Mergermarket LA MA Round-UpforH12012

7/29/2019 Mergermarket LA MA Round-UpforH12012

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mergermarket M&A Round-up or H1 2012

5 July 2012, or immediate release

press release

PRESS CONTACTS

EMEA: Flora Wilke

[email protected]

Tel: +44 207 059 6348

Americas: Dara Silverstein

[email protected]

Tel: +1 646 3783118

Asia-Pacic: Andrew Powell

[email protected]

Tel: +852 2158 9710 www.mergermarket.com


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Global M&A in H1 2012 alls 21.6% compared to same period last year

Q2 2012 total o US$ 494.9bn, reverses ve consecutive quarterly declines

Third-lowest rst-hal total since H1 2004

Cliord Chance tops global legal advisory league table by deal value or H1 2012

Cliord Chance beats Freshelds Bruckhaus Deringer to top spot in legal nancial advisers league table by deal value

Skadden Arps Slate Meagher & Flom takes top spot in Asia-Pacic

mergermarket Heat Charts show TMT to be most popular companies or sale sector globally

Industrials & Chemicals tops Asia-Pacic Heat Chart

Germanic countries in Europe see similar popularity or Industrials & Chemicals

Asia-Pacic hal-year M&A down 15.1% on H1 2011

Second quarter total o US$ 71.1bn, up 3% on Q1 2012

Asian investment into Europe experiences third consecutive quarterly decline

European M&A in the rst hal o 2012 down 15.7% on H1 2011

Region accounts or 38.3% o global M&A by total value in H1 2012

Construction sector sees biggest percentage increase in hal-year value

US H1 2012 M&A activity lowest hal-year total since 2003

Hal-year M&A totals US$ 258.7bn, down 40.1% on H1 2011

Financial Services sees big decline while Consumer deals surge

Private equity buyouts in H1 2012 down by over a th on same period last year

PE-backed buyouts total US$ 113.8bn or H1 2012, down 22.4% on H1 2011

Asian buyouts slump to lowest quarterly total since Q2 2010

Private equity exits down 30% on H1 2011

SBOs up 85.2% quarter-on-quarter

US exit premiums at second-highest level in eight years

Energy, Mining & Utilities increases dominant market share in H1 2012

Business Services, Construction, Consumer and Agriculture only our sectors globally to see increases in value

Construction sector in Europe sees major jump

CONTENTS:

2 mergermarket M&A Round-Up

3 Global M&A Overview

7 - Mid-Market

8 - Private Equity Buyouts

9 - Private Equity Exits

10 - Emerging Markets

11 - Premia / Multiples Analysis

12 - Deal Type/ Deal Value Breakdown

13 - Consideration Structure

Insolvency

14 - Global League Table o Legal

Advisers

16 - European M&A Overview

29 - US M&A Overview39 - Asia-Pacic M&A Overview

(ex. Japan)

49 - Arica & MIddle East M&A

Overview

53 - Criteria/ About mergermarket

MEDIA CONTACTS:

EMEA: Flora Wilke

[email protected]

+44 207 059 6349

Americas: Dara Silverstein

[email protected]

+1 646 378 3118

Asia-Pacic: Andrew Powell

[email protected]

+852 2158 9710

mergermarket M&A Round-up or H1 2012

Press Release: mergermarket M&A Round-up or H1 2012 2 www.mergermarket.com


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Q2 2012 global M&A at US$ 494.9bn, bucks trend o ve consecutive quar-

terly declines

H1 2012 total o US$ 929.4bn, down 21.6% on H1 2011

Cliord Chance claims top spot in H1 2012 global legal advisers league

table by deal value

The reeall in global M&A was temporarily halted in Q2 2012. Registering US$ 494.9bn in

deals, Q2 2012 was up 13.9% on Q1 2012 (US$ 434.6bn), reversing a seemingly terminal

decline that had seen ve previous quarters o consecutive alls in the global total.

The H1 2012 total o US$ 929.4bn, however, was a decline o 21.6% on H1 2011 (US$

1,185.1bn). The lower rst hal gure was also the third-lowest rst hal total since H1

2004 (US$ 826bn). Q2 2012s total matched this; the third-lowest quarterly total since Q2

2010 (US$ 428.6bn). On current orm, ull year 2012 is set to be the second-lowest yearly

total since 2004 (US$ 1,685.4bn).

Europe, plagued by the continuing uncertainty surrounding its debt crisis, managed tomatch all other regions in posting a quarter-on-quarter increase. Q2 2012 M&A on the

continent totalled US$ 183.7bn, up 6.6% on Q1 2012 (US$ 172.4bn). This also ensured thatEurope made up the largest share o global M&A o any region; it accounted or 38.3% o

total deal value in the rst hal o 2012.

The US, although posting a quarter-on-quarter increase o 27.9%, registered the worst

hal-year perormance drop, with H1 2012 M&A coming in at US$ 258.7bn, down 40.1%

on the rst hal o last year (US$ 431.5bn). Japanese M&A, meanwhile, looked robust. It

registered increases across all comparisons; M&A was up 40% in Q2 2012 compared to

Q2 2011, up 101.4% in Q2 2012 compared to the previous quarter and up 28% in H1 2012

compared to H1 2011.

Asia-Pacic (ex Japan) reversed two consecutive quarterly declines, with a Q2 2012

total o US$ 71.1bn up 3% on Q1 2012 (US$ 68.3bn). The H1 2012 gure o US$ 140.1bn,

though, was a 15.1% decline on H1 2011 (US$ 165bn).

Cliord Chance claimed the H1 2012 global legal advisers mantle, by deal value, ater

climbing 16 places rom its H1 2011 nish. Jones Day won the day by claiming top spot

or the deal volume crown.

Global M&A Overview

Global Cross Border M&A Analysis - Value

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Global M&A Activity - Quarterly

RoW M&A

Asia-Pacifi c ex Jp M&A

US M&A

European M&A

Volume



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Global M&A Heat Chart


Hot Warm Cold

1,200 400 70

1,000 250 20

600 150 0

Note:

The Intelligence Heat Chart are based on companies or saletracked by mergermarket in the respective regions between 16 December 2011 and 15 June 2012. Opportunities are captured according to the dominant geography and sector o the potential

target company. mergermarkets Heat Chart o predicted deal ow is based on the intelligence collected in our database relating to companies rumoured to be or sale, or ofcially up or sale in the respective regions. It is thereore indicative o areas thatare likely to be active in the months to come. The intelligence comes rom a range o sources, including press reports, company statements and our own team o journalists gathering proprietary intelligence rom M&A across the regions. The data does not

dierentiate between small and large transactions, nor between deals that could happen in the short or long-term.

TMT tops mergermarkets own global heat chart as most popular companies or sale sector, with tech companies in the US con-

tributing heavily

Energy, Mining & Utilities still attracting interest as it claims second place globally, avourable valuations possibly driven by alling

oil prices combined with burgeoning interest in shale gas reserves

Industrials & Chemicals still the most popular sector in Asia as consolidation looks to improve economies o scale in order to com-

pete with bigger global names

2012 Google - Map data 2012

Google

Sector Americas Asia Europe MiddleEast

Arica Total

TMT 1,369 734 618 73 14 2,808

Energy, Mining & Utilities 1,015 644 433 26 73 2,191

Industrials & Chemicals 499 1,205 658 29 18 2,409

Pharma, Medical & Biotech 670 339 279 33 5 1,326

Consumer 577 594 694 20 18 1,903

Business Services 472 288 298 10 10 1,078

Financial Services 423 382 296 34 47 1,182

Leisure 226 205 223 18 4 676

Transportation 135 171 214 22 10 552

Construction 87 180 158 10 13 448

Deence 77 2 18 1 1 99

Real Estate 76 198 91 10 10 385

Agriculture 37 134 50 4 9 234

Government 35 7 4 0 1 47

Other 4 35 4 3 7 46

Total 5,702 5,118 4,038 293 233 15,384


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Global M&A Overview: Industry and Geography BreakdownH1 2012 H1 2011 Change

Sector Value (US$bn) Market share Deal count Value (US$bn) Market share Deal count Value (%) Deal Count

Energy, Mining & Utilities 257.9 27.7% 512 300.8 25.4% 627 -14.3% -115

Consumer 110.0 11.8% 729 93.0 7.9% 878 18.3% -149Industrials & Chemicals 108.3 11.6% 1,150 202.6 17.1% 1,292 -46.6% -142

Financial Services 96.7 10.4% 470 130.7 11.0% 583 -26.0% -113

Pharma, Medical & Biotech 69.5 7.47% 395 104.2 8.8% 539 -33.2% -144

Technology 68.6 7.4% 620 77.1 6.5% 731 -11.0% -111

Business Services 63.8 6.8% 616 51.6 4.4% 871 23.6% -255

Telecommunications 30.9 3.3% 62 47.4 4.0% 83 -34.9% -21

Real Estate 30.9 3.3% 124 66.9 5.6% 106 -53.9% 18

Construction 25.0 2.7% 187 18.7 1.6% 260 33.3% -73

Transport 21.6 2.3% 176 27.1 2.3% 222 -20.2% -46

Leisure 20.8 2.2% 186 25.7 2.2% 252 -18.9% -66

Media 16.9 1.8% 184 28.2 2.4% 194 -39.9% -10Agriculture 10.1 1.1% 56 4.5 0.4% 82 123.3% -26

