Small Cap M&A Review

REUTERS / Thomas White SMALL CAP M&A REVIEW LEGAL ADVISORS

First Half 2017 First Half 2017 | Mergers & Acquisitions | Legal Advisors Small Cap M&A Legal Review Table of Contents

Worldwide Small Cap M&A Deals Intelligence 1

Worldwide Small Cap Rankings (MML01a) 2

US Target Small Cap Rankings (MML02a) 3

Canadian Involvement Small Cap Rankings (MML22a) 4

Latin America Involvement Small Cap Rankings (MML17a) 5

European Involvement Small Cap Rankings (MML03a) 6

UK Involvement Small Cap Rankings (MML04a) 7

French Involvement Small Cap Rankings (MML05a) 8

German Involvement Small Cap Rankings (MML06a) 9

Italian Involvement Small Cap Rankings (MML07a) 10

Spanish Involvement Small Cap Rankings (MML08a) 11

Nordic Involvement Small Cap Rankings (MML09a) 12

Benelux Involvement Small Cap Rankings (MML10a) 13

Eastern Europe Involvement Small Cap Rankings (MML16a) 14

Hochinma Involvement Small Cap Rankings (MML13a) 15

Hong Kong Involvement Small Cap Rankings (MML12a) 16

Australia/New Zealand Involvement Small Cap Rankings (MML11a) 17

Singapore Involvement Small Cap Rankings (MML14a) 18

Japanese Involvement Small Cap Rankings (MML15a) 19

Chinese Involvement Small Cap Rankings (MML20a) 20

Indian Involvement Small Cap Rankings (MML21a) 21

Ranking Criteria Summary 22

https://www.thomsonone.com First Half 2017 DEALS VALUED UP TO US$50 MILLION SMALL-CAP M&A LEGAL REVIEW M&A Rankings For Mid-Market Deals Valued Up To US$500m Are Also Available

Small-Cap Deals Intelligence Worldwide Small-Cap M&A up to US$50m by Rank Value Range

Worldwide announced Small-Cap M&A deals valued up to $50 million (including undisclosed value deals) totaled US$77.8 billion in the first half of 2017 – a 2.8% decrease year-on-year. $50

The Asia-Pacific (ex Central Asia) region (by target domicile) led the Small-Cap market, with US$36.6 billion of announced $45 10,000 deal activity.

Americas (by target domicile) led the market in the number of deals announced, with 7,069 transactions for the first half of $40 2017, representing 35% of the 20,210 deals announced worldwide.

8,000 $35 The High Technology sector captured 15.5% of total announced Small-Cap value deals, followed by Real Estate and Industrials, each respectively registering 14% and 12.6% of the overall market. $30

6,000 Deals of # Jones Day tops the worldwide Legal Small-Cap rankings for deals valued up to $50 million for the first half of 2017, working $25 on 220 deals with a combined value of US$788.4 million.

Rank Value (US$b) Value Rank $20 4,000 Announced Small-Cap M&A by Target Nation Up To US$50m Jan 1 - Jun 30 $15 1/1/2017 - 06/30/2017 1/1/2016 - 06/30/2016 Rank Value Region/Nation $10 Rank Value # of Rank Value # of Change (%) 2,000 US$m Deals US$m Deals $5 Worldwide 77,856.8 20,210 80,099.7 21,060 -2.8 ▼ Americas 21,665.6 7,069 17,726.5 6,129 22.2 ▲ $0 - United States of America 16,888.6 5,768 13,267.1 4,858 27.3 ▲ Canada 2,800.9 764 2,411.6 689 16.1 ▲ Brazil 635.3 218 723.3 256 -12.2 ▼ Chile 278.8 47 179.5 45 55.3 ▲ US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals Argentina 202.4 53 197.1 40 2.7 ▲ Peru 177.4 40 65.3 171.7 ▲ Mexico 130.2 62 311.6 75 -58.2 ▼ Europe 14,109.9 6,371 16,341.7 7,807 -13.7 ▼ United Kingdom 3,779.2 1,227 3,747.2 1,213 0.9 ▲ Worldwide Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30 France 1,523.2 838 2,133.2 1,312 -28.6 ▼ Italy 1,450.1 475 1,185.2 438 22.4 ▲ Spain 1,163.4 372 1,194.6 388 -2.6 ▼ High Technology 3.6% Sweden 927.9 352 710.4 344 30.6 ▲ Germany 914.6 615 1,378.6 783 -33.7 ▼ 4.9% 15.5% Real Estate Netherlands 598.2 227 522.3 312 14.5 ▲ Poland 578.3 216 615.7 292 -6.1 ▼ 5.7% Industrials Russian Federation 403.2 630 747.8 922 -46.1 ▼ Finland 380.7 120 371.2 159 2.6 ▲ Financials Republic of Ireland 240.9 80 295.3 91 -18.4 ▼ Norway 210.4 113 425.7 151 -50.6 ▼ 6.3% Switzerland 209.9 132 318.0 174 -34.0 ▼ Materials Greece 191.1 30 10.9 15 1,653.2 ▲ 14.0% Africa/Middle East/Central Asia 1,726.2 518 2,660.6 648 -35.1 ▼ Consumer Products and Services South Africa 558.6 138 658.0 151 -15.1 ▼ Israel 227.3 53 386.9 69 -41.3 ▼ 8.1% Healthcare Asia-Pacific (ex Central Asia) 36,652.9 5,151 39,167.6 5,285 -6.4 ▼ China 16,992.3 1,821 22,026.3 2,076 -22.9 ▼ Energy and Power South Korea 5,689.8 646 5,373.5 678 5.9 ▲ Hong Kong 3,674.6 362 2,933.0 307 25.3 ▲ Media and Entertainment Australia 3,151.8 581 2,013.5 461 56.5 ▲ 8.4% India 2,093.7 592 1,676.9 511 24.9 ▲ 12.6% Taiwan 1,063.6 121 816.3 87 30.3 ▲ Consumer Staples Singapore 908.0 176 821.9 215 10.5 ▲ ▼ Retail Malaysia 777.3 201 952.6 227 -18.4 8.9% Japan 3,702.1 1,099 4,203.4 1,191 -11.9 ▼ 10.3% Telecommunications

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1 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors Worldwide Small-Cap Rankings (MML01)

MML01a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 Worldwide Small-Cap M&A up to US$50m by Target Nation Region Jan 1 - Jun 30

# of Deals per Advisor Rank Value per Advisor (US$m) Rank Value (US$b) 2017 2016 # of Change in RankValue 2017 YoY Rank Legal Advisor Rank Rank Deals # of Deals US$m Rank Val Chg (%) $0 $10 $20 $30 $40 $50 $60 $70 $80 Jones Day 1 1* 220 7 ▲ 788.4 1 8.9 ▲ DLA Piper LLP 2 3 147 -56 ▼ 443.0 4 -6.6 ▼ Kirkland & Ellis 3 7 139 4 ▲ 72.2 99 -42.3 ▼ 2011 Goodwin Procter LLP 4 18 110 26 ▲ 369.7 6 -19.5 ▼ Hogan Lovells 5 8 95 -35 ▼ 378.6 5 -9.4 ▼ 2012 Latham & Watkins 6 5 93 -50 ▼ 261.0 14 -58.6 ▼ Orrick Herrington & Sutcliffe LLP 7 19 90 7 ▲ 209.5 21 -33.2 ▼ Morgan Lewis & Bockius 8 9* 86 -28 ▼ 131.4 48 -59.2 ▼ 2013 CMS 9* 1* 85 -128 ▼ 163.2 33 -65.3 ▼ Baker & McKenzie 9* 4 85 -75 ▼ 345.4 9 -47.3 ▼ Clifford Chance 11 11 76 -29 ▼ 126.0 52 -38.8 ▼ 2014 Allen & Overy 12 6 75 -67 ▼ 143.5 43 -60.9 ▼ White & Case LLP 13 9* 70 -44 ▼ 290.5 10 -30.2 ▼ 2015 Miller Thomson 14 32* 60 8 ▲ 92.4 74 -20.2 ▼ McDermott Will & Emery 15* 26 58 -4 ▼ 58.9 114 -47.7 ▼ Weil Gotshal & Manges 15* 17 58 -27 ▼ 148.4 40 -22.0 ▼ 2016 McGuireWoods LLP 17 28* 56 -3 ▼ 226.8 18 51.7 ▲ Norton Rose Fulbright 18* 13* 55 -38 ▼ 500.6 2 -36.9 ▼ 2017 Dentons 18* 13* 55 -38 ▼ 277.1 13 -1.5 ▼ Linklaters 20 16 52 -35 ▼ 111.4 60 -49.7 ▼ Freshfields Bruckhaus Deringer 21 20* 50 -25 ▼ 93.9 72 11.3 ▲ Africa/Middle East Americas Asia-Pacific Europe Japan Herbert Smith Freehills 22* 22 49 -19 ▼ 284.4 12 -27.0 ▼ Paul, Weiss 22* 35* 49 0 - 50.0 126* -42.9 ▼ Dechert 24 37 47 -1 ▼ 145.8 42 -17.9 ▼ Stikeman Elliott 25 34 45 -6 ▼ 246.3 16 -27.4 ▼ Skadden 26* 38* 42 -4 ▼ 109.2 62 41.1 ▲ Worldwide Cross Border Volume up to $50m Simpson Thacher & Bartlett 26* 64* 42 11 ▲ 27.9 229 -69.0 ▼ Blake Cassels & Graydon 28 38* 41 -5 ▼ 362.9 7 1.5 ▲ Bryan Cave LLP 29* 20* 40 -35 ▼ 44.7 155 -64.0 ▼ $14 Q2 Volume (US$b) 3,500 Squire Patton Boggs LLP 29* 23* 40 -23 ▼ 174.4 30 -21.0 ▼ 3,174 Number of Deals King & Spalding 29* 72* 40 12 ▲ 87.7 78 - - 2,672 2,817 3,030 AZB & Partners 32* 35* 37 -12 ▼ 459.0 3 65.8 ▲ 2,872 $12 2,639 3,000 Cuatrecasas 32* 31 37 -18 ▼ 289.2 11 5.9 ▲ 2,537 2,800 Paul Hastings LLP 34* 23* 36 -27 ▼ 63.0 108 -69.6 ▼ 2,616 Honigman Miller Schwartz And Cohn 34* 137* 36 21 ▲ 86.9 81 171.6 ▲ 2,458 Osler Hoskin & Harcourt LLP 34* 51* 36 -1 ▼ 139.3 45 -21.5 ▼ $10 2,216 2,500 2,201 Willkie Farr & Gallagher 37 43* 35 -8 ▼ 27.4 232 - - 2,189

Bird & Bird 38* 47* 34 -5 ▼ 190.5 26 33.0 ▲ Gibson Dunn & Crutcher 38* 47* 34 -5 ▼ 80.6 86 -56.7 ▼ $8 2,000 Kim & Chang 40 38* 33 -13 ▼ 346.7 8 -20.6 ▼ Ellex 41 61* 32 -1 ▼ 25.9 238* -76.6 ▼

Lamartine Conseil 42* 61* 31 -2 ▼ 3.3 389 - - of Deals # $6 1,500 Sidley Austin LLP 42* 23* 31 -32 ▼ 128.2 51 115.5 ▲ King & Wood Mallesons 42* 12 31 -71 ▼ 24.2 246 -97.3 ▼ Eversheds Sutherland LLP 42* 15 31 -59 ▼ 6.6 352* -97.5 ▼ Rank Value (US$m) Value Rank O'Melveny & Myers 42* 51* 31 -6 ▼ 197.0 25 36.6 ▲ $4 1,000 Shearman & Sterling LLP 47* 43* 30 -13 ▼ 95.6 69 35.4 ▲ Mayer Brown LLP 47* 49* 30 -8 ▼ 90.7 76 - - Dorsey & Whitney LLP 47* 42 30 -15 ▼ 86.1 82 178.6 ▲ $2 500 Morrison & Foerster 47* 81* 30 5 ▲ 166.1 32 35.3 ▲ Industry Total 20,208 -852 ▼ 77,856.8 -2.8 ▼ $0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* tie

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2 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors US Target Small-Cap Rankings (MML02)

MML02a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 US Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) 2017 2016 # of Change in RankValue 2017 YoY Rank $10 3,500 Legal Advisors Rank Rank Deals # of Deals US$m Rank Val Chg (%) $9 Jones Day 1 1 121 6 ▲ 111.0 8 -68.5 ▼ 3,000 Kirkland & Ellis 2 2 118 6 ▲ 48.0 30* -46.2 ▼ $8

