Title. Published January 2014. Legal Advisors

Mergermarket M&A Trend Report: 213 Title Published January 214 Including League Tables of comparison Quarterly M&A growth Legal Advisors Mergermarket 213 Trend Report Mergermarket 213 Trend Report Total M&A value and volume 1 1 www.mergermarket.com www.mergermarket.com

Contents Global overview Global legal advisor league tables Global private equity: Buyouts overview, top deals and league tables Global private equity: Exits overview, top deals and league tables Global deal size and Mid-market analysis Global consideration and Multiples & premiums analysis Europe: Overview Europe: Legal advisor league tables US: Overview Americas: Legal advisor league tables Asia-Pacific (excl. Japan): Overview Asia-Pacific (excl. Japan): Legal advisor league tables Japan: Overview Japan: Legal advisor league tables Africa & Middle East: Overview Africa & Middle East: Legal advisor league tables Emerging markets: Overview Press contacts: EMEA: Flora Wilke T: +44 27 1 6348 Americas: Chrissy Carney T: +1 646 378 3118 Asia-Pacific: Flora Wilke T: +44 27 1 6348 Deal submission contacts: EMEA: Nancy Honsinger T: +44 27 1 6227 CEE: Zaynab Dost T: +44 271 6129 Americas: Raquel Mozzer T: +1 212 574 7866 Asia-Pacific: Miran Lim Tel: +852 2158 979 Japan: Sophie Kim T: +81 3 3597 255 Criteria What Mergermarket can do for you To sign up for other Mergermarket trend reports and league tables please click here Mergermarket 213 Trend Report 2 www.mergermarket.com

Global: Regional league table analysis US 3.8% (US$ 893.1bn) 1. Wachtell, Lipton, Rosen & Katz US$ 32.9bn 2. Davis Polk & Wardwell US$ 285.7bn 3. Simpson Thacher & Bartlett US$ 281bn Europe 12% (US$ 631.3bn) 1. De Brauw Blackstone Westbroek US$ 215.2bn 2. Davis Polk & Wardwell US$ 19.5bn 3. Simpson Thacher & Bartlett US$ 175.8bn Global 3.2% (US$ 2,215.1bn) 1. Davis Polk & Wardwell US$ 317.6bn 2. Wachtell, Lipton, Rosen & Katz US$ 33.4bn 3. Simpson Thacher & Bartlett US$ 297.2bn 4. Weil Gotshal & Manges US$ 282.5bn 5. Latham & Watkins US$ 271.9bn 13.6% 49.3% 116.2% 19.9% 27.7% Asia-Pacific 15% (US$ 43.4bn) 1. Herbert Smith Freehills US$ 57.9bn 2. King & Wood Mallesons US$ 49.2bn 3. Linklaters US$ 44.6bn Mergermarket 213 Trend Report 3 www.mergermarket.com

Global: Overview of 213 After Q4 halted a third quarterly increase during 213, global M&A valued at US$ 2,215.1bn was down 3.2% from 212 (US$ 2,288.8bn) Davis Polk & Wardwell jumped from 14th position in 212 (US$ 155.7bn) to lead the legal advisor league table by value (US$ 317.6bn), up 13.9% Quarterly M&A growth comparison Total M&A value and volume 4, 3,5 3, 3,668.7 732.9 849 Annual M&A Value Q4 M&A value Q3 M&A value Q2 M&A Value Q1 M&A Value Value of Deals (US$bn) 4, 3,5 3, 2,5 2, 1,5 18, 16, 14, 12, 1, 8, 6, Number of Deals 1, 4, Value of Deals (US$bn) 2,5 2, 1,5 1,276.7 2,48.2 457.7 681.7 1,71.5 569. 2,89.6 78.4 2,251.2 469.3 587.7 2,288.8 75.9 516.9 2,215.1 57.5 653.7 5 27 28 29 21 211 212 213 European M&A US M&A Asia-Pacific (excl. Japan M&A) RoW M&A Number of Deals M&A confidence was building every quarter throughout 213 and climaxed in September, when total deal values surpassed 212 s like-for-like period for the first time. But Q4 s 12.7% drop to US$ 57.5bn-worth of deals from Q3 (US$ 653.7bn) slashed hopes for an uptick rather than another flat year 2, 1, 81.1 677.2 326.3 396. 492.6 429.2 58.9 56.5 542.9 This year will end as the third static year for deal value, down 3.2% at US$ 2,215.1bn compared to US$ 2,288.8bn in 212. 213 has been the slowest year since 21 (US$ 2,89.6bn). Mega-deals totalling US$ 397.9bn, Verizon s US$ 124.1bn deal value, a US recovery and the lowest number of lapsed bids on record, have failed to spur on significant growth 5 591.6 613.3 419.2 459.4 46.5 448. 27 28 29 21 211 212 213 Despite the lackluster Q4, H2 s deals valued at US$ 1,224.2bn overtook H1 (US$ 99.8bn) by 23.6% after a pre-christmas dash to announce deals The 15 lapsed deals in 213 was the lowest level on Mergermarket record (since 21). The US$ 22.7bn bid for KPN by Americal Movil in 213 was the fifth largest lapsed bid since 29 and the highest valued in 213 and yet the total value of lapsed deals in 213 (US$ 83.9bn) was the lowest in over a decade (22 valued at US$ 79.7bn) Mergermarket 213 Trend Report 4 www.mergermarket.com

Global: Industry and Cross-border analysis 213 vs. (212) value and market share comparison Global cross-border analysis Business Services: US$ 95.1bn (US$ 99.5bn) Cross-border deal value increased every quarter during 213 with Q4 peaking at US$ 229.8bn, up 12.6% from Q3 (US$ 24.1bn). As a result, the share of cross-border deals to global M&A in Q4 increased to 4.3%, up from the 35.5% in Q4 212 (US$ 266.5bn) Consumer: US$ 242.4bn (US$ 273.5bn) Energy, Mining & Utilities: US$ 427bn (US$ 58.7bn) Financial Services: US$ 231.1bn (US$ 282.8bn) Industrials & Chemicals: US$ 222.4bn (US$ 289.3bn) Leisure: US$ 35.4bn (US$ 42.4bn) 23.% 3.3% 4.3% 2.9% 2.7% 2.5% 4.3% 14.5% 212 3.9% 7.9% 1.9% 12.% 25.4% 19.3% 213 Despite the quarterly increases, the total value of cross-border deals through 213 was down 11.5% with deals valued at US$ 774.4bn compared to 212 s cross-border deals valued at US$ 875.2bn Europe continued to take the majority share of all cross-border deals with US$ 338.6bnworth of transactions having a 43.7% share compared to deals valued at US$ 359.4bn in 212 taking a 41.1% share. Asia-Pacific also increased its share to global cross-border M&A with US$ 136.1bn-worth of deals taking a 17.6% share compared to US$ 135.5bn-worth of cross-border deals having a 15.5% share in 212 Pharma, Medical & Biotech: US$ 178bn (US$ 18.8bn) Real Estate: US$ 136.8bn (US$ 9bn) TMT: US$ 51.1bn (US$ 331.1bn) 6.2% 1.9% 12.6% 8.% 12.4% 1.4% Stressing the preference for US domestic M&A was the 26.3% decline by value for crossborder deals involving North American targets in 213 (US$ 192.8bn) compared to 212 (US$ 261.6bn). Attention on Central and South American targets dropped 34.7% to US$ 48.5bn compared to US$ 74.3bn in 212 Transport: US$ 64.3bn (US$ 56.8bn) 1.6% 1.% 4, Global M&A Value Cross-Border Value 18, Other: US$ 72.6bn (US$ 61.8bn) 3,5 Global Number of Deals Cross-Border Number of Deals 16, 3, 14, The TMT sector was the backbone for large-cap M&A throughout 213 and saw deals valued at US$ 51.1bn, up 54.1% compared to 212 (US$ 331.1bn). As a result the share it had to global M&A increased to 23% from just 14.5% last year Technology M&A during 213 saw its highest value in six years at US$ 166.2bn (27 valued at US$ 164.8bn). Media M&A saw deals valued at US$ 92.1bn, marking the third annual increase in value. Telecommunications M&A in 213 reached the highest value in seven years (26 valued at US$ 265.8bn) with deals valued at US$ 245bn The Financial Services sector, confronted with the ongoing prospect for regulatory changes, has declined every year since 27, ending 213 with deals valued at US$ 231.1bn. The sector saw the second highest decline compared to its peak year, down 6.3% compared to 27 (US$ 582.8bn). The only other decline larger than this was in Leisure M&A which decreased 72.9% from its peak in 26 (US$ 13.5bn) to US$ 35.4bn in 213 Value of Deals (US$bn) 2,5 2, 1,5 1, 5 24 25 26 27 28 29 21 211 212 213 12, 1, 8, 6, 4, 2, Number of Deals Mergermarket 213 Trend Report 5 www.mergermarket.com

Global: Top deals Announced Date Bidder Company Bidder Legal Advisors Quarterly M&A growth comparison 2-Sep-13 Verizon Communications Inc Debevoise & Plimpton; Jones Day; Macfarlanes; Wachtell, Lipton, Rosen & Katz; Advising FA: Davis Polk & Wardwell; Weil Gotshal & Manges 14-Feb-13 Berkshire Hathaway Inc; and 3G Capital Partners Egorov, Puginsky, Afanasiev & Partners; Freshfields Bruckhaus Deringer; Kirkland & Ellis; Munger Tolles & Olson 16-Dec-13 AerCap Holdings NV Cravath, Swaine & Moore; Freshfields Bruckhaus Deringer; NautaDutilh 6-Feb-13 Liberty Global Plc Hogan Lovells International; Ropes & Gray; Shearman & Sterling; Advising FA: Latham & Watkins; O'Melveny & Myers Target Company Verizon Wireless Inc (45% Stake) HJ Heinz Company International Lease Finance Corporation Virgin Media Inc Target/Seller Legal Advisors Seller Company Deal Value (US$bn) Total M&A value and volume Advising seller: De Brauw Vodafone Group Plc 124,1 Blackstone Westbroek; Simpson Thacher & Bartlett; Slaughter and May Davis Polk & Wardwell; Wachtell, Lipton, Rosen & Katz; Advising FA: O'Melveny & Myers; Sullivan & Cromwell; Willkie Farr & Gallagher Advising seller: A&L Goodbody; De Brauw Blackstone Westbroek; Debevoise & Plimpton Fried Frank Harris Shriver & Jacobson; Milbank Tweed Hadley & McCloy; Advising FA: Cravath, Swaine & Moore American International Group Inc 27,362 26,432 24,983 9-Aug-13* America Movil SAB de CV Cleary Gottlieb Steen & Hamilton; Clifford Chance; Robles Miaja Abogados 5-Feb-13 Silver Lake Partners LP; and Michael Dell (Private investor) Blake, Cassels & Graydon; Clifford Chance; Fangda Partners; Maples & Calder; Simpson Thacher & Bartlett; Slaughter and May; Wachtell, Lipton, Rosen & Katz; Advising FA: White & Case 28-Jul-13 Publicis Groupe SA Darrois Villey Maillot Brochier; Egorov, Puginsky, Afanasiev & Partners; NautaDutilh; Slaughter and May; Wachtell, Lipton, Rosen & Katz Koninklijke KPN NV (7.23% Stake) Dell Inc Omnicom Group Inc 2-Dec-13 Brookfield Property Partners LP Appleby Brookfield Office Properties Inc (5.7% Stake) Allen & Overy 22,686 Alston & Bird; Debevoise & Plimpton; Hogan Lovells International; Advisng FA: Davis Polk & Wardwell; Latham & Watkins; Weil Gotshal & Manges De Brauw Blackstone Westbroek; Latham & Watkins; Advising FA: Jones Day 2,169 19,369 Davies Ward Phillips & Vineberg 17,276 12-Feb-13 Comcast Corporation Davis Polk & Wardwell; Freshfields Bruckhaus Deringer; Willkie Farr & Gallagher NBCUniversal Media LLC (49% Stake) Advising seller: Weil Gotshal & Manges General Electric Company 16,7 15-Apr-13 Thermo Fisher Scientific Inc Blake, Cassels & Graydon; Russell McVeagh; Slaughter and May; Wachtell, Lipton, Rosen & Katz; WilmerHale; Advising FA: Latham & Watkins Life Technologies Corp Cravath, Swaine & Moore; Norton Rose Fulbright; Advising FA: Fried Frank Harris Shriver & Jacobson 15,8 Mergermarket 213 Trend Report 6 www.mergermarket.com

Global: Legal advisor league tables League table of legal advisors to M&A by value: Global including regional comparisons Ranking Global 213 Global 212 212 213 Company Name Value (US$m) Deal Count Value (US$m) % Val. Change Europe Rank 213 14 1 Davis Polk & Wardwell 317,576 112 155,727 13.9% 2 2 13 13 66 8 2 Wachtell, Lipton, Rosen & Katz 33,392 68 23,156 49.3% 7 1 66 66 31 16 3 Simpson Thacher & Bartlett 297,212 141 137,45 116.2% 3 3 19 19 17 6 4 Weil Gotshal & Manges 282,515 18 235,78 19.9% 9 4 42 42 13 7 5 Latham & Watkins 271,914 319 213,8 27.7% 14 5 26 26 3 19 6 Jones Day 229,61 238 12,122 91.1% 4 6 17 17 22 56 7 De Brauw Blackstone Westbroek 224,563 59 36,193 52.5% 1 9 271 271 65 24 8 Slaughter and May 218,368 59 76,91 187% 5 8 16 16 39 3 9 Freshfields Bruckhaus Deringer 27,863 229 262,58-2.7% 8 16 8 8 5 1 1 Skadden Arps Slate Meagher & Flom 25,827 196 329,671-37.6% 17 11 4 4 18 36 11 Debevoise & Plimpton 199,375 51 59,525 234.9% 6 7 129 129-9 12 Sullivan & Cromwell 177,864 94 198,622-1.5% 21 1 2 2-11 13 White & Case 168,317 221 169,471 -.7% 18 14 3 3 4 5 14 Linklaters 149,577 238 247,47-39.6% 11 42 3 3 1 1 15 Cravath, Swaine & Moore 144,23 54 182,673-21% 16 13 59 59 - League table of legal advisors to M&A by deal count: Global including regional comparisons Ranking Global 213 Global 212 212 213 Company Name Value (US$m) Deal Count Deal Count Count Change Europe Rank 213 1 1 DLA Piper 31,34 385 378 7 1 4 3 3 9 3 2 Latham & Watkins 271,914 319 37 12 9 2 29 29 13 4 3 Kirkland & Ellis 133,897 296 292 4 15 1 42 42 26 5 4 Baker & McKenzie 66,834 248 278-3 7 17 2 2 17 2 5 Jones Day 229,61 238 31-72 13 3 28 28 21 6 6 Linklaters 149,577 238 263-25 3 37 8 8 1 8 7 Freshfields Bruckhaus Deringer 27,863 229 235-6 2 33 19 19 11 7 8 Allen & Overy 128,789 223 25-27 5 26 9 9 4 12 9 White & Case 168,317 221 21 2 8 8 36 36 12 9 1 Clifford Chance 133,655 212 227-15 6 41 16 16 8 1 11 Skadden Arps Slate Meagher & Flom 25,827 196 212-16 26 5 14 14 42 15 12 King & Wood Mallesons 58,556 184 171 13 11 62 1 1 27 14 13 CMS 26,885 181 174 7 4 64 64 64 29 13 14 Weil Gotshal & Manges 282,515 18 188-8 12 6 7 7 3 11 15 Norton Rose Fulbright 48,319 178 26-28 18 22 12 12 5 US Rank 213 US Rank 213 Asia Rank 213 Asia Rank 213 Japan Rank 213 Japan Rank 213 A&ME Rank 213 A&ME Rank 213 Mergermarket 213 Trend Report 7 www.mergermarket.com

Global: Private equity buyouts Global buyouts during 213 (US$ 271.1bn) were flat against 212 (US$ 27bn) after two quarterly decreases and no mega-deals during Q4 (US$ 58.8bn) Kirkland &Ellis topped the legal advisor league table for buyouts by value and volume after advising on 13 deals worth US$ 57.3bn 9 8 7 Private equity buyouts - geography breakdown 3% 25% Q4 buyout activity increased in all regions compared to Q3 with Asia-Pacific (excl. Japan) witnessing the highest increase by 18% (US$ 9.8bn). The US (US$ 24.4bn) saw a modest increase of 3.4% (Q3 213 valued at US$ 23.6bn) as companies held on to post-crisis record amounts of cash. The US did however remain the most active region in 213 (US$ 132.7bn) with deal values up 2.4% from 212 (US$ 129.6bn) and seven out of the top 1 deals involving US-based firms Value of Deals (US$bn) 6 5 4 3 2% 15% 1% Percentage of Global M&A A buyers market in terms of debt availability was demonstrated by debt/ebitda ratios reaching 6.2x, up from 5x in 212. Meanwhile the average buyout leverage ratio has remained at the same level as in 212 at 61.2% 2 1 5% Debt/EBITDA and Debt-to-total funding 24 25 26 27 28 29 21 211 212 213 % 7 Debt/EBITDA (x) Debt-to-total funding 8% Europe US Asia-Pacific ex Japan Rest of the World Buyouts (% of Total M&A) 6 7% The total value of buyouts during 213 stood at US$ 271.1bn, a modest.4% increase by value compared to 212 (US$ 27.bn). This can, in part, be credited to the US s megadeals in the Consumer and Technology sectors during H1 213 Buyout deals contributed 12.2% to global M&A activity (US$ 2.2tn), up from 11.8% in 212 but lower than in 211 (13.1%) Unable to maintain the mega-deal momentum set in H1 213, there were no buyout deals valued above US$ 5bn in the final quarter of the year, leaving the US$ 27.4bn acquisition of H.J. Heinz by Berkshire Hathaway and 3G Capital Partners as the highest valued deal of 213 Debt/EBITDA Multiple (x) 5 4 3 2 1 6% 5% 4% 3% 2% 1% Debt/Total Funding (%) 24 25 26 27 28 29 21 211 212 213 % Mergermarket 213 Trend Report 8 www.mergermarket.com

Global: Private equity top buyouts and league tables Announced Date Bidder Company Bidder Legal Advisors Target Company Target/Seller Legal Advisor Seller Company Deal Value (US$bn) 14-Feb-13 Berkshire Hathaway; and 3G Capital Partners Egorov, Puginsky, Afanasiev & Partners; Freshfields Bruckhaus Deringer; Kirkland & Ellis; Munger Tolles & Olson H J Heinz Company Davis Polk & Wardwell; Wachtell, Lipton, Rosen & Katz; Advising FA: O'Melveny & Myers; Sullivan & Cromwell; Willkie Farr & Gallagher 27.4 5-Feb-13 Silver Lake Partners LP; and Michael Dell (Private investor) Blake, Cassels & Graydon; Clifford Chance; Fangda Partners; Maples & Calder; Simpson Thacher & Bartlett; Wachtell, Lipton, Rosen & Katz; Slaughter and May; Advising FA: White & Case; Advising Microsoft Corporation: Sullivan & Cromwell Dell Inc Alston & Bird; Debevoise & Plimpton; Hogan Lovells; Advising FA: Davis Polk & Wardwell; Latham & Watkins; Weil Gotshal & Manges 2.2 6-May-13 9-Sep-13 Bain Capital LLC; GIC Special Investments Pte Ltd; Golden Gate Capital; and Insight Venture Partners Canada Pension Plan Investment Board; and Ares Management LLC Arthur Cox; Conyers Dill & Pearman; Kirkland & Ellis; Loyens & Loeff; Sidley Austin; Skadden Arps Slate Meagher & Flom; Willkie Farr & Gallagher Latham & Watkins; Proskauer Rose; Torys BMC Software Inc Paul Weiss Rifkind Wharton & Garrison; Wachtell, Lipton, Rosen & Katz; Adising FA: Davis Polk & Wardwell; Weil Gotshal & Manges Neiman Marcus Group Inc Cleary Gottlieb Steen & Hamilton TPG Capital LP; Warburg Pincus LLC; and Leonard Green & Partners LP 6.5 6. 12-Apr-13 NSW Ports Consortium Herbert Smith Freehills Port Botany Advising seller: Minter Ellison Government of New South Wales 4.5 Top five most active firms for number of buyouts Rank House Value (US$bn) Deal Count 1 The Carlyle Group 3.1 25 2 Kohlberg Kravis Roberts & Co 14.9 24 3 TPG Capital 3.6 19 4 Bain Capital 1.5 16 5 Blackstone Group 4.9 16 Mergermarket 213 Trend Report 9 www.mergermarket.com

Global: Legal advisor league tables to buyouts League Table of legal advisors to private equity buyouts by value: Global 212 213 Company Name Value Deal Value % Val. 6 1 Kirkland & Ellis 57,314 13 17,822 221.6% 4 2 Simpson Thacher & Bartlett 49,417 44 2,452 141.6% 5 3 Freshfields Bruckhaus Deringer 38,57 24 19,194 1.6% 1 4 Clifford Chance 28,178 39 12,132 132.3% - 5 Munger Tolles & Olson 27,362 2 - - 327 6 Egorov, Puginsky, Afanasiev & Partners 27,362 1 - - 47 7 White & Case 26,414 2 2,642 899.8% 1 8 Latham & Watkins 23,51 53 38,55-39% 18 9 Wachtell, Lipton, Rosen & Katz 21,126 5 8,414 151% 45 1 Fangda Partners 2,57 5 2,887 612.5% 212 11 Maples & Calder 2,419 3 74 27,493% 44 12 Slaughter and May 2,316 2 2,914 597.2% 35 13 Blake, Cassels & Graydon 2,176 8 3,672 449.5% 7 14 Linklaters 12,356 42 15,576-2.7% 26 15 Kim & Chang 1,372 22 4915 111% 17 16 Torys 9,432 6 8,897 6% 2 17 Weil Gotshal & Manges 8,244 43 2,69-6.2% 29 18 Skadden Arps Slate Meagher & Flom 7,921 27 4,582 72.9% 93 19 Herbert Smith Freehills 7,915 16 1,255 53.7% 68 2 Conyers Dill & Pearman 7,689 5 1,79 329.6% League Table of legal advisors to private equity buyouts by deal count: Global 212 213 Company Name Value Value Deal Count (US$m) (US$m) Count Change 1 1 Kirkland & Ellis 57,314 13 11-7 2 2 Latham & Watkins 23,51 53 59-6 8 3 Simpson Thacher & Bartlett 49,417 44 33 11 3 4 Weil Gotshal & Manges 8,244 43 44-1 1 5 Linklaters 12,356 42 33 9 4 6 Clifford Chance 28,178 39 4-1 6 7 DLA Piper 2,211 37 38-1 5 8 King & Wood Mallesons 4,585 3 38-8 15 9 Skadden Arps Slate Meagher & Flom 7,921 27 23 4 14 1 Allen & Overy 5,869 26 23 3 7 11 Jones Day 2,31 25 37-12 9 12 Freshfields Bruckhaus Deringer 38,57 24 33-9 27 13 Kim & Chang 1,372 22 13 9 23 14 Willkie Farr & Gallagher 4,32 22 16 6 12 15 Paul Hastings 1,421 22 24-2 11 16 Ropes & Gray 3,147 21 27-6 31 17 Goodwin Procter 2,536 21 13 8 2 18 CMS 1,66 21 18 3 19 19 White & Case 26,414 2 18 2 17 2 Baker & McKenzie 1,547 19 19 - * Based on the target geography only and the advisor advising the buy-side only Mergermarket 213 Trend Report 1 www.mergermarket.com

