Global Legal Advisory Mergers & Acquisitions Rankings 2010

GLOBAL LEGAL ADVISORY
MERGERS & ACQUISITIONS RANKINGS 2010

01/02/2011
Bloomberg
Bloomberg 2010 Annual
Table of Contents
Mergers & Acquisitions Legal Advisory Rankings
1 . Introduction
2. Global Market Commentary The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables
11. Global M&A Activity represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors.The
12. Global Announced Deals rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity-swaps, joint ventures,
13. Global Announced Deals private placements of common equity and convertible securities, and the cash injection component of
16. Cross Border Announced Deals recapitalizations according to Bloomberg standards.
17. Global Private Equity Announced Deals
Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a
47. Disclaimer
global perspective and local insight into unique deal structures in various markets through a network of over 800
financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table
rankings are a leading benchmark for legal and financial advisory performance, and DealSpace & DealBrief
newsletters provide summary highlights of weekly M&A activity and top deal trends.
Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table
results. Type MA <GO> 96 <GO> 82 <GO> to view live rankings.
For data submissions or queries, please contact:
Contact Phone Fax Email
North America Pratik M. Patel +1-212-617-8705 +1-646-268-6061 ppatel28@bloomberg.net

EMEA Roberto Ferreira +44-20-7330-7115 +44-20-7392-6672 rferreira2@bloomberg.net
Asia Pacific Shima Furukawa +81-3-3201-3952 +81-3-3201-7228 sfurukawa2@bloomberg.net
LATAM Fernanda Pedreira +55-11-4502-1830 +55-11-4502-1880 fpedreira2@bloomberg.net

General M&A queries may be submitted to: m-a@bloomberg.net
For 24 hour global customer support call

+1 212 318 2000 +44 20 7330 7500 +65 6212 1000 +81 3 3201 8900
or press the HELP key twice on the BLOOMBERG PROFESSIONAL(R) service.
MA <GO> LEAG <GO> MA <GO> LMX <GO> MA <GO> LEAG <GO>
1
Bloomberg Global Review
Regional Deal Activity Total Volume by Industry (2010 YTD)
 Aggregate volume of announced global M&A transactions this year was over $2.21 trillion compared
with $1.75 trillion volume in 2009, representing a 26% increase. Diversified Technology
1% 3%
 M&A activity in the Americas accounted for over 45% of global deal volume in 2010, followed by Utilities
EMEA with 33% and APAC with 23%. Latin America's total volume more than doubled since last year, 7%
reaching a $268 billion all-time record.
 The Asia Pacific region had an impressive 46% increase in deal volume compared to 2009, reaching Financial Basic Materials
19% 8%
an all-time high of $694 billion. Even though Japan experienced a drop in volume by 17%, China led
the positive trend with a 33% increase in year-over-year volume.
Industry Sector Deal Activity Consumer, Cyclical
Consumer, Non-
 The most targeted industries by volume in 2010 were in the Oil Exploration & Production, Electric 8%
cyclical
Integrated and Non-US Commercial Banks industry groups with a combined deal volume of over $290 17% Industrial
billion.
9%
 The two largest deals in the Oil Exploration & Production sector were Vedanta Resource's 51%
acquisition of Cairn India Ltd for $8.3 billion and China Petroleum & Chemical Corp's 40% purchase of Energy Comm.
Repsol YPF Brasil for $7.1 billion. 16% 12%
 Average premiums paid in the Industrial sector have been increasing steadily over the past four
years, reaching 21% this year, representing a 31% increase over the five year average of 16%.
Heat Map: 2010 YTD Volume by Region
North America 35%

Western Europe 25%
Asia Pacific 23%
Latin America & Caribbean 9%
Middle East & Africa 4%
Eastern Europe 4%
* All 2010 YTD numbers as of December 31, 2010.
MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB<GO>

2
Notable Highlights
 Global Deal volume climbed above $667 billion in Q4 2010, representing a 33% increase compared to this year’s first quarter and a 30% increase compared to last
year’s fourth quarter. The average premium paid of 19.1% represents a slight decrease when compared to the average of 20.4% paid for the same period last year.
 This quarter all regions experienced a significant deal volume increase compared to the same period last year while deal count numbers were up only slightly
compared to Q4 2009. The EMEA region experienced a 65% increase in volume followed by the APAC region with a 52% increase.
Global M&A Quarterly Volume Americas M&A Quarterly Volume
10000 1600000 4500 800000
9000 Volume 4000

Volume
1400000 700000
8000 Deal Count Deal Count
Total Volume (USD Mln)

3500
1200000 600000
7000
3000
Deal Count
Deal Count
1000000 500000
6000
2500
5000 800000 400000
2000
4000
600000 300000
1500
3000
400000 200000
1000
2000
200000 500 100000
1000
0 0 0 0
2005 Q4 2006 Q4 2007 Q4 2008 Q4 2009 Q4 2010 Q4 2005 Q4 2006 Q4 2007 Q4 2008 Q4 2009 Q4 2010 Q4
EMEA M&A Quarterly Volume APAC M&A Quarterly Volume

4000 900000 3500 250000
Volume Volume
3500 800000
Deal Count
3000 Deal Count
200000
700000

3000
2500
600000
2500
Deal Count
Deal Count 150000

500000 2000
2000
400000 1500
100000
1500
300000
1000
1000
200000
50000
500 500
100000
0 0 0 0
2005 Q4 2006 Q4 2007 Q4 2008 Q4 2009 Q4 2010 Q4 2005 Q4 2006 Q4 2007 Q4 2008 Q4 2009 Q4 2010 Q4
*All Total Value figures in USD millions.


3
Notable Highlights
 The majority of M&A transactions occurred in the mid-market range (below $500 million in size), while 17 deals reached the mega-deal category (over $10 billion in
size), the highest since 2008. Cross Border deals accounted for 49% of M&A volume versus 39% during the same period in 2009.
 Cash continued to be the most dominant form of payment, accounting for 65% of M&A deals announced in 2010. Meanwhile, premiums paid in the
10-25% range accounted for 15.5% of all transaction volume this year compared to 9% in 2009.
2010 YTD Global M&A Aggregate Statistics
Public Tar get Multiples # Deals Min - Max Median Deal Type Sum m ar y # Deals Volum e Per cent
Total Assets 2051 .00 - 1553.25 0.8 Company Takeover 10983 1.25T 56.23
Stockholder Eqty 1937 .00 - 3609.59 1.77 Cross Border 9293 1.09T 49.21
Book Value 1926 .00 - 3609.59 1.84 Asset sale 6298 462.49B 20.86
Revenue 1889 .00 - 3372.09 1.25 Minority purchase 3332 242.38B 10.93
Market Cap 1854 .00 - 824.00 1.25 Additional Stake Purchase 2682 357.49B 16.12
Enterprise Value 1818 .00 - 148.56 1.14 Majority purchase 2304 227.28B 10.25
Net Income + Deprec 1324 .00 - 2300.54 11.46 Private Equity 2149 256.78B 11.58
Cashflow from Ops. 1307 .00 - 1821.27 10.69 Joint Venture 1064 27.17B 1.23
EBITDA 1208 .00 - 2958.00 8.35 Private Placement 831 74.89B 3.38
EBIT 1182 .00 - 4520.64 12.87 Tender Offer 532 238.83B 10.77
Net Income 1149 .00 - 2749.56 18.97 Leveraged Buyout 467 92.76B 4.18
Income B/F XO 1122 .00 - 2749.56 18.88 Venture Capital 362 7.89B 0.36
Free Cashflow 1002 .01 - 3192.76 21.2 Bankruptcy/Liquidation 279 50.3B 2.27
Paym ent Type Sum m ar y # Deals Volum e Per cent Pr em ium s Paid # Deals Volum e Per cent
Cash 14902 1.39T 64.7 0-10% 12227 600.51B 54.8
Undisclosed 6181 141.5B 6.6 25.01-50% 319 251.33B 22.9
Stock 1380 374.21B 17.5 10.01-25% 231 169.93B 15.5
Cash & Stock 776 181.22B 8.5 50.01-75% 116 55.99B 5.1
Debt 69 7.66B 0.4 >100% 70 12.11B 1.1
Cash or Stock 59 33B 1.5
Cash, Stock & Debt 57 13.11B 0.6 Cur r ent Status # Deals Volum e Per cent
Completed 17476 1.14T 47.4
Deal Size Br eak dow n # Deals Volum e Per cent Pending 7269 1.08T 44.7
0-500M 23928 633.15B 96.8 Terminated 298 190.18B 7.9
1000.01-5000M 367 757.15B 1.5
500.01-1000M 366 260.51B 1.5 Cur r ent Pr em ium # Deals Volum e Per cent
5000.01-10,000M 37 261.13B 0.2 0-10% 24575 2.12T 95.5
> 10,000M 17 304.51B 0.1 10.01-25% 80 86.54B 3.9

4
To access this search via the Bloomberg Terminal, type MA S 5 <GO> then 22 <GO>
Notable Highlights
 Oil Exploration & Production companies were the most targeted industry by volume in 2010, with takeover activity at near-record levels, and premiums at just
slightly under the 5-year average of 22%.
 Consolidation in the Insurance industry continued in 2010 and the average premium paid reached a 5-year high at 30.63% .
China was the 2nd most acquisitive country this year, and takeover activity by Chinese firms reached a 10-year high with more than $170 billion in deal volume.
2010 Global M&A Volume by Target Region 2010 Top Industry Breakdown
$500,000
Asia Pacific
$400,000 $165
Avg. Deal Size (USD Mln)

19% Eastern Europe $317
$118
24%
Financial
$300,000
Latin America & Consumer, Non-cyclical
$251
Caribbean Energy
4% $200,000 $108
Middle East & Africa Communications
10% Industrial
$100,000
North America
39% 4%
$0
Western Europe
0 1,000 2,000 3,000 4,000 5,000 6,000
Deal Count
Heat Maps
Financial $106,895 $74,788 $94,380 $135,122

