IBD 3Q10 MA Emerging Market Legal Advisory Review

EMERGING MARKETS M&A
Legal Advisors
First Nine Months 2010

First Nine Months 2010 | Mergers & Acquisitions | Legal Advisors
Emerging Markets M&A

Emerging Markets M&A Increases 73% | Comprises More Than a Quarter of Global M&A | Materials Most Active Sector
Emerging Markets Deals Intelligence Deals Involving Emerging Market Targets vs. The Rest of the World
$1,600,000 16,000
Emerging Markets Rest of World Number of Deals
Emerging Markets M&A announced during the first nine months of 2010 reached US$551.6 billion, a 72.6% $1,400,000 14,000
increase compared to the equivalent period of 2009. Deal volume during the third quarter experienced a
moderate 1% increase compared to the second quarter of 2010. $1,200,000 12,000
Emerging Markets during the first nine months of the year comprised 32.2% of global deal activity, which $1,000,000 10,000
grew at a slower yet significant rate of 21%. During the third quarter, the Emerging Markets accounted for
Rank Value (US$m)
# of Deals
27.5% of global volume. $800,000 8,000
The most targeted Emerging Market nation so far this year was China, with over 2,300 deals worth a $600,000 6,000
combined US$85.6 billion. Brazil and Mexico followed with US$75.1 billion and US$47.8 billion worth of
activity, respectively. $400,000 4,000
Materials was the most active sector so far this year and accounted for 22% of Emerging Market volumes $200,000 2,000
with US$107.2 billion in deal activity. The largest deal driving sector activity was KazakhGold's US$10.3
billion offer to acquire Polyus Zoloto. $0 0
Q105
Q205
Q305
Q405
Q106
Q206
Q306
Q406
Q107
Q207
Q307
Q407
Q108
Q208
Q308
Q408
Q109
Q209
Q309
Q409
Q110
Q210
Q310
Emerging Market Announced M&A
$800 14,000
Q4 Volume (US$b) Q3 Volume (US$b) 12,060 12,783
Q2 Volume (US$b) Q1 Volume (US$b)

10,246 12,000
# of Deals
10,412
$600
10,000
8,442
Rank Value (US$b)
8,000
# of Deals
7,447
6,922
$400
6,506 6,484
5,584 6,000
5,158
4,000
$200
2,000
$0 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
https://www.thomsonone.com
Emerging Markets M&A
Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA

2010 UP BRIC Latin America Middle East & North South Africa Eastern Europe Asia Pacific China India
Emerging Markets
2010 DOWN 2009 Africa Emerging Mkts
Consumer Products and Services 6.9x 13.9x 8.8x 10.5x - - 13.4x 13.8x 8.4x 20.3x 7.9x - 7.0x 10.0x 3.7x 8.1x 9.6x 11.5x
Consumer Staples 12.0x 12.3x 12.3x 14.0x 17.6x 13.7x - - - 7.4x 10.3x 13.7x 11.5x 12.6x 11.6x 17.1x 10.5x 12.5x
Energy and Power 12.2x 13.7x 13.6x 15.1x 8.7x 4.9x 7.7x 10.4x - - 15.1x 4.9x 12.4x 14.8x - 20.1x 16.8x 12.7x
Healthcare 15.2x 14.6x 14.3x 14.1x - - - - 9.0x 12.8x 18.4x - 15.1x 14.3x 19.1x 11.5x 11.9x 18.0x
