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LEGAL RANKINGS 1St 3Q 2019 1St 3Q2019

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LEGAL RANKINGS 1St 3Q 2019 1St 3Q2019 GLOBAL M&A MARKET REVIEW LEGAL RANKINGS 1st 3Q 2019 1st 3Q2019 GLOBAL M&A LEGAL ADVISORY RANKINGS The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The CONTENTS tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity- 1. Introduction swaps, joint ventures, private placements of common equity and convertible securities, and the cash 2. Global M&A Heat Map injection component of recapitalization according to Bloomberg standards. 3. Global M&A Regional Review Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We 4. Global M&A League Tables provide a global perspective and local insight into unique deal structures in various markets through a 6. Americas M&A Regional Review network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. 7. Americas M&A League Tables Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, 10. EMEA M&A Regional Review and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends. 11. EMEA M&A League Tables 16. APAC M&A Regional Review Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league 17. APAC M&A League Tables table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/. 22. Disclaimer Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone Email North America Nageen Qasim +1-646-324-2878 [email protected] EMEA Madeeha Ahmad +44-20-3525-3754 [email protected] Asia Pacific Eewen Tay +65-6231-340423 [email protected] General M&A queries may be submitted to: [email protected], [email protected], [email protected] ©2019 Bloomberg Finance L.P. All rights reserved. Global M&A Heat Map Western Europe Eastern Europe USD 660.5B USD 38.9B 1. Freshfields Bruckhaus Deringer LLP 21.9% 1. Skadden Arps Slate Meagher & Flom 11.9% 2.Shearman & Sterling LLP 13.1% 2. White & Case LLP 10.9% North America 3. Linklaters LLP 13.0% 3.Latham & Watkins 8.8% USD 1.3T 1. Skadden Arps Slate Meagher & Flom LLP 19.1% 2.Sullivan & Cromwell LLP 18.9% 3.Latham & Watkins LLP 18.8% Asia Pacific USD 693.5B Middle East & Africa 1.Latham & Watkins LLP 14.5% USD 85.2B 2. Fried Frank Harris Shriver & Jacobson LLP 14.1% 1. FriedAsia Frank Pacific Harris USD Shriver 693.5Asia & Jacobson Pacific LLP 26.9% Latin America 3. Linklaters LLP 13.9% 2.USD Allen 693.5B & Overy LLP1. Latham & Watkins LLP25.9% USD 99.0B 3. Kirkland & Ellis LLP 25.1% 1. White & Case LLP 16.6% 2.Mattos Filho Veiga Filho Marrey Quiroga 16.5% 3.Cleary Gottlieb Steen & Hamilton LLP 15.4% Deal volume and adviser market share for any regional involvement (target, seller or acquirer) for 1st 3Q2019 DDeolume and adDea 2 Global M&A Regional Review Global M&A: Premium Breakdown 4% 1% • Global M&A deal volume reached $2.7 trillion in the first 3Q2019, representing a 10.8% decrease 0-10% compared to the same period last year. Deals involving targets based in North America accounted 6% 14% 10-25% for $1.5 trillion of the global activity. • Cross border deals accounted for 36.23% of all announced deals. The pending divestiture of 25-50% Refinitiv Holdings Ltd by a consortium of sellers for $27.0 billion the largest cross border deal in 34% 50-75% the first 3Q2019. The number of megadeals increased by 18.9% year-over-year to $850.7 billion with the United States accounting for 82.9% of the overall volume. 