Consumer, Non-cyclical $99,038 $68,415 $101,733 $107,940
Energy $69,478 $67,353 $117,530 $102,981
Mega Deals (> $5Bln) $181,154 $59,027 $164,499 $160,962
Communications $66,847 $72,335 $55,455 $62,493
Large-Cap Deals($1Bln-$5Bln) $133,289 $178,282 $221,710 $226,868
Industrial $37,012 $31,312 $59,708 $75,497
Mid-Cap Deals ($250Mln-$1Bln) $98,557 $109,365 $122,182 $164,705
Consumer, Cyclical $34,798 $32,136 $53,512 $60,278
Small-Cap Deals (< $250Mln) $8,721 $9,435 $9,956 $11,477
Basic Materials $38,954 $39,687 $39,296 $53,592 Q1 Q2 Q3 Q4
Utilities $24,700 $21,836 $64,646 $47,135
Technology $9,965 $24,264 $21,142 $18,081
Diversified $9,166 $6,897 $4,178 $11,396
Q1 Q2 Q3 Q4

5
Notable Highlights
This year, Latin America had the highest percentage of capital inflow led mainly by foreign investment in Brazilian companies. The volume of foreign acquisitions in
the country surged, showing a 168% increase when compared to 2009.
 APAC stands out as the most acquisitive region driven by China's increasing interest in foreign targets. Total outflow volume generated by Chinese acquirers reached
its highest since 2005 , an impressive USD $78.83 Bln, compared to USD $65.03 Bln in 2009 and USD $47.01 Bln in 2008.
2010 Global Capital Flows 2010 Americas Capital Flows
Outflows Inflows Outflows Inflows
Latin America $59,020 $125,270 Mexico $4,460 $12,350
AsiaPac $310,620 $246,690 Brazil $29,390 $72,810
Value in USD Mln
Value in USD Mln

E. Europe $40,020 $39,440 Canada $70,090 $60,260
W. Europe $409,040 $453,880 US $229,340 $337,620
EMEA $497,800 $539,700 Latin America $59,020 $125,270
N. America $298,610 $386,850 N. America $298,610 $386,850
Americas $353,620 $491,070 Americas $353,620 $491,070
0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100%
2010 APAC Capital Flows 2010 EMEA Capital Flows
Outflows Inflows Outflows Inflows
India $43,460 $31,120 Russia $36,040 $13,790
Singapore France $71,040 $95,200

$25,670 $18,780
Germany $47,780 $56,640
Value in USD Mln
Value in USD Mln

Japan $34,100 $19,370
UK $114,330 $172,370
Aus/NZ $50,140 $92,080
ME and Africa $58,800 $67,690
HK/China $117,000 $65,960
W. Europe $409,040 $453,880
Asia (ex-Japan) $277,280 $228,760 E. Europe $40,020 $39,440
AsiaPac $310,620 $246,690 EMEA $497,800 $539,700
0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100%
6
Takeovers Set to Rise With Global Stocks in 2011

By Alex Sherman
Mergers and acquisitions will likely increase in 2011 along with an estimated rally in “There’s a certain positive outlook that characterizes M&A activity, and the outlook
stock prices, according to a Bloomberg analysis of historical trends. When there is a for 2011 is a lot more positive than 2010.” The year-over-year changes in the MSCI
monthly advance in stocks, there is typically a corresponding gain in M&A activity World Index levels and deal volume were compared on a month-to-month basis.
data compiled by Bloomberg show. The MSCI World Index of developed markets Aside from equity-price movements, other variables that influence deal activity
may rise about 1 percent by the end of 2011, according to analysts’ average include corporate cash on hand, tax policy and macroeconomic trends. M&A
estimates for stocks in the benchmark. Bloomberg compared the index to takeover volume of $2.17 trillion this year has also already topped 2009’s total by 24 percent.
volume using a linear regression to show that deals may rise 24 percent with the The last time global deal volume jumped more than 24 percent was in 2006, the
projected stock gains. “M&A activity is an imitative behavior, and it’s based on beginning of the leveraged-buyout boom, when takeovers surged 37 percent.
psychological factors including optimism in the markets,” said Frederick Lane, vice
chairman of investment banking at Raymond James Financial Inc.
Dealmaking Timeline: Key M&A Transactions in 2010
•Smith Intl and •Qwest and •Talecris and •Red Back Mining •ASX and Singapore •Alcon and
Schlumberger Ltd CenturyLink •Grifols and Kinross Gold Exchange Novartis
•Ann Date: 2/21/10 •Ann Date: 4/22/10 •Ann Date: 6/07/10 •Ann Date: 8/2/10 •Ann Date: 10/25/10 •Ann Date: 12/15/10
•Total Value: $12 •Total Value: $22 •Total Value: $4 •Total Value: $7 •Total Value: $8 •Total Value: $12
billion billion billion billion billion billion
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
•Carso Global and •Zain Africa and •Sybase and •Southern Copper •Bank Zachondi and •Bucyrus Intl and
America Movil Bharti Airtel SAP and Grupo Mexico Banco Santander Caterpillar
•Ann Date: 1/13/10 •Ann Date: 3/30/10 •Ann Date: 5/12/10 •Ann Date: 7/23/10 •Ann Date: 9/10/10 •Ann Date: 11/15/10
•Total Value: $26 •Total Value: $11 •Total Value: $5 •Total Value: $6 •Total Value: $5 •Total Value: $9
billion billion billion billion billion billion

7
Americas Notable Highlights
Summary Announce Date Target Name Acquirer Name Total Value (mil.)
Number of Dea l s 11816 9/2/2010 Offshore Brazil Oil Properties Petroleo Brasileiro SA $42,500.0
Vol ume 1.31T 3/8/2010 General Growth Properties Inc Brookfield / Fairholme / Pershing Sq $30,713.6
1/13/2010 Carso Global Telecom SAB de CV America Movil SAB de CV $25,739.2
Avera ge Dea l Si ze 267.97M
4/22/2010 Qwest Communications International CenturyLink Inc $22,161.6
Avera ge Premi um 31.66%
8/29/2010 Genzyme Corp Sanofi-Aventis SA $18,238.9
Most Acquisitive Company 3/8/2010 American Life Insurance Co MetLife Inc $12,585.6
Acqui rer CARLYLE GROUP/THE 2/21/2010 Smith International Inc Schlumberger Ltd $12,342.5
Number of Dea l s 38 2/25/2010 Coca-Cola Refreshments USA Inc Coca-Cola Co/The $12,242.8
Vol ume 16.12B 1/19/2010 Pipeline & Midstream Assets Williams Partners LP $11,814.2
Avera ge Dea l Si ze 424.34M 12/15/2010 Alcon Inc Novartis AG $11,742.7
INDUSTRY COUNTRY
TOP ACQUIRERS TOP ACQUIRERS
Oil Comp-Integrated $105.62 US $742.66
Private Equity $90.95 Canada $116.48
Investment Companies $85.96 Brazil $103.92
Oil Comp-Explor&Prodtn $82.18 China $48.21
Medical-Drugs $72.16 Mexico $44.44
TOP TARGETS TOP TARGETS
Oil Comp-Explor&Prodtn $109.75 US $778.11
Oil & Gas Drilling $55.59 Brazil $144.98
Telephone-Integrated $50.40 Canada $87.85
Medical-Biomedical/Gene $43.14 Mexico $51.43
Oil-Field Services $35.98 UK $51.38
$- $20 $40 $60 $80 $100 $120 $- $200 $400 $600 $800 $1,000
. Total Volume (USD Bln) Total Volume (USD Bln)

8
EMEA Notable Highlights
Number of Dea l s 7921 8/10/2010 GDF Suez Energy International International Power PLC $25,761.1
Vol ume 914.14B 10/4/2010 Weather Investments SpA VimpelCom Ltd $21,985.3
8/29/2010 Genzyme Corp Sanofi-Aventis SA $18,238.9
12/6/2010 EnBW Energie Baden-Wuerttemberg Neckarpri GmbH $12,947.4
9/30/2010 Mobile Telecommunications Co Emirates Telecom Corp $11,791.6
Most Acquisitive Company 12/15/2010 Alcon Inc Novartis AG $11,742.7
Acqui rer APAX PARTNERS LLP 3/30/2010 Zain Africa BV Bharti Airtel Ltd $10,700.0
Number of Dea l s 26 11/15/2010 AXA AP Asian Business AXA SA $10,334.3
Vol ume 2.93B 5/11/2010 Brasilcel NV Telefonica SA $9,556.5
Avera ge Dea l Si ze 112.82M 7/30/2010 EDF SA UK Assets Hongkong Electric / Cheung Kong / et al $9,063.9
INDUSTRY COUNTRY
Investment Companies $70.89 UK $150.12
Oil Comp-Integrated $61.34 US $136.56
Medical-Drugs $56.92 France $89.63
Electric-Integrated $53.36 Russia $70.15
Private Equity $47.95 Germany $65.85
Electric-Integrated $60.68 US $160.70
Oil Comp-Explor&Prodtn $58.74 UK $133.50
Telecom Services $45.71 Germany $57.89
Commer Banks Non-US $35.99 Brazil $50.18
Medical-Biomedical/Gene $32.88 Russia $47.46
$- $10 $20 $30 $40 $50 $60 $70 $80 $- $50 $100 $150 $200
* All 2010 YTD numbers as of September 30, 2010.