Global: Private equity exits A slowdown for Secondary Buyouts (SBO s) in Q4 contributed to 213 s exit activity (US$ 27.8bn) witnessing a second annual decline by value Kirkland & Ellis also led the legal advisor league table for exits in 213 after the firm advised on 68 exits valued at US$ 28.9bn Trade Sales vs Secondary Buyouts (SBOs) Value of Deals (US$bn) 45 4 35 3 25 2 15 1 9% 8% 7% 6% 5% 4% 3% 2% Percentage of Total Exits (excl. IPOs) from US$ 378.6m in 212 Asia-Pacific (excluding Japan) was the only region to experience a higher level of exits in 213 compared to last year with a buoyant 62.7% increase at US$ 28.8bn (212 valued at US$ 17.7bn). China saw a record value and number of exits during 213 which made up 4% of Asia s exits. China s US$ 11.5bn-worth of transactions more than doubled its previous peak in 29 (US$ 4.3bn) The largest exit in 213 was Warburg Pincus sale of Bausch & Lomb to Valeant Pharmaceuticals for US$ 8.7bn. Exits from the Pharma, Medical & Biotech sector decreased by value for the second year to US$ 33.3bn, down 15.9% compared to 212 (US$ 39.6bn) 5 1% 24 25 26 27 28 29 21 211 212 213 % China s growing share to Asia s exits over five years SBOs (Value) Trade Sales (Value) Trade Sales (% of total exits) SBOs (% of total exits) 213: China 4.% The total value of private equity backed exits in 213 was US$ 27.8bn. The 9.1% decrease from 212 (US$ 298.bn) resulted in the weakest annual value since 21 (US$ 249.9bn) Q4 213 saw 458 exits worth US$ 87.7bn, 18% higher than the previous quarter (US$ 74.3bn) and up 2.6% compared to Q4 212 (US$ 72.7bn) The value of Secondary Buyouts (SBOs) in 213 reversed three annual increases. Deal value stood at US$ 79.8bn, down 7.6% from 212 (US$ 86.4bn). The market share of SBOs to total exits witnessed a marginal increase to 29.5% compared to 29% last year Trade Sale exits also decreased from US$ 211.6bn in 212 to US$ 191.bn in 213. The 9.7% drop was the second successive annual decline. A vicious circle has appeared for trade sales - private equity firms refrain from sales at lower rates than their original buyout price but strategic players avoid having to pay high values. This was emphasised by a decline in the average deal size for trade sales with 213 s average at US$ 321.m, down 211 13.5% 28 5.6% 94.4% 86.5% 213: Rest of Asia 6.% Mergermarket 213 Trend Report 11 www.mergermarket.com

Global: Private equity top exits Announced Date Bidder Company Bidder Legal Advisor Target Company Target/Seller Legal Advisor Seller Company Deal Value (US$bn) 27-May-13 Valeant Pharmaceuticals International Inc Arthur Cox; Osler, Hoskin & Harcourt; Skadden Arps Slate Meagher & Flom Bausch & Lomb Incorporated Cleary Gottlieb Steen & Hamilton; Stikeman Elliott Warburg Pincus LLC 8.7 9-Dec-13 Sysco Corporation Arnall Golden & Gregory; Wachtell, Lipton, Rosen & Katz; Advising FA: Cravath, Swaine & Moore; Weil Gotshal & Manges US Foods Inc Debevoise & Plimpton; Simpson Thacher & Bartlett; White & Case Kohlberg Kravis Roberts & Co LP; and Clayton, Dubilier & Rice LLC 8.2 2-Nov-13 Devon Energy Corporation Skadden Arps Slate Meagher & Flom; Advising FA: Sullivan & Cromwell GeoSouthern Energy Corporation (Eagle Ford Assets) Simpson Thacher & Bartlett Blackstone Group LP; and GeoSouthern Energy Corporation 6. 9-Sep-13 Canada Pension Plan Investment Board; and Ares Management LLC Latham & Watkins; Proskauer Rose; Torys Neiman Marcus Group Inc Cleary Gottlieb Steen & Hamilton TPG Capital LP; Warburg Pincus LLC; and Leonard Green & Partners LP 6. 19-Jun-13 BC Partners Limited Davis Polk & Wardwell; Freshfields Bruckhaus Deringer Springer Science + Business Media Deutschland GmbH Clifford Chance; Cravath, Swaine & Moore; Loyens & Loeff; Advising seller: Hengeler Mueller; P+P Poellath + Partners; Simmons & Simmons EQT Partners AB; and GIC Special Investments Pte Ltd 4.4 Mergermarket 213 Trend Report 12 www.mergermarket.com

Average deal size and Mid-market analysis Q4 s three mega-deals (US$ 54.5bn) resulted in the lowest value for mega-deals since Q4 211 (US$ 47.8bn), and a 4.2% decline in 213 s average deal size The 27.1% share of mid-market M&A towards global M&A was the third highest percentage for any year on Mergermarket record (since 21) Quarterly average deal size breakdown Mid-market analysis (US$ 51m - US$ 2bn) Value (US$m) 1,6 1,4 1,2 1, 8 6 4 2 351.2 277.3 333.6 466.5 321.2 312.5 37.6 339.5 332.3 36.3 228.4 299.3 31.6 382.1 266.4 31.5 36.5 286.9 248.3 32.4 313.2 325.1 311.5 265.4 384.5 293.2 338. 313.1 359.5 295.2 34.9 38.1 357.4 288.2 282.6 In 213, mid-market M&A totaled US$ 66.3bn, representing a 3.3% decrease compared to 212 (US$ 626.9bn) Fluctuating mid-market M&A value per quarter was evident even throughout the credit crisis. One constant since Q3 29 however, is the share of global M&A which has remained above 2%. Q4 s total value (US$ 186.2bn) represents the second highest share in any quarter on Mergermarket record (since 21) with 32.6% of global M&A, up from 24.5% in Q3 (US$ 16.4bn) Asia-Pacific (exc. Japan) was the only region to see an increase in 213 with US$ 141.9bnworth of deals, up 42.9% compared to last year (US$ 99.3bn). Mid-market M&A in Europe saw each quarter valued around US$ 4bn until Q4 s US$ 47.6bn - the year has finished with a total value of US$ 167.6bn - a 7.1% decrease compared to 212 (US$ 18.4bn). In the US, investors shied away from mid-cap deals in 213 (US$ 21.1bn), down 11.6% compared to 212 (US$ 237.6bn) 27 28 29 21 211 212 213 Q1 Q2 Q3 Q4 9 8 127.2 3% 25% The global average deal size during 213 reversed two annual increases, down 4.2% to US$ 311.5m compared to the 212 average of U$ 325.1m With three mega-deals (above US$ 1bn) announced in Q4, the quarter s average deal size declined 18.4% to US$ 293.2m from US$ 359.5m in Q3 Asia-Pacific (excl. Japan) witnessed its only mega-deal in Q4 but saw the fourth consecutive quarterly increase in average deal size in the region. At US$ 211.9m, Q4 was up 6.3% compared to Q3 (US$ 199.3m). Along with this growth pattern, 213 s total average of US$ 192.9m was up 2% compared to last year s average of US$ 189.1m A 71.4% (US$ 284.2bn) share of the total value of mega-deals in 213 (US$ 397.9bn) came from ten deals (US$ 284.2bn) targeting US companies. As a result, the US achieved its highest average deal size on Mergermarket record (since 21) at US$ 526.6m, up 1.9% from the previous high in 29 (US$ 516.7m) Value of Deals (US$bn) 7 6 5 4 3 2 1 14.8 14.8 19.6 283.1 8.8 92.1 13.1 86.7 67.2 99.3 141.9 23.8 62.2 8.2 1.3 111.3 42.8 178.6 237.6 3.9 7.9 194.1 165.3 21.1 165.8 69.7 327.5 123. 265.5 96.1 227. 192.8 21.3 173.5 86.5 186.7 18.4 167.6 97.8 24 25 26 27 28 29 21 211 212 213 % of Global M&A Europe US Asia-Pacific (exc. Japan) Rest of the World 2% 15% 1% 5% % % of Global M&A Mergermarket 213 Trend Report 13 www.mergermarket.com

Consideration and Multiples & premiums analysis Equity-only consideration increasingly used for cross-border transactions in 213 (US$ 49.1bn), up 11.7% compared to 212 (US$ 24.3bn) The global average EBIDTA Exit multiple (12.9x) and premium percentage (19.2%) decreased for the third year in a row Consideration value-market share breakdown for cross-border deals since 29 Cash & Equity Only Cash only Equity only 7.8% 3.3% 6.4% 9.1% 1.7% 6% 9.4% 29 84.6% 21 68.2% 211 69.5% 212 72.7% 213 7.1% The value of cross-border deals paid for with some form of equity increased during 213: US$ 49.1bn-worth of cross-border deals were funded by equity-only, an increase of 11.7% from 212 (US$ 24.3bn) At 15%, the share of cross-border deals with a consideration mix of both cash and equity hit the highest level since 27 (16.3%). The year saw US$ 93.7bn-worth of cross-border deals funded this way, up 86.5% compared to 212 (US$ 5.3bn) However, global M&A deals with an equity-only consideration declined for a second year to US$ 241.9bn, down 21.6% from 212 (US$ 38.5bn). Additionally, as a percentage of global M&A funding, deals paid for with equity constituted a mere 14.8% - marking a fifth consecutive drop and the lowest on Mergermarket record (21) 6.9% 8.7% 15.% The global average EBITDA multiple fell for the third year down to 12.9x, the lowest since 23 (1.6x) and down from 13.3x in 212 North America was the only region to see an increased average EBITDA multiple. North America finished the year at 12.6x, an increase following 212 s dip to 12.1x as large-cap deals returned to the fore The TMT sector was one of the dominant industries in 213 and as a result commanded one of the highest average EBITDA multiples at 15.1x, up from 13.2x in 212. Average premiums in this sector rose slightly to 34% compared to 33.1% in 212 EBITDA Multiple (x) - Average 3 25 2 15 1 Multiples & Premiums Regional EBITDA multilpe analysis Until the final quarter of 213, cash was very much the consideration of choice for investors looking to snap up US companies. Cash only deals witnessed consecutive value increases through the first three quarters, before taking a dip in Q4 to US$ 17.7bn - a 5.2% decline compared to Q3 (US$ 113.6bn). Meanwhile, deals funded by a mix of cash and equity were up 135.9% to US$ 71.3bn in Q4 compared to US$ 3.2bn in Q3 5 24 25 26 27 28 29 21 211 212 213 Global Europe North America Asia-Pacific (excl. Japan) Japan Mergermarket 213 Trend Report 14 www.mergermarket.com

Europe: Overview of 213 The value of European M&A during 213 (US$ 631.3bn) dropped for the second year to the lowest value since 29 (US$ 466.8bn) De Brauw Blackstone Westbroek jumped from 28th position in 212 (US$ 3.9bn) and topped the legal advisor league table with deals valued at US$ 215.2bn Quarterly M&A growth comparison Total M&A value and volume 1,6 1,4 1,519.7 286.3 Annual M&A Value Q4 M&A value Q3 M&A value Q2 M&A Value Q1 M&A Value 1,6 1,4 1,2 M&A Value Number of Deals 8, 7, 6, 1,2 384.7 Value of Deals (US$bn) 1, 8 6 5, 4, 3, Number of Deals Value of Deals (US$bn) 1, 8 6 4 2 1,3.7 217.1 583.3 287.3 725.2 717.8 134.7 249.6 638.7 631.3 241.9 15.9 165.2 466.8 24.1 188.1 11.9 149.4 241.6 154.9 185.9 196.3 295.2 265.4 79 114.6 78.1 183.7 171.4 121.6 127.3 134.7 27 28 29 21 211 212 213 4 2 27 28 29 21 211 212 213 Deals valued at US$ 631.6bn dropped 12% from 212 (US$ 717.8bn) and represented a second annual decline. The final quarter of 213 (US$ 15.9bn) led to the year not having one quarter above US$ 2bn for the first time since 29 Deal value in Q4 was on par with Q3 (US$ 149.4bn) but dropped 39.5% compared to Q4 212 (US$ 249.6bn) The 28.5% share that European M&A contributed to global M&A was slightly below 212 (31.4%). However, the eurozone countries saw several high profile deals such as those in Italy s luxury fashion sector (e.g. Loro Piana) which resulted in their share to global M&A increasing to 15.5% from 14.2% last year The largest deal in Q4 213 was the tenth largest European targeted deal of the whole year. Celesio was acquired by McKesson Corporation for US$ 7.6bn in October. Activist hedge fund Elliott is expected to use its stake in Celesio to push for a bid bump in squeeze-out negotiations, according to Mergermarket intelligence 2, 1, Mergermarket 213 Trend Report 15 www.mergermarket.com

Europe: Industry and Cross-border analysis 213 vs. (212) value and market share comparison European cross-border analysis Business Services: US$ 29bn (US$ 32.9bn) Consumer: US$ 59.5bn (US$ 76.4bn) Energy, Mining & Utilities: US$ 117.5bn (US$ 216.5bn) Financial Services: US$ 89.9bn (US$ 11.8bn) Industrials & Chemicals: US$ 69.9bn (US$ 1.2bn) Leisure: US$ 13.8bn (US$ 7.4bn) Pharma, Medical & Biotech: US$ 5.6bn (US$ 33.7bn) 2.9% 3.8% 3.7% 3.4% 4.6% 2.8% 3.7% 4.6% 9.3% 212 3.7% 4.7% 1.% 14.% 9.4% 1.6% 3.2% 18.6% 213 Inbound and outbound activity rebounded in Q3 from a lull in Q2 and Q4 continued the upward trajectory. Inbound deals valued at US$ 48.8bn in Q4 increased 8.2% from Q3 (US$ 45.1bn). The overall deal value though was down 15.4% from 212 (US$ 218.4bn) at US$ 184.7bn. Inbound deal value for 213 was the lowest value since 21 (US$ 136.2bn) North American companies with the firepower to target large-cap deals remain loyal investors in Europe. The 68.7% share of all inbound deals from North America during 213 came from deals valued at US$ 127bn, down 1.9% from the US$ 127.1bn in 212 but with an increased share compared to 65.3% in 212 Succumbed by a continued eurozone crisis that still holds back deal making opportunities, 213 s outbound deal value fell 17.5% to US$ 142.7bn compared to 212 (US$ 173.1bn). It was the lowest value since 29 (US$ 122bn). However, Q4 s deal value leapt 75.2% compared to Q4 212 (US$ 36.5bn) and 73% compared to Q3 213 (US$ 37bn) Real Estate: US$ 23.8bn (US$ 26.3bn) TMT: US$ 132.2bn (US$ 67.1bn) 8.% 2.2% 15.4% 14.2% Every region except from Asia-Pacific (excl. Japan) aimed for European targets less in 213 than in 212. But for Asia-Pacific (excl. Japan), deal value increased 14.8% to US$ 25.6bn compared to US$ 22.3bn in 212 Transport: US$ 23.4bn (US$ 26.4bn) 11.1% 7 Outbound M&A Value Inbound M&A Value 1,2 Other: US$ 21.7bn (US$ 2bn) 6 Inbound Number of Deals Outbound Number of Deals 1, During 213, four out of 11 sectors increased their values compared to 212. TMT had the largest increase at 97% with deals valued at US$ 132.2bn versus US$ 67.1bn last year. The 2.9% market share the sector had during 213 drastically increased compared to last year s 9.3% with the Virgin Media deal (US$ 25bn) contributing 18.9% to the value The two other thriving sectors were Leisure (US$ 13.8bn vs. US$ 7.4bn) and Pharma, Medical & Biotech (US$ 5.6bn vs. US$ 33.7bn), up 86.5% and 5.1%, respectively Value of Deals (US$bn) 5 4 3 8 6 4 Number of Deals The Energy, Mining & Utilities (US$ 117.5bn) sector experienced the biggest decline by value out of all sectors, down 45.7%. The sector represented 18.6% of Europe s M&A compared to 212 s (US$ 216.5bn) 3.2% share. However, three mega-deals in 212, including Glencore/Xstrata and two acquisitions involving TNK-BP Holdings, skewed the true representation - without these deals, 213 s value would be down by just 1.1% 2 1 24 25 26 27 28 29 21 211 212 213 2 Mergermarket 213 Trend Report 16 www.mergermarket.com

Europe: Top deals * : lapsed/withdrawn bid Announced Date Bidder Company Bidder Legal Advisors Target Company Target/Seller Legal Advisors Seller Company Deal Value (US$bn) 6-Feb-13 Liberty Global Plc Hogan Lovells International; Ropes & Gray; Shearman & Sterling; Advising FA: Latham & Watkins; O'Melveny & Myers Virgin Media Inc Fried Frank Harris Shriver & Jacobson; Milbank Tweed Hadley & McCloy; Advising FA: Cravath, Swaine & Moore 25 9-Aug-13* America Movil SAB de CV Cleary Gottlieb Steen & Hamilton; Clifford Chance; Robles Miaja Abogados Koninklijke KPN NV (7.23% Stake) Allen & Overy 22.7 8-Apr-13 Russian Grids OAO Federal Grid Company of Unified Energy System OAO (79.64% Stake) The Federal Agency for State Property Management 14.4 21-Jun-13 Hellenic Financial Stability Fund National Bank of Greece SA (84.4% Stake) Freshfields Bruckhaus Deringer 11.4 24-Jun-13 Vodafone Group Plc Linklaters Kabel Deutschland Holding AG (76.57% Stake) Hengeler Mueller; Advising FA: Gleiss Lutz 11.3 23-Jul-13 Telefonica Deutschland Holding AG CMS; De Brauw Blackstone Westbroek; McDermott Will & Emery; Milbank Tweed Hadley & McCloy; Advsing FA: Shearman & Sterling E-Plus Mobilfunk GmbH & Co KG Advising seller: Allen & Overy Koninklijke KPN NV 11.3 28-Jun-13 Hellenic Financial Stability Fund Piraeus Bank SA (81.1% Stake) 9.1 12-Apr-13 Joh A Benckiser SE McDermott Will & Emery; Oppenhoff & Partner; Simpson Thacher & Bartlett; Skadden Arps Slate Meagher & Flom; Stibbe DE Master Blenders 1753 NV (84.95% Stake) Allen & Overy; De Brauw Blackstone Westbroek; Advising FA: Cleary Gottlieb Steen & Hamilton 8.6 2-May-13 Actavis Inc Latham & Watkins; Matheson; Skadden Arps Slate Meagher & Flom; Advising FA: Fried Frank Harris Shriver & Jacobson Warner Chilcott Plc Arthur Cox; Davis Polk & Wardwell; White & Case; Advising FA: A&L Goodbody; Cleary Gottlieb Steen & Hamilton 8.4 18-Apr-13* Royalty Pharma Akin Gump Strauss Hauer & Feld; Davis Polk & Wardwell; Loyens & Loeff; Matheson; Advising FA: Ashurst; Mason Hayes & Curran Elan Corporation Plc A&L Goodbody; Cadwalader, Wickersham & Taft 7.8 Mergermarket 213 Trend Report 17 www.mergermarket.com

Europe: Legal advisor league tables League table of legal advisors to M&A by value: Europe 212 213 Company Name Value Deal Value % Val. 28 1 De Brauw Blackstone Westbroek 215,28 57 3,883 596.8% 25 2 Davis Polk & Wardwell 19,45 46 43,275 34% 16 3 Simpson Thacher & Bartlett 175,758 43 52,348 235.7% 24 4 Jones Day 174,39 94 44,157 294.1% 14 5 Slaughter and May 172,525 51 58,9 192.9% 79 6 Debevoise & Plimpton 158,834 22 11,715 1,256% 15 7 Wachtell, Lipton, Rosen & Katz 157,894 7 52,485 2.8% 2 8 Freshfields Bruckhaus Deringer 156,15 199 226,16-31% 6 9 Weil Gotshal & Manges 147,85 95 117,5 26.3% 169 1 Macfarlanes 132,995 31 3,539 3,658% 1 11 Linklaters 12,641 197 226,57-46.8% 3 12 Clifford Chance 99,92 17 22,336-54.7% 8 13 Allen & Overy 96,959 172 95,788 1.2% 12 14 Latham & Watkins 95,99 11 75,531 27% 4 15 Cleary Gottlieb Steen & Hamilton 71,282 49 172,131-58.6% 9 16 Cravath, Swaine & Moore 69,616 15 92,989-25.1% 5 17 Skadden Arps Slate Meagher & Flom 66,742 55 132,895-49.8% 7 18 White & Case 6,283 126 97,484-38.2% 87 19 NautaDutilh 59,1 42 1,36 472.6% 17 2 Shearman & Sterling 56,983 52 51,266 11.2% League table of legal advisors to M&A by deal count: Europe 212 213 Company Name Value Deal Deal Count 2 1 DLA Piper 15,388 23 216 14 3 2 Freshfields Bruckhaus Deringer 156,15 199 29-1 1 3 Linklaters 12,641 197 232-35 6 4 CMS 24,542 176 173 3 4 5 Allen & Overy 96,959 172 195-23 5 6 Clifford Chance 99,92 17 188-18 7 7 Baker & McKenzie 38,84 151 153-2 8 8 White & Case 6,283 126 116 1 31 9 Latham & Watkins 95,99 11 1 1 11 1 Hogan Lovells International 43,848 12 12-13 11 King & Wood Mallesons 17,911 1 9 1 21 12 Weil Gotshal & Manges 147,85 95 67 28 9 13 Jones Day 174,39 94 112-18 1 14 Eversheds 4,213 84 13-19 3 15 Kirkland & Ellis 41,95 78 55 23 24 16 Herbert Smith Freehills 32,827 71 66 5 14 17 Ashurst 28,254 7 86-16 15 18 Norton Rose Fulbright 9,847 7 84-14 17 19 Loyens & Loeff 32,969 68 76-8 2 2 Pinsent Masons 3,534 61 69-8 Mergermarket 213 Trend Report 18 www.mergermarket.com