High Technology 8.0x 10.0x 8.0x 12.2x 7.0x 9.5x 4.8x 8.0x 7.9x 12.8x 7.2x 9.5x 8.4x 10.6x 9.0x 12.4x 7.5x 12.0x
Industrials 12.2x 10.4x 12.8x 11.2x 11.6x 9.4x 22.4x 6.6x 6.4x 6.2x 11.7x 9.4x 12.6x 11.2x 19.1x 17.1x 9.2x 8.2x
Materials 12.1x 10.5x 15.0x 11.3x 10.2x 13.2x 6.2x 8.1x 9.2x 11.0x 22.5x 13.2x 11.1x 9.2x 8.0x 13.3x 15.9x 8.4x
Media and Entertainment 13.8x 12.2x 18.4x 16.5x 1.7x 5.3x 13.7x 5.4x - - 10.0x 5.3x 15.6x 15.5x - 11.6x 18.4x 19.0x
Real Estate 18.1x 14.0x 18.5x 12.1x 27.3x 14.3x - 29.8x 18.2x 13.2x - 14.3x 15.8x 11.9x 18.5x 15.3x - 8.0x
Retail 13.4x 20.2x 16.9x 23.2x 18.9x 26.9x - 7.2x 11.7x - - 26.9x 11.7x 18.2x 27.8x 18.5x - 17.5x
Telecommunications 6.0x 11.0x 5.1x 15.3x 7.1x 5.4x 8.7x 5.3x 0.5x - 5.2x 5.4x 8.5x 14.8x - 5.4x 5.2x 18.5x
Average Industry Total 11.7x 12.0x 12.5x 13.4x 12.3x 12.1x 9.8x 10.6x 9.8x 10.0x 12.8x 12.1x 11.8x 12.1x 13.3x 14.9x 12.0x 11.9x
Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price
2010 UP BRIC Latin America Middle East & North South Africa Eastern Europe Asia Pacific China India
Emerging Markets
2010 DOWN 2009 Africa Emerging Mkts
Consumer Products and Services 24.3 53.2 32.0 63.1 51.8 - 36.9 92.5 - - - 30.9 18.8 56.9 14.0 - 31.4 63.1
Consumer Staples 21.1 21.9 27.7 25.5 - 36.1 - - - - 19.3 18.2 21.2 19.4 31.2 19.4 14.0 35.8
Energy and Power 15.1 30.9 10.7 28.6 11.6 44.9 27.3 22 - - 7.1 21.9 15.2 33.4 22.7 34.8 6.7 31.4
Financials 16.2 20.5 24.8 21.4 64.1 7.0 13.4 22.2 22.1 32.3 - 28.6 13.7 18.9 21.8 37.3 19.2 16.8
Healthcare 31.3 44.2 32.8 46.6 - - - - - - - 6.1 31.3 50.6 10.3 33.2 100.0 50
High Technology 26.0 19.9 16.1 20.8 45.3 1.8 47.6 43.2 27.9 8.8 13.2 8.8 24.8 18.8 2.6 24 23.8 17.7
Industrials 29.3 22.6 27.8 20.5 48.4 30.4 27.9 18.2 - 93 23.6 31.5 23.7 18.5 40.4 16.9 9.5 24.8
Materials 31.1 27.5 33.2 30.8 28.0 21.4 - 54.5 21.2 18.7 37.0 28 31.4 28.4 32.6 35.8 36.0 20
Media and Entertainment 25.0 32.6 23.2 32.7 31.6 - 46.9 - - - 10.3 46.5 26.7 23.3 21.5 - 25.0 32.7
Real Estate 14.2 30.0 18.7 22.6 7.2 30.1 15.8 47.1 8.5 12.9 - - 15.8 26.8 24.5 23.3 - 10.4
Retail 9.2 11.3 6.1 13.5 9.7 8.4 - - 21.5 - 0.8 - 5.8 13.2 6.1 13.2 - -
Telecommunications 17.3 24.8 23.5 33.2 1.8 - - - - - - 26.6 27.7 23.4 4.2 15.3 42.9 45.1
Average Industry Total 23.3 26.1 27.6 27.3 29.0 26.6 24.8 39 20.3 25.8 22.9 26.7 22.8 25 26.2 26.6 24.4 29
*Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by
target macro industries. The data given refers to the time period 01/01/2010 - 09/30/2010. The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year
listed in black. Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%. All spinoffs, splitoffs, open market repurchases,
exchange offers and equity carveouts are excluded.