9
APAC Notable Highlights
Number of Dea l s 9990 12/20/2010 PLUS Expressways Bhd Jelas Ulung Sdn Bhd $10,909.2
Vol ume 693.96B 3/30/2010 Zain Africa BV Bharti Airtel Ltd $10,700.0
11/15/2010 AXA AP Asian business AXA SA $10,334.3
8/24/2010 Sumitomo Trust & Banking Chuo Mitsui Trust Holdings Inc $9,200.3
7/30/2010 EDF SA UK Assets Hongkong Electric / Cheung Kong / et al $9,063.9
Most Acquisitive Company 4/1/2010 Lihir Gold Ltd Newcrest Mining Ltd $8,963.4
Acqui rer MITSUI & CO LTD 8/16/2010 Cairn India Ltd Vedanta Resources PLC $8,380.3
Number of Dea l s 36 10/25/2010 ASX Ltd Singapore Exchange Ltd $8,273.7
Vol ume 3.20B 11/15/2010 AXA Asia Pacific Holdings Ltd AMP Ltd $7,136.6
Avera ge Dea l Si ze 88.90M 10/1/2010 Repsol YPF Brasil China Petroleum & Chemical Corp $7,100.0
INDUSTRY COUNTRY
Investment Companies $59.28 China $170.90
Diversified Operations $39.12 Japan $92.81
Oil Comp-Explor&Prodtn $33.83 Australia $79.46
Commer Banks Non-US $24.93 India $56.18
Real Estate Oper/Development $24.83 Hong Kong $54.20
Oil Comp-Explor&Prodtn $43.27 China $127.41
Commer Banks Non-US $37.53 Australia $108.30
Real Estate Oper/Development $34.44 Japan $70.17
Life/Health Insurance $28.00 India $41.31
Coal $21.43 US $39.76
$- $10 $20 $30 $40 $50 $60 $70 $- $50 $100 $150 $200

10
Bloomberg
Global M&A Activity Regional Breakdown by Target Region/Country
Regional Breakdown by Target Region/Country

1/1/10 - 12/31/10 2010 2009
Asia-Pacific
VOLUME DEAL VOLUME DEAL VOLUME ex-Japan
FIRM
USD (Mln) COUNT USD (Mln) COUNT CHANGE 20.10%
Americas $1,106,542 9,676 $806,677 7,948 37.17%

Latin America $229,417 873 $86,187 673 166.19%
Americas
North America $929,587 8,917 $724,791 7,356 28.26% 50.11%
Canada $87,846 1,307 $77,868 1,258 12.81%

United States $779,449 7,397 $637,343 5,940 22.30%
EMEA
EMEA $582,729 6,102 $540,538 5,517 7.81% 26.39%
Eastern Europe $83,480 746 $49,273 597 69.42%
Japan
Western Europe $423,956 4,745 $451,065 4,352 -6.01% 3.40%
UK $133,542 1,712 $150,424 1,362 -11.22%
Germany $59,247 562 $67,547 644 -12.29%
France $43,774 564 $53,703 459 -18.49%
Asia-Pacific ex-Japan $443,826 7,139 $302,108 6,461 46.91% QUARTERLY VOLUME
Australia $108,508 932 $46,964 959 131.04% USD (Mln) / #Deals
New Zealand $3,497 114 $1,412 109 147.66% $1,400,000 10,000
China $127,428 2,848 $96,994 1,940 31.38% $1,200,000

8,000
Hong Kong $38,014 480 $30,149 631 26.09%
$1,000,000
South East Asia $78,708 1,123 $40,620 1,242 93.77%
6,000
$800,000
India $41,310 594 $17,872 597 131.14%
Japan $75,118 1,512 $102,234 1,860 -26.52% $600,000
4,000
Global $2,217,316 24,744 $1,750,274 21,953 26.68% $400,000
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions. 2,000
$200,000
$0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
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4
Q
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
11
Bloomberg
M&A Legal Advisory League Tables
Global Announced Deals

Ranked by Volume
1/1/10 - 12/31/10 2010 2009 MKT
RANK MKT VOLUME DEAL RANK MKT SHARE
FIRM
SHARE USD (Mln) COUNT SHARE CHANGE
Skadden Arps Slate Meagher & Flom LLP 1 12.0 266,831 220 1 18.1 (6.1)
Sullivan & Cromwell LLP 2 9.9 220,342 147 2 14.2 (4.3)
Simpson Thacher & Bartlett LLP 3 9.6 212,903 161 3 13.8 (4.2)
QUARTERLY VOLUME
Freshfields Bruckhaus Deringer 4 9.0 199,925 250 10 9.3 (0.3)
USD (Mln) / #Deals
Latham & Watkins LLP 5 8.8 194,188 271 15 8.0 0.8
$1,800,000 10,000
Cleary Gottlieb Steen & Hamilton LLP 6 7.1 158,200 118 11 9.2 (2.1)
$1,600,000
Linklaters LLP 7 6.6 145,873 206 9 9.6 (3.0) 8,000
$1,400,000
Wachtell Lipton Rosen & Katz 8 6.3 140,184 52 12 9.2 (2.9)
$1,200,000
Weil Gotshal & Manges LLP 9 6.1 136,216 153 8 10.9 (4.8) 6,000
$1,000,000
Dewey & LeBoeuf LLP 10 5.7 126,178 95 14 8.1 (2.4) $800,000
4,000
Shearman & Sterling LLP 11 5.3 118,325 146 5 12.7 (7.4) $600,000
Davis Polk & Wardwell 12 5.0 111,226 101 7 11.2 (6.2) $400,000 2,000
Allen & Overy LLP 13 4.9 107,617 189 18 7.1 (2.2) $200,000
Stikeman Elliott LLP 14 4.5 100,547 105 26 6.0 (1.5) $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Blake Cassels & Graydon LLP 15 4.4 96,589 136 16 7.6 (3.2)
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Clifford Chance LLP 16 4.3 95,266 147 6 11.5 (7.2)
Jones Day 17 4.0 89,218 391 29 4.5 (0.5)
Gibson Dunn & Crutcher LLP 18 3.9 85,867 114 59 1.5 2.4
Mallesons Stephen Jaques 19 3.8 84,237 73 22 6.5 (2.7)
Cravath Swaine & Moore LLP 20 3.7 81,817 54 4 13.3 (9.6)
TOTAL $2,217,316 24,744 $1,750,274
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

12
Bloomberg
Global Announced Deals

Ranked by Deal Count
1/1/10 - 12/31/10 2010 2009 MKT
FIRM
Jones Day 1 4.0 89,218 391 1 4.5 (0.5)

DLA Piper LLP 3 1.0 21,877 266 4 1.1 (0.1)
QUARTERLY VOLUME
CMS 4 1.8 40,273 251 10 2.4 (0.6)
USD (Mln) / #Deals
$1,800,000 10,000
$1,600,000
Baker & McKenzie LLP 7 3.5 77,956 208 8 3.4 0.1 8,000
$1,400,000
Linklaters LLP 8 6.6 145,873 206 2 9.6 (3.0)
$1,200,000
Allen & Overy LLP 9 4.9 107,617 189 9 7.1 (2.2) 6,000
$1,000,000
Simpson Thacher & Bartlett LLP 10 9.6 212,903 161 14 13.8 (4.2) $800,000
4,000
Weil Gotshal & Manges LLP 11 6.1 136,216 153 15 10.9 (4.8) $600,000
Sullivan & Cromwell LLP 12 9.9 220,342 147 20 14.2 (4.3) $400,000 2,000
Clifford Chance LLP 12 4.3 95,266 147 5 11.5 (7.2) $200,000
Shearman & Sterling LLP 14 5.3 118,325 146 11 12.7 (7.4) $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Mori Hamada & Matsumoto 15 1.5 32,723 144 12 2.8 (1.3)
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Hogan Lovells 17 1.7 36,904 133 17 2.4 (0.7)
Kirkland & Ellis LLP 18 2.0 44,518 125 47 0.7 1.3
Wilson Sonsini Goodrich & Rosati 19 1.0 22,383 120 17 1.2 (0.2)
Morgan Lewis & Bockius LLP 20 0.9 20,645 119 31 0.6 0.3
TOTAL $2,217,316 24,744 $1,750,274
*Tables based on deal count, then volume. Market share based on deal volume.

13
Bloomberg
Global Announced Deals - Counsel to Principals

Ranked by Volume
1/1/10 - 12/31/10 2010 2009 MKT
FIRM
Sullivan & Cromwell LLP 3 7.1 156,656 117 23 5.4 1.7
QUARTERLY VOLUME
USD (Mln) / #Deals
Cleary Gottlieb Steen & Hamilton LLP 5 6.1 135,374 107 22 5.7 0.4
$1,800,000 10,000
Linklaters LLP 6 6.0 132,596 195 4 9.3 (3.3)
$1,600,000
Wachtell Lipton Rosen & Katz 7 5.7 127,119 50 6 9.2 (3.5) 8,000
$1,400,000
Weil Gotshal & Manges LLP 8 4.8 106,669 145 14 6.5 (1.7)
$1,200,000
Simpson Thacher & Bartlett LLP 9 4.7 103,333 128 7 9.0 (4.3) 6,000
$1,000,000
Blake Cassels & Graydon LLP 10 4.3 95,955 134 9 7.6 (3.3) $800,000
4,000
Stikeman Elliott LLP 11 4.2 93,875 104 20 6.0 (1.8) $600,000
Clifford Chance LLP 12 4.1 90,527 145 2 11.4 (7.3) $400,000 2,000
Jones Day 13 4.0 87,481 381 24 4.4 (0.4) $200,000
Mallesons Stephen Jaques 14 3.4 75,274 72 15 6.5 (3.1) $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Vinson & Elkins LLP 15 3.3 73,384 73 50 2.0 1.3
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Freehills 16 3.3 72,755 79 41 2.6 0.7
Allen & Overy LLP 17 3.2 71,629 180 18 6.1 (2.9)
Davis Polk & Wardwell 18 3.1 68,713 84 12 7.2 (4.1)
Baker & McKenzie LLP 19 3.0 66,746 206 32 3.2 (0.2)
TOTAL $2,217,316 24,744 $1,750,274

14
Bloomberg
Global Announced Deals - Counsel to Principals

Ranked by Deal Count
1/1/10 - 12/31/10 2010 2009 MKT
FIRM
Jones Day 1 4.0 87,481 381 1 4.4 (0.4)

DLA Piper LLP 2 1.0 21,877 266 3 1.0 -
CMS 3 1.8 40,273 251 10 2.4 (0.6)
QUARTERLY VOLUME
USD (Mln) / #Deals
$1,800,000 10,000
$1,600,000
Linklaters LLP 7 6.0 132,596 195 4 9.3 (3.3) 8,000
$1,400,000
$1,200,000
Allen & Overy LLP 9 3.2 71,629 180 9 6.1 (2.9) 6,000
$1,000,000
4,000
Mori Hamada & Matsumoto 12 1.5 32,146 142 11 2.8 (1.3) $400,000 2,000
Blake Cassels & Graydon LLP 13 4.3 95,955 134 12 7.6 (3.3) $200,000
Hogan Lovells 14 1.7 36,545 132 15 2.4 (0.7) $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Shearman & Sterling LLP 17 2.4 53,664 120 13 7.3 (4.9)
TOTAL $2,217,316 24,744 $1,750,274