Europe: Legal advisor league tables to buyouts League table of legal advisors to private equity buyouts by value: Europe 212 213 Company Name Value Deal Value % Val. 2 1 Linklaters 11,965 38 13, -8% 1 2 Freshfields Bruckhaus Deringer 1,586 2 16,41-34% 9 3 Kirkland & Ellis 1,538 2 6,43 74.4% 4 4 Latham & Watkins 9,67 22 9,685-6 5 Clifford Chance 6,624 29 7,13-6% 56 6 PwC legal 5,255 7 879 497.8% 46 7 Hengeler Mueller 5,121 3 1,16 341.5% 5 8 Allen & Overy 4,521 17 8,471-46.6% - 9 Davis Polk & Wardwell 4,423 1 - - 8 1 Weil Gotshal & Manges 4,357 23 6,589-33.9% 27 11 Simpson Thacher & Bartlett 4,127 4 2,22 14.1% 141 12 Cleary Gottlieb Steen & Hamilton 3,836 7 41 9,256.1% 36 13 White & Case 2,945 1 1,351 118% - 14 Stikeman Elliott 2,531 2 - - 7 15 Sullivan & Cromwell 2,358 3 6,647-64.5% 49 16 Ashurst 2,265 9 1,16 123% 243 17 Kinstellar 2,51 2 - - 95 18 Chiomenti Studio Legale 1,93 5 293 558.7% - 19 Morrison & Foerster 1,929 1 - - 59 2 DLA Piper 1,842 19 761 142% League table of legal advisors to private equity buyouts by deal count: Europe 212 213 Company Name Value Deal Deal Count 4 1 Linklaters 11,965 38 26 12 2 2 Clifford Chance 6,624 29 28 1 1 3 King & Wood Mallesons 1,31 25 33-8 9 4 Weil Gotshal & Manges 4,357 23 16 7 5 5 Latham & Watkins 9,67 22 19 3 3 6 Freshfields Bruckhaus Deringer 1,586 2 27-7 13 7 Kirkland & Ellis 1,538 2 12 8 8 8 DLA Piper 1,842 19 17 2 7 9 CMS 1,66 19 17 2 6 1 Allen & Overy 4,521 17 17-26 11 Travers Smith 92 16 8 8 12 12 Eversheds 478 12 13-1 18 13 Pinsent Masons 35 12 1 2 61 14 Gateley 22 11 5 6 14 15 Baker & McKenzie 29 11 11-22 16 White & Case 2,945 1 9 1 62 17 Willkie Farr & Gallagher 534 1 5 5 56 18 Herbert Smith Freehills 311 1 5 5 1 19 Ashurst 2,265 9 15-6 2 2 Hannes Snellman 862 9 9 - * Based on the target geography only and the advisor advising the buy-side only Mergermarket 213 Trend Report 19 www.mergermarket.com

Europe: Legal advisor league tables League table of legal advisors to M&A by value: UK 212 213 Company Name Value Deal Value % Val. 1 1 Simpson Thacher & Bartlett 143,95 22 29,251 392% 19 2 Jones Day 138,48 29 15,296 84.9% 46 3 Davis Polk & Wardwell 137,877 15 6,422 2,46.9% 12 4 Slaughter and May 137,81 35 25,524 439.9% 2 5 Weil Gotshal & Manges 134,6 27 76,492 75.3% 81 6 Macfarlanes 132,995 31 3,539 3,658% 147 7 De Brauw Blackstone Westbroek 128,15 9 1,1 11,545% 14 8 Wachtell, Lipton, Rosen & Katz 128,5 3 22,619 466.1% 74 9 Debevoise & Plimpton 127,293 9 4,132 2,98.7% 5 1 Freshfields Bruckhaus Deringer 45,41 71 66,618-32.4% 1 11 Linklaters 44,826 81 14,815-57.2% 8 12 Latham & Watkins 37,571 36 35,797 5% 7 13 Cravath, Swaine & Moore 34,581 5 36,953-6.4% 13 14 Shearman & Sterling 34,26 17 24,446 39.2% 3 15 Hogan Lovells International 31,786 41 12,12 162.7% League table of legal advisors to M&A by deal count: UK 212 213 Company Name Value Deal Deal Count 1 1 DLA Piper 9,48 98 19-11 2 2 Linklaters 44,826 81 97-16 3 3 Freshfields Bruckhaus Deringer 45,41 71 78-7 4 4 Eversheds 3,941 64 72-8 5 5 Clifford Chance 31,197 59 7-11 6 6 Pinsent Masons 3,34 57 69-12 7 7 Allen & Overy 23,964 56 68-12 17 8 King & Wood Mallesons 1,617 51 38 13 11 9 Travers Smith 9,239 51 43 8 28 1 Kirkland & Ellis 26,949 45 26 19 1 11 CMS 5,73 44 47-3 16 12 Hogan Lovells International 31,786 41 39 2 22 13 Squire Sanders 1,568 4 32 8 18 14 Osborne Clarke 1,93 38 37 1 9 15 Norton Rose Fulbright 5,54 37 47-1 League table of legal advisors to M&A by value: Ireland 212 213 Company Name Value Deal Value % Val. 1 1 A&L Goodbody 22,628 26 27,567-17.9% 8 2 Matheson 2,119 22 13,433 49.8% 1 3 Davis Polk & Wardwell 19,727 5 12,15 63% - 4 Skadden Arps Slate Meagher & Flom 12,569 4 - - 37 5 Fried Frank Harris Shriver & Jacobson 11,69 2 55 2,215% 2 6 Arthur Cox 1,746 16 18,595-42.2% 3 7 Cadwalader, Wickersham & Taft 1,154 5 695 1,361% - 8 White & Case 9,337 3 - - 9 9= Cleary Gottlieb Steen & Hamilton 8,428 1 12,635-33% 12 9= Latham & Watkins 8,428 1 11,94-29.4% 47 11 Mason Hayes & Curran 7,87 7 13 7,54.8% - 12 Loyens & Loeff 7,856 2 - - - 13= Akin Gump Strauss Hauer & Feld 7,828 1 - - 89 13= Ashurst 7,828 1 - - 35 15 Sullivan & Cromwell 6,86 2 55 1,137.5% League table of legal advisors to M&A by deal count: Ireland 212 213 Company Name Value Deal Deal Count 2 1 William Fry 742 27 22 5 1 2 A&L Goodbody 22,628 26 25 1 4 3 Matheson 2,119 22 15 7 3 4 Arthur Cox 1,746 16 18-2 11 5 Maples & Calder 147 9 6 3 12 6 Allen & Overy 51 8 4 4 7 7 Mason Hayes & Curran 7,87 7 1-3 8 8= Eversheds 54 7 9-2 5 8= McCann FitzGerald 54 7 11-4 22 1 Davis Polk & Wardwell 19,727 5 2 3 46 11 Cadwalader, Wickersham & Taft 1,154 5 1 4 45 12 Baker & McKenzie 1,299 5 1 4 9 13 Linklaters 761 5 8-3 - 14 Skadden Arps Slate Meagher & Flom 12,569 4 - - 58 15 Hogan Lovells International 885 4 1 3 Mergermarket 213 Trend Report 2 www.mergermarket.com

Europe: Legal advisor league tables League table of legal advisors to M&A by value: Germany 212 213 Company Name Value Deal Value % Val. 2 1 Hengeler Mueller 43,369 38 46,13-5.9% 8 2 Linklaters 41,536 39 21,99 88.9% 1 3 Freshfields Bruckhaus Deringer 4,296 65 55847-27.8% 18 4 Gleiss Lutz 21,521 32 9,78 137.1% 6 5 Allen & Overy 21,15 32 23,861-11.9% 1 6 Sullivan & Cromwell 18,3 9 13,374 36.8% 13 7 Shearman & Sterling 15,468 1 1144 35.6% 51 8 De Brauw Blackstone Westbroek 15,422 6 2,493 518.6% 3 9 Clifford Chance 15,352 37 27,549-44.3% 7 1 CMS 13,423 74 23,611-43.1% 29 11 Davis Polk & Wardwell 13,295 5 5,688 133.7% 49 12 Milbank Tweed Hadley & McCloy 12,831 16 2,972 331.7% 42 13 McDermott Will & Emery 11,898 7 3,739 218.2% 2 14 P+P Poellath + Partners 11,254 23 8,591 31% 14 15 Noerr 9,971 35 11,329-12% League table of legal advisors to M&A by deal count: Germany 212 213 Company Name Value Deal Deal Count 2 1 CMS 13,423 74 74 1 2 Freshfields Bruckhaus Deringer 4,296 65 74-9 5 3 Linklaters 41,536 39 37 2 3 4 Hengeler Mueller 43,369 38 53-15 4 5 Clifford Chance 15,352 37 53-16 6 6 Noerr 9,971 35 36-1 15 7 Gleiss Lutz 21,521 32 25 7 9 8 Allen & Overy 21,15 32 33-1 14 9 DLA Piper 892 3 26 4 11 1 White & Case 5,465 29 29-1 11 Hogan Lovells International 4,184 27 3-3 8 12 Baker & McKenzie 6,36 26 34-8 16 13 Luther 1,283 26 23 3 18 14 King & Wood Mallesons 1,921 24 2 4 7 15 P+P Poellath + Partners 11,254 23 36-13 League table of legal advisors to M&A by value: Germanic 212 213 Company Name Value Deal Value % Val. 3 1 Linklaters 44,754 45 94,352-52.6% 1 2 Freshfields Bruckhaus Deringer 44,681 79 111,743-6% 6 3 Hengeler Mueller 43,369 38 46,13-6% 9 4 Allen & Overy 32,479 49 31,799 2.1% 8 5 De Brauw Blackstone Westbroek 24,393 8 2,583 844.4% 39 6 Gleiss Lutz 21,521 32 9,547 125.4% 69 7 McDermott Will & Emery 2,521 8 3,797 44.5% 2 8 Sullivan & Cromwell 18,834 13 15,894 18.5% 13 9 CMS 16,617 82 24,214-31.4% 2 1 Clifford Chance 16,275 44 96243-83.1% 14 11 Shearman & Sterling 15,468 14 19,12-18.6% 1 12 Skadden Arps Slate Meagher & Flom 14,712 18 3,167-51.2% 18 13 Davis Polk & Wardwell 13,67 8 17,66-2.3% 72 14 Milbank Tweed Hadley & McCloy 12,831 16 3,244 295.5% 17 15 Cleary Gottlieb Steen & Hamilton 12,48 9 17,169-27.7% League table of legal advisors to M&A by deal count: Germanic 212 213 Company Name Value Deal Deal Count 2 1 CMS 16,617 82 82-1 2 Freshfields Bruckhaus Deringer 44,681 79 96-17 7 3 Allen & Overy 32,479 49 44 5 6 4 Linklaters 44,754 45 51-6 3 5 Clifford Chance 16,275 44 62-18 4 6 Baker & McKenzie 1,82 44 61-17 8 7 DLA Piper 932 42 38 4 5 8 Hengeler Mueller 43,369 38 54-16 1 9 Noerr 1,684 37 36 1 9 1 White & Case 6,167 34 36-2 17 11 Gleiss Lutz 21,521 32 27 5 16 12 King & Wood Mallesons 4,32 31 27 4 15 13 Latham & Watkins 8,941 28 28-13 14 Hogan Lovells International 4,184 28 33-5 14 15 Jones Day 4,562 26 33-7 Mergermarket 213 Trend Report 21 www.mergermarket.com

Europe: Legal advisor league tables League table of legal advisors to M&A by value: Benelux 212 213 Company Name Value Deal Value % Val. 6 1 De Brauw Blackstone Westbroek 63,278 46 22,123 186% 5 2 Allen & Overy 57,459 56 3,24 91.4% 1 3 Freshfields Bruckhaus Deringer 43,883 36 46,738-6.1% 3 4 Clifford Chance 43,178 3 39,37 9.8% 15 5 Cleary Gottlieb Steen & Hamilton 42,315 13 18,879 124.1% 21 6 NautaDutilh 33,28 33 7,816 322.6% 9 7 Cravath, Swaine & Moore 28,126 2 21,551 3.5% 51 8 Debevoise & Plimpton 26,993 4 2,66 915% - 9 A&L Goodbody 26,598 2 - - - 1 Robles Miaja Abogados 22,686 1 - - 4 11 Skadden Arps Slate Meagher & Flom 21,55 11 36,473-42.3% 19 12 Linklaters 2,745 36 9,264 123.9% 49 13 McDermott Will & Emery 19,919 2 2,81 68.9% 22 14 Shearman & Sterling 16,565 16 7337 125.8% 25 15 Baker & McKenzie 14,733 26 6,7 119.9% League table of legal advisors to M&A by deal count: Benelux 212 213 Company Name Value Deal Deal Count 1 1 Allen & Overy 57,459 56 73-17 2 2 Loyens & Loeff 9,57 5 57-7 3 3 De Brauw Blackstone Westbroek 63,278 46 55-9 4 4 DLA Piper 1,795 39 41-2 5 5 Freshfields Bruckhaus Deringer 43,883 36 39-3 8 6 Linklaters 2,745 36 32 4 6 7 NautaDutilh 33,28 33 36-3 12 8 Clifford Chance 43,178 3 23 7 7 9 Stibbe 11,72 3 35-5 9 1 Baker & McKenzie 14,733 26 31-5 1 11 Houthoff Buruma 525 24 3-6 2 12 White & Case 12,787 21 13 8 11 13 CMS 13,38 19 24-5 23 14 Shearman & Sterling 16,565 16 11 5 16 15 AKD lawyers & civil law notaries 89 16 15 1 League table of legal advisors to M&A by value: France 212 213 Company Name Value Deal Value % Val. 13 1 Latham & Watkins 35,847 31 6,197 478.5% 47 2 Wachtell, Lipton, Rosen & Katz 29,393 3 1,699 1,63% 11 3 Jones Day 25,468 19 7,993 218.6% 6 4 Darrois Villey Maillot Brochier 24,338 19 9,978 143.9% - 5 Slaughter and May 24,228 6 - - 41 6 NautaDutilh 21,891 5 2,172 97.9% 4 7 Freshfields Bruckhaus Deringer 21,221 21 13,966 51.9% 8 8 De Brauw Blackstone Westbroek 2,74 7 8,964 131.4% 5 9 Egorov, Puginsky, Afanasiev & Partners 19,369 1 1,429 1,255.4% 1 1 Bredin Prat 15,986 23 8,353 91.4% 129 11 Gibson Dunn & Crutcher 15,445 1 247 6,153% 12 12 Sullivan & Cromwell 13,179 7 6,915 9.6% 23 13 Skadden Arps Slate Meagher & Flom 11,29 7 3,374 234.6% 2 14 Cleary Gottlieb Steen & Hamilton 11,71 16 25,927-57.3% 3 15 Linklaters 1,518 34 16,74-34.6% League table of legal advisors to M&A by deal count: France 212 213 Company Name Value Deal Deal Count 4 1 Gide Loyrette Nouel 3,337 36 31 5 5 2 CMS 1,74 36 31 5 2 3 Linklaters 1,518 34 32 2 8 4 Latham & Watkins 35,847 31 27 4 15 5 Weil Gotshal & Manges 4,295 29 18 11 6 6 King & Wood Mallesons 4,257 29 3-1 11 7 DLA Piper 3,889 29 22 7 18 8 Paul Hastings 4,531 26 18 8 1 9 Allen & Overy 3,9 26 25 1 1 1 Clifford Chance 7,786 25 32-7 7 11 De Pardieu Brocas Maffei 3,956 25 3-5 16 12 Bredin Prat 15,986 23 18 5 2 13 White & Case 4,9 22 16 6 19 14 Fidal 512 22 17 5 12 15 Freshfields Bruckhaus Deringer 21,221 21 21 - Mergermarket 213 Trend Report 22 www.mergermarket.com

Europe: Legal advisor league tables League table of legal advisors to M&A by value: Iberia 212 213 Company Name Value Deal Value % Val. 4 1 Clifford Chance 18,59 27 11,825 52.7% 3 2 Linklaters 15,834 21 13,348 18.6% 6 3 Freshfields Bruckhaus Deringer 14,762 19 9,912 48.9% 2 4 Garrigues 13,276 35 13,969-5% 28 5 KPMG Abogados 1,828 25 2,651 38.4% 1 6 Uria Menendez 8,156 48 22,848-64% 16 7 Miranda & Amado Abogados 7,216 2 - - 165 8 Skadden Arps Slate Meagher & Flom 5,997 3 - - 31 9 Cleary Gottlieb Steen & Hamilton 5,957 4 2,1 184% 5 1 Cuatrecasas, Goncalves Pereira 5,545 55 1,365-46.5% 3 11 Baker & McKenzie 4,91 15 2,117 131.9% 2 12 Sullivan & Cromwell 4,434 5 3,734 18.7% 21 13 Hogan Lovells International 4,49 1 3,686 9.8% 29 14 Ashurst 3,777 9 2,19 72.5% - 15 Alston & Bird 3,738 2 - - League table of legal advisors to M&A by deal count: Iberia 212 213 Company Name Value Deal Deal Count 2 1 Cuatrecasas, Goncalves Pereira 5,545 55 49 6 3 2 Uria Menendez 8,156 48 43 5 1 3 Garrigues 13,276 35 49-14 9 4 Clifford Chance 18,59 27 15 12 5 5 KPMG Abogados 1,828 25 18 7 14 6 Gomez-Acebo & Pombo Abogados 1,522 22 9 13 4 7 Linklaters 15,834 21 29-8 8 8 DLA Piper 2,54 2 16 4 6 9 Freshfields Bruckhaus Deringer 14,762 19 17 2 7 1 Deloitte Legal 2,2 19 16 3 1 11 Baker & McKenzie 4,91 15 14 1 21 12 PLMJ - Sociedade de Advogados 1,67 11 5 6 15 13 Hogan Lovells International 4,49 1 8 2 12 14 Allen & Overy 2,549 1 1-11 15 Ashurst 3,777 9 11-2 League table of legal advisors to M&A by value: Spain 212 213 Company Name Value Deal Value % Val. 3 1 Clifford Chance 18,59 27 11,825 52.7% 6 2 Linklaters 15,87 19 6,43 145.8% 4 3 Freshfields Bruckhaus Deringer 14,762 19 9,912 48.9% 2 4 Garrigues 13,18 34 13,969-5.6% 17 5 KPMG Abogados 1,828 25 2,651 38.4% 1 6 Uria Menendez 7,94 44 18,652-57.4% 14 7 Miranda & Amado Abogados 7,216 2 - - 143 8 Skadden Arps Slate Meagher & Flom 5,997 3 - - 2 9 Cleary Gottlieb Steen & Hamilton 5,957 4 2,1 184% 5 1 Cuatrecasas, Goncalves Pereira 5,417 51 7,445-27.2% 19 11 Baker & McKenzie 4,91 15 2,117 131.9% 1 12 Sullivan & Cromwell 4,434 5 3,734 18.7% 11 13 Hogan Lovells International 4,49 1 3,686 9.8% 18 14 Ashurst 3,777 9 2,19 72.5% - 15 Alston & Bird 3,738 2 - - League table of legal advisors to M&A by deal count: Spain 212 213 Company Name Value Deal Deal Count 3 1 Cuatrecasas, Goncalves Pereira 5,417 51 41 1 2 2 Uria Menendez 7,94 44 41 3 1 3 Garrigues 13,18 34 49-15 9 4 Clifford Chance 18,59 27 15 12 5 5 KPMG Abogados 1,828 25 18 7 15 6 Gomez-Acebo & Pombo Abogados 1,495 21 8 13 8 7 DLA Piper 2,54 2 16 4 4 8 Linklaters 15,87 19 23-4 6 9 Freshfields Bruckhaus Deringer 14,762 19 17 2 7 1 Deloitte Legal 2,2 19 16 3 1 11 Baker & McKenzie 4,91 15 14 1 13 12 Hogan Lovells International 4,49 1 8 2 12 13 Allen & Overy 2,549 1 9 1 11 14 Ashurst 3,777 9 11-2 14 15 Jones Day 2,137 8 8 - Mergermarket 213 Trend Report 23 www.mergermarket.com

