Mergermarket League Tables of Legal Advisers to Global M&A for Full Year

January 10, 2008

mergermarket league tables of legal advisers to global M&A for Full Year 2007

Contacts: Table of Contents:

Europe Global League Tables and Data 2-4 Nancy Costantinopoli (deal queries, submissions, etc.) European League Tables 5-13 [email protected] North American Tables 14-17 Asia-Paciﬁ c League Tables 18-22 Hannah Bagshawe (PR) Global M&A Breakdown 23 [email protected] Criteria 24 Tel: +44 20 7059 6118 About mergermarket 25

North America Jennifer Ruiz (deal queries, submissions, etc.) [email protected] Tel: +1 212-686-3016

Hannah Bagshawe (PR) [email protected] Tel: +44 20 7059 6118

Asia-Paciﬁ c Carrie Ho (deal queries, submissions etc) [email protected] Tel: + 852 2158 9725

Seye Im (PR) [email protected] Tel: +852 2158 9706

mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 1 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 Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (USDm) Deals 2006 2007 Company Name (USDm) Deals 2 1 Sullivan & Cromwell 833,016 162 4 1 Latham & Watkins 409,513 374 1 2 Skadden Arps Slate Meagher & Flom 726,876 271 2 2 Clifford Chance 687,515 360 5 3 Freshﬁ elds Bruckhaus Deringer 721,579 326 1 3 DLA Piper 74,148 351 10 4 Clifford Chance 687,515 360 3 4 Linklaters 610,947 333 13 5 Allen & Overy 625,862 310 6 5 Freshﬁ elds Bruckhaus Deringer 721,579 326 4 6 Linklaters 610,947 333 7 6 Allen & Overy 625,862 310 6 7 Cleary Gottlieb Steen & Hamilton 481,114 184 9 7 Baker & McKenzie 166,524 305 9 8 Latham & Watkins 409,513 374 5 8 Jones Day 148,848 300 3 9 Simpson Thacher & Bartlett 404,108 134 8 9 Skadden Arps Slate Meagher & Flom 726,876 271 8 10 Davis Polk & Wardwell 387,991 111 10 10 Kirkland & Ellis 213,826 209 18 11 Weil Gotshal & Manges 369,794 182 11 11 White & Case 126,032 204 36 12 Blake, Cassels & Graydon 360,437 162 15 12 CMS 67,849 185 7 13 Shearman & Sterling 327,242 135 13 13 Cleary Gottlieb Steen & Hamilton 481,114 184 12 14 Wachtell Lipton Rosen & Katz 321,055 77 16 14 Dewey & LeBoeuf 299,205 184 17 15 Debevoise & Plimpton 318,924 97 12 15 Weil Gotshal & Manges 369,794 182 20 16 Herbert Smith, Gleiss Lutz, Stibbe 307,471 146 14 16 Sullivan & Cromwell 833,016 162 14 17 Dewey & LeBoeuf 299,205 184 41 17 Blake, Cassels & Graydon 360,437 162 25 18 Osler Hoskin & Harcourt 274,537 109 17 18 Eversheds 16,138 150 11 19 Cravath Swaine & Moore 266,004 75 19 19 Herbert Smith, Gleiss Lutz, Stibbe 307,471 146 41 20 McCarthy Tetrault 260,583 78 71 20 Stikeman Elliott 237,588 146

mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 2 Global League Tables of Legal Advisers

League Table of Legal Advisers to Global Buyouts: Value League Table of Legal Advisers to Global Buyouts: Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (USDm) Deals 2006 2007 Company Name (USDm) Deals 1 1 Simpson Thacher & Bartlett 181,496 41 1 1 Kirkland & Ellis 119,913 99 14 2 Weil Gotshal & Manges 144,810 61 3 2 Clifford Chance 86,949 74 4 3 Kirkland & Ellis 119,913 99 4 3 Latham & Watkins 68,193 69 2 4 Cleary Gottlieb Steen & Hamilton 111,141 23 6 4 Weil Gotshal & Manges 144,810 61 3 5 Freshfi elds Bruckhaus Deringer 91,649 46 5 5 DLA Piper 25,914 57 12 6 Clifford Chance 86,949 74 2 6 Linklaters 44,470 50 20 7 Osler Hoskin & Harcourt 85,997 18 9 7 Allen & Overy 67,137 47 11 8 Latham & Watkins 68,193 69 7 8 Freshfi elds Bruckhaus Deringer 91,649 46 17 9 Allen & Overy 67,137 47 10 9 SJ Berwin 8,571 45 87 10 Goodmans 64,952 12 11 10 Simpson Thacher & Bartlett 181,496 41 15 11 Debevoise & Plimpton 64,872 24 8 11 Jones Day 8,951 40 10 12 Fried Frank Harris Shriver & Jacobson 64,064 14 39 12 Mayer Brown 26,882 34 52 13 Davis Polk & Wardwell 63,878 18 18 13 Baker & McKenzie 15,516 33 5 14 Wachtell Lipton Rosen & Katz 58,794 9 12 14 White & Case 17,217 28 9 15 Sullivan & Cromwell 52,642 13 17 15 CMS 5,520 28 57 16 Dechert 51,808 16 14 16 Skadden Arps Slate Meagher & Flom 36,986 27 40 17 Herbert Smith, Gleiss Lutz, Stibbe 51,637 26 19 17 Travers Smith 13,876 27 - 18 Gowling Lafl eur Henderson 48,283 2 41 18 Paul Weiss Rifkind Wharton & Garrison 12,395 27 139 19 Stroock & Stroock & Lavan 47,301 4 38 19 Herbert Smith, Gleiss Lutz, Stibbe 51,637 26 36 20 Mallesons Stephen Jaques 47,096 15 15 20 O'Melveny & Myers 30,757 26

Note: based on law ﬁ rms advising the bidder on buyout deals

mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 3 Global M&A Trend Data and Top Deals

Global M&A Activity - Yearly Global Buyout M&A Activity - Yearly 1,000 3,000

4,000 16,000 Value 900 Value Volume Volume 2,500 3,500 14,000 800

3,000 12,000 700 2,000

600 2,500 10,000

500 1,500 2,000 8,000

400 Volume of Deals Volume of Deals

1,500 6,000 Value of Deals ($bn) Value of Deals ($bn) 1,000 300

1,000 4,000 200 500

500 2,000 100

0 0 0 0 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

Top Announced Deals 2007 - All Regions (*lapsed deal)

