Our Private Equity Team in Germany

2019

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Supporting you in achieving outstanding outcomes across the globe

Our strengths – your benefits

Personal commitment: Coordination of all work across jurisdictions and time zones will be personally overseen by a German key contact to ensure a seamless service. Your key contact will be your first point of contact and available at any time. All team members have vast experience advising of sell- and buy-side national and cross-border M&A transactions in the private equity and industry sector as well as in other sectors.

One-stop-shop capabilities: The unrivalled breadth and depth of resources we can offer across our second-to-none global network allows us to provide you with legal and commercial solutions of the highest quality as a “one-stop-shop”. Our team members are known for their commercially minded and solution orientated “hands-on” approach and for getting the deal done. We will be able to cover all relevant jurisdictions either out of an A&O office or with the help of our trusted relationship firms in jurisdictions where we do not have an office.

Profound private equity experience: We are advising private equity players on an on-going basis (or advise parties selling to and buying from them). Thus, we know how PE funds tick and can advise you accordingly.

Your key contact

Dr Nils M. Koffka Head of PE Germany Hamburg Office Tel +49 40 82 221 2112 [email protected]

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A full service Global law firm…

–– Our network is extensive with 44 offices across 31 countries in Europe, North America, Central and South America, the Middle East, Africa and Asia …with leading transactional practices…

–– We are the only firm to have advised on overUSD1tr of transactions annually for the past five years –– We are ranked No 1 by deal value and volume in global M&A and DCM league tables including market-leading integrated private equity and finance practices…

–– Our global private equity practice advises leading private equity sponsors and their portfolio companies including: – Advent – Centerbridge – Morgan Stanley – Apax – Charterhouse Infrastructure – Apollo – CVC – OMERS Private – BC Partners – EQT Equity – Blackstone – Exponent – PAI Partners – Bridgepoint – H.I.G. – Providence – Capiton – Lonestar – Riverside – Carlyle – STAR Capital –– Along with our Band 1 loans practice and significant high yield bond capabilities, we are one of very few firms able to provide a fully integrated offering and to advise across the entire capital structure …offeringdeep sector expertise and insights…

–– Our global sector teams bring real commercial insight across a range of sectors including: – Automotive – Financial Services – Real Estate – Energy – Infrastructure – Life Sciences – TMT –– This coupled with a deep understanding of our clients’ business objectives and personal commitment from the A&O team enables us to support them in achieving outstanding outcomes

Private Equity

Each day, all over the world, private equity plays an securitisation and investment funds expertise and integral part in the financial landscape we all operate in. full range of complimentary practices such as tax, employment and benefits and real estate makes us With the increasing sophistication and complexity of stand out in the market. private equity transactions, the role of specialist advisers has become increasingly important in this field. This offering is truly global. Our spread of offices covers each of the key financial markets across the world, Allen & Overy is a market leader in the private equity enabling us to work on private equity transactions and give sector, with extensive experience advising private equity specialist advice to clients wherever and whenever it is investors, arranging banks, management teams and required. As such, our Private Equity group exhibits the investee companies on the full cycle of private equity market knowledge, timeliness and efficiency we as a matters. We regularly advise a number of the leading firm take pride in. private equity houses in the world. Our dedicated German transactional team consists of Our comprehensive approach to private equity has 18 partners and more than 40 other qualified lawyers. seen us work on everything from structured acquisitions The team is closely aligned with relevant experts from and financings and some of the largest cross-border other practice groups such as leveraged finance, high yield buy-outs seen in the market, to the provision of venture and equity capital markets, as well as from other areas such capital to start-up businesses. The combination of our as IP/Tech, compliance and employment law. multi-jurisdictional corporate, leveraged finance, high yield,

“‘Excellent level of service’: [the team] is Band 1: ‘always available and quick to answer “Heavyweight corporate and M&A questions’. In addition, it ‘stands out through practice that boasts exceptional team spirit, motivation and an eye for detail, coverage across Europe.” without losing sight of the big picture’.” Chambers Europe 2019 Corporate/M&A Legal 500 Germany 2019 Private Equity

Band 1 for Corporate M&A Chambers Europe 2019 Corporate/M&A

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Lead M&A of the 10 highest value cross-border adviser on 5 M&A deals in 2018

4th Worldwide 2nd Europe 1st Middle East and North Africa 2

4th Worldwide by volume, 1st Middle East and North Africa Bloomberg Q4 2018 2nd Europe by volume, announced deals by value and volume, ahead of our major competitors Bloomberg Q4 2018 Thomson Reuters Q4 2018

