press release mergermarket Global M&A Round-up for Year End 2008 8 January 2009, for immediate release

Contact: Hannah Bagshawe [email protected] Tel: +44 20 7059 6118 www.mergermarket.com mergermarket Global M&A Round-up Year End 2008

‘Tumultuous fourth quarter emphasizes challenging year for dealmakers as M&A subsides’ What do dealmakers do in a year that has seen the worst fi nancial crisis since the Great Depression? Not much, as the numbers show. 2008 saw deal values and Contents volumes drop back to the level they were at three years ago with the credit crisis wreaking havoc on the fi nancial services industry.

Section 1: M&A for Q408 hits 5-year lows; -Pacifi c M&A overtakes for fi rst time The last quarter of 2008 saw plenty of M&A lows not seen for several years with 2,047 announced deals valued at $490bn globally – it was the worst quarter by p. 2 - 8: Global value since Q3 2004 ($343bn); and the worst fourth quarter since fi ve years ago by both value and volume (just over 2,000 deals valued at $367bn in Q4 2003). Section 2: North American deal values dipped a massive 67% compared to the previous quarter (from $302bn in Q3 to just under $100bn in Q4), leaving North American deal values less than the Asia-Pacifi c region for the fi rst time on record. p. 9- 20:

Section 3: Asia-Pacifi c sheltered but not immune; good Q4 but overall decreases for the full year In contrast, in the same quarter the Asia-Pacifi c region saw a 37% increase on the previous quarter’s $74bn worth of deals. The region also enjoyed more mid- p. 21- 29: Americas market ($10m-$250m) deal activity compared to North America showing 246 deals valued at $15.7bn compared to just 193 deals valued at $10.8bn in the US and Section 4: Canada. Despite these numbers, Asia-Pacifi c was not exempt from the global slowdown and the region saw deal values drop by 5.2% for the year, although this was the smallest drop of all the regions. p. 30 - 38: Asia-Pacifi c

Global drop in M&A in 2008; Main drop in North America; Financial Services biggest sector Globally, a total value of $2.5tr represented a drop of 31% while volumes were down 20% on just over 12,000 deals. North America, which usually provides over p. 39. Criteria 40% of values globally (now less than 35%), saw the biggest overall decline from $1.5tr to $848bn, a drop of 44%. 2008 saw the Asia-Pacifi c region make up 16% p. 40 About mergermarket of total values, up from between 11-12% in the previous three years. Unsurprisingly fi nancial services, driven by the need to consolidate, was the busiest sector by value (25%), followed by Energy, Mining & Utilities which had a strong H1 but has withered away along with the price of crude. Industrials & Chemicals continues to be the most active sector. Europe meanwhile accounted for half of the top 10 deals announced globally, although only one actually had a target in the fi nancial services industry with the UK Treasury buying a 57.9% stake in RBS plc for $26bn.

Linklaters top rankings for most regions Unlike 2007 where no single fi rm dominated any particular table, 2008 has been a year to remember for as the fi rm ‘sweeps’ the value tables in all regions except for the US tables, although even here the fi rm has jumped an impressive 40 places to rank 11th for the year. Globally Linklaters advised on 267 transactions valued at $729bn. 2007’s top two, Sullivan & Cromwell and Skadden Arps Slate Meagher & Flom, drop to second and third with values of $612bn and $525bn, respectively. In volume terms DLA Piper worked on 304 deals, taking over top spot from Latham & Watkins who drop to fourth on 266 deals. Jones Day jumped six places to second on 294 deals. Freshfi elds suffered a slow year in the value of the deals worked on registering considerable drops in the European and Asian tables, despite actually ranking higher than the previous year in the global activity tables.

DLA Piper had another strong performance in the mid-market tables, topping the global volume table and ranking second in the value table with 147 transactions valued at $10bn. Latham & Watkins took fi rst place on the global mid-market value table with 106 deals valued at $10.2bn, up from third in 2007.

Press Release: mergermarket Global M&A Round-up forYear End 2008 2 www.mergermarket.com Global: League Tables of Legal Advisers

League Table of Legal Advisers to Global M&A: Value League Table of Legal Advisers to Global M&A: Volume Y/E 2007 Y/E 2008 House Value Deal Count Y/E 2007 Y/E 2008 House Value Deal Count (US$m) (US$m) 4 1 Linklaters 728,566 267 2 1 DLA Piper 62,188 304 1 2 Sullivan & Cromwell 611,704 135 8 2 Jones Day 82,578 294 2 3 Skadden Arps Slate Meagher & Flom 526,419 187 4 3 Linklaters 728,566 267 6 4 Allen & Overy 514,627 228 1 4 Latham & Watkins 254,650 266 3 5 Freshfi elds Bruckhaus Deringer 444,130 257 6 5 Freshfi elds Bruckhaus Deringer 444,130 257 16 6 /Gleiss Lutz/Stibbe 397,672 132 5 6 Baker & McKenzie 144,316 246 19 7 Cravath Swaine & Moore 377,789 58 3 7 354,958 244 40 8 McCarthy Tetrault 366,567 80 7 8 Allen & Overy 514,627 228 5 9 Clifford Chance 354,958 244 9 9 Skadden Arps Slate Meagher & 526,419 187 Flom 36 10 348,652 65 11 10 White & Case 84,596 174 12 11 Cleary Gottlieb Steen & Hamilton 327,398 160 10 11 Kirkland & Ellis 73,929 162 47 12 Davies Ward Phillips & Vineberg 281,494 41 13 12 Cleary Gottlieb Steen & Hamilton 327,398 160 13 13 Simpson Thacher & Bartlett 261,300 81 12 13 CMS 31,675 157 9 14 Latham & Watkins 254,650 266 15 14 Dewey & LeBoeuf 188,720 143 74 15 Lovells 254,111 87 14 15 Weil Gotshal & Manges 223,095 140 45 16 Freehills 233,721 78 16 16 Sullivan & Cromwell 611,704 135 49 17 Arthur Robinson 233,206 37 17 17 Herbert Smith/Gleiss Lutz/Stibbe 397,672 132 32 18 Clayton Utz 226,777 43 21 18 Hogan & Hartson 44,750 119 11 19 Shearman & Sterling 226,661 114 23 19 Shearman & Sterling 226,661 114 8 20 Weil Gotshal & Manges 223,095 140 18 20 Blake, Cassels & Graydon 206,954 107

Press Release: mergermarket Global M&A Round-up forYear End 2008 3 www.mergermarket.com Global: League Tables of Legal Advisers

League Table of Legal Advisers to Global Mid-Market M&A: Value League Table of Legal Advisers to Global Mid-Market M&A: Volume Y/E 2007 Y/E 2008 House Value Deal Count Y/E 2007 Y/E 2008 House Value Deal Count (US$m) (US$m) 3 1 Latham & Watkins 10,167 106 1 1 DLA Piper 10,013 147 2 2 DLA Piper 10,013 147 3 2 Latham & Watkins 10,167 106 7 3 Skadden Arps Slate Meagher & Flom 8,079 68 2 3 Baker & McKenzie 7,061 95 8 4 Jones Day 7,521 85 6 4 Jones Day 7,521 85 4 5 Baker & McKenzie 7,061 95 4 5 Linklaters 6,500 71 6 6 Freshfi elds Bruckhaus Deringer 6,890 70 9 6 Freshfi elds Bruckhaus Deringer 6,890 70 1 7 Linklaters 6,500 71 12 7 Skadden Arps Slate Meagher & 8,079 68 Flom 5 8 Clifford Chance 6,121 64 5 8 Clifford Chance 6,121 64 10 9 Allen & Overy 5,546 64 7 9 Allen & Overy 5,546 64 14 10 Weil Gotshal & Manges 5,270 50 8 10 Eversheds 3,277 60 16 11 Dewey & LeBoeuf 5,077 47 13 11 Kirkland & Ellis 5,076 58 11 12 Kirkland & Ellis 5,076 58 10 12 White & Case 4,903 56 9 13 White & Case 4,903 56 19 13 Hogan & Hartson 4,386 53 28 14 O'Melveny & Myers 4,444 48 11 14 CMS 3,262 51 25 15 Hogan & Hartson 4,386 53 17 15 Weil Gotshal & Manges 5,270 50 51 16 Sullivan & Cromwell 4,152 38 37 16 O'Melveny & Myers 4,444 48 36 17 Shearman & Sterling 3,968 32 20 17 Dewey & LeBoeuf 5,077 47 12 18 Cleary Gottlieb Steen & Hamilton 3,966 31 25 18 Wilson Sonsini Goodrich & Rosati 3,031 45 26 19 Mallesons Stephen Jaques 3,913 44 30 19 Mallesons Stephen Jaques 3,913 44 48 20 SJ Berwin 3,677 42 59 20 SJ Berwin 3,677 42 *Mid-Market based on deal value range of US$ 10m - US$ 250m

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League Table of Legal Advisers to Global Buyouts: Value League Table of Legal Advisers to Global Buyouts: Volume Y/E 2007 Y/E 2008 House Value Deal Count Y/E 2007 Y/E 2008 House Value Deal Count (US$m) (US$m) 20 1 Linklaters 22,944 38 1 1 Kirkland & Ellis 9,877 75 8 2 Clifford Chance 22,558 42 6 2 DLA Piper 2,856 50 2 3 Weil Gotshal & Manges 16,673 33 3 3 Latham & Watkins 6,718 45 6 4 Freshfi elds Bruckhaus Deringer 16,346 21 2 4 Clifford Chance 22,558 42 1 5 Simpson Thacher & Bartlett 15,221 22 11 5 Jones Day 2,461 41 14 6 Sullivan & Cromwell 14,423 12 5 6 Linklaters 22,944 38 59 7 Slaughter and May 11,672 7 4 7 Weil Gotshal & Manges 16,673 33 55 8 Hengeler Mueller 11,611 6 14 8 White & Case 9,400 31 7 9 Debevoise & Plimpton 11,133 13 9 9 SJ Berwin 4,023 29 4 10 Cleary Gottlieb Steen & Hamilton 9,960 16 21 10 CMS 2,182 24 3 11 Kirkland & Ellis 9,877 75 10 11 Simpson Thacher & Bartlett 15,221 22 27 12 Freehills 9,662 10 8 12 Allen & Overy 9,541 22 10 13 Allen & Overy 9,541 22 7 13 Freshfi elds Bruckhaus Deringer 16,346 21 47 14 White & Case 9,400 31 12 14 Baker & McKenzie 4,665 20 172 15 Poellath & Partners 8,966 12 27 15 Ropes & Gray 7,942 19 43 16 Ropes & Gray 7,942 19 15 16 Skadden Arps Slate Meagher & 5,746 17 63 17 Hogan & Hartson 7,067 16 Flom 115 18 Blake Dawson 7,007 1 41 17 Vinge 5,207 17 5 19 Latham & Watkins 6,718 45 19 18 Cleary Gottlieb Steen & Hamilton 9,960 16 15 20 Mallesons Stephen Jaques 6,131 6 46 19 Hogan & Hartson 7,067 16 *Based on law fi rm advising the bidder party only 16 20 Herbert Smith/Gleiss Lutz/Stibbe 3,700 16

Press Release: mergermarket Global M&A Round-up forYear End 2008 5 www.mergermarket.com Global: Top Announced Deals 2008

Top 10 Announced Global Deals 2008 (*denotes lapsed deal) Announced Bidder Company Bidder Legal Advisor Target Company Target/Seller Legal Advisor Seller Company Deal Value Date (US$m) 06-Feb-08* BHP Billiton Ltd Allen & Overy (Advising BNP Paribas; Citigroup; Rio Tinto plc Allens Arthur Robinson; Linklaters; McCarthy 190,344 Goldman Sachs; HSBC Bank; UBS); Blake Tetrault; Sullivan & Cromwell; Advising fi nancial Dawson; Clayton Utz (Advising Goldman Sachs); advisers: Cravath Swaine & Moore; Herbert Davies Ward Phillips & Vineberg; Freehills; Lovells Smith/Gleiss Lutz/Stibbe; Johnson Winter & (Advising Goldman Sachs); Skadden Arps Slate Slattery Meagher & Flom; Slaughter and May 30-Jan-08 Altria Group Inc Philip Morris Advising seller: Gibson Dunn & Crutcher; Hunton Altria Group Inc 106,884 (Shareholders) International Inc & Williams; McCarthy Tetrault; Sutherland Asbill & Brennan 14-Jul-08 InBev SA Allen & Overy (Advising BNP Paribas; Deutsche Anheuser-Busch Latham & Watkins (Advising Goldman Sachs); 58,924 Bank; JPMorgan); Blake, Cassels & Graydon; Companies Inc Simpson Thacher & Bartlett; Skadden Arps Clifford Chance; Herbert Smith/Gleiss Lutz/Stibbe; Slate Meagher & Flom; Weil Gotshal & Manges Linklaters; Loyens & Loeff; Paul Weiss Rifkind (Advising Citigroup) Wharton & Garrison (Advising Lazard); Sullivan & Cromwell 15-Sep-08 Bank of America Ashurst; Baker & McKenzie; Blake, Cassels & Merrill Lynch Cravath Swaine & Moore; Linklaters; Shearman 44,340 Corporation Graydon; Cleary Gottlieb Steen & Hamilton; & Sterling Debevoise & Plimpton (Advising JC Flowers & Co); Wachtell Lipton Rosen & Katz 15-Jul-08 Schaeffl er KG Allen & Overy (Advising ABN AMRO); Davies Continental AG (97.03% Blake, Cassels & Graydon; Clifford Chance 36,581 Ward Phillips & Vineberg; Linklaters (Advising ABN stake) (Advising JPMorgan); Freshfi elds Bruckhaus AMRO) Deringer; Skadden Arps Slate Meagher & Flom (Advising Perella Weinberg Partners); Sullivan & Cromwell (Advising Goldman Sachs) 31-Jul-08 Gas Natural SDG SA Cleary Gottlieb Steen & Hamilton; Cuatrecasas, Union Fenosa SA Garayar Asociados; Uria Menendez 35,575 Goncalves Pereira (Advising UBS); Freshfi elds Bruckhaus Deringer; Linklaters (Advising UBS)