15
Bloomberg
Cross Border Announced Deals

Ranked by Volume
1/1/10 - 12/31/10 2010 2009 MKT
FIRM

Linklaters LLP 2 11.2 121,643 168 4 13.0 (1.8)
Skadden Arps Slate Meagher & Flom LLP 3 11.0 120,225 109 10 8.4 2.6
QUARTERLY VOLUME
USD (Mln) / #Deals
Allen & Overy LLP 5 8.0 87,143 147 20 5.9 2.1
$1,000,000 4,000
Simpson Thacher & Bartlett LLP 6 8.0 86,956 75 17 6.6 1.4
3,500
Sullivan & Cromwell LLP 7 7.9 86,071 67 7 11.2 (3.3) $800,000
3,000
2,500
Latham & Watkins LLP 9 6.7 72,664 116 18 6.5 0.2 $600,000
2,000
Freehills 10 6.3 69,097 51 21 5.9 0.4
$400,000
Stikeman Elliott LLP 11 5.9 64,092 68 30 3.8 2.1 1,500
Cleary Gottlieb Steen & Hamilton LLP 12 5.8 63,517 61 13 6.9 (1.1) 1,000
$200,000
Davis Polk & Wardwell 13 5.4 58,594 46 49 2.3 3.1 500
Willkie Farr & Gallagher LLP 14 4.9 53,951 18 64 1.3 3.6 $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Wachtell Lipton Rosen & Katz 16 4.8 52,456 16 40 2.8 2.0
Jones Day 17 4.5 49,558 149 54 2.0 2.5
Mallesons Stephen Jaques 18 4.3 46,940 46 26 4.4 (0.1)
Herbert Smith/Gleiss Lutz/Stibbe 20 4.2 45,267 58 9 8.4 (4.2)
TOTAL $1,091,056 9,292 $682,645

16
Bloomberg
Global Private Equity Announced Deals

Ranked by Volume
1/1/10 - 12/31/10 2010 2009 MKT
FIRM

QUARTERLY VOLUME
USD (Mln) / #Deals
$500,000 1,000
Linklaters LLP 6 9.2 24,805 47 10 8.1 1.1
Skadden Arps Slate Meagher & Flom LLP 7 9.2 24,629 45 15 6.0 3.2 $400,000 800
Weil Gotshal & Manges LLP 8 8.7 23,439 67 21 4.3 4.4
Cleary Gottlieb Steen & Hamilton LLP 9 7.9 21,248 30 3 18.7 (10.8) $300,000 600
Torys LLP 10 7.2 19,369 13 13 6.7 0.5

$200,000 400
Shearman & Sterling LLP 11 7.0 18,839 35 30 2.7 4.3
$100,000 200
Fried Frank Harris Shriver & Jacobson LLP 13 5.4 14,510 15 4 16.9 (11.5)
Davis Polk & Wardwell 14 5.0 13,330 29 14 6.3 (1.3) $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Allen & Overy LLP 16 4.6 12,408 40 62 0.9 3.7
Paul Weiss Rifkind Wharton & Garrison LLP 17 4.5 12,106 30 22 4.1 0.4
Willkie Farr & Gallagher LLP 18 4.4 11,873 22 5 15.1 (10.7)
Herbert Smith/Gleiss Lutz/Stibbe 19 4.0 10,765 13 56 1.0 3.0
Ropes & Gray LLP 20 3.8 10,320 10 9 8.1 (4.3)
TOTAL $268,993 2,341 $93,235

17
Bloomberg
United States Announced Deals

Any Involvement, Ranked by Volume
1/1/10 - 12/31/10 2010 2009 MKT
FIRM
QUARTERLY VOLUME
USD (Mln) / #Deals
$1,000,000 3,500
3,000
Dewey & LeBoeuf LLP 7 9.0 88,567 76 9 16.8 (7.8) $800,000
Davis Polk & Wardwell 8 8.7 85,231 76 6 19.7 (11.0) 2,500

2,000
Jones Day 10 8.3 80,943 289 33 7.3 1.0

1,500
$400,000
1,000
$200,000
Cravath Swaine & Moore LLP 13 7.1 69,638 49 2 26.8 (19.7) 500
Blake Cassels & Graydon LLP 14 7.1 69,030 64 21 11.1 (4.0) $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Willkie Farr & Gallagher LLP 17 6.7 65,440 37 34 6.3 0.4
Fried Frank Harris Shriver & Jacobson LLP 18 6.6 64,189 46 20 11.6 (5.0)
Debevoise & Plimpton LLP 19 6.1 59,577 55 15 14.0 (7.9)
Ropes & Gray LLP 20 5.0 49,296 25 47 3.0 2.0
TOTAL $979,629 9,631 $804,238

18
Bloomberg
United States Announced Deals

Any Involvement, Ranked by Deal Count
1/1/10 - 12/31/10 2010 2009 MKT
FIRM
Jones Day 1 8.3 80,943 289 1 7.3 1.0

QUARTERLY VOLUME
USD (Mln) / #Deals
DLA Piper LLP 5 1.0 10,232 129 4 0.7 0.3
$1,000,000 3,500
3,000
Wilson Sonsini Goodrich & Rosati 8 2.3 22,383 118 5 2.6 (0.3) 2,500
2,000
1,500
$400,000
1,000
Fenwick & West LLP 10 0.8 8,094 106 24 1.7 (0.9)
$200,000
Hogan Lovells 13 2.5 24,466 96 10 3.4 (0.9) 500
Shearman & Sterling LLP 14 8.4 81,765 89 17 16.1 (7.7) $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Dorsey & Whitney LLP 15 0.6 6,170 85 12 0.4 0.2
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Baker & McKenzie LLP 16 4.0 39,439 84 9 3.2 0.8
Morrison & Foerster LLP 18 2.5 24,443 78 22 0.7 1.8
Dewey & LeBoeuf LLP 19 9.0 88,567 76 8 16.8 (7.8)
TOTAL $979,629 9,631 $804,238

19
Bloomberg
US Announced Deals - Counsel to Principals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM
QUARTERLY VOLUME
USD (Mln) / #Deals
$1,000,000 3,500
3,000
Jones Day 7 8.2 79,857 281 27 7.2 1.0 $800,000
Blake Cassels & Graydon LLP 8 7.0 68,906 63 14 11.0 (4.0) 2,500
Freshfields Bruckhaus Deringer 9 6.7 65,831 68 25 7.5 (0.8) $600,000

2,000

1,500
$400,000
1,000
$200,000
Gibson Dunn & Crutcher LLP 13 5.2 51,239 89 59 1.5 3.7 500
Ropes & Gray LLP 14 5.0 49,296 25 43 3.0 2.0 $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Willkie Farr & Gallagher LLP 15 4.8 47,167 30 31 5.9 (1.1)
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Freehills 17 4.2 41,136 21 40 3.5 0.7
Baker Botts LLP 19 3.9 37,951 11 52 1.8 2.1
TOTAL $979,629 9,631 $804,238

20
Bloomberg
US Announced Deals - Counsel to Principals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM
Jones Day 1 8.2 79,857 281 1 7.2 1.0

QUARTERLY VOLUME
DLA Piper LLP 4 1.0 10,232 129 4 0.5 0.5
USD (Mln) / #Deals
$1,000,000 3,500
3,000
Simpson Thacher & Bartlett LLP 7 9.8 95,485 115 7 17.2 (7.4) $800,000
Weil Gotshal & Manges LLP 8 10.6 103,481 113 6 13.7 (3.1) 2,500
Morgan Lewis & Bockius LLP 9 1.5 14,747 106 10 0.9 0.6 $600,000
2,000
Fenwick & West LLP 9 0.8 8,094 106 19 1.7 (0.9)

1,500
$400,000
Hogan Lovells 11 2.5 24,106 95 8 3.4 (0.9)
1,000
$200,000
Sullivan & Cromwell LLP 13 8.7 85,463 87 16 7.9 0.8 500
Dorsey & Whitney LLP 14 0.6 6,170 85 11 0.2 0.4 $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Morrison & Foerster LLP 19 2.0 20,026 67 17 0.5 1.5
TOTAL $979,629 9,631 $804,238

21
Bloomberg
Canada Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM
Osler Hoskin & Harcourt LLP 1 24.0 40,014 59 6 18.2 5.8

Torys LLP 2 22.4 37,394 48 1 35.3 (12.9)
QUARTERLY VOLUME
Stikeman Elliott LLP 4 16.2 27,032 86 7 16.7 (0.5)
USD (Mln) / #Deals
McCarthy Tetrault LLP 5 12.2 20,256 40 3 26.0 (13.8)
$180,000 800
$160,000 700
$140,000
600
Goodmans LLP 8 7.6 12,611 20 5 19.0 (11.4)
$120,000
500
$100,000
400
Freshfields Bruckhaus Deringer 10 5.9 9,786 6 17 7.2 (1.3) $80,000
Paul Weiss Rifkind Wharton & Garrison LLP 11 5.6 9,261 9 14 8.2 (2.6) $60,000
300
Mallesons Stephen Jaques 12 5.5 9,162 7 56 1.2 4.3 $40,000

200
CMS 13 5.2 8,655 6 53 1.4 3.8 $20,000 100
Davies Ward Phillips & Vineberg LLP 14 5.0 8,308 20 20 6.0 (1.0) $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Ogilvy Renault 15 5.0 8,289 36 30 3.7 1.3
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Cassels Brock & Blackwell LLP 16 4.9 8,139 19 22 5.4 (0.5)
Latham & Watkins LLP 17 4.7 7,880 12 21 5.7 (1.0)
Allens Arthur Robinson 18 4.7 7,803 6 18 7.0 (2.3)
Cravath Swaine & Moore LLP 19 4.5 7,509 3 80 0.3 4.2
Allen & Overy LLP 20 4.3 7,088 5 50 1.7 2.6
TOTAL $166,759 2,084 $115,502