Goodwin Procter LLP 3 6 95 24 ▲ 322.1 1 -25.9 ▼ Morgan Lewis & Bockius 4 3 70 -15 ▼ 99.2 9 -50.3 ▼ $7 2,500 DLA Piper LLP 5 5 56 -23 ▼ 93.1 11 -45.1 ▼

Latham & Watkins 6 4 53 -31 ▼ 172.0 4 -65.0 ▼ $6 2,000 McGuireWoods LLP 7 8 52 -1 ▼ 186.4 3 24.7 ▲ McDermott Will & Emery 8 17* 45 17 ▲ 0.0 108* - - $5 Paul, Weiss 9 13* 41 2 ▲ 50.0 28* 25.0 ▲ 1,500 Deals of # Honigman Miller Schwartz And Cohn 10 43* 35 21 ▲ 58.9 26 84.1 ▲ $4 Rank Value (US$b) Value Rank Hogan Lovells 11* 15 33 -5 ▼ 200.9 2 53.1 ▲ $3 Weil Gotshal & Manges 11* 12 33 -8 ▼ 22.0 74 -51.1 ▼ 1,000 Skadden 13 17* 32 4 ▲ 93.5 10 97.3 ▲ $2 Bryan Cave LLP 14 7 30 -31 ▼ 31.0 53* -72.9 ▼ 500 King & Spalding 15 25* 28 7 ▲ 61.8 24 - - $1 Simpson Thacher & Bartlett 16 48* 26 14 ▲ 13.0 90 - - Cooley LLP 17* 10* 24 -24 ▼ 74.5 16 -14.5 ▼ $0 - Gibson Dunn & Crutcher 17* 19* 24 -3 ▼ 24.0 69 -79.7 ▼ Dorsey & Whitney LLP 19* 13* 23 -16 ▼ 68.3 19 198.3 ▲ Paul Hastings LLP 19* 16 23 -12 ▼ 48.0 30* -59.1 ▼ Morrison & Foerster 19* 43* 23 9 ▲ 166.1 5 135.6 ▲ US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals O'Melveny & Myers 19* 19* 23 -4 ▼ 153.0 6 27.3 ▲ White & Case LLP 19* 25* 23 2 ▲ 88.6 13 -20.2 ▼ Sidley Austin LLP 24 10* 22 -26 ▼ 38.0 45 31.0 ▲ Davis Polk & Wardwell 25* 33* 21 4 ▲ 0.0 108* - - US Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30 Wilson Sonsini Goodrich & Rosati 25* 9 21 -29 ▼ 11.6 91 -93.8 ▼ Orrick Herrington & Sutcliffe LLP 25* 19* 21 -6 ▼ 32.2 52 -20.5 ▼ Willkie Farr & Gallagher 28 27* 20 0 - 0.0 108* - - Winston & Strawn 29* 43* 19 5 ▲ 69.0 18 - - Real Estate 3.1% Andrews Kurth Kenyon LLP 29* 30* 19 0 - 50.0 28* -48.1 ▼ 3.1% 3.8% Dechert 31* 23* 18 -4 ▼ 67.0 20 8275.0 ▲ High Technology Dentons 31* 27* 18 -2 ▼ 62.0 23 34.8 ▲ 4.3% Akin, Gump, Strauss, Hauer & Feld 33 36 17 1 ▲ 61.6 25 6060.0 ▲ Healthcare Ropes & Gray 34 22 16 -10 ▼ 64.8 21 -37.7 ▼ 26.0% Alston & Bird 35* 48* 14 2 ▲ 58.4 27 - - Troutman Sanders LLP 35* 37* 14 -1 ▼ 126.7 7 185.4 ▲ 6.6% Consumer Products and Services Hunton & Williams 35* 56* 14 5 ▲ 74.2 17 -23.6 ▼ Greenberg Traurig 35* 27* 14 -6 ▼ 63.6 22 20.5 ▲ Financials Fenwick & West LLP 39* 30* 13 -6 ▼ 36.0 47 -20.0 ▼ Baker & McKenzie 39* 32 13 -5 ▼ 0.0 108* - - 7.3% Industrials Vinson & Elkins LLP 39* 46* 13 0 - 0.0 108* - - Shearman & Sterling LLP 42* 48* 11 -1 ▼ 42.9 37 512.9 ▲ Norton Rose Fulbright 42* 33* 11 -6 ▼ 40.5 41 -59.3 ▼ Media and Entertainment WilmerHale 44* 84* 10 7 ▲ 32.6 51 20.7 ▲ Energy and Power Cozen & O'Connor 44* 77* 10 6 ▲ 0.0 108* - - 8.1% Sullivan & Cromwell 44* 48* 10 -2 ▼ 23.7 70 - - Covington & Burling 47* 61* 9 1 ▲ 76.7 15 100.8 ▲ 16.9% Retail Fried Frank Harris Shriver & Jacobson 47* 37* 9 -6 ▼ 32.7 49* -33.1 ▼ Squire Patton Boggs LLP 47* 23* 9 -13 ▼ 0.0 108* - - Consumer Staples Arnold & Porter 47* 56* 9 0 - 0.0 108* - - 8.5% Industry Total 5,767 909 ▲ 16,889.2 27.3 ▲ Materials 12.3%

* tie

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3 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors Canadian Involvement Small-Cap Rankings (MML22)

MML22a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 Canadian Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) 2017 2016 # of Change in RankValue 2017 YoY Rank $4 900 Legal Advisors Rank Rank Deals # of Deals US$m Rank Val Chg (%) Miller Thomson 1 1 59 9 ▲ 90.2 7 -74.8 ▼ 800 Stikeman Elliott 2 2 40 -6 ▼ 246.3 1 38.8 ▲ $3 Blake Cassels & Graydon 3 3* 37 -3 ▼ 362.9 3 58.9 ▲ 700

Osler Hoskin & Harcourt LLP 4 5 32 0 - 137.0 2 35.1 ▲ $3 McCarthy Tetrault 5 3* 27 -13 ▼ 94.5 11 158.2 ▲ 600 Gowling WLG 6 6 22 -8 ▼ 65.6 4 -33.7 ▼ Davies Ward Phillips & Vineberg LLP 7 12 20 8 ▲ 106.5 35* -60.1 ▼ $2 500 Borden Ladner Gervais LLP 8 8 19 -1 ▼ 115.7 22 199.0 ▲ Norton Rose Fulbright 9 7 16 -7 ▼ 248.2 23 3550.0 ▲ 400 $2 of Deals# Goodmans 10 17 12 3 ▲ 153.0 15 340.9 ▲ Jones Day 11 13* 11 0 - 29.4 20 - - (US$b) Value Rank 300 Cassels Brock & Blackwell LLP 12* 19* 9 3 ▲ 78.9 35* -53.5 ▼ $1 Kirkland & Ellis 12* 15* 9 -1 ▼ 0.0 35* - - 200 Fasken Martineau DuMoulin LLP 14* 9 7 -9 ▼ 44.4 6 6.2 ▲ Bar & Karrer 14* - 7 7 ▲ 0.0 35* - - $1 100 Morgan Lewis & Bockius 16 10 6 -8 ▼ 31.1 35* - - Torys 17* 19* 5 -1 ▼ 87.6 35* 84.0 ▲ $0 - Goodwin Procter LLP 17* 27* 5 1 ▲ 0.0 33 - - Paul, Weiss 17* 27* 5 1 ▲ 0.0 25* - - DLA Piper LLP 20* 15* 4 -6 ▼ 25.8 18 -40.3 ▼ Hogan Lovells 20* 27* 4 0 - 0.0 35* - - Orrick Herrington & Sutcliffe LLP 20* 24* 4 -1 ▼ 35.0 17 -55.2 ▼ US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals Weil Gotshal & Manges 20* 71* 4 3 ▲ 0.0 35* - - Linklaters 24* 19* 3 -3 ▼ 0.0 35* - - McDermott Will & Emery 24* 41* 3 0 - 0.0 35* - - Canadian Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30 Wildeboer Dellelce LLP 24* 41* 3 0 - 39.0 19 -4.6 ▼ Troutman Sanders LLP 24* 41* 3 0 - 8.7 35* - - Vinson & Elkins LLP 24* 27* 3 -1 ▼ 0.0 35* - - Morrison & Foerster 24* 71* 3 2 ▲ 0.0 35* - - Materials 2.5% Baker & McKenzie 24* 13* 3 -8 ▼ 66.9 35* - - 3.1% 2.6% King & Spalding 24* - 3 3 ▲ 25.9 35* - - Real Estate Arnold & Porter 24* - 3 3 ▲ 0.0 35* - - 5.4% Industry Total 1,186 850 ▲ 4,878.1 21.1 ▲ 22.2% Energy and Power * tie 7.3% Industrials

Healthcare

8.5% High Technology

Consumer Products and Services 14.8% Financials 8.9% Media and Entertainment

Retail

11.6% 13.1% Consumer Staples

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4 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors Latin America Involvement Small-Cap Rankings (MML17)

MML17a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 Latin American Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) 2017 2016 # of Change in RankValue 2017 YoY Rank $2.5 500 Legal Advisors Rank Rank Deals # of Deals US$m Rank Val Chg (%) Mattos Filho Veiga Filho Marrey Jr 1* 7 21 7 ▲ 62.9 6 -7.6 ▼ 450 Machado Meyer Sendacz & Opice 1* 6 21 6 ▲ 80.4 3 405.7 ▲ $2.0 400 Pinheiro Neto Advogados 3 2 19 -5 ▼ 23.3 23 -69.0 ▼

Demarest Advogados 4 12 16 9 ▲ 56.4 8 314.7 ▲ 350 Souza, Cescon, Barrieu & Flesch Advogados 5 4 14 -4 ▼ 55.9 9 -40.7 ▼ Tozzini Freire Teixeira e Silva 6 1 13 -16 ▼ 121.2 1 96.4 ▲ $1.5 300 Baker & McKenzie 7 3 11 -9 ▼ 35.0 18 -44.3 ▼ 250 Veirano Advogados 8* 8* 10 -3 ▼ 1.2 42 -98.7 ▼ Lefosse Advogados 8* 16* 10 5 ▲ 12.5 34 - - $1.0 200 # of Deals of # Barbosa Mussnich & Aragao 10* 8* 9 -4 ▼ 0 44* - -

Lobo & de Rizzo Advogados 10* 13* 9 3 ▲ 0 44* - - (US$b) Value Rank 150 Jones Day 12 16* 8 3 ▲ 107.0 2 - - $0.5 100 Stocche Forbes Advogados 13 5 7 -10 ▼ 0 44* - - Clifford Chance 14* 22* 6 3 ▲ 11.2 36 -68.4 ▼ 50 Garrigues 14* 19* 6 2 ▲ 3.0 40 -91.2 ▼ Creel, Garcia Cuella, Aiza y Enriquez 16* 10 5 -6 ▼ 31.5 19 -40.2 ▼ $0.0 - Carey & Cia 16* 28* 5 3 ▲ 9.3 37 -35.9 ▼ Linklaters 18* 43* 4 3 ▲ 0 44* - - DLA Piper LLP 18* 28* 4 2 ▲ 0 44* - - Cuatrecasas 18* 13* 4 -2 ▼ 42.5 17 - - US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals Skadden 18* 22* 4 1 ▲ 5.1 38 - - Gonzalez Calvillo SC 18* - 4 4 ▲ 0 44* - - Uria Menendez 18* 16* 4 -1 ▼ 48.0 14 35.6 ▲ Blake Cassels & Graydon 18* 43* 4 3 ▲ 70.0 5 44.3 ▲ Simpson Thacher & Bartlett 18* - 4 4 ▲ 0 44* - - Latin American Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30 White & Case LLP 18* 19* 4 0 - 0 44* - - Gomez Acebo & Pombo 27* - 3 3 ▲ 0 44* - - Azevedo Sette Avogados 27* 11 3 -5 ▼ 70.9 4 1007.8 ▲ Materials Koury Lopes Advogados 27* 43* 3 2 ▲ 0 44* - - 2.6% Paul Hastings LLP 27* - 3 3 ▲ 15.0 33 - - 4.1% Fried Frank Harris Shriver & Jacobson 27* - 3 3 ▲ 0 44* - - Energy and Power Weil Gotshal & Manges 27* 28* 3 1 ▲ 50.0 12* - - 6.0% 22.5% Miller Thomson 27* 43* 3 2 ▲ 26.0 21 - - Financials Goodmans 34* - 2 2 ▲ 51.5 11 - - Estudio Beccar Varela 34* - 2 2 ▲ 0 44* - - 6.0% Industrials Axium Law Corp 34* - 2 2 ▲ 26.5 20 - - Hogan Lovells 34* 19* 2 -2 ▼ 19.3 30 - - Norton Rose Fulbright 34* 22* 2 -1 ▼ 55.5 10 -22.4 ▼ Consumer Staples Vella Pugliese Buosi e Guidoni 34* 43* 2 1 ▲ 0 44* - - 7.7% Pereira Neto, Macedo Advogados 34* - 2 2 ▲ 0 44* - - Consumer Products and Services Velloza & Girotto Advogados Associados 34* 43* 2 1 ▲ 0 44* - - Morgan Lewis & Bockius 34* 43* 2 1 ▲ 0 44* - - Real Estate Orrick Herrington & Sutcliffe LLP 34* - 2 2 ▲ 0 44* - - 14.9% Sullivan & Cromwell 34* - 2 2 ▲ 59.7 7 - - 8.9% High Technology Akin, Gump, Strauss, Hauer & Feld 34* - 2 2 ▲ 1.8 41 - - Industry Total 538 -29 ▼ 1,912.8 29.8 ▲ Healthcare

