3 226.9 Kirkland & Ellis 13* 20 129 28 5,274.7 Travers Smith 13* 13 49 -7 1,535.1 Herbert Smith Freehills 14* 25 26 4 547.8 Dentons 15 14 117 -9 3,319.5 Clifford Chance 13* 9 49 -16 3,345.6 Latham & Watkins 14* 17* 26 -3 499.7 Cuatrecasas 16 13 116 -15 3,020.5 White & Case LLP 16 14 46 -9 3,106.5 Goodwin Procter LLP 16* 11 25 -14 145.0 Goodwin Procter LLP 17* 21 91 -8 3,209.2 Orrick Herrington & Sutcliffe LLP 17 27* 42 14 1,635.0 Dentons 16* 19 25 -2 377.7 Squire Patton Boggs LLP 17* 16 91 -29 1,290.2 A&L Goodbody 18 17* 39 -3 1,031.8 Linklaters 18* 23* 24 0 441.6 Gowling WLG 19 56* 84 37 2,039.2 Hogan Lovells 19 17* 37 -5 1,074.3 Paul Hastings LLP 18* 16 24 -7 366.7 Loyens & Loeff 20 30 82 7 3,737.6 Herbert Smith Freehills 20 15 34 -15 2,874.1 Baker Mckenzie 20* 12* 23 -15 1,598.9 Uria Menendez 21 32* 81 10 4,336.6 Slaughter and May 21 27* 33 5 3,602.1 Willkie Farr & Gallagher 20* 17* 23 -6 1,285.3 Garrigues 22 19 80 -28 1,470.3 Dentons 22 19 31 -9 1,089.5 Dechert 22 29* 22 6 295.2 Herbert Smith Freehills 23 23 79 -13 3,827.4 Willkie Farr & Gallagher 23 34* 29 7 1,119.7 Fidal 23 10 21 -21 170.2 Addleshaw Goddard 24* 18 78 -37 609.3 Arsene Taxand 24 46* 19 10 350.7 Weil Gotshal & Manges 24* 26 78 0 6,076.4 Industry Total 17,831 -484 274,895.4 Industry Total 5,152 -300 86,645.3 Industry Total 2,896 28 40,079.9