41% 75-100% • Transactions involving targets based in the consumer non-cyclical industry decreased 2.0% year- 100%+ over-year to $645.0 billion even though the sector had the highest number of megadeals. Bristol- Myers Squibb Co’s announced acquisition of Celgene Corp for $88.9 billion was the largest Global M&A: Highlights of 1st 3Q2019 Global M&A: Industry Breakdown Total Value Amount % YoY Summary Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change Number of deals 32,262 Upjohn medicine Financial $180.0 25.5% -30.8% 7/29/19 Mylan NV Pfizer Inc $32,684.8 Volume (Bln.) $2,700.0 business/Pfizer Consumer Non-cyclical $175.6 24.8% 48.8% London Stock Avg Deal Size (Mln.) $83.7 Multiple Communications $77.5 11.0% -13.8% 1/8/19 Refinitiv Holdings Ltd Exchange Group $27,000.0 Sellers PLC Industrial $73.7 10.4% -18.3% Top Adviser Consumer Cyclical $67.4 9.5% -7.5% 8/13/19 Viacom Inc CBS Corp - $20,456.1 Wachtell Lipton Rosen & Katz Technology $54.8 7.7% -50.1% Number of deals 51 Bristol-Myers Energy $45.8 6.5% -71.4% 8/26/19 Otezla/Celgene Corp Amgen Inc $13,400.0 Squibb Co Volume (Bln.) $517.0 Basic Materials $21.5 3.0% -60.4% Global M&A Review | 1st 3Q2019 Anheuser- Avg Deal Size (Bln.) $10.1 Asahi Group Utilities $9.9 1.4% 23.1% 7/19/19 Cub Pty Ltd Busch InBev $11,283.2 Holdings Ltd SA Diversified $0.7 0.1% 32.1% Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown Amount % Change % Change $1,400 14,000 Deal Type (Bln.) Deal Count Volume $1,200 12,000 Company Takeover $324.8 -15.9% -34.4% $1,000 10,000 Cross Border $351.0 -14.0% -15.8% $800 8,000 Private Equity $234.5 -9.9% -16.4% $600 6,000 Asset sale $216.8 -16.8% 38.0% $400 4,000 Tender Offer $37.1 -21.9% 29.9% Venture Capital $44.5 2.3% -31.5% $200 2,000 Spin-off $4.7 -42.9% -78.5% $0 0 2014 Q3 2015 Q3 2016 Q3 2017 Q3 2018 Q3 2019 Q3 Minority purchase $95.7 -4.3% -26.7% Majority purchase $48.3 -23.4% -35.5% Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). 3 Global Announced Deals (By Volume) 01/01/2019 - 09/23/2019 Global Announced Deals (By Deal Count) 01/01/2019 - 09/23/2019 2019 2018 2019 2018 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Wachtell Lipton Rosen & Katz 1 19.1 516,960 51 4 10.7 8.5 Kirkland & Ellis LLP 1 15.2 409,068 452 2 6.8 8.4 Kirkland & Ellis LLP 2 15.2 409,068 452 14 6.8 8.4 Orrick Herrington & Sutcliffe LLP 2 0.6 16,760 355 13 0.7 -0.1 Sullivan & Cromwell LLP 3 14.3 386,278 111 3 11.9 2.4 Jones Day 3 6.7 180,512 343 1 4.7 2.0 Davis Polk & Wardwell LLP 4 12.2 330,126 90 2 12.0 0.2 Latham & Watkins LLP 4 8.3 223,603 305 3 12.1 -3.8 Simpson Thacher & Bartlett LLP 5 11.6 312,404 119 9 8.6 2.9 DLA Piper LLP 5 0.6 15,468 243 6 3.2 -2.6 White & Case LLP 6 10.4 280,192 196 8 8.7 1.7 White & Case LLP 6 10.4 280,192 196 9 8.7 1.7 Cleary Gottlieb Steen & Hamilton LLP 7 10.3 279,221 73 5 10.7 -0.3 CMS 7 0.6 17,411 195 8 1.5 -0.9 Cravath Swaine & Moore LLP 8 10.2 275,702 61 10 8.4 1.8 McGuireWoods LLP 8 0.5 13,080 189 7 0.9 -0.4 Weil Gotshal & Manges LLP 9 9.3 250,149 150 15 6.8 2.5 Allen & Overy LLP 9 3.6 97,698 174 5 3.9 -0.3 Slaughter and May 10 8.9 239,728 47 20 4.9 4.0 Weil Gotshal & Manges LLP 10 9.3 250,149 150 15 6.8 2.5 Fried Frank Harris Shriver & Jacobson LLP 11 8.5 230,358 52 13 7.2 1.3 Clifford Chance LLP 11 6.3 170,876 148 11 4.7 1.7 Latham & Watkins LLP 12 8.3 223,603 305 1 12.1 -3.8 Goodwin Procter LLP 12 1.3 35,668 145 9 4.3 -3.0 Skadden Arps Slate Meagher & Flom LLP 13 8.0 214,721 131 6 10.5 -2.5 Ropes & Gray LLP 13 1.8 49,095 138 34 1.7 0.2 Freshfields Bruckhaus Deringer LLP 14 6.7 181,908 132 7 9.7 -2.9 Gowling WLG 13 0.3 9,222 138 24 0.2 0.2 Jones Day 15 6.7 180,512 343 21 4.7 2.0 Hogan Lovells US LLP 15 1.0 26,522 134 12 5.6 -4.6 Shearman & Sterling LLP 16 6.5 175,040 85 16 6.1 0.4 Freshfields Bruckhaus Deringer LLP 16 6.7 181,908 132 18 9.7 -2.9 Clifford Chance LLP 17 6.3 170,876 148 23 4.7 1.7 Skadden Arps Slate Meagher & Flom LLP 17 8.0 214,721 131 19 10.5 -2.5 Blake Cassels & Graydon LLP 18 5.2 140,646 74 65 1.3 4.0 Dentons 17 0.3 9,103 131 21 1.0 -0.7 Mayer Brown LLP 19 4.5 122,402 81 49 1.8 2.7 Linklaters LLP 19 2.4 65,559 128 14 7.4 -5.0 Debevoise & Plimpton LLP 20 4.5 120,579 49 41 2.6 1.9 Morgan Lewis & Bockius LLP 20 0.3 8,051 122 20 1.5 -1.2 TOTAL 2,700,315 32,199 TOTAL 2,700,315 32,199 Global Announced Deals- Principals (By Volume) 01/01/2019 - 09/23/2019 Global Announced Deals- Principals (By Deal Count) 01/01/2019 - 09/23/2019 2019 2018 2019 2018 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Wachtell Lipton Rosen & Katz 1 25.6 516,960 51 1 13.7 11.9 Kirkland & Ellis LLP 1 18.9 381,417 446 2 7.4 11.5 Kirkland & Ellis LLP 2 18.9 381,417 446 9 7.4 11.5 Orrick Herrington & Sutcliffe LLP 2 0.8 16,654 354 12 1.0 -0.1 Slaughter and May 3 11.9 239,728 47 13 6.3 5.6 Jones Day 3 8.8 177,401 337 1 5.9 2.9 Simpson Thacher & Bartlett LLP 4 10.5 212,531 113 12 6.9 3.6 Latham & Watkins LLP 4 10.1 204,181 294 3 11.1 -1.0 Latham & Watkins LLP 5 10.1 204,181 294 4 11.1 -1.0 DLA Piper LLP 5 0.8 15,468 243 6 3.7 -2.9 Skadden Arps Slate Meagher & Flom LLP 6 9.8 198,098 127 2 13.2 -3.4 CMS 6 0.9 17,411 195 7 1.9 -1.1 Weil Gotshal & Manges LLP 7 9.0 181,152 146 15 5.9 3.0 McGuireWoods LLP 7 0.1 1,615 178 8 0.9 -0.8 Freshfields Bruckhaus Deringer LLP 8 8.9 179,941 131 3 12.4 -3.5 Allen & Overy LLP 8 4.8 97,299 173 5 4.8 0.1 Jones Day 9 8.8 177,401 337 16 5.9 2.9 White & Case LLP 9 6.5 130,510 163 13 2.9 3.6 Clifford Chance LLP 10 8.5
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