Deence 0.3 0.03% 16 5.8 0.5% 21 -94.6% -5

Total 931 5,483 1,184 6,741 -21.4% -1,258

North America32.9%

Central & South America5.4%

Western Europe25.1%

Southern Europe5.4%

Northern Europe5.4%

Central & Eastern Europe4.3%

North Asia7.5%

Japan3.3%

Australasia3.2%

South & Central Asia2.3%

South East Asia2.6%

Africa & Middle East2.6%

Mix of Announced Deals by Geographic Region H1 2012 - Volume

North America34.3%


Western Europe25.3%

Southern Europe6.3%

Northern Europe3.7%


North Asia8.0%

Japan4.1%

Australasia2.6%

South & Central Asia2.2%

South East Asia2.6%

Africa & Middle East2.3%

Mix of Announced Deals by Geographic Region H1 2012 - Value



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Global Top Deals or H1 2012

Top 10 Announced Deals or H1 2012

AnnouncedDate

Bidder Company Bidder Legal Advisor Target Company Target/Seller Legal Adivsor Seller Company Deal Value(US$)

07-Feb-12 Glencore International plc Cliord Chance (AdvisingCitigroup; Credit Suisse; MorganStanley); Linklaters

X st rat a P lc (6 5. 92 % S ta ke ) Fre sh e ld s B ru ck hau s D er in ger ;King & Wood Mallesons

53,465

29-Jun-12 Anheuser-Busch InBev NV Cliord Chance; FresheldsBruckhaus Deringer; Mijares,Angoitia, Cortes y Fuentes;Skadden Arps Slate Meagher &Flom; Sullivan & Cromwell

Grupo Modelo SA B de CV Cravath Swaine & Moore; Creel,Garcia-Cuellar, Aiza y Enriquez;Greenberg Traurig (AdvisingMorgan Stanley)

17,790

21-May-12 Nuclear Damage CompensationFacilitation Corporation

Nishimura & Asahi Tokyo Electric Power Co Inc(54.69% Stake)

Nagashima Ohno & Tsunematsu 12,600

21-May-12 Eaton Corporation A&L Goodbody; Davis Polk &Wardwell (Advising Citigroup;Morgan Stanley); Kinstellar;Matheson Ormsby Prentice;

McCann FitzGerald (AdvisingCitigroup; Morgan Stanley);Simpson Thacher & Bartlett

Cooper Industries Plc Arthur Cox; Blake, Cassels &Graydon; Cleary Gottlieb Steen& Hamilton (Advising GoldmanSachs); Wachtell, Lipton, Rosen

& Katz

11,940

23-Apr-12 Nestle SA A&L Goodbody; King & WoodMallesons; Mayer Brown

Pzer Nutrition Baker & McKenzie; CliordChance; DLA Clie DekkerHomeyr; DLA Piper; Kirkland& Ellis (Advising CenterviewPartners); Skadden Arps SlateMeagher & Flom

Pzer Inc 11,850

16-Apr-12 GDF Suez SA Linklaters; Weil Gotshal & Manges International Power Plc (30.23%Stake)

Cliord Chance 10,867

25-Feb-12 Sesa Goa Limited Luthra & Luthra Law Ofces(Advising Citigroup)

Sterlite Industries (India) Limited Amarchand & Mangaldas &Suresh A Shro & Co; SkaddenArps Slate Meagher & Flom(Advising Bank o America Merrill

Lynch)

10,289

06-May-12 Electricite de France SA Cliord Chance; Jones Day; PaulWeiss Rikind Wharton & Garrison

Edison International SpA 7,582

20-Mar-12 Glencore I nternat ional plc B ennett Jones; Cur tis, Mallet-Prevost, Colt & Mosle; King &Wood Mallesons; Linklaters;McCarthy Tetrault

Viterra Inc Ashurst; Fasken MartineauDumoulin; Sidley Austin ;Stikeman Elliott; Torys

7,347

0 2- Ap r- 12 DB S Gr ou p H ol di ng s L td Baker & McKenzie; Shook Lin & BokSingapore (Advising Credit Suisse;Morgan Stanley); WongPartnership

PT Bank Danamon Indonesia Tbk Allen & Gledhill; Makes &Partners

7,338



7/53

Global mid-market deals total US$ 370.1bn or H1 2012, down 11.9% on H1

2011

But all major regions see increase on previous quarter

Sullivan & Cromwell tops legal advisers table with US$ 33.6bn in deals

The global mid-market saw the announcement o US$ 201.9bn-worth o M&A activity in Q2

2012, bringing the total deal value or the year to US$ 370.1bn. The second quarters total

was 20% higher than Q1 2012 (US$ 168.2bn). The total value o mid-market M&A in H1 2012

decreased by 11.9% compared to H1 2011.

Nearly all regions saw an increase in mid-market M&A in Q2 2012 compared with the previ-

ous quarter, with the exception o Emerging Markets and Central & Southern America, which

saw US$ 37.5bn and US$ 13bn worth o deals in Q2 2012, a 13.4% and 3% decrease, respec-

tively, compared to Q1 2012 (US$ 42.5bn and US$ 13.4bn). All regions with the exception o

the US saw a lower total value o mid-market M&A or H1 2012 than in the same period last

year.

Energy, Mining & Utilities was the most active sector in the global mid-market in H1 2012, ac-

counting or 25.3% o all mid-market activity. The Real Estate sector saw the biggest increasein mid-market activity with US$ 24.6bn-worth o deals announced in H1 2012, 34% higher

than in H1 2011 (US$ 18.4bn). The Industrials & Chemicals sector showed a signicant decline

in H1 2012 with US$ 38.4bn in deals, down 40% rom US$ 64.5bn in H1 2011.

Sullivan & Cromwell topped the mid-market legal advisers league table with US$ 33.6bn-

worth o deals.

Global M&A Overview: Mid-market M&A Activity (US$ 250m to US$ 2bn)

Energy, Mining & Utilities25.3%

Financial Services11.2%

Industrials & Chemicals

10.4%

Consumer9.5%

Technology8.5%

Pharma, Medical & Biotech7.7%

Real Estate6.7%

Business Services5.7%

Telecom

4.1%

Leisure3.8%

Transport3.0%

Media2.1%

Construction1.8%

Agriculture0.4%

Mid-Market M&A Industry Breakdown H1 2012 -Value

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fGlobalM&A



8/53

Global buyouts in H1 2012 total US$ 113.8bn, down by over a th on H1

2011

Global total reverses quarterly slide but Asia-Pacic witnesses third quar-

terly decline on the trot

Global private equity buyouts or H1 2012, valued at US$ 113.8bn, accounted or 12.2%

o total M&A activity in H1 2012 (US$ 929.4bn) and was down 22.4% on the same period

in 2011 (US$ 146.7bn). A total o 900 buyouts exceeded the 634 exits in H1 2012, though,

which appears to conrm reports o investors holding onto their assets due to market

volatility, in particular within the euro zone.

Asia-Pacic (ex Japan) saw its Q2 2012 buyouts total just US$ 3.9bn, the lowest quarterly

gure since Q2 2010 (US$ 2.7bn) and the third consecutive quarter o decline rom Q3

2011.

Average buyout leverage ratio or H1 2012 was 58.2% which is up rom the 55.5% seen

or the whole o 2011. This was the third-highest level since 2007s high o 67.6%. Debt

nancing-to-EBITDA in the rst hal o 2012 was 5.3x, the second-lowest level in eightyears (2009s 5.1x being the lowest).

Linklaters topped the legal advisory tables or deal value (US$ 11.1bn) while Kirkland &

Ellis topped the volume table (40) or the rst hal o 2012.

Global M&A Overview: Private Equity Buyouts

Global Debt Financing Ratios Trend(US$200m+ buyouts, excluding buy-ins)

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Global Private Equity Buyout Activity - Quarterly

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Buyouts (% of Total M&A)

Top 10 Global private equity rms H1 2012 - buyouts

Ranking Company NameValue

(US$m) Deal Count

1 The Riverside Company - 8

2 CVC Capital Partners 4,174 6

3 Vista Equity Partners 2,501 64 Warburg Pincus 1,438 6

5 Lloyds TSB Development Capital 333 6

6 Blackstone Group 5,600 5

7 Bain Capital 2,499 5

8 Oaktree Capital Group 346 5

9 Wynnchurch Capital 169 5

10 Arsenal Capital Partners 161 5



9/53

Global H1 2012 exits total US$ 119.7bn, down 30% on H1 2011

US exit premiums in H1 2012 at second-highest level in eight years

Secondary Buyouts or Q2 2012 at US$ 20bn, up 85.2% on previous quarter

The H1 2012 total o US$ 119.7bn or private equity exits was down 30% on H1 2011 (US$

170.9bn). SBOs, though, did experience an 85.2% increase in deal value, up rom US$

10.8bn in Q1 2012, to US$ 20bn in Q2 2012.

So ar it looks as though Europe will have a higher EBIDTA upon exiting compared to the

US, or the sixth year in a row. At 11.8x, Europes multiples in H1 2012 were 25.5% higher

than the USs 9.4x. Exit premiums continued to be the highest in the US at 63.7% where-

as Europe went the other way, alling to 13.1% rom a 2011 gure o 30%.

The USs exit premiums or H1 2012 were at their second-highest level stretching back to

2004. Globally, premiums stood at 24.8% in the rst hal o the year; down slightly rom

the 2011 ull-year total o 32.8%.

The Consumers sector was one o the most active in the exits eld in H1 2012, accountingor two o the top ve deals.

Global M&A Overview: Private Equity Exits

Top 10 Global private equity rms H1 2012 - exits

Ranking Company NameValue

(US$m) Deal Count

1 3i Group 750 7

2 Intel Capital 690 7

3 Sun Capital Partners 98 7

4 The Carlyle Group 5,940 6

5 Benchmark Capital 1,619 6

6 Battery Ventures 830 6

7 Draper Fisher Jurvetson 1,711 5

8 Atlas Venture 1,565 5

9 TA Associates 738 5

10 American Capital 144 5

Exit Premium Analysis - Average

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Trade Sales vs SBO Exit Activity - Quarterly

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10/53

Emerging Markets see deals down 15.8% to US$ 208.2bn compared to H1 2011

BRICs witness second lowest quarterly total since Q1 2010

Europe receives nearly hal o outbound investment in H1 2012, up 87.1% on H1

2011

Emerging Markets M&A saw a Q2 2012 total o US$ 117.2bn, which was an 8.3% increase compared to Q2

2011 (US$ 108.5bn). Meanwhile, Emerging Markets saw H1 2012 M&A activity worth US$ 208.2bn, down

15.8% rom the same period in 2011 (US$ 247.4bn).

