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Third Quarter 2009 Legal Advisors EUROPEAN CAPITAL MARKETS LEGAL REVIEW 2009 has seen record all currency DCM corporate issuer activity. Linklaters was the leading issuer adviser in the Manager Legal Adviser EMEA Debt, Equity and corporate sector, notably to Anheuser Busch Inbev and Arcelor Mittal. Equity Related Annually Sovereign debt issuance has also been strong this year. Freshfields totalled a 16.2% manager advisory market 5,000.0 9,000 share with Greece being the firm’s main client in this area. 4,500.0 8,000 4,000.0 7,000 3,500.0 Sidley Austin advised the most DCM issuers in the first three quarters of 2009 with 113 deals, while 6,000 3,000.0 Linklaters have worked on the largest amount of DCM manager advisory deals with 308. 5,000 2,500.0 4,000 2,000.0 The largest advised deal of the third quarter was by Allen Overy to the UK Debt Management Office on it’s Issues # of 3,000 1,500.0 £5 billion 0.5% index-linked March 2050 Gilt, on the same deal Linklaters also acted as advisor to the (US$b) Proceeds 2,000 four underwriting banks. 1,000.0 500.0 1,000 Linklaters was the leading ECM legal adviser to issuers and managers for the first three quarters of .0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2009 with $27.3 billion from 29 offerings and $21.3 billion from 42 offerings respectively. Proceeds # of Issues The total capital raised in the EMEA IPO market in the third quarter was US$1.1 billion from 13 issues, down 36.1% from the second quarter. Issuer Legal Adviser US Debt, Equity and Equity- The EMEA IPO market was outpaced by the US IPO market during the third quarter as EMEA proceeds totalled US$1.1 billion, 71.8% less than US IPO activity. related Annually 4,500.0 12,000 Convertible proceeds totalled US$27.0 billion from 50 issues during the first nine months of 2009, 4,000.0 marking the strongest year to date performance since 2003. Linklaters led the way in the advising 10,000 of convertible issuers with $5.7 billion from 10 issues year to date. 3,500.0 3,000.0 8,000 Rights issue proceeds reached US$87.5 billion year to date, representing 49.2% of EMEA equity capital 2,500.0 6,000 market issuance. The largest rights issue of the third quarter was Rio Tinto’s US$12.3 billion advised 2,000.0 on by Arthur Robinson & Hedderwicks, Linklaters, Davis Polk & Wardwell, Freehills and Herbert Smith. Issues # of 1,500.0 4,000 Proceeds (US$b) Proceeds 1,000.0 Rights issues were adopted as favourable funding solutions for notable M&A transactions such as 2,000 Holcim's US$2.0 billion deal to finance the purchase of rival Cemex. 500.0 .0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Proceeds # of Issues http://www.thomsonone.com Third Quarter 2009 | European Capital Markets | Legal Advisors International Debt - Ranked by Deal Size International Debt (AV1) - Issuer Legal Advisor International Debt (AV2) - Manager Legal Advisor 1/1/2009 - 30/9/2009 1/1/2008 - 30/9/2008 1/1/2009 - 30/9/2009 1/1/2008 - 30/9/2008 Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share Sidley Austin LLP 159,164.1 1 5.1 113 1 6.8 -1.7 ▼ Linklaters 357,106.1 1 10.8 308 2 7.5 3.3 ▲ Linklaters 120,525.8 2 3.9 91 4 2.6 1.3 ▲ Allen & Overy 255,811.6 2 7.8 238 1 8.3 -0.5 ▼ Sullivan & Cromwell107,612.5 3 3.4 62 2 4.3 -0.9 ▼ Hengeler Mueller 144,566.6 3 4.4 92 4 4.7 -0.3 ▼ Allen & Overy 105,432.2 4 3.4 64 3 3.8 -0.4 ▼ Clifford Chance 139,744.8 4 4.2 84 3 5.3 -1.1 ▼ Gide Loyrette Nouel 104,301.8 5 3.3 34 7 2.1 1.2 ▲ Davis Polk & Wardwell 129,627.7 5 3.9101 5 3.6 0.3 ▲ Davis Polk & Wardwell 86,175.3 6 2.8 49 9 1.5 -- Sidley Austin LLP127,498.6 