11.3% Telecommunications 14.2% Retail

* tie

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5 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors European Involvement Small-Cap Rankings (MML03)

MML03a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 European Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) 2017 2016 # of Change in RankValue 2017 YoY Rank $12 5,000 Legal Advisors Rank Rank Deals # of Deals US$m Euro mil Rank Val Chg (%) DLA Piper LLP 1 3 90 -19 ▼ 266.7 248.4 3 14.6 ▲ 4,500 CMS 2 1 85 -127 ▼ 163.2 149.4 8 -65.3 ▼ $10 Jones Day 3 5 84 -11 ▼ 562.7 519.5 1 64.4 ▲ 4,000 Orrick Herrington & Sutcliffe LLP 4 15 65 12 ▲ 137.3 127.0 13 -28.7 ▼

3,500 Allen & Overy 5 2 61 -58 ▼ 78.4 72.0 36 -72.7 ▼ $8 Baker & McKenzie 6* 4 59 -47 ▼ 133.3 123.8 15 -71.6 ▼ Hogan Lovells 6* 10 59 -21 ▼ 136.5 126.4 14 -41.0 ▼ 3,000 Clifford Chance 8 7 58 -31 ▼ 89.3 82.5 29 -42.7 ▼ $6 2,500 Linklaters 9 9 50 -32 ▼ 93.7 87.6 25 -38.3 ▼ # ofDeals # White & Case LLP 10 6 47 -46 ▼ 201.9 187.1 4 -41.5 ▼ 2,000 Freshfields Bruckhaus Deringer 11 12 45 -23 ▼ 88.1 82.7 30 16.2 ▲ $4

Latham & Watkins 12 13 44 -19 ▼ 120.0 109.2 18 -4.0 ▼ (US$b) Value Rank 1,500 Dentons 13 11 37 -35 ▼ 190.9 176.7 5 -24.6 ▼ Cuatrecasas 14 16 33 -18 ▼ 289.2 267.9 2 7.7 ▲ 1,000 Bird & Bird 15* 24* 32 -4 ▼ 190.5 177.9 6 42.0 ▲ $2 Ellex 15* 29* 32 -1 ▼ 25.9 24.1 120 -76.6 ▼ 500 Lamartine Conseil 17 29* 31 -2 ▼ 3.3 3.0 228 -82.5 ▼ Squire Patton Boggs LLP 18 18 30 -13 ▼ 151.8 139.2 11 -0.9 ▼ $0 - Eversheds Sutherland LLP 19 8 29 -55 ▼ 6.6 6.2 196* -97.3 ▼ Goodwin Procter LLP 20 70* 28 13 ▲ 42.0 39.2 82 -62.9 ▼ Houthoff Buruma 21* 70* 27 12 ▲ 48.6 46.0 58 - - Addleshaw Goddard 21* 53* 27 6 ▲ 91.6 85.2 27 549.6 ▲ US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals Ashurst 23* 22 26 -12 ▼ 160.8 147.2 10 23.8 ▲ Osborne Clarke 23* 14 26 -35 ▼ 177.9 164.6 7 -62.0 ▼ Mayer Brown LLP 23* 47* 26 2 ▲ 80.8 75.0 33 - - Dechert 23* 39* 26 -1 ▼ 51.3 47.5 49 -63.6 ▼ European Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30 Gomez Acebo & Pombo 27* 159* 24 19 ▲ 47.8 44.1 62 43.1 ▲ Travers Smith 27* 42* 24 -1 ▼ 113.9 104.7 20 149.8 ▲ Loyens & Loeff 29* 39* 23 -4 ▼ 106.5 97.9 23 - - Heuking Kuehn Lueer Wojtek 29* 47* 23 -1 ▼ 20.4 18.6 132 140.0 ▲ 5.3% Weil Gotshal & Manges 29* 19 23 -19 ▼ 126.4 113.8 17 -2.5 ▼ 14.1% High Technology Simmons & Simmons 32* 87* 22 10 ▲ 92.7 86.3 26 248.5 ▲ 5.7% Hengeler Mueller 32* 39* 22 -5 ▼ 32.3 29.0 103 - - Real Estate Perez Llorca 32* 77* 22 8 ▲ 48.2 43.3 59 246.8 ▲ Industrials Herbert Smith Freehills 32* 21 22 -18 ▼ 142.7 131.2 12 -17.3 ▼ 6.9% Cobalt 32* 63* 22 5 ▲ 38.6 36.0 84 -40.5 ▼ Consumer Products and Services Morgan Lewis & Bockius 37* 50 21 -2 ▼ 8.5 7.8 186 -90.2 ▼ Bar & Karrer 37* 87* 21 9 ▲ 46.7 44.0 70* - - 13.5% Financials Kirkland & Ellis 37* 33* 21 -8 ▼ 24.2 22.5 125 160.2 ▲ Gateley LLP 40* 53* 20 -1 ▼ 44.6 41.3 74* 178.8 ▲ 7.1% Media and Entertainment Chiomenti Studio Legal 40* 57* 20 0 - 49.7 45.0 56 6.0 ▲ Schoenherr Attorney's at Law 42* 47* 19 -5 ▼ 14.1 13.2 149* -73.8 ▼ Healthcare Norton Rose Fulbright 42* 26* 19 -16 ▼ 115.6 106.9 19 -57.4 ▼ Materials McDermott Will & Emery 44* 26* 18 -17 ▼ 58.9 54.5 44 -47.7 ▼ 7.2% NCTM 44* 29* 18 -15 ▼ 78.7 71.9 35 -43.0 ▼ Energy and Power Shearman & Sterling LLP 46* 42* 17 -8 ▼ 8.2 7.5 188* 115.8 ▲ 12.7% Noerr LLP 46* 23 17 -20 ▼ 0.0 0.0 259* - - Consumer Staples Deloitte 46* 67* 17 1 ▲ 73.6 69.3 38 6.4 ▲ 7.5% Hannes Snellman 46* 105* 17 8 ▲ 162.2 149.6 9 340.8 ▲ Retail Industry Total 7,413 -1419 ▼ 17,423.8 16,092.8 -9.7 ▼ Telecommunications 8.9% 9.6%

*tie

https://www.thomsonone.com

6 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors UK Involvement Small-Cap Rankings (MML04)

MML04a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 UK Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) 2017 2016 # of Change in RankValue 2017 YoY Rank $5 1,200 Legal Advisors Rank Rank Deals # of Deals US$m GBP mil Rank Val Chg (%) DLA Piper LLP 1 2 43 -13 ▼ 192.5 154.6 1 -10.7 ▼ CMS 2 1 36 -44 ▼ 83.6 66.3 9 27.6 ▲ 1,000 Jones Day 3 6 29 -6 ▼ 164.6 133.8 2 1067.4 ▲ $4

Addleshaw Goddard 4 16* 26 5 ▲ 91.6 72.9 8 100.9 ▲ Travers Smith 5* 14* 21 -2 ▼ 67.2 54.5 14 -58.2 ▼ 800 Eversheds Sutherland LLP 5* 3 21 -21 ▼ 6.6 5.4 72* -69.0 ▼ $3 Latham & Watkins 5* 13 21 -3 ▼ 43.6 33.8 26 172.5 ▲ Gateley LLP 8* 16* 20 -1 ▼ 44.6 35.0 23 -64.8 ▼ 600 Squire Patton Boggs LLP 8* 5 20 -16 ▼ 77.3 60.0 10* -19.1 ▼

Baker & McKenzie 10 21 18 2 ▲ 68.5 54.9 13 528.4 ▲ $2 Deals of # Freshfields Bruckhaus Deringer 11* 11* 17 -9 ▼ 21.0 16.7 45 -77.0 ▼ Rank Value (US$b) Value Rank 400 Ashurst 11* 19 17 -3 ▼ 118.3 93.0 5 79.2 ▲ Hogan Lovells 13* 10 16 -11 ▼ 48.5 38.4 19 39.4 ▲ $1 White & Case LLP 13* 14* 16 -7 ▼ 134.1 107.0 3 76.7 ▲ 200 Allen & Overy 15 7 15 -19 ▼ 46.8 37.5 21 317.9 ▲ Linklaters 16 11* 14 -12 ▼ 0.0 0.0 83* - - Osborne Clarke 17 4 13 -26 ▼ 121.0 96.5 4 28.6 ▲ $0 - Norton Rose Fulbright 18* 23* 12 -1 ▼ 115.6 92.7 6 34.0 ▲ Morgan Lewis & Bockius 18* 23* 12 -1 ▼ 0.0 0.0 83* - - Orrick Herrington & Sutcliffe LLP 18* 37* 12 5 ▲ 39.1 30.5 28 83.6 ▲ Clifford Chance 21 8 11 -19 ▼ 45.3 35.0 22 -56.4 ▼ US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals Herbert Smith Freehills 22* 16* 10 -11 ▼ 77.3 61.6 10* 731.2 ▲ Kirkland & Ellis 22* 20 10 -8 ▼ 0.0 0.0 83* - - Dechert 24* 43* 8 2 ▲ 0.0 0.0 83* - - Goodwin Procter LLP 24* 50* 8 3 ▲ 0.0 0.0 83* - - Mayer Brown LLP 24* 58* 8 4 ▲ 25.1 19.7 40 -50.7 ▼ UK Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30 A&L Goodbody 24* 58* 8 4 ▲ 35.9 28.9 32 -53.7 ▼ Dentons 24* 9 8 -21 ▼ 32.8 26.4 35 -64.4 ▼ PwC Legal LLP 24* 37* 8 1 ▲ 31.0 23.9 37 - - Shearman & Sterling LLP 30* 43* 7 1 ▲ 0.0 0.0 83* - - High Technology 2.6% Deloitte 30* 74* 7 4 ▲ 0.0 0.0 83* - - 6.2% 12.8% Simmons & Simmons 32* 58* 6 2 ▲ 92.7 74.8 7 72.0 ▲ Real Estate Slaughter and May 32* 32* 6 -2 ▼ 11.4 9.1 59 -44.4 ▼ DWF 32* 153* 6 5 ▲ 7.8 6.0 68* - - 6.5% Consumer Products and Services Skadden 32* 32* 6 -2 ▼ 0.0 0.0 83* - - Cooley LLP 32* 50* 6 1 ▲ 24.7 18.9 41* -56.8 ▼ Industrials Bird & Bird 32* 29 6 -4 ▼ 26.6 21.3 39 - - 12.7% Sidley Austin LLP 32* 32* 6 -2 ▼ 11.3 9.0 60 - - 7.8% Healthcare Gomez Acebo & Pombo 39* 100* 5 3 ▲ 11.7 9.1 58 - - Hengeler Mueller 39* 100* 5 3 ▲ 0.0 0.0 83* - - Media and Entertainment Browne Jacobson 39* 74* 5 2 ▲ 0.0 0.0 83* - - Cuatrecasas 39* 100* 5 3 ▲ 0.0 0.0 83* - - Financials Dorsey & Whitney LLP 39* 58* 5 1 ▲ 0.0 0.0 83* - - 8.4% Maclay Murray & Spens 39* 26* 5 -7 ▼ 32.0 24.8 36 -53.6 ▼ Energy and Power Gibson Dunn & Crutcher 39* 43* 5 -1 ▼ 0.0 0.0 83* - - 11.3% King & Spalding 39* 100* 5 3 ▲ 0.0 0.0 83* - - Industry Total 1,948 -11 ▼ 6,083.5 4,828.3 0.8 ▲ Materials

10.0% Retail

10.8% Consumer Staples 10.3% Telecommunications

*tie https://www.thomsonone.com

7 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors French Involvement Small-Cap Rankings (MML05)