22
Bloomberg
Canada Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM
Osler Hoskin & Harcourt LLP 3 24.0 40,014 59 3 18.2 5.8
QUARTERLY VOLUME
Fasken Martineau DuMoulin LLP 4 3.6 6,037 49 4 13.4 (9.8)
USD (Mln) / #Deals
Torys LLP 5 22.4 37,394 48 7 35.3 (12.9)
$180,000 800
McCarthy Tetrault LLP 6 12.2 20,256 40 2 26.0 (13.8)
$160,000 700
Ogilvy Renault 7 5.0 8,289 36 9 3.7 1.3
$140,000
600
Dorsey & Whitney LLP 8 2.5 4,093 28 10 3.4 (0.9)
$120,000
500
Borden Ladner Gervais LLP 9 1.8 2,926 24 12 3.1 (1.3)
$100,000
400
Goodmans LLP 10 7.6 12,611 20 11 19.0 (11.4) $80,000
Davies Ward Phillips & Vineberg LLP 10 5.0 8,308 20 6 6.0 (1.0) $60,000
300
Cassels Brock & Blackwell LLP 12 4.9 8,139 19 8 5.4 (0.5) $40,000
200
Jones Day 12 1.4 2,393 19 16 2.1 (0.7) $20,000 100
Weil Gotshal & Manges LLP 14 0.8 1,307 15 25 1.7 (0.9) $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
DLA Piper LLP 16 1.3 2,163 12 50 0.1 1.2
Lang Michener LLP 16 1.2 1,935 12 32 0.3 0.9
TOTAL $166,759 2,084 $115,502

23
Bloomberg
Brazil Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM
Souza Cescon Barrieu & Flesch Advogados 1 17.2 27,546 37 8 10.4 6.8
Machado Meyer Sendacz e Opice Advogados 2 13.0 20,815 24 2 25.3 (12.3)
Barbosa Mussnich & Aragao 3 12.1 19,278 38 4 20.0 (7.9)
QUARTERLY VOLUME
USD (Mln) / #Deals
Pinheiro Neto Advogados 5 9.5 15,175 41 1 27.2 (17.7)
$70,000 160
Uria Menendez Law Firm 6 9.4 14,976 5 - - 9.4
$60,000 140
Davis Polk & Wardwell 7 9.1 14,576 8 28 1.4 7.7
120
Cuatrecasas Goncalves Pereira 8 7.7 12,257 2 - - 7.7 $50,000
100
80
Vinson & Elkins LLP 10 6.4 10,295 3 - - 6.4
$30,000
Clifford Chance LLP 11 6.4 10,159 3 16 5.8 0.6 60
$20,000
Cleary Gottlieb Steen & Hamilton LLP 12 6.2 9,843 8 25 2.3 3.9 40
De Brauw Blackstone Westbroek 13 6.0 9,557 2 - - 6.0 $10,000 20
Cravath Swaine & Moore LLP 13 6.0 9,557 1 12 6.8 (0.8) $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Houthoff Buruma 13 6.0 9,557 1 - - 6.0
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Allen & Overy LLP 16 5.7 9,110 3 10 7.8 (2.1)
Veirano Advogados 17 3.8 6,064 8 - - 3.8
Tozzini Freire Teixeira E Silva 18 3.5 5,605 21 7 13.5 (10.0)
Freshfields Bruckhaus Deringer 19 3.2 5,056 3 41 0.2 3.0
Linklaters LLP 20 3.1 4,931 6 22 2.5 0.6
TOTAL $159,742 544 $70,259

24
Bloomberg
Europe Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM

Linklaters LLP 2 14.2 118,460 182 1 25.0 (10.8)
QUARTERLY VOLUME
Allen & Overy LLP 4 9.0 75,058 152 7 7.9 1.1
USD (Mln) / #Deals
$1,000,000 3,500
3,000
Weil Gotshal & Manges LLP 7 7.8 65,522 65 45 2.3 5.5 $800,000
Simpson Thacher & Bartlett LLP 8 7.4 62,143 44 20 4.7 2.7 2,500

2,000
1,500
$400,000
Slaughter & May 11 5.6 46,641 59 9 7.4 (1.8)
1,000
$200,000
Stikeman Elliott LLP 13 5.4 45,381 23 43 2.3 3.1 500
Wachtell Lipton Rosen & Katz 14 5.4 45,313 9 37 2.6 2.8 $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Akin Gump Strauss Hauer & Feld LLP 17 4.2 34,880 13 53 1.7 2.5
Bredin Prat & Associes 18 4.2 34,741 25 25 3.6 0.6
Norton Rose LLP 19 3.8 32,070 33 22 4.2 (0.4)
Uria Menendez Law Firm 20 3.7 30,684 31 10 6.6 (2.9)
TOTAL $836,732 7,293 $620,552

25
Bloomberg
Europe Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM
CMS 1 3.2 27,134 245 4 6.4 (3.2)

Linklaters LLP 3 14.2 118,460 182 1 25.0 (10.8)
QUARTERLY VOLUME
DLA Piper LLP 4 1.4 11,494 158 7 0.7 0.7
USD (Mln) / #Deals
Allen & Overy LLP 5 9.0 75,058 152 6 7.9 1.1
$1,000,000 3,500
Jones Day 6 1.9 15,531 143 5 2.1 (0.2)
3,000
Latham & Watkins LLP 8 8.0 66,757 105 10 4.9 3.1 2,500
Baker & McKenzie LLP 9 3.3 27,271 85 13 2.7 0.6 $600,000

2,000
1,500
$400,000
1,000
$200,000
Olswang 13 0.3 2,657 60 73 0.0 0.3 500
Slaughter & May 14 5.6 46,641 59 12 7.4 (1.8) $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
White & Case LLP 15 2.2 18,492 58 9 4.1 (1.9)
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Hogan Lovells 16 2.3 19,401 56 14 2.8 (0.5)
Mannheimer Swartling AB 19 1.0 8,131 50 33 0.2 0.8
Cuatrecasas Goncalves Pereira 20 2.0 16,646 47 10 3.5 (1.5)
TOTAL $836,732 7,293 $620,552

26
Bloomberg
Europe Announced Deals - Counsel to Principals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM

Linklaters LLP 2 12.8 106,971 174 1 24.2 (11.4)
QUARTERLY VOLUME
USD (Mln) / #Deals
$1,000,000 3,500
3,000
Allen & Overy LLP 7 6.3 52,815 145 16 4.9 1.4 $800,000
Slaughter & May 8 5.5 46,337 58 5 7.4 (1.9) 2,500
Stikeman Elliott LLP 9 5.4 45,381 23 39 2.3 3.1 $600,000

2,000
Wachtell Lipton Rosen & Katz 10 5.3 44,491 8 35 2.6 2.7

1,500
$400,000
1,000
$200,000
Simpson Thacher & Bartlett LLP 13 4.3 35,950 37 25 3.0 1.3 500
Sullivan & Cromwell LLP 14 4.2 35,453 36 6 7.1 (2.9) $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Bredin Prat & Associes 16 4.2 34,741 25 22 3.6 0.6
Norton Rose LLP 18 3.8 32,070 33 19 4.2 (0.4)
TOTAL $836,732 7,293 $620,552

27
Bloomberg
Europe Announced Deals - Counsel to Principals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM
CMS 1 3.2 27,134 245 4 6.4 (3.2)

Linklaters LLP 3 12.8 106,971 174 1 24.2 (11.4)
QUARTERLY VOLUME
DLA Piper LLP 4 1.4 11,494 158 7 0.7 0.7
USD (Mln) / #Deals
Allen & Overy LLP 5 6.3 52,815 145 6 4.9 1.4
$1,000,000 3,500
Jones Day 6 1.8 14,781 141 5 2.1 (0.3)
3,000
Latham & Watkins LLP 8 7.5 62,973 102 11 4.8 2.7 2,500
Baker & McKenzie LLP 9 3.3 27,271 85 12 2.7 0.6 $600,000

2,000

1,500
$400,000
1,000
$200,000
Olswang 13 0.3 2,657 59 70 0.0 0.3 500
Slaughter & May 14 5.5 46,337 58 12 7.4 (1.9) $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
White & Case LLP 14 2.2 18,492 58 8 4.1 (1.9)
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Hogan Lovells 16 2.3 19,401 56 14 2.8 (0.5)
TOTAL $836,732 7,293 $620,552

28
Bloomberg
United Kingdom Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM

Linklaters LLP 2 25.7 76,420 88 1 39.3 (13.6)
QUARTERLY VOLUME
Slaughter & May 4 11.7 34,660 47 3 19.9 (8.2)
USD (Mln) / #Deals
Allen & Overy LLP 5 11.2 33,330 64 28 3.5 7.7
$600,000 1,400
1,200
Stikeman Elliott LLP 7 8.9 26,382 7 115 0.1 8.8 $500,000
Bredin Prat & Associes 8 8.7 25,775 3 118 0.1 8.6 1,000
$400,000
Herbert Smith/Gleiss Lutz/Stibbe 9 8.4 24,902 24 5 15.5 (7.1) 800
$300,000
600
400
CMS 12 5.1 15,186 75 43 1.2 3.9
$100,000
Skadden Arps Slate Meagher & Flom LLP 13 5.0 14,743 26 20 6.3 (1.3) 200
Davis Polk & Wardwell 14 4.5 13,485 7 31 2.1 2.4 $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Ashurst LLP 16 3.7 10,917 13 93 0.1 3.6
Torys LLP 18 3.5 10,311 10 79 0.3 3.2
Osler Hoskin & Harcourt LLP 19 3.4 10,162 5 4 16.8 (13.4)
Norton Rose LLP 20 3.3 9,921 18 18 6.7 (3.4)
TOTAL $297,173 2,771 $211,179

29
Bloomberg
United Kingdom Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM

Linklaters LLP 2 25.7 76,420 88 3 39.3 (13.6)
DLA Piper LLP 2 1.1 3,185 88 2 0.8 0.3
QUARTERLY VOLUME
CMS 4 5.1 15,186 75 8 1.2 3.9
USD (Mln) / #Deals
Jones Day 5 1.6 4,618 68 1 2.2 (0.6)
$600,000 1,400
Allen & Overy LLP 6 11.2 33,330 64 6 3.5 7.7
1,200
Olswang 7 0.9 2,637 56 32 0.1 0.8 $500,000
Clifford Chance LLP 8 15.0 44,694 50 5 27.1 (12.1) 1,000