Emerging Market M&A

Any Emerging Market Involvement Announced Jan 1 2010 – Sep 30 2010 Any Emerging Market Involvement Completed Jan 1 2010 – Sep 30 2010
Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor
2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Market Market # of Market Change in
Legal Advisor Rank Rank US$m Sh (%) Share Ch. Deals Rank Sh (%) # of Deals Legal Advisor Rank Rank Value US$m Sh (%) Share Ch. Deals Rank Sh (%) # of Deals
Sullivan & Cromwell 1 34 46,592.8 8.5 7.0 ▲ 15 25* 0.1 4 ▲ Cleary Gottlieb Steen & Hamilton 1 9 55,617.0 17.1 12.1 ▲ 26 7 0.4 11 ▲
Cleary Gottlieb Steen & Hamilton 2 7 45,873.7 8.3 4.1 ▲ 18 24 0.2 0 - Sullivan & Cromwell 2 48 38,527.6 11.8 10.8 ▲ 9 37* 0.1 1 ▲
Skadden 3 14 40,450.5 7.3 3.9 ▲ 32 8 0.3 11 ▲ Dewey & LeBoeuf LLP 3 26 36,003.1 11.0 8.8 ▲ 12 26* 0.2 2 ▲
Dewey & LeBoeuf LLP 4 84 37,814.0 6.9 6.6 ▲ 20 21* 0.2 5 ▲ Allen & Overy 4 12 26,924.9 8.3 4.0 ▲ 40 2 0.6 1 ▲
Linklaters 5 29 35,219.5 6.4 4.2 ▲ 42 4 0.4 5 ▲ Skadden 5 7 26,080.7 8.0 2.7 ▲ 25 8* 0.4 4 ▲
Allen & Overy 6 12 34,584.5 6.3 2.8 ▲ 44 2 0.4 -7 ▼ Freshfields Bruckhaus Deringer 6 2 25,717.0 7.9 -2.9 ▼ 23 11* 0.3 -24 ▼
Freshfields Bruckhaus Deringer 7 1 33,744.2 6.1 -8.3 ▼ 36 6* 0.3 -15 ▼ Souza Cescon 7 63 20,492.2 6.3 5.7 ▲ 20 16* 0.3 10 ▲
AZB & Partners 8 57 28,269.6 5.1 4.5 ▲ 84 1 0.8 60 ▲ Linklaters 8 15 17,126.1 5.3 1.1 ▲ 28 4* 0.4 -8 ▼
Souza Cescon 9 37 26,204.0 4.8 3.5 ▲ 24 13* 0.2 10 ▲ AZB & Partners 9 54 16,593.8 5.1 4.3 ▲ 63 1 0.9 41 ▲
Pinheiro Neto Advogados 10 10 21,906.0 4.0 0.0 ▲ 37 5 0.3 2 ▲ Herbert Smith/Gleiss Lutz/Stibbe 10 37 15,867.6 4.9 3.4 ▲ 25 8* 0.4 4 ▲
Latham & Watkins 11 21 18,027.0 3.3 0.6 ▲ 22 17* 0.2 -17 ▼ Pinheiro Neto Advogados 11 28 12,784.5 3.9 1.9 ▲ 28 4* 0.4 -6 ▼
Herbert Smith/Gleiss Lutz/Stibbe 12 6 17,314.7 3.1 -1.2 ▼ 24 13* 0.2 -4 ▼ Simpson Thacher & Bartlett 12 20 12,029.2 3.7 0.1 ▲ 15 19* 0.2 6 ▲
Clifford Chance 13 5 17,077.4 3.1 -1.4 ▼ 25 11* 0.2 -10 ▼ White & Case LLP 13 4 11,085.7 3.4 -3.4 ▼ 21 14* 0.3 -12 ▼
Barbosa Mussnich & Aragao 14 28 14,676.4 2.7 0.5 ▲ 24 13* 0.2 7 ▲ Stikeman Elliott 14 10 11,031.2 3.4 -1.3 ▼ 10 31* 0.1 6 ▲
Davis Polk & Wardwell 15 42 14,318.6 2.6 1.4 ▲ 14 27* 0.1 0 - Cuatrecasas Goncalves Pereira 15 203* 10,505.9 3.2 3.2 ▲ 5 68* 0.1 4 ▲
Machado Meyer Sendacz & Opice 16 4 13,539.0 2.5 -2.5 ▼ 22 17* 0.2 1 ▲ Tozzini Freire Teixeira e Silva 16 21 10,225.8 3.1 0.1 ▲ 12 26* 0.2 -2 ▼