Europe: Legal advisor league tables League table of legal advisors to M&A by value: Italy 212 213 Company Name Value Deal Value % Val. 4 1 Bonelli Erede Pappalardo 14,943 18 12,46 2.4% 2 2 Chiomenti Studio Legale 14,364 36 23,754-39.5% 1 3 Gianni, Origoni, Grippo, Cappelli & Partners 9,382 24 24,38-61% 17 4 Linklaters 8,188 9 2,672 26.4% 3 5 Freshfields Bruckhaus Deringer 7,796 15 15,452-49.5% 5 6 d'urso Gatti e Bianchi - Studio Legale Associato 6,672 18 12,24-45.5% - 7 Slaughter and May 6,331 2 - - 16 8 White & Case 5,389 6 2,961 82% 8 9 Jones Day 5,24 4 6,885-23.9% 3 1 De Brauw Blackstone Westbroek 5,181 2 1,451 257% 2 11 Legance Avvocati Associati 5,133 1 2,544 11.8% 1 12 Skadden Arps Slate Meagher & Flom 5,34 4 6,3-2.1% 18 13 Latham & Watkins 4,894 14 269 87.6% 6 14 Clifford Chance 4,83 17 8,913-45.8% 43 15 Simpson Thacher & Bartlett 4,538 3 98 399.8% League table of legal advisors to M&A by deal count: Italy 212 213 Company Name Value Deal Deal Count 1 1 Chiomenti Studio Legale 14,364 36 42-6 2 2 Gianni, Origoni, Grippo, Cappelli & Partners 9,382 24 27-3 4 3 NCTM Studio Legale Associato 1,8 21 24-3 5 4 Bonelli Erede Pappalardo 14,943 18 23-5 3 5 d'urso Gatti e Bianchi - Studio Legale Associato 6,672 18 25-7 9 6 Clifford Chance 4,83 17 12 5 11 7 Freshfields Bruckhaus Deringer 7,796 15 1 5 13 8 Latham & Watkins 4,894 14 9 5-9 Gattai Minoli & Partners 2,49 13 - - 8 1 DLA Piper 855 13 14-1 6 11 Studio Pedersoli e Associati 1,21 12 18-6 14 12 Legance Avvocati Associati 5,133 1 9 1 15 13 Baker & McKenzie 3,825 1 9 1 1 14 BLF Studio Legale 31 1 11-1 7 15 Linklaters 8,188 9 16-7 League table of legal advisors to M&A by value: Nordic 212 213 Company Name Value Deal Value % Val. 25 1 Roschier 18,71 31 5,126 252.5% 7 2 White & Case 17,458 23 8,93 95.5% 11 3 Hannes Snellman 17,23 48 7,979 116% 46 4 Davis Polk & Wardwell 15,99 9 2,2 626.8% 4 5 Freshfields Bruckhaus Deringer 12,611 12 11,262 12% 35 6 Mannheimer Swartling 11,985 48 3,519 24.6% 8 7 Skadden Arps Slate Meagher & Flom 11,966 7 8,925 34.1% 9 8 Wiersholm 1,271 39 8,317 23.5% 1 9 Clifford Chance 1,262 16 15,637-34.4% 31 1 Schjodt 9,584 57 488 134.4% 61 11 Simpson Thacher & Bartlett 7,311 2 1,16 619.6% 132 12 Covington & Burling 7,214 2 95 7,493.7% - 13 Cravath, Swaine & Moore 6,869 2 - - 57 14 Avance Attorneys 6,487 19 1,295 4.9% 23 15 BA-HR 5,748 39 5,649 1.8% League table of legal advisors to M&A by deal count: Nordic 212 213 Company Name Value Deal Deal Count 3 1 Schjodt 9,584 57 63-6 1 2 Bech-Bruun 1,942 52 67-15 5 3 Vinge 3,321 51 55-4 7 4 Hannes Snellman 17,23 48 5-2 2 5 Mannheimer Swartling 11,985 48 64-16 6 6 Wiersholm 1,271 39 53-14 15 7 BA-HR 5,748 39 31 8 13 8 Gorrissen Federspiel 2,19 38 35 3 9 9 Plesner 3,169 37 42-5 4 1 Kromann Reumert 3,338 36 56-2 14 11 Accura 3,22 34 35-1 8 12 Thommessen 5,5 33 46-13 12 13 Wikborg Rein & Co 3,586 33 36-3 11 14 Roschier 18,71 31 38-7 18 15 Selmer 1,567 29 22 7 Mergermarket 213 Trend Report 24 www.mergermarket.com

Europe: Legal advisor league tables League table of legal advisors to M&A by value: Sweden 212 213 Company Name Value Deal Value % Val. 18 1 Mannheimer Swartling 11,33 46 3,296 242.9% 26 2 Davis Polk & Wardwell 1,761 5 2,2 389.1% 5 3 Clifford Chance 6,555 7 6,255 4.8% 2 4 Freshfields Bruckhaus Deringer 5,281 5 7,683-31.3% 22 5 Gernandt & Danielsson 4,756 18 2,71 75.5% - 6= Cravath, Swaine & Moore 4,423 1 - - 94 6= Loyens & Loeff 4,423 1 33 13,33% 62 8 NautaDutilh 4,324 3 217 1,892.6% 15 9 White & Case 4,313 1 3,645 18.3% 16 1 Roschier 4,178 16 3,345 24.9% 65 11 Hengeler Mueller 3,758 3 164 2,191.5% 13 12 Hannes Snellman 3,667 22 3,785-3.1% 24 13 P+P Poellath + Partners 3,627 2 2,289 58.5% 128 14 De Brauw Blackstone Westbroek 3,456 3 - - 1 15 Vinge 3,321 49 8,283-59.9% League table of legal advisors to M&A by deal count: Sweden 212 213 Company Name Value Deal Deal Count 2 1 Vinge 3,321 49 53-4 1 2 Mannheimer Swartling 11,33 46 59-13 3 3 Advokatfirman Lindahl 979 25 38-13 4 4 Hannes Snellman 3,667 22 25-3 8 5 Gernandt & Danielsson 4,756 18 16 2 7 6 Roschier 4,178 16 17-1 6 7 Delphi 1,21 16 22-6 35 8 MAQS Law Firm 87 16 5 11 9 9 Cederquist 1,44 15 16-1 5 1 Wistrand 47 14 22-8 12 11 Setterwalls 56 13 12 1 11 12 White & Case 4,313 1 14-4 19 13 Schjodt 1,813 1 1-1 14 Linklaters 1,771 1 15-5 21 15 Baker & McKenzie 92 8 9-1 League table of legal advisors to M&A by value: Denmark 212 213 Company Name Value Deal Value % Val. 2 1 Kromann Reumert 3,338 35 6,623-49.6% 3 2 Accura 3,22 31 6,548-51.1% 5 3 Plesner 2,86 36 3,582-22% 18 4 Linklaters 2,131 7 39 446.4% - 5 Sullivan & Cromwell 2,41 2 - - 1 6 Gorrissen Federspiel 2,19 37 7,61-71.4% 8 7 Davis Polk & Wardwell 2,4 1 2,2-8.9% - 8 BA-HR 1,811 2 - - 4 9 Bech-Bruun 1,84 5 4,31-58.1% 22 1 Mannheimer Swartling 1,418 5 366 287.4% - 11 Latham & Watkins 1,399 4 - - 36 12 Hannes Snellman 1,33 18 123 981.3% 39 13 Bruun & Hjejle 1,77 25 113 853.1% 25 14 King & Wood Mallesons 933 2 28 233.2% 61 15 Lett Advokatfirma 897 4 8 11,113% League table of legal advisors to M&A by deal count: Denmark 212 213 Company Name Value Deal Deal Count 1 1 Bech-Bruun 1,84 5 63-13 5 2 Gorrissen Federspiel 2,19 37 33 4 3 3 Plesner 2,86 36 41-5 2 4 Kromann Reumert 3,338 35 55-2 4 5 Accura 3,22 31 35-4 7 6 Ronne & Lundgren 325 26 15 11 8 7 Bruun & Hjejle 1,77 25 13 12 6 8 Moalem Weitemeyer Bendtsen 52 23 16 7 12 9 Hannes Snellman 1,33 18 5 13 86 1 Delacour 21 8 1 7 21 11 Linklaters 2,131 7 3 4 52 12 Baker & McKenzie 14 6 1 5 9 13 Mannheimer Swartling 1,418 5 7-2 26 14 Thommessen 447 5 3 2 17 15 Vinge 38 5 4 1 Mergermarket 213 Trend Report 25 www.mergermarket.com

Europe: Legal advisor league tables League table of legal advisors to M&A by value: Norway 212 213 Company Name Value Deal Value % Val. 2 1 Wiersholm 1,12 36 7,27 39.2% 8 2 Schjodt 9,221 54 3,229 185.6% 29 3 Freshfields Bruckhaus Deringer 5,383 3 46 1,7.2% 1 4 Thommessen 5,5 33 8,979-43.8% 9 5 BA-HR 3,823 36 2,12 9% 3 6 Wikborg Rein & Co 3,586 32 4,885-26.6% 99 7 Clifford Chance 3,324 5 - - - 8= Abdullah Chan 2,9 1 - - - 8= Davis Polk & Wardwell 2,9 1 - - 1 1 CMS 2,65 2 - - - 11= Cravath, Swaine & Moore 2,446 1 - - - 11= Dentons 2,446 1 - - - 11= Skadden Arps Slate Meagher & Flom 2,446 1 - - - 11= Sullivan & Cromwell 2,446 1 - - 4 15 Selmer 1,487 28 3,986-62.7% League table of legal advisors to M&A by deal count: Norway 212 213 Company Name Value Deal Deal Count 1 1 Schjodt 9,221 54 62-8 2 2 Wiersholm 1,12 36 5-14 5 3 BA-HR 3,823 36 27 9 3 4 Thommessen 5,5 33 45-12 4 5 Wikborg Rein & Co 3,586 32 35-3 6 6 Selmer 1,487 28 21 7 8 7 Arntzen de Besche 728 16 9 7 13 8 Advokatfirmaet Haavind 49 12 4 8 1 9 Vinge 164 1 8 2 7 1 Mannheimer Swartling 314 8 1-2 12 11 DLA Piper 59 7 5 2 23 12 Kromann Reumert 992 6 3 3 99 13 Clifford Chance 3,324 5 1 4 9 14 Roschier 131 5 8-3 17 15 Accura 7 4 4 - League table of legal advisors to M&A by value: Finland 212 213 Company Name Value Deal Value % Val. 1 1 Hannes Snellman 14,598 23 4,956 194.6% 1 2 Roschier 14,6 16 2,3 599.3% 3 3 White & Case 12,55 11 3,958 216% 8 4 Skadden Arps Slate Meagher & Flom 9,65 3 3,119 19.6% - 5= Covington & Burling 7,177 1 - - - 5= Simpson Thacher & Bartlett 7,177 1 - - 11 7 Avance Attorneys 6,487 18 1,295 4.9% 32 8 Waselius & Wist 4,16 6 47 8,751.1% 33 9 Ashurst 3,634 3 42 8,552.4% - 1= De Brauw Blackstone Westbroek 2,219 1 - - 23 1= Houthoff Buruma 2,219 1 18 1,954.6% - 1= Shearman & Sterling 2,219 1 - - - 1= Slaughter and May 2,219 1 - - - 14 Morrison & Foerster 1,897 2 - - 7 15 Hengeler Mueller 1,724 3 3,171-45.6% League table of legal advisors to M&A by deal count: Finland 212 213 Company Name Value Deal Deal Count 1 1 Hannes Snellman 14,598 23 31-8 7 2 Avance Attorneys 6,487 18 1 8 4 3 Krogerus 1,139 17 16 1 3 4 Roschier 14,6 16 25-9 2 5 Castren & Snellman 15 14 25-11 5 6 Attorneys at law Borenius 67 13 12 1 6 7 Bird & Bird 367 13 11 2 9 8 White & Case 12,55 11 5 6 14 9 Waselius & Wist 4,16 6 4 2 8 1 Dittmar & Indrenius 36 6 1-4 7 11 Selmer 395 5 1 4 16 12 Advokatfirman Lindahl 822 4 4-74 13 Wiersholm 161 4 1 3 23 14 Skadden Arps Slate Meagher & Flom 9,65 3 2 1 28 15 Ashurst 3,634 3 2 1 Mergermarket 213 Trend Report 26 www.mergermarket.com

Europe: Legal advisor league tables League table of legal advisors to M&A by value: CEE 212 213 Company Name Value Deal Value % Val. 5 1 White & Case 22,34 35 4,282-44.6% 4 2 Linklaters 11,573 16 43,351-73.3% 1 3 Freshfields Bruckhaus Deringer 1,932 17 6,21 81.6% 6 4 Skadden Arps Slate Meagher & Flom 1,96 13 37,732-71.1% 22 5 Baker & McKenzie 9,58 13 2,311 292% 12 6 Clifford Chance 7,793 21 4,327 8.1% 3 7 Herbert Smith Freehills 7,528 13 1,729 335.4% 56 8 Greenberg Traurig 6,7 11 26 3,152.4% - 9 Zulficar & Partners 6,43 1 - - 8 1 Akin Gump Strauss Hauer & Feld 5,554 4 14,731-62% 112 11 BBH, advokatni kancelar 5,123 3 - - 25 12 Dentons 5,66 16 2,82 143.3% 11 13 Allen & Overy 4,882 19 5,945-18% 7 14 Conyers Dill & Pearman 3,82 3 28, -86.4% 125 15 De Brauw Blackstone Westbroek 3,736 5 - - League table of legal advisors to M&A by deal count: CEE 212 213 Company Name Value Deal Deal Count 2 1 CMS 2,787 36 27 9 1 2 White & Case 22,34 35 35-7 3 Clifford Chance 7,793 21 22-1 9 4 Weil Gotshal & Manges 1,528 2 16 4 8 5 DLA Piper 717 2 18 2 3 6 Allen & Overy 4,882 19 25-6 14 7 Freshfields Bruckhaus Deringer 1,932 17 12 5 5 8 Linklaters 11,573 16 23-7 1 9 Dentons 5,66 16 16-12 1 LAWIN 181 14 14-15 11 Skadden Arps Slate Meagher & Flom 1,96 13 11 2 6 12 Baker & McKenzie 9,58 13 23-1 28 13 Herbert Smith Freehills 7,528 13 6 7 53 14 Greenberg Traurig 6,7 11 2 9 17 15 Hogan Lovells International 3,117 11 1 1 League table of legal advisors to M&A by value: Russia 212 213 Company Name Value Deal Value % Val. 5 1 White & Case 16,564 16 39,233-57.8% 4 2 Linklaters 8,818 7 42,23-79.1% 2 3 Herbert Smith Freehills 7,43 12 1,729 328.2% - 4 Zulficar & Partners 6,43 1 - - 6 5 Skadden Arps Slate Meagher & Flom 5,888 1 37,732-84.4% 68 6 Akin Gump Strauss Hauer & Feld 5,554 4 14,731-62.3% 16 7 Freshfields Bruckhaus Deringer 4,769 8 1,918 148.6% 3 8 Allen & Overy 4,425 3 66 63.2% 21 9 Dentons 4,37 9 1,711 155.4% 7 1 Conyers Dill & Pearman 3,82 3 28, -86.4% 22 11 Baker & McKenzie 3,687 4 1,548 138.2% - 12= Davis Polk & Wardwell 3,55 2 - - - 12= Mannheimer Swartling 3,55 2 - - - 14 NautaDutilh 3,55 1 - - 1 15 Cleary Gottlieb Steen & Hamilton 3,545 4 7,165-94.9% League table of legal advisors to M&A by deal count: Russia 212 213 Company Name Value Deal Deal Count 1 1 White & Case 16,564 16 19-3 13 2 Herbert Smith Freehills 7,43 12 6 6 4 3 Skadden Arps Slate Meagher & Flom 5,888 1 11-1 6 4 Dentons 4,37 9 9-11 5 Freshfields Bruckhaus Deringer 4,769 8 7 1 3 6 Linklaters 8,818 7 11-4 31 7 CMS 47 7 2 5 8 8 Hogan Lovells International 2,94 6 8-2 7 9 DLA Piper 56 6 8-2 1 1 Clifford Chance 2,853 5 8-3 49 11 Jones Day 1,425 5 1 4 5 12 Akin Gump Strauss Hauer & Feld 5,554 4 9-5 14 13 Baker & McKenzie 3,687 4 6-2 2 14 Cleary Gottlieb Steen & Hamilton 3,545 4 15-11 17 15 Latham & Watkins 121 4 5-1 Mergermarket 213 Trend Report 27 www.mergermarket.com

Europe: Legal advisor league tables League table of legal advisors to M&A by value: Poland 212 213 Company Name Value Deal Value % Val. (US$m) Count (US$bn) Change 25 1 Greenberg Traurig 6,7 11 26 3,152.4% 2 2 Weil Gotshal & Manges 1,268 16 3,17-58% 29 3 K&L Gates 1,23 5 34 3,438% - 4 Slaughter and May 911 3 - - 43 5= Delphi 93 2 - - - 5= Gernandt & Danielsson 93 2 - - 12 7 Linklaters 74 5 995-29.2% 21 8 Dentons 686 4 371 84.9% 13 9 Clifford Chance 628 9 866-27.5% 4 1 CMS 626 15 1,786-64.9% 1 11 Allen & Overy 37 7 3,534-89.5% - 12 Burnet Duckworth & Palmer 333 2 - - - 13 Locke Lord 327 1 - - 24 14 Noerr 251 4 28 2.7% - 15 McCarthy Tetrault 224 1 - - League table of legal advisors to M&A by value: Turkey 212 213 Company Name Value Deal Value % Val. (US$m) Count (US$bn) Change 4 1 White & Case 1,288 8 4,85-73.4% - 2 Allen & Overy 1,286 6 - - 1 3 YukselKarkinKucuk Law Firm 1,126 16 2,647-57% 19 4 Ismen Gunalcin 72 2 3 134% 2 5 Linklaters 67 3 8,152-91.8% 31 6 Baker & McKenzie 621 15 75 728% 22 7 Somay Hukuk Burosu 473 2 251 88.4% - 8 Anderson Mori & Tomotsune 46 1 - - 8 9 Taboglu & Demirhan 434 7 3,797-88.6% 42 1= Dechert 425 1 7 5,971.4% 28 1= Norton Rose Fulbright 425 1 122 248.4% 32 12 Kolcuoglu & Demirkan Attorneys at Law 36 6 52 592.3% - 13 Slaughter and May 36 1 - - 15 14 Pekin & Pekin 318 5 943-66.3% - 15= Bowman Gilfillan Africa Group 313 3 - - - 15= Tabacks 313 3 - - League table of legal advisors to M&A by deal count: Poland 212 213 Company Name Value Deal Deal Count 2 1 Weil Gotshal & Manges 1,268 16 11 5 4 2 CMS 626 15 9 6 29 3 Greenberg Traurig 6,7 11 1 1 3 4 Clifford Chance 628 9 11-2 1 5 Allen & Overy 37 7 11-4 33 6 K&L Gates 1,23 5 1 4 5 7 Linklaters 74 5 6-1 12 8 White & Case 11 5 3 2 7 9 Dentons 686 4 6-2 28 1 Noerr 251 4 1 3-11 Gessel, Koziorowski 85 4 - - - 12 Slaughter and May 911 3 - - 43 13= Delphi 93 2 1 1-13= Gernandt & Danielsson 93 2 - - - 15 Burnet Duckworth & Palmer 333 2 - - League table of legal advisors to M&A by deal count: Turkey 212 213 Company Name Value Deal Deal Count 1 1 YukselKarkinKucuk Law Firm 1,126 16 13 3 9 2 Baker & McKenzie 621 15 6 9 3 3 White & Case 1,288 8 8-16 4 Taboglu & Demirhan 434 7 2 5 7 5 Herguner Bilgen Ozeke 162 7 6 1-6 Allen & Overy 1,286 6 - - 22 7 Kolcuoglu & Demirkan Attorneys at Law 36 6 2 4 8 8 Pekin & Pekin 318 5 6-1 12 9 Paksoy & Co 144 5 4 1 2 1 Pekin & Bayar Law Firm 5 5 9-4 - 11 Gide Loyrette Nouel 14 4 - - 5 12 Balcioglu & Selcuk Avukatlik Burosu - 4 7-3 4 13 Linklaters 67 3 7-4 - 14= Bowman Gilfillan Africa Group 313 3 - - - 14= Tabacks 313 3 - - Mergermarket 213 Trend Report 28 www.mergermarket.com

US: Overview of 213 Despite a volatile year for US M&A, the 213 total of US$ 893.1bn represented a 3.8% increase compared to 212 (US$ 86.1bn) Wachtell, Lipton, Rosen & Katz topped the legal advisor league table by value with US$ 32.9bn-worth of mandates, up 5.3% from 212 (US$ 21.5bn) Quarterly M&A growth comparison Total M&A value and volume 1,6 1,4 1,2 1,345.8 228.5 255.4 Annual M&A Value Q4 M&A Value Q3 M&A Value Q2 M&A Value Q1 M&A Value Value of Deals (US$bn) 1,6 1,4 1,2 1, 8 6 M&A Value Number of Deals 6, 5, 4, 3, 2, Number of Deals 4 Value of Deals (US$bn) 1, 8 6 5.8 752.4 77.6 263.2 687.9 24.8 72.6 242.8 823.3 183. 27.3 86.1 312.3 893.1 221.1 324.8 2 27 28 29 21 211 212 213 213 s US$ 893.1bn-worth of deals has led to the fourth year of increased value for UStargeted M&A. The 3.8% increase from 212 resulted in the highest annual value since 27 s US$ 1.3tn 1, 4 2 233. 98. 153. 185.5 266.2 186.2 361.1 178.4 188.2 168.4 247.5 198.9 178.8 145.4 146.4 126.6 27 28 29 21 211 212 213 At the same time, if not for the US$ 124.1bn Verizon Wireless deal, US M&A in 213 would have seen the lowest deal value since 21 (US$ 72.6bn) at US$ 769bn. This would have represented a 1.6% decline compared to 212 Expectations for 213 were high amid further economic recovery and a seemingly healthy M&A pipeline. However, despite being the driver of global M&A, US M&A has been nothing short of a roller coaster ride. Beginning the year with strong momentum (Q1 213 valued at US$ 178.8bn), the US experienced a downturn in Q2 (US$ 168.4bn), only to double in deal value by Q3 (US$ 324.8bn) and drop again in the last quarter of the year (US$ 221.1bn) With the government shutdown in October, Q4 213 saw a 31.9% decline from Q3. It also dropped 29.2% by deal value from Q4 212 (US$ 312.3bn) which was reflected in the global trend Mergermarket 213 Trend Report 29 www.mergermarket.com