Announced Target Seller Deal Value Date Bidder Company Bidder Legal Adviser Company Target/Seller legal Adviser Company (USDm) Allen & Overy (Advising Merrill Lynch); Cleary Gottlieb Steen & Hamilton Dr Ing hcF Porsche Volkswagen AG Clifford Chance; Linklaters; Skadden Arps Slate 28-Mar-07* (Advising Merrill Lynch); Freshﬁ elds Bruckhaus Deringer; McCarthy Tetrault; 100,739 AG (69.06% stake) Meagher & Flom (Advising Citigroup) Sullivan & Cromwell Royal Bank of Bonelli Erede Pappalardo; Cravath Swaine & Moore; De Brauw Blackstone Scotland Group Allen & Overy; Davis Polk & Wardwell; Westbroek; Fasken Martineau; Freshﬁ elds Bruckhaus Deringer (Advising 29-May-07 plc; Fortis; and ABN AMRO Debevoise & Plimpton; Herbert Smith, Gleiss 95,637 Merrill Lynch); Linklaters; Minter Ellison; Shearman & Sterling; Slaughter and Santander Central Lutz, Stibbe; NautaDutilh May; Uria Menendez; Willkie Farr & Gallagher Hispano SA Allen & Overy; Cleary Gottlieb Steen & Hamilton (Advising Goldman Sachs; Morgan Stanley; Blake, Cassels & Graydon; Clifford Chance; Skadden Arps Slate Meagher UBS); Davis Polk & Wardwell; Debevoise & 23-Apr-07* Barclays plc & Flom (Advising Citigroup; Credit Suisse; Deutsche Bank; JPMorgan ABN AMRO 91,654 Plimpton; Herbert Smith, Gleiss Lutz, Stibbe; Cazenove; Lazard); Sullivan & Cromwell Loyens & Loeff (Advising Morgan Stanley; UBS); NautaDutilh Altria Group Inc Gibson Dunn & Crutcher; Hunton & Williams; McCarthy Tetrault; Sutherland Altria Group 31-Jan-07 Kraft Foods Inc Adviser to seller: Sidley Austin 60,930 (Shareholders) Asbill & Brennan Inc Araoz & Rueda (Advising Goldman Sachs); Bonelli Erede Pappalardo; Clifford Chance; Osler Hoskin & Harcourt; Cuatrecasas - Goncalves Pereira, Castelo Branco; Gianni, Origoni, Grippo & Enel SpA; and Endesa SA Skadden Arps Slate Meagher & Flom (Advising 11-Apr-07 Partners; Hengeler Mueller; Latham & Watkins (Advising Morgan Stanley); 54,656 Acciona SA (46.05% stake) Citigroup; Deutsche Bank; JPMorgan; Lehman Linklaters (Advising UBS); PEREZ-LLORCA; Simpson Thacher & Bartlett; Brothers; Merrill Lynch); Sullivan & Cromwell * lapsed deal Uria Menendez; Wachtell Lipton Rosen & Katz mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 4 Pan-European League Tables

European M&A Activity - Quarterly

500 1,800

Value 450 Volume 1,600

400 1,400

350 1,200

300 1,000 250 800 200 Volume of Deals

Value of Deals (€bn) 600 150

400 100

50 200

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 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07

Top Announced Deals 2007 - Europe (*lapsed deal)

Target Deal Value Announced Date Bidder Company Bidder Legal Adviser Company Target legal Adviser (EURm) Allen & Overy (Advising Merrill Lynch); Cleary Gottlieb Steen & Hamilton Volkswagen AG Clifford Chance; Linklaters; Skadden Arps 28-Mar-07* Dr Ing hcF Porsche AG (Advising Merrill Lynch); Freshfi elds Bruckhaus Deringer; McCarthy 75,686 (69.06% stake) Slate Meagher & Flom (Advising Citigroup) Tetrault; Sullivan & Cromwell Bonelli Erede Pappalardo; Cravath Swaine & Moore; De Brauw Blackstone Royal Bank of Scotland Group Allen & Overy; Davis Polk & Wardwell; Westbroek; Fasken Martineau; Freshfi elds Bruckhaus Deringer (Advising 29-May-07 plc; Fortis; and Santander Central ABN AMRO Debevoise & Plimpton; Herbert Smith, Gleiss 71,121 Merrill Lynch); Linklaters; Minter Ellison; Shearman & Sterling; Slaughter Hispano SA Lutz, Stibbe; NautaDutilh and May; Uria Menendez; Willkie Farr & Gallagher Allen & Overy; Cleary Gottlieb Steen & Hamilton (Advising Goldman Sachs; Morgan Blake, Cassels & Graydon; Clifford Chance; Skadden Arps Slate Meagher Stanley; UBS); Davis Polk & Wardwell; 23-Apr-07* Barclays plc & Flom (Advising Citigroup; Credit Suisse; Deutsche Bank; JPMorgan ABN AMRO 67,522 Debevoise & Plimpton; Herbert Smith, Gleiss Cazenove; Lazard); Sullivan & Cromwell Lutz, Stibbe; Loyens & Loeff (Advising Morgan Stanley; UBS); NautaDutilh Araoz & Rueda (Advising Goldman Sachs); Bonelli Erede Pappalardo; Clifford Chance; Osler Hoskin & Harcourt; Cuatrecasas - Goncalves Pereira, Castelo Branco; Gianni, Origoni, Grippo Endesa SA (46.05% Skadden Arps Slate Meagher & Flom (Advising 11-Apr-07 Enel SpA; and Acciona SA & Partners; Hengeler Mueller; Latham & Watkins (Advising Morgan 40,694 stake) Citigroup; Deutsche Bank; JPMorgan; Lehman Stanley); Linklaters (Advising UBS); PEREZ-LLORCA; Simpson Thacher & Brothers; Merrill Lynch); Sullivan & Cromwell Bartlett; Uria Menendez; Wachtell Lipton Rosen & Katz Chiomenti Studio Legale; Cravath Swaine & Moore (Advising Citigroup); Gianni, Origoni, 20-May-07 Unicredit Group Freshfi elds Bruckhaus Deringer; Grimaldi e Associati Capitalia SpA 22,133 Grippo & Partners; Studio Legale Failla Rotondi & Zambelli mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 5 Pan-European League Tables

League Table of Legal Advisers to European M&A: Value League Table of Legal Advisers to European M&A: Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (EURm) Deals 2006 2007 Company Name (EURm) Deals 1 1 Freshﬁ elds Bruckhaus Deringer 483,548 282 1 1 Clifford Chance 464,707 293 5 2 Clifford Chance 464,707 293 3 2 Freshﬁ elds Bruckhaus Deringer 483,548 282 7 3 Allen & Overy 422,924 272 2 3 Linklaters 420,479 279 2 4 Linklaters 420,479 279 4 4 Allen & Overy 422,924 272 3 5 Sullivan & Cromwell 346,532 56 5 5 DLA Piper 27,281 239 4 6 Skadden Arps Slate Meagher & Flom 319,139 82 8 6 Baker & McKenzie 45,639 181 9 7 Cleary Gottlieb Steen & Hamilton 220,085 113 6 7 CMS 45,639 180 11 8 Herbert Smith, Gleiss Lutz, Stibbe 197,992 119 9 8 White & Case 68,612 151 8 9 Shearman & Sterling 166,356 64 7 9 Eversheds 8,114 148 18 10 Debevoise & Plimpton 147,450 34 15 10 Latham & Watkins 146,406 134 17 11 Latham & Watkins 146,406 134 12 11 Jones Day 32,647 129 6 12 Davis Polk & Wardwell 145,834 39 10 12 Herbert Smith, Gleiss Lutz, Stibbe 197,992 119 27 13 Bonelli Erede Pappalardo 140,602 54 17 13 Cleary Gottlieb Steen & Hamilton 220,085 113 30 14 De Brauw Blackstone Westbroek 139,146 67 13 14 Ashurst 103,356 105 47 15 NautaDutilh 129,181 44 32 15 Simmons & Simmons 19,687 93 48 16 McCarthy Tetrault 128,561 16 20 16 Mannheimer Swartling 10,666 93 113 17 Fasken Martineau 116,888 24 11 17 Lovells 41,539 89 13 18 Slaughter and May 116,608 84 23 18 Vinge 23,706 88 75 19 Blake, Cassels & Graydon 112,256 42 18 19 Slaughter and May 116,608 84 26 20 Ashurst 103,356 105 19 20 Weil Gotshal & Manges 66,175 83

mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 6 Pan-European League Tables