MML05a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 French Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) 2017 2016 # of Change in RankValue 2017 YoY Rank Legal Advisors Rank Rank Deals # of Deals US$m Euro mil Rank Val Chg (%) $2.0 1,000 Jones Day 1 3 33 -1 ▼ 308.5 284.6 1 164.6 ▲ $1.8 900 Lamartine Conseil 2 4 31 -2 ▼ 3.3 3.0 89 -82.5 ▼ Orrick Herrington & Sutcliffe LLP 3 7* 30 8 ▲ 55.9 51.8 6 -43.2 ▼ $1.6 800 CMS 4 1 25 -28 ▼ 35.8 34.1 25 51.7 ▲

Linklaters 5* 6 22 -5 ▼ 14.8 14.0 43 -72.0 ▼ $1.4 700 Hogan Lovells 5* 10* 22 2 ▲ 51.4 47.4 8 -49.0 ▼

DLA Piper LLP 7 15* 21 4 ▲ 37.1 34.5 23 42.1 ▲ $1.2 600 Gide Loyrette Nouel 8 2 16 -19 ▼ 130.6 121.2 2 -35.0 ▼ Clifford Chance 9 12 15 -4 ▼ 0 0 115* - - $1.0 500 Mayer Brown LLP 10* 18 14 -2 ▼ 55.7 51.6 7 - - # of Deals of # Allen & Overy 10* 7* 14 -8 ▼ 0 0 115* - - $0.8 400 Goodwin Procter LLP 12* 91* 13 10 ▲ 42.0 39.2 19 61.5 ▲ (US$b) Value Rank Fidal 12* 5 13 -15 ▼ 11.1 10.2 57 -50.0 ▼ $0.6 300 Latham & Watkins 12* 9 13 -8 ▼ 13.1 12.0 46* -79.6 ▼ $0.4 200 Dechert 15 13* 11 -7 ▼ 51.3 47.5 9 -63.6 ▼ De Pardieu Brocas Maffei 16* 21 10 -4 ▼ 68.8 62.0 4 - - $0.2 100 Dentons 16* 15* 10 -7 ▼ 13.5 12.0 45 -65.1 ▼ Hoche Societe d'Avocats 18* 69* 9 5 ▲ 46.8 41.9 13* - - $0.0 - HPML SELARL 18* 29* 9 0 - 0 0 115* - - Bredin Prat 20* 25* 8 -3 ▼ 0 0 115* - - Perez Llorca 20* 91* 8 5 ▲ 48.2 43.3 11 - - Taj 20* 29* 8 -1 ▼ 31.9 30.0 28* - - US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals Bird & Bird 20* 40* 8 1 ▲ 21.3 20.0 33* 18.3 ▲ AyacheSalama Avocats 20* 133* 8 6 ▲ 11.3 10.0 54 - - Weil Gotshal & Manges 20* 10* 8 -12 ▼ 31.7 30.0 30 -41.9 ▼ Chammas & Marcheteau 26* 29* 7 -2 ▼ 12.9 11.4 48* 104.8 ▲ French Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30 Ernst & Young Societe d'Avocats SELAS 26* 29* 7 -2 ▼ 8.1 7.5 66 268.2 ▲ Agilys SA 26* 46* 7 1 ▲ 0 0 115* - - Willkie Farr & Gallagher 26* 19* 7 -8 ▼ 0 0 115* - - Herbert Smith Freehills 30* 46* 6 0 - 40.0 36.7 20 53.8 ▲ 2.2% High Technology PwC Societe D'Avocats SELAS 30* 15* 6 -11 ▼ 1.8 1.6 103* -94.7 ▼ 3.5% 2.2% Baker & McKenzie 30* 13* 6 -12 ▼ 47.4 43.2 12 - - Cleary Gottlieb Steen & Hamilton 33* 46* 5 -1 ▼ 12.3 11.0 51* - - Consumer Products and Services 6.8% 21.9% Loyens & Loeff 33* 69* 5 1 ▲ 46.8 41.9 13* - - Racine 33* 221* 5 4 ▲ 0 0 115* - - Industrials McDermott Will & Emery 33* 19* 5 -10 ▼ 58.9 54.5 5 -47.7 ▼ Brunswick societe d'avocats 33* 46* 5 -1 ▼ 17.8 16.1 36 201.7 ▲ 7.8% Healthcare Duteil Avocats SARL 33* 56* 5 0 - 9.5 8.9 59 -78.3 ▼ Paul Hastings LLP 33* 22* 5 -8 ▼ 0 0 115* - - Retail LL Berg 33* 46* 5 -1 ▼ 5.0 4.7 81 -66.2 ▼ TsL SASU 33* - 5 5 ▲ 0 0 115* - - Media and Entertainment Goodwin & Goodwin 33* - 5 5 ▲ 4.5 4.0 83* - - 9.2% White & Case LLP 33* 29* 5 -4 ▼ 0 0 115* - - Consumer Staples Darrois Villey Maillot Brochier 44* 56* 4 -1 ▼ 0 0 115* - - Gomez Acebo & Pombo 44* 221* 4 3 ▲ 0 0 115* - - 18.0% Real Estate Ashurst 44* 69* 4 0 - 0 0 115* - - SBAvocats SELARL 44* 29* 4 -5 ▼ 5.5 5.0 75 -79.1 ▼ Financials STC Partners SELARL 44* 91* 4 1 ▲ 0 0 115* - - 9.3% Squire Patton Boggs LLP 44* 91* 4 1 ▲ 21.8 20.0 32 - - Energy and Power Industry Total 1,243 -477 ▼ 2,499.3 2,311.9 -15.7 ▼ Materials 9.4% 9.7%

*tie

https://www.thomsonone.com

8 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors German Involvement Small-Cap Rankings (MML06)

MML06a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 German Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) 2017 2016 # of Change in RankValue 2017 YoY Rank Legal Advisors Rank Rank Deals # of Deals US$m Euro mil Rank Val Chg (%) $1.4 700 Clifford Chance 1 14* 25 9 ▲ 21.5 20.2 1 -65.7 ▼ CMS 2 1 23 -32 ▼ 54.6 51.0 2 -58.8 ▼ $1.2 600 Heuking Kuehn Lueer Wojtek 3 3* 22 -1 ▼ 20.4 18.6 3 140.0 ▲ Hengeler Mueller 4 5* 21 -1 ▼ 32.3 29.0 4 - -

Noerr LLP 5 2 17 -18 ▼ 0 0 5 - - $1.0 500 Hogan Lovells 6* 5* 14 -8 ▼ 21.7 19.9 6* -51.8 ▼

P+P Pollath + Partners 6* 17* 14 1 ▲ 59.7 55.2 6* -16.5 ▼ $0.8 400 Freshfields Bruckhaus Deringer 8* 3* 13 -10 ▼ 21.0 19.7 8* 5.5 ▲ Orrick Herrington & Sutcliffe LLP 8* 21 13 2 ▲ 0 0 8* - - Gleiss Lutz 8* 11 13 -6 ▼ 83.9 78.4 8* 1152.2 ▲ $0.6 300 # of Deals ofDeals # White & Case LLP 11 8 12 -9 ▼ 11.3 10.0 11 -73.3 ▼ Jones Day 12* 14* 11 -5 ▼ 27.5 26.0 12* -72.4 ▼ (US$b) Value Rank $0.4 200 Osborne Clarke 12* 9* 11 -9 ▼ 56.9 52.4 12* -40.6 ▼ Latham & Watkins 12* 16 11 -4 ▼ 0 0 12* - - McDermott Will & Emery 15* 22* 9 -1 ▼ 0 0 15* - - $0.2 100 Luther Rechtsanwaltsgesellschaft mbH 15* 5* 9 -13 ▼ 6.0 5.3 15* -34.1 ▼ Baker & McKenzie 15* 17* 9 -4 ▼ 42.7 40.0 15* -61.7 ▼ $0.0 - DLA Piper LLP 18* 19* 8 -4 ▼ 24.1 22.7 18* - - Milbank Tweed Hadley & McCloy 18* 22* 8 -2 ▼ 0 0 18* - - Simmons & Simmons 20* 42* 7 4 ▲ 56.4 52.2 20* - - Dechert 20* 52* 7 5 ▲ 0 0 20* - - Shearman & Sterling LLP 22* 26* 6 -2 ▼ 0 0 22* - - US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals Mayer Brown LLP 22* 33* 6 1 ▲ 0 0 22* - - Bryan Cave LLP 22* 28* 6 -1 ▼ 13.7 13.0 22* - - Allen & Overy 22* 12* 6 -11 ▼ 0 0 22* - - Ashurst 26* 24* 5 -4 ▼ 0 0 26* - - German Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30 PwC Legal LLP 26* 52* 5 3 ▲ 24.7 22.0 26* - - Dentons 26* 12* 5 -12 ▼ 43.0 38.8 26* -29.3 ▼ Houthoff Buruma 29* 80* 4 3 ▲ 48.6 46.0 29* - - Roedl & Partner 29* 19* 4 -8 ▼ 9.4 9.0 29* - - Real Estate Norton Rose Fulbright 29* 38* 4 0 - 0 0 29* - - 2.9% 2.6% 3.4% Bar & Karrer 29* 80* 4 3 ▲ 46.7 44.0 29* - - High Technology Kirkland & Ellis 29* 52* 4 2 ▲ 0 0 29* - - 4.1% Weil Gotshal & Manges 29* 52* 4 2 ▲ 0 0 29* - - 28.6% Industrials Loyens & Loeff 35* 30* 3 -3 ▼ 48.6 46.0 35* - - 4.4% McGuireWoods LLP 35* - 3 3 ▲ 0 0 35* - - Cuatrecasas 35* 38* 3 -1 ▼ 0 0 35* - - Materials Webber Wentzel 35* - 3 3 ▲ 43.9 41.1 35* - - 4.6% Herbert Smith Freehills 35* 38* 3 -1 ▼ 0 0 35* - - Friedrich Graf von Westphalen & Partner 35* - 3 3 ▲ 0 0 35* - - Financials Eversheds Sutherland LLP 35* 26* 3 -5 ▼ 0 0 35* - - Willkie Farr & Gallagher 35* 52* 3 1 ▲ 0 0 35* - - 5.6% Energy and Power Industry Total 991 -151 ▼ 1,817.9 1,680.3 -20.0 ▼

*tie Healthcare 7.1% Media and Entertainment

Consumer Staples 19.0% Consumer Products and Services 17.7%

Retail

https://www.thomsonone.com

9 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors Italian Involvement Small-Cap Rankings (MML07)

MML07a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 Italian Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) 2017 2016 # of Change in RankValue 2017 YoY Rank Legal Advisors Rank Rank Deals # of Deals US$m Euro mil Rank Val Chg (%) $1.2 350 Orrick Herrington & Sutcliffe LLP 1 11* 20 11 ▲ 33.8 31.0 10 81.7 ▲ Chiomenti Studio Legal 2 3 19 -1 ▼ 22.5 20.5 24 -52.0 ▼ NCTM 3 1 18 -13 ▼ 78.7 71.9 3 5.6 ▲ $1.0 300

Gianni Origoni Grippo Cappelli & Partners 4 2 16 -14 ▼ 56.2 52.0 4 -53.9 ▼ Legance Studio Legale Associato 5* 14* 12 5 ▲ 79.7 72.9 2 74.0 ▲ 250

Dentons 5* 42* 12 10 ▲ 31.3 29.0 13 - - $0.8 Gattai Minoli Agostinelli & Partners 7 6* 11 -2 ▼ 109.7 100.9 1 581.4 ▲ Pedersoli Studio Legale 8 4* 10 -8 ▼ 40.0 36.7 8 -54.5 ▼ 200 Simmons & Simmons 9* 32* 7 4 ▲ 0 0 39* - - $0.6