The value o deals in Emerging Markets bounced back rom the past two quarters, which witnessed con-

secutive declines.

Q2 2012 saw BRIC M&A slide to US$ 56.7bn, its second lowest point since Q1 2010 (US$ 51bn). The loss in

value can also be seen in quarterly and hal-year comparisons. BRIC M&A activity was down 19.6% rom

US$ 70.5bn in Q2 2011. In addition, H1 2012s total o US$ 123.5bn accounted or an 18.7% decline compared

to H1 2011 (US$ 151.8bn).

Other Emerging Markets M&A accounted or US$ 60.5bn o the Q2 2012 total. These countries experienced

a 59.3% increase rom Q2 2011 (US$ 38bn). However, other Emerging Markets matched the BRICs or their

drop in hal-year activity; H1 2012s US$ 84.7bn was an 11.3% decline compared to H1 2011 (US$ 95.6bn).

Emerging Markets accounted or 23.7% o global M&A activity in Q2 2012, up rom the 18.8% they account-

ed or in the same period in 2011.

Inbound cross-border activity into Emerging Markets in Q2 2012 totalled US$ 59.4bn, 57.7% up rom Q2 2011

(US$ 37.7bn). Emerging Markets saw a 16% decrease in inbound investment rom H1 2011 (US$ 97.8bn) to

US$ 82.2bn in the rst hal o 2012, while Europe ploughed the most investment into Emerging Markets out

o any region; US$ 38.7bn, or 47% o total global value.

Outbound M&A activity rom Emerging Market countries in Q2 2012 accounted or US$ 32.2bn, showing

an increase o 63.8% rom US$ 19.7bn in the same period o last year. H1 2012 also saw a 53.9% increase to

US$ 70bn in outbound investment rom emerging countries, compared to the same period last year (US$

45.5bn). Europe remained the top destination or Emerging Market buyers, accounting or US$ 28.5bn o

deals in H1 2012, which represented an impressive 87.1% jump compared to H1 2011 (US$ 15.2bn).

H1 2012 saw Europes share o inbound investment all in Emerging Market countries by 18.1%, to US$

38.7bn rom H1 2011s US$ 47.2bn. Asia-Pacic (ex Japan)s investment declined by 21.2%, alling rom H1

2011s US$ 25bn to H2 2012s US$ 19.7bn.

Global M&A Overview: Emerging Markets

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EM M&A as % of Global M&A



11/53

Average global premiums or H1 2012 at 28.8%, up rom 16.9% or 2011

North America premiums highest o any region, third-highest since 2004

European multiples dip below double gures or rst time in over eight

years

Decrease in overall global H1 2012 EBITDA to 11.4x, lowest in eight years

Average premiums (one day beore) o global M&A deals in the rst hal o 2012 was

28.8%, an increase rom 2011 (16.9%) and 2010 (22.3%).

North American premiums or H1 2012 were at 40.2%, up rom 37.6% in 2011. Mean-

while, European premiums stood at 20.8% in H1 2012, down slightly rom 21.6% in

2011. Targets in Asia-Pacic (ex Japan) had H1 2012 average premiums o 28.6%, higher

than 2011 (21.9%) and the highest since 2004.

The average EBITDA multiple across global M&A was 11.4x in the rst hal o 2012,

down rom 14.6x in 2011 and the lowest level seen in eight years. In Europe, the aver-

age EBITDA multiple was 9.6x, down rom 12.4x in 2011, and the rst time Europes

multiples have dipped below double gures in over eight years.

North America continued on a downward trend; rom 17.1x in 2010 to 13.7x in 2011 and

to 12.9x in H1 2012. Asia-Pacic (ex Japan) also saw a signicant decrease in EBIDTA

multiples rom 2011 to 2012, with H1 2012 EBITDA coming in at 12.5x, down rom 13.8x

in 2011 and the lowest since 2004 (10.8x). Japan has also seen its average EBITDA

multiple decline to 8.9x in H1 2012, down rom 9.8x in 2011.

Global M&A Overview: Premia and Multiples Analysis

Premium Analysis - Average

0%

10%

20%

30%

40%

50%

60%

2004 2005 2006 2007 2008 2009 2010 2011 H1 2012

Premium

s%

Global

Europe

North America

Asia-Pacific (excl. Japan)

Japan

EBITDA Multiple Analysis - Average

0

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EBITDAMultiple(x)-Average

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Europe

North America

Asia-Pacific (excl. Japan)

Japan



12/53

Deal Type

H1 2012 global M&A oers total US$ 390.6bn, down 27.7% on H1 2011 Oncoursetobelowestyearlytotalsince2009

For the irst hal o 2012, global M&A oers stood at US$ 390.6bn, a signiicant decline compared to

global M&A oers or H1 2011 (US$ 540.4bn). There was also a drop evident quarter-on-quarter with

US$ 192.7bn in oers during Q2 2012, down rom US$ 197.9bn or Q1 2012.

Recommended oers or H1 2012 totalled US$ 369.2bn, contested oers stood at US$ 25.9bn while

unsolicited oers or this same period were valued at US$ 20.8bn.

Hostile bids or the irst hal o 2012 totalled US$ 21.1bn, which emphasised another period o de-

cline when comparing it to H1 2011 (US$ 34.6bn).

Behind Roches hostile bid or Illumina (US$ 6.8bn), the second-largest hostile bid to date was

America Movil SAB de CV oer to acquire a 23.2% Stake in Koninklijke KPN NV or US$ 3.5bn.

Deal Value

Mega-deals account or 12.3% o H1 2012 global M&A with total o US$

111.0bn

Global quarterly total deal size comes in at US$ 468.5bn, third-lowest quar-

terly total since Q2 2010

Mega-deals (over US$ 10bn) in Q2 2012 accounted or 10.1% o the value o global M&A deals an-nounced, the lowest proportion in eight years. Mega-deals in H1 2012 had an aggregate value o US $

111.0bn, down 19.8% on H1 2011 (US $138.4bn).

In Q2 2012, deals valued between US$ 501m-1.99bn accounted or 31.3% o total deal value, the high-

est proportion or the deal size range on mergermarket record (since 2001).

European deals valued at US$ 2bn-10bn added up to US$ 127.4bn, representing 36.4% o all Euro-

pean M&A deals announced in H1 2012, also the second-highest proportion or the deal size range on

mergermarket record.

The global total deal size or Q2 2012 was US$ 468.5bn, the third-lowest quarterly total since Q2 2010

(US$ 428.6bn).

Global M&A Overview: Deal Type/ Deal Value Breakdown

37.7%41.2% 40.3%

48.8%

36.1% 37.9% 33.5%38.3% 38.2%

6.0%4.1%

10.4%

2.7%

10.9% 5.0%

4.2%

2.6% 2.4%

1.7%

6.6%

8.8%2.4%

2.4%

0.5%1.3%

0.8% 1.0%

54.5%48.1%

40.5%46.1%

50.6%56.6%

61.1%58.3% 58.4%

0%

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40%

50%

60%

70%

80%

90%

100%

2004 2005 2006 2007 2008 2009 2010 2011 H1 2012

ShareoftotalGlobalM&A-DealValues

M&A Deal Type - Deal Value

Recom mended H ostile Contested N on-public M&A

28.0%23.5%

20.1% 20.4%23.4% 22.4% 24.5% 24.8% 25.2%

24.5%

22.0%

20.8% 23.0%19.3% 20.6%

27.6% 26.2%29.4%

25.5%

30.0%

27.0%

29.8%27.9% 27.5%

32.5% 33.9%33.1%

21.9% 24.5%

32.0%26.8% 29.4% 29.6%

15.4% 15.2%12.3%

0%

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60%

70%

80%

90%

100%

2004 2005 2006 2007 2008 2009 2010 2011 H1 2012

Global M&A Deal Size Breakdown - % by Deal Value

$0m - $500m $501m - $2, 000m $2, 001 - $10 ,000m m ega dea ls ( ov er $10 ,001m)



13/53

Consideration structure

All-cash deals in H1 2012 total US$ 463.5bn, down a third on H1 2011

Cash-only still the avoured option; accounts or 70% o total deal value in H1

2012

Cash-only deals increased its already-dominant share in deal consideration structures in H1 2012,

accounting or 70% o total deal value or the period, compared to 71.5% in H1 2011. This proportion

was the second highest since 2008 (71.2%).

Meanwhile, the total value o equity-only deals in H1 2012 was US$ 111.1bn, 44.9% lower than H1

2011 (US$ 201.8bn). Deals with a cash and equity consideration in H1 2012 amounted to US$ 87.6bn,

28% lower than in H1 2011 (US$ 121.6bn).

In Q2 2012, cash & equity deals accounted or 18.8% o total deal value, an increase rom the sub-

15% level in each o the previous ve quarters. Conversely, the total proportion o M&A accounted

or by equity-only deals plummeted to 5.5% rom 22.2% in Q2 2012, representing the second-lowest

level seen during the past six quarters.

Insolvency

H1 2012 global insolvency deals total US$ 9.3bn, up 43% on H1 2011

Insolvencies hit second-lowest quarterly total since Q4 2007

Global insolvency deals in H1 2012 showed a solid 43% increase totalling US$ 9.3bn, compared to

H1 2011s US$ 6.5bn. Yet the second quarter had a steep 54.7% drop, rom US$ 6.4bn in Q1 2012, to

US$ 2.9bn.