US: Industry and Cross-border analysis 213 vs. (212) value and market share comparison US cross-border analysis Business Services: US$ 41.6bn (US$ 38.6bn) Consumer: US$ 94.6bn (US$ 95.5bn) Energy, Mining & Utilities: US$ 137.5bn (US$ 168.9bn) Financial Services: US$ 68.3bn (US$ 76.2bn) Industrials & Chemicals: US$ 72.6bn (US$ 1.3bn) Leisure: US$ 1bn (US$ 26.4bn) Pharma, Medical & Biotech: US$ 96.8bn (US$ 123.7bn) Real Estate: US$ 45.4bn (US$ 45.3bn) TMT: US$ 298.1bn (US$ 169.1bn) Transport: US$ 12.8bn (US$ 8.3bn) 33.4% 5.3% 5.1% 14.4% 19.6% 3.1% 1.7% 1.4% 1.8% 1.% 1.% 4.5% 212 11.7% 4.7% 1.1% 11.1% 8.9% 8.1% 1.6% 19.6% 7.6% 15.4% 213 As the US economy stabilises, local companies are increasingly looking inward for acquisition opportunities: the value of domestic deals in 213 (US$ 728.2bn) increased 9.1% from 212 (US$ 667.7bn). As a result, this was the most active year for domestic deals since 27 (US$ 976.3bn) The preference for domestic M&A can also be seen in the lack of growth for outbound activity during 213 (US$ 176.1bn) which declined 6% from 212 (US$ 187.3bn). Q4 s US$ 42.9bn declined 13.5% compared to Q3 (US$ 49.6bn) and up by 32.9% compared to Q4 212 (US$ 63.9bn) Amid improving economic conditions, the nature of the US investor abroad is changing as well. In 213, 8% of US outbound deal value came from a corporate buyer (versus a US-based financial sponsor), the highest proportion since 28 (84.4%) and the secondhighest since 21 (93.7%) Consequently, riskier investments in the emerging markets appear to be traded for stable alternatives at home. US investments into the BRICs in 213 (US$ 11.1bn, 122 deals) have declined for two consecutive years and saw the lowest deal count since 29 (11 deals) 7 Outbound M&A Value Inbound M&A Value 1,2 Other: US$ 15.5bn (US$ 8.4bn) 6 Inbound Number of Deals Outbound Number of Deals 1, Mega-deals in the TMT sector were the highlight of 213. As a result, the sector was the dominant industry by both value and count with 775 deals worth US$ 298.1bn, a 76.3% increase in deal value compared to 212 (US$ 169.1bn). Despite three of the top five deals being TMT focused, the sector s average deal size of US$ 85.8m was only the second highest behind Real Estate (US$ 1.7bn) Q4 s largest deal was in the Financial Services sector and saw the acquisition of International Lease Finance by AerCap Holdings for US$ 26.4bn. Nonetheless, the sector still experienced a 1.4% year-on-year decrease in value (US$ 68.3bn in 213 compared to US$ 76.2bn in 212) Value of Deals (US$bn) 5 4 3 2 1 8 6 4 2 Number of Deals In part due to the US s shale revolution, the share of inbound Energy, Mining & Utilities deals has decreased each year since 211, with 213 (US$ 15.4bn) representing only 11.2% of the total value (US$ 137.5bn). The share of domestic deals in the sector witnessed consecutive increases with 213 (US$ 122.1bn) accounting for 88.8% of the total 24 25 26 27 28 29 21 211 212 213 Mergermarket 213 Trend Report 3 www.mergermarket.com

US: Top deals Announced Date Bidder Company Bidder Legal Advisor Target Company Target/Seller Legal Advisor Seller Company Deal Value (US$bn) 2-Sep-13 Verizon Communications Inc Debevoise & Plimpton; Jones Day; Macfarlanes; Wachtell, Lipton, Rosen & Katz; Advising FA: Davis Polk & Wardwell; Weil Gotshal & Manges 14-Feb-13 Berkshire Hathaway Inc; and 3G Capital Egorov, Puginsky, Afanasiev & Partners; Freshfields Bruckhaus Deringer; Kirkland & Ellis; Munger Tolles & Olson 16-Dec-13 AerCap Holdings NV Cravath, Swaine & Moore; Freshfields Bruckhaus Deringer; NautaDutilh 5-Feb-13 Silver Lake Partners LP; and Michael Dell (Private investor) Blake, Cassels & Graydon; Clifford Chance; Fangda Partners; Maples & Calder; Simpson Thacher & Bartlett; Slaughter and May; Wachtell, Lipton, Rosen & Katz; Advising FA: White & Case 28-Jul-13 Publicis Groupe SA Darrois Villey Maillot Brochier; Egorov, Puginsky, Afanasiev & Partners; NautaDutilh; Slaughter and May; Wachtell, Lipton, Rosen & Katz 12-Feb-13 Comcast Corporation Davis Polk & Wardwell; Freshfields Bruckhaus Deringer; Willkie Farr & Gallagher 15-Apr-13 Thermo Fisher Scientific Inc Blake, Cassels & Graydon; Russell McVeagh; Slaughter and May; Wachtell, Lipton, Rosen & Katz; WilmerHale; Advising FA: Latham & Watkins Verizon Wireless Inc (45% Stake) H.J. Heinz Company International Lease Finance Corporation Dell Inc Omnicom Group Inc NBCUniversal Media LLC (49% Stake) Life Technologies Corp 22-May-13 Pfizer Inc (Shareholders) Zoetis Inc 6-Aug-13 Spectra Energy Partners LP Andrews Kurth; Richards Layton & Finger; Advising FA: Baker Botts 29-May-13 MidAmerican Energy Holdings Company (8.2% Stake) Spectra Energy Corp (US transmission, storage and liquids assets) Advising seller: De Brauw Blackstone Westbroek; Simpson Thacher & Bartlett; Slaughter and May Davis Polk & Wardwell; Wachtell, Lipton, Rosen & Katz; Advising FA: O'Melveny & Myers; Sullivan & Cromwell; Willkie Farr & Gallagher Advising seller: A&L Goodbody; De Brauw Blackstone Westbroek; Debevoise & Plimpton Alston & Bird; Debevoise & Plimpton; Hogan Lovells International; Advisng FA: Davis Polk & Wardwell; Latham & Watkins; Weil Gotshal & Manges De Brauw Blackstone Westbroek; Latham & Watkins; Advising FA: Jones Day Advising seller: Weil Gotshal & Manges Cravath, Swaine & Moore; Norton Rose Fulbright; Advisnig FA: Fried Frank Harris Shriver & Jacobson Advising seller: Lee and Li Attorneys at Law; Ropes & Gray; Skadden Arps Slate Meagher & Flom; Advisng FA: Davis Polk & Wardwell Advising seller: Bracewell & Giuliani; Vinson & Elkins; Advising FA: Latham & Watkins Gibson Dunn & Crutcher NV Energy Inc Hogan Lovells International; Sidley Austin; Woodburn and Wedge; Advising FA: Simpson Thacher & Bartlett Vodafone Group Plc 124.1 American International Group Inc 27.4 26.4 2.2 19.4 General Electric Company 16.7 15. Pfizer Inc 12.4 Spectra Energy Corp 12.3 1.4 Mergermarket 213 Trend Report 31 www.mergermarket.com

Americas: Legal advisor league tables League table of legal advisors to M&A by value: Americas 212 213 Company Name Value Deal Value % Val. 2 1 Wachtell, Lipton, Rosen & Katz 32,941 67 22,72 49.4% 6 2 Davis Polk & Wardwell 288,795 89 149,595 93.1% 9 3 Simpson Thacher & Bartlett 282,559 132 125,84 124.5% 4 4 Weil Gotshal & Manges 272,357 129 155,952 74.6% 3 5 Latham & Watkins 247,5 264 169,718 45.6% 15 6 Jones Day 213,2 194 17,998 97.2% 3 7 Debevoise & Plimpton 198,479 47 52,935 274.9% 29 8 Slaughter and May 188,816 13 53,352 253.9% 55 9 De Brauw Blackstone Westbroek 187,617 2 27,25 594.2% 5 1 Sullivan & Cromwell 162,361 82 15,184 8.1% 1 11 Skadden Arps Slate Meagher & Flom 159,796 147 271,415-41.1% 19 12 White & Case 137,61 123 84,329 62.5% 12 13 Cravath, Swaine & Moore 133,74 48 116,59 14.8% 45 14 Macfarlanes 131,474 14 458 28,66% 1 15 Kirkland & Ellis 124,157 275 122,444 1.4% 18 16 Freshfields Bruckhaus Deringer 12,967 72 88,254 16.7% 35 17 Fried Frank Harris Shriver & Jacobson 9,577 55 45,944 97.1% 41 18 O'Melveny & Myers 81,197 111 4,481 1.6% 8 19 Cleary Gottlieb Steen & Hamilton 8,56 61 142,742-43.6% 28 2 Vinson & Elkins 76,928 83 56,316 36.6% League table of legal advisors to M&A by deal count: Americas 212 213 Company Name Value Deal Deal Count 1 1 Kirkland & Ellis 124,157 275 276-1 3 2 Latham & Watkins 247,5 264 248 16 2 3 Jones Day 213,2 194 263-69 4 4 DLA Piper 19,682 19 22-3 5 5 Skadden Arps Slate Meagher & Flom 159,796 147 174-27 11 6 Simpson Thacher & Bartlett 282,559 132 17 25 6 7 Weil Gotshal & Manges 272,357 129 148-19 1 8 White & Case 137,61 123 18 15 12 9 Stikeman Elliott 42,155 12 17 13 28 1 O'Melveny & Myers 81,197 111 83 28 8 11 Baker & McKenzie 31,399 12 131-29 7 12 Norton Rose Fulbright 32,927 99 134-35 19 13 Shearman & Sterling 69,4 94 89 5 9 14 Blake, Cassels & Graydon 56,616 93 119-26 13 15 Morgan Lewis & Bockius 1,435 93 16-13 17 16 Davis Polk & Wardwell 288,795 89 92-3 34 17 Wilson Sonsini Goodrich & Rosati 16,2 85 75 1 16 18 Vinson & Elkins 76,928 83 95-12 22 19 Hogan Lovells International 76,549 83 86-3 14 2 Sullivan & Cromwell 162,361 82 15-23 Mergermarket 213 Trend Report 32 www.mergermarket.com

Americas: Legal advisor league tables League table of legal advisors to M&A by value: US 212 213 Company Name Value (US$m) Deal Count Value (US$m) % Val. Change 2 1 Wachtell, Lipton, Rosen & Katz 32,941 67 21,527 5.3% 6 2 Davis Polk & Wardwell 285,746 83 128,678 122.1% 8 3 Simpson Thacher & Bartlett 28,966 125 117,513 139.1% 4 4 Weil Gotshal & Manges 271,38 126 146,67 85% 3 5 Latham & Watkins 244,619 257 168,22 45.6% 11 6 Jones Day 27,44 186 99,256 19% 28 7 Debevoise & Plimpton 194,272 41 48,964 296.8% 45 8 Slaughter and May 188,816 13 28,372 565.5% 6 9 De Brauw Blackstone Westbroek 187,617 19 21,76 79.2% 9 1 Sullivan & Cromwell 157,979 75 115,479 36.8% 1 11 Skadden Arps Slate Meagher & Flom 154,41 141 236,789-34.8% 358 12 Macfarlanes 131,474 14 413 31,734% 12 13 Cravath, Swaine & Moore 131,73 46 96,238 36.2% 17 14 White & Case 13,965 115 75,949 72.4% 7 15 Kirkland & Ellis 123,642 272 122,148 1.2% 21 16 Freshfields Bruckhaus Deringer 97,95 56 57,75 69.7% 29 17 Fried Frank Harris Shriver & Jacobson 9,494 54 45,795 97.6% 34 18 O'Melveny & Myers 8,929 11 4,481 99.9% 35 19 Hogan Lovells International 74,833 76 39,922 87.4% 23 2 Vinson & Elkins 74,193 81 55,773 33% League table of legal advisors to M&A by deal count: US 212 213 Company Name Value Deal Deal Count 1 1 Kirkland & Ellis 123,642 272 273-1 3 2 Latham & Watkins 244,619 257 243 14 2 3 Jones Day 27,44 186 251-65 4 4 DLA Piper 16,557 182 211-29 5 5 Skadden Arps Slate Meagher & Flom 154,41 141 152-11 6 6 Weil Gotshal & Manges 271,38 126 143-17 1 7 Simpson Thacher & Bartlett 28,966 125 11 24 11 8 White & Case 13,965 115 97 18 17 9 O'Melveny & Myers 8,929 11 83 27 8 1 Morgan Lewis & Bockius 1,319 91 14-13 26 11 Shearman & Sterling 65,534 84 76 8 27 12 Wilson Sonsini Goodrich & Rosati 15,932 84 75 9 16 13 Davis Polk & Wardwell 285,746 83 86-3 13 14 Vinson & Elkins 74,193 81 93-12 15 15 Goodwin Procter 32,447 8 92-12 22 16 Gibson Dunn & Crutcher 71,47 79 79-7 17 Baker & McKenzie 26,383 79 113-34 12 18 Paul Hastings 26,586 77 95-18 25 19 Hogan Lovells International 74,833 76 78-2 14 2 Sullivan & Cromwell 157,979 75 92-17 Mergermarket 213 Trend Report 33 www.mergermarket.com

Americas: Legal advisor league tables to buyouts League Table of legal advisors to private equity buyouts by value: US 212 213 Company Name Value Deal Value % Val. 4 1 Kirkland & Ellis 45,841 78 11,151 311.1% 3 2 Simpson Thacher & Bartlett 41,288 28 17,259 139.2% - 3 Munger Tolles & Olson 27,362 2 - - - 4= Egorov, Puginsky, Afanasiev & Partners 27,362 1 - - 54 4= Freshfields Bruckhaus Deringer 27,362 1 52 5,35.6% 44 6 White & Case 23,469 9 1,84 2,65% 1 7 Wachtell, Lipton, Rosen & Katz 21,126 5 8,414 151.1% 51 8 Blake, Cassels & Graydon 2,169 2 875 2,25% 29 9= Clifford Chance 2,169 1 2,22 815.9% 123 9= Fangda Partners 2,169 1 - - - 9= Maples & Calder 2,169 1 - - - 9= Slaughter and May 2,169 1 - - 1 13 Latham & Watkins 13,45 28 28751-53.4% 11 14 Torys 7,4 3 6,579 12.5% 49 15 Proskauer Rose 6,754 5 975 592.7% - 16= Arthur Cox 6,535 1 - - - 16= Conyers Dill & Pearman 6,535 1 - - - 18 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 4,4 1 - - 38 19 Skadden Arps Slate Meagher & Flom 3,941 12 1,328 196.8% 5 2 Willkie Farr & Gallagher 3,333 11 1,95-69.4% * Based on the target geography only and the advisor advising the buy-side only League Table of legal advisors to private equity buyouts by deal count: US 212 213 Company Name Value Deal Deal Count 1 1 Kirkland & Ellis 45,841 78 93-15 4 2 Simpson Thacher & Bartlett 41,288 28 24 4 2 3 Latham & Watkins 13,45 28 38-1 5 4 Weil Gotshal & Manges 2,689 18 21-3 16 5 Goodwin Procter 2,28 18 1 8 6 6 Ropes & Gray 2,568 17 2-3 3 7 Jones Day 1,97 17 28-11 8 8 DLA Piper 249 14 17-3 17 9 Skadden Arps Slate Meagher & Flom 3,941 12 1 2 1 1 Paul Weiss Rifkind Wharton & Garrison 879 12 14-2 14 11 Willkie Farr & Gallagher 3,333 11 1 1 9 12 Paul Hastings 895 11 15-4 23 13 White & Case 23,469 9 7 2 12 14 Vinson & Elkins 844 9 12-3 15 15 Morgan Lewis & Bockius 41 9 1-1 7 16 McDermott Will & Emery 172 9 17-8 2 17 Fried Frank Harris Shriver & Jacobson 2,952 7 8-1 18 18 Winston & Strawn 2,29 7 9-2 31 19 Akin Gump Strauss Hauer & Feld 1,95 7 5 2 26 2 Gibson Dunn & Crutcher 9 7 6 1 Mergermarket 213 Trend Report 34 www.mergermarket.com

Americas: Legal advisor league tables League table of legal advisors to M&A by value: Canada 212 213 Company Name Value Deal Value % Val. 3 1 Osler, Hoskin & Harcourt 38,73 75 41,626-7.% 18 2 Davies Ward Phillips & Vineberg 38,225 29 14,234 168.5% 1 3 Stikeman Elliott 37,668 17 51,462-26.8% 5 4 Torys 33,757 43 31,391 7.5% 2 5 Blake, Cassels & Graydon 2,655 82 48,933-57.8% 21 6 Skadden Arps Slate Meagher & Flom 18,14 15 11,242 6.2% 12 7 Cleary Gottlieb Steen & Hamilton 17,312 6 19,472-11.1% - 8 Appleby 17,276 1 - - 27 9 Borden Ladner Gervais 16,66 28 7,729 115.6% 3 1 Latham & Watkins 15,21 13 6,384 138.1% 37 11 White & Case 11,854 9 4,557 16% 4 12 McCarthy Tetrault 11,79 45 33,997-65.3% 215 13 Arthur Cox 1,439 2 - - 24 14 Ashurst 9,65 7 8,89 9.5% 13 15 Sullivan & Cromwell 9,511 7 19,82-5.2% League table of legal advisors to M&A by deal count: Canada 212 213 Company Name Value Deal Deal Count 1 1 Stikeman Elliott 37,668 17 95 12 2 2 Blake, Cassels & Graydon 2,655 82 93-11 5 3 Osler, Hoskin & Harcourt 38,73 75 54 21 4 4 Gowling Lafleur Henderson 4,618 5 55-5 3 5 McCarthy Tetrault 11,79 45 58-13 8 6 Torys 33,757 43 35 8 6 7 Norton Rose Fulbright 7,534 35 41-6 7 8 Fasken Martineau Dumoulin 8,379 3 4-1 1 9 Davies Ward Phillips & Vineberg 38,225 29 27 2 9 1 Borden Ladner Gervais 16,66 28 32-4 16 11 Heenan Blaikie 1,689 26 22 4 13 12 Goodmans 5,77 23 26-3 12 13 Cassels Brock & Blackwell 8,328 22 26-4 11 14 Bennett Jones 2,943 21 26-5 17 15 Skadden Arps Slate Meagher & Flom 18,14 15 21-6 League table of legal advisors to M&A by value: Central & South America 212 213 Company Name Value Deal Value % Val. 2 1 Cleary Gottlieb Steen & Hamilton 29,562 9 11,152 165.1% 3 2 Clifford Chance 23,462 6 3,129-22.1% - 3 Robles Miaja Abogados 23,386 2 - - 26 4 Allen & Overy 22,79 3 7,455 24.6% 6 5 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 14,286 44 2,945-31.8% 1 6 Sullivan & Cromwell 9,58 8 33,346-71% 28 7 Barbosa, Mussnich & Aragao 8,614 28 5,957 45% 21 8 Jones Day 8,61 16 1,985-22% 17 9 Linklaters 7,923 12 13,44-39.3% 2 1 Skadden Arps Slate Meagher & Flom 7,617 5 31,146-75.5% 14 11 Lefosse Advogados 7,47 16 14,645-51.9% 25 12 Baker & McKenzie 6,963 22 7,773-1.4% 15 13 Pinheiro Neto Advogados 6,957 33 14,489-52% 24 14 Souza, Cescon, Barrieu & Flesch Advogados 6,778 23 8,467-19.9% 4 15 Davis Polk & Wardwell 5,172 11 366 41.3% League table of legal advisors to M&A by deal count: Central & South America 212 213 Company Name Value Deal Deal Count 3 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 14,286 44 33 11 2 2 Pinheiro Neto Advogados 6,957 33 42-9 4 3 Barbosa, Mussnich & Aragao 8,614 28 32-4 1 4 Machado Meyer Sendacz e Opice 4,16 28 48-2 9 5 Veirano Advogados 3,683 26 18 8 5 6 Souza, Cescon, Barrieu & Flesch Advogados 6,778 23 29-6 6 7 Baker & McKenzie 6,963 22 24-2 8 8 Tozzini Freire Teixeira e Silva Advogados 4,56 22 2 2 1 9 Jones Day 8,61 16 17-1 7 1 Lefosse Advogados 7,47 16 21-5 17 11 Rodrigo Elias & Medrano 2,132 16 15 1-12 Stocche, Forbes, Padis, Filizzola e Clapis Advogados 4,131 13 - - 12 13 Linklaters 7,923 12 16-4 14 14 White & Case 3,769 12 15-3 2 15 Demarest 958 12 14-2 Mergermarket 213 Trend Report 35 www.mergermarket.com

Americas: Legal advisor league tables League table of legal advisors to M&A by value: US Mid-West 212 213 Company Name Value Deal Value % Val. 23 1 Kirkland & Ellis 55,967 86 35,348 58.3% 22 3 Sullivan & Cromwell 54,66 19 35,425 54.1% 2 4 Wachtell, Lipton, Rosen & Katz 43,768 17 95,384-54% 21 5 Davis Polk & Wardwell 42,42 17 35,466 19.6% 8 6 Simpson Thacher & Bartlett 38,72 21 45,88-14.1% 11 7 Willkie Farr & Gallagher 33,885 13 41,989-19.3% 6 8 Freshfields Bruckhaus Deringer 3,358 6 6,247 386% 33 9 O'Melveny & Myers 29,89 13 13,16 129% - 1 Munger Tolles & Olson 29,412 3 - - - 11 Egorov, Puginsky, Afanasiev & Partners 27,362 1 - - 1 12 Skadden Arps Slate Meagher & Flom 24,883 37 13,293-75.9% 12 13 Latham & Watkins 23,23 5 41,117-44% 41 14 Gibson Dunn & Crutcher 21,333 2 11,174 9.9% 13 15 Jones Day 15,47 43 38,86-6.1% 31 2 Sidley Austin 15,111 22 14,985 1% League table of legal advisors to M&A by deal count: US Mid-West 212 213 Company Name Value Deal Deal Count 2 1 Kirkland & Ellis 55,967 86 99-13 3 2 Latham & Watkins 23,23 5 58-8 1 3 Jones Day 15,47 43 99-56 4 4 DLA Piper 4,26 4 54-14 8 5 Skadden Arps Slate Meagher & Flom 24,883 37 34 3 24 6 Foley & Lardner 3,63 28 18 1 18 7 White & Case 12,148 25 23 2 16 8 Dorsey & Whitney 2,923 23 24-1 6 9 Sidley Austin 15,111 22 35-13 17 1 Simpson Thacher & Bartlett 38,72 21 23-2 46 11 Goodwin Procter 2,846 21 12 9 25 12 Bryan Cave 1,591 21 17 4 29 13 Gibson Dunn & Crutcher 21,333 2 16 4 9 14 Baker & McKenzie 8,442 2 32-12 22 15 Ropes & Gray 7,355 2 2 - League table of legal advisors to M&A by value: US South 212 213 Company Name Value Deal Value % Val. 1 1 Latham & Watkins 88,296 1 77,389 14.1% 2 2 Weil Gotshal & Manges 85,52 46 69,683 22.1% 19 3 Simpson Thacher & Bartlett 71,91 51 28,5 152.3% 16 4 White & Case 71,513 48 35,771 99.9% 9 5 Vinson & Elkins 71,265 73 51,428 38.6% 3 6 Wachtell, Lipton, Rosen & Katz 62,65 33 68,582-8.6% 7 7 Bracewell & Giuliani 49,333 39 52,117-5.3% 13 8 Alston & Bird 42,793 36 37,547 14% 8 9 Skadden Arps Slate Meagher & Flom 41,624 41 51,641-19.4% 15 1 Baker Botts 41,16 3 36,2 14.3% 4 11 Davis Polk & Wardwell 41,123 2 62,79-33.8% 17 12 Debevoise & Plimpton 36,81 14 33,459 7.8% 6 13 Kirkland & Ellis 35,939 117 52,779-31.9% 2 14 Hogan Lovells International 29,737 33 27,316 8.9% 39 15 Clifford Chance 29,633 17 11,847 15.1% League table of legal advisors to M&A by deal count: US South 212 213 Company Name Value Deal Deal Count 1 1 Kirkland & Ellis 35,939 117 121-4 3 2 Latham & Watkins 88,296 1 94 6 5 3 DLA Piper 9,278 82 82-2 4 Jones Day 26,89 74 95-21 4 5 Vinson & Elkins 71,265 73 84-11 18 6 Simpson Thacher & Bartlett 71,91 51 34 17 12 7 White & Case 71,513 48 41 7 6 8 Weil Gotshal & Manges 85,52 46 58-12 15 9 Morgan Lewis & Bockius 5,75 45 36 9 7 1 Norton Rose Fulbright 7,583 43 58-15 8 11 Skadden Arps Slate Meagher & Flom 41,624 41 51-1 3 12 Akin Gump Strauss Hauer & Feld 16,527 41 29 12 2 13 Bracewell & Giuliani 49,333 39 32 7 13 14 Alston & Bird 42,793 36 36-1 15 Greenberg Traurig 14,41 35 43-8 Mergermarket 213 Trend Report 36 www.mergermarket.com