02-Jun-08 China Unicom Ltd Freshfi elds Bruckhaus Deringer; Skadden Arps China Netcom Group Herbert Smith/Gleiss Lutz/Stibbe (Advising 29,589 Slate Meagher & Flom (Advising JPMorgan); Corporation Limited Citigroup); Linklaters; Shearman & Sterling Slaughter and May (Advising China International Capital Corporation Limited); Sullivan & Cromwell

05-Jun-08 Verizon Wireless Inc Debevoise & Plimpton; Milbank Tweed Hadley Alltel Corporation Inc Morrison & Foerster; Wachtell Lipton Rosen & Atlantis Holdings LLC 28,100 & McCloy (Advising Morgan Stanley); Simpson Katz; Advising sellers: Cleary Gottlieb Steen & (affi liate of TPG LLP and Thacher & Bartlett Hamilton (Advising Goldman Sachs); Ropes & GS Capital Partners) Gray 13-Oct-08 HM Treasury Slaughter and May Royal Bank of Scotland Fasken Martineau; Freshfi elds Bruckhaus 25,952 Group Plc (57.90% Deringer; Linklaters stake) 21-May-08 Time Warner Cable Time Warner Cable Inc Latham & Watkins; Paul Weiss Rifkind Wharton Time Warner Inc 25,461 Inc (Shareholders) (86.30% stake) & Garrison; Weil Gotshal & Manges (Advising Evercore Partners); Advising seller: Cravath Swaine & Moore; Skadden Arps Slate Meagher & Flom

Press Release: mergermarket Global M&A Round-up forYear End 2008 6 www.mergermarket.com Global: M&A Activity Trend

Global M&A Activity - Quarterly Global Buyout M&A Activity - Quarterly 1,400 4,500 400 800

Value Value 4,000 Volum e 350 Volum e 700 1,200

3,500 300 600

1,000

3,000 250 500

800 2,500

200 400

2,000 600 Volume of Deals Volume of Deals

Value of Deals ($bn) 150 300 Value of Deals ($bn)

1,500

400 100 200 1,000

200 50 100 500

0 0 0 0 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08

Press Release: mergermarket Global M&A Round-up forYear End 2008 7 www.mergermarket.com Global: Breakdown of Announced Deals 2008

Mix of Announced Global Deals by Industry Sector 2008 - Value Mix of Announced Global Deals by Industry Sector 2008 - Volume Agriculture Real Estate Real Estate Agriculture 0.3% 2.5% 1.9% 0.9% Construction Construction 2.1% Defence Defence Pharma, Medical & Biotech 0.4% 4.6% 0.3% 4.6% Industrials & Chemicals Pharma, Medical & Biotech Transport 11.7% Industrials & Chemicals 6.4% 2.4% 20.2%

Transport Leisure 3.2% 1.1%

Leisure TMT 3.2% 12.1%

Financial Services 24.9% Financial Services 9.9%

TMT 14.1%

Energy, Mining & Utilities 18.0% Business Services 12.6% Business Services Energy, Mining & Utilities 4.2% 10.0%

Consumer Consumer 15.6% 12.8%

Mix of Announced Deals by Geographic Region 2008 - Value Mix of Announced Deals by Geographic Region 2008 - Volume South & Central Asia South East Asia 2.6% South East Asia South & Central Asia 2.4% 2.1% Australasia 1.5% 3.0% Africa & Middle East Africa & Middle East 1.7% Australasia 3.3% 3.5% Japan 2.5%

Japan North Asia 3.1% 7.0% North America North America 32.3% 34.5% North Asia Central & Eastern Europe 7.3% 3.4%

Northern Europe 3.5% Central & Eastern Europe 5.7%

Southern Europe 6.8% Northern Europe 4.9%

Central & 3.7% Central & South America Southern Europe 4.0% 7.9%

Western Europe Western Europe 30.1% 23.7%

Press Release: mergermarket Global M&A Round-up forYear End 2008 8 www.mergermarket.com Europe: M&A roundup 2008 European M&A Activity - Quarterly 450 1,800 European M&A down 32% in 2008

Value 2008 has seen European M&A reduce across all sectors, with overall values down 32% (from €1,095bn to €741.7bn) 400 1,600 Volum e and deal activity down 20% (from 6,453 announced transactions in 2007 to 5,152 in 2008) – levels not seen since

2005. Deal volumes dropped particularly dramatically in the last quarter of the year, which with only 825 deals 350 1,400 showed the lowest quarterly volume since the second quarter of 2003. Similarly in the same quarter European mid- market M&A saw the quietest quarter in fi ve years (275 transactions valued at €15.8bn). 300 1,200

250 1,000 Major deals lapse due to fi nancing issues, particularly in Energy, Mining, and Utilities sector

Previously announced acquisitions have also stalled in the face of new fi nancing issues. The Energy, Mining, 200 800 Volume of Deals

and Utilities sector was hit hard as the largest announced European deal of 2008, BHP Billiton’s €130bn takeover Value of Deals (€bn) attempt of Rio Tinto, was withdrawn, as was Xstrata’s €6.8bn acquisition of British mining peer, Lonmin. The 150 600 Financial Services sector also suffered and - even with the fi gures infl ated by large recent government bail-outs 100 400 which represent nearly half of the overall M&A value for the sector - dropped 6% in 2008, with €214.7bn-worth of deals as compared with €228.5bn in 2007. The Consumer sector has managed to weather the storm thanks to a few 50 200 mega deals (€5bn and above) within beverages and tobacco, and advanced by 24% on 2007 values from €121.2bn to €149.8bn. 0 0 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08

Decrease in Private Equity deals; massive drop in large buyouts European Mid Market M&A Activity - Quarterly 45 800 Private Equity fi rms and their large-scale buyouts became noticeably absent in the course of 2008. European buy- (€10m to €250m) outs dropped 61% in value from €214bn in 2007 to €82.6bn in 2008, although the number of announced deals was Value 40 down only 22%. Further demonstrating the diffi culties in obtaining fi nancing was a sharp decline in buyouts above Volum e 700

€1bn, of which there were 14 announced in 2008 compared to 52 in 2007, with total values dropping 74% from 35 €120.1bn to €31.3bn in 2008. Buyout values have not been this low since 2003, although even then the average 600 deal size of €176.1m was larger than the 2008 average of €156m. 30 500

Linklaters dominates tables 25 400 Topping both value and volume tables for 2008 is Linklaters with 235 transactions totalling a value of €427.1bn. 20

Runner up by value is Allen & Overy 200 deals totalling €333.3bn, ahead of Sullivan & Cromwell in third with a total Volume of Deals

Value of Deals (€bn) 300 value of €286.8bn. Freshfi elds Bruckhaus Deringer has unexpectedly dropped four places on the value tables 15 compared to 2007 standings, despite having advised on several government bail-out transactions, and moving up 200 one place on the volume tables to take second place. Advising on bail-out deals has benefi tted Slaughter and May, 10 elevating its ranking from 20th in 2007 to its current seventh place. In the mid-market tables, Linklaters has main- 100 5 tained its 2007 top position by value, having advised on 79 transactions totalling €7.9bn, 25% of which are within the

Energy, Mining, and Utilities sector. Close on its tail is Freshfi elds Bruckhaus Deringer, up from fi fth place in 2007, 0 0 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 with €7.4bn worth of deals. DLA Piper also maintained its top ranking on the volume tables with 94 transactions to 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 its credit.

Press Release: mergermarket Global M&A Round-up forYear End 2008 9 www.mergermarket.com Europe: League Tables of Legal Advisers

League Table of Legal Advisers to European M&A: Value League Table of Legal Advisers to European M&A: Volume Y/E 2007 Y/E 2008 House Value (€m) Deal Count Y/E 2007 Y/E 2008 House Value (€m) Deal Count 2 1 Linklaters 427,098 235 1 1 Linklaters 427,098 235 5 2 Allen & Overy 333,308 200 3 2 Freshfi elds Bruckhaus Deringer 225,054 227 4 3 Sullivan & Cromwell 286,756 57 2 3 Clifford Chance 211,496 216 10 4 Herbert Smith/Gleiss Lutz/Stibbe 242,218 117 4 4 Allen & Overy 333,308 200 1 5 Freshfi elds Bruckhaus Deringer 225,054 227 5 5 DLA Piper 9,086 176 6 6 Skadden Arps Slate Meagher & Flom 219,261 60 7 6 CMS 22,489 154 20 7 Slaughter and May 216,307 60 6 7 Baker & McKenzie 22,847 133 46 8 McCarthy Tetrault 215,778 16 8 8 White & Case 39,128 126 3 9 Clifford Chance 211,496 216 12 9 Herbert Smith/Gleiss Lutz/Stibbe 242,218 117 50 10 Lovells 168,169 81 11 10 Jones Day 11,564 104 53 11 Davies Ward Phillips & Vineberg 154,381 6 13 11 Cleary Gottlieb Steen & Hamilton 86,783 102 27 12 Cravath Swaine & Moore 152,851 17 9 12 Eversheds 3,894 95 63 13 Freehills 150,945 20 18 13 Vinge 34,245 84 28 14 Clayton Utz 142,432 14 10 14 Latham & Watkins 74,157 83 174 15 Blake Dawson 135,449 11 15 15 Lovells 168,169 81 38 16 Allens Arthur Robinson 131,256 11 23 16 Loyens & Loeff 47,566 79 338 17 Johnson Winter & Slattery 130,061 1 16 17 Mannheimer Swartling 11,984 78 11 18 Cleary Gottlieb Steen & Hamilton 86,783 102 26 18 SJ Berwin 6,923 78 23 19 Blake, Cassels & Graydon 81,333 27 14 19 Ashurst 34,567 68 81 20 Gibson Dunn & Crutcher 78,380 28 20 20 Norton Rose 24,157 68

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League Table of Legal Advisers to European Mid-Market M&A: Value League Table of Legal Advisers to European Mid-Market M&A: Volume Y/E 2007 Y/E 2008 House Value (€m) Deal Count Y/E 2007 Y/E 2008 House Value (€m) Deal Count 1 1 Linklaters 7,880 79 1 1 DLA Piper 5,091 94 5 2 Freshfi elds Bruckhaus Deringer 7,445 75 2 2 Linklaters 7,880 79 3 3 Clifford Chance 6,484 64 5 3 Freshfi elds Bruckhaus Deringer 7,445 75 4 4 Allen & Overy 5,793 63 4 4 Clifford Chance 6,484 64 2 5 DLA Piper 5,091 94 3 5 Allen & Overy 5,793 63 8 6 CMS 3,671 53 6 6 Eversheds 3,001 54 13 7 Weil Gotshal & Manges 3,444 31 8 7 CMS 3,671 53 14 8 Herbert Smith/Gleiss Lutz/Stibbe 3,386 38 7 8 Baker & McKenzie 3,362 45 6 9 Baker & McKenzie 3,362 45 9 9 White & Case 3,068 42 10 10 Jones Day 3,241 41 10 10 Jones Day 3,241 41 23 11 SJ Berwin 3,220 41 23 11 SJ Berwin 3,220 41 7 12 White & Case 3,068 42 17 12 Herbert Smith/Gleiss Lutz/Stibbe 3,386 38 9 13 Eversheds 3,001 54 18 13 Norton Rose 2,797 36 11 14 Cleary Gottlieb Steen & Hamilton 2,945 24 29 14 1,248 34 17 15 Norton Rose 2,797 36 20 15 2,262 33 58 16 Cuatrecasas, Goncalves Pereira 2,694 30 14 16 Latham & Watkins 2,603 32 12 17 Latham & Watkins 2,603 32 21 17 Ashurst 2,347 32 28 18 Dewey & LeBoeuf 2,541 25 25 18 Mayer Brown 2,056 32 15 19 Lovells 2,364 31 13 19 913 32 18 20 Ashurst 2,347 32 26 20 Weil Gotshal & Manges 3,444 31

*Mid-Market based on deal value range of €10m - €250m

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League Table of Legal Advisers to European Buyouts: Value League Table of Legal Advisers to European Buyouts: Volume Y/E 2007 Y/E 2008 House Value Deal Count Y/E 2007 Y/E 2008 House Value Deal Count (US$m) (US$m) 1 1 Clifford Chance 22,446 38 1 1 Clifford Chance 22,446 38 4 2 Linklaters 18,386 32 4 2 DLA Piper 2,063 34 3 3 Freshfi elds Bruckhaus Deringer 16,321 20 2 3 Linklaters 18,386 32 54 4 Sullivan & Cromwell 13,415 4 3 4 SJ Berwin 3,868 28 57 5 Hengeler Mueller 11,611 6 12 5 CMS 2,182 24 18 6 Slaughter and May 9,238 5 6 6 Freshfi elds Bruckhaus Deringer 16,321 20 95 7 Poellath & Partners 8,966 12 7 7 Latham & Watkins 2,924 20 2 8 Allen & Overy 8,718 19 5 8 Allen & Overy 8,718 19 61 9 Blake Dawson 7,007 1 11 9 White & Case 3,523 19 7 10 Cleary Gottlieb Steen & Hamilton 6,018 8 9 10 Herbert Smith/Gleiss Lutz/Stibbe 3,700 16 17 11 Weil Gotshal & Manges 5,482 12 10 11 Travers Smith 2,087 16 22 12 Mayer Brown 4,736 10 23 12 Vinge 1,107 16 146 13 Shearman & Sterling 4,600 5 8 13 Eversheds 1,470 15 8 14 Norton Rose 4,349 9 28 14 Osborne Clarke 826 15 63 15 Roschier 4,337 8 13 15 Lovells 3,952 13 71 16 4,263 5 61 16 Poellath & Partners 8,966 12 75 17 Milbank Tweed Hadley & McCloy 4,020 7 17 17 Weil Gotshal & Manges 5,482 12 9 18 Lovells 3,952 13 29 18 Chiomenti Studio Legale 3,130 12 - 19= Baker Botts 3,876 1 19 19 Loyens & Loeff 2,155 12 13 19= Freehills 3,876 1 71 20 d'Urso Gatti e Associati Studio 1,339 12 Legale *Based on law fi rm advising the bidder party only and dominant target geography being Europe