Europe had the lions share o insolvency deals in Q2 2012 (US$ 2.5bn), mainly due to Giuseppe

Rotellis US$ 1bn acquisition o insolvent Italian hospital Ospedale San Raaele. European insol-

vencies tripled in value rom US$ 1.3bn in H1 2011, to US$ 5.9bn in H1 2012, representing a 353%increase.

US insolvency deals experienced a 92% all rom US$ 2.7bn in Q2 2011 to US$ 0.2bn in Q2 2012. The

US downward trajectory was evident in the 46.6% drop rom US$ 4.5bn in H1 2011 to US$ 2.4bn in

the rst hal o this year.

Q2 2012 marked the second-lowest quarterly value in global insolvencies since Q4 2007 (US$

0.8bn).

Global M&A Overview: Consideration Structure / Insolvency

0

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ValueofDeals($bn)

Quarterly Insolvency Deals - Global

Value (US$bn)

Volume

59.6% 59.7% 60.0%

67.9%71.2%

58.9%

68.4% 70. 0% 70.0%

18.1% 18.6%

25.9%

17.6%

22.7%

22.2%

20.2% 18.4% 16.8%

22.4% 21.7%

14.1% 14.5%

6.1%

18.9%

11.4% 11.6% 13.2%

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2004 2005 2006 2007 2008 2009 2010 2011 H1 2012

%o

fGlobalM&A

Global Consideration Breakdown -Value% cash only deals

% equity only deals

% cash & equity deals



14/53

Global: League Tables o Legal AdvisersLeague Tables o Legal Advisers to Global M&A: Value

Ranking H1 2012 H1 2011H1

2011H1

2012 Company NameValue

(US$m)Deal

CountValue

(US$m)% Val.

Change

17 1 Cliord Chance 162,169 103 73,855 119.6%

5 2 Freshelds Bruckhaus Deringer 141,694 85 161,783 -12.4%

7 3 Skadden Arps Slate Meagher & Flom 132,388 91 142,405 -7.0%

3 4 Linklaters 118,176 111 167,978 -29.6%

1 5 Sullivan & Cromwell 84,464 63 212,672 -60.3%

82 6 King & Wood Mallesons 81,998 39 13,291 516.9%

4 7 Latham & Watkins 62,780 109 163,700 -61.6%

21 8 Kirkland & Ellis 61,896 104 53,371 16.0%

10 9 Allen & Overy 61,706 89 126,073 -51.1%

18 10 Jones Day 59,622 124 64,286 -7.3%

13 11 Weil Gotshal & Manges 58,751 73 101,131 -41.9%

11 12 Cleary Gottlieb Steen & Hamilton 55,433 50 115,262 -51.9%

2 13 Simpson Thacher & Bartlett 53,478 44 190,783 -72.0%

6 14 Wachtell, Lipton, Rosen & Katz 49,453 22 156,351 -68.4%

14 15 Davis Polk & Wardwell 47,428 44 95,592 -50.4%

16 16 Blake, Cassels & Graydon 40,074 56 75,180 -46.7%

24 17 White & Case 39,712 70 46,688 -14.9%

22 18 Baker & McKenzie 38,426 95 51,133 -24.9%

39 19 Gibson Dunn & Crutcher 35,423 41 29,748 19.1%

33 20 Vinson & Elkins 33,651 49 32,481 3.6%

League Tables o Legal Advisers to Global M&A: Volume


2011H1

2 01 2 C om pa ny N am eValue

(US$m)Deal

CountDeal

CountCount

Change

4 1 Jones Day 59,622 124 147 -23

2 2 DLA Piper 27,462 118 160 -42

3 3 Linklaters 118,176 111 147 -36

1 4 Latham & Watkins 62,780 109 162 -53

9 5 Kirkland & Ellis 61,896 104 127 -23

7 6 Cliord Chance 162,169 103 137 -34

5 7 Baker & McKenzie 38,426 95 144 -49

10 8 Skadden Arps Slate Meagher & Flom 132,388 91 118 -27

8 9 Allen & Overy 61,706 89 127 -38

6 10 Freshelds Bruckhaus Deringer 141,694 85 142 -57

13 11 Weil Gotshal & Manges 58,751 73 96 -23

12 12 Hogan Lovells 22,666 71 101 -30

16 13 White & Case 39,712 70 77 -7

15 14 Sullivan & Cromwell 84,464 63 85 -22

11 15 CMS 3,383 60 113 -53

26 16 Blake, Cassels & Graydon 40,074 56 59 -3

25 17 Mayer Brown 17,803 51 60 -9

22 18 Cleary Gottlieb Steen & Hamilton 55,433 50 65 -15

59 19 Vinson & Elkins 33,651 49 36 13

29 20 Morgan Lewis & Bockius 3,463 48 55 -7



15/53

Global: League Tables o Legal AdvisersLeague Tables o Legal Advisers to Global Buyouts*: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

1 1 Kirkland & Ellis 7,396 40 59 -19

3 2 Latham & Watkins 8,473 21 24 -3


5 4 Cliord Chance 3,343 18 20 -2

8 5 Linklaters 11,529 17 17 0

4 6 Jones Day 3,160 15 23 -8

12 7 SJ Berwin 689 13 16 -3

20 8 Paul Weiss Rikind Wharton &Garrison

9,624 12 10 2

7 9 Simpson Thacher & Bartlett 9,287 12 18 -6


21 11 Skadden Arps Slate Meagher & Flom 1,046 11 10 1

18 12 DLA Piper 409 10 12 -2

25 13 McDermott Will & Emery 288 10 9 1

38 14 Willkie Farr & Gallagher 10,666 9 7 2

16 15 Allen & Overy 5,973 9 13 -4

59 16 Vinson & Elkins 8,862 8 5 3

39 17 Sullivan & Cromwell 7,236 8 7 1

28 18 White & Case 2,090 8 9 -1

47 19 Mayer Brown 1,530 8 6 2

51 20 Paul Hastings 419 8 6 2

League Tables o Legal Advisers to Global Buyouts*: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

11 1 Linklaters 11,529 17 7,076 62.9%

24 2 Willkie Farr & Gallagher 10,666 9 3,571 198.7%

9 3 Weil Gotshal & Manges 10,109 20 8,620 17.3%


9,624 12 3,853 149.8%


100 6 Vinson & Elkins 8,862 8 468 1,794%

5 7 Latham & Watkins 8,473 21 10,121 -16.3%

7 8 Debevoise & Plimpton 8,275 5 9,069 -8.8%

14 9 Freshelds Bruckhaus Deringer 7,628 11 5,294 44.1%

2 10 Kirkland & Ellis 7,396 40 13,418 -44.9%

29 11 Sullivan & Cromwell 7,236 8 2,870 152.1%

45 12 Allen & Overy 5,973 9 1,545 286.6%

- 13= Campos Ferreira, Sa Carneiro e

Asociados

5,599 1 - -

- 13= Morais Leitao Galvao Teles Soares DaSilva & Associados

5,599 1 - -

- 13= Vieira de Almeida & Associados 5,599 1 - -


13 17 Cliord Chance 3,343 18 6,348 -47.3%

16 18 Jones Day 3,160 15 5,152 -38.7%


- 20 BAHR 2,834 3 - -

* Based on the target geography only and the advisor advising the buy-side only.



16/53

European H1 2012 M&A totals US$ 356.1bn, down 15.7% on H1 2011

Region accounts or 38.3% o global deal value or H1 2012

Cliord Chance tops H1 2012 European legal advisers league table by deal

value

European deals in the rst hal o 2012 were worth US$ 356.1bn, reecting a 15.7% drop rom the

same period in 2011 (US$ 422.3bn).

European deals in Q2 2012 totalled US$ 183.7bn, down 23.6% compared to the same period in 2011

(US$ 240.5bn) but up 6.6% rom Q1 2012 (US$ 172.4bn). The second quarter o this year was the

third-highest quarterly total since Q4 2009 (US$ 187.8bn), although 2012 is on course or a lower total

as 2011 nished with US$ 721.9bn in deals.

Energy, Mining & Utilities accounted or nearly a third o total deal value in H1 2012, with over US$

110bn in rst hal M&A, no doubt in part to the Glencore-Xstrata mega-deal. Deals in the Construc-

tion sector also got a much-needed boost with total deal value in H1 2012 at US$ 18.1bn, up 218% on

H1 2011 (US$ 5.7bn).

O all global M&A, European deals made up a hety 38.3% o total deal value or the rst hal o 2012,

driving the theory that Europe oers buyers value.

Cliord Chance claimed top spot in the H1 2012 M&A legal advisers league table by deal value, while

the honours went to Linklaters by deal volume.

