Global Mid-Market M&A Review FULL YEAR 2019 | LEGAL ADVISORS Mid-Market Mergers & Acquisitions Review Full Year 2019 | Legal Advisors Global Deals Intelligence Global Scorecard: Announced Mid-Market M&A by Target Nation (Up To US$500mil) MID-MARKET DEAL MAKING FALLS 7%, WEAKEST ANNUAL PERIOD SINCE 2014 01/01/2019 - 12/31/2019 01/01/2018 - 12/31/2018 YoY % YoY % Global mid-market M&A deals valued up to US$500 million (including undisclosed value deals), reached Target Region / Nation Value ($mil) # of Deals Value ($mil) # of Deals Chg. ($) Chg. (#) Worldwide 925,655.5 47,950 1,000,084.3 50,234 -7% ▼ -5% ▼ US$925.7 billion during full year 2019, a decrease of 7% compared to year-ago levels and the slowest Americas 289,131.9 14,313 319,607.5 16,143 -10% ▼ -11% ▼ annual period in five years. Mid-market transactions during the fourth quarter of 2019 totaled US$243.3 United States of America 224,890.2 10,847 255,944.4 12,322 -12% ▼ -12% ▼ billion, a 4% uptick compared to the third quarter of the year and an 11% decrease compared to the Canada 31,035.3 2,153 28,326.9 2,391 10% ▲ -10% ▼ Brazil 14,634.4 662 12,838.1 649 14% ▲ 2% ▲ fourth quarter of 2018. By number of deals, mid-market deal making reached a three-year low of 47,950 Mexico 3,836.2 127 4,541.8 181 -16% ▼ -30% ▼ deals, a 5% decline compared to a year ago. Chile 3,498.5 133 3,643.6 123 -4% ▼ 8% ▲ Colombia 2,728.1 100 2,433.8 101 12% ▲ -1% ▼ CROSS-BORDER MID-MARKET M&A DECLINES 2%; PE-BACKED M&A UP 20% Bermuda 1,429.9 21 2,415.4 18 -41% ▼ 17% ▲ Africa/Middle East/Central Asia 23,479.8 1,246 26,016.6 1,220 -10% ▼ 2% ▲ Cross-border mid-market M&A activity totaled US$325.4 billion during full year 2019, a 2% decrease Israel 6,938.1 200 4,422.9 154 57% ▲ 30% ▲ compared to the same period during 2018. By deal value, the Real Estate, Technology and Financials South Africa 3,740.6 252 4,353.4 249 -14% ▼ 1% ▲ sectors accounted for 44.6% of cross-border deal making during full year 2019, up from 42.1% a year Europe 212,639.7 15,465 208,119.8 15,798 2% ▲ -2% ▼ ago. Private equity-backed mid-market M&A deals totaled a record US$154.6 billion, an increase of 20% United Kingdom 43,373.9 3,215 51,470.4 3,636 -16% ▼ -12% ▼ Germany 25,853.4 1,626 19,106.1 1,658 35% ▲ -2% ▼ compared to a year ago. France 22,248.5 1,877 21,717.3 1,874 2% ▲ 0% ▲ Italy 18,719.8 1,231 15,653.4 1,148 20% ▲ 7% ▲ REAL ESTATE AND TECHNOLOGY LEAD MID-MARKET SECTOR MIX Spain 15,735.0 1,099 16,842.0 1,128 -7% ▼ -3% ▼ Asia-Pacific 365,898.3 14,154 411,624.7 14,130 -11% ▼ 0% ▲ The value of mid-market M&A in the Real Estate sector accounted for an industry-leading 18% of overall China 196,460.2 6,343 229,265.3 5,694 -14% ▼ 11% ▲ deal making, or $164.3, billion, up from 16% a year ago. Technology-related M&A transactions South Korea 38,945.6 1,736 42,734.7 1,864 -9% ▼ -7% ▼ accounted for 14% of deal activity during full year 2019, or $130.9 billion in transactions. Nearly all India 34,186.1 1,538 33,645.1 1,669 2% ▲ -8% ▼ industries for mid-market M&A saw year-over-year percentage declines, by number of deals, compared Australia 33,451.0 1,619 30,926.1 1,626 8% ▲ 0% ▼ Singapore 18,672.7 528 13,883.0 