Press Release: mergermarket Global M&A Round-up forYear End 2008 12 www.mergermarket.com Europe: Top Announced Deals 2008

Top 10 Announced European Deals 2008 Announced Date Bidder Company Bidder Legal Advisor Target Company Target/Seller Legal Advisor Seller Company Deal Value (€m) 06-Feb-08* BHP Billiton Ltd Allen & Overy (Advising BNP Paribas; Rio Tinto plc Allens Arthur Robinson; Linklaters; 130,061 Citigroup; Goldman Sachs; HSBC McCarthy Tetrault; Sullivan & Bank; UBS); Blake Dawson; Clayton Cromwell; Advising fi nancial advisers: Utz (Advising Goldman Sachs); Davies Cravath Swaine & Moore; Herbert Ward Phillips & Vineberg; Freehills; Smith/Gleiss Lutz/Stibbe; Johnson Lovells (Advising Goldman Sachs); Winter & Slattery Skadden Arps Slate Meagher & Flom; Slaughter and May 30-Jan-08 Altria Group Inc Philip Morris International Inc Advising seller: Gibson Dunn Altria Group Inc 71,922 (Shareholders) & Crutcher; Hunton & Williams; McCarthy Tetrault; Sutherland Asbill & Brennan 15-Jul-08 Schaeffl er KG Allen & Overy (Advising ABN AMRO); Continental AG (97.03% stake) Blake, Cassels & Graydon; Clifford 22,991 Davies Ward Phillips & Vineberg; Chance (Advising JPMorgan); Linklaters (Advising ABN AMRO) Freshfi elds Bruckhaus Deringer; Skadden Arps Slate Meagher & Flom (Advising Perella Weinberg Partners); Sullivan & Cromwell (Advising Goldman Sachs) 31-Jul-08 Gas Natural SDG SA Cleary Gottlieb Steen & Hamilton; Union Fenosa SA Garayar Asociados; Uria Menendez 22,839 Cuatrecasas, Goncalves Pereira (Advising UBS); Freshfi elds Bruckhaus Deringer; Linklaters (Advising UBS) 13-Oct-08 HM Treasury Slaughter and May Royal Bank of Scotland Group Fasken Martineau; Freshfi elds 19,112 Plc (57.90% stake) Bruckhaus Deringer; Linklaters 03-Oct-08 Government of the Allen & Overy; Clifford Chance Fortis Bank Nederland Advising seller: De Brauw Blackstone Fortis NV / Fortis SA/NV 16,800 Netherlands (Holding) NV; Fortis Corporate Westbroek; Linklaters Insurance NV; and Fortis Verzekeringen Nederland NV 24-Sep-08 Electricite de France SA Herbert Smith/Gleiss Lutz/Stibbe; British Energy Group Plc Clifford Chance; Shepherd & 15,125 Lovells (Advising BNP Paribas; Merrill Wedderburn; Slaughter and May; Lynch) Sullivan & Cromwell (Advising Gleacher Partners/ Gleacher Shacklock) 25-Jan-08 Carlsberg A/S; and A&L Goodbody; Allen & Overy; Scottish & Newcastle plc Arthur Cox; Freshfi elds Bruckhaus 13,007 Heineken NV Ashurst (Advising Credit Suisse; Deringer; Linklaters; Travers Smith Lehman Brothers); Hammarskiold & Co; Kromann Reumert; Matheson Ormsby Prentice; Norton Rose; Plesner; Roschier; Vinge

13-Oct-08 HM Treasury Slaughter and May HBOS Plc (58.11% stake) Allen & Overy; Freshfi elds Bruckhaus 10,854 Deringer (Advising Morgan Stanley) 19-Oct-08 Government of the Allen & Overy ING Group NV (undisclosed De Brauw Blackstone Westbroek; 10,000 Netherlands economic interest) Linklaters; Sullivan & Cromwell

Press Release: mergermarket Global M&A Round-up forYear End 2008 13 www.mergermarket.com Europe: Breakdown of Announced Deals 2008

Mix of Announced European Deals by Industry Sector 2008 - Value Mix of Announced European Deals by Industry Sector 2008 - Volume

Construction Agriculture Real Estate Agriculture Real Estate 2.9% 0.2% 4.1% 0.9% 1.6%

Defence Construction Defence Pharma, Medical & Biotech 0.3% 5.5% 0.3% 1.8% Industrials & Chemicals 11.6% Pharma, Medical & Biotech Transport 5.3% 3.1% Industrials & Chemicals 21.9% Leisure 0.9% Transport 4.1% TMT 5.5% Leisure 3.5%

Energy, Mining & Utilities Financial Services Financial Services TMT 17.0% 29.0% 9.3% 13.0%

Business Services Energy, Mining & Utilities 12.7% 7.1%

Business Services 3.5% Consumer 20.2% Consumer 14.9%

Mix of Announced European Deals by Geographic Region 2008 - Value Mix of Announced European Deals by Geographic Region 2008 - Volume

South Eastern Europe 3.4% South Eastern Europe Central & Eastern Europe 4.5% 7.2%

UK & Ireland Central & Eastern Europe UK & Ireland 25.9% 12.4% 23.7%

Nordic 7.9%

Nordic 11.7% Benelux 11.5%

Germanic 14.9% Benelux 8.3% Iberia 8.4%

Germanic Iberia Italy 25.8% 7.3% France 4.4% 9.1% Italy 8.1% France 5.4%

Press Release: mergermarket Global M&A Round-up forYear End 2008 14 www.mergermarket.com Europe: League Tables of Legal Advisers

Legal Advisers to UK M&A: Value Legal Advisers to UK M&A: Volume Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Count Count 3 1 Linklaters 236,215 85 1 1 DLA Piper 7,487 114 7 2 Slaughter and May 209,581 52 3 2 Linklaters 236,215 85 4 3 Allen & Overy 204,985 82 4 3 Eversheds 3,573 84 5 4 Sullivan & Cromwell 170,149 19 6 4 Freshfi elds Bruckhaus Deringer 103,880 83 6 5 Herbert Smith/Gleiss Lutz/Stibbe 159,906 35 5 5 Allen & Overy 204,985 82 44 6 Lovells 151,463 39 2 6 Clifford Chance 60,841 74 37 7 Freehills 146,713 9 26 7 Osborne Clarke 4,012 63 12 8 Clayton Utz 141,857 8 7 8 2,262 61 10 9 Skadden Arps Slate Meagher & Flom 141,006 22 9 9 Slaughter and May 209,581 52 102 10 Blake Dawson 134,783 5 11 10 Ashurst 32,971 52 25 11 Cravath Swaine & Moore 134,074 5 8 11 6,409 52 27 12 McCarthy Tetrault 133,783 6 13 12 Travers Smith 6,903 50 43 13 Davies Ward Phillips & Vineberg 131,301 3 10 13 Hammonds 4,103 47 120 14 Allens Arthur Robinson 130,539 5 12 14 Jones Day 7,166 46 210 15 Johnson Winter & Slattery 130,061 1 18 15 Norton Rose 19,813 43

Legal Advisers to German M&A: Value Legal Advisers to German M&A: Volume Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Count Count 1 1 Freshfi elds Bruckhaus Deringer 76,261 87 1 1 Freshfi elds Bruckhaus Deringer 76,261 87 4 2 Clifford Chance 55,165 53 5 2 CMS 1,654 56 3 3 Linklaters 51,465 42 2 3 Clifford Chance 55,165 53 10 4 Sullivan & Cromwell 45,878 11 4 4 Hengeler Mueller 35,115 47 2 5 Hengeler Mueller 35,115 47 3 5 Linklaters 51,465 42 7 6 Allen & Overy 31,643 33 8 6 Baker & McKenzie 871 37 30 7 Blake, Cassels & Graydon 27,145 3 6 7 Allen & Overy 31,643 33 9 8 Skadden Arps Slate Meagher & Flom 26,074 7 9 8 Herbert Smith/Gleiss Lutz/Stibbe 11,932 26 20 9 Davies Ward Phillips & Vineberg 22,991 1 22 9 SJ Berwin 672 26 8 10 Shearman & Sterling 22,210 24 12 10 Shearman & Sterling 22,210 24 6 11 Cleary Gottlieb Steen & Hamilton 17,357 16 28 11 Poellath & Partners 7,651 24 44 12 Lovells 12,216 13 7 12 Noerr Stiefenhofer & Lutz 286 22 5 13 Herbert Smith/Gleiss Lutz/Stibbe 11,932 26 10 13 Latham & Watkins 9,831 19 29 14 Latham & Watkins 9,831 19 16 14 Jones Day 1,253 19 69 15 Poellath & Partners 7,651 24 17 15 DLA Piper 581 17

Press Release: mergermarket Global M&A Round-up forYear End 2008 15 www.mergermarket.com Europe: League Tables of Legal Advisers

Legal Advisers to French M&A: Value Legal Advisers to French M&A: Volume Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Count Count 38 1 Herbert Smith/Gleiss Lutz/Stibbe 40,160 25 1 1 Linklaters 39,810 53 2 2 Linklaters 39,810 53 3 2 Gide Loyrette Nouel 33,092 50 16 3 Cleary Gottlieb Steen & Hamilton 34,083 29 5 3 CMS 5,543 33 20 4 Clifford Chance 33,440 32 4 4 Clifford Chance 33,440 32 15 5 Gide Loyrette Nouel 33,092 50 9 5 Cleary Gottlieb Steen & Hamilton 34,083 29 4 6 Sullivan & Cromwell 20,139 11 6 6 Bredin Prat 13,359 29 56 7 Lovells 17,971 11 7 7 White & Case 8,785 26 1 8 Bredin Prat 13,359 29 17 8 Jones Day 3,008 26 12 9 Debevoise & Plimpton 10,414 11 27 9 Herbert Smith/Gleiss Lutz/Stibbe 40,160 25 59 10 Slaughter and May 10,397 5 15 10 Mayer Brown 5,608 24 9 11 Davis Polk & Wardwell 10,145 7 11 11 Freshfi elds Bruckhaus Deringer 9,134 23 129 12 Eubelius 9,360 4 10 12 SJ Berwin 3,620 23 5 13 Freshfi elds Bruckhaus Deringer 9,134 23 8 13 Allen & Overy 7,587 22 - 14 Liedekerke Wolters Waelbroeck 9,000 2 19 14 Willkie Farr & Gallagher 2,924 21 Kirkpatrick & Cerfontaine 14 15 De Pardieu Brocas Maffei 1,509 21 6 15 White & Case 8,785 26 Legal Advisers to Benelux M&A: Volume Legal Advisers to Benelux M&A: Value Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Count Count 2 1 Loyens & Loeff 46,609 75 8 1 Linklaters 99,747 43 1 2 Allen & Overy 86,674 69 1 2 Allen & Overy 86,674 69 4 3 Herbert Smith/Gleiss Lutz/Stibbe 62,113 54 9 3 Clifford Chance 68,224 32 5 4 Linklaters 99,747 43 6 4 Herbert Smith/Gleiss Lutz/Stibbe 62,113 54 3 5 De Brauw Blackstone Westbroek 39,488 40 4 5 Sullivan & Cromwell 61,197 14 6 6 Freshfi elds Bruckhaus Deringer 12,038 40 19 6 Loyens & Loeff 46,609 75 8 7 CMS 3,281 33 66 7 Weil Gotshal & Manges 40,979 9 9 8 Clifford Chance 68,224 32 2 8 De Brauw Blackstone Westbroek 39,488 40 17 9 Cleary Gottlieb Steen & Hamilton 25,938 27 7 9 Skadden Arps Slate Meagher & Flom 38,627 8 14 10 White & Case 6,972 25 43 10 Latham & Watkins 37,806 9 7 11 Baker & McKenzie 2,258 25 47 11 Simpson Thacher & Bartlett 37,126 3 10 12 NautaDutilh 5,479 23 254 12 Paul Weiss Rifkind Wharton & Garrison 37,062 2 16 13 DLA Piper 848 22 11 13 Blake, Cassels & Graydon 37,045 4 11 14 Houthoff Buruma 1,911 19 24 14 Cleary Gottlieb Steen & Hamilton 25,938 27 45 15 Eubelius 15,235 15 98 15 Eubelius 15,235 15

Press Release: mergermarket Global M&A Round-up forYear End 2008 16 www.mergermarket.com Europe: League Tables of Legal Advisers

Legal Advisers to Nordic M&A: Value Legal Advisers to Nordic M&A: Volume Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Count Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Count 1 1 Vinge 32,399 80 2 1 Vinge 32,399 80 3 2 Linklaters 26,547 39 1 2 Mannheimer Swartling 11,008 75 44 3 Kromann Reumert 22,567 18 4 3 Thommessen 6,446 46 15 4 Roschier 20,089 30 3 4 Linklaters 26,547 39 13 5 Allen & Overy 18,550 17 10 5 White & Case 12,253 35 48 6 Hammarskiold & Co 16,204 5 11 6 Wiersholm 9,231 33 11 7 Freshfi elds Bruckhaus Deringer 15,807 14 8 7 Roschier 20,089 30 71 8 Matheson Ormsby Prentice 15,665 2 24 8 Bugge Arentz-Hansen and Rasmussen 4,593 28 9 9 Plesner 14,357 23 12 9 Lindahl 1,879 28 5 10 Clifford Chance 14,151 19 25 10 DLA Piper 461 24 143 11 Norton Rose 13,611 6 5 11 Plesner 14,357 23 18 12 Ashurst 13,487 4 9 12 Selmer 1,570 23 70 13 Arthur Cox 13,053 3 15 13 Hannes Snellman 2,542 21 199 14 A&L Goodbody 13,007 1 31 14 Wistrand Advokatbyra 1,153 21 36 15 Gorrissen Federspiel Kierkegaard 12,390 14 6 15 Cederquist 6,029 20