Simpson Thacher & Bartlett 17 11 12,992.1 2.4 -1.3 ▼ 24 13* 0.2 7 ▲ Baker & McKenzie 17 6 10,136.3 3.1 -2.3 ▼ 39 3 0.6 -25 ▼
White & Case LLP 18 63 12,479.1 2.3 1.7 ▲ 22 17* 0.2 -9 ▼ Mallesons Stephen Jaques 18 58 10,135.0 3.1 2.4 ▲ 5 68* 0.1 -3 ▼
Uria Menendez 19 32* 11,640.5 2.1 0.3 ▲ 11 38* 0.1 8 ▲ Cravath, Swaine & Moore 19* 66 9,742.8 3.0 2.5 ▲ 2 112* 0.0 0 -
Baker & McKenzie 20 3 11,405.1 2.1 -2.9 ▼ 43 3 0.4 -17 ▼ Uria Menendez 19* 25 9,742.8 3.0 0.8 ▲ 3 85* 0.0 0 -
Debevoise & Plimpton 21 144 10,921.1 2.0 1.9 ▲ 7 60* 0.1 -3 ▼ Shearman & Sterling LLP 21 1 9,454.7 2.9 -13.6 ▼ 15 19* 0.2 -12 ▼
Cuatrecasas Goncalves Pereira 22 78 10,860.3 2.0 1.5 ▲ 6 68* 0.1 3 ▲ Akin, Gump, Strauss, Hauer & Feld 22 80 9,422.8 2.9 2.6 ▲ 6 57* 0.1 2 ▲
Mallesons Stephen Jaques 23 49 10,686.2 1.9 1.0 ▲ 5 79* 0.1 -10 ▼ Blake Dawson 23 44 8,865.5 2.7 1.5 ▲ 9 37* 0.1 -4 ▼
Shearman & Sterling LLP 24 2 10,437.2 1.9 -9.1 ▼ 19 23 0.2 -13 ▼ Allens Arthur Robinson 24 32 8,719.1 2.7 1.0 ▲ 11 29* 0.2 -1 ▼
Stikeman Elliott 25 9 10 101 2
10,101.2 18
1.8 -2.2
22 ▼ 10 47* 01
0.1 5 ▲ Gibson Dunn & Crutcher 25 40 8 689 7
8,689.7 27
2.7 14 ▲
1.4 12 26* 02
0.2 4 ▲
Industry Total 551,606.0 100.0 11,034 Industry Total 326,118.7 100.0 7,044
Industry % Change from Same Period Last Year 72.6% ▲ 14.6% ▲ Industry % Change from Same Period Last Year 31.8% ▲ 8.7% ▲
Industry % Change from Last Quarter 4.4% ▲ -8.4% ▼ Industry % Change from Last Quarter -33.6% ▼ -16.0% ▼
*tie
Emerging Markets Involvement Announced M&A by Target Industry Jan 1 2010 – Sep 30 2010
18%
10%
Materials Energy and Power Financials
19%
8%
6% Telecommunications Industrials Real Estate
5%
21%
Consumer Staples Healthcare Media and Entertainment
High Technology Retail Consumer Products and Services
Any Emerging Market Involvement Announced - Top Deals Jan 1 2010 – Sep 30 2010
Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
1/13/2010 6/16/2010 Carso Global Telecom SAB de CV Carso Global Telecom SAB de CV Mexico / Mexico 27,483.4 Telecommunications / Telecommunications Services
9/30/2010 Pending Zain Group Zain Group Utd Arab Em / Kuwait 11,771.8 Telecommunications / Wireless
2/15/2010 6/8/2010 Zain Africa BV Zain Africa BV India / Nigeria 10,700.0 Telecommunications / Wireless