Freshfields Bruckhaus Deringer 9* 14* 7 0 - 32.5 30.5 12 198.2 ▲ 150 Deals of # Jones Day 9* 21* 7 2 ▲ 30.0 27.7 14 -11.8 ▼ K&L Gates 9* - 7 7 ▲ 32.9 30.7 11 - - (US$b) Value Rank $0.4 CMS 13* 17* 5 -1 ▼ 0 0 39* - - 100 DLA Piper LLP 13* 6* 5 -8 ▼ 24.1 22.7 23 3342.9 ▲ Gatti Pavesi Bianchi 13* 9 5 -6 ▼ 27.5 25.5 22 281.9 ▲ $0.2 50 Grimaldi e Associati 13* 32* 5 2 ▲ 46.1 42.5 5 33.2 ▲ Latham & Watkins 13* 17* 5 -1 ▼ 38.9 34.5 9 82.6 ▲ White & Case LLP 13* 4* 5 -13 ▼ 11.3 10.0 31 -86.2 ▼ $0.0 - Clifford Chance 19* 11* 4 -5 ▼ 0 0 39* - - Bonelli Erede e Pappalardo 19* 10 4 -6 ▼ 0 0 39* - - Linklaters 19* 6* 4 -9 ▼ 0 0 39* - - Shearman & Sterling LLP 22* 17* 3 -3 ▼ 8.2 7.5 33 115.8 ▲ US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals Ashurst 22* 32* 3 0 - 42.5 39.1 7 - - Schoenherr Attorney's at Law 22* 42* 3 1 ▲ 0 0 39* - - Pirola, Pennuto, Zei & Associati 22* 17* 3 -3 ▼ 0 0 39* - - Russo De Rosa Bolletta & Associati 22* 32* 3 0 - 28.8 27.0 19* 136.1 ▲ Italian Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30 Gitti & Partners 22* 21* 3 -2 ▼ 28.8 27.0 19* - - Pavia e Ansaldo 22* 42* 3 1 ▲ 0 0 39* - - Allen & Overy 22* 29* 3 -1 ▼ 0 0 39* - - Advokatfirman Delphi 30* - 2 2 ▲ 0 0 39* - - Financials 4.3% 2.3% Luther Rechtsanwaltsgesellschaft mbH 30* 63* 2 1 ▲ 1.0 0.9 38 - - Hogan Lovells 30* 11* 2 -7 ▼ 0 0 39* - - 6.0% Industrials Souza, Cescon, Barrieu & Flesch Advogados 30* - 2 2 ▲ 0 0 39* - - 19.7% PwC Legal LLP 30* 32* 2 -1 ▼ 0 0 39* - - High Technology Facchini Rossi Scarioni 30* 42* 2 0 - 0 0 39* - - Baker & McKenzie 30* 21* 2 -3 ▼ 0 0 39* - - 6.9% Watson Farley & Williams LLP 30* 63* 2 1 ▲ 0 0 39* - - Retail Grava e Associati Studio Legale 30* - 2 2 ▲ 0 0 39* - - Industry Total 598 37 ▲ 1,772.9 1,627.1 29.8 ▲ Materials 7.4% Consumer Staples 15.1% Energy and Power 8.5% Real Estate

Media and Entertainment

8.7% 12.2% Consumer Products and Services

8.9% Healthcare

* tie

https://www.thomsonone.com

10 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors Spanish Involvement Small-Cap Rankings (MML08)

MML08a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 Spanish Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) 2017 2016 # of Change in RankValue 2017 YoY Rank Legal Advisors Rank Rank Deals # of Deals US$m Euro mil Rank Val Chg (%) $1.2 350 Cuatrecasas 1 1 33 -10 ▼ 289.2 267.9 1 28.0 ▲ Perez Llorca 2 7 22 9 ▲ 48.2 43.3 2 246.8 ▲ $1.0 300 Gomez Acebo & Pombo 3 23* 18 16 ▲ 47.8 44.1 3 1191.9 ▲

Uria Menendez 4 3* 16 -8 ▼ 106.6 100.2 4 84.4 ▲ 250 Deloitte 5 6 15 0 - 73.6 69.3 5 6.4 ▲ $0.8

Clifford Chance 6 5 12 -6 ▼ 11.2 10.5 6 -76.8 ▼ Rousaud Costas Duran SLP 7 18* 11 7 ▲ 70.3 64.6 7 375.0 ▲ 200 Linklaters 8* 16* 8 3 ▲ 37.3 35.0 8* 18.0 ▲ $0.6 Hogan Lovells 8* 12* 8 1 ▲ 0 0 8* - - 150 Garrigues 10* 2 6 -33 ▼ 47.0 43.5 10* -62.8 ▼ Deals of # Jones Day 10* 12* 6 -1 ▼ 33.0 31.1 10* 10.7 ▲ $0.4 DLA Piper LLP 10* 14* 6 0 - 0 0 10* - - (US$b) Value Rank 100 Baker & McKenzie 10* 9* 6 -2 ▼ 25.8 24.3 10* -37.4 ▼ Freshfields Bruckhaus Deringer 14* 20* 5 2 ▲ 8.0 7.6 14* -26.6 ▼ $0.2 50 PwC Legal LLP 14* 3* 5 -19 ▼ 0 0 14* - - Dentons 14* 37* 5 4 ▲ 92.0 86.5 14* - - $0.0 - Allen & Overy 17* 14* 4 -2 ▼ 0 0 17* - - Latham & Watkins 17* 9* 4 -4 ▼ 0 0 17* - - CMS 19* 9* 3 -5 ▼ 0 0 19* - - Ashurst 19* 20* 3 0 - 0 0 19* - - Bird & Bird 19* 16* 3 -2 ▼ 42.5 39.4 19* - - US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals Squire Patton Boggs LLP 19* 20* 3 0 - 31.0 29.4 19* -6.9 ▼ Herbert Smith Freehills 19* 18* 3 -1 ▼ 0 0 19* - - Minter Ellison 19* 37* 3 2 ▲ 52.1 49.3 19* 70.8 ▲ Ecija Holdings & Investments SL 25* - 2 2 ▲ 0 0 25* - - Gibson Dunn & Crutcher 25* 37* 2 1 ▲ 0 0 25* - - Spanish Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30 Eversheds Sutherland LLP 25* - 2 2 ▲ 0 0 25* - - Pinheiro Neto Advogados 25* 37* 2 1 ▲ 0 0 25* - - Sullivan & Cromwell 25* - 2 2 ▲ 21.5 19.8 25* - - Machado Meyer Sendacz & Opice 25* 23* 2 0 - 0 0 25* - - Media and Entertainment Industry Total 474 -42 ▼ 1,512.3 1,399.0 -7.3 ▼ 3.3% 2.9% 4.8% 17.3% Real Estate

Consumer Staples 5.8% *tie Energy and Power

7.0% High Technology

13.4% Consumer Products and Services Financials 7.7% Healthcare

Industrials 7.9% 10.6% Materials

Retail 9.3% 10.0% Telecommunications

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11 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors Nordic Involvement Small-Cap Rankings (MML09)

MML09a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 Nordic Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) 2017 2016 # of Change in RankValue 2017 YoY Rank Legal Advisors Rank Rank Deals # of Deals US$m Euro mil Rank Val Chg (%) $1.8 800 Hannes Snellman 1* 18 17 8 ▲ 162.2 149.6 1 340.8 ▲ $1.6 Bird & Bird 1* 10* 17 3 ▲ 100.1 93.5 2 69.7 ▲ 700 Castren & Snellman 3 1 15 -13 ▼ 37.4 33.0 12 -63.9 ▼ $1.4 Ellex 4* 16* 13 3 ▲ 22.4 21.0 22* -62.5 ▼ 600 Baker & McKenzie 4* 6* 13 -3 ▼ 17.4 16.3 25 -83.2 ▼ $1.2 Advokatfirman Delphi 6 12 12 -1 ▼ 14.2 13.2 27 -58.4 ▼ 500 White & Case LLP 7 6* 10 -6 ▼ 10.3 9.2 33 -77.8 ▼ $1.0 Cobalt 8 35* 9 6 ▲ 34.9 32.5 17 -9.8 ▼ 400 Krogerus Attorneys Ltd 9* 22* 8 2 ▲ 6.5 6.0 35 - - $0.8 # ofDeals # Advokatfirmaet Thommessen AS 9* 4* 8 -11 ▼ 13.6 12.8 30* -86.1 ▼ 300

Advokatfirman Vinge 9* 4* 8 -11 ▼ 84.9 77.9 3 193.8 ▲ (US$b) RankValue $0.6 SORAINEN 12* 19* 7 -1 ▼ 22.4 21.0 22* 64.7 ▲ 200 Bar & Karrer 12* - 7 7 ▲ 0 0 44* - - $0.4 Dittmar & Indrenius 14 28* 6 2 ▲ 27.3 24.9 20 50.0 ▲ CMS 15* 8* 5 -10 ▼ 0 0 44* - - $0.2 100 Accura Advokataktieselskab 15* 28* 5 1 ▲ 0 0 44* - - Allen & Overy 15* 16* 5 -5 ▼ 0 0 44* - - $0.0 - Linklaters 18* 22* 4 -2 ▼ 0 0 44* - - DLA Piper LLP 18* 19* 4 -4 ▼ 41.4 38.1 11 101.0 ▲ Bruun & Hjejle I/S 18* 45* 4 2 ▲ 0 0 44* - - Hamilton Advokatbyra Stockholm Holding AB 18* 63* 4 3 ▲ 14.1 13.3 28* 1.4 ▲ US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals Clifford Chance 22* 21 3 -4 ▼ 0 0 44* - - Loyens & Loeff 22* 45* 3 1 ▲ 0 0 44* - - Gomez Acebo & Pombo 22* - 3 3 ▲ 3.2 3.0 41 - - Jones Day 22* 35* 3 0 - 55.7 49.6 5 - - Addleshaw Goddard 22* 63* 3 2 ▲ 2.3 2.2 42 - - Nordic Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30 Plesner 22* 45* 3 1 ▲ 0 0 44* - - Freshfields Bruckhaus Deringer 22* 24* 3 -2 ▼ 26.6 25.0 21 - - Roedl & Partner 22* - 3 3 ▲ 9.4 9.0 34 - - AZB & Partners 22* - 3 3 ▲ 0 0 44* - - 3.0% 2.2% Real Estate Roschier 22* 10* 3 -11 ▼ 45.9 43.0 9 -18.9 ▼ 4.4% Veirano Advogados 22* 63* 3 2 ▲ 35.0 32.5 13* - - High Technology Luther Rechtsanwaltsgesellschaft mbH 22* 63* 3 2 ▲ 0 0 44* - - 4.4% 22.8% Fredersen Advokatbyra AB 22* 63* 3 2 ▲ 72.3 65.3 4 388.5 ▲ Industrials Schoenherr Attorney's at Law 22* - 3 3 ▲ 14.1 13.2 28* - - 4.7% Squire Patton Boggs LLP 22* 63* 3 2 ▲ 0 0 44* - - Financials Morgan Lewis & Bockius 22* 45* 3 1 ▲ 4.0 3.8 40 - - Consumer Products and Services Kirkland & Ellis 22* 28* 3 -1 ▼ 4.6 4.3 39 - - 5.4% Advokatfirman Cederquist 22* 45* 3 1 ▲ 13.6 12.5 30* - - Industry Total 999 -82 ▼ 2,481.0 2,293.8 -7.3 ▼ Healthcare

* tie 5.6% Materials Media and Entertainment 16.2% Telecommunications 7.5% Energy and Power

Consumer Staples 9.1% 14.7% Retail

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12 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors Benelux Involvement Small-Cap Rankings (MML10)

MML10a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 Benelux Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) 2017 2016 # of Change in RankValue 2017 YoY Rank Legal Advisors Rank Rank Deals # of Deals US$m Euro mil Rank Val Chg (%) $1.6 600 Allen & Overy 1 1 28 -22 ▼ 42.1 38.0 14 - - Houthoff Buruma 2 10 27 12 ▲ 48.6 46.0 9 - - $1.4 Loyens & Loeff 3 5 21 -1 ▼ 59.8 56.0 5 -25.5 ▼ 500 CMS 4* 2 13 -19 ▼ 0 0 53* - - $1.2 DLA Piper LLP 4* 4 13 -13 ▼ 91.9 85.9 1 416.3 ▲ Hogan Lovells 6 16* 11 3 ▲ 15.9 14.3 38 -62.6 ▼ 400 $1.0 Linklaters 7* 8 10 -7 ▼ 41.6 38.6 15 - - Simmons & Simmons 7* 40* 10 7 ▲ 0 0 53* - - De Brauw Blackstone Westbroek 7* 23* 10 5 ▲ 0 0 53* - - $0.8 300 Jones Day 10* 11* 9 -5 ▼ 82.4 74.4 2 368.2 ▲