Legal Advisers to Swedish M&A: Value Legal Advisers to Swedish M&A: Volume Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Count Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Count 1 1 Vinge 16,577 74 2 1 Vinge 16,577 74 19 2 Gernandt & Danielsson 11,472 18 1 2 Mannheimer Swartling 9,965 72 4 3 Mannheimer Swartling 9,965 72 5 3 Lindahl 1,879 28 6 4 White & Case 9,135 25 4 4 Linklaters 8,000 26 8 5 Clifford Chance 8,947 13 7 5 White & Case 9,135 25 2 6 Linklaters 8,000 26 3 6 Cederquist 5,928 19 163 7 Dechert 6,379 3 12 7 Wistrand Advokatbyra 1,097 19 3 8 Cederquist 5,928 19 6 8 Gernandt & Danielsson 11,472 18 16 9 Roschier 5,786 15 10 9 Delphi & Co 352 16 124 10 Gide Loyrette Nouel 5,702 3 9 10 Roschier 5,786 15 10 11 Davis Polk & Wardwell 5,653 2 14 11 Setterwalls 347 15 153 12 Sorainen 5,626 2 28 12 DLA Piper 79 15 - 13= Debevoise & Plimpton 5,626 1 13 13 Clifford Chance 8,947 13 113 13= Lett Advokatfi rma 5,626 1 21 14 Allen & Overy 3,800 8 173 13= 5,626 1 16 15 Freshfi elds Bruckhaus Deringer 1,099 8 - 13= McDermott Will & Emery 5,626 1

Press Release: mergermarket Global M&A Round-up forYear End 2008 17 www.mergermarket.com Europe: League Tables of Legal Advisers

Legal Advisers to Italian M&A: Value Legal Advisers to Italian M&A: Volume Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Count Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Count 4 1 Chiomenti Studio Legale 16,016 54 1 1 Chiomenti Studio Legale 16,016 54 1 2 Bonelli Erede Pappalardo 14,094 32 3 2 Gianni, Origoni, Grippo & Partners 7,478 44 14 3 d'Urso Gatti e Associati Studio Legale 11,103 39 5 3 d'Urso Gatti e Associati Studio Legale 11,103 39 5 4 Linklaters 10,685 13 2 4 Bonelli Erede Pappalardo 14,094 32 2 5 Gianni, Origoni, Grippo & Partners 7,478 44 4 5 Clifford Chance 6,551 28 28 6 Legance Studio Legale Associato 7,106 22 7 6 MBL & Partners 345 25 3 7 Clifford Chance 6,551 28 39 7 Legance Studio Legale Associato 7,106 22 6 8 Sullivan & Cromwell 6,386 5 10 8 Simmons & Simmons 2,703 22 33 9 Studio Legale Pavesi Gitti Verzoni 6,076 9 13 9 Dewey & LeBoeuf 5,589 20 55 10 Slaughter and May 5,707 4 11 10 NCTM Studio Legale Associato 1,853 19 67 11 Debevoise & Plimpton 5,595 5 12 11 Grimaldi e Associati 3,755 17 30 12 Dewey & LeBoeuf 5,589 20 8 12 Cleary Gottlieb Steen & Hamilton 2,115 14 9 13 Freshfi elds Bruckhaus Deringer 4,755 12 9 13 Allen & Overy 1,879 14 - 14 Gide Loyrette Nouel 4,392 4 16 14 Linklaters 10,685 13 7 15 Skadden Arps Slate Meagher & Flom 4,253 2 6 15 Freshfi elds Bruckhaus Deringer 4,755 12

Legal Advisers to Irish M&A: Value Legal Advisers to Irish M&A: Volume Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Count Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Count 1 1 Arthur Cox 6,634 30 1 1 Arthur Cox 6,634 30 6 2 Matheson Ormsby Prentice 2,814 19 4 2 William Fry 960 20 9 3 A&L Goodbody 2,770 19 2 3 Matheson Ormsby Prentice 2,814 19 13 4 Linklaters 2,630 4 3 4 A&L Goodbody 2,770 19 7 5 Allen & Overy 1,572 3 5 5 McCann FitzGerald 304 10 17 6 Skadden Arps Slate Meagher & Flom 1,518 2 6 6 Mason Hayes & Curran 282 7 - 7= Burness 1,455 1 19 7 LK Shields 24 5 - 7= Lavery Kirby Gilmartin 1,455 1 9 8 Linklaters 2,630 4 5 7= Shearman & Sterling 1,455 1 12 9 Allen & Overy 1,572 3 - 10 Cleary Gottlieb Steen & Hamilton 1,047 1 8 10 Freshfi elds Bruckhaus Deringer 588 3 8 11 William Fry 960 20 22 11 Clifford Chance 549 3 2 12 Freshfi elds Bruckhaus Deringer 588 3 7 12 Eversheds 361 3 12 13 Clifford Chance 549 3 32 13 Macfarlanes 228 3 15 14 Eversheds 361 3 10 14 DLA Piper 141 3 - 15 Winston & Strawn 345 1 15 15 O'Donnell Sweeney Eversheds 45 3

Press Release: mergermarket Global M&A Round-up forYear End 2008 18 www.mergermarket.com Europe: League Tables of Legal Advisers

Legal Advisers to Iberian M&A: Value Legal Advisers to Iberian M&A: Volume Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Count Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Count 22 1 Freshfi elds Bruckhaus Deringer 35,843 21 2 1 Cuatrecasas, Goncalves Pereira 30,257 59 4 2 Cuatrecasas, Goncalves Pereira 30,257 59 1 2 Uria Menendez 25,925 44 2 3 Uria Menendez 25,925 44 3 3 Garrigues 16,478 36 13 4 Cleary Gottlieb Steen & Hamilton 23,283 6 4 4 KPMG Abogados 12,323 36 - 5 Garayar Asociados 22,839 3 11 5 Araoz & Rueda 1,228 24 3 6 Linklaters 16,961 22 6 6 Linklaters 16,961 22 5 7 Garrigues 16,478 36 8 7 Freshfi elds Bruckhaus Deringer 35,843 21 39 8 KPMG Abogados 12,323 36 5 8 Clifford Chance 5,758 17 30 9 CMS 9,894 11 123 9 PricewaterhouseCoopers legal 1,888 16 1 10 Clifford Chance 5,758 17 10 10 Deloitte & Touche Legal 1,228 16 24 11 Davis Polk & Wardwell 5,095 5 13 11 CMS 9,894 11 15 12 Allen & Overy 3,497 9 7 12 DLA Piper 484 10 83 13 Slaughter and May 3,303 3 12 13 Allen & Overy 3,497 9 9 14 Sullivan & Cromwell 2,121 2 14 14 Gomez-Acebo & Pombo Abogados 1,621 8 35 15 Dewey & LeBoeuf 2,085 2 9 15 Baker & McKenzie 1,096 8

Legal Advisers to Spanish M&A: Value Legal Advisers to Spanish M&A: Volume Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Count Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Count 22 1 Freshfi elds Bruckhaus Deringer 35,658 20 1 1 Cuatrecasas, Goncalves Pereira 30,135 45 4 2 Cuatrecasas, Goncalves Pereira 30,135 45 2 2 Uria Menendez 25,847 39 2 3 Uria Menendez 25,847 39 3 3 Garrigues 16,478 36 13 4 Cleary Gottlieb Steen & Hamilton 23,283 5 4 4 KPMG Abogados 12,323 36 - 5 Garayar Asociados 22,839 3 11 5 Araoz & Rueda 1,228 24 5 6 Garrigues 16,478 36 7 6 Freshfi elds Bruckhaus Deringer 35,658 20 3 7 Linklaters 15,392 17 8 7 Linklaters 15,392 17 39 8 KPMG Abogados 12,323 36 5 8 Clifford Chance 4,608 16 30 9 CMS 9,709 9 105 9 PricewaterhouseCoopers legal 1,888 16 24 10 Davis Polk & Wardwell 5,095 5 10 10 Deloitte & Touche Legal 1,228 16 1 11 Clifford Chance 4,608 16 12 11 CMS 9,709 9 15 12 Allen & Overy 3,497 8 6 12 DLA Piper 484 9 76 13 Slaughter and May 3,303 3 15 13 Allen & Overy 3,497 8 9 14 Sullivan & Cromwell 2,121 2 13 14 Gomez-Acebo & Pombo Abogados 1,621 8 35 15 Dewey & LeBoeuf 2,085 2 9 15 Baker & McKenzie 1,096 8

Press Release: mergermarket Global M&A Round-up forYear End 2008 19 www.mergermarket.com Europe: League Tables of Legal Advisers

Legal Advisers to Central & Eastern European M&A: Value Legal Advisers to Central & Eastern European M&A: Volume Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Count Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Count 1 1 Clifford Chance 18,162 31 2 1 Clifford Chance 18,162 31 7 2 White & Case 9,484 31 4 2 White & Case 9,484 31 3 3 Freshfi elds Bruckhaus Deringer 8,659 24 5 3 Linklaters 5,926 26 2 4 Linklaters 5,926 26 3 4 Freshfi elds Bruckhaus Deringer 8,659 24 25 5 Akin Gump Strauss Hauer & Feld 5,031 10 6 5 Allen & Overy 3,697 17 72 6 Herbert Smith/Gleiss Lutz/Stibbe 4,997 8 1 6 Baker & McKenzie 3,002 15 11 7 Cleary Gottlieb Steen & Hamilton 4,947 14 10 7 Weil Gotshal & Manges 1,798 15 16 8 Debevoise & Plimpton 4,695 6 13 8 Cleary Gottlieb Steen & Hamilton 4,947 14 21 9 McCarthy Tetrault 4,466 1 22 9 Chadbourne & Parke 4,336 13 17 10 Chadbourne & Parke 4,336 13 11 10 Sorainen 2,207 13 49 11 Latham & Watkins 3,768 5 7 11 CMS 635 13 13 12 Dewey & LeBoeuf 3,761 11 9 12 Dewey & LeBoeuf 3,761 11 8 13 Allen & Overy 3,697 17 16 13 Skadden Arps Slate Meagher & Flom 3,364 11 4 14 Skadden Arps Slate Meagher & Flom 3,364 11 8 14 Lawin 72 11 54 15 Gide Loyrette Nouel 3,340 10 46 15 Akin Gump Strauss Hauer & Feld 5,031 10

Legal Advisers to Russian M&A: Value Legal Advisers to Russian M&A: Volume Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Count Y/E 2007 Y/E 2008 Company Name Value (€m) Deal Count 6 1 Clifford Chance 14,636 18 3 1 White & Case 6,705 20 15 2 White & Case 6,705 20 2 2 Clifford Chance 14,636 18 24 3 Akin Gump Strauss Hauer & Feld 5,031 10 1 3 Freshfi elds Bruckhaus Deringer 4,672 16 47 4 Herbert Smith/Gleiss Lutz/Stibbe 4,997 8 8 4 Cleary Gottlieb Steen & Hamilton 4,947 12 9 5 Cleary Gottlieb Steen & Hamilton 4,947 12 19 5 Chadbourne & Parke 4,314 12 4 6 Freshfi elds Bruckhaus Deringer 4,672 16 27 6 Akin Gump Strauss Hauer & Feld 5,031 10 14 7 Debevoise & Plimpton 4,545 5 6 7 Linklaters 4,257 10 20 8 McCarthy Tetrault 4,466 1 5 8 Dewey & LeBoeuf 3,721 10 23 9 Chadbourne & Parke 4,314 12 7 9 Skadden Arps Slate Meagher & Flom 3,325 9 1 10 Linklaters 4,257 10 32 10 Herbert Smith/Gleiss Lutz/Stibbe 4,997 8 38 11 Latham & Watkins 3,768 5 9 11 Hogan & Hartson 1,499 6 11 12 Dewey & LeBoeuf 3,721 10 17 12 Debevoise & Plimpton 4,545 5 2 13 Skadden Arps Slate Meagher & Flom 3,325 9 10 13 Latham & Watkins 3,768 5 13 14 Osler Hoskin & Harcourt 3,036 2 14 14 2,920 5 40 15 SALANS 2,920 5 16 15 Allen & Overy 1,758 5

Press Release: mergermarket Global M&A Round-up forYear End 2008 20 www.mergermarket.com Americas: M&A roundup 2008

North American M&A Activity - Quarterly 600 1,600 2008 sees huge slump in North American M&A (USA and Canada) With 3,843 M&A transactions valued at $848bn, North American deal volumes are down 24% from 2007 and deal Value Volum e 1,400 values are down 44%. H1 fi gures already showed a drop of almost 50% in M&A values when compared to H1 2007, 500 and actual deal fl ow was down 6% at this point. The second half of 2008 though saw values drop 12% compared 1,200 to H2 2007 but volumes drop 35%. 400

1,000 Private Equity Wasteland as 2008 sees the end of mega deals

The biggest losers in M&A in 2008 were the Private Equity (PE) shops, with the Leverage in “Leverage Buy Out” 300 800 (LBO) emphatically vanishing. Although PE fi rms are still sitting on piles of money ready to invest, the returns prom- Volume of Deals ised to eager investors are simply not realistic targets in the current environment – it is a case of sit tight and weather Value of Deals ($bn) 600 the storm, or surrender high returns by sacrifi cing more equity to make deals happen. 200

400

2008 did not see a single PE “mega deal” (>$5bn), almost inconceivable when compared to previous years (2006 100 and 2007) where there were 14 and 20 mega deals respectively. Furthermore, in 2008 PE fi rms had to walk away 200 from 23 deals in the region with a total value of $101bn, with even a host of 2007 deals falling victim to the drought

0 0 in the debt markets; the most high profi le of which is the failed $48bn buyout of Canada’s telecoms giant BCE Inc. Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08