6/30/2010 Pending Polyus Zoloto Polyus Zoloto Kazakhstan / Russian Fed 10,261.1 Materials / Metals & Mining
5/10/2010 9/27/2010 Brasilcel NV Brasilcel NV Spain / Brazil 9,742.8 Telecommunications / Telecommunications Services
1/11/2010 4/30/2010 FEMSA-Beer Op FEMSA-Beer Op Netherlands / Mexico 7,325.0 Consumer Staples / Food and Beverage
8/16/2010 Pending Cairn India Ltd Cairn India Ltd United Kingdom / India 6,595.9 Energy and Power / Oil & Gas
8/13/2010 Pending TAM SA TAM SA Chile / Brazil 6,502.0 Industrials / Transportation & Infrastructure
3/5/2010 Pending Shanghai Pudong Dvlp Bk Shanghai Pudong Dvlp Bk China / China 5,830.6 Financials / Banks
7/30/2010 Intended NK LUKOIL NK LUKOIL Russian Fed / Russian Fed 5,525.3 Energy and Power / Oil & Gas
BRIC M&A
Any BRIC Involvement Announced Jan 1 2010 – Sep 30 2010 Any BRIC Involvement Completed Jan 1 2010 – Sep 30 2010
Skadden 1 22 30,934.2 9.8 7.1 ▲ 24 4* 0.4 10 ▲ Skadden 1 15 23,541.3 14.1 8.8 ▲ 21 5 0.5 9 ▲
AZB & Partners 2 40 28,281.6 8.9 7.8 ▲ 85 1 1.3 61 ▲ Souza Cescon 2 43 20,476.1 12.3 11.3 ▲ 19 6 0.5 9 ▲
Souza Cescon 3 25 26,187.9 8.3 6.1 ▲ 23 7 0.4 9 ▲ Allen & Overy 3 14 17,179.2 10.3 4.9 ▲ 17 7 0.4 1 ▲
Allen & Overy 4 9 22,226.2 7.0 2.0 ▲ 18 10* 0.3 0 - AZB & Partners 4 34 16,593.8 9.9 8.5 ▲ 63 1 1.6 41 ▲
Linklaters 5 29 21,487.4 6.8 5.2 ▲ 18 10* 0.3 0 - Cleary Gottlieb Steen & Hamilton 5 10 14,501.9 8.7 2.5 ▲ 14 10 0.4 5 ▲
Freshfields Bruckhaus Deringer 6 1 20,245.8 6.4 -6.1 ▼ 24 4* 0.4 -7 ▼ Linklaters 6 31 14,193.9 8.5 6.5 ▲ 13 11* 0.3 -4 ▼
Clifford Chance 7 15 14,821.6 4.7 0.3 ▲ 10 27* 0.2 -7 ▼ Herbert Smith/Gleiss Lutz/Stibbe 7 39 12,337.0 7.4 6.2 ▲ 15 8* 0.4 6 ▲
Barbosa Mussnich & Aragao 8 17 14,676.4 4.6 1.0 ▲ 24 4* 0.4 7 ▲ Freshfields Bruckhaus Deringer 8 3 10,482.2 6.3 -5.1 ▼ 15 8* 0.4 -18 ▼
Pinheiro Neto Advogados 9 4 14,581.0 4.6 -1.9 ▼ 36 2 0.6 2 ▲ Cravath, Swaine & Moore 9* 46 9,742.8 5.8 4.9 ▲ 1 107* 0.0 -1 ▼
Herbert Smith/Gleiss Lutz/Stibbe 10 36 13,882.7 4.4 3.1 ▲ 16 13* 0.3 0 - Cuatrecasas Goncalves Pereira 9* - 9,742.8 5.8 5.8 ▲ 1 107* 0.0 1 ▲
Machado Meyer Sendacz & Opice 11 2 13,539.0 4.3 -3.9 ▼ 22 8* 0.3 1 ▲ Uria Menendez 9* - 9,742.8 5.8 5.8 ▲ 1 107* 0.0 1 ▲
Latham & Watkins 12 37 12,669.8 4.0 2.8 ▲ 11 22* 0.2 -8 ▼ Akin, Gump, Strauss, Hauer & Feld 12 58 9,422.8 5.6 5.1 ▲ 5 39* 0.1 1 ▲
Uria Menendez 13 - 11,640.5 3.7 3.7 ▲ 9 31* 0.1 9 ▲ Shearman & Sterling LLP 13 2 8,911.5 5.3 -8.2 ▼ 10 20* 0.3 -2 ▼