Stibbe 10* 6 9 -10 ▼ 17.0 15.3 35 2328.6 ▲ $0.6 of Deals # Orrick Herrington & Sutcliffe LLP 12 40* 8 5 ▲ 2.1 2.0 50* -98.3 ▼ 200 Rank Value (US$b) Value Rank Baker & McKenzie 13 3 7 -20 ▼ 13.2 12.3 40 -68.0 ▼ $0.4 Clifford Chance 14* 7 6 -12 ▼ 0 0 53* - - NCTM 14* 29* 6 2 ▲ 46.1 41.6 10 -19.8 ▼ 100 Dentons 14* 14 6 -4 ▼ 0 0 53* - - $0.2 Bar & Karrer 17* 40* 5 2 ▲ 0 0 53* - - Willkie Farr & Gallagher 17* 23* 5 0 - 27.4 25.1 28 -35.4 ▼ $0.0 - Freshfields Bruckhaus Deringer 19* 9 4 -12 ▼ 0 0 53* - - Dechert 19* 40* 4 1 ▲ 0 0 53* - - Noerr LLP 19* 29* 4 0 - 0 0 53* - - Webber Wentzel 19* 56* 4 2 ▲ 22.2 21.0 32 94.7 ▲ US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals NautaDutilh 19* 16* 4 -4 ▼ 0 0 53* - - Herbert Smith Freehills 19* 29* 4 0 - 31.1 29.4 26 26.9 ▲ Bird & Bird 19* 23* 4 -1 ▼ 0 0 53* - - Ellex 19* 56* 4 2 ▲ 0 0 53* - - Benelux Small-Cap M&A up to US$500m by Target Industry Jan 1 - Jun 30 Morrison & Foerster 19* - 4 4 ▲ 0 0 53* - - White & Case LLP 19* 11* 4 -10 ▼ 0 0 53* - - Hengeler Mueller 29* 23* 3 -2 ▼ 3.5 3.3 48* - - Shearman & Sterling LLP 29* 40* 3 0 - 0 0 53* - - 3.2% Financials Travers Smith 29* 40* 3 0 - 37.1 34.5 16* 462.1 ▲ 4.8% 12.5% Lexence NV 29* 40* 3 0 - 0 0 53* - - Real Estate Paul Hastings LLP 29* 29* 3 -1 ▼ 0 0 53* - - 5.3% Gianni Origoni Grippo Cappelli & Partners 29* 56* 3 1 ▲ 0 0 53* - - Industrials Latham & Watkins 29* 40* 3 0 - 76.5 70.3 4 - - Kirkland & Ellis 29* - 3 3 ▲ 0 0 53* - - 6.3% Media and Entertainment Industry Total 781 -153 ▼ 1,916.0 1,773.1 -1.2 ▼ 12.5% Materials * tie 6.9% Consumer Staples

Consumer Products and Services

10.9% High Technology 8.8% Healthcare

Energy and Power

9.5% 9.8% Retail

9.5% Telecommunications

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13 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors Eastern Europe Involvement Small-Cap Rankings (MML16)

MML16a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 Eastern European Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) 2017 2016 # of Change in RankValue 2017 YoY Rank Legal Advisors Rank Rank Deals # of Deals US$m Euro mil Rank Val Chg (%) $2.5 1,500 Ellex 1 1 32 1 ▲ 25.9 24.1 9 -76.6 ▼ CMS 2 3 24 -3 ▼ 106.9 96.0 1 92.3 ▲ 1,300 Cobalt 3 8* 20 3 ▲ 34.8 32.5 5 -46.4 ▼ Havel Holasek & Partners sro 4 2 15 -14 ▼ 0 0 25* - - $2.0 1,100 Schoenherr Attorney's at Law 5* 6 12 -10 ▼ 14.1 13.2 15 271.1 ▲ White & Case LLP 5* 8* 12 -5 ▼ 46.3 43.4 2 -49.0 ▼ 900 DLA Piper LLP 7* 15* 9 1 ▲ 21.0 19.2 11 -13.2 ▼ $1.5 SORAINEN 7* 7 9 -10 ▼ 22.4 21.0 10 64.7 ▲ Baker & McKenzie 9* 4 8 -17 ▼ 13.3 12.4 16 -90.8 ▼ 700 Weil Gotshal & Manges 9* 14 8 -1 ▼ 44.7 39.3 3 -0.9 ▼

$1.0 Deals of # Linklaters 11 11* 5 -5 ▼ 41.6 38.6 4 3681.8 ▲ 500 Clifford Chance 12* 11* 4 -6 ▼ 11.3 10.4 17* - - Rank Value (US$b) RankValue Dentons 12* 8* 4 -13 ▼ 11.3 10.4 17* -90.8 ▼ Dechert 14* - 3 3 ▲ 0 0 25* - - 300 $0.5 Herbert Smith Freehills 14* 19* 3 -3 ▼ 19.4 17.8 12 -69.4 ▼ Orrick Herrington & Sutcliffe LLP 14* 21 3 -2 ▼ 15.0 13.8 13* - - 100 Allen & Overy 14* 5 3 -20 ▼ 0 0 25* - - Luther Rechtsanwaltsgesellschaft mbH 18* - 2 2 ▲ 6.0 5.3 21* - - $0.0 (100) Balcioglu & Selcuk 18* 17* 2 -5 ▼ 0 0 25* - - Hogan Lovells 18* 11* 2 -8 ▼ 0 0 25* - - Bird & Bird 18* - 2 2 ▲ 30.1 28.0 6* - - Squire Patton Boggs LLP 18* 26* 2 0 - 0 0 25* - - US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals Morgan Lewis & Bockius 18* 26* 2 0 - 0 0 25* - - Hannes Snellman 18* - 2 2 ▲ 30.1 28.0 6* - - Cerha Hempel Spiegelfeld Hlawati 18* - 2 2 ▲ 0 0 25* - - Greenberg Traurig 18* 22* 2 -2 ▼ 0 0 25* - - Eastern European Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30 Industry Total 1,369 -616 ▼ 1,907.5 1,765.3 -38.7 ▼

Industrials 5.3% 2.1% Consumer Products and Services 19.3% 5.5% Consumer Staples

6.0% Materials

High Technology

Retail 8.0% 12.9% * tie Energy and Power Real Estate 8.4% Financials

11.5% Media and Entertainment

9.7% Healthcare 9.9% Telecommunications

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14 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors Hochinma Involvement Small-Cap Rankings (MML13)

MML13a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 Hochinma Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) 2017 2016 # of Change in RankValue 2017 YoY Rank Legal Advisors Rank Rank Deals # of Deals US$m Rank Val Chg (%) $20 2,500 AZB & Partners 1 2 34 -8 ▼ 457.9 1 368.2 ▲ $18 Jones Day 2* 26* 17 8 ▲ 172.1 2 102.9 ▲ J Sagar Associates 2* 6 17 -5 ▼ 128.4 4 -81.2 ▼ $16 2,000 King & Wood Mallesons 2* 1 17 -31 ▼ 4.0 77 -97.1 ▼ Fangda Partners 5 7 16 -4 ▼ 114.0 6 -0.9 ▼ $14 Khaitan & Co 6 3 15 -16 ▼ 169.5 3 66.8 ▲

Beijing Dentons Law Offices LLP 7* 8 14 -5 ▼ 63.7 15 88.5 ▲ $12 1,500 Bathiya Legal 7* 15* 14 1 ▲ 44.4 28 -50.2 ▼ Herbert Smith Freehills 9 22* 10 0 - 27.8 47 -32.9 ▼ $10 HSA Advocates 10* 29* 9 1 ▲ 20.0 56* -15.6 ▼

$8 1,000 Deals of # Haiwen & Partners 10* 43* 9 4 ▲ 0 84* - -

Grandway Law Offices 12* 10* 8 -8 ▼ 124.9 5 -40.9 ▼ (US$b) Value Rank $6 Norton Rose Fulbright 12* 15* 8 -5 ▼ 47.8 23 -43.2 ▼ Shardul Amarchand Mangaldas & Co 12* 4* 8 -17 ▼ 103.9 7 -53.5 ▼ $4 500 Baker & McKenzie 15 12* 7 -8 ▼ 74.0 11 -23.2 ▼ DLA Piper LLP 16* 19* 6 -6 ▼ 44.5 27 -84.0 ▼ $2 Grandall Law Firm 16* 10* 6 -10 ▼ 100.2 8 - - Bar & Karrer 16* - 6 6 ▲ 0 84* - - $0 - O'Melveny & Myers 16* 51* 6 2 ▲ 35.0 36 70.7 ▲ Simpson Thacher & Bartlett 16* 51* 6 2 ▲ 14.9 62 - - Clifford Chance 21* 21 5 -6 ▼ 0 84* - - AllBright Law Offices 21* 68* 5 2 ▲ 59.2 16 -30.0 ▼ US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals Kim & Chang 21* 51* 5 1 ▲ 38.0 32 24.2 ▲ Luthra & Luthra Law Offices 21* 43* 5 0 - 56.1 18 -2.8 ▼ White & Case LLP 21* 26* 5 -4 ▼ 46.6 24 -35.5 ▼ Allen & Overy 21* 14 5 -9 ▼ 30.7 41 2092.9 ▲ Hochinma Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30 Hogan Lovells 27* 34* 4 -2 ▼ 33.0 37 -34.5 ▼ Trilegal 27* 12* 4 -11 ▼ 43.3 29 - - Morgan Lewis & Bockius 27* 34* 4 -2 ▼ 64.7 14 4521.4 ▲ Industrials Heuking Kuehn Lueer Wojtek 30* 115* 3 2 ▲ 3.5 78* 75.0 ▲ 2.0% Dechert 30* 86* 3 1 ▲ 49.4 22 -80.5 ▼ 3.5% 16.3% High Technology Jingtian & Gongcheng 30* 4* 3 -22 ▼ 31.2 38* 10300.0 ▲ 5.5% Freshfields Bruckhaus Deringer 30* 51* 3 -1 ▼ 12.0 65 263.6 ▲ Ashurst 30* 29* 3 -5 ▼ 0 84* - - Financials WongPartnership LLP 30* 51* 3 -1 ▼ 40.2 30* - - Hunan Qiyuan Law Firm 30* - 3 3 ▲ 53.0 19 165.0 ▲ 7.2% Materials Skadden 30* 68* 3 0 - 10.7 66 - - GF Law Firm Shanghai 30* - 3 3 ▲ 58.4 17 - - Real Estate Tatva Legal 30* 86* 3 1 ▲ 8.7 70 -73.1 ▼ BMR Legal 30* 22* 3 -7 ▼ 1.3 82 -91.1 ▼ 7.6% 14.1% Healthcare Thomson Geer 30* 115* 3 2 ▲ 37.2 34 235.1 ▲ Gibson Dunn & Crutcher 30* 86* 3 1 ▲ 50.8 20 - - Consumer Products and Services Machado Meyer Sendacz & Opice 30* - 3 3 ▲ 0 84* - - Commerce & Finance Law Offices 30* 15* 3 -10 ▼ 73.9 12 146.3 ▲ Energy and Power Ropes & Gray 30* 51* 3 -1 ▼ 18.0 58 -42.5 ▼ 8.2% Blake Cassels & Graydon 30* 86* 3 1 ▲ 23.3 51 - - Sullivan & Cromwell 30* 115* 3 2 ▲ 0 84* - - Consumer Staples Corrs Chambers Westgarth 30* 115* 3 2 ▲ 50.0 21 212.5 ▲ Industry Total 3,522 -194 ▼ 26,661.6 -13.1 ▼ 13.7% Media and Entertainment 9.1% Retail 11.3% Telecommunications * tie

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15 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors Hong Kong Involvement Small-Cap Rankings (MML12)

MML12a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 Hong Kong Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) 2017 2016 # of Change in RankValue 2017 YoY Rank Legal Advisors Rank Rank Deals # of Deals US$m Rank Val Chg (%) $5.0 500 Jones Day 1 11* 10 8 ▲ 101.9 1 131.1 ▲ $4.5 450 Norton Rose Fulbright 2 8* 7 4 ▲ 42.3 6 -50.2 ▼ Herbert Smith Freehills 3 8* 4 1 ▲ 3.8 26 -63.1 ▼ $4.0 400 Clifford Chance 4* 11* 3 1 ▲ 0 29* - -

Gibson Dunn & Crutcher 4* 31* 3 2 ▲ 50.8 3 357.7 ▲ $3.5 350 Sullivan & Cromwell 4* - 3 3 ▲ 0 29* - - Fangda Partners 7* 2* 2 -3 ▼ 11.0 19 -73.5 ▼ $3.0 300 Dechert 7* 31* 2 1 ▲ 27.6 13 - - $2.5 250 J Sagar Associates 7* - 2 2 ▲ 34.3 8 - - WongPartnership LLP 7* - 2 2 ▲ 5.1 22 - - $2.0 200 DLA Piper LLP 7* 6* 2 -2 ▼ 44.5 5 34.0 ▲ of Deals #