521 35% ▲ 1% ▲ to the same period last year. Japan 34,505.9 2,772 34,715.7 2,943 -1% ▼ -6% ▼ Global Mid-Market M&A (up to US$500mil) - Deal Size Composition (US$bil) Global Mid-Market Cross-Border M&A (up to US$500mil) $300 14,000 $100 4,000 $90 3,500 12,000 $250 $80 3,000 10,000 $70 $200 2,500 $60 8,000 $150 $50 2,000 6,000 $40 1,500 $100 4,000 $30 1,000 $20 $50 2,000 500 $10 $0 0 $0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 US$200 - 500 mil US$100 - 200 mil US$50 - 100 mil US$0 - 50 mil Total # of Deals Cross-Border (US$ Bil) Number of Deals www.refinitiv.com/dealsintelligence Global & Americas Rankings Full Year 2019 | Mid-Market M&A | Legal Advisors Worldwide Mid-Market (MML1)YoY Change ($) -7% Global Mid-Market M&A - Regional Composition (US$bil) Global Mid-Market M&A - Target Macro Industry Composition (US$bil) Rank Rank # of YoY Chg Value Legal Advisor 2019 2018 Deals # of Deals US$mil $1,200 DLA Piper LLP 1 1 626 -48 14,936.7 Asia-Pacific (ex Central Asia) Americas Kirkland & Ellis 2 3 608 107 18,206.9 Europe Japan $164.3 Goodwin Procter LLP 3 4 477 -19 21,322.9 18% Jones Day 4 2 420 -137 17,514.9 $1,000 Latham & Watkins 5 7 402 22 25,397.3 $260.6 CMS 66333 -53 9,265.6 28% Orrick Herrington & Sutcliffe LLP 7 14 328 112 12,093.6 Real Estate White & Case LLP 8 11 281 28 18,028.9 $800 McGuireWoods LLP 98275 -56 2,458.6 High Technology Baker Mckenzie 10 5 238 -156 11,047.8 Allen & Overy 11 9 235 -84 14,808.9 Industrials Gowling WLG 12* 17 231 30 3,057.2 $130.9 $600 Financials Hunton Andrews Kurth LLP 12* 15 231 19 2,993.6 14% Clifford Chance 14 12 221 -15 12,331.7 Energy and Power Hogan Lovells 15 10 196 -76 7,946.4 Morgan Lewis & Bockius 16 20 178 -11 4,888.7 Materials Ropes & Gray 17 33 177 33 7,854.8 $400 $67.4 Freshfields Bruckhaus Deringer 18 23* 174 3 11,007.6 7% Other Linklaters 19 22 170 -12 10,827.7 Eversheds Sutherland LLP 20 13 166 -54 3,170.7 $113.1 $200 Weil Gotshal & Manges 21* 19 165 -31 11,457.7 $79.6 12% Willkie Farr & Gallagher 21* 30 165 17 7,779.4 9% Kim & Chang 23 44 164 38 11,120.1 $109.7 Dentons 24 23* 162 -9 4,520.1 AZB & Partners 25 29 151 0 9,527.7 $0 12% Industry Total 47,950 -2,284 925,655.5 2015 2016 2017 2018 2019 United States Target Mid-Market (MML2) YoY Change ($) -12% Canadian Involvement Mid-Market (MML22) YoY Change ($) -4% Latin America Involvement Mid-Market (MML17) YoY Change ($) 4% Rank Rank # of YoY Chg Value Rank Rank # of YoY Chg Value Rank Rank # of YoY Chg Value Legal Advisor 2019 2018 Deals # of Deals US$mil Legal Advisor 2019 2018 Deals # of Deals US$mil Legal Advisor 2019 2018 Deals # of Deals US$mil Kirkland & Ellis 1 1 492 71 13,106.0 Gowling WLG 1 1 111 -16 1,103.8 Pinheiro Neto Advogados 1 1 108 31 3,429.1 Goodwin Procter LLP 2 2 391 -10 17,926.5 Stikeman Elliott 2 3 62 -25 3,969.5 Mattos Filho Veiga Filho Marrey Jr 2 2 77 10 3,504.9 McGuireWoods LLP 3 3 269 -56 2,304.5 Blake Cassels & Graydon 3 2 61 -40 3,738.1 Barbosa Mussnich & Aragao 3* 7 53 11 3,036.5 Latham & Watkins 4 6 245 19 14,144.0 Osler Hoskin & Harcourt LLP 4 6 48 0 2,938.0 Demarest Advogados 3* 3 53 -12 1,847.7 Hunton Andrews Kurth LLP 5 7 225 22 2,219.4 Fasken Martineau