League Tables of Legal Advisers to European Buyouts: Value League Tables of Legal Advisers to European Buyouts: Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (USDm) Deals 2006 2007 Company Name (USDm) Deals 3 1 Clifford Chance 77,742 55 3 1 Clifford Chance 77,742 55 5 2 Allen & Overy 57,472 40 2 2 DLA Piper 5,432 44 1 3 Freshﬁ elds Bruckhaus Deringer 52,288 31 1 3 Linklaters 43,176 42 2 4 Linklaters 43,176 42 5 4 SJ Berwin 6,586 41 60 5 Macfarlanes 28,405 14 6 5 Allen & Overy 57,472 40 19 6 Cleary Gottlieb Steen & Hamilton 28,145 7 4 6 Freshﬁ elds Bruckhaus Deringer 52,288 31 82 7 Darrois Villey Maillot Brochier 25,603 3 10 7 Latham & Watkins 9,966 27 67 8 Norton Rose 25,552 6 14 8 Eversheds 2,730 26 14 9 Lovells 23,053 21 11 9 Travers Smith 6,086 25 8 10 Simpson Thacher & Bartlett 20,934 7 9 10 CMS 3,009 25 9 11 Ashurst 19,792 19 34 11 Mayer Brown 9,917 24 21 12 Herbert Smith, Gleiss Lutz, Stibbe 18,121 23 25 12 Herbert Smith, Gleiss Lutz, Stibbe 18,121 23 54 13 Freehills 18,053 4 13 13 Weil Gotshal & Manges 12,143 23 12 14 White & Case 16,637 22 8 14 White & Case 16,637 22 46 15 O'Melveny & Myers 14,188 3 16 15 Hammonds 3,596 22 35 16 Baker & McKenzie 12,387 19 12 16 Lovells 23,053 21 36 17 Weil Gotshal & Manges 12,143 23 44 17 Addleshaw Goddard 5,653 21 77 18 Chiomenti Studio Legale 11,014 11 15 18 Loyens & Loeff 9,077 20 11 19 Latham & Watkins 9,966 27 7 19 Ashurst 19,792 19 31 20 Vinge 9,926 16 17 20 Baker & McKenzie 12,387 19

Note: based on law ﬁ rms advising the bidder on buyout deals where the dominant geography of the target company is Europe

mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 7 League Tables of Legal Advisers by European Region

Legal Advisers to UK M&A: Value Legal Advisers to UK M&A: Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (EURm) Deals 2006 2007 Company Name (EURm) Deals 2 1 Freshﬁ elds Bruckhaus Deringer 259,070 112 1 1 DLA Piper 21,343 174 7 2 Clifford Chance 246,334 133 4 2 Clifford Chance 246,334 133 1 3 Linklaters 215,333 128 3 3 Linklaters 215,333 128 3 4 Allen & Overy 206,509 114 2 4 Eversheds 6,848 125 12 5 Sullivan & Cromwell 148,697 20 5 5 Allen & Overy 206,509 114 5 6 Herbert Smith, Gleiss Lutz, Stibbe 142,773 53 6 6 Freshﬁ elds Bruckhaus Deringer 259,070 112 59 7 Debevoise & Plimpton 110,225 15 9 7 Pinsent Masons 11,015 79 13 8 Shearman & Sterling 107,965 22 7 8 Slaughter and May 107,566 76 4 9 Slaughter and May 107,566 76 14 9 Addleshaw Goddard 20,976 75 20 10 Skadden Arps Slate Meagher & Flom 107,488 28 8 10 Ashurst 84,382 71

Legal Advisers to French M&A: Value Legal Advisers to French M&A: Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (EURm) Deals 2006 2007 Company Name (EURm) Deals 2 1 Bredin Prat 66,285 40 2 1 Linklaters 35,767 58 5 2 Darrois Villey Maillot Brochier 43,396 7 4 2 Latham & Watkins 11,230 46 25 3 Cleary Gottlieb Steen & Hamilton 42,526 37 1 3 Clifford Chance 27,292 42 26 4 Allen & Overy 39,914 39 11 4 CMS 23,178 42 3 5 Linklaters 35,767 58 6 5 Bredin Prat 66,285 40 1 6 Sullivan & Cromwell 35,058 8 10 6 Allen & Overy 39,914 39 32 7 Hengeler Mueller 31,190 14 5 7 Gide Loyrette Nouel 7,282 39 9 8 Freshﬁ elds Bruckhaus Deringer 29,824 31 13 8 Cleary Gottlieb Steen & Hamilton 42,526 37 52 9 Orrick Herrington & Sutcliffe 28,765 16 8 9 White & Case 9,311 35 15 10 Clifford Chance 27,292 42 9 10 SJ Berwin 4,024 32

mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 8 League Tables of Legal Advisers by European Region

Legal Advisers to German M&A: Value Legal Advisers to German M&A: Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (EURm) Deals 2006 2007 Company Name (EURm) Deals 8 1 Freshﬁ elds Bruckhaus Deringer 179,920 119 1 1 Freshﬁ elds Bruckhaus Deringer 179,920 119 14 2 Linklaters 120,101 66 2 2 Clifford Chance 116,668 84 2 3 Clifford Chance 116,668 84 4 3 Linklaters 120,101 66 17 4 Cleary Gottlieb Steen & Hamilton 115,302 25 5 4 Hengeler Mueller 59,113 57 19 5 Allen & Overy 112,314 35 3 5 CMS 7,747 54 4 6 Skadden Arps Slate Meagher & Flom 101,647 23 6 6 Allen & Overy 112,314 35 5 7 Sullivan & Cromwell 98,160 8 18 7 Noerr Stiefenhofer & Lutz 8,883 32 - 8 McCarthy Tetrault 75,686 2 9 8 Latham & Watkins 8,418 28 1 9 Hengeler Mueller 59,113 57 14 9 Herbert Smith, Gleiss Lutz, Stibbe 39,100 26 24 10 Herbert Smith, Gleiss Lutz, Stibbe 39,100 26 13 10 Cleary Gottlieb Steen & Hamilton 115,302 25

Legal Advisers to Iberian M&A: Value Legal Advisers to Iberian M&A: Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (EURm) Deals 2006 2007 Company Name (EURm) Deals 1 1 Clifford Chance 79,102 20 1 1 Cuatrecasas - Goncalves Pereira, Castelo Branco 63,064 50 18 2 Cuatrecasas - Goncalves Pereira, Castelo Branco 63,064 50 3 2 Uria Menendez 59,893 48 14 3 Uria Menendez 59,893 48 2 3 Garrigues 49,492 40 6 4 Linklaters 55,161 18 41 4 KPMG Abogados 3,682 36 16 5 Latham & Watkins 54,342 10 13 5 DLA Piper 1,215 22 2 6 Garrigues 49,492 40 4 6 Clifford Chance 79,102 20 25 7 Bonelli Erede Pappalardo 43,332 4 5 7 Linklaters 55,161 18 5 8 Skadden Arps Slate Meagher & Flom 42,947 4 7 8 Freshﬁ elds Bruckhaus Deringer 14,449 17 4 9 Sullivan & Cromwell 42,079 3 12 9 Baker & McKenzie 8,790 16 10 10 Osler Hoskin & Harcourt 40,694 1 140 10 Deloitte & Touche Legal 854 16

mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 9 League Tables of Legal Advisers by European Region