North American Mid market M&A Activity - Quarterly 45 700 One of the more high profi le casualties of the crisis was Texas Pacifi c Group (TPG), as the company saw a drop of (USA and Canada, $10m to $250m) $82.2bn in value of deals compared to 2007, completing just 5 deals for the year (down from 12 in 2007). The Carlyle Value 40 Volum e Group lost most ground in terms of volumes, racking up 16 deals in 2008 compared to 27 for all of the previous year. 600 The Riverside Company on the other hand appears to be revelling in the current conditions as the company was 35 the most active PE fi rm in the region completing 17 deals in 2008, up from 11 in 2007, with an increase in values of 500

$382m. 30

400 Sullivan & Cromwell still top law fi rm by value; Jones Day narrowly beats Latham & Watkins by 25 volume 20 The league tables for the US throw up few surprises, with the top 5 fi rms only experiencing slight shifts compared to 300 Volume of Deals Value of Deals ($bn)

2007. Sullivan & Cromwell still heads the value count on $243bn worth of deals, while Simpson Thacher & Bartlett 15 and Skadden Arps Slate Meagher & Flom swap places to rank second and third on $241bn and $235bn, respec- 200 tively. Jones Day worked on 217 deals in the US in 2008, making it the most active fi rm and moving up three places. 10

Latham & Watkins slipped one spot to second on 212 deals, while Kirkland & Ellis retained third spot working on 156 100 deals. Latham & Watkins maintained its top spots in both the value and volume tables for the US mid-market. 5

0 0 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08

Press Release: mergermarket Global M&A Round-up forYear End 2008 21 www.mergermarket.com Americas: League Tables of Legal Advisers

League Table of Legal Advisers to USA M&A: Value League Table of Legal Advisers to USA M&A: Volume Y/E 2007 Y/E 2008 Company Name Value Deal Count Y/E 2007 Y/E 2008 Company Name Value Deal Count (US$m) (US$m) 1 1 Sullivan & Cromwell 242,826 93 4 1 Jones Day 65,649 217 3 2 Simpson Thacher & Bartlett 240,555 74 1 2 Latham & Watkins 221,080 212 2 3 Skadden Arps Slate Meagher & Flom 234,985 141 3 3 Kirkland & Ellis 70,123 156 5 4 Latham & Watkins 221,080 212 6 4 DLA Piper 45,011 145 4 5 Wachtell Lipton Rosen & Katz 204,480 49 2 5 Skadden Arps Slate Meagher & 234,985 141 6 6 Weil Gotshal & Manges 203,452 99 Flom 14 7 Gibson Dunn & Crutcher 199,304 78 11 6 Hogan & Hartson 43,148 105 10 8 Cleary Gottlieb Steen & Hamilton 190,429 93 8 7 Weil Gotshal & Manges 203,452 99 18 9 Cravath Swaine & Moore 179,724 52 7 8 Baker & McKenzie 109,329 99 7 10 Dewey & LeBoeuf 149,991 98 5 9 Dewey & LeBoeuf 149,991 98 51 11 Linklaters 145,793 54 9 10 Sullivan & Cromwell 242,826 93 12 12 Blake, Cassels & Graydon 143,827 48 14 11 Cleary Gottlieb Steen & Hamilton 190,429 93 13 13 Debevoise & Plimpton 135,659 43 23 12 Wilson Sonsini Goodrich & Rosati 10,428 90 27 14 Hunton & Williams 128,566 44 16 13 O'Melveny & Myers 26,329 88 39 15 McCarthy Tetrault 126,554 26 13 14 Gibson Dunn & Crutcher 199,304 78 24 16 Paul Weiss Rifkind Wharton & 122,894 49 40 15 K&L Gates 9,079 75 Garrison 10 16 Simpson Thacher & Bartlett 240,555 74 38 17 Sutherland Asbill & Brennan 120,383 7 18 17 Morgan Lewis & Bockius 6,896 71 20 18 Shearman & Sterling 111,827 58 19 18 Dechert 29,253 68 23 19 Baker & McKenzie 109,329 99 17 19 Davis Polk & Wardwell 98,142 66 21 20 Allen & Overy 101,593 62 31 20 Cooley Godward Kronish 6,980 66

Press Release: mergermarket Global M&A Round-up forYear End 2008 22 www.mergermarket.com Americas: League Tables of Legal Advisers

League Table of Legal Advisers to USA Mid-Market M&A: Value League Table of Legal Advisers to USA Mid-Market M&A: Volume Y/E 2007 Y/E 2008 Company Name Value Deal Count Y/E 2007 Y/E 2008 Company Name Value Deal Count (US$m) (US$m) 1 1 Latham & Watkins 8,167 85 1 1 Latham & Watkins 8,167 85 3 2 Skadden Arps Slate Meagher & Flom 6,075 49 4 2 DLA Piper 5,142 58 9 3 DLA Piper 5,142 58 2 3 Kirkland & Ellis 5,013 57 2 4 Kirkland & Ellis 5,013 57 3 4 Jones Day 4,763 55 4 5 Jones Day 4,763 55 6 5 Skadden Arps Slate Meagher & 6,075 49 Flom 11 6 O'Melveny & Myers 4,086 43 11 6 Hogan & Hartson 3,892 48 12 7 Dewey & LeBoeuf 3,901 32 7 7 Wilson Sonsini Goodrich & Rosati 3,031 45 13 8 Hogan & Hartson 3,892 48 10 8 O'Melveny & Myers 4,086 43 29 9 Sullivan & Cromwell 3,377 30 5 9 Baker & McKenzie 2,340 36 6 10 Wilson Sonsini Goodrich & Rosati 3,031 45 8 10 Goodwin Procter 2,931 34 8 11 Weil Gotshal & Manges 2,960 31 21 11 Morgan Lewis & Bockius 2,632 34 7 12 Goodwin Procter 2,931 34 17 12 Dewey & LeBoeuf 3,901 32 10 13 Vinson & Elkins 2,801 23 13 13 Weil Gotshal & Manges 2,960 31 17 14 Cleary Gottlieb Steen & Hamilton 2,799 21 46 14 Sullivan & Cromwell 3,377 30 35 15 Morgan Lewis & Bockius 2,632 34 16 15 Paul Hastings Janofsky & Walker 1,920 29 15 16 Gibson Dunn & Crutcher 2,476 25 29 16 K&L Gates 1,540 28 5 17 Baker & McKenzie 2,340 36 18 17 Cooley Godward Kronish 2,051 27 16 18 Dechert 2,333 25 36 18 Dorsey & Whitney 2,109 26 39 19 Pillsbury Winthrop Shaw Pittman 2,183 20 25 19 Fenwick & West 1,774 26 45 20 WilmerHale 2,168 22 19 20 Gibson Dunn & Crutcher 2,476 25 *Mid-Market based on deal value range of US$ 10m - US$ 250m

Press Release: mergermarket Global M&A Round-up forYear End 2008 23 www.mergermarket.com Americas: League Tables of Legal Advisers

League Table of Legal Advisers to USA Buyouts: Value League Table of Legal Advisers to USA Buyouts: Volume Y/E 2007 Y/E 2008 House Value Deal Count Y/E 2007 Y/E 2008 House Value Deal Count (US$m) (US$m) 3 1 Weil Gotshal & Manges 10,319 18 1 1 Kirkland & Ellis 6,964 68 1 2 Simpson Thacher & Bartlett 9,811 13 5 2 Jones Day 1,521 26 29 3 Ropes & Gray 7,366 18 2 3 Latham & Watkins 2,549 23 2 4 Debevoise & Plimpton 7,310 7 3 4 Weil Gotshal & Manges 10,319 18 9 5 Kirkland & Ellis 6,964 68 6 5 Ropes & Gray 7,366 18 62 6 White & Case 5,497 10 20 6 DLA Piper 793 14 55 7 Hogan & Hartson 4,980 13 4 7 Simpson Thacher & Bartlett 9,811 13 45 8 Freehills 4,940 2 21 8 Hogan & Hartson 4,980 13 - 9 Arnold & Porter 4,237 5 7 9 O'Melveny & Myers 813 12 75 10 Levy & Salomao 4,200 2 16 10 Dechert 3,396 11 4 11 Osler Hoskin & Harcourt 4,174 2 19 11 Vinson & Elkins 1,495 11 - 12= Araoz & Rueda 4,100 1 11 12 Bingham McCutchen 1,328 11 - 12= De Brauw Blackstone Westbroek 4,100 1 38 13 White & Case 5,497 10 18 12= Mallesons Stephen Jaques 4,100 1 12 14 Skadden Arps Slate Meagher & 2,258 10 Flom 187 12= Vinge 4,100 1 17 15 Proskauer Rose 1,257 10 5 16 Cleary Gottlieb Steen & Hamilton 3,555 4 8 16 Goodwin Procter 908 10 11 17 Dechert 3,396 11 26 17 Gibson Dunn & Crutcher 1,241 9 6 18 Latham & Watkins 2,549 23 22 18 Morgan Lewis & Bockius 139 9 36 19 Blake, Cassels & Graydon 2,436 6 9 19 Debevoise & Plimpton 7,310 7 22 20 Skadden Arps Slate Meagher & Flom 2,258 10 28 20 McDermott Will & Emery 121 7 *Based on law fi rm advising the bidder party only and dominant target geography being USA

Press Release: mergermarket Global M&A Round-up forYear End 2008 24 www.mergermarket.com Americas: Top Announced Deals 2008

Top 10 Announced North American Deals 2008 Announced Bidder Company Bidder Legal Advisor Target Company Target/Seller Legal Advisor Seller Company Deal Value Date (US$m) 14-Jul-08 InBev SA Allen & Overy (Advising BNP Paribas; Anheuser-Busch Latham & Watkins (Advising Goldman 58,924 Deutsche Bank; JPMorgan); Blake, Cassels Companies Inc Sachs); Simpson Thacher & Bartlett; & Graydon; Clifford Chance; Herbert Smith/ Skadden Arps Slate Meagher & Flom; Gleiss Lutz/Stibbe; Linklaters; Loyens & Weil Gotshal & Manges (Advising Loeff; Paul Weiss Rifkind Wharton & Garrison Citigroup) (Advising Lazard); Sullivan & Cromwell

15-Sep-08 Bank of America Ashurst; Baker & McKenzie; Blake, Cassels & Merrill Lynch Cravath Swaine & Moore; Linklaters; 44,340 Corporation Graydon; Cleary Gottlieb Steen & Hamilton; Shearman & Sterling Debevoise & Plimpton (Advising JC Flowers & Co); Wachtell Lipton Rosen & Katz

05-Jun-08 Verizon Wireless Inc Debevoise & Plimpton; Milbank Tweed Alltel Corporation Inc Morrison & Foerster; Wachtell Lipton Atlantis Holdings LLC 28,100 Hadley & McCloy (Advising Morgan Stanley); Rosen & Katz; Advising sellers: Cleary (affi liate of TPG LLP and Simpson Thacher & Bartlett Gottlieb Steen & Hamilton (Advising GS Capital Partners) Goldman Sachs); Ropes & Gray

21-May-08 Time Warner Cable Inc Time Warner Cable Inc Latham & Watkins; Paul Weiss Rifkind Time Warner Inc 25,461 (Shareholders) (86.30% stake) Wharton & Garrison; Weil Gotshal & Manges (Advising Evercore Partners); Advising seller: Cravath Swaine & Moore; Skadden Arps Slate Meagher & Flom 28-Apr-08 Mars Incorporated Arthur Cox; Davies Ward Phillips & Vineberg; The Wm Wrigley Jr Latham & Watkins (Advising Goldman 22,638 Freshfi elds Bruckhaus Deringer; Paul Company Sachs); Skadden Arps Slate Meagher & Hastings Janofsky & Walker (Advising Flom; Sonnenschein Nath & Rosenthal JPMorgan); Simpson Grierson; Simpson (Advising William Blair & Company); Thacher & Bartlett Stikeman Elliott 11-May-08 EnCana Corporation McCarthy Tetrault EnCana Corporation Advising seller: Bennett Jones; Dewey EnCana Corporation 21,545 (Shareholders) (Integrated Oil and & LeBoeuf; Felesky Flynn; Paul Weiss Canadian Plains divisions) Rifkind Wharton & Garrison 10-Jul-08 The Dow Chemical Baker & McKenzie; Cleary Gottlieb Steen Rohm And Haas Ltd Cravath Swaine & Moore; Dechert; 18,166 Company & Hamilton; Dewey & LeBoeuf (Advising Fasken Martineau; Freshfi elds Citigroup; Merrill Lynch; Morgan Stanley); Bruckhaus Deringer; Kim & Chang; Gibson Dunn & Crutcher; Mayer Brown; Sullivan & Cromwell; Wachtell Lipton McCarthy Tetrault; Shearman & Sterling; Rosen & Katz White & Case 03-Oct-08 Wells Fargo & Company Cravath Swaine & Moore (Advising Wachovia Corporation Simpson Thacher & Bartlett; Sullivan 15,121 JPMorgan); Davies Ward Phillips & Vineberg; & Cromwell; Weil Gotshal & Manges Wachtell Lipton Rosen & Katz (Advising Goldman Sachs; Perella Weinberg Partners) 13-May-08 Hewlett-Packard Baker & McKenzie; Bell Gully; Borden Electronic Data Systems Paul Weiss Rifkind Wharton & Garrison 13,044 Company (HP) Ladner Gervais; Cleary Gottlieb Steen & Corporation (Advising Evercore Partners); Stikeman Hamilton; Freshfi elds Bruckhaus Deringer; Elliott; Weil Gotshal & Manges (Advising Simpson Thacher & Bartlett (Advising Lehman Citigroup); Willkie Farr & Gallagher Brothers) 11-Nov-08 Exelon Corporation Sidley Austin; Simpson Thacher & Bartlett NRG Energy Inc Dewey & LeBoeuf (Advising Citigroup); 12,599 (Advising ABN AMRO; Barclays Bank; UBS) Kirkland & Ellis

Press Release: mergermarket Global M&A Round-up forYear End 2008 25 www.mergermarket.com Americas: Breakdown of Announced Deals 2008