German Involvement Mid-Market (MML6) YoY Change ($) 21% Italian Involvement Mid-Market (MML7) YoY Change ($) 11% Spanish Involvement Mid-Market (MML8) YoY Change ($) 15% Rank Rank # of YoY Chg Value Rank Rank # of YoY Chg Value Rank Rank # of YoY Chg Value Legal Advisor 2019 2018 Deals # of Deals US$mil Legal Advisor 2019 2018 Deals # of Deals US$mil Legal Advisor 2019 2018 Deals # of Deals US$mil CMS 1 1 120 15 1,435.7 NCTM 1 1 62 -16 556.3 Cuatrecasas 1 1 99 -11 2,503.0 Noerr LLP 2 2 66 6 2,247.0 Chiomenti Studio Legal 2 2 52 -20 2,667.7 Garrigues 2* 3 72 -26 1,321.3 Luther Rechtsanwaltsgesellschaft mbH 3 5* 54 0 120.1 Orrick Herrington & Sutcliffe LLP 3 4 51 16 690.6 Uria Menendez 2* 5 72 6 3,471.7 Hengeler Mueller 4 7 48 -5 2,874.8 Gianni Origoni Grippo Cappelli & Partners 43 42 -25 1,193.4 Perez Llorca 4 4 61 -12 2,978.7 DLA Piper LLP 5 12* 47 3 2,028.4 DLA Piper LLP 5 6 40 11 1,634.2 Gomez Acebo & Pombo 5 7 44 6 1,023.1 Heuking Kuehn Lueer Wojtek 6 4 46 -9 227.9 Gattai Minoli Agostinelli & Partners 6 8* 35 10 1,210.7 Linklaters 6 14 33 19 1,346.1 Clifford Chance 7* 5* 45 -9 2,587.7 Legance Avvocati Associati 7 5 32 2 1,902.6 PwC Legal LLP 7 2 31 -69 1,226.4 Freshfields Bruckhaus Deringer 7* 9 45 -5 5,052.5 PwC TLS Avvocati E Commercialisti 8 69* 29 27 1,087.3 Clifford Chance 8 12 25 6 1,488.2 P+P Pollath + Partners 9 8 40 -11 977.9 Pedersoli Studio Legale 9 8* 25 0 448.2 Deloitte 9 6 23 -24 1,135.4 Jones Day 10 10 38 -10 3,223.3 Allen & Overy 10 21* 22 9 491.6 Freshfields Bruckhaus Deringer 10 20 19 11 1,293.5 White & Case LLP 11 16* 36 9 947.6 Dentons 11 10 21 -1 691.8 Herbert Smith Freehills 11 13 16 -1 320.0 Orrick Herrington & Sutcliffe LLP 12 16* 35 8 1,095.7 Latham & Watkins 12 13* 20 3 427.6 Latham & Watkins 12 18* 15 6 1,299.1 Gleiss Lutz 13* 3 34 -22 1,652.4 Pirola, Pennuto, Zei & Associati 13* 29* 18 11 209.8 DLA Piper LLP 13 10 13 -13 457.5 Linklaters 13* 19 34 10 1,997.5 Grimaldi Studio Legale 13* 100* 18 17 939.0 Jones Day 14 16 12 0 822.1 Allen & Overy 15 11 32 -14 1,871.0 Bonelli Erede e Pappalardo 15* 7 17 -9 1,342.5 Hogan Lovells 15* 15 11 -2 671.7 Hogan Lovells 16 15 31 -9 1,474.2 White & Case LLP 15* 12 17 -1 1,520.7 Baker Mckenzie 15* 8 11 -18 25.6 Latham & Watkins 17 14 30 -11 1,164.9 CMS 17* 11 15 -5 708.0 White & Case LLP 17* 21 10 3 1,108.0 Osborne Clarke 18* 20* 22 -1 719.5 Pavia e Ansaldo 17* 13* 15 -2 34.3 Allen & Overy 17* 11 10 -11 348.0 Dentons 18* 20* 22 -1 387.5 Gitti & Partners 19* 32* 14 8 16.6 CMS 19 17 6 -5 341.2 Baker Mckenzie 18* 12* 22 -22 436.5 Gatti Pavesi Bianchi 19* 23 14 2 150.1 Cleary Gottlieb Steen & Hamilton 20 53* 5 4 918.0 Shearman & Sterling LLP 21* 22* 21 0 623.1 Simmons & Simmons 21* 29* 13 6 123.0 Pinheiro Neto Advogados 21* 27* 4 0 0.0 McDermott Will & Emery 21* 16* 21 -6 231.1 Linklaters 21* 26* 13 4 557.5 Eversheds Sutherland LLP 21* 18* 4 -5 177.4 Goodwin Procter LLP 23 35 18 8 657.2 LCA Studio Legale 21* 48* 13 10 68.8 Orrick Herrington & Sutcliffe LLP 21* 53* 4 3 1,280.0 Eversheds Sutherland LLP 24* 22* 14 -7 127.9 Hogan Lovells 21* 18* 13 -2 557.6 Willkie Farr & Gallagher 24* 26 14 -3 559.8 Industry Total 2,553 -16 45,662.7 Industry Total 1,524 99 24,610.4 Industry Total 1,369 -75 26,724.9 *Indicates a Tie

www.refinitiv.com/dealsintelligence EMEA Rankings Full Year 2019 | Mid-Market M&A | Legal Advisors