Legal Advisers to Irish M&A: Value Legal Advisers to Irish M&A: Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (EURm) Deals 2006 2007 Company Name (EURm) Deals 1 1 Arthur Cox 12,434 38 1 1 Arthur Cox 12,434 38 3 2 Freshﬁ elds Bruckhaus Deringer 10,063 8 2 2 Matheson Ormsby Prentice 4,398 33 76 3 Herbert Smith, Gleiss Lutz, Stibbe 7,017 4 3 3 A&L Goodbody 3,080 32 8 4 McCann FitzGerald 6,924 21 4 4 William Fry 3,529 31 80 5 Shearman & Sterling 5,681 1 5 5 McCann FitzGerald 6,924 21 5 6 Matheson Ormsby Prentice 4,398 33 6 6 Mason Hayes & Curran 941 15 44 7 Allen & Overy 3,664 4 14 7 Eversheds 1,114 11 6 8 William Fry 3,529 31 9 8 Freshﬁ elds Bruckhaus Deringer 10,063 8 4 9 A&L Goodbody 3,080 32 7 9 Linklaters 1,529 5 13 10 Weil Gotshal & Manges 2,945 2 13 10 DLA Piper 217 5

Legal Advisers to Italian M&A: Value Legal Advisers to Italian M&A: Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (EURm) Deals 2006 2007 Company Name (EURm) Deals 2 1 Bonelli Erede Pappalardo 66,251 50 1 1 Chiomenti Studio Legale 57,394 52 1 2 Chiomenti Studio Legale 57,394 52 2 2 Bonelli Erede Pappalardo 66,251 50 8 3 Clifford Chance 57,158 29 4 3 Gianni, Origoni, Grippo & Partners 51,440 38 7 4 Gianni, Origoni, Grippo & Partners 51,440 38 3 4 Clifford Chance 57,158 29 23 5 Sullivan & Cromwell 49,065 5 5 5 d'Urso Munari Gatti 15,402 25 46 6 Skadden Arps Slate Meagher & Flom 42,221 5 6 6 Freshﬁ elds Bruckhaus Deringer 41,546 20 3 7 Freshﬁ elds Bruckhaus Deringer 41,546 20 8 7 Marena Bonvicini Ludergnani - MBL & Partners 7,875 20 5 8 Latham & Watkins 41,321 9 15 8 Cleary Gottlieb Steen & Hamilton 15,589 17 36 9 Linklaters 41,228 9 17 9 Simmons & Simmons 1,114 17 - 10 Osler Hoskin & Harcourt 40,694 1 10 10 Allen & Overy 11,987 16

mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 10 League Tables of Legal Advisers by European Region

Legal Advisers to Benelux M&A: Value Legal Advisers to Benelux M&A: Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (EURm) Deals 2006 2007 Company Name (EURm) Deals 13 1 Allen & Overy 158,571 104 1 1 Allen & Overy 158,571 104 1 2 De Brauw Blackstone Westbroek 135,074 60 2 2 Loyens & Loeff 43,379 68 8 3 NautaDutilh 121,117 37 3 3 De Brauw Blackstone Westbroek 135,074 60 28 4 Sullivan & Cromwell 119,391 20 8 4 Freshﬁ elds Bruckhaus Deringer 114,498 52 29 5 Freshﬁ elds Bruckhaus Deringer 114,498 52 6 5 Herbert Smith, Gleiss Lutz, Stibbe 110,145 49 2 6 Herbert Smith, Gleiss Lutz, Stibbe 110,145 49 4 6 Linklaters 100,562 49 5 7 Skadden Arps Slate Meagher & Flom 106,495 10 5 7 Clifford Chance 103,931 44 25 8 Clifford Chance 103,931 44 9 8 Baker & McKenzie 8,868 42 7 9 Linklaters 100,562 49 12 9 CMS 18,627 40 9 10 Debevoise & Plimpton 94,695 10 7 10 NautaDutilh 121,117 37

Legal Advisers to Nordic M&A: Value Legal Advisers to Nordic M&A: Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (EURm) Deals 2006 2007 Company Name (EURm) Deals 20 1 Vinge 22,881 85 1 1 Mannheimer Swartling 10,326 89 3 2 Cleary Gottlieb Steen & Hamilton 18,912 20 2 2 Vinge 22,881 85 6 3 Linklaters 17,515 41 3 3 Linklaters 17,515 41 18 4 White & Case 15,031 32 4 4 Thommessen 7,417 39 10 5 Clifford Chance 13,216 24 5 5 PLESNER 6,563 36 2 6 Mannheimer Swartling 10,326 89 20 6 Cederquist 9,083 34 34 7 Baker & McKenzie 9,608 22 17 7 Selmer 6,192 34 48 8 Cederquist 9,083 34 6 8 Roschier 7,333 33 1 9 Shearman & Sterling 8,983 7 11 9 White & Case 15,031 32 19 10 Hannes Snellman 8,952 26 12 10 Wikborg Rein & Co 5,379 31

mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 11 League Tables of Legal Advisers by European Region

Legal Advisers to CEE M&A: Value Legal Advisers to CEE M&A: Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (EURm) Deals 2006 2007 Company Name (EURm) Deals 7 1 Clifford Chance 16,828 33 1 1 Clifford Chance 16,828 33 8 2 Freshﬁ elds Bruckhaus Deringer 14,063 21 3 2 Baker & McKenzie 4,038 33 3 3 Skadden Arps Slate Meagher & Flom 13,452 9 6 3 White & Case 9,357 24 28 4 Hogan & Hartson 13,024 10 2 4 Freshﬁ elds Bruckhaus Deringer 14,063 21 12 5 Egorov, Puginsky, Afanasiev & Partners 10,703 3 5 5 Linklaters 4,909 20 4 6 White & Case 9,357 24 7 6 CMS 1,279 19 1 7 Allen & Overy 9,155 18 4 7 Allen & Overy 9,155 18 10 8 Ashurst 8,733 2 8 8 Dewey & LeBoeuf 5,246 16 9 9 Cleary Gottlieb Steen & Hamilton 7,465 10 24 9 Sorainen 384 14 89 10 Baker Botts 5,475 1 9 10 Weil Gotshal & Manges 1,379 13