European M&A Overview

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Volume



17/53

European M&A Overview: Industry and Geography BreakdownH1 2012 H1 2011 Change

Sector Value (US$bn) Market share Deal Count Value (US$bn) Market share Deal Count Value (%) Deal Count

Energy, Mining & Utilities 113.4 31.9% 137 87.8 20.8% 220 29.3% -83

Financial Services 43.3 12.2% 164 57.8 13.7% 207 -25.1% -43Industrials & Chemicals 39.8 11.2% 526 75.2 17.8% 595 -47.1% -69

Consumer 33.7 9.5% 359 47.8 11.3% 429 -29.5% -70


Construction 18.1 5.1% 83 5.7 1.3% 123 218.0% -40

Technology 16.4 4.6% 210 16.9 4.0% 233 -3.1% -23

Telecommunications 15.5 4.3% 30 29.3 6.9% 40 -47.1% -10

Transport 14.7 4.1% 78 6.5 1.5% 106 124.8% -28

Real Estate 11.8 3.3% 47 12.0 2.9% 41 -2.1% 6

Business Services 11.6 3.3% 262 14.8 3.5% 392 -22.0% -130

Media 6.1 1.7% 82 6.1 1.4% 88 1.4% -6

Leisure 5.6 1.6% 68 8.9 2.1% 125 -37.1% -57

Agriculture 0.7 0.2% 25 1.0 0.2% 28 -25.6% -3

Deence 0.1 0.03% 5 0.5 0.1% 4 -78.4% 1

Total 356.1 2,204 421.8 2,804 -15.6% -867

UK & Ireland24.6%

Germanic17.8%

France11.0%

Italy5.6%

Iberia5.2%

Benelux9.1%

Nordic13.5%


South Eastern Europe3.0%

Other0.3%

Mix of Announced European Deals by Geographic Region H1 2012 -Volume

UK & Ireland25.7%

Germanic29.8%

France2.9%

Italy8.0%

Iberia5.9%

Benelux6.6%

Nordic9.5%


South Eastern Europe2.3%

Other0.06%

Mix of Announced European Deals by Geographic Region H1 2012 -Value



18/53

European M&A Overview: Top DealsTop 10 Announced Deals or H1 2012

AnnouncedDate


07-Feb-12 Glencore International plc Cliord Chance (AdvisingCitigroup;Credit Suisse;Morgan

Stanley); Linklaters

X st rat a P lc (6 5. 92 % S ta ke ) Fre sh e ld s B ru ck hau s D er in ger ;King & Wood Mallesons

53,465

21-May-12 Eaton Corporation A&L Goodbody; DavisPolk & Wardwell (AdvisingCitigroup;Morgan Stanley);Kinstellar; Matheson OrmsbyPrentice; McCann FitzGerald(Advising Citigroup;MorganStanley); Simpson Thacher &Bartlett

Cooper Industries Plc Arthur Cox; Blake, Cassels &Graydon; Cleary Gottlieb Steen& Hamilton (Advising GoldmanSachs); Wachtell, Lipton, Rosen& Katz

11,940

16-Apr-12 GDF Suez SA Linklaters; Weil Gotshal & Manges International Power Plc (30.23%Stake)

Cliord Chance 10,867

06-May-12 Electricite de France SA Cliord Chance; Jones Day; PaulWeiss Rikind Wharton & Garrison

Edison International SpA 7,582

17-Jan-12 Sumitomo Mitsui Financial GroupInc

A&L Goodbody; Milbank TweedHadley & McCloy; NagashimaOhno & Tsunematsu

R BS Av ia ti on Cap it al Li mi ted C li or d C han ce ; Mc Ca nnFitzGerald

Royal Bank o Scotland Group Plc 7,300

19-Mar-12 United Parcel Service Inc Freshelds Bruckhaus Deringer TNT Express NV Allen & Overy; Cliord Chance(Advising Lazard); Stibbe; Sullivan& Cromwell (Advising GoldmanSachs)

6,843

19-Jun-12 Walgreen Company Allen & Overy; Cleary GottliebSteen & Hamilton (AdvisingGoldman Sachs); Davis Polk &Wardwell (Advising Bank oAmerica Merrill Lynch); GibsonDunn & Crutcher (AdvisingLazard); Wachtell, Lipton, Rosen& Katz

Alliance Boots GmbH (45% Stake) Cliord Chance; Darrois VilleyMaillot Brochier; Simpson Thacher& Bartlett

6,690

25-Apr-12 Watson Phar maceuticals I nc Latham & Watk ins; Loyens &Loe Actavis Group h Cliord Chance (AdvisingDeutsche Bank); Kinstellar;Linklaters; Shearman & Sterling;

5,806

30-Mar-12 Tagus Holdings Allen & Overy; Campos Ferreira,Sa Carneiro e Asociados;Linklaters; Morais Leitao

Brisa-Auto Estradas de PortugalSA (50.43% Stake)

Servulo Correia & Associados 5,599

27-Jun-12 Fondo de ReestructuracionOrdenada Bancaria

Bankia SA (45.5% Stake) 5,559



19/53

Europe M&A Heat Chart


Hot Warm Cold

140 60 10

100 40 5

80 20 0

Note:




Sector Germanic Italy UK &Ireland

Nordics France Benelux Iberia Russia Greece,Cyprus

&Turkey

CEE(excl.

Russia)

Total

Industrials & Chemicals 146 84 68 54 65 25 24 30 40 35 571

Consumer 118 106 83 52 66 27 28 42 39 37 598

TMT 102 36 102 64 60 46 44 41 21 21 537

Pharma, Medical & Biotech 67 24 49 41 19 12 11 5 14 9 251

Energy, Mining & Utilities 56 28 80 47 15 17 22 39 19 31 354

Financial Services 37 31 60 17 12 18 14 22 22 17 250

Business Services 35 13 67 41 32 29 17 12 12 10 268

Leisure 25 22 59 12 6 7 26 12 18 11 198

Transportation 27 15 18 28 9 17 10 18 23 16 181

Real Estate 20 9 14 2 4 8 2 7 7 3 76

Construction 18 7 18 13 16 9 18 10 8 9 126

Agriculture 5 1 3 2 1 0 9 4 14 39Deence 0 11 0 0 0 2 4 0 17

Total 656 376 632 373 304 216 216 249 231 214 3,467

Industrials & Chemicals see most companies or sale in Germanic countries, a sign that European expertise and industrial know-how are still very much sought-ater

TMT the hottest sector in Russia, with online retailers aiming to emulate Amazon among a number o rms looking to receive greater unding

Consumer proving popular in the UK as its reputation or creating reliable brands continues to attract Asian buyers


Google


20/53

Europe: League Tables o Legal AdvisersLeague Tables o Legal Advisers to European M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

2 1 Linklaters 113,781 98 126 -28

4 2 Cliord Chance 155,603 89 112 -231 3 Freshelds Bruckhaus Deringer 124,961 76 129 -51

5 4 Allen & Overy 56,056 68 99 -31

6 5 DLA Piper 22,355 61 93 -32

3 6 CMS 2,833 59 113 -54

7 7 Baker & McKenzie 20,959 51 84 -33

8 8 Hogan Lovells 15,120 48 66 -18

10 9 White & Case 18,976 45 59 -14

11 10 Jones Day 17,134 43 56 -13

13 11 Eversheds 11,614 37 52 -15

9 12 Latham & Watkins 15,399 34 62 -28

18 13 Skadden Arps Slate Meagher & Flom 71,947 33 41 -8

21 14 Pinsent Masons 3,169 32 42 -2

29 15 Cleary Gottlieb Steen & Hamilton 46,130 30 29 1

17 16 SJ Berwin 1,840 29 43 -

26 17 Mannheimer Swartling 1,019 29 33 -4

25 18 Hengeler Mueller 21,872 28 33 -5

22 19 Mayer Brown 14,141 28 36 -8

15 20 Loyens & Loe 12,979 28 47 -19

League Tables o Legal Advisers to European M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

9 1 Cliord Chance 155,603 89 62,447 149.2%

1 2 Freshelds Bruckhaus Deringer 124,961 76 152,468 -18.0%2 3 Linklaters 113,781 98 146,210 -22.2%

177 4 King & Wood Mallesons 73,402 6 1,024 7,068%

21 5 Skadden Arps Slate Meagher & Flom 71,947 33 32,596 120.7%

4 6 Allen & Overy 56,056 68 84,559 -33.7%



44 9 Kirkland & Ellis 32,764 18 14,510 125.8%

74 10 A&L Goodbody 32,503 12 7,322 343.9%

30 11 Davis Polk & Wardwell 31,323 14 21,974 42.5%


14 13 Weil Gotshal & Manges 24,017 26 42,873 -44.0%



36 16 DLA Piper 22,355 61 20,136 11.0%

18 17 Hengeler Mueller 21,872 28 39,062 -44.0%

11 18 Blake, Cassels & Graydon 21,769 18 48,852 -55.4%

23 19 Baker & McKenzie 20,959 51 28,592 -26.7%

12 20 Cravath Swaine & Moore 18,985 6 45,958 -58.7%



21/53

Europe: League Tables o Legal AdvisersLeague Tables o Legal Advisers to European Buyouts*: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

2 1 Linklaters 11,076 15 16 -1

3 2 SJ Berwin 689 13 16 -35 3 Cliord Chance 1,576 12 14 -2

14 4 Latham & Watkins 1,586 9 8 1


18 6 Olswang 573 7 8 -1

13 7 Kirkland & Ellis 3,751 6 8 -2

11 8 Vinge 2,255 6 8 -2


25 10 White & Case 1,073 6 6 0

19 11 Pinsent Masons 50 6 8 -2

24 12 Macarlanes 31 6 6 0

10 13 Allen & Overy 5,378 5 10 -5

- 14 Bech-Bruun 2,628 5 - -

26 15 DLA Piper 379 5 6 -1

League Tables o Legal Advisers to European Buyouts*: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

2 1 Linklaters 11,076 15 6,271 76.6%

3 2 Freshelds Bruckhaus Deringer 6,510 7 5,294 23.0%- 3= Campos Ferreira, Sa Carneiro e

Asociados5,599 1 - -

- 3= Morais Leitao Galvao Teles Soares DaSilva & Associados

5,599 1 - -

- 3= Vieira de Almeida & Associados 5,599 1 - -

31 6 Allen & Overy 5,378 5 1,011 431.9%

45 7 Sullivan & Cromwell 4,524 2 649 597.1%

8 8 Kirkland & Ellis 3,751 6 4,159 -9.8%

- 9 BAHR 2,834 3 - -

41 10 Slaughter and May 2,640 2 654 303.7%

- 11 Bech-Bruun 2,628 5 - -

80 12 Roschier 2,398 2 171 1,302%

9 13 Ropes & Gray 2,308 2 3744 -38.4%4 14 Vinge 2,255 6 5,197 -56.6%

- 15= Baker & McKenzie;P+P Poellath + Partmers

2,249 2 - -

* Based on the target geography only and the advisor advising the buy-side only.