Benelux Involvement Mid-Market (MML10) YoY Change ($) 9% Nordic Involvement Mid-Market (MML9) YoY Change ($) -7% Eastern Europe Involvement Mid-Market (MML16) YoY Change ($) 5% Rank Rank # of YoY Chg Value Rank Rank # of YoY Chg Value Rank Rank # of YoY Chg Value Legal Advisor 2019 2018 Deals # of Deals US$mil Legal Advisor 2019 2018 Deals # of Deals US$mil Legal Advisor 2019 2018 Deals # of Deals US$mil Allen & Overy1 1 76 -35 3,195.7 White & Case LLP1 1 49 -5 2,033.8 Cobalt1 3* 55 11 83.4 DLA Piper LLP2 2 74 -15 1,116.1 DLA Piper LLP2 12* 46 24 1,563.8 CMS2* 5 43 0 909.9 Loyens & Loeff 3 3 73 1 2,871.5 Baker Mckenzie3 2 42 -5 1,244.4 DLA Piper LLP2* 11 43 15 431.8 CMS4 4 68 3 1,824.1 Advokatfirmaet Thommessen AS4 3 36 -10 1,197.6 Havel & Partners sro 4* 3* 37 -7 33.2 Clifford Chance 5 6 48 -4 1,496.9 Castren & Snellman5 6 29 -4 484.6 Dentons4* 7 37 2 1,526.3 Houthoff6 5 46 -7 358.9 Advokatfirman Delphi6 10* 28 5 58.7 Ellex6 1 36 -15 969.3 Linklaters7 8* 42 2 2,158.9 Gorrissen & Federspiel7 4 25 -17 1,417.4 White & Case LLP7 8 35 2 1,963.5 Freshfields Bruckhaus Deringer8 8* 38 -2 2,092.6 Hannes Snellman8 5 23 -11 1,065.9 SORAINEN 8 233 -14 685.9 Stibbe9 11 36 4 1,609.4 Krogerus Attorneys Ltd 9* 22 22 8 845.5 Schoenherr Attorney's at Law9 6 27 -15 594.7 Jones Day10 8* 33 -7 2,034.1 Kirkland & Ellis9* 18* 22 7 1,117.9 Clifford Chance10* 13 25 3 642.0 Baker Mckenzie 11* 7 32 -12 70.8 Eversheds Sutherland LLP 11 12* 21 -1 147.5 Baker Mckenzie10* 9 25 -6 538.4 White & Case LLP11* 16* 32 9 1,451.4 Dittmar & Indrenius 12 17 20 3 152.2 Linklaters12* 12 22 -3 988.1 De Brauw Blackstone Westbroek13 12 29 -2 80.3 Noerr LLP13 32* 15 8 0.0 TGS Baltic 12* 16* 22 11 349.5 Dentons14 16* 24 1 911.1 Allen & Overy14 8* 14 -12 493.4 Allen & Overy12* 10 22 -7 981.3 Hogan Lovells15* 13 22 -5 525.0 Clifford Chance15* 26* 12 2 100.9 Kinstellar15* 21* 11 3 136.0 Kirkland & Ellis 15*18 22 4 214.0 Freshfields Bruckhaus Deringer15* 14* 12 -7 373.7 Jones Day15* 24 11 4 269.4 Latham & Watkins17 14* 21 -5 1,820.0 Linklaters 15* 18* 12 -3 474.2 Freshfields Bruckhaus Deringer15* 16* 11 0 746.1 Eversheds Sutherland LLP18* 14* 16 -10 64.2 Advokatfirman Vinge15* 8* 12 -14 986.8Weil Gotshal & Manges 15* 15 11 -3 420.0 Orrick Herrington & Sutcliffe LLP18* 26* 16 4 1,026.6 Ellex15* 18* 12 -3 876.8 Eversheds Sutherland LLP19 20 10 1 224.6 Weil Gotshal & Manges 18* 26* 16 4 1,213.1 Orrick Herrington & Sutcliffe LLP 15* 42* 12 7 436.9 Industry Total 2,293 12 40,436.7 Industry Total 2,161 -39 34,542.2 Industry Total 2,855 85 29,051.7 *Indicates a Tie Mergers & Acquisitions Criteria

Announced league tables include all deals that were announced between January 1, 2019 and December 31, 2019 and of which Refinitiv was made aware. All current data and previous year's If you would like to participate in the data is as of 6:00pm EST on January 9, 2020. submission process, receive quarterly press releases, or have questions League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings. A tender/merger transaction is considered to be about our full league table criteria effective at the time of consummation of the merger or the date on which it is declared wholly unconditional. Deals with undisclosed dollar values are rank eligible but with no corresponding please contact: Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms.

AMERICAS Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion of the Robert Levine transaction or Refinitiv has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction agreed to Tel: +646 223 5682 or, in the absence of an agreement, the value of the highest offer. [email protected] Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Any involvement league EMEA tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases Selmen Soudani Tel: +48 (58) 7721 725 League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional [email protected] transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

ASIA PACIFIC League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firms in Japan: Gold Velasquez (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures are reflected in totals for Tel: +852 2847 2010 Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”. [email protected] While Refinitiv has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Refinitiv nor its third party JAPAN content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party Kaori Motohashi content provider. Refinitiv disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the Tel: +813 6441 1338 extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, [email protected] legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Refinitiv has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.