Legal Advisers to Spanish M&A: Value Legal Advisers to Spanish M&A: Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (EURm) Deals 2006 2007 Company Name (EURm) Deals 1 1 Clifford Chance 79,102 20 1 1 Cuatrecasas - Goncalves Pereira, Castelo Branco 63,007 46 32 2 Cuatrecasas - Goncalves Pereira, Castelo Branco 63,007 46 4 2 Uria Menendez 59,462 44 13 3 Uria Menendez 59,462 44 3 3 Garrigues 49,358 38 14 4 Linklaters 55,061 15 36 4 KPMG Abogados 3,682 36 16 5 Latham & Watkins 54,342 10 11 5 DLA Piper 1,215 22 2 6 Garrigues 49,358 38 2 6 Clifford Chance 79,102 20 23 7 Bonelli Erede Pappalardo 43,332 4 6 7 Freshﬁ elds Bruckhaus Deringer 14,449 17 4 8 Sullivan & Cromwell 42,079 3 13 8 Baker & McKenzie 8,790 16 8 9 Skadden Arps Slate Meagher & Flom 40,895 3 116 9 Deloitte & Touche Legal 854 16 12 10 Osler Hoskin & Harcourt 40,694 1 7 10 Linklaters 55,061 15

mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 12 Legal Advisers to Swedish M&A: Value Legal Advisers to Swedish M&A: Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (EURm) Deals 2006 2007 Company Name (EURm) Deals 9 1 Vinge 22,021 83 1 1 Mannheimer Swartling 10,326 88 1 2 Linklaters 11,295 27 2 2 Vinge 22,021 83 2 3 Mannheimer Swartling 10,326 88 8 3 Cederquist 8,233 33 14 4 White & Case 9,199 22 12 4 Lindahl 4,053 30 23 5 Cederquist 8,233 33 6 5 Gernandt & Danielsson 5,903 28 36 6 Cleary Gottlieb Steen & Hamilton 7,930 13 3 6 Linklaters 11,295 27 15 7 Baker & McKenzie 7,520 17 4 7 White & Case 9,199 22 13 8 Clifford Chance 7,494 10 9 8 Baker & McKenzie 7,520 17 - 9 Davies Ward Phillips & Vineberg 6,995 2 10 9 Delphi & Co 2,172 16 5 10 Davis Polk & Wardwell 6,859 4 14 10 Roschier 4,993 14

Legal Advisers to Russian M&A: Value Legal Advisers to Russian M&A: Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (EURm) Deals 2006 2007 Company Name (EURm) Deals 1 1 Skadden Arps Slate Meagher & Flom 13,048 8 1 1 Freshﬁ elds Bruckhaus Deringer 11,064 15 30 2 Hogan & Hartson 12,548 6 2 2 Clifford Chance 9,462 14 10 3 Freshﬁ elds Bruckhaus Deringer 11,064 15 3 3 White & Case 3,260 11 8 4 Egorov, Puginsky, Afanasiev & Partners 10,703 3 4 4 Skadden Arps Slate Meagher & Flom 13,048 8 13 5 Clifford Chance 9,462 14 9 5 Dewey & LeBoeuf 5,010 8 6 6 Ashurst 8,513 1 7 6 Baker & McKenzie 1,362 8 12 7 Cleary Gottlieb Steen & Hamilton 7,078 6 13 7 Hogan & Hartson 12,548 6 55 8 Baker Botts 5,475 1 11 8 Cleary Gottlieb Steen & Hamilton 7,078 6 2 9 Allen & Overy 5,203 4 25 9 Squire, Sanders & Dempsey 3,157 6 11 10 Dewey & LeBoeuf 5,010 8 12 10 Latham & Watkins 1,056 5

mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 13 North American League Tables

Despite the US credit market turning sour this summer, 2007 ended with a surprisingly North American M&A Activity - Quarterly (USA and Canada) big M&A bang, as foreign investors and large corporations leapt to take advantage of the 700 1,600 weak dollar and downturn in the US market. Notable deals in December alone include Value Trane Inc. at USD 11.2bn, Activision at USD 8.8bn and Marmon at USD 4.5bn. Volume 1,400 600

Canadian M&A also appears healthy, with the leveraged buyout of BCE, the year’s sec- 1,200 ond biggest deal, still on track. 500

1,000 Early signs for next year point to more corporate deals and foreign investment, particu- 400

larly in the technology, industrials, ﬁ nancial services and media sectors. 800

300 Cash rich IBM, Google and Oracle have shown a healthy appetite for buys, as have 600 Volume of Deals General Electric (GE) and Warren Buffett’s Berkshire Hathaway. Traditional media con- Value of Deals ($bn) glomerates appear caught between continuing to disentangle their assets and bulking 200 400 up once more through large acquisitions.

100 200 Foreign investment has already ﬂ owed in to the US, particularly in the ﬁ nancial services sector. More cross border activity is expected, as multi-nationals look to buy USA at 0 0 bargain basement rates. 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

Top Announced Deals 2007 - North America - US and Canada (*lapsed deal)

Announced Bidder Target Seller Deal Value Date Company Bidder Legal Advisor Company Target/Seller Legal Advisor Company (USDm) Altria Group Inc Gibson Dunn & Crutcher; Hunton & Williams; McCarthy Tetrault; Altria Group 31-Jan-07 Kraft Foods Inc Adviser to seller: Sidley Austin 60,930 (Shareholders) Sutherland Asbill & Brennan Inc Teachers Private Capital; Cahill Gordon & Reindel (Advising Citigroup; Deutsche Bank; Royal Blake, Cassels & Graydon; Davies Ward Phillips & Providence Bank of Scotland Group; TD Bank Financial Group); Goodmans; Vineberg; Fried Frank Harris Shriver & Jacobson 30-Jun-07 Equity Partners Gowling Lafl eur Henderson; Kirkland & Ellis (Advising Royal Bank of BCE Inc (Advising Goldman Sachs); Hogan & Hartson; Lenczner 48,059 Inc; and Madison Scotland Group); Torys; Wachtell Lipton Rosen & Katz; Weil Gotshal & Slaght Royce Smith Griffi n; Stikeman Elliott; Sullivan Dearborn Manges & Cromwell Partners LLC Baker Botts (Advising Morgan Stanley); Cleary Gottlieb Steen & Kohlberg Kravis Hamilton; Covington & Burling; Davis Polk & Wardwell; Dechert; Fried Cravath Swaine & Moore; Dewey & LeBoeuf (Advising 26-Feb-07 Roberts & Co; Frank Harris Shriver & Jacobson (Advising Goldman Sachs); Hunton TXU Corp Credit Suisse); Kirkland & Ellis (Advising Lazard); 44,161 and TPG & Williams; McDermott Will & Emery; Simpson Thacher & Bartlett; Sullivan & Cromwell Stroock & Stroock & Lavan; Vinson & Elkins Deacons; Fasken Martineau; Freshfi elds Bruckhaus Ashurst (Advising Deutsche Bank); Clifford Chance (Advising Deutsche Deringer; Latham & Watkins (Advising JPMorgan; 12-Jul-07 Rio Tinto plc Bank); Debevoise & Plimpton (Advising Deutsche Bank); Goodmans Alcan Inc 43,724 Morgan Stanley; RBC Capital Markets); Mallesons (Advising Deutsche Bank); Lee and Li; Linklaters; McCarthy Tetrault Stephen Jaques; Ogilvy Renault; Sullivan & Cromwell Fasken Martineau; Freshfi elds Bruckhaus Deringer; Blake Dawson; Cleary Gottlieb Steen & Hamilton; Skadden Arps Slate Latham & Watkins (Advising JPMorgan; Morgan 07-May-07* Alcoa Inc Meagher & Flom; Stikeman Elliott; Weil Gotshal & Manges (Advising Alcan Inc 32,509 Stanley; RBC Capital Markets); Ogilvy Renault; Sullivan Goldman Sachs) * US and Canada & Cromwell mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 14 North American League Tables