Mix of North American Deals by Industry Sector 2008 - Value Mix of North American Deals by Industry Sector 2008 - Volume Agriculture Real Estate Agriculture Real Estate 0.5% 0.5% 0.6% 0.8% Construction Construction 0.8% Defense 2.9% Defense Lifesciences & Healthcare 0.7% 0.6% 9.4% Lifesciences & Healthcare Industrials/Manufacturing/ 9.1% Engineering 8.2% Industrials/Manufacturing/ Transport Transport Engineering 1.4% 1.9% 20.0%

Leisure Leisure 1.2% 2.6%

Telco Financial Services Telco 9.6% 19.9% 1.3%

Media 3.3% Financial Services Media 10.0% 2.8%

Technology Technology 12.7% 4.5%

Business Services 6.4%

Business Services 14.7% Energy, Mining, Oil & Gas Energy, Mining, Oil & Gas 17.1% 10.2%

Consumer 14.8% Consumer 10.3%

Mix of Announced Americas Deals by Geographic Region 2008 - Value Mix of Announced Americas Deals by Geographic Region 2008 - Volume

Central & South America 10.5% Central & South America 10.4% US (North East) 16.9%

US (North East) Canada 28.8% Canada 9.6% 10.3%

US (Mid West) 15.2%

US (West) 13.6%

US (West) 21.3%

US (Mid West) 16.9%

US (South) 20.6% US (South) 25.9%

Press Release: mergermarket Global M&A Round-up forYear End 2008 26 www.mergermarket.com Americas: League Tables of Legal Advisers

Legal Advisers to Canadian M&A: Value Legal Advisers to Canadian M&A: Volume Y/E 2007 Y/E 2008 Company Name Value Deal Count Y/E 2007 Y/E 2008 Company Name Value Deal Count (US$m) (US$m) 8 1 McCarthy Tetrault 38,146 70 1 1 Blake, Cassels & Graydon 17,895 79 30 2 Paul Weiss Rifkind Wharton & Garrison 34,140 9 4 2 McCarthy Tetrault 38,146 70 28 3 Bennett Jones 30,172 23 2 3 Stikeman Elliott 26,224 68 10 4 Osler Hoskin & Harcourt 28,526 51 3 4 Osler Hoskin & Harcourt 28,526 51 1 5 Stikeman Elliott 26,224 68 5 5 Fasken Martineau 2,322 37 56 6 Dewey & LeBoeuf 24,300 6 7 6 Torys 14,588 34 76 7 Felesky Flynn 23,121 2 11 7 Davies Ward Phillips & Vineberg 6,824 31 4 8 Blake, Cassels & Graydon 17,895 79 12 8 Ogilvy Renault 3,992 30 17 9 Torys 14,588 34 8 9 Bennett Jones 30,172 23 68 10 Lang Michener 12,262 15 10 10 Borden Ladner Gervais 6,370 23 55 11 White & Case 10,956 9 6 11 Goodmans 2,683 22 52 12 Burnet Duckworth & Palmer 9,945 17 17 12 Cassels Brock & Blackwell 9,419 20 60 13 Cassels Brock & Blackwell 9,419 20 20 13 Burnet Duckworth & Palmer 9,945 17 7 14 Linklaters 9,150 5 13 14 Fraser Milner Casgrain 4,615 16 67 15 Mayer Brown 7,563 8 9 15 Dorsey & Whitney 2,681 16

Legal Advisers to Central & South American M&A: Value Legal Advisers to Central & South American M&A: Volume Y/E 2007 Y/E 2008 Company Name Value Deal Count Y/E 2007 Y/E 2008 Company Name Value Deal (US$m) (US$m) Count - 1 Barbosa, Muessnich & Aragao 36,369 28 - 1 Barbosa, Muessnich & Aragao 36,369 28 25 2 Shearman & Sterling 30,950 9 24 2 Mattos Filho, Veiga Filho, Marrey Jr e 19,248 19 Quiroga Advogados 2 3 Cleary Gottlieb Steen & Hamilton 26,090 7 7 3 Pinheiro Neto Advogados 6,056 16 60 4 Mattos Filho, Veiga Filho, Marrey Jr e 19,248 19 Quiroga Advogados 20 4 Machado Meyer Sendacz e Opice 9,761 13 5 5 White & Case 13,403 6 11 5 Baker & McKenzie 802 13 1 6 Skadden Arps Slate Meagher & Flom 10,906 8 132 6 Azevedo Sette Advogados 1,247 12 43 7 Machado Meyer Sendacz e Opice 9,761 13 56 7 Tozzini Freire Teixeira E Silva Advogado 4,544 11 52 8 Weil Gotshal & Manges 8,043 3 12 8 Shearman & Sterling 30,950 9 3 9 Sullivan & Cromwell 7,772 4 34 9 Souza, Cescon Avedissian, Barrieu e Flesch 2,333 9 Advogados 26 10 Davis Polk & Wardwell 7,211 3 105 10 Rodrigo Elias & Medrano 987 9 21 11 Pinheiro Neto Advogados 6,056 16 3 11 Skadden Arps Slate Meagher & Flom 10,906 8 41 12 McCarthy Tetrault 5,867 7 8 12 Cleary Gottlieb Steen & Hamilton 26,090 7 8 13 Linklaters 5,633 4 48 13 McCarthy Tetrault 5,867 7 69 14 Gibson Dunn & Crutcher 5,519 1 126 14 Rebaza & Alcazar Abogados Financieros 310 7 7 15 Simpson Thacher & Bartlett 5,132 5 51 15 Muniz Ramirez Perez-Taiman & Luna-Victoria 243 7

Press Release: mergermarket Global M&A Round-up forYear End 2008 27 www.mergermarket.com Americas: League Tables of Legal Advisers

Legal Advisers to US (North East) M&A: Value Legal Advisers to (North East) M&A: Volume Y/E 2007 Y/E 2008 Company Name Value Deal Count Y/E 2007 Y/E 2008 Company Name Value Deal Count (US$m) (US$m) 6 1 Gibson Dunn & Crutcher 168,660 41 1 1 Latham & Watkins 69,256 90 33 2 Cravath Swaine & Moore 130,040 36 4 2 Jones Day 22,722 90 26 3 McCarthy Tetrault 126,200 11 2 3 Skadden Arps Slate Meagher & Flom 110,080 77 13 4 Cleary Gottlieb Steen & Hamilton 122,945 43 3 4 Kirkland & Ellis 39,056 75 5 5 Wachtell Lipton Rosen & Katz 121,617 25 6 5 Weil Gotshal & Manges 82,963 65 24 6 Hunton & Williams 119,336 15 7 6 Dewey & LeBoeuf 85,373 56 31 7 Sutherland Asbill & Brennan 118,488 3 10 7 Sullivan & Cromwell 109,164 51 9 8 Debevoise & Plimpton 116,117 27 11 8 Dechert 26,158 50 2 9 Skadden Arps Slate Meagher & Flom 110,080 77 5 9 Simpson Thacher & Bartlett 92,083 48 3 10 Sullivan & Cromwell 109,164 51 9 10 Goodwin Procter 16,725 48 1 11 Simpson Thacher & Bartlett 92,083 48 25 11 Ropes & Gray 40,087 46 19 12 Shearman & Sterling 86,970 28 16 12 DLA Piper 7,613 46 12 13 Dewey & LeBoeuf 85,373 56 13 13 Morgan Lewis & Bockius 5,713 45 4 14 Weil Gotshal & Manges 82,963 65 12 14 Cleary Gottlieb Steen & Hamilton 122,945 43 42 15 Linklaters 77,188 31 21 15 Gibson Dunn & Crutcher 168,660 41

Legal Advisers to US (Mid-West) M&A: Value Legal Advisers to US (Mid-West) M&A: Volume Y/E 2007 Y/E 2008 Company Name Value Deal Count Y/E 2007 Y/E 2008 Company Name Value Deal (US$m) (US$m) Count 26 1 Simpson Thacher & Bartlett 126,987 14 2 1 Jones Day 33,118 85 10 2 Latham & Watkins 119,915 61 3 2 Latham & Watkins 119,915 61 1 3 Sullivan & Cromwell 110,913 23 1 3 Kirkland & Ellis 35,234 57 4 4 Skadden Arps Slate Meagher & Flom 106,356 44 4 4 Skadden Arps Slate Meagher & Flom 106,356 44 7 5 Weil Gotshal & Manges 90,669 18 5 5 Sidley Austin 24,267 36 21 6 Dewey & LeBoeuf 78,277 29 6 6 DLA Piper 13,286 34 13 7 Blake, Cassels & Graydon 75,557 13 8 7 Dorsey & Whitney 2,222 34 25 8 Paul Weiss Rifkind Wharton & Garrison 67,166 12 14 8 Dewey & LeBoeuf 78,277 29 38 9 Herbert Smith/Gleiss Lutz/Stibbe 63,551 6 9 9 Baker & McKenzie 22,589 27 24 10 Allen & Overy 63,066 9 26 10 Foley & Lardner 4,297 25 86 11 Linklaters 62,826 8 7 11 McDermott Will & Emery 2,782 25 28 12 Clifford Chance 62,800 14 10 12 Sullivan & Cromwell 110,913 23 37 13 Loyens & Loeff 59,323 5 21 13 Cleary Gottlieb Steen & Hamilton 48,317 22 30 14 Cleary Gottlieb Steen & Hamilton 48,317 22 13 14 Hogan & Hartson 11,073 21 44 15 Freshfi elds Bruckhaus Deringer 48,028 14 11 15 Morgan Lewis & Bockius 1,844 21

Press Release: mergermarket Global M&A Round-up forYear End 2008 28 www.mergermarket.com Americas: League Tables of Legal Advisers

Legal Advisers to US (South) M&A: Value Legal Advisers to US (South) M&A: Volume Y/E 2007 Y/E 2008 Company Name Value Deal Count Y/E 2007 Y/E 2008 Company Name Value Deal Count (US$m) (US$m) 5 1 Wachtell Lipton Rosen & Katz 150,313 25 4 1 Jones Day 31,619 83 10 2 Cleary Gottlieb Steen & Hamilton 138,454 37 1 2 Latham & Watkins 72,281 72 8 3 Simpson Thacher & Bartlett 121,583 31 2 3 Kirkland & Ellis 25,415 57 11 4 Cravath Swaine & Moore 97,546 15 8 4 DLA Piper 27,389 56 12 5 Debevoise & Plimpton 92,287 16 13 5 Hogan & Hartson 28,243 55 2 6 Latham & Watkins 72,281 72 5 6 Skadden Arps Slate Meagher & Flom 52,350 49 22 7 Blake, Cassels & Graydon 69,843 13 7 7 Alston & Bird 10,749 43 52 8 Baker & McKenzie 69,532 35 30 8 Cleary Gottlieb Steen & Hamilton 138,454 37 6 9 Sullivan & Cromwell 62,385 27 3 9 Vinson & Elkins 13,261 37 15 10 Weil Gotshal & Manges 57,493 36 9 10 Weil Gotshal & Manges 57,493 36 45 11 Freshfi elds Bruckhaus Deringer 55,911 12 29 11 Baker & McKenzie 69,532 35 4 12 Skadden Arps Slate Meagher & Flom 52,350 49 6 12 Dewey & LeBoeuf 48,613 34 74 13 Linklaters 50,215 11 12 13 Baker Botts 5,801 33 1 14 Dewey & LeBoeuf 48,613 34 17 14 Hunton & Williams 9,197 32 31 15 Shearman & Sterling 48,004 12 52 15 K&L Gates 5,907 32

Legal Advisers to US (West) M&A: Value Legal Advisers to US (West ) M&A: Volume Y/E 2007 Y/E 2008 Company Name Value Deal Count Y/E 2007 Y/E 2008 Company Name Value Deal Count (US$m) US$m) 9 1 Weil Gotshal & Manges 46,624 25 1 1 Latham & Watkins 37,990 99 7 2 Wachtell Lipton Rosen & Katz 43,378 12 4 2 Kirkland & Ellis 16,237 73 4 3 Simpson Thacher & Bartlett 43,162 20 2 3 Wilson Sonsini Goodrich & Rosati 7,311 73 1 4 Sullivan & Cromwell 38,961 31 6 4 DLA Piper 25,050 65 2 5 Latham & Watkins 37,990 99 5 5 Jones Day 16,921 63 3 6 Skadden Arps Slate Meagher & Flom 31,457 40 8 6 O'Melveny & Myers 7,280 59 13 7 Gibson Dunn & Crutcher 29,535 37 7 7 Cooley Godward Kronish 5,902 49 48 8 Cravath Swaine & Moore 27,258 14 17 8 Hogan & Hartson 6,968 41 21 9 Fried Frank Harris Shriver & Jacobson 25,939 13 3 9 Skadden Arps Slate Meagher & Flom 31,457 40 46 10 Cleary Gottlieb Steen & Hamilton 25,842 21 15 10 K&L Gates 6,596 39 14 11 Baker & McKenzie 25,529 28 9 11 Gibson Dunn & Crutcher 29,535 37 37 12 DLA Piper 25,050 65 12 12 Bingham McCutchen 9,412 34 10 13 Paul Weiss Rifkind Wharton & Garrison 22,650 16 13 13 Fenwick & West 3,010 34 31 14 Davis Polk & Wardwell 22,164 26 25 14 Dorsey & Whitney 1,308 33 25 15 Freshfi elds Bruckhaus Deringer 21,396 13 18 15 Sullivan & Cromwell 38,961 31

Press Release: mergermarket Global M&A Round-up forYear End 2008 29 www.mergermarket.com Asia-Pacifi c: M&A roundup 2008

Asia-Pacific M&A Activity - Quarterly 175 800 M&A in fi rst half of 2008 steady, second half sees slight decline; Big deals still announced (incl Japan) Overall M&A value for the full year dipped by only 5.2% to $399bn, while volume fell by 15.4% to 2,249 deals. M&A Value Volum e 700 value and volume in the region held steady in the fi rst half as compared with H1 2007 while Europe and America 150 saw huge declines. While both deal value and volume declined in H2 2008, seven out of the top 10 deals in the region totaling $63.6bn were announced in the second half of the year. Mid-market M&A activity was down 17% by 600 125 value compared to 2007. However, the fourth quarter did see 246 deals valued at $15.7bn which meant the region outperformed the North American market in this segment for the fi rst time. 500 100