Americas: Legal advisor league tables League table of legal advisors to M&A by value: US West 212 213 Company Name Value Deal Value % Val. 2 1 Latham & Watkins 127,726 134 78,124 63.5% 4 2 Cravath, Swaine & Moore 91,287 17 6,835 1,235.6% 11 3 Sullivan & Cromwell 71,5 25 29,789 14% 24 4 Fried Frank Harris Shriver & Jacobson 57,758 16 14,529 297.5% 13 5 Wachtell, Lipton, Rosen & Katz 57,518 18 27,211 111.4% 5 6 Simpson Thacher & Bartlett 53,234 36 48,33 1.1% 1 7 Gibson Dunn & Crutcher 5,427 53 31,221 61.5% 9 8 Shearman & Sterling 46,98 26 38,492 19.8% 3 9 Skadden Arps Slate Meagher & Flom 42,714 45 68,118-37.3% 21 1 O'Melveny & Myers 41,626 76 15,813 163% 6 11 Kirkland & Ellis 39,496 15 44,81-1.4% 1 12 Weil Gotshal & Manges 37,951 46 8,787-53% 12 13 Hogan Lovells International 37,95 25 29,67 27.6% 19 14 Freshfields Bruckhaus Deringer 36,475 12 17,113 113.1% 52 15 De Brauw Blackstone Westbroek 35,162 3 5,43 55.8% League table of legal advisors to M&A by deal count: US West 212 213 Company Name Value Deal Deal Count 1 1 Latham & Watkins 127,726 134 118 16 2 2 Kirkland & Ellis 39,496 15 116-11 3 3 DLA Piper 9,594 86 92-6 8 4 O'Melveny & Myers 41,626 76 53 23 5 5 Wilson Sonsini Goodrich & Rosati 14,293 68 63 5 12 6 Fenwick & West 9,43 63 49 14 4 7 Jones Day 22,923 59 78-19 13 8 Gibson Dunn & Crutcher 5,427 53 48 5 1 9 Weil Gotshal & Manges 37,951 46 51-5 6 1 Skadden Arps Slate Meagher & Flom 42,714 45 61-16 7 11 Morrison & Foerster 15,958 43 54-11 2 12 White & Case 34,141 42 34 8 11 13 Paul Hastings 1,142 4 51-11 14 14 Goodwin Procter 25,27 39 44-5 46 15 Orrick Herrington & Sutcliffe 2,85 38 16 22 League table of legal advisors to M&A by value: US North East 212 213 Company Name Value Deal Value % Val. 5 1 Wachtell, Lipton, Rosen & Katz 265,41 4 64,152 313.1% 11 2 Davis Polk & Wardwell 253,369 55 43,549 481.8% 3 3 Weil Gotshal & Manges 217,817 75 82,481 164.1% 4 4 Simpson Thacher & Bartlett 25,851 78 69,73 195.3% 45 5 Slaughter and May 188,574 11 12,211 1,444.3% 13 6 Debevoise & Plimpton 187,998 29 34,87 439.1% 75 7 De Brauw Blackstone Westbroek 176,139 12 4,787 3,579.5% 1 8 Jones Day 167,544 91 45,466 268.5% 256 9 Macfarlanes 13,992 11 317 41,222% 2 1 Latham & Watkins 15,299 111 85,852 22.7% 1 11 Skadden Arps Slate Meagher & Flom 95,786 74 9,212 6.2% 23 12 Freshfields Bruckhaus Deringer 84,58 34 22,882 267.4% 9 13 Sullivan & Cromwell 8,64 38 48,391 66.6% 6 14 Kirkland & Ellis 75,971 154 6,946 24.7% 8 15 White & Case 73,179 49 48,863 49.8% League table of legal advisors to M&A by deal count: US North East 212 213 Company Name Value Deal Deal Count 1 1 Kirkland & Ellis 75,971 154 149 5 2 2 Latham & Watkins 15,299 111 121-1 3 3 Jones Day 167,544 91 118-27 6 4 Simpson Thacher & Bartlett 25,851 78 73 5 4 5 Weil Gotshal & Manges 217,817 75 94-19 5 6 Skadden Arps Slate Meagher & Flom 95,786 74 75-1 8 7 Goodwin Procter 8,973 61 65-4 7 8 DLA Piper 5,163 6 67-7 17 9 Davis Polk & Wardwell 253,369 55 4 15 9 1 Morgan Lewis & Bockius 6,654 51 62-11 14 11 White & Case 73,179 49 47 2 39 12 Willkie Farr & Gallagher 62,665 48 27 21 11 13 Ropes & Gray 26,263 43 53-1 25 14 O'Melveny & Myers 33,618 42 33 9 15 15 Dechert 9,56 41 42-1 Mergermarket 213 Trend Report 37 www.mergermarket.com

Asia-Pacific (excl. Japan): Overview of 213 Asia-Pacific (excl. Japan) saw the highest value on Mergermarket record in 213 (US$ 43.4bn), up 15% from 212 (US$ 35.9bn) Herbert Smith Freehills over took Allen & Overy (now in ninth place) to lead the legal advisor league table in 213 with deals valued at US$ 57.9bn Quarterly M&A growth comparison Total M&A value and volume 45 4 Annual M&A Value Q4 M&A value Q3 M&A Value Q2 M&A Value Q1 M&A Value 43.4 12.7 45 4 35 M&A Value Number of Deals 3, 2,5 3 2, Value of Deals (US$bn) 35 3 25 2 342.9 91.9 75.4 347.6 9.2 56.7 126. 294.3 15.9 65.9 362.8 132.8 92.5 356.6 73.8 113.7 35.9 85.1 13.5 17.6 Value of Deals (US$bn) 25 2 15 1 5 27 28 29 21 211 212 213 Asia-Pacific s (excl. Japan) reached the highest value for M&A on Mergermarket record (since 21) in 213 with deals valued at US$ 43.4bn, up 15% from 212(US$ 35.9bn) 1,5 1, 5 Number of Deals 15 1 5 9.5 79.4 13. 8.5 71.2 76.8 85.1 89.7 81.8 74.7 66.3 72.1 45.7 27 28 29 21 211 212 213 Amid a global slowdown during Q4, Asia-Pacific (excl. Japan) fared better than other regions as it was the only region to increase its Q4 value (US$ 12.7bn) compared to Q4 212 (US$ 85.1bn), up 41.8%. It also saw the highest increase from Q3, up 12.2% from Q3 s two year high of US$ 17.6bn Mid-market M&A reached the highest annual total on Mergermarket record (since 21). Deals totalled US$ 141.9bn were up 42.9% by value compared to 212 (US$ 99.3bn) and contributed the highest share (23.4%) to the total mid-market value since 29 (27.4%) The largest transaction in Q4 was the announcement of the region s only mega-deal this year. Westfield s US$ 1.8bn merger of its Australia and New Zealand assets with Westfield REIT to create Scentre Group had a 1% higher deal value than the top deal during Q1-Q3 (a US$ 9.8bn joint venture between Taikang Asset Management Company and Beijing Guolian Energy Industry Investment Fund) Mergermarket 213 Trend Report 38 www.mergermarket.com

Asia-Pacific (excl. Japan): Industry and Cross-border analysis 213 vs. (212) value and market share comparison Asia-Pacific (excl. Japan) cross-border analysis Business Services: US$ 12.3bn (US$ 12.7bn) Consumer: US$ 42.7bn (US$ 49bn) Energy, Mining & Utilities: US$ 93.9bn (US$ 65.5bn) Financial Services: US$ 51.7bn (US$ 54.8bn) Industrials & Chemicals: US$ 55.7bn (US$ 59bn) Leisure: US$ 7.6bn (US$ 5.2bn) Pharma, Medical & Biotech: US$ 16.5bn (US$ 12.5bn) Real Estate: US$ 36.7bn (US$ 11.5bn) TMT: US$ 44.5bn (US$ 53.1bn) 9.1% 11.% 4.1% 1.9% 3.3% 3.6% 1.5% 5.1% 15.1% 16.8% 5.2% 3.8% 3.6% 4.1% 212 3.% 15.6% 14.% 1.6% 18.7% 23.3% 213 Outbound activity was valued between US$ 16bn - US$ 19bn every quarter in 213 apart from Q2 s US$ 26.5bn. With consistent deal values, the year ended with deals valued at US$ 8.2bn, a slight decrease of 2.4% from 212 (US$ 82.2bn) Africa and Middle East saw an 163.4% worth of value from Asia-Pacific (excl. Japan) with deals valued at US$ 18.8bn compared to US$ 7.1bn last year. As a result the annual total of outbound deals into the region accounted for 23.4% of total outbound investment, a considerable increase from 8.7% in 212. This is likely to continue as the region looks into more energy resources. Inbound M&A also failed to make a significant difference compared to 212 with deals valued at US$ 69.4bn yet it still registered a 3% increase from US$ 67.4bn last year. Inbound investment from every region remained on par with the values seen last year Consumer deals were most active in Asia s outbound transactions with deals valued at US$ 12.3bn more than doubling the value in 212 (US$ 4.1bn) with eight extra deals. Meanwhile, inbound investment into the sector during 213 declined 36.4% to US$ 11bn compared to US$ 17.3bn last year Transport: US$ 2.7bn (US$ 14.5bn) 13.8% 12.8% 25 Outbound M&A Value Inbound M&A Value 6 Inbound Number of Deals Other: US$ 21.1bn (US$ 13.2bn) 2 Outbound Number of Deals 5 Asia-Pacific (excl. Japan) saw the majority of its sectors increase by both deal value and number of deals, the opposite trend seen in most other regions The largest increase by both deal value and deal count was the Real Estate sector, up 219.1% by value to US$ 36.7bn compared to US$ 11.5bn in 212 and up 49.4% by deal count with 121 deals versus 81 last year Value of Deals (US$bn) 15 1 4 3 Number of Deals Energy, Mining & Utilities M&A remained the most active sector during 213 with deals worth US$ 93.9bn, up 43.4% by value from 212 (US$ 65.5bn) and increasing its market share to 23.3% compared to 18.7% last year 5 2 1 As the region s Pharma, Medical & Biotech companies battle it out to be the market leader (particularly in China), the sector saw the second highest increase by deal count (after Real Estate), up 27.5% with 195 deals compared to 153 deals last year. The sector also saw a 32% increase by value with deals valued at US$ 16.5bn versus US$ 12.5bn in 212 24 25 26 27 28 29 21 211 212 213 Mergermarket 213 Trend Report 39 www.mergermarket.com

Asia-Pacific (excl. Japan): Top deals * : lapsed/ withdrawn bid Announced Date Bidder Company Bidder Legal Advisors Target Company Target/Seller Legal Advisors Seller Company Deal Value (US$bn) 4-Dec-13 Scentre Group Westfield Retail Trust Ashurst; Herbert Smith Freehills; Advising seller: Skadden Arps Slate Meagher & Flom Westfield Group 1.8 14-Jun-13 Taikang Asset Management Company; and Beijing Guolian Energy Industry Investment Fund PetroChina United Pipelines Company Limited (5% Stake) Advising seller: King & Wood Mallesons PetroChina Company Limited 9.9 1-May-13* China Resources Power Holdings Co Ltd Fangda Partners; Advising FA: Norton Rose Fulbright China Resources Gas Group Limited Herbert Smith Freehills; Slaughter and May 7 31-May-13 SM Prime Holdings Inc SM Land Inc SM Investments Corporation; and SY Family 6.7 23-Apr-13 CP ALL Plc Baker & McKenzie Siam Makro Public Co Ltd (96.9%) Advising seller: Clifford Chance SHV Holdings NV 6.2 2-Jul-13 Mitsubishi UFJ Financial Group Inc Allen & Overy; Nishimura & Asahi; Sullivan & Cromwell Bank of Ayudhya Public Company Limited (72.1% Stake) Baker & McKenzie; Advising seller: King & Wood Mallesons; Thanathip & Partners GE Capital Corporation 5.5 7-Sep-13 China National Petroleum Corporation Vinson & Elkins Kashagan Oil Project (8.33% Stake) ConocoPhillips Company 5.4 5-Feb-13 Guangxi Guiguan Electric Power Co Ltd Capital Law & Partners LongTan Hydropower Development Co Ltd (85% Stake) 1-Apr-13 Midea Group Co Ltd JiaYuan Law Firm GD Midea Holding Co Ltd (58.83% Stake) Guangxi Investment Group Co Ltd; China Datang Corporation; and Guizhou Industrial Investment Co Ltd Zhong Xin Xie Cheng Law Firm 4.9 4.9 12-Apr-13 NSW Ports Consortium Herbert Smith Freehills Port Botany Advising seller: Minter Ellison Government of New South Wales 4.5 Mergermarket 213 Trend Report 4 www.mergermarket.com

Asia-Pacific (excl. Japan): Legal advisor league tables League table of legal advisors to M&A by value: Asia-Pacific (excl. Japan) 212 213 Company Name Value Deal Value % Val. 3 1 Herbert Smith Freehills 57,891 72 46,487 24.5% 4 2 King & Wood Mallesons 49,169 12 3,854 59.4% 6 3 Linklaters 44,591 6 28,82 54.8% 5 4 Skadden Arps Slate Meagher & Flom 39,569 45 29,17 35.6% 8 5 Baker & McKenzie 3,11 88 28,73 7.2% 27 6 Clifford Chance 26,189 41 17,387 51% 35 7 Kim & Chang 23,655 64 11,44 16.8% 2 8 Freshfields Bruckhaus Deringer 23,6 36 48,274-52.2% 1 9 Allen & Overy 22,822 55 55,692-59% 31 1 Allens 22,291 63 15,172 46.9% 29 11 Fangda Partners 22,181 3 15,748 4.8% 24 12 Ashurst 21,855 54 18,331 19.2% 15 13 Davis Polk & Wardwell 19,985 19 23,485-14.9% 58 14 Minter Ellison 15,571 61 5,61 177.6% 26 15 Norton Rose Fulbright 15,158 5 17,84-15% 32 16 Slaughter and May 14,982 16 13,412 11.7% 43 17 Jones Day 14,872 24 9,227 61.2% 68 18 Paul Hastings 14,634 13 3,97 268.6% 44 19 Simpson Thacher & Bartlett 13,786 15 8,773 57.1% 14 2 Sullivan & Cromwell 13,568 11 23,75-42.9% League table of legal advisors to M&A by deal count: Asia-Pacific (excl. Japan) 212 213 Company Name Value Deal Deal Count 2 1 King & Wood Mallesons 49,169 12 86 16 1 2 Baker & McKenzie 3,11 88 9-2 12 3 DLA Piper 4,251 76 46 3 3 4 Herbert Smith Freehills 57,891 72 84-12 4 5 Kim & Chang 23,655 64 63 1 9 6 Allens 22,291 63 47 16 7 7 Minter Ellison 15,571 61 54 7 16 8 Linklaters 44,591 6 4 2 5 9 Allen & Overy 22,822 55 58-3 1 1 Ashurst 21,855 54 46 8 34 11 Shin & Kim 9,419 52 23 29 6 12 Norton Rose Fulbright 15,158 5 58-8 25 13 AZB & Partners 3,37 46 31 15 24 14 Skadden Arps Slate Meagher & Flom 39,569 45 31 14 21 15 Bae Kim & Lee 12,128 44 38 6 8 16 Clifford Chance 26,189 41 47-6 13 17 Amarchand & Mangaldas & Suresh A Shroff & Co 9,965 38 45-7 19 18 Clayton Utz 3,935 38 39-1 22 19 Freshfields Bruckhaus Deringer 23,6 36 33 3 14 2 Lee & Ko 9,282 35 45-1 Mergermarket 213 Trend Report 41 www.mergermarket.com

Asia-Pacific (excl. Japan): Legal advisor league tables to buyouts League Table of legal advisors to private equity buyouts by value: Asia-Pacific (excl. Japan) 212 213 Company Name Value Deal Value % Val. 5 1 Kim & Chang 9,272 2 2,766 235.2% 27 2 Herbert Smith Freehills 6,585 5 813 71% 8 3 King & Wood Mallesons 3,275 4 2,77 57.7% 3 4 Cleary Gottlieb Steen & Hamilton 2,751 5 622 342.3% 16 5 Skadden Arps Slate Meagher & Flom 2,196 8 1,327 65.5% 37 6 Bae Kim & Lee 1,612 5 28 475.7% - 7 Torys 1,527 1 - - 34 8 Baker & McKenzie 1,338 4 35 338.7% - 9 Debevoise & Plimpton 1,277 2 - - 1 1 Conyers Dill & Pearman 1,154 4 1,79-35.5% 44 11 Simpson Thacher & Bartlett 1,58 5 147 619.7% 7 12 Davis Polk & Wardwell 913 3 2,14-56.6% 29 13 Allen & Overy 766 6 636 2.4% 41 14 Shin & Kim 626 5 236 165% 1 16 Paul Weiss Rifkind Wharton & Garrison 578 2 3,833-84.9% 28 17 Clifford Chance 56 5 81-3.1% 2 18 Freshfields Bruckhaus Deringer 559 3 1,83-48.4% 14 19 Gilbert + Tobin 433 4 1,692-74.4% 4 2 Ropes & Gray 431 2 2,868-85% 49 15 Allen & Gledhill 622 3 15 492.4% * Based on the target geography only and the advisor advising the buy-side only League Table of legal advisors to private equity buyouts by deal count: Asia-Pacific (excl. Japan) 212 213 Company Name Value Deal Deal Count 2 1 Kim & Chang 9,272 2 1 1 7 2 Skadden Arps Slate Meagher & Flom 2,196 8 6 2 9 3 AZB & Partners 325 8 6 2 27 4 Allen & Overy 766 6 3 3 13 5 O'Melveny & Myers 331 6 5 1 8 6 Herbert Smith Freehills 6,585 5 6-1 32 7 Cleary Gottlieb Steen & Hamilton 2,751 5 2 3 12 8 Bae Kim & Lee 1,612 5 5-36 9 Simpson Thacher & Bartlett 1,58 5 2 3 53 1 Shin & Kim 626 5 1 4 17 11 Clifford Chance 56 5 4 1 16 12 Amarchand & Mangaldas & Suresh A Shroff & Co 282 5 4 1 3 13 Minter Ellison 95 5 9-4 14 14 King & Wood Mallesons 3,275 4 4-51 15 Baker & McKenzie 1,338 4 1 3 31 16 Conyers Dill & Pearman 1,154 4 2 2 4 17 Gilbert + Tobin 433 4 8-4 6 18 Johnson Winter & Slattery 42 4 1 3 1 19 Fangda Partners 41 4 1-6 23 2 Nishith Desai Associates 73 4 4 - Mergermarket 213 Trend Report 42 www.mergermarket.com