22/53

Europe: League Tables o Legal Advisers

Legal Advisers to French M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

2 1 Cliord Chance 16,455 14 23 -9

1 2 Linklaters 12,379 14 26 -12

15 3 Jones Day 3,742 12 12 0

9 4 De Pardieu Brocas Maei 526 12 15 -3

20 5 Hogan Lovells 2,989 11 10 1

3 6 Gide Loyrette Nouel 429 10 20 -10

11 7 SJ Berwin 211 10 13 -3

23 8 Weil Gotshal & Manges 11,553 9 9 0

6 9 Latham & Watkins 1,240 9 17 -8

14 10 Baker & McKenzie 494 9 12 -3

10 11 CMS - 9 14 -5

13 12 White & Case 802 8 13 -5

12 13 Paul Hastings - 8 13 -5

19 14 Cleary Gottlieb Steen & Hamilton 7,821 7 10 -3

38 15 Fidal 686 7 5 2

Legal Advisers to French M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

15 1 Cliord Chance 16,455 14 7,363 123.5%

1 2 Linklaters 12,379 14 44,164 -72.0%

70 3 Weil Gotshal & Manges 11,553 9 727 1,489%

18 4 Cleary Gottlieb Steen & Hamilton 7,821 7 6,444 21.4%

27 5 Jones Day 3,742 12 3,746 -0.1%

60 6 Paul Weiss Rikind Wharton & Garrison 3,555 2 921 286.0%

80 7 Dechert 3,281 5 553 493.3%

4 8 Bredin Prat 3,118 6 21,192 -85.3%

40 9 Hogan Lovells 2,989 11 2,008 48.9%

19 10 d 'Urso Gat ti e B ianchi - Studi o LegaleAssociato

2,065 3 6,057 -65.9%

8 11 Loyens & Loe 2,023 3 8,724 -76.8%

- 12 Simmons & Simmons 1,932 1 - -

178 13 Proskauer Rose 1,900 2 - -

94 14 Simpson Thacher & Bartlett 1,900 1 319 495.6%

34 15 Darrois Villey Maillot Brochier 1,572 5 2,861 -45.1%

Legal Advisers to UK M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

1 1 Linklaters 23,911 45 49 -4

7 2 Cliord Chance 41,065 37 37 03 3 Freshelds Bruckhaus Deringer 29,346 34 42 -8

5 4 Pinsent Masons 3,169 32 38 -6

4 5 Eversheds 7,853 29 39 -10

2 6 DLA Piper 7,797 29 46 -17

6 7 Allen & Overy 24,667 27 37 -10

20 8 Olswang 1,206 26 18 8

25 9 Macarlanes 2,547 24 14 10

18 10 Travers Smith 9,304 22 22 0

15 11 Hogan Lovells 7,102 22 24 -2

12 12 SJ Berwin 1,549 18 26 -8

8 13 CMS 1,300 18 35 -17

9 14 Slaughter and May 11,301 17 31 -14

29 15 Mayer Brown 1,642 17 12 5

Legal Advisers to UK M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

9 1 Cliord Chance 41,065 37 11,357 261.6%

3 2 Freshelds Bruckhaus Deringer 29,346 34 41,749 -29.7%2 3 Allen & Overy 24,667 27 44,520 -44.6%

1 4 Linklaters 23,911 45 54,672 -56.3%

12 5 Weil Gotshal & Manges 20,313 13 10,977 85.1%

6 6 Sullivan & Cromwell 17,169 12 11,937 43.8%

10 7 Simpson Thacher & Bartlett 15,840 9 11,068 43.1%

15 8 Kirkland & Ellis 15,356 12 10,249 49.8%



4 11 Slaughter and May 11,301 17 16,493 -31.5%



35 14 Travers Smith 9,304 22 4,236 119.6%

29 15 A&L Goodbody 8,018 6 5,127 56.4%



23/53


Legal Advisers to Germanic M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change


2 2 CMS 1,678 31 49 -18

4 3 Hengeler Mueller 21,099 25 28 -3

3 4 Cliord Chance 79,958 23 32 -9

6 5 Baker & McKenzie 18,027 23 22 1

8 6 Noerr 7,620 17 19 -2

12 7 Hogan Lovells 6,622 17 15 2

7 8 Allen & Overy 24,615 15 20 -5

5 9 Linklaters 70,051 14 26 -12

- 10 Walder Wyss 149 12 - -

11 11 DLA Piper 12,069 11 17 -6

20 12 Jones Day 8,288 11 10 1

9 13 White & Case 5,323 11 17 -6

10 14 P+P Poellath + Partners 3,020 10 17 -7

77 15 Heuking Kuhn Luer Wojtek 817 10 3 7

Legal Advisers to Germanic M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

22 1 Cliord Chance 79,958 23 17,699 351.8%

3 2 Freshelds Bruckhaus Deringer 74,759 36 57,476 30.1%

73 3 King & Wood Mallesons 72,662 3 783 9,180%

6 4 Linklaters 70,051 14 51,359 36.4%

29 5 Allen & Overy 24,615 15 13,068 88.4%



37 8 Baker & McKenzie 18,027 23 6,175 191.9%


51 10 Kirkland & Ellis 16,391 4 2121 672.8%

31 11 Davis Polk & Wardwell 15,791 6 12,267 28.7%

23 12 Mayer Brown 12,180 5 16,233 -25.0%

82 13 DLA Piper 12,069 11 498 2,323%

- 14= A&L Goodbody 11,850 1 - -

168 14= DLA Clie Dekker Homeyr 11,850 1 28 42,221%

Legal Advisers to German M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

2 1 CMS 1,197 28 41 -13

4 2 Hengeler Mueller 21,099 25 28 -31 3 Freshelds Bruckhaus Deringer 18,816 25 44 -19

6 4 Noerr 7,620 17 18 -1

15 5 Hogan Lovells 6,622 17 9 8

3 6 Cliord Chance 6,426 17 30 -13

9 7 Allen & Overy 16,637 11 15 -4

7 8 White & Case 5,323 10 16 -6

8 9 P+P Poellath + Partners 3,020 10 16 -6

50 10 Heuking Kuhn Luer Wojtek 817 10 3 7

16 11 Baker & McKenzie 4,111 9 9 0

- 12 Gleiss Lutz 2,325 9 - -

5 13 Linklaters 6,604 8 22 -14

11 14 Latham & Watkins 5,211 8 12 -4

20 15 Jones Day 4,494 8 7 1

Legal Advisers to German M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change


11 2 Freshelds Bruckhaus Deringer 18,816 25 19,228 -2.1%18 3 Allen & Overy 16,637 11 12812 29.9%

30 4 Noerr 7,620 17 3,376 125.7%

38 5 Hogan Lovells 6,622 17 1,560 324.5%

9 6 Linklaters 6,604 8 26,444 -75.0%

12 7 Cliord Chance 6,426 17 17363 -63.0%

14 8 White & Case 5,323 10 16,634 -68.0%

15 9 Latham & Watkins 5,211 8 15,525 -66.4%

39 10 Taylor Wessing 4,940 6 1,426 246.4%


67 12 Jones Day 4,494 8 287 1,466%

143 13 Gibson Dunn & Crutcher 4,311 2 - -

- 14 Gunderson Dettmer Stough;

Villeneuve Franklin & Hachigian

4,311 1 - -

55 15 Baker & McKenzie 4,111 9 645 537.4%



24/53


Legal Advisers to Italian M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

1 1 Chiomenti Studio Legale 4,589 15 22 -7

3 2 d'Urso Gatti e Bianchi - Studio LegaleAssociato

9,655 11 13 -2

2 3 Gianni, Origoni, Grippo, Cappelli &Partners

7,528 10 17 -7

4 4 Bonelli Erede Pappalardo 4,859 10 11 -1

5 5 NCTM Studio Legale Associato 5,032 8 10 -2

9 6 Cliord Chance 5,831 7 8 -16 7 Latham & Watkins 700 6 9 -3

7 8 Studio Pedersoli e Associati 441 6 9 -3

16 9 Linklaters 1,348 5 5 0

28 10 Pirola Pennuto Zei & Associati 1,248 5 3 2


5,658 4 1 3

49 12 Jones Day 4,110 4 2 2

51 13 BLF Studio Legale 688 4 2 2

19 14 Dewey & LeBoeu 618 4 4 0

22 15 Allen & Overy 503 4 3 1

Legal Advisers to Italian M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

3 1 d'Urso Gatti e Bianchi - Studio LegaleAssociato

9,655 11 7,051 36.9%

8 2 Gianni, Origoni, Grippo, Cappelli &Partners

7,528 10 6,174 21.9%

17 3 Cliord Chance 5,831 7 2,895 101.4%


5,658 4 - -

33 5 NCTM Studio Legale Associato 5,032 8 575 775.1%1 6 Bonelli Erede Pappalardo 4,859 10 9,917 -51.0%