Debevoise & Plimpton 14 160* 10,881.1 3.4 3.4 ▲ 3 65* 0.1 -1 ▼ Jones Day 14 28 7,837.7 4.7 2.4 ▲ 13 11* 0.3 -3 ▼
Cuatrecasas Goncalves Pereira 15 - 10,500.8 3.3 3.3 ▲ 2 89* 0.0 2 ▲ Blake Cassels & Graydon 15 65 7,592.4 4.5 4.2 ▲ 7 30* 0.2 6 ▲
Cravath, Swaine & Moore 16 59 9,742.8 3.1 2.4 ▲ 1 122* 0.0 -2 ▼ Baker & McKenzie 16 19 7,308.4 4.4 1.1 ▲ 12 15* 0.3 -15 ▼
Davis Polk & Wardwell 17 63 9,136.2 2.9 2.3 ▲ 9 31* 0.1 1 ▲ Orrick Herrington & Sutcliffe LLP 17 66 6,665.0 4.0 3.7 ▲ 4 48* 0.1 1 ▲
Baker & McKenzie 18 8 8,644.6 2.7 -2.4 ▼ 12 17* 0.2 -14 ▼ Machado Meyer Sendacz & Opice 18 6 6,280.8 3.8 -3.4 ▼ 10 20* 0.3 -5 ▼
Blake Cassels & Graydon 19 98 7,965.8 2.5 2.4 ▲ 8 35* 0.1 7 ▲ Osler Hoskin & Harcourt LLP 19 7 5,989.9 3.6 -3.6 ▼ 5 39* 0.1 2 ▲
Akin, Gump, Strauss, Hauer & Feld 20 67 6,933.8 2.2 1.8 ▲ 5 46* 0.1 0 - Magisters 20 - 5,598.9 3.4 3.4 ▲ 2 70* 0.1 2 ▲
Vinson & Elkins LLP 21 6 6,821.6 2.2 -3.5 ▼ 6 42* 0.1 1 ▲ Barbosa Mussnich & Aragao 21 1 5,537.0 3.3 -13.0 ▼ 13 11* 0.3 -11 ▼
Sullivan & Cromwell 22 62 6,704.1 2.1 1.5 ▲ 4 56* 0.1 -1 ▼ Pinheiro Neto Advogados 22 20 5,418.5 3.2 -0.1 ▼ 26 2 0.7 -6 ▼
Norton Rose 23 93 6,701.8 2.1 2.0 ▲ 14 15 0.2 8 ▲ Amarchand & Mangaldas & Suresh 23 32 5,304.2 3.2 1.7 ▲ 10 20* 0.3 6 ▲
Cariola y Cia Abogados 24* - 6,502.0 2.1 2.1 ▲ 1 122* 0.0 1 ▲ Simpson Thacher & Bartlett 24 18 5,251.3 3.1 -1.6 ▼ 11 17* 0.3 5 ▲
Claro y Cia 24* - 6 502 0
6,502.0 21
2.1 21 ▲
2.1 1 122* 00
0.0 1 ▲ Clifford Chance 25 25 5 170 0
5,170.0 31
3.1 06 ▲
0.6 8 25* 02
0.2 -2
2 ▼
Industry % Change from Last Quarter -19.2% ▼ -4.5% ▼ Industry % Change from Last Quarter -24.1% ▼ -12.2% ▼
*tie
Any BRIC Involvement Announced M&A by Target Industry Jan 1 2010 – Sep 30 2010
14%
22% 12%
Materials Energy and Power Telecommunications
8%
Financials Industrials Real Estate
6%
23% 5%
Consumer Staples Healthcare Media and Entertainment
High Technology Consumer Products and Services Retail
Any BRIC Involvement Announced - Top Deals Jan 1 2010 – Sep 30 2010
2/15/2010 6/8/2010 Zain Africa BV (100%) Bharti Airtel Ltd India / Nigeria 10,700.0 Telecommunications / Wireless
6/30/2010 Pending Polyus Zoloto (100%) KazakhGold Group Ltd Kazakhstan / Russian Fed 10,261.1 Materials / Metals & Mining
5/10/2010 9/27/2010 Brasilcel NV (50%) Telefonica SA Spain / Brazil 9,742.8 Telecommunications / Telecommunications Services