6 3.9 90 6 3.5 0.4 ▲ Cleary Gottlieb Steen & Hamilton 51,723.2 7 1.7 33 6 2.3 -0.6 ▼ Gide Loyrette Nouel 80,382.3 7 2.4 31 19 0.4 2.0 ▲ White & Case LLP 45,027.9 8 1.4 26 111.1 0.3 ▲ Cravath, Swaine & Moore 79,247.7 8 2.4 40 10 1.7 0.7 ▲ Cravath, Swaine & Moore 42,869.2 9 1.4 22 5 2.5 -1.1 ▼ Simpson Thacher & Bartlett 77,822.1 9 2.4 42 7 3.2 -0.8 ▼ Simpson Thacher & Bartlett 38,733.0 10 1.2 22 14 0.8 0.4 ▲ Shearman & Sterling LLP72,917.3 10 2.2 70 11 1.3 0.9 ▲ Latham & Watkins 38,319.1 11 1.2 31 18 0.6 - - Sullivan & Cromwell 71,786.0 11 2.247 8 3.0 -0.8 ▼ Clifford Chance 38,148.6 12 1.2 31 8 1.7 -0.5 ▼ Cleary Gottlieb Steen & Hamilton 63,911.1 12 1.9 40 9 1.8 0.1 ▲ Freshfields Bruckhaus Deringer 36,642.1 13 1.2 29 17 0.6 0.6 ▲ Freshfields Bruckhaus Deringer 58,076.2 13 1.8 812 1.1 0.7 ▲ Homburger 33,360.7 14 1.1 3 - - -- Morrison & Foerster 26,787.7 14 0.8 7 14 0.6 0.2 ▲ Shearman & Sterling LLP 32,848.5 15 1.1 26 12 1.0 0.1 ▲ Skadden 22,569.915 0.7 22 16 0.5 0.2 ▲ Top 15 Total 1,040,884.0 - 33.4 636 784,656.8 31.7 1.7 ▲ Top 15 Total 1,707,855.7 - 51.8 1,220 1,254,323.8 46.5 5.3 ▲ Industry Total 3,131,638.5 --100.0 3,640 2,476,408.3 100.0 - Industry Total 3,297,862.4 - 100.0 3,804 2,697,134.3 100.0 - - Investment Grade Corporate Debt (AV3) - Issuer Legal Advisor Investment Grade Corporate Debt (AV4) - Manager Legal Advisor 1/1/2009 - 30/9/2009 1/1/2008 - 30/9/2008 1/1/2009 - 30/9/2009 1/1/2008 - 30/9/2008 Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share Sidley Austin LLP 158,493.3 1 5.2 110 1 6.9 -1.7 ▼ Linklaters 355,777.2 1 11.0 306 2 7.5 3.5 ▲ Linklaters 118,427.92 3.9 89 4 2.7 1.2 ▲ Allen & Overy 255,491.7 2 7.9 236 1 8.3 -0.4 ▼ Sullivan & Cromwell 105,739.2 3 3.5 59 2 4.3 -0.8 ▼ Hengeler Mueller 144,566.6 3 4.5 92 4 4.7 -0.2 ▼ Allen & Overy 104,799.9 4 3.4 62 3 3.8 -0.4 ▼ Clifford Chance 139,737.8 4 4.3 83 3 5.4 -1.1 ▼ Gide Loyrette Nouel 104,301.8 5 3.4 34 7 2.1 1.3 ▲ Sidley Austin LLP 127,498.6 5 4.0 90 6 3.5 0.5 ▲ Davis Polk & Wardwell 83,976.0 6 2.7 44 9 1.5 1.2 ▲ Davis Polk & Wardwell 125,323.5 6 3.9 91 5 3.6 0.3 ▲ Cleary Gottlieb Steen & Hamilton 51,135.5 7 1.7 32 6 2.3 -0.6 ▼ Gide Loyrette Nouel80,382.3 7 2.5 31 19 0.5 2.0 ▲ White & Case LLP 42,243.7 8 1.4 21 11 1.1 0.3 ▲ Simpson Thacher & Bartlett 74,808.6 8 2.3 36 73.2 -0.9 ▼ Cravath, Swaine & Moore 41,741.8 9 1.4 19 5 2.5 -1.1 ▼ Cravath, Swaine & Moore 74,707.9 9 2.3 31 10 1.6 0.7 ▲ Clifford Chance 38,148.6 10 1.3 31 8 1.6 -0.3 ▼ Sullivan & Cromwell 71,786.0 10 2.2 47 8 3.0 -0.8 ▼ Simpson Thacher & Bartlett 36,086.8 11 1.2 15 14 0.8 -- Cleary Gottlieb Steen & Hamilton 63,911.1 11 2.0 40 9 1.8 0.2 ▲ Latham & Watkins 35,370.5 12 1.2 26 22 0.5 0.7 ▲ Shearman & Sterling LLP 59,101.8 12 1.8 53 11 1.2 0.6 ▲ Freshfields Bruckhaus Deringer 35,251.8 13 1.2 26 17 0.6 0.6 ▲ Freshfields Bruckhaus Deringer 57,274.813 1.8 7 12 1.2 0.6 ▲ Homburger 33,360.7 14 1.1 3 - - -- Morrison & Foerster 26,787.7 14 0.8 714 0.6 0.2 ▲ Shearman & Sterling LLP 31,734.9 15 1.0 23 12 1.0 0.0 ▲ Skadden 20,138.0 15 0.6 1916 0.5 0.1 ▲ Top 15 Total 1,020,812.4 - 33.6 594 778,204.2 31.7 1.9 ▲ Top 15 Total 1,677,293.6 - 51.9 1,169 1,245,584.5 46.6 5.3 ▲ Industry Total 3,062,636.3 - 100.0 3,496 2,455,760.2 100.0 -- Industry Total 3,225,367.0 - 100.03,657 2,676,486.2 100.0 - - http://www.thomsonone.com Third Quarter 2009 | European Capital Markets | Legal Advisors International Debt - Ranked by Deal Size International High Yield Corporate Debt (AV5) - Issuer Legal Advisor International High Yield Corporate Debt (AV6) - Manager Legal Advisor 1/1/2009 - 30/9/2009 1/1/2008 - 30/9/2008 1/1/2009 - 309/2009 1/1/2008 - 30/9/2008 Proceeds Mkt.