League Table of Legal Advisers to North American M&A: Value League Table of Legal Advisers to North American M&A: Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (USDm) Deals 2006 2007 Company Name (USDm) Deals 2 1 Sullivan & Cromwell 470,817 126 1 1 Latham & Watkins 331,410 303 1 2 Skadden Arps Slate Meagher & Flom 424,606 219 3 2 Skadden Arps Slate Meagher & Flom 424,606 219 5 3 Latham & Watkins 331,410 303 2 3 Jones Day 107,576 210 15 4 Weil Gotshal & Manges 319,070 130 4 4 Kirkland & Ellis 205,434 200 3 5 Simpson Thacher & Bartlett 316,024 113 8 5 Dewey & LeBoeuf 279,887 153 4 6 Wachtell Lipton Rosen & Katz 313,536 74 21 6 Blake, Cassels & Graydon 242,262 153 10 7 Dewey & LeBoeuf 279,887 153 5 7 DLA Piper 47,410 151 11 8 Davis Polk & Wardwell 267,642 96 47 8 Stikeman Elliott 234,784 142 17 9 Blake, Cassels & Graydon 242,262 153 6 9 Weil Gotshal & Manges 319,070 130 21 10 Stikeman Elliott 234,784 142 7 10 Sullivan & Cromwell 470,817 126 9 11 Fried Frank Harris Shriver & Jacobson 232,845 72 9 11 Baker & McKenzie 103,027 126 6 12 Cleary Gottlieb Steen & Hamilton 219,283 102 15 12 Simpson Thacher & Bartlett 316,024 113 16 13 Debevoise & Plimpton 209,175 78 10 13 Clifford Chance 179,222 113 22 14 Osler Hoskin & Harcourt 207,011 105 12 14 Hogan & Hartson 175,642 109 13 15 Kirkland & Ellis 205,434 200 26 15 Osler Hoskin & Harcourt 207,011 105 41 16 Freshﬁ elds Bruckhaus Deringer 190,621 85 11 16 Gibson Dunn & Crutcher 177,139 105 28 17 Clifford Chance 179,222 113 13 17 Cleary Gottlieb Steen & Hamilton 219,283 102 38 18 Gibson Dunn & Crutcher 177,139 105 16 18 Vinson & Elkins 102,657 101 8 19 Cravath Swaine & Moore 176,826 66 19 19 O'Melveny & Myers 71,426 97 19 20 Hogan & Hartson 175,642 109 25 20 Davis Polk & Wardwell 267,642 96

mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 15 North American League Tables

League Table of Legal Advisers to North American Buyouts: Value League Table of Legal Advisers to North American Buyouts: Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (USDm) Deals 2006 2007 Company Name (USDm) Deals 1 1 Simpson Thacher & Bartlett 156,496 29 1 1 Kirkland & Ellis 106,601 85 8 2 Weil Gotshal & Manges 131,066 35 2 2 Latham & Watkins 42,224 37 4 3 Kirkland & Ellis 106,601 85 3 3 Weil Gotshal & Manges 131,066 35 25 4 Osler Hoskin & Harcourt 85,997 18 5 4 Simpson Thacher & Bartlett 156,496 29 2 5 Cleary Gottlieb Steen & Hamilton 78,544 10 4 5 Jones Day 7,295 28 50 6 Goodmans 64,952 12 8 6 Ropes & Gray 23,215 22 9 7 Debevoise & Plimpton 64,102 19 22 7 Stikeman Elliott 35,204 21 6 8 Fried Frank Harris Shriver & Jacobson 63,941 13 6 8 O'Melveny & Myers 16,144 21 40 9 Davis Polk & Wardwell 62,248 15 9 9 Goodwin Procter 9,937 21 3 10 Wachtell Lipton Rosen & Katz 55,412 7 25 10 Debevoise & Plimpton 64,102 19 36 11 Dechert 50,342 13 18 11 Paul Weiss Rifkind Wharton & Garrison 8,212 19 - 12 Gowling Laﬂ eur Henderson 48,283 2 7 12 Bingham McCutchen 3,521 19 98 13 McDermott Will & Emery 46,115 9 32 13 Osler Hoskin & Harcourt 85,997 18 23 14 Vinson & Elkins 46,037 12 14 14 Skadden Arps Slate Meagher & Flom 32,976 18 30 15 Covington & Burling 45,361 2 35 15 Davis Polk & Wardwell 62,248 15 76 16 Stroock & Stroock & Lavan 44,566 3 13 16 Paul Hastings Janofsky & Walker 1,214 15 129 17 Hunton & Williams 44,321 3 10 17 Fried Frank Harris Shriver & Jacobson 63,941 13 172 18 Baker Botts 44,161 2 11 18 Dechert 50,342 13 10 19 Sullivan & Cromwell 44,008 9 16 19 Blake, Cassels & Graydon 15,010 13 12 20 Latham & Watkins 42,224 37 55 20 Goodmans 64,952 12

Note: based on law ﬁ rms advising the bidder on buyout deals where the dominant geography of the target company is North America

mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 16 League Tables to Canadian M&A and Central/South American M&A

League Table of Legal Advisers to Canadian M&A: Value League Table of Legal Advisers to Canadian M&A: Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (USDm) Deals 2006 2007 Company Name (USDm) Deals 1 1 Stikeman Elliott 166,533 112 2 1 Blake, Cassels & Graydon 106,765 116 10 2 Sullivan & Cromwell 123,167 12 5 2 Stikeman Elliott 166,533 112 9 3 Goodmans 118,241 45 3 3 Osler Hoskin & Harcourt 70,888 77 4 4 Blake, Cassels & Graydon 106,765 116 1 4 McCarthy Tetrault 77,437 66 37 5 Weil Gotshal & Manges 105,945 13 4 5 Fasken Martineau 62,770 54 6 6 Davies Ward Phillips & Vineberg 103,532 34 10 6 Goodmans 118,241 45 2 7 McCarthy Tetrault 77,437 66 6 7 Torys 60,812 42 15 8 Freshﬁ elds Bruckhaus Deringer 71,433 7 8 8 Dorsey & Whitney 26,406 38 24 9 Latham & Watkins 71,000 20 11 9 Bennett Jones 32,807 36 3 10 Osler Hoskin & Harcourt 70,888 77 7 10 Davies Ward Phillips & Vineberg 103,532 34

League Table of Legal Advisers to South and Central American M&A: League Table of Legal Advisers to South and Central American M&A: Value Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (USDm) Deals 2006 2007 Company Name (USDm) Deals 5 1 Skadden Arps Slate Meagher & Flom 7,356 11 16 1 Linklaters 3,644 16 2 2 Cleary Gottlieb Steen & Hamilton 6,270 6 1 2 Skadden Arps Slate Meagher & Flom 7,356 11 4 3 Cravath Swaine & Moore 5,813 6 4 3 White & Case 5,332 11 1 4 Sullivan & Cromwell 5,779 6 60 4 Brigard & Urrutia 1,207 10 15 5 White & Case 5,332 11 6 5 Latham & Watkins 5,041 9 9 6 Simpson Thacher & Bartlett 5,152 3 10 6 Pinheiro Neto Advogados 2,744 9 14 7 Latham & Watkins 5,041 9 2 7 Cleary Gottlieb Steen & Hamilton 6,270 6 40 8 Linklaters 3,644 16 7 8 Cravath Swaine & Moore 5,813 6 150 9 Baker Botts 2,967 2 3 9 Sullivan & Cromwell 5,779 6 69 10 Jones Day 2,940 3 - 10 King & Spalding 2,245 6

mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 17 Asia-Paciﬁ c League Tables