1st Germany 2nd UK 4th France

4th

1st Germany announced deals by value, 2nd UK by volume, 4th France announced deals by volume, Thomson Reuters Q4 2018 Bloomberg Q4 2018 Thomson Reuters Q4 2018

Pensions Law Band 1 CEE 5th APAC Firm of the Year 5 1st

for Corporate/M&A, European Pensions Law Firm of the Central & Eastern Europe, 5th APAC (Ex Japan) announced Year Awards 2018 Chambers Global 2018 deals by value, Bloomberg Q4 2018

OVER 2nd Global 300 cross border Adviser on over 300 M&A deals in 2018 101

Allen & Overy Corporate lawyers ranked as leading individuals in Chambers Global 2018 in 29 jurisdictions, more than any of our competitors 2nd Global cross border by volume, Bloomberg Q4 2018

Highly Band 1 Europe M&A Deal regarded USA of the Year

for Corporate/M&A, for Corporate/M&A, Chambers USA 2018 Chambers Global 2018 IFLR Middle East Awards 2018

European Band 1 for Global Elite Mid-Market M&A Employment Advisor of the Year 3

Ranked 3rd out of the top 25 global law firms for competition, Mergermarket Awards 2018 Chambers Europe 2018 Global Competition Review 2019

2nd Europe 1st Benelux Most Innovative buyouts + exits Law Firm in Europe

2nd Europe buyouts + exits by 1st Benelux by volume, Winner for a record breaking sixth time, volume, Mergermarket Q4 2018 Bloomberg Q4 2018 FT Innovative Lawyers Awards 2018

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Our German private equity experience Highlights include:

–– 3i on the investment in Weener Plastic Packaging Group –– CDPQ on the joint acquisition of Techem by Partners (“WPPG”), a leading manufacturer of innovative plastic Group, CDPQ and Ontario Teachers Pension Plan. packaging systems for the world’s leading FMCG –– Centerbridge on its bid for stake in NORD/LB. companies and private label manufacturers. –– Cerberus Capital Management on the takeover of –– 3i on the potential acquisition of SLV Lightning from Cinven. HSH Nordbank by independent investors. 3i took part in the auction process, but SLV was sold to –– Charterhouse Capital Partners on the sale of DEB Group, Ardian in the end. a global producer of skincare products for industrial/ –– Advent International and its portfolio company Allnex professional use, to S.C. Johnson. on the proposed acquisition of chemicals company –– Cleanpart Group GmbH, a portfolio company of Nuplex Industries Limited. Deutsche Beteiligungs AG, on the sale of its –– Apollo on its backstop arrangement in relation to a healthcare business to VAMED. capital increase of Infineon Technologies AG.* –– CR-Invest on the sale of E.I.S. Group to EQT.* –– Ardian on the divestment of CCC Group to Silverfleet.* –– Curaeos Holding B.V., a portfolio company of EQT, on the –– Bain Capital on the acquisition of FTE automotive Group.* acquisition of numerous dental practices in Germany. –– Bain Capital on the acquisition of Apex Tool Group.* –– CVC Capital Partners on the planned acquisition of –– Bain Capital on the acquisition of Physio-Control, Inc.* Constantia Flexibles Group from J.P. Morgan Chase/ –– Bain Capital on the acquisition of IMCD Group.* One Equity Partners LLC. –– Bain Capital on the contemplated acquisition of Dematic.* –– DBAG Fund VI, a fund advised by Deutsche Beteiligungs AG (DBAG), on acquiring a majority share in the Telio group –– Bain Capital on the contemplated acquisition of investment in and IPO of the previous owners in a CeramTec Group.* management buyout. –– Bain Capital on the sale of Bavaria Yachtbau GmbH to –– DPE Deutsche Private Equity on the sale of J.H. Ziegler Oaktree and Anchorage.* GmbH to Teijin Frontier Co., Ltd. –– BC Partners (together with some co-investors) on its –– ECM Equity Capital Management on the acquisition of acquisition of CeramTec Group from Cinven.* MediFox Group, a group of software development and –– BC Partners on its acquisition of Brenntag AG and financial service companies. subsequent on its initial public offering.* –– EQT Mid Market on the acquisition of kfzteile24.* –– BC Partners on its acquisition of the SGB Group.* –– EQT VII on the acquisition and sale of MTS Globe by –– BC Partners on its sale of SGB Smit Group to OEP.* Kuoni GTA.* –– BC Partners on the acquisition of EUR3.3bn Springer –– European Capital on the sale of its majority stake holding Science Business Media from EQT.* in Metall Technologie Holding Group with affiliates in –– Berggruen Holdings Group on the acquisition of Karstadt Germany, France, China and Poland to Italian Techint/ Warenhaus GmbH and the subsequent partial divestiture.* Tenova Group. –– Beyond Capital on the acquisition of LDBS –– European Directories Holdings GmbH, a Triton Fund III Lichtdienst GmbH.* company, on its acquisition of 100% of the share capital of –– Beyond Capital on the acquisition of sysob Alfahosting GmbH. IT-Unternehmensgruppe GmbH & Co. KG.* –– Exponent on the acquisition of Photobox/posterXXL. –– Beyond Capital on the acquisition of EBERTLANG –– Fortress Investment Group on the acquisition of Distribution GmbH.* German and Dutch loan and real estate portfolios from –– Blackstone on the acquisition of Logicor Group from FMS and FGH.* Foncière de Régions.* –– Funds advised by Deutsche Beteiligungs AG on the –– capiton AG on its acquisition of LAP Group, acquisition of Silbitz Group, a group of three foundries in a manufacturer and service provider of laser products Germany and Slovakia, from the industrial holding group for medical and industrial systems. VTC Industrieholding GmbH & Co. KG. –– capiton on the acquisition of AEMtec GmbH. –– Funds affiliated to Deutsche Beteiligungs AG on the acquisition of the majority of shares of Cleanpart-Group – capiton on the acquisition and financing of the acquisition – from Hohnloser-Gruppe. of HR Group GmbH & Co. KG (Hamm Reno Group). –– German Equity Partners III on all aspects of the sale of its – Cathay Capital Private Equity on the acquisition of – participation in Kamps GmbH to French Groupe LE DUFF. WST Präzisionstechnik GmbH from Finatem.*