DuMoulin LLP 5 13* 47 25 1,973.3 Machado Meyer Sendacz & Opice 5 8* 49 17 3,096.0 DLA Piper LLP 6 5 220 -26 4,750.6 McCarthy Tetrault 6 5 41 -11 2,744.5 Veirano Advogados 6 6 47 4 440.4 Jones Day 7 4 200 -88 7,992.9 Kirkland & Ellis 7 20 30 12 1,916.8 Cescon, Barrieu, Flesch & Barreto Advogados 74 36 -27 808.4 Orrick Herrington & Sutcliffe LLP 8 16* 171 71 7,025.3 Norton Rose Fulbright 8* 10 28 -1 1,694.7 Stocche Forbes Advogados 8* 10 30 1 584.1 Morgan Lewis & Bockius 9 9 143 -21 3,608.7 Torys 8* 12 28 3 2,627.4 Lefosse Advogados 8* 16 30 15 1,091.6 Ropes & Gray 10 15 142 36 4,783.8 Cassels Brock & Blackwell LLP 10 7 26 -16 139.2 Lobo de Rizzo Advogados 10 17* 21 7 849.4 Honigman Miller Schwartz And Cohn 11 25 138 61 616.0 Davies Ward Phillips & Vineberg LLP 11 8 24 -10 2,385.3 Simpson Thacher & Bartlett 11 26* 19 10 2,033.7 Sidley Austin LLP 12 14 119 12 5,067.6 Borden Ladner Gervais LLP 12* 18* 19 0 302.4 Azevedo Sette Avogados 12* 23 13 1 50.3 Holland & Knight LLP 13* 64* 101 83 865.5 Latham & Watkins 12* 13* 19 -3 1,418.3 Baker Mckenzie 12* 5 13 -38 259.6 Willkie Farr & Gallagher 13* 26* 101 27 3,914.2 Miller Thomson 14 4 18 -49 111.2 Carey & Cia 14 13 12 -6 136.7 Weil Gotshal & Manges 15 11 92 -30 5,257.0 Jones Day 15 16* 17 -3 1,261.2 Jones Day 15* 17* 11 -3 542.0 McDermott Will & Emery 16 10 88 -47 2,154.7 Bennett Jones 16 11 14 -13 1,361.1 Pinheiro Guimaraes 15* 12 11 -8 391.7 Skadden 17 22 85 -2 6,006.6 Morgan Lewis & Bockius 17* 36* 13 6 177.1 DLA Piper LLP 17* 21* 10 -3 39.2 Bryan Cave Leighton Paisner LLP 18 12* 78 -32 1,519.2 Weil Gotshal & Manges 17* 38* 13 7 1,187.7 Cuatrecasas 17* 24 10 -1 110.1 Paul, Weiss 19 12* 77 -33 3,311.9 Goodwin Procter LLP 19* 21 12 -5 547.5 Felsberg Pederetti Mannrich e Aidar Advogados 19* 14* 9 -8 347.0 Simpson Thacher & Bartlett 20 23* 73 -5 2,640.5 Orrick Herrington & Sutcliffe LLP 19* 22 12 0 118.7 White & Case LLP 19* 17* 9 -5 2,301.8 Pillsbury Winthrop Shaw Pitt LLP 21 23* 71 -7 3,818.3 McMillan LLP 21* 23* 10 1 524.8 Latham & Watkins 21 29* 8 0 1,234.4 Wilson Sonsini Goodrich & Rosati 22 19* 70 -28 3,852.6 Dentons Canada LLP 21* 30* 10 2 1,249.7 Clifford Chance 22* 31* 7 1 675.0 Alston & Bird 23* 29 68 1 3,480.3 AZB & Partners 21* 38* 10 4 401.7 CMS 22* 21* 7 -6 151.2 Vinson & Elkins LLP 23* 28 68 -4 3,942.6 Baker Mckenzie 21* 18* 10 -9 658.9 Uria Menendez 22* 36* 7 3 905.8 White & Case LLP 23* 34 68 14 4,014.3 Simpson Thacher & Bartlett 21* 45* 10 5 618.7 Industry Total 10,847 -1,478 224,868.6 Industry Total 2,369 -354 42,591.6 Industry Total 1,356 -89 36,738.0 *Indicates a Tie www.refinitiv.com/dealsintelligence Asia-Pacific Rankings Full Year 2019 | Mid-Market M&A | Legal Advisors Hochinma Involvement Mid-Market (MML13) YoY Change ($) -14% Japan Involvement Mid-Market (MML15) YoY Change ($) -4% Chinese Involvement Mid-Market (MML20) YoY Change ($) -16% Rank Rank # of YoY Chg Value Rank Rank # of YoY Chg Value Rank Rank # of YoY Chg Value Legal Advisor 2019 2018 Deals # of Deals US$mil Legal Advisor 2019 2018 Deals # of Deals US$mil Legal Advisor 2019 2018 Deals # of Deals US$mil AZB & Partners1 1 93 -16 7,042.1 Nishimura & Asahi1 2 146 50 7,691.2 Fangda