Kim & Chang 7* 31* 2 1 ▲ 19.7 15 302.0 ▲ (US$b) Value Rank $1.5 150 Sidley Austin LLP 7* 6* 2 -2 ▼ 79.9 2 163.7 ▲ Thomson Geer 7* 31* 2 1 ▲ 24.7 14 69.2 ▲ $1.0 100 McCarthy Tetrault 7* - 2 2 ▲ 3.0 27 - - $0.5 50 O'Melveny & Myers 7* - 2 2 ▲ 35.0 7 - - Baker & McKenzie 7* 1 2 -5 ▼ 8.9 20 -88.4 ▼ $0.0 - Allen & Overy 7* - 2 2 ▲ 0 29* - - Slaughter and May 19* - 1 1 ▲ 0 29* - - Davies Ward Phillips & Vineberg LLP 19* - 1 1 ▲ 0 29* - - AllBright Law Offices 19* - 1 1 ▲ 31.0 10 - - Rajah & Tann LLP 19* - 1 1 ▲ 33.4 9 - - US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals Shearman & Sterling LLP 19* 2* 1 -4 ▼ 30.0 11* -38.1 ▼ Addleshaw Goddard 19* - 1 1 ▲ 0 29* - - Conyers Dill & Pearman 19* - 1 1 ▲ 0 29* - - Tian Yuan Law Firm 19* - 1 1 ▲ 0 29* - - Hong Kong Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30 Michael Li & Co 19* - 1 1 ▲ 0 29* - - CMS 19* 31* 1 0 - 4.2 24 - - China Commercial Law Co 19* 11* 1 -1 ▼ 19.3 16 -48.4 ▼ 1.9% Dorsey & Whitney LLP 19* - 1 1 ▲ 17.9 17 - - Financials Fenwick & West LLP 19* - 1 1 ▲ 0 29* - - 5.3% King & Wood Mallesons 19* 2* 1 -4 ▼ 4.0 25 -87.9 ▼ Industrials Noerr LLP 19* 31* 1 0 - 0 29* - - 5.6% Tozzini Freire Teixeira e Silva 19* - 1 1 ▲ 46.5 4 - - 22.8% Real Estate Clarendon Lawyers Pty Ltd 19* - 1 1 ▲ 0 29* - - Jipyong 19* - 1 1 ▲ 0 29* - - - - High Technology Morgan Lewis & Bockius 19* 31* 1 0 - 0 29* - - 6.4% Squire Patton Boggs LLP 19* - 1 1 ▲ 4.4 23 - - Consumer Staples JunHe LLP 19* - 1 1 ▲ 0 29* - - - - Lee & Ko 19* 31* 1 0 - 0 29* - - Materials Simon Ho & Co 19* - 1 1 ▲ 2.3 28 - - - - 6.7% Kelley Drye & Warren 19* - 1 1 ▲ 30.0 11* - - - Healthcare Cozen & O'Connor 19* - 1 1 ▲ 0 29* - - Minter Ellison 19* 31* 1 0 - 7.5 21 23.0 ▲ 13.1% Energy and Power Simpson Thacher & Bartlett 19* 31* 1 0 - 14.9 18 - - - - 7.0% Haiwen & Partners 19* - 1 1 ▲ 0 29* - - Media and Entertainment Latham & Watkins 19* 11* 1 -1 ▼ 0 29* - - Industry Total 772 69 ▲ 7,372.7 16.7 ▲ Consumer Products and Services - - 8.1% Retail - 12.6% - 9.2% * tie - Telecommunications

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16 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors Australia/New Zealand Involvement Small-Cap Rankings (MML11)

MML11a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 Australia/New Zealand Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) 2017 2016 # of Change in RankValue 2017 YoY Rank Legal Advisors Rank Rank Deals # of Deals US$m Rank Val Chg (%) $3.0 600 Herbert Smith Freehills 1 2 24 -3 ▼ 135.9 3 -21.9 ▼ HWL Ebsworth Lawyers 2 1 19 -11 ▼ 36.8 21 75.2 ▲ Thomson Geer 3 14* 18 10 ▲ 149.4 2 109.2 ▲ $2.5 500 Talbot Sayer Lawyers 4 10 17 7 ▲ 33.6 25 37.7 ▲ King & Wood Mallesons 5* 3 16 -5 ▼ 20.2 36* -83.3 ▼ Minter Ellison 5* 8* 16 2 ▲ 117.6 5 32.0 ▲ $2.0 400

Gilbert + Tobin 7 6* 14 -1 ▼ 201.5 1 195.5 ▲ Norton Rose Fulbright 8 5 13 -6 ▼ 79.1 8 -20.3 ▼ Corrs Chambers Westgarth 9 22* 12 8 ▲ 119.7 4 314.2 ▲ $1.5 300 Allens 10 4 10 -10 ▼ 67.3 9 -39.5 ▼

Jones Day 11* 16* 9 2 ▲ 87.9 6 5393.8 ▲ of Deals # $1.0 200

Chapman Tripp 11* 19 9 3 ▲ 26.6 30 52.9 ▲ (US$b) Value Rank Clayton Utz 11* 16* 9 2 ▲ 61.3 11 131.3 ▲ Simpson Grierson 14* 14* 8 0 - 38.3 19 - - Baker & McKenzie 14* 11* 8 -1 ▼ 80.8 7 48.3 ▲ $0.5 100 Clarendon Lawyers Pty Ltd 16* 26* 7 4 ▲ 0 55* - - Allen & Overy 16* 22* 7 3 ▲ 28.4 27 - - Bell Gully 18 20* 5 0 - 43.9 17 43.9 ▲ $0.0 - Goodwin Procter LLP 19* - 4 4 ▲ 0 55* - - Linklaters 19* 26* 4 1 ▲ 37.3 20 - - DLA Piper LLP 19* 6* 4 -11 ▼ 20.9 35 -68.7 ▼ Steinepreis Paganin 19* 43* 4 3 ▲ 25.5 31 722.6 ▲ US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals Clifford Chance 23* 20* 3 -2 ▼ 0 55* - - HopgoodGanim 23* 32* 3 1 ▲ 17.6 40 120.0 ▲ Bracewell LLP 23* - 3 3 ▲ 17.5 41 - - Kain Lawyers Pty Ltd 23* 16* 3 -4 ▼ 9.8 47 -71.6 ▼ Dentons 23* 32* 3 1 ▲ 61.5 10 - - Australia/New Zealand Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30 Slaughter and May 28* - 2 2 ▲ 0 55* - - Borden Ladner Gervais LLP 28* - 2 2 ▲ 20.2 36* - - Jackson McDonald 28* - 2 2 ▲ 39.3 18 - - Real Estate 4.8% Ashurst 28* 8* 2 -12 ▼ 0 55* - - K&L Gates 28* 11* 2 -7 ▼ 56.7 12 1.4 ▲ 5.9% 15.7% Materials ENSafrica 28* - 2 2 ▲ 0 55* - - Webber Wentzel 28* 43* 2 1 ▲ 50.5 13 - - Consumer Products and Services Lander & Rogers Lawyers 28* 26* 2 -1 ▼ 19.0 38 -61.5 ▼ 6.5% McCarthy Tetrault 28* 43* 2 1 ▲ 30.1 26 - - Industrials Morrison & Foerster 28* - 2 2 ▲ 0 55* - - Squire Patton Boggs LLP 28* 43* 2 1 ▲ 10.5 46 -22.8 ▼ Media and Entertainment Osler Hoskin & Harcourt LLP 28* - 2 2 ▲ 16.8 42* - - 6.7% Orrick Herrington & Sutcliffe LLP 28* 32* 2 0 - 0 55* - - 15.7% Consumer Staples Arnold Bloch Leibler 28* 43* 2 1 ▲ 36.3 22* - - Industry Total 843 112 ▲ 4,493.0 36.8 ▲ Financials 6.9% Energy and Power

Healthcare 7.0% 10.1% High Technology * tie Retail 9.3% 9.8% Telecommunications

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17 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors Singapore Involvement Small-Cap Rankings (MML14)

MML14a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 Singapore Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) 2017 2016 # of Change in RankValue 2017 YoY Rank $1.6 300 Legal Advisors Rank Rank Deals # of Deals US$m Rank Val Chg (%) WongPartnership LLP 1 2* 6 -2 ▼ 74.0 2 28.9 ▲ $1.4 Allen & Gledhill 2* 1 5 -18 ▼ 31.3 9 -85.3 ▼ 250 AZB & Partners 2* 14* 5 2 ▲ 125.0 1 278.8 ▲ $1.2 Clifford Chance 4 35* 4 3 ▲ 0 20* - - Slaughter and May 5* - 3 3 ▲ 0 20* - - 200 $1.0 Freshfields Bruckhaus Deringer 5* 35* 3 2 ▲ 1.0 18* -88.0 ▼ Hogan Lovells 5* 4* 3 -4 ▼ 55.3 3 407.3 ▲ Morgan Lewis & Bockius 5* 7 3 -3 ▼ 27.1 11 -12.6 ▼ $0.8 150 Herbert Smith Freehills 5* 10* 3 -1 ▼ 29.8 10 - -

Allen & Overy 5* 4* 3 -4 ▼ 0 20* - - $0.6 Deals of # Cleary Gottlieb Steen & Hamilton 11* 35* 2 1 ▲ 0 20* - - 100 Rank Value (US$b) Value Rank Bae Kim & Lee 11* - 2 2 ▲ 0 20* - - $0.4 Shearman & Sterling LLP 11* - 2 2 ▲ 0 20* - - Ashurst 11* 25* 2 0 - 0 20* - - 50 Jones Day 11* 10* 2 -2 ▼ 0 20* - - $0.2 J Sagar Associates 11* 14* 2 -1 ▼ 23.1 13 -44.3 ▼ Clayton Utz 11* - 2 2 ▲ 5.6 16 - - $0.0 - Dentons 11* 14* 2 -1 ▼ 54.5 4 - - Baker & McKenzie 11* 10* 2 -2 ▼ 0 20* - - Morrison & Foerster 11* 35* 2 1 ▲ 0 20* - - Kirkland & Ellis 11* - 2 2 ▲ 0 20* - - O'Melveny & Myers 11* 35* 2 1 ▲ 0 20* - - US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals Shook Lin & Bok LLP 11* 14* 2 -1 ▼ 0 20* - - Weil Gotshal & Manges 11* - 2 2 ▲ 0 20* - - Simpson Thacher & Bartlett 11* 35* 2 1 ▲ 0 20* - - Shardul Amarchand Mangaldas & Co 11* 35* 2 1 ▲ 0 20* - - Singapore Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30 Industry Total 405 -50 ▼ 2,206.9 -9.9 ▼

3.3% 2.2% Industrials 3.3% 15.6% Real Estate * tie 5.0% Financials

Media and Entertainment 7.2% Healthcare 13.4% Consumer Products and Services

10.7% High Technology Consumer Staples

Energy and Power 13.2% Materials 12.3% Telecommunications

13.1% Retail

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18 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors Japanese Involvement Small-Cap Rankings (MML15)

MML15a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 Japanese Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) 2017 2016 # of Change in RankValue 2017 YoY Rank $4 1,000 Legal Advisors Rank Rank Deals # of Deals US$m Rank Val Chg (%) Nishimura & Asahi 1 2 26 -7 ▼ 204.8 3 520.6 ▲ 900 Mori Hamada & Matsumoto 2 1 23 -23 ▼ 234.7 2 410.2 ▲ Nagashima Ohno & Tsunematsu 3 4 18 -8 ▼ 257.4 1 890.0 ▲ 800 $3