*Advised on by team members prior to joining Allen & Overy

–– Gilde Buy Out Partners on the acquisition of Eismann AG.* –– Special Situations Venture Partners III advised by –– Gilde Buy Out Partners on the acquisition of Orlando Management on the acquisition of the Powerlines Group.* Innight business from TNT.* –– Gilde Buy Out Partners on the acquisition of walter –– Special Situations Venture Partners III advised by services GmbH.* Orlando Management on the acquisition of the German logistics business of Compagnie d’Affrètement et de –– Gilde Buy Out Partners on the acquisition of Transport LC GmbH.* Stankiewicz GmbH.* –– Star Capital Partners on the acquisition of Blohm + Voss –– Gilde Buy Out Partners on the sale of walter services GmbH.* from ThyssenKrupp and on subsequent divestments –– Gilde Buy Out Partners on the sale of CABB GmbH.* (Blohm + Voss Oil Tools to Forum Energy Technologies –– Gilde Buy Out Partners on the sale of Homann Feinkost and Blohm + Voss Industries to SKF Group).* GmbH & Co. KG.* –– Star Capital Partners on the acquisition of Globalways AG.* –– H.I.G. Capital Partners on the acquisition of St. Gilgen –– Star Capital Partners on the sale of pepcom (Germany’s International School.* fourth-largest cable business) to Tele Columbus.* –– H.I.G. Capital Partners on the sale of –– Summit Partners on the investment in Global Fashion Group.* Alufin GmbH Tabularoxid.* –– Summit Partners on the investment in and IPO of Westwing.* –– H.I.G. Capital Partners on the sale of on the sale of –– Summit Partners on the investment in Lazada.* Alteo Arc SA to Imerys.* –– Summit Partners on the acquisition of NAFI and Assfinet –– Kharis Capital on the acquisition of Nordsee Holding GmbH. by Acturis Group.* –– M&C on the sale of Treofan Americas. –– Summit Partners on the sale of an interest in Dedon Group.* –– Macquarie and Goldman Sachs, Merchant Banking on –– Techcent Group on the acquisition of Bilfinger SE’s division the acquisition of HES International B.V. Water Technologies.* –– Morgan Stanley Infrastructure on the contemplated –– The management of WERU on the sale of WERU GmbH, an acquisition of a recycling company. established windows manufacturer, by Triton to H.I.G. Capital. –– Oaktree Capital Management LLC on the merger of –– The Riverside Company on the acquisition of the Italian its portfolio company GEHAG with Deutsche Wohnen.* company L.F. Group. –– Omers on its acquisition of German CineStar Group. –– The Riverside Company, headquartered in New York on –– The shareholder of Otto Bock Group on the sale of a 20% the sale of the haematology system specialist Diatron to a minority stake to EQT.* subsidiary of Stratec Biomedical AG. –– PAI Partners on the intended acquisition of IFCO Group. –– The Riverside Company on the acquisition of a stake in –– PAI Partners on the proposed acquisition of Bike24 GmbH. Ammeraal Beltech. –– The Riverside Company on the sale of its shareholding in –– Pamplona Capital Management on the acquisition Transporeon Group held by Riverside since 2011. Purchaser of the automotive supplier TMD Friction from the is leading global private investment firm TPG Capital. insolvency administrator. –– TowerBrook Capital Partners on the reorganization, –– Pamplona Capital Management on the sale of TMD refinancing and sale of PolymerLatex Group to Friction Group Sato Japanese Nisshinbo Holdings Inc. Yule Catto & Co Plc.* –– Pamplona Capital Partners on the sale of shares in –– TowerBrook Capital Partners on the sale of Cablecom AMOR Group to private equity investor 3i. Holdings AG to Liberty Global.* –– Partners Group on the contemplated acquisition of –– Visteon Corporation on the sale of the chassis operations Faerch Plast from EQT VI.* to Orlando Management GmbH.* –– Partners Group on the acquisition of a Polish real estate –– Vue on the acquisition of German brand CineStar for portfolio from Peakside Capital.* nearly GBP200m. –– Partners Group on the acquisition of a Norwegian –– Warburg Pincus on the structuring of its management real estate portfolio from North Bridge Opportunity.* participation of PowerWind. –– Partners Group on the take private of –– Webhelp, a portfolio company of Charterhouse, Axia NetMedia Corporation.* on the proposed acquisition of Competence Call Center Holding from Ardian.