Asia-Pacific (excl. Japan): Legal advisor league tables League table of legal advisors to M&A by value: Asia (Excl. Japan & Australasia) 212 213 Company Name Value Deal Value % Val. 4 1 Linklaters 42,549 49 28,368 5% 22 2 King & Wood Mallesons 34,25 47 19,575 75% 3 3 Herbert Smith Freehills 28,644 26 3,581-6.3% 7 4 Skadden Arps Slate Meagher & Flom 27,6 4 27,115 -.2% 25 5 Clifford Chance 25,459 35 16,657 53% 11 6 Baker & McKenzie 25,85 58 23,76 5.6% 33 7 Kim & Chang 23,655 64 11,44 16.8% 2 8 Freshfields Bruckhaus Deringer 22,257 35 48,274-53.9% 27 9 Fangda Partners 22,181 3 15,748 4.8% 13 1 Davis Polk & Wardwell 19,985 19 23,34-14.4% 1 11 Allen & Overy 19,959 42 5,89-6.2% 29 12 Norton Rose Fulbright 14,67 24 13,355 9.8% 31 13 Slaughter and May 13,912 13 13,141 5.9% 14 14 Sullivan & Cromwell 13,568 11 23,286-41.7% 63 15 Paul Hastings 13,439 12 3,97 238.5% League table of legal advisors to M&A by deal count: Asia (Excl. Japan & Australasia) 212 213 Company Name Value Deal Deal Count 2 1 Kim & Chang 23,655 64 63 1 1 2 Baker & McKenzie 25,85 58 63-5 23 3 Shin & Kim 9,419 52 23 29 13 4 Linklaters 42,549 49 35 14 6 5 King & Wood Mallesons 34,25 47 4 7 15 6 AZB & Partners 3,37 46 31 15 1 7 Bae Kim & Lee 11,595 44 38 6 12 8 Allen & Overy 19,959 42 35 7 17 9 Skadden Arps Slate Meagher & Flom 27,6 4 28 12 3 1 Amarchand & Mangaldas & Suresh A Shroff & Co 9,965 38 45-7 7 11 Clifford Chance 25,459 35 4-5 14 12 Freshfields Bruckhaus Deringer 22,257 35 32 3 4 13 Lee & Ko 9,282 35 45-1 24 14 DLA Piper 3,153 34 23 11 11 15 Allen & Gledhill 8,466 33 37-4 League table of legal advisors to M&A by value: Australasia 212 213 Company Name Value Deal Value % Val. 1 1 Herbert Smith Freehills 36,666 58 21,777 68.4% 2 2 Allens 22,291 63 14,953 49.1% 4 3 Ashurst 19,72 45 11,351 68% 3 4 King & Wood Mallesons 18,729 65 13,823 35.5% 7 5 Minter Ellison 15,463 59 5,61 175.6% 22 6 Skadden Arps Slate Meagher & Flom 12,59 5 2,55 58.7% 12 7 Corrs Chambers Westgarth 8,384 32 4,23 99.5% 6 8 Gilbert + Tobin 8,17 31 9,891-19% 9 9 Linklaters 7,142 16 4,915 45.3% 11 1 Baker & McKenzie 6,352 38 4,686 35.6% 4 11 Russell McVeagh 4,27 12 793 438% 21 12 Johnson Winter & Slattery 4,252 22 2,82 14.2% 5 13 Clayton Utz 3,935 38 1,731-63.3% 45 14 Allen & Gledhill 3,877 5 686 465.2% 8 15 Allen & Overy 3,691 16 5,63-34.1% League table of legal advisors to M&A by deal count: Australasia 212 213 Company Name Value Deal Deal Count 2 1 King & Wood Mallesons 18,729 65 56 9 5 2 Allens 22,291 63 41 22 3 3 Minter Ellison 15,463 59 54 5 1 4 Herbert Smith Freehills 36,666 58 62-4 11 5 DLA Piper 1,293 47 24 23 7 6 Ashurst 19,72 45 37 8 9 7 Baker & McKenzie 6,352 38 33 5 6 8 Clayton Utz 3,935 38 38-1 9 Corrs Chambers Westgarth 8,384 32 32-8 1 Norton Rose Fulbright 1,347 32 35-3 4 11 Gilbert + Tobin 8,17 31 46-15 22 12 Johnson Winter & Slattery 4,252 22 1 12 17 13 Chapman Tripp 3,469 2 15 5 21 14 Linklaters 7,142 16 1 6 12 15 Allen & Overy 3,691 16 23-7 Mergermarket 213 Trend Report 43 www.mergermarket.com

Asia-Pacific (excl. Japan): Legal advisor league tables League table of legal advisors to M&A by value: Greater China 212 213 Company Name Value Deal Value % Val. 14 1 King & Wood Mallesons 32,167 45 18,241 76.3% 4 2 Linklaters 25,343 31 23,4 1% 16 3 Fangda Partners 22,181 3 15,748 4.8% 18 4 Skadden Arps Slate Meagher & Flom 18,669 31 14,82 26.1% 1 5 Herbert Smith Freehills 16,976 1 2,792-18.4% 35 6 Vinson & Elkins 12,931 4 5,281 145% 34 7 Slaughter and May 1,917 9 5,345 14% 37 8 Norton Rose Fulbright 1,442 1 4,612 126.4% 5 9 JiaYuan Law Firm 9,33 1 2,425 283.6% 48 1 Paul Hastings 9,15 6 2,671 242.6% 31 11 Simpson Thacher & Bartlett 8,469 6 6,768 25.1% 1 12 Freshfields Bruckhaus Deringer 8,172 19 46,363-82.4% 5 13 Davis Polk & Wardwell 7,468 11 22,983-67.5% 26 14 Grandall Law Firm 7,356 23 8,77-8.9% - 15 Troutman Sanders 7,254 3 - - League table of legal advisors to M&A by deal count: Greater China 212 213 Company Name Value Deal Deal Count 1 1 King & Wood Mallesons 32,167 45 32 13 8 2 Linklaters 25,343 31 21 1 7 3 Skadden Arps Slate Meagher & Flom 18,669 31 22 9 3 4 Fangda Partners 22,181 3 26 4 31 5 Zhong Lun Law Firm 7,82 27 8 19 2 6 Baker & McKenzie 6,843 27 27-9 7 Grandall Law Firm 7,356 23 21 2 1 8 O'Melveny & Myers 2,216 21 19 2 5 9 Freshfields Bruckhaus Deringer 8,172 19 25-6 27 1 Grandway Law Offices 6,57 17 9 8 4 11 Clifford Chance 6,387 17 26-9 6 12 Jingtian & Gongcheng 4,843 16 23-7 26 13 DLA Piper 1,277 16 1 6 23 14 Jun He Law Offices 4,762 15 11 4 33 15 Shearman & Sterling 4,687 14 8 6 League table of legal advisors to M&A by value: India 212 213 Company Name Value Deal Value % Val. 1 1 Amarchand & Mangaldas & Suresh A Shroff & Co 9,965 36 2,43-51.2% 25 2 Simmons & Simmons 5,115 2 1, 412% 16 3 Jones Day 4,9 4 1,151 248.3% 46 4 Davis Polk & Wardwell 3,886 4 332 1,7.5% 39 5 Linklaters 3,648 3 394 825.9% 133 6 Talwar Thakore & Associates 3,61 5 - - 6 7 Slaughter and May 3,35 5 4,886-31.4% 89 8 White & Case 3,333 5 36 9,158.3% 7 9 AZB & Partners 3,35 45 4,855-32% - 1 PLMJ - Sociedade de Advogados 2,475 1 - - - 11 Bowman Gilfillan Africa Group 2,436 2 - - - 12 Homburger 2,433 1 - - - 13= CMS 2,331 1 - - - 13= Sullivan & Cromwell 2,331 1 - - 1 15 Khaitan & Co 2,246 27 3,595-37.5% League table of legal advisors to M&A by deal count: India 212 213 Company Name Value Deal Deal Count 4 1 AZB & Partners 3,35 45 3 15 1 2 Amarchand & Mangaldas & Suresh A Shroff & Co 9,965 36 44-8 3 3 Khaitan & Co 2,246 27 37-1 2 4 Desai & Diwanji 617 24 4-16 5 5 Trilegal 697 22 2 2 7 6 J Sagar Associates 693 17 15 2 16 7 DLA Piper 1,573 13 6 7 1 8 Tatva Legal 219 13 11 2 11 9 Nishith Desai Associates 115 8 9-1 9 1 Rajani, Singhania & Partners 298 7 11-4 6 11 DSK Legal 1,674 6 16-1 17 12 Luthra & Luthra Law Offices 325 6 5 1 133 13 Talwar Thakore & Associates 3,61 5 1 4 28 14 Slaughter and May 3,35 5 3 2 94 15 White & Case 3,333 5 1 4 Mergermarket 213 Trend Report 44 www.mergermarket.com

Asia-Pacific (excl. Japan): Legal advisor league tables League table of legal advisors to M&A by value: South East Asia 212 213 Company Name Value Deal Value % Val. 6 1 Baker & McKenzie 18,81 31 15,867 14% 14 2 Clifford Chance 12,762 18 7,46 72.3% 7 3 Linklaters 9,394 16 15,7-37.7% 5 4 Allen & Overy 9,218 26 2,64-55.3% 71 5 Davis Polk & Wardwell 8,731 4 325 2,586% 1 6 Allen & Gledhill 8,466 33 27,572-69.3% 124 7 Nishimura & Asahi 7,323 2 42 17,336% 11 8 Freshfields Bruckhaus Deringer 7,29 12 13,43-44% 9 9 Latham & Watkins 7,155 4 14,214-5% 27 1 Skadden Arps Slate Meagher & Flom 6,78 6 1,838 265% 24 11 Herbert Smith Freehills 6,25 12 2,143 189.5% 45 12 Sullivan & Cromwell 5,695 2 752 657.3% 23 13 Shearman & Sterling 5,663 3 2,298 146.4% 3 14 Stamford Law Corporation 4,84 16 23,959-79.9% 73 15 Minter Ellison 3,739 3 316 1,83.2% League table of legal advisors to M&A by deal count: South East Asia 212 213 Company Name Value Deal Deal Count 2 1 Allen & Gledhill 8,466 33 37-4 1 2 Baker & McKenzie 18,81 31 39-8 5 3 Allen & Overy 9,218 26 15 11 3 4 WongPartnership 2,991 2 37-17 1 5 Clifford Chance 12,762 18 11 7 8 6 Linklaters 9,394 16 11 5 4 7 Stamford Law Corporation 4,84 16 18-2 12 8 Rajah & Tann 2,887 15 11 4 2 9 Freshfields Bruckhaus Deringer 7,29 12 6 6 7 1 Herbert Smith Freehills 6,25 12 13-1 11 11 Norton Rose Fulbright 2,516 12 11 1 6 12 Shook Lin & Bok Singapore 1,185 1 14-4 47 13 Mah-Kamariyah & Philip Koh 538 9 3 6 29 14 Skadden Arps Slate Meagher & Flom 6,78 6 4 2 46 15 Simpson Thacher & Bartlett 3,613 6 3 3 League table of legal advisors to M&A by value: South Korea 212 213 Company Name Value Deal Value % Val. 1 1 Kim & Chang 23,591 63 11,44 16.2% 2 2 Bae Kim & Lee 11,595 44 11,142 4.1% 6 3 Shin & Kim 9,419 51 3,86 147.5% 4 4 Lee & Ko 9,282 35 6,5 53.4% 3 5 Yulchon 5,92 16 7,727-34% 13 6 Paul Hastings 4,289 5 784 447.1% - 7 Cleary Gottlieb Steen & Hamilton 3,577 6 - - - 8 Wachtell, Lipton, Rosen & Katz 2,635 2 - - 35 9 Barun Law 1,694 2 139 1,118.7% 3 1 Allen & Overy 1,667 2 2 733.5% 18 11 Wilson Sonsini Goodrich & Rosati 1,55 1 467 222.3% 12 12 Hankyul Law Firm 1,481 7 94 57.6% - 13= Norton Rose Fulbright 1,1 1 - - - 13= Osler, Hoskin & Harcourt 1,1 1 - - - 13= Shearman & Sterling 1,1 1 - - League table of legal advisors to M&A by deal count: South Korea 212 213 Company Name Value Deal Deal Count 1 1 Kim & Chang 23,591 63 63-4 2 Shin & Kim 9,419 51 23 28 3 3 Bae Kim & Lee 11,595 44 38 6 2 4 Lee & Ko 9,282 35 42-7 5 5 Yulchon 5,92 16 2-4 8 6 Yoon & Yang 46 13 8 5 7 7 Kim, Choi & Lim 66 8 1-2 9 8 Hankyul Law Firm 1,481 7 6 1-9 Cleary Gottlieb Steen & Hamilton 3,577 6 - - 13 1 Paul Hastings 4,289 5 3 2-11 O'Melveny & Myers 158 5 - - 17 12 Skadden Arps Slate Meagher & Flom 598 4 2 2 1 13 Hyun Attorneys At Law 25 4 5-1 11 14 Linklaters 276 3 3-6 15 Jipyong Jisung 44 3 12-9 Mergermarket 213 Trend Report 45 www.mergermarket.com

Japan: Overview of 213 Infrastructure M&A in Japan more than doubled in value to US$ 7.8bn from the same time last year as restructuring for the 22 Olympic games begins Nishimura & Asahi moved up 14 positions to lead the legal advisor league table with 65 mandates valued at US$ 36.1bn Quarterly M&A growth comparison Total M&A value and volume 1 9 8 7 88.1 32.1 78.4 29.7 83.2 21.5 Annual M&A Value Q4 M&A Value Q3 M&A Value Q2 M&A Value Q1 M&A Value 71.4 16.3 Value of Deals (US$bn) 1 9 8 7 6 5 4 3 M&A Value Number of Deals 5 45 4 35 3 25 2 15 Number of Deals Value of Deals (US$bn) 6 5 4 11.9 18. 55.8 12.2 15.5 24.1 61.2 6.8 33.2 32.7 13.9 26.3 42.9 6.5 2 1 27 28 29 21 211 212 213 Japan s M&A value declined for the second straight year in 213 with deals valued at US$ 42.9bn down 39.9% from the same period in 212 (US$ 71.4bn). It was the lowest valued year in almost a decade (24 was valued at US$ 39.2bn) 1 5 3 2 1 13. 1.8 17.2 26.1 14. 15.3 7.3 17.3 13.9 14.9 1.6 11.8 8.1 27 28 29 21 211 212 213 The source of the decline was Q4 s US$ 6.5bn-worth of deals being the lowest valued quarter since Q3 24 (US$ 6.5bn). The US$ 1bn+ tally during Q2 and Q3 signalled confidence in the country until the final quarter dropped 6.1% compared to Q4 212 (US$ 16.3bn) and 5% from Q3 213 (US$ 13bn) Continued resilience to invest in large-cap deals since Shinzo Abe came to power was demonstrated by an increase in only the less risky small-cap deals. The 39 deals under US$ 25m totalled US$ 11.7bn during 213, up slightly from the 331 deals valued at US$ 9.8bn in the same bracket during 212 Japan Cablenet, a cable operator that focuses on local broadcasting, was acquired for US$ 1.1bn by Japan s largest cable TV operator, Jupiter Telecommunications. This was the largest deal in Q4 and saw one shareholder command higher values than 21 s offer price and labelled an original offer grossly unfair Mergermarket 213 Trend Report 46 www.mergermarket.com

Japan: Industry and Cross-border analysis Agriculture: US$ bn (US$ -bn) 213 vs. (212) value and market share comparison Japanese cross-border analysis The climb in value can be attributed to the US-based Applied Materials acquisition of Tokyo Electron for US$ 8.7bn in Q3 which contributed 68% to the total value of inbound transactions Business Services: US$ 2.4bn (US$ 2.3bn) Construction: US$ 3.1bn (US$ 1.3bn) Consumer: US$ 5.7bn (US$ 8.7bn) Energy, Mining & Utilities: US$ 3.6bn (US$ 17.7bn) Financial Services: US$ 2bn (US$ 4.2bn) 29.8% 26.5%.2% 5.6% 3.2% 1.8% 212 12.2% 7.2% 13.3% 213 If the Tokyo Electron deal was excluded from the total deal value, there were only 33 inbound transactions worth US$ 4.1bn, representing a sizeable 58.6% drop compared to 212 s total of US$ 9.9bn. It would also have resulted in the lowest total value of inbound deals since 26 (US$ 2.7bn) Subdued inbound deals during Q2 (US$.4bn) and Q4 (US$ 1.1bn) were responsible for the annual decline. Q4 was down 89.7% compared to Q3 (US$ 1.3bn) and if the Tokyo Electron deal was excluded from Q3 s total, Q4 would still represent a 31.3% decrease Industrials & Chemicals: US$ 5.2bn (US$ 13.8bn) Leisure: US$ 1.4bn (US$ 1.3bn) Pharma, Medical & Biotech: US$ 2bn (US$.4bn) 1.7% 3.6%.6% 1.8% 19.4% 5.9% 24.8% 4.7% 8.4% Outbound deal value saw a quarter-on-quarter recovery during 213 ending Q3 with US$ 21.6bn-worth of deals. The climb in deal value ceased in Q4 though with a 39.4% decline from Q3 to US$ 13.1bn. The total value of outbound deals during 213 was US$ 47.4bn, down 58.8% from 212 (US$ 115.2bn) Real Estate: US$ 4.6bn (US$ 2.6bn) TMT: US$ 12.8bn (US$ 18.9bn) 4.7% 3.3% 12.1% 14 Outbound M&A Value Inbound M&A Value 3 12 Inbound Number of Deals Outbound Number of Deals 25 Japan s Infrastructure M&A (Real Estate, Construction and Transportation) during 213 more than doubled by value compared to 212, up 95% to US$ 7.8bn from US$ 4bn. These Infrastructure sub-sectors made up half of the sectors to increase deal values compared to 212 (the other were Business Services, Leisure and Pharma, Medical & Biotech) The highest value increase in any of the Infrastructure related sub-sectors was in Construction M&A, due to the third largest deal of the year targeting Hajime Construction for US$ 2.1bn in June. The 16 domestic Construction deals during the year were valued at US$ 3.1bn, up 138.5% compared to 212 s US$ 1.3bn. The sector has steadily increased in value since 211 (US$.3bn) Value of Deals (US$bn) 1 8 6 4 2 15 1 Number of Deals The market share of TMT M&A during 213 (US$ 12.8bn) increased to 29.8% from 26.5% during 212 (US$ 18.9bn). This was due to Technology M&A, valued at US$ 11.3bn, making up 88.3% of the total value. After three years of inclining deal value, Technology M&A in Japan has reached the highest value on Mergermarket record (since 21) at US$ 11.3bn, up 6.6% from its previous peak in 212 (US$ 1.6bn) 2 24 25 26 27 28 29 21 211 212 213 5 Mergermarket 213 Trend Report 47 www.mergermarket.com

Japan: Top deals Announced Date Bidder Company Bidder Legal Advisor Target Company Target/Seller Legal Advisor Seller Company Deal Value (US$bn) 24-Sep-13 Applied Materials Inc De Brauw Blackstone Westbroek; Mori Hamada & Matsumoto; Weil Gotshal & Manges; Advising FA: Simpson Thacher & Bartlett 11-Jun-13 Hitachi Ltd and Mitsubishi Heavy Industries Ltd (Joint venture) Tokyo Electron Limited Mitsubishi Heavy Industries Ltd (Thermal power generation systems business); and Hitachi Ltd (Thermal power generation systems business) Jones Day; Nishimura & Asahi; Advising FA: Latham & Watkins Advising seller:herbert Smith Freehills; Hogan Lovells International; Mori Hamada & Matsumoto; Nishimura & Asahi; Noerr; Werksmans Hitachi Ltd; and Mitsubishi Heavy Industries Ltd 27-Jun-13 Iida Home Max Co Ltd Nishimura & Asahi Hajime Construction Co Ltd Ryoju Corporation 2.1 8.7 3.3 26-Apr-13 Nippon Steel Trading Co Ltd Nishimura & Asahi Sumikin Bussan Corporation Mori Hamada & Matsumoto 1.4 27-Sep-13 Kohlberg Kravis Roberts & Co LP Nishimura & Asahi; Simpson Thacher & Bartlett Panasonic Healthcare Co Ltd (8% Stake) Advising seller:nagashima Ohno & Tsunematsu; Advising FA: Shearman & Sterling Panasonic Corporation 1.3 27-Jun-13 Iida Home Max Co Ltd Nishimura & Asahi Arnest One Corp 1.3 19-Nov-13 Jupiter Telecommunications Co Ltd Nagashima Ohno & Tsunematsu Japan Cablenet Limited Advising seller:nishimura & Asahi KDDI Corporation 1.1 13-Feb-13 Hitachi Metals Ltd Mori Hamada & Matsumoto Hitachi Cable Ltd Nagashima Ohno & Tsunematsu.9 25-Mar-13 Temp Holdings Co Ltd Mori Hamada & Matsumoto Intelligence Holdings Ltd Advising seller: Nagashima Ohno & Tsunematsu; Simpson Thacher & Bartlett 26-Apr-13 Marubeni Corporation Nishimura & Asahi MX Mobiling TMI Associates; Advising FA: Mori Hamada & Matsumoto Kohlberg Kravis Roberts & Co LP.7 NEC Corporation.7 Mergermarket 213 Trend Report 48 www.mergermarket.com

Japan: Legal advisor league tables League table of legal advisors to M&A by value: Japan 212 213 Company Name Value Deal Value % Val. 15 1 Nishimura & Asahi 36,53 65 29,228 23.4% 1 2 Mori Hamada & Matsumoto 26,112 69 83,327-68.7% 29 3 Simpson Thacher & Bartlett 15,382 8 6,64 131.7% 13 4 Weil Gotshal & Manges 14,726 6 194 7,49.7% 15 5 De Brauw Blackstone Westbroek 12,717 4 41 3,1.7% 2 6 Nagashima Ohno & Tsunematsu 11,639 54 53,465-78.2% 57 7 Allen & Overy 1,98 12 1,594 584.3% 28 8 Linklaters 1,894 15 7,52 45% 42 9 Latham & Watkins 1,573 12 2,573 31.9% 23 1 Baker & McKenzie 1,42 3 12,11-13.4% 25 11 Jones Day 1,124 1 9,4 12.4% 17 12 Clifford Chance 7,59 13 18,9-62.7% 19 13 Sullivan & Cromwell 7,23 6 14,226-5.6% 82 14 Herbert Smith Freehills 5,85 1 847 585.4% 16 15 Anderson Mori & Tomotsune 5,611 45 28,21-8.1% League table of legal advisors to M&A by deal count: Japan 212 213 Company Name Value Deal Deal Count 1 1 Mori Hamada & Matsumoto 26,112 69 77-8 2 2 Nishimura & Asahi 36,53 65 52 13 3 3 Nagashima Ohno & Tsunematsu 11,639 54 49 5 4 4 Anderson Mori & Tomotsune 5,611 45 29 16 5 5 Baker & McKenzie 1,42 3 21 9 6 6 TMI Associates 2,231 19 2-1 8 7 Freshfields Bruckhaus Deringer 4,818 18 15 3 1 8 Morrison & Foerster 4,797 16 14 2 16 9 Linklaters 1,894 15 1 5 12 1 Clifford Chance 7,59 13 13-11 11 White & Case 5,599 13 14-1 17 12 Skadden Arps Slate Meagher & Flom 4,459 13 9 4 2 13 Allen & Overy 1,98 12 8 4 3 14 Latham & Watkins 1,573 12 5 7 22 15 Oh-Ebashi LPC & Partners 1,268 11 7 4 Mergermarket 213 Trend Report 49 www.mergermarket.com