$400,000
Slaughter & May 9 11.7 34,660 47 4 19.9 (8.2) 800
$300,000
600
Weil Gotshal & Manges LLP 11 3.6 10,631 33 14 0.9 2.7 $200,000
400
$100,000
Skadden Arps Slate Meagher & Flom LLP 13 5.0 14,743 26 15 6.3 (1.3) 200
Hogan Lovells 13 2.0 5,955 26 15 0.6 1.4 $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Berwin Leighton Paisner LLP 15 0.2 631 25 12 1.2 (1.0)
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Mayer Brown LLP 17 2.5 7,312 23 45 0.2 2.3
Nabarro 18 0.3 867 22 45 0.1 0.2
A&L Goodbody Solicitors 20 2.0 5,806 21 27 1.1 0.9
TOTAL $297,173 2,771 $211,179

30
Bloomberg
Germany Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM

CMS 2 7.6 8,207 81 1 17.4 (9.8)
QUARTERLY VOLUME
Linklaters LLP 4 11.6 12,458 37 4 20.3 (8.7)
USD (Mln) / #Deals
Allen & Overy LLP 5 18.1 19,564 25 8 15.6 2.5
$120,000 500
Jones Day 5 5.7 6,189 25 6 1.8 3.9
Latham & Watkins LLP 7 0.3 290 23 10 6.6 (6.3) $100,000
400
$80,000
DLA Piper LLP 8 0.1 103 20 7 0.1 - 300
$60,000
200
White & Case LLP 11 6.4 6,848 13 9 14.0 (7.6) $40,000
Eversheds LLP 12 0.5 486 12 18 0.0 0.5

100
$20,000
Hengeler Mueller 13 9.6 10,371 10 5 31.3 (21.7)
Skadden Arps Slate Meagher & Flom LLP 13 8.3 8,917 10 15 2.8 5.5 $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Kim & Chang 13 0.4 439 10 21 0.2 0.2
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Hogan Lovells 16 1.6 1,685 9 12 7.1 (5.5)
Weil Gotshal & Manges LLP 16 0.8 817 9 21 0.8 -
TOTAL $107,824 992 $111,387

31
Bloomberg
France Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM
CMS 1 1.4 2,525 46 4 12.9 (11.5)

De Pardieu Brocas Maffei 2 3.2 5,658 32 6 2.5 0.7
Linklaters LLP 3 26.3 46,634 31 2 20.7 5.6
QUARTERLY VOLUME
Jones Day 4 1.0 1,805 28 1 3.0 (2.0)
USD (Mln) / #Deals
Gide Loyrette Nouel 5 3.0 5,405 25 3 21.9 (18.9)
$100,000 450
400
Bredin Prat & Associes 7 19.5 34,672 22 5 19.9 (0.4) $80,000 350
300
250
Clifford Chance LLP 10 17.2 30,547 19 7 16.3 0.9 200
$40,000
Latham & Watkins LLP 11 5.1 9,073 18 12 0.9 4.2 150
Cleary Gottlieb Steen & Hamilton LLP 12 6.9 12,203 15 13 5.6 1.3 100
$20,000
Morgan Lewis & Bockius LLP 13 1.6 2,845 13 20 1.1 0.5 50
White & Case LLP 13 1.1 1,970 13 13 2.7 (1.6) $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Allen & Overy LLP 15 6.5 11,491 11 9 7.0 (0.5)
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Hogan Lovells 15 4.7 8,295 11 11 5.4 (0.7)
Norton Rose LLP 20 12.6 22,365 9 33 9.9 2.7
TOTAL $177,554 1,021 $102,143

32
Bloomberg
Benelux Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM
Allen & Overy LLP 1 14.4 16,812 58 1 18.6 (4.2)

CMS 2 1.1 1,242 43 7 2.1 (1.0)
DLA Piper LLP 3 2.2 2,598 31 8 0.3 1.9
QUARTERLY VOLUME
Freshfields Bruckhaus Deringer 4 35.3 41,145 28 5 35.3 -
USD (Mln) / #Deals
Linklaters LLP 4 24.0 27,948 28 2 34.3 (10.3)
$350,000 450
400
$300,000
De Brauw Blackstone Westbroek 7 4.2 4,890 23 3 13.4 (9.2)
350
Clifford Chance LLP 8 29.2 34,049 19 4 10.6 18.6 $250,000
300
Baker & McKenzie LLP 9 4.6 5,383 16 15 8.5 (3.9) $200,000 250
NautaDutilh 10 3.6 4,149 14 29 0.0 3.6 200
$150,000
Houthoff Buruma 10 1.6 1,899 14 9 0.2 1.4 150
$100,000
Jones Day 12 1.8 2,072 12 15 0.6 1.2 100

50
Cleary Gottlieb Steen & Hamilton LLP 14 11.1 12,975 10 18 7.9 3.2 $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Hogan Lovells 16 2.3 2,675 8 27 0.2 2.1
Slaughter & May 17 4.2 4,914 7 29 3.0 1.2
TOTAL $116,502 860 $87,829

33
Bloomberg
Iberia Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM

Garrigues Abogados 3 9.6 9,659 25 3 9.3 0.3
QUARTERLY VOLUME
USD (Mln) / #Deals
$320,000 280
Linklaters LLP 6 15.2 15,233 17 6 29.9 (14.7)
$280,000 240
Raposo Bernardo & Associados 7 0.8 777 16 - - 0.8
$240,000
Gomez Acebo & Pombo Abogados 7 0.4 422 16 7 7.2 (6.8) 200
$200,000
DLA Piper LLP 9 3.3 3,277 14 9 0.2 3.1 160
$160,000
CMS 10 0.6 619 9 10 8.5 (7.9)
120
Araoz & Rueda 11 0.2 194 8 8 5.5 (5.3) $120,000
80
Allen & Overy LLP 12 1.4 1,353 7 19 0.3 1.1 $80,000
Hogan Lovells 12 1.1 1,060 7 14 0.3 0.8 $40,000 40
Baker & McKenzie LLP 12 0.2 147 7 26 0.2 - $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Herbert Smith/Gleiss Lutz/Stibbe 15 1.9 1,909 6 - - 1.9
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Souza Cescon Barrieu & Flesch Advogados 16 11.9 11,968 5 - - 11.9
Jones Day 16 0.0 26 5 12 2.3 (2.3)
Pinheiro Neto Advogados 19 6.0 5,970 4 19 0.4 5.6
Perez-Llorca 19 3.8 3,802 4 10 0.1 3.7
TOTAL $100,336 493 $62,306

34
Bloomberg
Nordic Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM

Advokatfirman Vinge KB 2 2.0 1,424 42 2 1.7 0.3
Linklaters LLP 3 12.4 8,838 33 4 25.4 (13.0)
QUARTERLY VOLUME
Hannes Snellman 4 4.7 3,357 28 1 1.9 2.8
USD (Mln) / #Deals
$60,000 600
Roschier Attorneys Ltd 5 1.5 1,091 21 7 2.4 (0.9)
White & Case LLP 7 9.2 6,523 20 6 6.4 2.8 $50,000 500
Thommessen Krefting Greve Lund 8 11.7 8,286 18 5 8.9 2.8

$40,000 400
CMS 9 1.9 1,318 15 17 0.4 1.5
$30,000 300
Allen & Overy LLP 10 8.9 6,288 13 10 23.1 (14.2)
Latham & Watkins LLP 11 12.5 8,882 11 27 0.4 12.1 $20,000 200

$10,000 100
SORAINEN 13 0.3 182 10 37 0.0 0.3
Clifford Chance LLP 14 1.9 1,326 9 10 5.4 (3.5) $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Raidla Lejins & Norcous 15 0.2 159 8 - - 0.2
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
DLA Piper LLP 16 0.6 403 7 17 0.0 0.6
Blake Cassels & Graydon LLP 18 5.0 3,527 6 27 2.6 2.4
Slaughter & May 19 6.0 4,251 5 27 0.2 5.8
TOTAL $71,053 987 $50,588

35
Bloomberg
Eastern Europe Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM
CMS 1 2.1 2,440 34 2 2.9 (0.8)

Allen & Overy LLP 2 3.0 3,483 23 1 2.1 0.9
Linklaters LLP 3 14.0 16,009 21 10 1.5 12.5
QUARTERLY VOLUME
USD (Mln) / #Deals
SORAINEN 4 0.1 64 18 8 0.7 (0.6)
$70,000 600
Baker & McKenzie LLP 6 0.0 34 14 17 1.4 (1.4)
$60,000
DLA Piper LLP 7 2.2 2,485 13 8 3.3 (1.1) $50,000

400
White & Case LLP 9 1.2 1,382 11 5 3.9 (2.7) $40,000
300
$30,000
Raidla Lejins & Norcous 10 0.1 52 10 - - 0.1 200
$20,000
100
Clifford Chance LLP 13 0.9 971 8 3 7.5 (6.6) $10,000
Cleary Gottlieb Steen & Hamilton LLP 14 22.8 26,160 7 13 7.5 15.3 $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Herbert Smith/Gleiss Lutz/Stibbe 14 0.8 915 7 6 5.3 (4.5)
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Stikeman Elliott LLP 16 2.1 2,455 6 30 0.7 1.4
Debevoise & Plimpton LLP 17 7.6 8,716 4 24 0.2 7.4
Blake Cassels & Graydon LLP 17 1.2 1,390 4 - - 1.2
Fasken Martineau DuMoulin LLP 17 1.1 1,300 4 40 0.7 0.4
TOTAL $114,564 852 $55,799

36
Bloomberg
Asia Pacific Ex-Japan Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM
Mallesons Stephen Jaques 1 9.6 57,638 64 11 3.6 6.0