2 7 Chiomenti Studio Legale 4,589 15 9,633 -52.4%


87 9 Jones Day 4,110 4 13 31,515%

- 10 White & Case 1,572 2 - -

47 11 Skadden Arps Slate Meagher & Flom 1,445 2 270 435.2%

30 12 Linklaters 1,348 5 653 106.4%

71 13 Pirola Pennuto Zei & Associati 1,248 5 97 1,187%

- 14= Epstein Rosenblum Maoz 1,098 1 - -

6 14= Freshelds Bruckhaus Deringer 1,098 1 6,241 -82.4%

Legal Advisers to Benelux M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

2 1 Allen & Overy 17,858 23 40 -17

1 2 Loyens & Loe 2,387 21 40 -197 3 De Brauw Blackstone Westbroek 7,315 19 22 -3

- 4 Stibbe 3,529 17 - -

3 5 NautaDutilh 1,308 16 34 -18

4 6 Linklaters 4,687 14 28 -14

9 7 Houtho Buruma 1,201 14 19 -5


47 9 AKD Prinsen Van Wijmen 29 12 3 9

5 10 Cliord Chance 29,726 11 22 -11

8 11 DLA Piper 509 10 20 -10

6 12 CMS 351 10 22 -12

20 13 Eubelius 255 10 7 3

39 14 White & Case 4,606 8 3 5

23 15 Lexence - 8 6 2

Legal Advisers to Benelux M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

18 1 Cliord Chance 29,726 11 6,259 374.9%

4 2 Freshelds Bruckhaus Deringer 29,035 13 14,099 105.9%1 3 Sullivan & Cromwell 24,633 2 19,123 28.8%


21 5 Greenberg Traurig 18,112 2 3,343 441.8%

14 6 Allen & Overy 17,858 23 6,736 165.1%

105 7 Cravath Swaine & Moore 17,790 2 100 17,690%

- 8= Creel, Garcia-Cuellar, Aiza y Enriquez 17,790 1 - -

- 8= Mijares, Angoitia, Cortes y Fuentes 17,790 1 - -

24 10 De Brauw Blackstone Westbroek 7,315 19 2,821 159.3%


3 12 Linklaters 4,687 14 15,377 -69.5%

63 13 White & Case 4,606 8 430 971.2%

35 14 Hengeler Mueller 4,579 4 977 368.7%




25/53


Legal Advisers to Spanish M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

5 1 Linklaters 1,114 12 13 -1

2 2 Cuatrecasas, Goncalves Pereira 921 12 22 -10

3 3 Garrigues 317 10 21 -11

1 4 Uria Menendez 2,025 9 25 -16

12 5 Baker & McKenzie 1,189 8 8 0

11 6 DLA Piper 98 8 8 0


7 8 Cliord Chance 1,493 5 11 -6

20 9 Ashurst 532 4 3 1

6 10 KPMG Abogados 470 4 12 -8

- 11 Bird & Bird 237 3 - -

26 12 J ones Day 209 3 3 0

22 13 Ramon & Cajal 1,311 2 3 -1

8 14 Latham & Watkins 1,018 2 10 -8

54 15 Azevedo Sette Advogados 964 2 1 1

Legal Advisers to Spanish M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change


1 2 Uria Menendez 2,025 9 37,126 -94.5%

3 3 Cliord Chance 1,493 5 21,852 -93.2%


39 5 Ramon & Cajal 1,311 2 354 270.3%

- 6 Broseta Abogados 1,247 1 - -

14 7 Baker & McKenzie 1,189 8 4,036 -70.5%

5 8 Linklaters 1,114 12 16,223 -93.1%

6 9 Latham & Watkins 1,018 2 13,285 -92.3%

46 10 Azevedo Sette Advogados 964 2 256 276.6%

- 11 Santana Ferraz Farias ManninoEspirito Santo

942 1 - -

4 12 Cuatrecasas, Goncalves Pereira 921 12 18,806 -95.1%

- 13= Blake, Cassels & Graydon 888 1 - -

- 13= Husch Blackwell 888 1 - -

63 13= Orrick Herrington & Sutclie 888 1 84 957.1%

Legal Advisers to Iberian M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

5 1 Linklaters 8,065 16 15 1

2 2 Cuatrecasas, Goncalves Pereira 921 12 23 -111 3 Uria Menendez 7,512 11 26 -15

3 4 Garrigues 317 10 22 -12

12 5 Baker & McKenzie 1,189 8 8 0

11 6 DLA Piper 98 8 8 0

7 7 Cliord Chance 1,757 6 11 -5


23 9 Ashurst 532 4 3 1

6 10 KPMG Abogados S.L. 470 4 12 -8

39 11 Morais Leitao Galvao Teles S oares DaSilva & Associados

6,384 3 2 1

22 12 Allen & Overy 3,551 3 3 0

8 13 Gomez-Acebo & Pombo Abogados 272 3 11 -8

- 14 Bird & Bird 237 3 - -

29 15 J ones Day 209 3 3 0

Legal Advisers to Iberian M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

5 1 Linklaters 8,065 16 16,223 -50.3%

1 2 Uria Menendez 7,512 11 37,126 -79.8%86 3 Morais Leitao Galvao Teles Soares Da

Silva & Associados6,384 3 - -

73 4 PLMJ - Sociedade de Advogados 5,699 2 29 19,552%

- 5 Servulo Correia & Associados 5,662 2 - -

- 6= Campos Ferreira, Sa Carneiro eAsociados

5,599 1 - -

82 6= Vieira de Almeida & Associados 5,599 1 6 93,217%

13 8= Bredin Prat 5,427 1 5,193 4.5%

19 8= Pinheiro Neto Advogados 5,427 1 3,509 54.7%

23 10 Allen & Overy 3,551 3 2,859 24.2%


3 12 Cliord Chance 1,757 6 21,852 -92.0%

22 13 Sullivan & Cromwell 1,413 1 2,925 -51.7%40 14 Ramon & Cajal 1,311 2 354 270.3%

- 15 Broseta Abogados 1,247 1 - -



26/53


Legal Advisers to Swedish M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change


1 2 Vinge 5,819 25 37 -12

3 3 Lindahl 232 13 14 -1

9 4 Wistrand 451 12 12 0

7 5 Roschier 2,817 9 12 -3

13 6 Delphi 156 9 8 1

22 7 Cliord Chance 5,279 7 4 3

6 8 White & Case 3,008 7 12 -5

10 9 Cederquist 1,863 7 11 -4

11 10 Linklaters 1,349 7 10 -3

32 11 Kromann Reumert 3,353 6 3 3

25 12 Accura 2,816 6 4 2

4 13 Setterwalls 1,575 6 13 -7

5 14 Hannes Snellman 936 6 13 -7

27 15 Bech-Bruun 3,694 5 3 2

Legal Advisers to Swedish M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change


10 2 Vinge 5,819 25 6,860 -15.2%

9 3 Cliord Chance 5,279 7 7,625 -30.8%

4 4 Bech-Bruun 3,694 5 13,740 -73.1%

45 5 Kromann Reumert 3,353 6 865 287.6%

19 6 Kirkland & Ellis 3,257 2 3,268 -0.3%

2 7 White & Case 3,008 7 18,151 -83.4%

71 8 BAHR 2,834 2 85 3,234%

20 9 Roschier 2,817 9 3,179 -11.4%

44 10 Accura 2,816 6 878 220.7%

34 11 Gernandt & Danielsson 2,546 5 1,355 87.9%

58 12 Baker & McKenzie 2,264 5 209 983.3%

12 13 P+P Poellath + Partners 2,249 2 4,634 -51.5%

8 14 Ropes & Gray 2,249 1 7,763 -71.0%


Legal Advisers to Nordic M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change


1 2 Vinge 5,819 26 38 -1223 3 Bech-Bruun 5,476 26 10 16

3 4 Schjodt 2,519 25 29 -4

4 5 Advokatrmaet Wiersholm 5,585 23 26 -3

11 6 Plesner 2,234 23 19 4

10 7 Wikborg Rein & Co 1,896 20 21 -1

9 8 Kromann Reumert 5,543 19 21 -2

6 9 Roschier 4,044 16 26 -10

17 10 Lindahl 232 14 14 0

5 11 Hannes Snellman 4,580 13 26 -13

42 12 Castren & Snellman 3,909 13 6 7

19 13 BAHR 3,887 12 13 -1

7 14 Accura 3,001 12 25 -13

20 15 Wistrand 451 12 13 -1

Legal Advisers to Nordic M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

12 1 Cliord Chance 14,479 10 9,404 54.0%

1 2 Freshelds Bruckhaus Deringer 10,543 9 23,780 -55.7%17 3 Linklaters 9,600 10 6,827 40.6%