*Advised on by team members prior to joining Allen & Overy

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Leveraged finance

Allen & Overy has a market-leading leveraged finance practice Our high yield team, comprising more than five partners and (comprising an integrated high yield bonds and loans practice) 25 associates, has led many of the deals that continue to influence which is supported by pre-eminent Private Equity, Equity Capital the direction of the European high yield market. The team has Markets, Debt Capital Markets, Securitisation and been ranked 2nd in Bloomberg’s European High Yield league Restructuring teams. tables across the five year period 2017-2013. This collective expertise combined with in-depth sector insights, We also have the ability to execute New York law loan makes us one of very few firms with the ability to advise on financings through both our London and New York teams. complex cross-border leveraged finance transactions across the Our global sector teams bring real commercial insight to full spectrum of the capital structure, as well as on all types of clients across a range of sectors, including Retail, Financial “crossover” and emerging markets loan and bond transactions. Institutions, Private Equity, Energy, Infrastructure, Life Sciences Our leveraged finance practice provides clients, including major and TMT. This allows us to bring sector expertise to situations banks, financial sponsors and direct lending funds with a full where this knowledge is vital for the successful completion service offering for senior, second-lien, mezzanine and PIK debt, of the transaction. bridge-to-bond financings, bank/bond financings, high yield debt offerings, securitisation take-outs and restructurings. As a result of our breadth of expertise, we are well placed to advise our clients on the latest terms and structures in the marketplace.

Thomson Reuters:

2018 EMEA Borrower Advisor (Full Year) 2018 EMEA Lender Advisor (Full Year)

Advisor Rank # of Proceeds Advisor Rank # of Proceeds Deals (USDm) Deals (USDm)

Allen & Overy 1 50 55, 645 Allen & Overy 1 117 100, 505

Latham & Watkins 2 14 23, 885 Clifford Chance 2 37 45, 568

Clifford Chance 3 19 22, 898 Latham & Watkins 3 41 33, 877

Source: Thomson Reuters Syndicated Loans EMEA Legal Advisors Review FY2018

Bloomberg:

Bloomberg 2018 EMEA Borrower Advisor (Full Year) Bloomberg 2018 EMEA Lender Advisor (Full Year)

Advisor Rank # of Proceeds Advisor Rank # of Proceeds Deals (USDm) Deals (USDm)