Consolidation in Financial Services sector; TMT bolstered by Chinese deals 400 Despite the lack of mega-bailouts, consolidation in the Financial Services sector in Asia-Pacifi c picked up steam 75 Volume of Deals

Value of Deals ($bn) 300 much like the rest of the world. Deal value in the sector jumped from $78bn in 2007 to more than $103bn in 2008,

making up more than 26% of the total M&A value in the region. Figures for TMT deals, which made up almost 19% 50 200 of total M&A value across all industries, were bolstered by the government-mandated telecom reform in China. The

two transactions comprising the reform – China Unicom’s merger with China Netcom, and China Telecom’s acquisi- 25 100 tion of the CDMA business of China Unicom – provided more than $36bn in value and contributed to nearly half of the total deal value in the sector for 2008. 0 0 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 Increased Chinese deals dominate Asia-Pacifi c activity; other areas see decline in M&A Asia-Pacific Mid Market M&A Activity - Quarterly 30 500 Without question, Greater China dominated regional M&A in 2008. Chinese deals comprised six of the top 10 deals (incl Japan, $10m to $250m) in Asia-Pacifi c (excluding lapsed deals). Deal value for the area jumped from $101bn in 2007 to $156bn in 2008, Value 450 making up over 39% of the total deal value in Asia-Pacifi c. Indonesia also posted a strong gain, nearly quadrupling Volum e 25 its deal value to $19bn. However, Japan, Australia, India and Malaysia saw marked declines in deal values. 400

350 Asian law fi rms dominate in terms of deal activity, though international fi rms boosted by BHP 20

Billiton/Rio Tinto deal 300 The year-end Asia-Pacifi c (ex-Japan) league table of legal advisors by value is heavily skewed by the lapsed transaction between BHP Billiton and Rio Tinto, which was advised by 15 international and Australian law fi rms. 15 250 Nonetheless, local fi rms across Asia-Pacifi c made up the shortfall by their deal volumes. South Korean law fi rm Kim

200 Volume of Deals Value of Deals ($bn)

& Chang, with 47 deals, knocked Baker & McKenzie off the top spot on the Asia (ex-Japan & Australasia) rankings 10 by volume. Two Indian fi rms, AZB & Partners (34 deals) and Desai & Diwanji (38 deals), moved up sharply in the 150 Asia (ex-Japan & Australasia) rankings by volume as well – Desai & Diwanji climbing from 36th to third and AZB 100 from 29th to sixth place. 5 Linklaters topped the overall Asia-Pacifi c value table with $270.6bn worth of deals. Mallesons Stephen Jaques 50 moved up a spot to take the title of the most active fi rm in the region having worked on 73 deals valued at $66.6bn 0 0 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 along with Baker & McKenzie which also worked on 73 deals but with a lower valuation at $16.4bn. Both fi rms also 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 dominated the Asia-Pacifi c (ex-Japan) mid market tables.

Press Release: mergermarket Global M&A Round-up forYear End 2008 30 www.mergermarket.com Asia-Pacifi c: League Tables of Legal Advisers

League Table of Legal Advisers to Asia-Pacifi c ex. Japan M&A: Value League Table of Legal Advisers to Asia-Pacifi c ex. Japan M&A: Volume Y/E 2007 Y/E 2008 House Value Deal Count Y/E 2007 Y/E 2008 House Value Deal Count (US$m) (US$m) 2 1 Linklaters 270,604 44 2 1 Mallesons Stephen Jaques 66,589 73 6 2 Sullivan & Cromwell 251,461 20 3 2 Baker & McKenzie 16,370 73 13 3 Skadden Arps Slate Meagher & Flom 247,687 25 1 3 Freehills 224,276 72 54 4 Slaughter and May 243,149 13 8 4 Blake Dawson 205,814 53 7 5 Allen & Overy 235,538 25 11 5 DLA Piper 9,022 50 8 6 Allens Arthur Robinson 232,356 35 5 6 Minter Ellison 7,308 49 55 7 Herbert Smith/Gleiss Lutz/Stibbe 229,739 17 20 7 Kim & Chang 11,247 47 4 8 Clayton Utz 225,616 40 7 8 Linklaters 270,604 44 1 9 Freehills 224,276 72 4 9 Clayton Utz 225,616 40 12 10 Blake Dawson 205,814 53 14 10 Jones Day 10,500 40 38 11 Lovells 202,609 13 6 11 Clifford Chance 37,420 38 163 12 Davies Ward Phillips & Vineberg 191,989 6 10 12 Deacons 15,567 38 104 13 Johnson Winter & Slattery 190,722 7 48 13 Desai & Diwanji 8,487 38 107 14 McCarthy Tetrault 190,592 3 13 14 Allen & Gledhill 19,521 36 80 15 Cravath Swaine & Moore 190,487 2 18 15 Allens Arthur Robinson 232,356 35 3 16 Mallesons Stephen Jaques 66,589 73 39 16 AZB & Partners 12,075 34 5 17 Freshfi elds Bruckhaus Deringer 63,905 33 9 17 Freshfi elds Bruckhaus Deringer 63,905 33 10 18 Clifford Chance 37,420 38 12 18 WongPartnership 14,136 31 88 19 Shearman & Sterling 36,402 15 22 19 White & Case 18,353 28 17 20 Cleary Gottlieb Steen & Hamilton 22,943 14 56 20 Corrs Chambers Westgarth 4,486 27

Press Release: mergermarket Global M&A Round-up forYear End 2008 31 www.mergermarket.com Asia-Pacifi c: League Tables of Legal Advisers

League Table of Legal Advisers to Asia-Pac ex. Japan Mid-Market M&A: Value League Table of Legal Advisers to Asia-Pac ex. Japan Mid-Market M&A: Volume Y/E 2007 Y/E 2008 House Value Deal Count Y/E 2007 Y/E 2008 House Value Deal Count (US$m) (US$m) 2 1 Mallesons Stephen Jaques 3,688 43 2 1 Mallesons Stephen Jaques 3,688 43 4 2 Baker & McKenzie 3,395 43 4 2 Baker & McKenzie 3,395 43 1 3 Freehills 2,906 34 1 3 Freehills 2,906 34 32 4 Desai & Diwanji 2,455 27 3 4 Minter Ellison 2,450 28 9 5 Minter Ellison 2,450 28 43 5 Desai & Diwanji 2,455 27 18 6 Allens Arthur Robinson 1,696 15 27 6 Kim & Chang 1,667 27 22 7 Kim & Chang 1,667 27 7 7 DLA Piper 1,293 26 40 8 Corrs Chambers Westgarth 1,576 15 8 8 Blake Dawson 1,445 22 8 9 Deacons 1,516 18 6 9 Deacons 1,516 18 7 10 Blake Dawson 1,445 22 11 10 WongPartnership 1,321 17 25 11 Jones Day 1,333 16 13 11 Jones Day 1,333 16 11 12 WongPartnership 1,321 17 5 12 Clayton Utz 1,182 16 10 13 DLA Piper 1,293 26 49 13 AZB & Partners 1,147 16 34 14 Shearman & Sterling 1,263 9 40 14 Shin & Kim 975 16 13 15 Allen & Gledhill 1,249 15 26 15 Allens Arthur Robinson 1,696 15 5 16 Clifford Chance 1,243 11 44 16 Corrs Chambers Westgarth 1,576 15 14 17 Skadden Arps Slate Meagher & Flom 1,214 10 14 17 Allen & Gledhill 1,249 15 29 18 King & Wood 1,198 11 41 18 Lee & Ko 728 14 6 19 Clayton Utz 1,182 16 9 19 Linklaters 1,168 12 3 20 Linklaters 1,168 12 17 20 Freshfi elds Bruckhaus Deringer 877 12 *Mid-Market based on deal value range of US$ 10m - US$ 250m

Press Release: mergermarket Global M&A Round-up forYear End 2008 32 www.mergermarket.com Asia-Pacifi c: League Tables of Legal Advisers

League Table of Legal Advisers to Asia-Pacifi c ex. Japan Buyouts: Value League Table of Legal Advisers to Asia-Pacifi c ex. Japan Buyouts: Volume Y/E 2007 Y/E 2008 House Value Deal Count Y/E 2007 Y/E 2008 House Value Deal Count (US$m) (US$m) - 1 Picazo Buyco Tan Fider & Santos 2,203 1 1 1 Freehills 846 7 17 2 Shin & Kim 1,898 5 15 2 Shin & Kim 1,898 5 29 3 Linklaters 1,348 3 5 3 Baker & McKenzie 868 5 3 4 Mallesons Stephen Jaques 1,324 4 - 4 Lexygen 155 5 8 5 WongPartnership 1,077 3 6 5 Mallesons Stephen Jaques 1,324 4 37 6 Debevoise & Plimpton 916 2 - 6 J Sagar Associates 242 4 24 7 Kim & Chang 876 3 19 7 AZB & Partners 128 4 16 8 Baker & McKenzie 868 5 - 8 DSK Legal 101 4 1 9 Freehills 846 7 11 9 Linklaters 1,348 3 66 10 Lee & Ko 804 2 7 10 WongPartnership 1,077 3 10 11 Allen & Gledhill 775 3 36 11 Kim & Chang 876 3 - 12 Nishith Desai Associates 717 2 9 12 Allen & Gledhill 775 3 21 13 Simpson Thacher & Bartlett 545 3 16 13 Simpson Thacher & Bartlett 545 3 9 14 Allen & Overy 530 2 12 14 Allens Arthur Robinson 477 3 12 15 Allens Arthur Robinson 477 3 - 15 Desai & Diwanji 318 3

*Based on law fi rm advising the bidder party only and dominant target geography being Asia-Pacifi c (excluding Japan)

Press Release: mergermarket Global M&A Round-up forYear End 2008 33 www.mergermarket.com Asia-Pacifi c: Top Announced Deals 2008

Top 10 Announced Asia-Pacifi c Deals 2008 Announced Bidder Company Bidder Legal Advisor Target Company Target/Seller Legal Advisor Seller Company Deal Value Date (US$m) 02-Jun-08 China Unicom Ltd Freshfi elds Bruckhaus Deringer; China Netcom Group Herbert Smith/Gleiss Lutz/Stibbe 29,589 Skadden Arps Slate Meagher Corporation Limited (Advising Citigroup); Linklaters; & Flom (Advising JPMorgan); Shearman & Sterling Slaughter and May (Advising China International Capital Corporation Limited); Sullivan & Cromwell

07-Nov-08 China SAFE Investments Limited Agricultural Bank of China (50% Not disclosed 19,028 stake)

13-May-08 Westpac Banking Corporation Gilbert + Tobin St George Bank Ltd Allens Arthur Robinson; 17,936 Mallesons Stephen Jaques 24-Jun-08* BG Group Plc Allen & Overy; Linklaters; Origin Energy Limited Clayton Utz; Freehills; Slaughter 16,164 Mallesons Stephen Jaques; and May Simpson Grierson

19-Dec-08 Panasonic Corporation Stikeman Elliott Sanyo Electric Co Ltd Mori Hamada & Matsumoto 12,926

08-Sep-08 ConocoPhillips Company Allens Arthur Robinson; Dewey Origin Energy CSG Limited (50% Advising seller: Clayton Utz Origin Energy Limited 7,836 & LeBoeuf (Advising Credit stake) Suisse); Wachtell Lipton Rosen & Katz 17-Nov-08 Bank of America Corporation Cleary Gottlieb Steen & China Construction Bank Freshfi elds Bruckhaus Deringer China SAFE Investments 7,072 Hamilton; Deacons Corporation (8.35% stake) Limited

27-Jul-08 China Telecom Corporation Jingtian & Gongcheng; China Unicom Corporation Advising seller: Allen & Overy China Unicom Corporation 6,423 Limited Linklaters; Skadden Arps Slate (CDMA business) (Advising Merrill Lynch); Limited Meagher & Flom (Advising UBS) Commerce and Finance Law Offi ces; Freshfi elds Bruckhaus Deringer; Sullivan & Cromwell 11-Jul-08 Shinsei Bank Limited Simpson Thacher & Bartlett GE Consumer Finance Co Ltd Advising seller: Latham & GE Japan Holdings 5,452 Watkins; Nagashima Ohno & Tsunematsu

24-Dec-08 CITIC Group Richards Butler in association CITIC Pacifi c Ltd (39.85% stake) Clifford Chance 4,899 with Reed Smith

Press Release: mergermarket Global M&A Round-up forYear End 2008 34 www.mergermarket.com Asia-Pacifi c: Breakdown of Announced Deals 2008

Mix of Announced Asia-Pacific Deals by Industry Sector 2008 - Value Mix of Announced Asia-Pacific Deals by Industry Sector 2008 - Volume Agriculture Real Estate Real Estate Construction 0.3% 4.0% 2.7% 2.6% Agriculture 0.9% Defence Pharma, Medical & Biotech Defence 0.2% 0.1% 3.2% Construction Industrials & Chemicals 4.9% 14.3% Industrials & Chemicals Transport 20.7% 2.7% Pharma, Medical & Biotech 4.7% Leisure 1.6% Transport 3.0%

Leisure 3.6% TMT 18.6%

Financial Services 10.2% Financial Services TMT 26.0% 12.8%

Business Services 9.7%

Energy, Mining & Utilities Energy, Mining & Utilities Business Services 13.3% 19.0% 2.1% Consumer Consumer 6.8% 12.0%

Mix of Announced Asia-Pacific Deals by Geographic Region 2008 - Value Mix of Announced Asia-Pacific Deals by Geographic Region 2008 - Volume

Other Indonesia 6.5% Other 4.8% Indonesia 9.9% China 2.5% Malaysia 22.3% 1.5% China 24.2% Malaysia Singapore 3.1% 4.7% Singapore 3.7%