Asia-Pacific M&A Activity - Quarterly 140 (incl Japan) 700

Value Volume 120 600

100 500

80 400

60 300 Volume of Deals Value of Deals ($bn)

40 200

20 100

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 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07

Top Announced Deals 2007 - Asia-Paciﬁ c

Announced Deal Value Date Bidder Company Bidder Legal Advisor Target Company Target Legal Advisor Seller Company (USDm)

Allens Arthur Robinson; Clayton Utz; Coles Group Limited 02-Jul-07 Wesfarmers Limited Middletons (Advising ANZ bank; BNP Paribas; Chapman Tripp; Freehills 16,290 (88.70% stake) National Australia Bank); Quigg Partners

Advising seller: Freshﬁ elds Bruckhaus Vodafone Hutchison Telecom- Linklaters; Talwar, Thakore and Associates; Hutchison Essar Ltd Deringer; Khaitan & Co; Paul Weiss 11-Feb-07 International munications Interna- 13,665 Trilegal (67% stake) Rifkind Wharton & Garrison; Sullivan & Holdings BV tional Limited Cromwell (Advising Goldman Sachs)

Bell Gully; Chang Pistilli & Simmons; Freehills; Babcock & Brown 30-Mar-07 Mallesons Stephen Jaques (Advising Deutsche Alinta Ltd Blake Dawson; Linklaters 11,241 Infrastructure Ltd Bank; Morgan Stanley; UBS); Minter Ellison

Blake, Cassels & Graydon; Clifford Chance; Nikko Cordial Davis Polk & Wardwell; Mori Hamada & 06-Mar-07 Citigroup Inc Nishimura & Partners; Paul Weiss Rifkind Corporation (56.15% 7,820 Matsumoto; WongPartnership Wharton & Garrison stake) Singapore Power Singapore Power 20-Sep-07* SP AusNet Pty Ltd Clayton Utz; Mallesons Stephen Jaques Advising seller: Freehills 7,016 (Alinta assets) International Pte Ltd mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 18 Asia-Paciﬁ c League Tables

League Table of Legal Advisers to Asia-Paciﬁ c (ex Japan) M&A: League Table of Legal Advisers to Asia-Paciﬁ c (ex Japan) M&A: Value Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (USDm) Deals 2006 2007 Company Name (USDm) Deals 1 1 Freehills 105,998 106 1 1 Freehills 105,998 106 3 2 Linklaters 77,581 58 6 2 Mallesons Stephen Jaques 70,068 92 6 3 Mallesons Stephen Jaques 70,068 92 2 3 Baker & McKenzie 30,474 75 33 4 Clayton Utz 57,943 66 10 4 Clayton Utz 57,943 66 19 5 Sullivan & Cromwell 43,728 18 4 5 Minter Ellison 30,430 64 13 6 Freshﬁ elds Bruckhaus Deringer 43,726 53 7 6 Linklaters 77,581 58 4 7 Allens Arthur Robinson 42,576 32 9 7 Clifford Chance 29,004 57 7 8 Allen & Overy 42,528 30 5 8 Blake Dawson 29,256 55 14 9 Baker & McKenzie 30,474 75 8 9 Freshﬁ elds Bruckhaus Deringer 43,726 53 12 10 Minter Ellison 30,430 64 14 10 Deacons 6,427 43 5 11 Blake Dawson 29,256 55 17 11 WongPartnership 12,832 40 8 12 Clifford Chance 29,004 57 13 12 Allen & Gledhill 19,659 38 16 13 Kim & Chang 26,801 25 16 13 Gilbert + Tobin 15,982 36 34 14 Skadden Arps Slate Meagher & Flom 26,768 32 11 14 Jones Day 12,386 36 77 15 Paul Weiss Rifkind Wharton & Garrison 22,475 12 21 15 DLA Piper 2,112 33 15 16 Simpson Thacher & Bartlett 22,292 13 3 16 Allens Arthur Robinson 42,576 32 50 17 Norton Rose 22,220 17 20 17 Skadden Arps Slate Meagher & Flom 26,768 32 9 18 Bell Gully 19,999 29 15 18 Allen & Overy 42,528 30 110 19 Khaitan & Co 19,844 14 12 19 Bell Gully 19,999 29 23 20 Allen & Gledhill 19,659 38 41 20 Kim & Chang 26,801 25

mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 19 League Tables of Legal Advisers by Asia-Paciﬁ c Region

League Table of Legal Advisers to Asia-Paciﬁ c (ex Japan) Buyouts: League Table of Legal Advisers to Asia-Paciﬁ c (ex Japan) Buyouts: Value Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (USDm) Deals 2006 2007 Company Name (USDm) Deals 2 1 Freehills 14,463 14 4 1 Freehills 14,463 14 3 2 Bell Gully 14,125 6 1 2 Clifford Chance 3,344 12 1 3 Mallesons Stephen Jaques 12,494 6 2 3 Minter Ellison 12,460 8 19 4 Minter Ellison 12,460 8 7 4 Baker & McKenzie 2,428 8 - 5 Chang Pistilli & Simmons 12,027 2 33 5 WongPartnership 5,388 7 - 6 Torys 5,715 2 13 6 Freshﬁ elds Bruckhaus Deringer 2,654 7 13 7 Clayton Utz 5,519 4 9 7 Bell Gully 14,125 6 40 8 WongPartnership 5,388 7 3 8 Mallesons Stephen Jaques 12,494 6 5 9 Allen & Overy 5,123 2 10 9 Linklaters 1,228 6 28 10 Allens Arthur Robinson 4,135 5 14 10 Allens Arthur Robinson 4,135 5 4 11 Cleary Gottlieb Steen & Hamilton 3,864 3 11 11 Allen & Gledhill 3,079 5 6 12 Clifford Chance 3,344 12 19 12 Gilbert + Tobin 1,274 5 31 13 Allen & Gledhill 3,079 5 5 13 Clayton Utz 5,519 4 25 14 Freshﬁ elds Bruckhaus Deringer 2,654 7 17 14 Simpson Thacher & Bartlett 1,601 4 7 15 Baker & McKenzie 2,428 8 12 15 Cleary Gottlieb Steen & Hamilton 3,864 3

Note: based on law ﬁ rms advising the bidder on buyout deals where the dominant geography of the target company is Asia- Paciﬁ c (ex Japan)

mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 20 League Tables of Legal Advisers by Asia-Paciﬁ c Region

League Table of Legal Advisers to Asian (ex Japan) M&A: Value* League Table of Legal Advisers to Asian (ex Japan) M&A: Volume*