Allen & Overy 1 52 43, 201 Allen & Overy 1 144 104, 918

Latham & Watkins 2 20 33, 228 Clifford Chance 2 78 65, 060

Clifford Chance 3 40 23, 943 Linklaters 3 39 33, 501

Source: Bloomberg EMEA Syndicated Loans Advisors League Tables FY2018

Our German leveraged finance experience

Highlights include:

–– Autobahn Tank & Rast GmbH on the placement of a –– Goldman Sachs, BNP Paribas and KKR on the EUR240m PIK facility and on the placement of EUR460m re-financing of all indebtedness of Selecta Group BV. senior second lien high-yield bonds in connection with –– HSE24 and Providence Equity Partners on the its comprehensive refinancing. amendment and restatement of its facilities. –– Capiton AG on its acquisition and the financing of the –– Landesbank Hessen-Thüringen Girozentrale on the acquisition of LAP group (LAP). investment of 3i in Lampenwelt. –– Capiton AG on the acquisition and financing of the acquisition –– Kreissparkasse Biberach and Sparkasse Pforzheim of HR Group GmbH & Co. KG (Hamm Reno Group). Calw in connection with the financing of the acquisition –– Cinven Ltd. on the acquisition financing for the acquisition of Felss Group by Capvis. of the lighting manufacturer SLV. –– M.A.X. Automation AG on the acquisition of the –– Credit Suisse AG in relation to the financing in connection AIM Group from Günther Holding GmbH. with the acquisition of the cable network enterprise –– OMERS Private Equity on the acquisition of Unitymedia by Liberty. Vue Entertainment/CinemaxX. –– DBAG Fund VI, a fund advised by Deutsche Beteiligungs –– PAI Partners on the acquisition financing of Swissport Group. AG (DBAG), on acquiring a majority share in the Telio group from the previous owners in a management buyout. –– PAI Partners on the leveraged buyout of Atos Medical financed by a covenant-lite debt package consisting of –– Deutsche Bank on the financing of the LBO of SEK2,720m of senior term facilities, a SEK880m second Siemens Audiology Solutions, Siemens’ hearing aid division, lien notes facility and a SEK880m PIK note facility. by EQT Partners. –– Perstorp Holding AB (“Perstorp”) on the approximately –– Deutsche Bank, Goldman Sachs, J.P. Morgan and USD1.2bn four tranche cross-border bond offering in UniCredit as initial purchasers and underwriters on a connection with a refinancing of Perstorp’s mezzanine EUR635m two-part bond offering together with senior loans and a revolving credit facility. loan and term loan B facilities to fund CVC’s acquisition of Douglas Holding AG, a leading specialist retailer. –– PrimaCom Management GmbH on the restructuring of its financial liabilities, including in relation to the insolvency –– Deutsche Beteiligungs AG (DBAG) together with filing of listed parent company PrimaCom AG and the DBAG Fund VI on the acquisition of a majority stake subsequent acquisition of all shares in PrimaCom and the financing of the acquisition in FRIMO Group. Management GmbH out of insolvency. –– Douglas Holding AG on financing aspects and issues –– The Riverside Company on the unitranche financing of arising in the context of the voluntary takeover offer for the acquisition of a stake in Bike24 GmbH. shares in Douglas Holding AG by Advent International. –– Schaeffler AG on numerous banking and capital markets –– ECM Equity Capital Management GmbH on the transactions in the volume of several billions of Euros since acquisition of Bergmann Automotive GmbH, a German 2009, including a EUR8bn credit agreement. automotive supplier. –– Stabilus (Triton Portfolio) on a revolving credit facility –– Funds advised by Deutsche Beteiligungs AG (DBAG) raised by Stabilus Group and on its EUR315m senior on the acquisition of a majority in the Cleanpart group from secured high-yield bonds in connection with its Hohnloser group in a management buyout. comprehensive refinancing. –– German Equity Partners IV, a fund managed by the German –– Triton on the placement of EUR775m high-yield bonds private equity firm ECM Equity Capital Management, in the context of financing the acquisition of the heat on the acquisition of the tour operator Leitner. exchangers business from the engineering company –– German Equity Partners IV, a fund managed by the German GEA for approximately EUR1.3bn. private equity firm ECM Equity Capital Management, –– The arrangers and underwriters on the financing of on the acquisition of a stake and the financing of the the acquisition of E.ON Energy from Waste AG by a joint acquisition in DERMATOLOGIKUM HAMBURG. venture of EQT (51%) and E.ON (49%) from E.ON.