Africa & Middle East: Overview of 213 M&A targeting Africa & the Middle East in 213 (US$ 64.2bn) increased over a quarter compared to 212 to the highest level in six years Linklaters replaced Allen & Overy from 212 to lead in the legal advisor league table by value with 17 deals valued at US$ 15bn Quarterly M&A growth comparison Total M&A comparing the top three emerging market countries in 213 by value 1 9 87.1 34.6 Annual M&A Value Q4 M&A Value Q3 M&A Value Q2 M&A Value Q1 M&A Value 1 9 8 7 M&A Value Number of Deals 6 5 4 8 7 Value of Deals (US$bn) 6 5 4 3 3 2 Number of Deals Value of Deals (US$bn) 6 5 4 3 2. 12.6 5.6 14.6 1. 32.5 7.8 54.3 12.8 8.2 8. 45.5 7. 12.1 5.6 18.6 9.8 64.2 15.4 14.6 21.5 2 1 27 28 29 21 211 212 213 The total value of 213 s M&A in the Middle East & Africa was US$ 64.2bn, up 26.9% compared to 212 (US$ 5.6bn). It marked the second annual increase and the highest value in six years (27 valued at US$ 87.1bn) For the first time since 27 every quarter during 213 posted values above US$ 12bn. Q4 s US$ 15.4bn-worth of deals was marginally above Q3 (US$ 14.6bn), up 5.5%. Compared to Q4 212 (US$ 18.6bn) though, Q4 s deal value was down 17.2% 1 2 19.9 12.9 15.4 25.3 6.6 19.8 13.4 The highest valued deal for the region during 213 was the acquisition of Dubai Aluminum Company and Emirates Aluminum by Emirates Global Aluminum for US$ 7.5bn 1 13.1 4. 5.3 8.8 12.7 The largest deal in Q4 was the second highest valued deal of the year and was responsible for a boost in value in the TMT sector. Emirates Telecommunications Corporation acquired a 53% stake in Maroc Telecom for US$ 6.1bn in the third largest deal in the combined region on record (since 21) 27 28 29 21 211 212 213 Mergermarket 213 Trend Report 5 www.mergermarket.com

Africa & Middle East Industry and Cross-border analysis 213 vs. (212) value and market share comparison Africa & the Middle East cross-border analysis Business Services: US$.4bn (US$.8bn) Opportunities that companies in the region offer were swept up by oforeign companies in 213 that reached the highest level since 27 (US$ 42.9bn). Inbound deal value at US$ 36.4bn was up by 58.3% compared to 212 s value (US$ 23bn) Consumer: US$ 3bn (US$ 4.3bn) Energy, Mining & Utilities: US$ 23.1bn (US$ 18.3bn) Financial Services: US$ 3.2bn (US$ 11.2bn) Industrials & Chemicals: US$ 11.9bn (US$ 1.7bn) 16.6%.2% 21.7% 6.8%.6% 4.7% 2.4%.8% 1.6% 8.5% 212 213 Over 47.3% of the total inbound deal value came from Asia targeting Energy, Mining & Utility companies with deals valued at US$ 17.1bn Total deal value of outbound deals in 213 (US$ 17.1bn) was up 7.5% compared to 212 (US$ 15.9bn). Outbound deal value in Q4 valued at US$ 6.2bn reached the highest value for any quarter in over two years (Q2 211 valued at US$ 11.2bn) Leisure: US$.1bn (US$.4bn) Pharma, Medical & Biotech: US$ 4.4bn (US$ 1.2bn) 4.7% 2.4%.8% 3.4% 36.2% 35.9% TMT companies in the region are being more active in their domestic M&A but also outbound. Outbound deals were value at US$ 5.9bn, up over three times the value in 212 (US$ 1.4bn) to the highest value since 28 (US$ 8.1bn) Real Estate: US$ 3bn (US$.1bn) 6.8%.2% 22.1% Asia s TMT sector was targeted for outbound deals in 213 with seven deals valued at US$ 1.9bn being the highest number of deals on Mergermarket record (since 21) TMT: US$ 1.7bn (US$ 11bn) Transport: US$.1bn (US$.4bn) 18.5% 5.% 3 Outbound M&A Value Inbound M&A Value 1,2 Inbound Number of Deals Other: US$ 4.4bn (US$ 1.2bn) 25 Outbound Number of Deals 1, The attraction to the region s Energy, Mining & Utilities companies reached a record level in 213 with deals valued at US$ 23.1bn marking the fifth consecutive year to increase deal values, up 26.2% compared to 212 (US$ 18.3bn) Over a third (39%) of the total value into the region s Energy, Mining & Utilities sector came from China (US$ 9bn), the highest level of investment China has invested into the region s sector. It also boosted Asia s total investment (US$ 17.2bn) by 168.8% over 212 (US$ 6.4bn) to the highest value on Mergermarket record (since 21) Value of Deals (US$bn) 2 15 1 8 6 4 Number of Deals TMT M&A in 213, a sector under consolidation globally, had the third highest share of deals targeting the regions by value with deals valued at US$ 1.7bn, down 2.7% from 212 (US$ 11bn). The domestic share of this value reached US$ 7.1bn, the second annual increase and up 39.2% from 212 to the highest since 29 (US$ 14.2bn) 5 24 25 26 27 28 29 21 211 212 213 2 Mergermarket 213 Trend Report 51 www.mergermarket.com

Africa & Middle East: Top deals * : lapsed/withdrawn bid Announced Date Bidder Company Bidder Legal Advisor Target Company Target/Seller Legal Advisors Seller Company Deal Value (US$bn) 3-Jun-13 Emirates Global Aluminium Dubai Aluminium Company Limited; and Emirates Aluminium Advising sellers: Allen & Overy; Latham & Watkins; Linklaters Mubadala Development Company PJSC; and Investment Corporation of Dubai 7,5 31-Mar-13* Altimo Zulficar & Partners Orascom Telecom Holding SAE White & Case; Advising seller: Skadden Arps Slate Meagher & Flom VimpelCom Ltd 6,43 5-Nov-13 Emirates Telecommunications Corporation Freshfields Bruckhaus Deringer Maroc Telecom (53% Stake) Advising seller: Gibson Dunn & Crutcher Vivendi SA 6,1 14-Mar-13 China National Petroleum Corporation Gianni, Origoni, Grippo, Cappelli & Partners; Herbert Smith Freehills Eni East Africa Spa (28.57% Stake) Advising seller: Linklaters Eni SpA 4,21 29-Aug-13 Sinopec International Petroleum Exploration and Production Corporation Vinson & Elkins Apache Corporation (Egypt oil and gas business) (33% Stake) Advising seller: Weil Gotshal & Manges Apache Corporation 3,1 25-Aug-13 ONGC Videsh Limited Simmons & Simmons Rovuma Offshore Area 1 Block (1% Stake) Anadarko Petroleum Corporation 2,64 25-Jun-13 ONGC Videsh Limited; and Oil India Limited Kochhar & Co; PLMJ - Sociedade de Advogados; Simmons & Simmons Rovuma Offshore Area 1 Block (1% Stake) Advising seller: Amarchand & Mangaldas & Suresh A Shroff & Co Videocon Mauritius Energy Limited 2,475 18-Jan-13 Abraaj Capital Holdings Limited; and the Sawiris Family Sarie-Eldin & Partners; Advising FA: Jones Day Orascom Construction Industries SAE (25% Stake) Allen & Overy 2,21 1-May-13 Berkshire Hathaway Inc Munger Tolles & Olson IMC International Metalworking Companies BV (2% Stake) Wachtell, Lipton, Rosen & Katz Wertheimer family 2,5 21-Jan-13 Aldar Properties PJSC Allen & Overy Sorouh Real Estate PJSC Clifford Chance 2,3 Mergermarket 213 Trend Report 52 www.mergermarket.com

Africa & Middle East: Legal advisor league tables League table of legal advisors to M&A by value: Africa & Middle East 212 213 Company Name Value Deal Value % Val. 4 1 Linklaters 15,27 17 6,2 142.4% 1 2 Allen & Overy 13,316 25 8,362 59.2% 37 3 Latham & Watkins 9,459 13 1,251 656.1% 97 4 White & Case 9,48 14 223 4,118.8% 2 5 Freshfields Bruckhaus Deringer 9,68 17 7,96 13.9% 31 6 Gibson Dunn & Crutcher 7,854 13 1,832 328.7% 3 7 Clifford Chance 7,75 19 7,263 6.7% - 8 Zulficar & Partners 6,43 1 - - 14 9 Vinson & Elkins 6,32 7 2,792 126.4% 61 1 Simmons & Simmons 5,115 3 575 789.6% 79 11 Herbert Smith Freehills 4,276 5 345 1,139.4% - 12 Gianni, Origoni, Grippo, Cappelli & Partners 4,21 1 - - 42 13 Weil Gotshal & Manges 4,21 4 1,24 292.7% 16 14 Amarchand & Mangaldas & Suresh A Shroff & Co 3,679 4 167 2,13% 8 15 Hogan Lovells International 3,673 8 34 98.3% 5 16 Edward Nathan Sonnenbergs 3,562 33 5,77-37.6% 66 17 Simpson Thacher & Bartlett 3,545 4 54 556.5% 16 18 Skadden Arps Slate Meagher & Flom 3,467 3 2,571 34.9% 67 19 Bowman Gilfillan Africa Group 3,46 33 54 575.8% 7 2 Cleary Gottlieb Steen & Hamilton 3,223 5 3,789-14.9% League table of legal advisors to M&A by deal count: Africa & Middle East 212 213 Company Name Value Deal Deal Count 1 1 Edward Nathan Sonnenbergs 3,562 33 29 4 9 2 Bowman Gilfillan Africa Group 3,46 33 15 18 3 3 DLA Cliffe Dekker Hofmeyr 1,658 26 24 2 2 4 Allen & Overy 13,316 25 26-1 8 5 Norton Rose Fulbright 2,56 21 15 6 1 6 Webber Wentzel 3,14 2 14 6 15 7 Werksmans 1,82 2 9 11 6 8 Clifford Chance 7,75 19 16 3 19 9 DLA Piper 1,882 19 7 12 5 1 Linklaters 15,27 17 19-2 4 11 Freshfields Bruckhaus Deringer 9,68 17 21-4 67 12 White & Case 9,48 14 2 12 16 13 Latham & Watkins 9,459 13 9 4 13 14 Gibson Dunn & Crutcher 7,854 13 11 2 7 15 Herzog, Fox and Neeman 1,57 13 16-3 12 16 Meitar Liquornik Geva Leshem Tal & Co 2,433 1 11-1 11 17 Baker & McKenzie 998 9 14-5 3 18 Hogan Lovells International 3,673 8 5 3 23 19 Ashurst 1,4 8 6 2 4 2 Vinson & Elkins 6,32 7 3 4 Mergermarket 213 Trend Report 53 www.mergermarket.com

Emerging Markets: Overview of 213 Investors shun emerging market M&A during 213 and avoid volatility, deal value during 213 dropped 6.7% to US$ 488.7bn compared to 212 (US$ 524bn) Quarterly M&A growth comparison Total M&A comparing the top three emerging market countries in 213 by value 6 5 4 451.7 15.7 387.9 123.5 51.6 179.4 483.2 94.6 138. 524. 198.2 Annual Q4 M&A Value Q3 M&A Value Q2 M&A Value Q1 M&A Value 488.7 139.9 Value of Deals (US$bn) 6 5 4 3 2 1 11. 34. 49.2 67.8 11.2 71.8 25.2 124.1 52.2 74.6 97.3 8.2 76. 85.7 11.3 18.4 137.2 51.3 73.1 154.7 43.1 3,5 3, 2,5 2, 1,5 1, 5 Number of Deals Value of Deals (US$bn) 3 2 89.8 124.3 49.1 11.6 329.3 11.7 75.7 1.9 91.9 18.4 84.3 138.1 13.1 127.5 27 28 29 21 211 212 213 Other EM M&A Brazil M&A China M&A Russia M&A Number of deals During the height of the financial crisis, investors sought alternative opportunities in the emerging markets. Following a low of US$ 329.3bn in 29, annual M&A values in the region have been at pre-crisis levels (27 US$ 451.7bn), topping US$ 45bn every year since. With a total value of US$ 488.7bn, 213 continues the trend however, dropping 6.7% compared to 212 (US$ 524bn) 1 86.9 14.7 85.9 57.1 129.4 142.3 13.4 91.2 The M&A slow down can largely be attributed to continued economic recovery in the US and Europe, which in turn has lead to a shift in investor focus from emerging markets to more domestic deal making. M&A deal value came to US$ 139.9bn during Q4, up 7.5% from Q3 (US$ 13.1bn), but down 29.4% compared to Q4 212 (US$ 198.2bn) BRIC M&A during 213 totalled US$ 314.7bn, 6.7% lower than 212 (US$ 337.4bn). China led the activity (US$ 162bn) with a 33.2% market share, double Russia s proportion (US$ 84bn, 17.2%) and ahead of Brazil (US$ 47.9bn, 9.8%) and India (US$ 2.7bn, 4.2%) 27 28 29 21 211 212 213 Mergermarket 213 Trend Report 54 www.mergermarket.com

Emerging Markets: Industry and Cross-border analysis 213 vs. (212) value and market share comparison Emerging Markets cross-border analysis Business Services: US$ 17.5bn (US$ 17.5bn) Inbound activity saw an 18.8% decline in 213 with deals valued at US$ 122.2bn compared to US$ 15.4bn in 212. The last time the region saw a lower inbound deal value was in 29 (US$ 7.8bn), underlining the role of the risk averse investor Consumer: US$ 54.6bn (US$ 65.5bn) Energy, Mining & Utilities: US$ 131.8bn (US$ 161.1bn) Financial Services: US$ 52.6bn (US$ 77.3bn) Industrials & Chemicals: US$ 63.5bn (US$ 68.4bn) Leisure: US$ 7.5bn (US$ 4.1bn) Pharma, Medical & Biotech: US$ 19bn (US$ 18.5bn) Real Estate: US$ 26.8bn (US$ 8.7bn) 13.7% 5.5% 3.9% 1.5% 1.7% 3.5%.8% 13.1% 4.4% 11.1% 5.5% 3.6% 3.9% 3.3% 4.6% 212 14.8% 12.5% 11.2% 3.8% 27.% 213 The slowdown for targeting the BRICS has benefited less traditional emerging markets. For example, the Czech Republic s US$ 7.4bn-worth of inbound deals in 213 was up 64.4% compared to 212 (US$ 4.5bn). Attention on smaller markets affected the average deal size for inbound deals (US$ 212.5m) resulting in the lowest average since 29 (US$ 152.6m) Cautious about currency valuations (e.g. India), political unrest (e.g. Thailand) and regulations (e.g. China), outbound value in Q4 (US$ 19.1bn) represented the second quarterly decline - down 12.8% from Q3 (US$ 21.9bn). However, Q4 was up 7.3% compared to Q4 212 (US$ 17.8bn) Total outbound activity in 213 dropped 27.6% compared to 212 (US$ 125.5bn), with deals valued at US$ 9.9bn being the lowest annual total since 29 (US$ 63.2bn) TMT: US$ 66.9bn (US$ 58.2bn) 13.% Transport: US$ 21.3bn (US$ 24.2bn) 1.8% 3 Outbound M&A Value Inbound M&A Value 1,2 Other: US$ 27.1bn (US$ 2.3bn) 25 Inbound Number of Deals Outbound Number of Deals 1, Energy, Mining & Utilities continued to dominate M&A deal activity in the emerging markets with US$ 131.8bn-worth of deals and a stable 27% market share (3.8% in 212). Deal value was down 18.2% compared to 212 (US$ 161.1bn) The Real Estate sector (124 deals valued at US$ 26.8bn) was one of five sectors to increase by both deal value and number of deals compared to 212, up the most by value and deal count at 28% and 45.9% respectively (US$ 8.7bn and 85 deals in 212) Value of Deals (US$bn) 2 15 1 8 6 4 Number of Deals TMT was another sector to register an increase in both value and number of deals. Maroc Telecom was the subject of the largest deal in the region during Q4 and also the fourth largest deal targeting Africa on Mergermarket record (since 21). The company was acquired for US$ 6.1bn by United Emirates Communications, helping to raise the total value in the sector to US$ 66.9bn and 14.9% above last year s total of US$ 58.2bn 5 24 25 26 27 28 29 21 211 212 213 2 Mergermarket 213 Trend Report 55 www.mergermarket.com

Emerging Markets: Top deals Announced Date Bidder Company Bidder Legal Advisors Target Company Target/Seller Legal Advisors Seller Company Deal Value (US$bn) 8-Apr-13 Russian Grids OAO Federal Grid Company of Unified Energy System OAO (79.64% Stake) The Federal Agency for State Property Management 14.4 14-Jun-13 Taikang Asset Management Company; and Beijing Guolian Energy Industry Investment Fund PetroChina United Pipelines Company Limited (5% Stake) Advising seller: King & Wood Mallesons PetroChina Company Limited 9.8 31-May-13 SM Prime Holdings Inc SM Land Inc SM Investments Corporation; and SY Family 6.7 31-Mar-13* Altimo Zulficar & Partners Orascom Telecom Holding SAE White & Case; Advising seller: Skadden Arps Slate Meagher & Flom VimpelCom Ltd 6.4 23-Apr-13 CP ALL Plc Baker & McKenzie Siam Makro Public Co Ltd (96.9% Stake) Advising seller: Clifford Chance SHV Holdings NV 6.2 5-Nov-13 Emirates Telecommunications Corporation Freshfields Bruckhaus Deringer Maroc Telecom (53% Stake) Advising seller: Gibson Dunn & Crutcher Vivendi SA 6.1 2-Jul-13 Mitsubishi UFJ Financial Group Inc Allen & Overy; Nishimura & Asahi; Sullivan & Cromwell Bank of Ayudhya Public Company Limited (72.1% Stake) Baker & McKenzie; Advising seller: King & Wood Mallesons; Thanathip & Partners GE Capital Corporation 5.5 5-Feb-13 Guangxi Guiguan Electric Power Co Ltd Capital Law & Partners LongTan Hydropower Development Co Ltd (85% Stake) Guangxi Investment Group Co Ltd; China Datang Corporation; and Guizhou Industrial Investment (Group) Co Ltd 4.9 1-Apr-13 Midea Group Co Ltd JiaYuan Law Firm GD Midea Holding Co Ltd (58.83% Stake) Zhong Xin Xie Cheng Law Firm 4.9 14-Nov-13 Cyfrowy Polsat SA Greenberg Traurig Polkomtel Sp z oo (83.77% Stake) Karswell Limited; Sensor Overseas Limited; and Argumenol Investment Company Limited 4.9 Mergermarket 213 Trend Report 56 www.mergermarket.com

Criteria All data is based on transactions over US$ 5m and is based on the Mergermarket s M&A deals database. Deals with undisclosed deal values are included where the target s turnover exceeds US$ 1m. Deals where the stake acquired is less than 3% will only be included if the value is greater than US$ 1m. Click here for the full deal criteria M&A trends and top deals: correct as of 8:3am, 7-Jan-214 Based on the dominant geography or dominant sector of the target according to Mergermarket s deals database. The trend graphs are based on transactions announced in the given time periods. Top deals include lapsed and withdrawn bids Legal advisor league tables: correct as of 8:3am, 7-Jan-214 Based on the dominant geography of any of the target, bidder or seller according to Mergermarket s deal database. Buyout league tables to legal advisors are based on the target, bidder or seller geography and the advisor advising the buy-side only and include lapsed or withdrawn bids. Dates are between 1-Jan to 18-Dec for 213 and 212 comparison Industry consolidations: TMT: consolidated sectors of Technology, Media & Telecommunications OTHER in Global, Europe, US & Asia-Pacific sections: consolidated sectors of Leisure, Defence, Agriculture, and Construction OTHER in the Emerging Markets section: consolidated sectors of Leisure, Real Estate, and Transport About Mergermarket Mergermarket is a mergers & acquisitions (M&A) intelligence service. Mergermarket is part of The Mergermarket Group which has nearly 1 employees worldwide and regional head offices in New York, London and Hong Kong. In any market, the life blood of advisors 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 Americas, 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 16 of the world s foremost advisory firms to assist in their origination process. Cross-Border: Inbound: deals where the dominant geography of the target is X and the dominant geography of the bidder is outside X Outbound: deals where the dominant geography of the target is outside X and the dominant geography of the bidder is X Small-cap: deals valued under US$ 5m Mid-market: deals valued between US$ 51m - US$ 2bn Large-cap: deals valued between US$ 21bn - US$ 9.9bn Mega-deal: deals above the value of US$ 1bn Average deal size: excludes non-disclosed value deals Emerging markets: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey Dates: Q4 213 / Q4 212: 1-Oct-13 to 31-Dec-13 / 1-Oct 12 to 31-Dec-12 213 / 212: 1-Jan-13 to 31-Dec-13 / 1-Jan-12 to 31-Dec-12 Part of The Mergermarket Group www.mergermarket.com 8 Strand London, WC2R RL United Kingdom T: +44 27 1 61 sales@mergermarktet.com 33 Hudson St. 4th Floor New York NY 113. USA T: +1 212 5 7537 sales.us@mergermarket.com Suite 241-3 Grand Millennium Plaza 181 Queen s Road, Central Hong Kong T: + 852 2158 9764 sales.asia@mergermarket.com Mergermarket 213 Trend Report 57 www.mergermarket.com

What Mergermarket can do for you Mergermarket is a business development tool designed specifically for the M&A sector, providing proprietary news, intelligence and analysis on corporate strategy before that strategy becomes public knowledge. Over 2 of the world s foremost advisory firms, investment banks, law firms, private equity firms and corporates use mergermarket to drive their origination process and capture lucrative business opportunities. Click the buttons at the bottom of the page to find out about the real benefits mergermarket can bring to your company. PREDICTIVE INTELLIGENCE Our global team of 4 dedicated M&A journalists, spread in over 65 locations worldwide, gathers proprietary information about corporate strategy through its network of industry contacts and executives. This is M&A intelligence you won t find anywhere. The insight we provide often doesn t become public knowledge until 6-24 months after our journalists first start reporting, giving you a large window of opportunity to take early action. DEALS DATABASE Mergermarket s comprehensive Deals Database offers you the opportunity to search a global library of historical M&A transactions with fully-sourced financials and exit multiples. You can analyze volumes and values of M&A activity in specific regions or sectors to discover deal patterns and identify trends ahead of competitors. LEAGUE TABLES Because we are always up-to-speed on which advisers are working on which deals, our detailed Who s who in M&A league tables have become an industry standard among investment professionals. Tailor-build individual or house league tables to analyze firm performance and enhance your marketing strategy, competitor analysis or pitch book efforts. ANALYSIS PRIVATE EQUITY PORTFOLIO Our customizable Private Equity Search facility provides you with extensive analyses of more than 1, of the world s biggest private equity firms. Analyse specific PE firms in terms of current portfolio, historical exits, potential investments, firm profile, historical advisor and investment relationships, as well as rival bidders to monitor competitors and stay on top of your market. Our multilingual team of journalists monitors more than 3, global media sources daily, analyzing and translating the most relevant information into summarized articles that subscribers receive in their alerts, together with our proprietary intelligence. Mergermarket 213 Trend Report 58 www.mergermarket.com