Clayton Utz 2 7.3 43,791 54 30 1.7 5.6
QUARTERLY VOLUME
Freehills 4 6.3 37,572 73 4 5.2 1.1
USD (Mln) / #Deals
Allens Arthur Robinson 5 5.9 35,181 64 3 5.7 0.2
$320,000 3,200
Allen & Overy LLP 6 5.3 31,654 38 47 1.0 4.3
$280,000 2,800
Linklaters LLP 7 5.2 31,380 37 6 4.1 1.1
$240,000 2,400
Norton Rose LLP 8 4.9 29,080 35 31 1.7 3.2
$200,000 2,000
AZB & Partners 9 4.7 28,045 108 68 0.5 4.2
$160,000 1,600
Freshfields Bruckhaus Deringer 11 4.4 26,134 56 1 8.9 (4.5) $120,000 1,200
Allen & Gledhill 12 4.1 24,338 68 9 3.8 0.3 $80,000 800
Herbert Smith/Gleiss Lutz/Stibbe 13 3.8 22,932 14 57 0.7 3.1 $40,000 400
Blake Dawson 14 3.8 22,916 55 14 3.2 0.6 $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Kim & Chang 18 3.2 19,230 87 5 4.8 (1.6)
Minter Ellison 20 3.0 17,670 74 35 1.5 1.5
TOTAL $598,464 8,285 $360,343

37
Bloomberg
Asia Pacific Ex-Japan Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM
AZB & Partners 1 4.7 28,045 108 15 0.5 4.2

Kim & Chang 3 3.2 19,230 87 1 4.8 (1.6)
QUARTERLY VOLUME
WongPartnership LLP 4 2.2 13,362 77 15 2.4 (0.2)
USD (Mln) / #Deals
Minter Ellison 5 3.0 17,670 74 6 1.5 1.5
$320,000 3,200
Freehills 6 6.3 37,572 73 3 5.2 1.1
$280,000 2,800
Lee & Ko 7 1.0 5,829 70 8 3.2 (2.2)
$240,000 2,400
Allen & Gledhill 8 4.1 24,338 68 9 3.8 0.3
$200,000 2,000
$160,000 1,600
Freshfields Bruckhaus Deringer 11 4.4 26,134 56 11 8.9 (4.5) $120,000 1,200
Blake Dawson 12 3.8 22,916 55 10 3.2 0.6 $80,000 800
Clayton Utz 13 7.3 43,791 54 5 1.7 5.6 $40,000 400
Shin & Kim 14 1.8 10,463 48 19 2.1 (0.3) $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Jones Day 14 0.9 5,490 48 13 3.7 (2.8)
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Bae Kim & Lee 16 1.9 11,100 45 14 2.4 (0.5)
DLA Piper LLP 17 0.7 4,279 41 23 2.0 (1.3)
Allen & Overy LLP 18 5.3 31,654 38 26 1.0 4.3
Linklaters LLP 19 5.2 31,380 37 12 4.1 1.1
Norton Rose LLP 20 4.9 29,080 35 42 1.7 3.2
TOTAL $598,464 8,285 $360,343

38
Bloomberg
Japan Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM
Mori Hamada & Matsumoto 1 28.1 30,012 141 1 38.3 (10.2)

Nagashima Ohno & Tsunematsu 2 31.2 33,230 99 3 19.6 11.6
Nishimura & Asahi 3 21.1 22,460 89 2 21.4 (0.3)
QUARTERLY VOLUME
Anderson Mori & Tomotsune 4 8.5 9,038 39 4 7.3 1.2
USD (Mln) / #Deals
$50,000 800
Morrison & Foerster LLP 6 4.9 5,174 21 5 16.0 (11.1)
700
Shearman & Sterling LLP 7 21.4 22,877 19 6 19.7 1.7 $40,000
600
500
Skadden Arps Slate Meagher & Flom LLP 9 9.8 10,451 18 11 21.0 (11.2) $30,000
400
$20,000
Allen & Overy LLP 11 7.6 8,153 14 11 0.8 6.8 300
Jones Day 11 0.6 656 14 8 1.1 (0.5) 200

$10,000
Linklaters LLP 13 3.3 3,490 13 23 0.4 2.9 $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Allen & Gledhill 13 1.9 2,055 13 24 4.6 (2.7)
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Kim & Chang 17 0.2 217 10 13 0.7 (0.5)
AZB & Partners 18 1.7 1,808 9 71 0.0 1.7
Blake Dawson 18 1.5 1,634 9 19 4.7 (3.2)
Clifford Chance LLP 20 0.4 448 8 16 2.9 (2.5)
TOTAL $106,684 2,106 $127,926

39
Bloomberg
China Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM

King & Wood 3 0.9 1,757 15 83 0.2 0.7
QUARTERLY VOLUME
USD (Mln) / #Deals
Jones Day 4 1.3 2,491 14 4 0.9 0.4
$80,000 1,000
$70,000
Allen & Overy LLP 7 1.2 2,422 12 28 1.0 0.2 800
$60,000
$50,000
Grandall Legal Group 8 2.6 5,211 11 5 3.3 (0.7) 600
$40,000
Global Law Office 8 0.7 1,455 11 59 0.6 0.1
400
Linklaters LLP 11 4.9 9,784 10 6 2.8 2.1 $30,000
Beijing Kang Da Law Firm 11 0.5 896 10 83 0.0 0.5 $20,000

200
Grandfield Law Firm 11 0.3 604 10 45 0.2 0.1 $10,000
Clifford Chance LLP 14 0.2 367 9 10 1.8 (1.6) $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Stamford Law Corp 15 0.7 1,472 8 28 0.0 0.7
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Slaughter & May 17 1.0 2,031 7 28 0.6 0.4
TOTAL $198,201 3,209 $149,739

40
Bloomberg
Hong Kong Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM

Jones Day 1 2.2 1,780 12 2 1.8 0.4
QUARTERLY VOLUME
USD (Mln) / #Deals
Mayer Brown LLP 5 3.6 2,872 10 18 0.8 2.8
$60,000 500
450
Clayton Utz 7 13.5 10,751 5 30 0.5 13.0 $50,000
400
Allen & Gledhill 7 3.5 2,738 5 6 5.5 (2.0) 350
$40,000
Slaughter & May 7 3.4 2,717 5 16 0.4 3.0 300
$30,000 250
Linklaters LLP 7 1.7 1,381 5 1 5.0 (3.3)
200
Shearman & Sterling LLP 7 1.1 868 5 22 3.0 (1.9) $20,000
150
Stamford Law Corp 7 0.0 16 5 12 0.8 (0.8)
100
$10,000
Norton Rose LLP 13 14.7 11,679 4 - - 14.7 50
Allen & Overy LLP 13 12.3 9,775 4 18 0.0 12.3 $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Herbert Smith/Gleiss Lutz/Stibbe 13 11.8 9,336 4 8 0.3 11.5
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
O'Melveny & Myers LLP 13 2.8 2,229 4 9 1.1 1.7
Shook Lin & Bok LLP 13 1.6 1,269 4 30 0.1 1.5
Allens Arthur Robinson 13 0.5 398 4 30 0.2 0.3
Commerce & Finance Law Office 20 3.3 2,591 3 - - 3.3
TOTAL $79,466 965 $50,533

41
Bloomberg
Taiwan Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM
LCS & Partners 1 3.6 400 14 2 12.6 (9.0)

Jones Day 2 10.4 1,164 12 4 41.4 (31.0)
Lexcel Partners Attorney-at-Law 2 4.2 470 12 3 10.0 (5.8)
QUARTERLY VOLUME
Lee & Li 4 19.6 2,199 11 1 21.9 (2.3)
USD (Mln) / #Deals
Baker & McKenzie LLP 5 0.8 86 6 4 42.4 (41.6)
$20,000 140
Chen & Lin 6 11.6 1,304 3 6 2.5 9.1
120
Freshfields Bruckhaus Deringer 7 0.9 100 2 10 7.5 (6.6) $16,000
DLA Piper LLP 7 0.0 0 2 - - - 100
Paul Weiss Rifkind Wharton & Garrison LLP 9 10.6 1,186 1 12 1.2 9.4 $12,000
80
Morrison & Foerster LLP 9 2.0 226 1 12 0.9 1.1

60
$8,000
Tsar & Tsai 9 0.9 97 1 7 3.7 (2.8)
40
CMS 9 0.7 84 1 - - 0.7
$4,000
Debevoise & Plimpton LLP 9 0.6 68 1 - - 0.6 20
Allen & Gledhill 9 0.6 68 1 12 4.9 (4.3) $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Nishimura & Asahi 9 0.5 60 1 - - 0.5
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Bae Kim & Lee 9 0.4 43 1 - - 0.4
Anderson Mori & Tomotsune 9 0.1 13 1 12 0.4 (0.3)
Clifford Chance LLP 9 0.0 0 1 - - -
Latham & Watkins LLP 9 0.0 0 1 10 0.5 (0.5)
Linklaters LLP 9 0.0 0 1 8 5.0 (5.0)
TOTAL $11,232 305 $24,867

42
Bloomberg
Korea Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM
Kim & Chang 1 37.2 19,230 87 1 35.4 1.8

Lee & Ko 2 11.3 5,829 70 2 23.8 (12.5)
Shin & Kim 3 20.2 10,463 48 4 16.0 4.2
QUARTERLY VOLUME
Bae Kim & Lee 4 21.5 11,100 45 3 18.3 3.2
USD (Mln) / #Deals
Yulchon 5 8.1 4,207 34 5 10.4 (2.3)
$24,000 350
Yoon & Yang 6 2.6 1,333 20 18 0.9 1.7
300
Linklaters LLP 7 13.8 7,126 6 7 5.1 8.7 $20,000
Shearman & Sterling LLP 8 7.7 3,958 3 18 1.9 5.8 250

$16,000
Freehills 8 2.7 1,375 3 - - 2.7 200
$12,000
Blake Dawson 8 2.5 1,276 3 18 0.2 2.3
150
Skadden Arps Slate Meagher & Flom LLP 8 1.0 503 3 7 0.5 0.5 $8,000
100
Paul Hastings Janofsky & Walker LLP 8 1.0 497 3 18 3.8 (2.8)
$4,000
Latham & Watkins LLP 8 0.0 20 3 - - - 50
Allen & Overy LLP 14 5.5 2,847 2 18 2.7 2.8 $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Kadir Andri Aidham & Partners 14 2.8 1,461 2 - - 2.8
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Blake Cassels & Graydon LLP 14 1.5 765 2 - - 1.5
Vinson & Elkins LLP 14 1.3 685 2 18 8.2 (6.9)
Nishimura & Asahi 14 0.6 321 2 - - 0.6
Davis Polk & Wardwell 14 0.5 264 2 11 0.1 0.4
Mori Hamada & Matsumoto 14 0.2 109 2 - - 0.2
TOTAL $51,736 961 $47,993