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Team overview

PE/Corporate Team Germany

Dr Nils Koffka Dr Michiel Huizinga Dr Markus Käpplinger Dominik Stühler, M.B.A. Partner – Hamburg Partner – Frankfurt Partner – Frankfurt Partner – Munich Tel +49 40 82221 2112 Tel +49 69 2648 5333 Tel +49 69 2648 5681 Tel +49 89 71043 3141 [email protected] [email protected] [email protected] [email protected]

Dr Astrid Krüger Dr Roman Kasten Nikolai Sokolov Partner – Munich Counsel – Frankfurt Counsel – Frankfurt Tel +49 89 71043 3102 Tel +49 69 2648 5507 Tel +49 69 2648 5516 [email protected] [email protected] [email protected]

Dr Kai Terstiege Dr Marcus Mackensen Counsel – Munich Senior Associate – Hamburg Tel +49 89 71043 3110 Head of PE Knowledge Mgmt [email protected] Tel +49 40 82 221 2390 [email protected]

Leveraged Finance/Equity Capital Markets

Dr Walter Uebelhoer Thomas Neubaum Dr Knut Sauer Marc Plepelits Partner – Munich Partner – Frankfurt Partner – Frankfurt Partner – Frankfurt Tel +49 89 71043 3113 Tel +49 69 2648 5679 Tel +49 69 2648 5375 Tel +49 69 2648 5405 [email protected] [email protected] [email protected] [email protected]

Tax Antitrust

Dr Heike Weber Dr Michael Ehret Dr Börries Ahrens Dr Ellen Braun Partner – Frankfurt Partner – Frankfurt Parter – Hamburg Parter – Hamburg Tel +49 69 2648 5879 Tel +49 69 2648 5586 Tel +49 40 82 221 2124 Tel +49 40 82 221 2137 [email protected] [email protected] [email protected] [email protected]

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Our regional coverage

We can cover important private equity jurisdictions both through our own offices and through our strong network of partner law firms, so we can guarantee our one-stop service to consistently high quality standards.

A&O offices Relationship firms

EUROPE Amsterdam Budapest Madrid Antwerp Düsseldorf Milan Barcelona Frankfurt Moscow Belfast Hamburg Munich Bratislava Istanbul Paris Brussels London Prague Bucharest (Associated office) Luxembourg Rome Warsaw

Europe

Belgium Czech Republic France Germany

Dirk Meeus Prokop Verner Marc Castagnede Nils Koffka

Hungary Italy Luxembourg Netherlands

Zoltan Lengyel Paolo Ghiglione Peter Myners Karine Kodde

Poland Romania Russia Spain

Jaroslaw Iwanicki Costin Taracila Anton Konnov Inigo del Val

Turkey UK

Richard Evans Stephen Lloyd

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Düsseldorf Frankfurt Hamburg Munich Allen & Overy LLP Allen & Overy LLP Allen & Overy LLP Allen & Overy LLP Dreischeibenhaus 1 Bockenheimer Landstraße 2 Kehrwieder 12 Maximilianstraße 35 40211 Düsseldorf 60306 Frankfurt am Main 20457 Hamburg 80539 Munich Tel +49 211 2806 7000 Tel +49 69 2648 5000 Tel +49 40 82 221 20 Tel +49 89 71043 3000 Fax +49 211 2806 7800 Fax +49 69 2648 5800 Fax +49 40 82 221 2200 Fax +49 89 71043 3800

GLOBAL PRESENCE

Allen & Overy is an international legal practice with approximately 5,500 people, including some 550 partners, working in 44 offi ces worldwide. Allen & Overy LLP or an affi liated undertaking has an offi ce in each of:

Abu Dhabi Bucharest (associated offi ce) Ho Chi Minh City Moscow Seoul Amsterdam Budapest Hong Kong Munich Shanghai Antwerp Casablanca Istanbul New York Singapore Bangkok Doha Jakarta (associated offi ce) Paris Sydney Barcelona Dubai Johannesburg Perth Tokyo Beijing Düsseldorf London Prague Warsaw Belfast Frankfurt Luxembourg Riyadh (cooperation offi ce) Washington, D.C. Bratislava Hamburg Madrid Rome Yangon Brussels Hanoi Milan São Paulo

Allen & Overy means Allen & Overy LLP and/or its affiliated undertakings. The term partner is used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP’s affiliated undertakings. © Allen & Overy LLP 2019 | CS1804_CDD_51120_ADD-83844 allenovery.com