Hong Kong 5.5%

Hong Kong 15.3%

South Korea Japan 7.4% 15.5%

Japan 16.9% South Korea 5.0%

India 10.2% India 6.7% Australia 17.8% Australia 16.7%

Press Release: mergermarket Global M&A Round-up forYear End 2008 35 www.mergermarket.com Asia-Pacifi c: League Tables of Legal Advisers

Legal Advisers to Asia (ex. Japan & Australasia) M&A: Value Legal Advisers to Asia (ex. Japan & Australasia) M&A: Volume Y/E 2007 Y/E 2008 Company Name Value Deal Count Y/E 2007 Y/E 2008 Company Name Value Deal Count (US$m) (US$m) 3 1 Freshfi elds Bruckhaus Deringer 57,645 30 9 1 Kim & Chang 11,247 47 16 2 Skadden Arps Slate Meagher & Flom 55,709 19 1 2 Baker & McKenzie 13,401 44 1 3 Linklaters 54,771 36 36 3 Desai & Diwanji 8,487 38 2 4 Sullivan & Cromwell 53,092 14 2 4 Linklaters 54,771 36 51 5 Herbert Smith/Gleiss Lutz/Stibbe 39,395 16 6 5 Allen & Gledhill 19,415 35 70 6 Shearman & Sterling 36,196 14 29 6 AZB & Partners 12,075 34 10 7 Clifford Chance 34,434 33 3 7 Clifford Chance 34,434 33 36 8 Slaughter and May 33,845 9 5 8 WongPartnership 14,136 31 12 9 Cleary Gottlieb Steen & Hamilton 22,761 11 4 9 Freshfi elds Bruckhaus Deringer 57,645 30 13 10 Allen & Overy 20,017 18 8 10 DLA Piper 7,695 30 5 11 Allen & Gledhill 19,415 35 15 11 White & Case 11,346 26 102 12 Ashurst 16,687 7 7 12 Jones Day 9,026 26 15 13 Simpson Thacher & Bartlett 15,482 8 17 13 Shin & Kim 10,231 25 6 14 Mallesons Stephen Jaques 15,383 13 24 14 Lee & Ko 4,950 25 20 15 WongPartnership 14,136 31 12 15 Bae Kim & Lee 12,471 21

Legal Advisers to Greater China M&A: Value Legal Advisers to Greater China M&A: Volume Y/E 2007 Y/E 2008 Company Name Value Deal Count Y/E 2007 Y/E 2008 Company Name Value Deal Count (US$m) (US$m) 2 1 Freshfi elds Bruckhaus Deringer 55,356 23 1 1 Freshfi elds Bruckhaus Deringer 55,356 23 1 2 Linklaters 43,822 18 7 2 DLA Piper 6,591 20 10 3 Skadden Arps Slate Meagher & Flom 41,852 9 3 3 Baker & McKenzie 3,449 20 3 4 Sullivan & Cromwell 40,874 8 2 4 Linklaters 43,822 18 20 5 Herbert Smith/Gleiss Lutz/Stibbe 35,967 12 5 5 Jones Day 4,079 17 11 6 Clifford Chance 31,386 16 4 6 Clifford Chance 31,386 16 37 7 Shearman & Sterling 31,363 3 10 7 King & Wood 6,065 15 12 8 Slaughter and May 30,078 3 8 8 Lee and Li Attorneys at Law 1,746 15 17 9 Simpson Thacher & Bartlett 14,539 3 6 9 Herbert Smith/Gleiss Lutz/Stibbe 35,967 12 35 10 Mallesons Stephen Jaques 13,626 8 9 10 LCS & Partners 549 11 24 11 Allen & Overy 13,230 7 34 11 Commerce and Finance Law Offi ces 8,993 10 - 12 Ashurst 13,205 2 22 12 Morrison & Foerster 2,763 10 124 13 Deacons 12,964 7 12 13 O'Melveny & Myers 849 10 45 14 Richards Butler in association with Reed 11,168 8 13 14 Skadden Arps Slate Meagher & Flom 41,852 9 Smith 28 15 Latham & Watkins 1,536 9 71 15 Cleary Gottlieb Steen & Hamilton 9,332 4

Press Release: mergermarket Global M&A Round-up forYear End 2008 36 www.mergermarket.com Asia-Pacifi c: League Tables of Legal Advisers

Legal Advisers to Australasian M&A: Value Legal Advisers to Australasian M&A: Volume Y/E 2007 Y/E 2008 Company Name Value Deal Count Y/E 2007 Y/E 2008 Company Name Value Deal Count (US$m) (US$m) 4 1 Allens Arthur Robinson 232,328 33 1 1 Freehills 224,193 71 3 2 Clayton Utz 225,616 40 2 2 Mallesons Stephen Jaques 52,645 68 1 3 Freehills 224,193 71 5 3 Blake Dawson 205,776 52 6 4 Linklaters 215,833 8 4 4 Minter Ellison 7,308 49 8 5 Allen & Overy 215,521 7 3 5 Clayton Utz 225,616 40 179 6 Slaughter and May 209,304 4 7 6 Baker & McKenzie 4,028 34 7 7 Blake Dawson 205,776 52 9 7 Allens Arthur Robinson 232,328 33 20 8 Sullivan & Cromwell 198,407 7 6 8 Deacons 3,840 33 18 9 Skadden Arps Slate Meagher & Flom 191,978 6 20 9 Corrs Chambers Westgarth 4,386 26 112 10 Lovells 191,418 4 11 10 DLA Piper 1,445 22 47 11 Johnson Winter & Slattery 190,722 7 8 11 Gilbert + Tobin 21,349 19 96 12 Davies Ward Phillips & Vineberg 190,692 3 44 12 Simpson Grierson 17,269 16 43 13= Cravath Swaine & Moore 190,344 1 15 13 McCullough Robertson 4,209 16 57 13= Herbert Smith/Gleiss Lutz/Stibbe 190,344 1 25 14 Cochrane Lishman 4,038 14 62 13= McCarthy Tetrault 190,344 1 17 15 Jones Day 1,474 14

Legal Advisers to Japanese M&A: Value Legal Advisers to Japanese M&A: Volume Y/E 2007 Y/E 2008 Company Name Value Deal Count Y/E 2007 Y/E 2008 Company Name Value Deal (US$m) (US$m) Count 1 1 Mori Hamada & Matsumoto 36,822 60 1 1 Mori Hamada & Matsumoto 36,822 60 38 2 Skadden Arps Slate Meagher & Flom 19,303 14 2 2 Nishimura & Asahi 13,861 45 4 3 Sullivan & Cromwell 18,982 13 3 3 Nagashima Ohno & Tsunematsu 15,117 40 - 4 Gibson Dunn & Crutcher 15,554 3 22 4 Skadden Arps Slate Meagher & Flom 19,303 14 5 5 Nagashima Ohno & Tsunematsu 15,117 40 4 5 Morrison & Foerster 4,233 14 2 6 Nishimura & Asahi 13,861 45 14 6 Sullivan & Cromwell 18,982 13 44 7 Stikeman Elliott 12,926 1 7 7 Freshfi elds Bruckhaus Deringer 3,777 11 6 8 Clifford Chance 12,633 8 6 8 Shearman & Sterling 8,162 10 45 9 Cravath Swaine & Moore 10,699 3 18 9 Linklaters 3,081 10 3 10 Davis Polk & Wardwell 10,320 4 5 10 Baker & McKenzie 1,189 9 72 11 Dewey & LeBoeuf 8,863 2 8 11 Clifford Chance 12,633 8 25 12 Latham & Watkins 8,702 7 17 12 Jones Day 5,796 8 8 13 Simpson Thacher & Bartlett 8,691 4 11 13 Latham & Watkins 8,702 7 - 14 Wachtell Lipton Rosen & Katz 8,451 2 35 14 Pillsbury Winthrop Shaw Pittman 4,988 7 9 15 Shearman & Sterling 8,162 10 15 15 Allen & Overy 2,077 7

Press Release: mergermarket Global M&A Round-up forYear End 2008 37 www.mergermarket.com Asia-Pacifi c: League Tables of Legal Advisers

Legal Advisers to South East Asian M&A: Value Legal Advisers to South East Asian M&A: Volume Y/E 2007 Y/E 2008 Company Name Value Deal Count Y/E 2007 Y/E 2008 Company Name Value Deal Count (US$m) (US$m) 1 1 Allen & Gledhill 18,926 33 2 1 Allen & Gledhill 18,926 33 8 2 Sullivan & Cromwell 15,284 6 4 2 Baker & McKenzie 11,142 25 33 3 Skadden Arps Slate Meagher & Flom 12,560 3 1 3 WongPartnership 7,666 23 15 4 Baker & McKenzie 11,142 25 14 4 Stamford Law 2,640 14 5 5 Cleary Gottlieb Steen & Hamilton 10,591 2 7 5 Rajah & Tann 5,330 13 91 6 Sidley Austin 9,903 2 3 6 Clifford Chance 2,370 13 - 7 Gibson Dunn & Crutcher 9,880 1 5 7 Drew & Napier 2,576 12 10 8 Lovells 8,093 5 8 8 White & Case 3,202 11 6 9 WongPartnership 7,666 23 6 9 Linklaters 3,980 9 19 10 Rajah & Tann 5,330 13 10 10 Shook Lin & Bok Singapore 4,270 8 20 11 Shook Lin & Bok Singapore 4,270 8 24 11 Sullivan & Cromwell 15,284 6 - 12 Haiwen & Partners 4,113 2 15 12 Kadir, Andri & Partners 3,392 6 16 13 Linklaters 3,980 9 25 13 Lovells 8,093 5 69 14 Davis Polk & Wardwell 3,738 2 21 14 Norton Rose 1,147 5 60 15 Latham & Watkins 3,731 2 - 15 Milbank Tweed Hadley & McCloy 1,062 5

Legal Advisers to Indian M&A: Value Legal Advisers to Indian M&A: Volume Y/E 2007 Y/E 2008 Company Name Value Deal Count Y/E 2007 Y/E 2008 Company Name Value Deal Count (US$m) (US$m) 8 1 AZB & Partners 12,062 33 5 1 Desai & Diwanji 8,487 38 19 2 Desai & Diwanji 8,487 38 1 2 AZB & Partners 12,062 33 2 3 Khaitan & Co 6,081 16 2 3 Khaitan & Co 6,081 16 75 4 Jones Day 4,677 4 4 4 Amarchand & Mangaldas & Suresh A Shroff 3,703 15 & Co - 5 Vaish Associates 4,636 2 - 5 DSK Legal 300 11 - 6 P&A Law Offi ces 4,625 1 7 6 Linklaters 4,586 9 3 7 Linklaters 4,586 9 13 7 J Sagar Associates 3,079 9 48 8 Shearman & Sterling 4,459 6 3 8 Luthra & Luthra Law Offi ces 1,721 9 64 9 White & Case 3,982 7 19 9 Skadden Arps Slate Meagher & Flom 3,938 8 9 10 Allen & Overy 3,953 7 17 10 DLA Piper 1,011 8 42 11 Skadden Arps Slate Meagher & Flom 3,938 8 71 11 White & Case 3,982 7 18 12 Amarchand & Mangaldas & Suresh A Shroff 3,703 15 & Co 10 12 Allen & Overy 3,953 7 69 13 Blake, Cassels & Graydon 3,534 3 95 13 Kanga & Co 420 7 26 14 Ashurst 3,482 5 - 14 Lexygen 215 7 59 15 Hogan & Hartson 3,350 4 15 15 Shearman & Sterling 4,459 6

Press Release: mergermarket Global M&A Round-up forYear End 2008 38 www.mergermarket.com Criteria

The global Year End 2008 house league tables are based on announced transactions over USD 5m in the period from 1 January 2008 to 31 December 2008. Deals with undisclosed deal val- ues are included where the target’s turnover exceeds USD 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than USD 100m. Activities excluded from the league tables include property transactions and restructurings where the ultimate shareholders’ interests are not changed. League tables are based on the dominant geography of the target, bidder or seller.

Rankings are based on the advisory fi rms advising either target, bidder or seller companies, unless stated otherwise. Advice to fi nancial advisers is also included.

The trend graphs and pie charts are based on the dominant industry and/or dominant geography of the target and include announced transactions over USD 5m in the given time period. Deals with undisclosed deal values are included where the target’s turnover exceeds USD 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than USD 100m. Activities excluded from the graphs and charts include property transactions and restructurings where the ultimate shareholders’ interests are not changed.

The top deals tables are based on announced transactions between 1 January 2008 and 31 December 2008 and are based on dominant geography of the target only.

Unless stated otherwise, all data includes lapsed and withdrawn bids.

All data correct as of January 8, 2009.

Nordic: Denmark, , Finland, Norway, Faroe Islands, Greenland and Iceland Benelux: , the Netherlands and Iberia: Portugal and Spain CEE: Armenia, Azerbaijan, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, , Estonia, Georgia, Hungary, Latvia, Lithuania, Macedonia, Moldova, , Romania, Russia, Serbia, Slovakia, Slovenia, Ukraine

US (Mid-West): llinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin US (North East): Connecticut, Maine, Massachusetts, New Hamshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont US (South): Alabama, Arkansas, Delaware, District of Columbia, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, West Virginia US (West): Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming

Greater China: China, Hong Kong, Macau, Taiwan South East Asia: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam

Press Release: mergermarket Global M&A Round-up forYear End 2008 39 www.mergermarket.com About mergermarket

mergermarket is a mergers & acquisitions (M&A) intelligence service.

mergermarket is part of The Mergermarket Group which has over 450 employees worldwide and regional head offices in New York, and Hong Kong.

In any market, the life blood of advisers is deal flow. mergermarket is unique in the provision of origination intelligence to the investment banking, Legal, private equity, acquisition finance, public relations (PR) and corporate markets.

With an unrivalled network of analysts covering M&A in the Amerias, Europe, Middle- East, Africa and Asia-Pacific, mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its mergermarket.com platform and by real-time email alerts to subscribers.

This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you see that mergermarket is used by over 1500 of the world’s foremost advisory firms to assist in their origination process.

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