10 4 Skadden Arps Slate Meagher & Flom 8,925 3 10,833 -17.6%

3 5 White & Case 6,746 9 18,730 -64.0%

109 6 Latham & Watkins 6,275 4 100 6,175%

- 7 Loyens & Loe 5,835 3 - -

16 8 Vinge 5,819 26 6,860 -15.2%

- 9 Kinstellar 5,806 3 - -

35 10 Shearman & Sterling 5,806 1 2,653 118.8%

18 11 Eversheds 5,800 7 6,781 -14.5%

13 12 Advokatrmaet Wiersholm 5,585 23 7,877 -29.1%

11 13 Kromann Reumert 5,543 19 9,546 -41.9%

4 14 Bech-Bruun 5,476 26 14,099 -61.2%

45 15 Allen & Overy 4,842 7 1,751 176.5%



27/53


Legal Advisers to Russian M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

4 1 White & Case 7,642 8 6 2


2 3 Linklaters 3,736 4 8 -4

12 4 DLA Piper 2,620 4 3 1


6 6 Hogan Lovells 2,261 3 5 -2

7 7 Debevoise & Plimpton 902 3 4 -1

15 8 Cliord Chance 370 3 3 0

3 9 Akin Gump Strauss Hauer & Feld 4,336 2 7 -5

- 10 YukselKarkinKucuk Law Firm 1,900 2 - -

- 11 Liniya Prava 1,774 2 - -

50 12 LAWIN 714 2 1 1

55 13 SALANS 463 2 1 1

- 14 Gide Loyrette Nouel 75 2 - -

21 15 Hannes Snellman - 2 2 0

Legal Advisers to Russian M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

12 1 White & Case 7,642 8 1,537 397.2%


7 3 Akin Gump Strauss Hauer & Feld 4,336 2 4,039 7.4%

1 4 Linklaters 3,736 4 15,288 -75.6%

- 5 Taboglu & Demirhan 3,525 1 - -

9 6 DLA Piper 2,620 4 2,651 -1.2%

19 7 Cleary Gottlieb Steen & Hamilton 2,351 4 673 249.3%

15 8 Hogan Lovells 2,261 3 1,096 106.3%


- 10 Herguner Bilgen Ozeke 1,900 1 - -

- 11 Liniya Prava 1,774 2 - -

2 12 Debevoise & Plimpton 902 3 12,137 -92.6%

50 13 LAWIN 714 2 - -

5 14 Freshelds Bruckhaus Deringer 540 1 8,598 -93.7%

55 15 SALANS 463 2 - -

Legal Advisers to CEE M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

4 1 White & Case 7,642 10 16 -6

2 2 Linklaters 4,213 9 16 -73 3 Cliord Chance 642 8 16 -8

12 4 Allen & Overy 3,263 7 8 -1

1 5 CMS 264 7 17 -10

8 6 DLA Piper 4,004 6 11 -5

10 7 LAWIN 714 6 10 -4

6 8 Raidla Lejins & Norcous 205 6 13 -7



16 11 SORAINEN 205 5 7 -2

28 12 Schoenherr Rechtsanwaelte 28 5 3 2

7 13 Baker & McKenzie - 5 12 -7


41 15 Kinstellar 33 4 2 2

Legal Advisers to CEE M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

17 1 White & Case 7,642 10 3,049 150.6%

8 2 Weil Gotshal & Manges 6,551 5 6,918 -5.3%18 3 Skadden Arps Slate Meagher & Flom 5,251 5 2,578 103.7%

13 4 Akin Gump Strauss Hauer & Feld 4,336 2 4,039 7.4%

1 5 Linklaters 4,213 9 20,266 -79.2%


6 7 DLA Piper 4,004 6 9,640 -58.5%

66 8= Kirkland & Ellis 3,533 1 46 7,580%

- 8= McCarthy Tetrault 3,533 1 - -

- 10 Taboglu & Demirhan 3,525 1 - -

3 11 Allen & Overy 3,263 7 13,253 -75.4%

30 12 Cleary Gottlieb Steen & Hamilton 2,351 4 673 249.3%

27 13 Hogan Lovells 2,261 3 1,096 106.3%


- 15 Herguner Bilgen Ozeke 1,900 1 - -



28/53

Europe: League Tables o Legal AdvisersLegal Advisers to Irish M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

1 1 A&L Goodbody 20,653 11 13 -2

2 2 Arthur Cox 13,457 9 11 -25 3 Matheson Ormsby Prentice 12,493 6 7 -1

6 4 Mason Hayes & Curran 51 6 5 1

4 5 McCann FitzGerald 7,357 4 10 -6

- 6 Maples & Calder - 4 - -

10 7 Linklaters 738 3 2 1

8 8 Eversheds 7 3 4 -1


51 10 Cliord Chance 7,307 2 1 1

13 11 Pinsent Masons 50 2 2 0

3 12 William Fry 33 2 11 -9

- 13 SALANS - 2 - -

- 14= Blake, Cassels & Graydon;

Davis Polk & Wardwell;Kinstellar;Simpson Thacher & Bartlett;Wachtell, Lipton, Rosen & Katz

11,940 1 1 0

Legal Advisers to Irish M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

3 1 A&L Goodbody 20,653 11 6,222 231.9%

2 2 Arthur Cox 13,457 9 9,882 36.2%10 3 Cleary Gottlieb Steen & Hamilton 12,635 2 960 1,216%

19 4 Matheson Ormsby Prentice 12,493 6 223 5,502%

49 5= Blake, Cassels & Graydon 11,940 1 - -

- 5= Davis Polk & Wardwell 11,940 1 - -

- 5= Kinstellar 11,940 1 - -

- 5= Simpson Thacher & Bartlett 11,940 1 - -

- 5= Wachtell, Lipton, Rosen & Katz 11,940 1 - -

13 10 McCann FitzGerald 7,357 4 789 832.4%

51 11 Cliord Chance 7,307 2 - -

- 12= Milbank Tweed Hadley & McCloy 7,300 1 - -

- 12= Nagashima Ohno & Tsunematsu 7,300 1 - -

8 14 Linklaters 738 3 4,100 -82.0%

- 15= Baker & McKenzie;Cooley;K&L Gates

700 1 - -



29/53

H1 2012 US M&A totals US$ 258.7bn, down 40.1% on H1 2011

Lowest hal-year total since H1 2003

Skadden Arps Slate Meagher & Flom tops H1 2012 US legal advisers tables

US M&A, although dire with a Q2 2012 total o US$ 145.2bn, was still up 27.9% on Q1 2012 (US$

113.5bn). Combined, H1 2012s total o US$ 258.7bn was down sharply by 40.1% on H1 2011 (US$431.5bn), making it the worst hal-year since 2003 (US$ 169.9bn). Q2 2012 was the second-lowest

quarterly total since Q3 2009 (US$ 98bn).

The US accounted or 27.8% o aggregate global deal activity in H1 2012, down rom the 36.4% share

it boasted o in H1 2011.

Energy, Mining & Utilities was the most active sector with US$ 59.7bn in deals, accounting or 23.1%

o US M&A in H1 2012. The Consumer sector saw a welcome 139.9% increase in deal value rom H1

2011 to post a H1 2012 total o US$ 35.7bn.

Not surprisingly, Financial Services, constricted by multiple PR disasters and the regulatory burden

o the Dodd-Frank Act, saw its H1 2012 deal value drop 45.7%; rom US$ 28.7bn in H1 2011 to US$

15.6bn in the rst hal o this year.

Skadden Arps Slate Meagher & Flom nished top o the H1 2012 US legal advisory table by deal

value while Kirkland & Ellis comes in second, up an impressive 16 spots rom H1 2011.

US M&A Overview

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30/53

Americas Heat Chart


Hot Warm Cold

1,000 300 20

600 75 10

400 40 0

Note:




Sector USA Canada Brazil SouthAmerica

(excl Brazil)

CentralAmerica

NorthAmerica

(excl USA& Canada)

Total

TMT 1,190 70 43 36 29 1 1,369

Pharma, Medical & Biotech 610 23 17 7 13 0 670

Energy, Mining & Utilities 472 342 88 81 23 9 1,015

Consumer 416 34 62 33 28 4 577

Business Services 405 25 27 6 8 1 472

Industrials & Chemicals 371 40 39 20 28 1 499

Financial Services 321 10 29 24 29 10 423

Leisure 173 8 11 13 19 2 226

Deence 75 2 0 0 77

Transportation 55 18 19 17 24 2 135

Real Estate 46 4 15 5 6 0 76

Construction 35 5 14 10 23 0 87Government 32 3 0 0 35

Total 4,222 586 369 258 233 30 5,698

TMT hottest sector in the US, nearly doubling Pharma, Medical & Biotech, as tech craze shows no signs o slowing

Energy, Mining & Utilities dominate Canadian deal landscape with Albertas tar oil sands still attracting a rat o

oreign interest

Consumer places second in Brazil, still a bright spark as growth alters while the countrys Energy, Mining & Utili-

ties sector shows renewed promise as the top sector


Google


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US M&A Overview: Industry and Geography BreakdownH1 2012 H1 2011 Change

Sector Value (US$bn) Market share Deal Count Value (US$bn) Market share Deal Count Value (%) Deal Count

Energy, Mining & Utilities 59.7 23.1% 139 132.2 30.6% 145 -54.9% -6


Consumer 35.7 13.8% 171 14.9 3.5% 185 139.9% -14

Technology 30.3 11.7% 276 46.6 10.8% 291 -35.0% -15

Industrials & Chemicals 28.5 11.0% 286 79.0 18.3% 317 -63.9% -31

Business Services 19.3 7.5% 163 25.4 5.9% 260 -23.8% -97

Financial Services 15.6 6.0% 143 28.7 6.6% 196 -45.7% -53

Leisure 12.6 4.9% 58 9.1 2.1% 65 38.4% -7

Real Estate 8.6 3.3% 17 33.8 7.8% 17 -74.5% 0

Telecommunications 5.2 2.0% 9 0.5 0.1% 14 919.4% -5

Media 3.8 1.5% 57 9.8 2.26% 55 -61.1% 2

Transport 2.1 0.8% 32 1.5 0.4% 36 39.8% -4

Construction 1.0 0.4% 36 3.3 0.8% 53 -69.2% -17

Agriculture 0.3 0.1% 6 0.1 0.02% 9 245.7% -3

Deence 0.2 0.1% 11 5.2 1.2% 11 -96.1% 0

Total 258.7 1,571 431.5 1,892 -40.1% -321

US (North East)17.5%

US (Mid West)15.0%

US (South)22.8%

US (West)17.1%

Canada14.7%


Mix of Announced Americas Deals by Geographic Region H1 2012 - Value

US (North East)17.3%

US (Mid West)13.6%

US (South)24.1%

US (West)20.5%

Canada10.3%


Mix of Announced Americas Deals by Geographic Region H1 2012 - Volume



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US M&A Overview: Top DealsTop 10 Announced Deals or H1 2012

AnnouncedDate


23-Apr-12 Nestle SA A&L Goodbody; King & WoodMallesons; Mayer Brown

Pzer Nutrition Baker & McKenzie; CliordChance ; DLA Clie DekkerHomeyr; DLA Piper; Kirkland& Ellis (Advising CenterviewPartners); Skadden Arps SlateMeagher & Flom

Pzer Inc 11,850

24-Feb-12 Apollo Global Management, LLC;Riverstone Holdings

Documents

Mergermarket LA MA Round-UpforH12012