Anderson Mori & Tomotsune 4 3 16 -12 ▼ 201.9 4 621.1 ▲ Clifford Chance 5 54* 9 8 ▲ 60.6 9 5960.0 ▲ 700 Ashurst 6 19* 8 4 ▲ 67.3 6 15.3 ▲ 600 Jones Day 7* 12* 7 1 ▲ 0 39* -37.2 ▼ Morrison & Foerster 7* 6* 7 -4 ▼ 37.0 12* 236.4 ▲ $2 500 Squire Patton Boggs LLP 7* 54* 7 6 ▲ 29.3 17 2830.0 ▲ Morgan Lewis & Bockius 10 12* 6 0 - 0 39* - - 400 ofDeals # Baker & McKenzie 11* 10 5 -3 ▼ 0 39* - - Allen & Overy 11* 6* 5 -6 ▼ 61.7 7* 460.9 ▲ (US$b) Value Rank 300 Shearman & Sterling LLP 13* 37* 4 2 ▲ 44.6 11 2130.0 ▲ $1 Kim & Chang 13* 11 4 -3 ▼ 19.7 25 181.4 ▲ 200 DLA Piper LLP 13* 8* 4 -6 ▼ 0 39* - - 100 Herbert Smith Freehills 13* 19* 4 0 - 0 39* - - AZB & Partners 13* 54* 4 3 ▲ 30.0 15* 2900.0 ▲ $0 - TMI Associates 18* 12* 3 -3 ▼ 102.7 5 1611.7 ▲ Freshfields Bruckhaus Deringer 18* 16* 3 -2 ▼ 0 39* - - Skadden 18* 37* 3 1 ▲ 15.0 28 650.0 ▲ Noerr LLP 18* 37* 3 1 ▲ 0 39* - - Cooley LLP 18* 19* 3 -1 ▼ 0 39* - - US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m Total # of Deals Clayton Utz 18* 54* 3 2 ▲ 5.6 34 460.0 ▲ Bird & Bird 18* 54* 3 2 ▲ 0 39* - - Hibiya-Nakata 18* 19* 3 -1 ▼ 27.7 19 592.5 ▲ King & Spalding 18* - 3 3 ▲ 0 39* - - Japanese Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30 Latham & Watkins 18* 16* 3 -2 ▼ 0 39* - - Orrick Herrington & Sutcliffe LLP 18* 28* 3 0 - 0 39* - - Iwata Godo 29* - 2 2 ▲ 61.7 7* - - Goodwin Procter LLP 29* - 2 2 ▲ 0 39* - - 3.4% High Technology Oh-Ebashi LPC & Partners 29* 19* 2 -2 ▼ 18.1 26 352.5 ▲ 3.8% K&L Gates 29* 37* 2 0 - 0 39* - - Gleiss Lutz 29* 28* 2 -1 ▼ 0 39* - - 5.3% 19.7% Industrials Taylor Wessing LLP 29* 54* 2 1 ▲ 58.2 10 5720.0 ▲ Hogan Lovells 29* 5 2 -11 ▼ 0 39* - - Consumer Products and Services 5.7% Altana SELARL 29* - 2 2 ▲ 0 39* - - PwC Legal LLP 29* - 2 2 ▲ 0 39* - - Real Estate Norton Rose Fulbright 29* 28* 2 -1 ▼ 20.3 23 576.7 ▲ Andrews Kurth Kenyon LLP 29* - 2 2 ▲ 0 39* - - 7.2% Media and Entertainment Bar & Karrer 29* 54* 2 1 ▲ 0 39* - - Kirkland & Ellis 29* - 2 2 ▲ 0 39* - - Retail Lee & Ko 29* 19* 2 -2 ▼ 16.0 27 300.0 ▲ White & Case LLP 29* 8* 2 -8 ▼ 0 39* - - 14.1% Materials Wachtell Lipton Rosen & Katz 29* - 2 2 ▲ 0 39* - - 8.2% Industry Total 1,490 -135 ▼ 4,938.7 -8.5 ▼ Consumer Staples

Financials 8.4% Healthcare 12.8% Energy and Power 11.4%

* tie

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19 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors Chinese Involvement Small-Cap Rankings (MML20)

MML20a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 Chinese Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) 2017 2016 # of Change in RankValue 2017 YoY Rank $16 1,600 Legal Advisors Rank Rank Deals # of Deals US$m Rank Val Chg (%) Fangda Partners 1* 3* 16 -3 ▼ 114.0 2 -4.3 ▼ $14 1,400 King & Wood Mallesons 1* 1 16 -27 ▼ 4.0 57 -99.4 ▼

Beijing Dentons Law Offices LLP 3 3* 14 -5 ▼ 63.7 7 -37.3 ▼ $12 1,200 Haiwen & Partners 4 21* 9 4 ▲ 0 62* - - Jones Day 5* 18* 8 2 ▲ 94.4 4 22.8 ▲ 1,000 Grandway Law Offices 5* 5* 8 -8 ▼ 124.9 1 -46.9 ▼ $10 Herbert Smith Freehills 7 13* 7 -1 ▼ 27.8 29 -66.8 ▼ Grandall Law Firm 8* 5* 6 -10 ▼ 100.2 3 -63.9 ▼ $8 800

Simpson Thacher & Bartlett 8* 35* 6 3 ▲ 14.9 44 -27.3 ▼ of Deals # AllBright Law Offices 10* 35* 5 2 ▲ 59.2 8 -26.3 ▼ $6 600 O'Melveny & Myers 10* 54* 5 3 ▲ 15.0 43 -17.1 ▼ (US$b) Value Rank DLA Piper LLP 12 21* 4 -1 ▼ 41.7 14 -3.7 ▼ $4 400 Heuking Kuehn Lueer Wojtek 13* 74* 3 2 ▲ 3.5 58* 150.0 ▲ Jingtian & Gongcheng 13* 2 3 -22 ▼ 31.2 23* -87.7 ▼ 200 Kim & Chang 13* 35* 3 0 - 18.3 39 -77.0 ▼ $2 Hunan Qiyuan Law Firm 13* - 3 3 ▲ 53.0 10 - - Hogan Lovells 13* 35* 3 0 - 18.0 40* 1185.7 ▲ $0 - GF Law Firm Shanghai 13* - 3 3 ▲ 58.4 9 - - Norton Rose Fulbright 13* 10 3 -7 ▼ 8.2 53 -95.3 ▼ Machado Meyer Sendacz & Opice 13* - 3 3 ▲ 0 62* - - Commerce & Finance Law Offices 13* 8* 3 -10 ▼ 73.9 6 -34.4 ▼ US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals Ropes & Gray 13* 54* 3 1 ▲ 18.0 40* -40.0 ▼ White & Case LLP 13* 31* 3 -1 ▼ 46.6 11 - - Allen & Overy 13* 13* 3 -5 ▼ 30.7 25 2.3 ▲ Clifford Chance 25* 11* 2 -7 ▼ 0 62* - - Chinese Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30 Covington & Burling 25* - 2 2 ▲ 0 62* - - Dechert 25* 74* 2 1 ▲ 21.8 36 990.0 ▲ Freshfields Bruckhaus Deringer 25* 35* 2 -1 ▼ 12.0 48 - - Ashurst 25* 17 2 -5 ▼ 0 62* - - Industrials Tian Yuan Law Firm 25* 31* 2 -2 ▼ 0 62* - - 2.6% 3.9% J Sagar Associates 25* - 2 2 ▲ 34.3 22 - - 17.2% High Technology HWL Ebsworth Lawyers 25* - 2 2 ▲ 12.5 46* - - China Commercial Law Co 25* 21* 2 -3 ▼ 37.6 18 -8.1 ▼ 7.2% Materials Skadden 25* 74* 2 1 ▲ 10.7 49 -46.5 ▼ Guantao Law Firm 25* 54* 2 0 - 22.1 35 -41.2 ▼ Financials Jia Yuan Law Offices 25* 8* 2 -11 ▼ 16.0 42 -90.9 ▼ Morgan Lewis & Bockius 25* 54* 2 0 - 24.7 33 - - Healthcare Harnest & Garner Law Firm 25* - 2 2 ▲ 0 62* - - 7.8% Demarest Advogados 25* - 2 2 ▲ 0 62* - - McCarthy Tetrault 25* - 2 2 ▲ 3.0 60 - - Real Estate Eversheds Sutherland LLP 25* 74* 2 1 ▲ 0 62* - - 16.3% Baker & McKenzie 25* 13* 2 -6 ▼ 0 62* - - Consumer Products and Services Kirkland & Ellis 25* - 2 2 ▲ 0 62* - - 8.0% Orrick Herrington & Sutcliffe LLP 25* 13* 2 -6 ▼ 0 62* - - Energy and Power Blake Cassels & Graydon 25* 74* 2 1 ▲ 23.3 34 -25.6 ▼ Latham & Watkins 25* 54* 2 0 - 0 62* - - Consumer Staples Hairun Law Firm 25* - 2 2 ▲ 94.3 5 - - Industry Total 2,207 -225 ▼ 20,326.6 -17.9 ▼ 8.6% Media and Entertainment 12.9% * tie Retail 11.9% Telecommunications

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20 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors Indian Involvement Small-Cap Rankings (MML21)

MML21a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 Indian Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) 2017 2016 # of Change in RankValue 2017 YoY Rank 2.0 450 Legal Advisors Rank Rank Deals # of Deals US$m Rank Val Chg (%) 1.8 AZB & Partners 1 1 34 -6 ▼ 457.9 1 109.2 ▲ 400 J Sagar Associates 2 4 17 -5 ▼ 128.4 3 51.4 ▲ 1.6 350

Khaitan & Co 3 2 15 -16 ▼ 169.5 2 47.4 ▲ Bathiya Legal 4 6 14 1 ▲ 44.4 7 31.4 ▲ 1.4 HSA Advocates 5 8 9 1 ▲ 20.0 13* -51.7 ▼ 300

Shardul Amarchand Mangaldas & Co 6 3 8 -16 ▼ 103.9 4 36.0 ▲ 1.2 Bar & Karrer 7 - 6 6 ▲ 0 21* - - 250 Luthra & Luthra Law Offices 8 11* 5 1 ▲ 56.1 5 83.3 ▲ 1.0 Trilegal 9 5 4 -11 ▼ 43.3 8 -14.1 ▼ 200 0.8 ofDeals # Tatva Legal 10* 20* 3 1 ▲ 8.7 17 - -

Rank Value (US$b) Value Rank 150 BMR Legal 10* 7 3 -7 ▼ 1.3 20 -96.0 ▼ 0.6 Morgan Lewis & Bockius 12* 13* 2 -1 ▼ 40.0 9 - - 100 Cyril Amarchand Mangaldas 12* 11* 2 -2 ▼ 0 21* - - 0.4 Corrs Chambers Westgarth 12* - 2 2 ▲ 50.0 6 - - 50 White & Case LLP 12* 34* 2 1 ▲ 0 21* - - 0.2 Clove Legal 12* 20* 2 0 - 31.0 11 - - 0.0 - Cleary Gottlieb Steen & Hamilton 17* - 1 1 ▲ 0 21* - - Goodwin Procter LLP 17* 20* 1 -1 ▼ 0 21* - - Jones Day 17* 20* 1 -1 ▼ 37.0 10 - - Ashurst 17* - 1 1 ▲ 0 21* - - US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals Shearman & Sterling LLP 17* 10 1 -4 ▼ 0 21* - - Linklaters 17* 34* 1 0 - 17.8 15 - - Hogan Lovells 17* 34* 1 0 - 15.0 16 - - ENSafrica 17* 34* 1 0 - 28.8 12 26.9 ▲ Stibbe 17* - 1 1 ▲ 0 21* - - Indian Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30 Davis Polk & Wardwell 17* - 1 1 ▲ 0 21* - - Krishnamurthy & Co 17* - 1 1 ▲ 4.7 18 - - Dentons 17* 34* 1 0 - 0 21* - - Herbert Smith Freehills 17* - 1 1 ▲ 2.7 19 - - Industrials Majmudar & Partners 17* 13* 1 -2 ▼ 20.0 13* -63.8 ▼ 3.5% 4.9% Clayton Utz 17* - 1 1 ▲ 0 21* - - 16.7% Financials Squire Patton Boggs LLP 17* - 1 1 ▲ 0 21* - - Gowling WLG 17* - 1 1 ▲ 0 21* - - 5.1% Consumer Staples Vertices Partners 17* - 1 1 ▲ 0 21* - - MD&T Partners 17* - 1 1 ▲ 0 21* - - Real Estate Baker & McKenzie 17* 20* 1 -1 ▼ 0 21* - - TRA Law 17* - 1 1 ▲ 0 21* - - 6.9% Greenberg Traurig 17* 20* 1 -1 ▼ 0 21* - - High Technology Industry Total 688 55 ▲ 20,326.6 18.8 ▲ Materials 15.6% 6.9% * tie Consumer Products and Services

Energy and Power

8.1% Healthcare

11.0% Media and Entertainment

9.6% Retail 10.0% Telecommunications

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21 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors Ranking Criteria Summary

- Announced league tables include all deals that were announced between January 1, 2017 and June 30, 2017 and of which Thomson Reuters was made aware. All current data and If you would like to participate in the submission previous year's data is as of 6:00am EST on July 7, 2017. process, receive quarterly press releases, or have questions about league table criteria please contact: - League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.

Americas Robert Levine - A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional. Tel: +1 646 223 5682 E-mail: [email protected]

Europe, Middle East & Africa - Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time Ewelina Jarecka of announcement of terms. Tel: +44 (0)207 542 2246 E-mail: [email protected] - 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 Asia-Pacific transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the Catherina Guinto-Roldan Tel: +81 3 6441 1142 transaction agreed to or, in the absence of an agreement, the value of the highest offer. E-mail: [email protected]

Japan - 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. Kaori Motohashi (Ishida) Tel: +813 6441 1338 E-mail: [email protected] - League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

While Thomson Reuters 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 Thomson Reuters nor its third party 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 content provider. Thomson Reuters 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 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, 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. Thomson Reuters 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.

Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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22 Thomson Reuters Solutions for the Deal Making Community

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