43
Bloomberg
Australia & New Zealand Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM
Minter Ellison 1 10.9 17,670 74 4 8.3 2.6

Freehills 2 22.7 36,876 71 1 29.3 (6.6)
Allens Arthur Robinson 3 21.6 35,181 63 5 30.8 (9.2)
QUARTERLY VOLUME
Clayton Utz 4 26.8 43,681 53 2 9.5 17.3
USD (Mln) / #Deals
Blake Dawson 4 14.1 22,911 53 6 17.0 (2.9)
$180,000 700
$160,000
600
$140,000
DLA Piper LLP 8 2.2 3,520 30 11 0.5 1.7 500
$120,000
Norton Rose LLP 9 16.6 27,014 26 38 0.2 16.4 400
$100,000
Corrs Chambers Westgarth 10 3.3 5,305 20 9 8.5 (5.2) $80,000 300
Bell Gully 10 1.1 1,849 20 12 0.2 0.9 $60,000
200
Cochrane Lishman Carson Luscombe 12 0.8 1,238 19 12 0.4 0.4 $40,000
Gilbert + Tobin 13 5.7 9,222 15 10 5.9 (0.2) $20,000

100
Freshfields Bruckhaus Deringer 14 4.5 7,355 11 16 15.7 (11.2) $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Allen & Overy LLP 14 1.8 2,904 11 29 0.5 1.3
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Stikeman Elliott LLP 16 10.7 17,430 9 29 2.4 8.3
Torys LLP 16 7.8 12,673 9 29 13.2 (5.4)
Jones Day 16 0.4 612 9 16 1.1 (0.7)
TOTAL $162,760 1,458 $64,251

44
Bloomberg
India Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM
AZB & Partners 1 38.8 27,957 106 1 9.6 29.2

Khaitan & Co 2 1.9 1,357 25 3 3.7 (1.8)
DLA Piper LLP 3 0.6 433 8 6 0.1 0.5
QUARTERLY VOLUME
Shearman & Sterling LLP 4 1.7 1,248 7 14 0.3 1.4
USD (Mln) / #Deals
Allen & Overy LLP 5 14.9 10,738 6 14 0.2 14.7
$40,000 350
Simpson Thacher & Bartlett LLP 6 1.1 776 5 30 1.3 (0.2)
$35,000 300
Linklaters LLP 7 15.4 11,134 4 4 1.0 14.4
$30,000
WongPartnership LLP 7 2.8 2,007 4 14 0.3 2.5 250
$25,000
Amarchand Mangaldas & Suresh A Shroff & Co 7 2.4 1,694 4 2 27.0 (24.6) 200
$20,000
Davis Polk & Wardwell 7 1.1 823 4 14 9.8 (8.7)
150
O'Melveny & Myers LLP 7 0.4 310 4 - - 0.4 $15,000
100
White & Case LLP 12 1.9 1,369 3 30 0.0 1.9 $5,000 50
Clifford Chance LLP 12 1.1 791 3 6 0.6 0.5 $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Paul Weiss Rifkind Wharton & Garrison LLP 12 1.1 797 3 - - 1.1
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Vinson & Elkins LLP 12 0.8 606 3 - - 0.8
Norton Rose LLP 12 0.8 588 3 30 0.2 0.6
Stikeman Elliott LLP 12 0.6 433 3 - - 0.6
Freshfields Bruckhaus Deringer 12 0.3 234 3 5 1.3 (1.0)
Berwin Leighton Paisner LLP 12 0.1 50 3 - - 0.1
TOTAL $72,095 822 $19,147

45
Bloomberg
South East Asia Announced Deals

1/1/10 - 12/31/10 2010 2009 MKT
FIRM
WongPartnership LLP 1 8.1 9,767 66 2 8.0 0.1

Allen & Gledhill 2 19.0 22,810 63 1 17.4 1.6
QUARTERLY VOLUME
Shook Lin & Bok LLP 4 13.4 16,054 18 12 0.9 12.5
USD (Mln) / #Deals
$60,000 700
AZB & Partners 6 0.9 1,117 11 - - 0.9
600
Clifford Chance LLP 7 4.6 5,564 10 5 3.4 1.2 $50,000
Freshfields Bruckhaus Deringer 7 3.0 3,585 10 6 8.0 (5.0) 500

$40,000
Freehills 9 10.4 12,504 9 26 0.3 10.1 400
$30,000
Allen & Overy LLP 9 3.1 3,692 9 6 0.7 2.4
300
Skadden Arps Slate Meagher & Flom LLP 11 3.9 4,662 8 20 5.9 (2.0) $20,000
200
Linklaters LLP 12 2.5 3,004 7 10 8.7 (6.2)
$10,000
Norton Rose LLP 12 2.3 2,775 7 26 5.9 (3.6) 100
O'Melveny & Myers LLP 12 2.2 2,666 7 20 1.0 1.2 $0 0
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
20 Q4
20 Q1
20 Q2
20 Q3
4
Q
Drew & Napier LLC 12 1.8 2,155 7 6 5.0 (3.2)
07
07
07
07
08
08
08
08
09
09
09
09
10
10
10
10
20
Allens Arthur Robinson 12 0.8 983 7 6 3.8 (3.0)
Jones Day 17 0.5 545 6 16 0.8 (0.3)
Minter Ellison 19 1.5 1,820 5 12 3.5 (2.0)
Gibson Dunn & Crutcher LLP 19 0.0 17 5 - - -
TOTAL $119,960 1,522 $57,248

46
Bloomberg
01/02/2011
For data submissions or queries, Bloomberg 2010 Annual

please contact:
Mergers & Acquisitions Legal Advisory Rankings

Pratik M. Patel
North America
+1-212-617-8705 Bloomberg M&A league tables represent transactions that are either pending or completed, and for which Bloomberg
+1-646-268-6061 has been notified.
ppatel28@bloomberg.net
Roberto Ferreira
EMEA Bloomberg M&A league tables include mergers, acquisitions, divestitures, self-tenders, spinoffs, debt-for-equity swaps,
+44-20-7330-7115 private placements of common equity and convertible securities, and purchases of convertible securities and cash
+44-20-7392-6672 injection components of recapitalizations according to Bloomberg standards. Excludes open market transactions. All
rferreira2@bloomberg.net deals except additional stake purchases are subjected to a minimum threshold of 5% equity or USD 50 million total
value. League table credit is based on announced total value of a deal.
Shima Furukawa
Asia Pacific
Bloomberg LP and its suppliers believe the information herein was obtained from reliable sources, but they do not
+81-3-3201-3952
+81-3-3201-7228 guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or
sfurukawa2@bloomberg.net sale of securities or commodities.
Fernanda Pedreira
LATAM
+55-11-4502-1830
+55-11-4502-1880
fpedreira2@bloomberg.net
For 24 hour global customer support call

+1 212 318 2000 +44 20 7330 7500 +65 6212 1000 +81 3 3201 8900
or press the HELP key twice on the BLOOMBERG PROFESSIONAL(R) service.
MA <GO> MA <GO> MA <GO>
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GLOBAL LEGAL ADVISORY

MERGERS & ACQUISITIONS RANKINGS 2010

For data submissions or queries, please contact:

Contact Phone Fax Email

North America Pratik M. Patel +1-212-617-8705 +1-646-268-6061 ppatel28@bloomberg.net

Asia Pacific Shima Furukawa +81-3-3201-3952 +81-3-3201-7228 sfurukawa2@bloomberg.net

LATAM Fernanda Pedreira +55-11-4502-1830 +55-11-4502-1880 fpedreira2@bloomberg.net

For 24 hour global customer support call

MA <GO> LEAG <GO> MA <GO> LMX <GO> MA <GO> LEAG <GO>

North America 35%

* All 2010 YTD numbers as of December 31, 2010.

MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB<GO>

9000 Volume 4000

Total Volume (USD Mln)

Total Volume (USD Mln)

EMEA M&A Quarterly Volume APAC M&A Quarterly Volume

Total Volume (USD Mln)

Deal Count 150000

*All Total Value figures in USD millions.

MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB<GO>

MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB<GO>

Total Volume (USD Mln)

Avg. Deal Size (USD Mln)

Financial $106,895 $74,788 $94,380 $135,122

MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB<GO>

Latin America $59,020 $125,270 Mexico $4,460 $12,350

AsiaPac $310,620 $246,690 Brazil $29,390 $72,810

Value in USD Mln

Value in USD Mln

W. Europe $409,040 $453,880 US $229,340 $337,620

EMEA $497,800 $539,700 Latin America $59,020 $125,270

N. America $298,610 $386,850 N. America $298,610 $386,850

Americas $353,620 $491,070 Americas $353,620 $491,070

India $43,460 $31,120 Russia $36,040 $13,790

Singapore France $71,040 $95,200

Value in USD Mln

Takeovers Set to Rise With Global Stocks in 2011

Dealmaking Timeline: Key M&A Transactions in 2010

MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB<GO>

Oil Comp-Integrated $105.62 US $742.66

Private Equity $90.95 Canada $116.48

Investment Companies $85.96 Brazil $103.92

Oil Comp-Explor&Prodtn $82.18 China $48.21

Medical-Drugs $72.16 Mexico $44.44

TOP TARGETS TOP TARGETS

Oil Comp-Explor&Prodtn $109.75 US $778.11

Oil & Gas Drilling $55.59 Brazil $144.98

Telephone-Integrated $50.40 Canada $87.85

Medical-Biomedical/Gene $43.14 Mexico $51.43

Oil-Field Services $35.98 UK $51.38

MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB<GO>

Investment Companies $70.89 UK $150.12

Oil Comp-Integrated $61.34 US $136.56

Medical-Drugs $56.92 France $89.63

Electric-Integrated $53.36 Russia $70.15

Private Equity $47.95 Germany $65.85

TOP TARGETS TOP TARGETS

Electric-Integrated $60.68 US $160.70

Oil Comp-Explor&Prodtn $58.74 UK $133.50

Telecom Services $45.71 Germany $57.89

Commer Banks Non-US $35.99 Brazil $50.18

Medical-Biomedical/Gene $32.88 Russia $47.46