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (USDm) Deals 2006 2007 Company Name (USDm) Deals 2 1 Linklaters 47,417 48 2 1 Linklaters 47,417 48 10 2 Sullivan & Cromwell 35,637 14 1 2 Baker & McKenzie 20,044 46 17 3 Freshﬁ elds Bruckhaus Deringer 30,681 41 4 3 Clifford Chance 19,227 43 3 4 Kim & Chang 26,801 25 3 4 Freshﬁ elds Bruckhaus Deringer 30,681 41 32 5 Norton Rose 22,220 17 7 5 WongPartnership 12,832 40 49 6 Paul Weiss Rifkind Wharton & Garrison 21,570 9 6 6 Allen & Gledhill 19,659 38 9 7 Baker & McKenzie 20,044 46 5 7 Jones Day 10,906 27 72 8 Khaitan & Co 19,844 14 22 8 Kim & Chang 26,801 25 8 9 Allen & Gledhill 19,659 38 8 9 Allen & Overy 19,081 23 231 10 Trilegal 19,460 7 12 10 Skadden Arps Slate Meagher & Flom 16,915 23 16 11 Clifford Chance 19,227 43 40 11 Bae Kim & Lee 3,181 22 4 12 Allen & Overy 19,081 23 10 12 Herbert Smith, Gleiss Lutz, Stibbe 3,187 21 30 13 Simpson Thacher & Bartlett 17,108 9 32 13 Paul Hastings Janofsky & Walker 11,727 20 77 14 Mallesons Stephen Jaques 16,995 10 13 14 Norton Rose 22,220 17 19 15 Skadden Arps Slate Meagher & Flom 16,915 23 15 15 Lee and Li 4,179 17 76 16 Osler Hoskin & Harcourt 15,476 7 57 16 Freehills 13,828 16 18 17 Cleary Gottlieb Steen & Hamilton 14,125 11 11 17 White & Case 8,071 16 50 18 Freehills 13,828 16 59 18 Drew & Napier 7,473 16 - 19 Talwar, Thakore and Associates 13,665 1 52 19 Lee & Ko 7,449 16 26 20 WongPartnership 12,832 40 14 20 Rajah & Tann 4,787 16

* excludes Australasia

mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 21 League Tables of Legal Advisers by Asia-Paciﬁ c Region

League Table of Legal Advisers to Greater China M&A: Value League Table of Legal Advisers to Greater China M&A: Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (USDm) Deals 2006 2007 Company Name (USDm) Deals 1 1 Linklaters 27,427 26 1 1 Freshﬁ elds Bruckhaus Deringer 25,995 31 6 2 Freshﬁ elds Bruckhaus Deringer 25,995 31 2 2 Linklaters 27,427 26 9 3 Sullivan & Cromwell 19,669 7 3 3 Baker & McKenzie 10,543 24 39 4 Paul Weiss Rifkind Wharton & Garrison 15,820 7 4 4 Jones Day 4,155 18 70 5 Khaitan & Co 13,913 2 5 5 Clifford Chance 6,236 17 - 6= Talwar, Thakore and Associates 13,665 1 8 6 Lee and Li 4,179 17 - 6= Trilegal 13,665 1 7 7 Herbert Smith, Gleiss Lutz, Stibbe 2,780 17 16 8 Skadden Arps Slate Meagher & Flom 10,650 14 11 8 LCS & Partners 3,309 15 3 9 Baker & McKenzie 10,543 24 13 9 Skadden Arps Slate Meagher & Flom 10,650 14 8 10 Clifford Chance 6,236 17 44 10 Paul Hastings Janofsky & Walker 2,594 14

League Table of Legal Advisers to Australasian M&A: Value League Table of Legal Advisers to Australasian M&A: Volume

Y/E Y/E Value No of Y/E Y/E Value No of 2006 2007 Company Name (USDm) Deals 2006 2007 Company Name (USDm) Deals 1 1 Freehills 104,898 105 1 1 Freehills 104,898 105 4 2 Mallesons Stephen Jaques 61,128 86 5 2 Mallesons Stephen Jaques 61,128 86 22 3 Clayton Utz 57,943 66 6 3 Clayton Utz 57,943 66 2 4 Allens Arthur Robinson 42,576 32 3 4 Minter Ellison 30,414 63 5 5 Linklaters 30,740 12 4 5 Blake Dawson 28,896 54 10 6 Minter Ellison 30,414 63 8 6 Deacons 5,145 39 3 7 Blake Dawson 28,896 54 9 7 Gilbert + Tobin 15,982 36 13 8 Allen & Overy 23,724 8 10 8 Baker & McKenzie 11,163 36 7 9 Bell Gully 19,999 29 2 9 Allens Arthur Robinson 42,576 32 64 10 Quigg Partners 17,970 8 7 10 Bell Gully 19,999 29

mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 22 Breakdown of Deals by Region and Industry

Mix of Announced Global Deals by Industry Sector 2007 - Value Mix of Announced Deals by Geographic Region 2007 - Value

Construction Agriculture South & Central South East Asia 3.8% 0.4% Asia 1.6% Defence 2.6% Australasia Pharma/Medical/ 0.3% Africa & Middle East Biotech 3.0% Industrials and Chemicals 2.0% 4% Japan 14.0% 2.5% Transport North Asia 2.1% 3.5%

Leisure Central & Eastern Europe 3.5% 4.4%

Northern Europe 2.4% North America 45.4% Financial Services TMT Southern Europe 22.2% 15.1% 8.6%

Business Services Energy/Mining/Utilities 5.2% Western Europe 16.8% 23.8% Consumer Central & South America 10.5% 1.9%

Mix of Announced Global Deals by Industry Sector 2007 - Volume Mix of Announced Deals by Geographic Region 2007 - Volume

Agriculture South & Central South East Asia Construction 0.9% Asia 2.3% 4.6% Defence 0.3% 1.5% Africa & Middle East Pharma/Medical/Biotech Australasia 2.4% 3.8% 6.5% Industrials and Chemicals Japan Transport 19% 2.9% 3.4% North Asia North America Leisure 6.8% 35.0% 3.9%

Central & Eastern Europe 5.7% Financial Services TMT 12.2% 14.9% Northern Europe 5.1%

Southern Europe 7.0% Central & South America Business Services 3.4% Energy/Mining/Utilities 11.6% 9.3% Western Europe Consumer 24.1% 13.0% mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 23 Criteria

• The Year End 2007 house league tables are based on announced transactions (where the bidder or target or parent of either is from the country or region to which the table refers), over USD 5m in the period from 1 January 2007 to 31 December 2007. Deals with undisclosed deal values are included where the target’s turnover exceeds USD 10m. Activities excluded from the league tables include property transactions and restructurings where the ultimate shareholders’ interests are not changed.

• The trend graphs and pie charts are based on the dominant geography or industry 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. 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 2007 and 31 December 2007, and reﬂ ect the dominant geography of the target company.

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

North America: USA, Canada

Greater China: China, Hong Kong, Macau, Taiwan

mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 24 About mergermarket

mergermarket is part of The Mergermarket Group which has over 400 employees worldwide and regional head Contacts: offi ces in New York, London and Hong Kong. Europe mergermarket is an unparalleled mergers and acquisitions (M&A) intelligence tool. In any market, the life blood Hannah Bagshawe of advisers is deal fl ow. mergermarket is unique in the provision of origination intelligence to the investment [email protected] banking, legal, private equity, acquisition fi nance, public relations (PR) and corporate markets. Tel: +44 20 7059 6118 With an unrivalled network of analysts covering M&A in North America, Europe and Asia-Pacifi c, mergermarket North America generates proprietary intelligence and delivers it together with daily aggregated content, on its mergermarket.com Karishma Thakkar platform and by real-time email alerts to subscribers. [email protected] Tel: +1 212 686 6305 This wealth of intelligence, together with a series of deal databases, individual and house league tables, profi les and editorial have proven time and time again that this product can and does generate real revenues for clients. Asia-Pacifi c This is apparent when you see that mergermarket is used by over 1000 of the world’s foremost advisory fi rms to Seye Im assist in their origination process. [email protected] Tel: +852 2158 9706 Visit us at: www.mergermarket.com

mergermarket M&A league tables of legal advisers 2007 - January 10, 2008 Page 25