8/16/2010 Pending Cairn India Ltd (40%) Vedanta Resources PLC United Kingdom / India 6,595.9 Energy and Power / Oil & Gas
8/13/2010 Pending TAM SA (100%) LAN Airlines SA Chile / Brazil 6,502.0 Industrials / Transportation & Infrastructure
3/5/2010 Pending Shanghai Pudong Dvlp Bk (20%) China Mobile Grp Guangdong Co China / China 5,830.6 Financials / Banks
7/30/2010 Intended NK LUKOIL (11.6%) NK LUKOIL Russian Fed / Russian Fed 5,525.3 Energy and Power / Oil & Gas
2/1/2010 Pending Shell International Petroleum- (100%) Cosan SA-Brazilian Assets Brazil / Brazil 4,925.0 Energy and Power / Oil & Gas
5/2/2010 Pending Vale SA-Aluminum
SA Aluminum Operations (100%) Norsk Hydro ASA Norway / Brazil 4,900.0 Materials / Metals & Mining
3/19/2010 5/12/2010 Republic of Venezuela-Carabobo (40%) Investor Group India / Venezuela 4,848.0 Energy and Power / Oil & Gas
Latin American M&A

Any Latin American Involvement Announced (AE35) Jan 1 2010 – Sep 30 2010 Any Latin American Involvement Completed (AG36) Jan 1 2010 – Sep 30 2010
Cleary Gottlieb Steen & Hamilton 1 5 45,181.3 26.9 16.1 ▲ 6 14 0.5 -1 - Cleary Gottlieb Steen & Hamilton 1 12 45,068.5 39.9 34.5 ▲ 6 12 0.7 1 ▲
Sullivan & Cromwell 2 - 39,779.4 23.7 23.7 ▲ 9 12 0.7 9 ▲ Dewey & LeBoeuf LLP 2 55* 34,393.1 30.5 30.5 ▲ 5 13* 0.6 3 ▲
Dewey & LeBoeuf LLP 3 55* 33,759.2 20.1 20.0 ▲ 4 20* 0.3 0 - Sullivan & Cromwell 3 - 33,112.4 29.3 29.3 ▲ 5 13* 0.6 5 ▲
Souza Cescon 4 10 26,204.0 15.6 9.8 ▲ 24 3* 1.8 10 ▲ Souza Cescon 4 24 20,492.2 18.2 16.3 ▲ 20 3 2.4 10 ▲
Skadden 5 16 23,011.7 13.7 9.5 ▲ 10 9* 0.8 3 ▲ Skadden 5 11 16,596.4 14.7 8.5 ▲ 5 13* 0.6 -4 ▼
Pinheiro Neto Advogados 6 2 21,906.0 13.0 -4.2 ▼ 37 1 2.8 2 ▲ Allen & Overy 6 25 12,902.5 11.4 9.6 ▲ 3 23* 0.4 2 ▲
Allen & Overy 7 13 16,025.0 9.5 4.3 ▲ 3 30* 0.2 -1 ▼ Pinheiro Neto Advogados 7 10 12,784.5 11.3 5.0 ▲ 28 1 3.3 -5 ▼
Barbosa Mussnich & Aragao 8 7 14,676.4 8.7 -0.9 ▼ 24 3* 1.8 7 ▲ Cuatrecasas Goncalves Pereira 8 55* 10,495.3 9.3 9.3 ▲ 3 23* 0.4 2 ▲
Clifford Chance 9 23 14,277.0 8.5 6.3 ▲ 5 15* 0.4 4 ▲ Tozzini Freire Teixeira e Silva 9 9 10,225.8 9.1 -0.4 ▼ 12 5 1.4 -2 ▼
Machado Meyer Sendacz & Opice 10 1 13,539.0 8.1 -13.5 ▼ 22 5 1.7 1 ▲ Freshfields Bruckhaus Deringer 10 7 10,073.8 8.9 -2.7 ▼ 3 23* 0.4 -4 ▼
Davis Polk & Wardwell 11 34 13,125.5 7.8 6.9 ▲ 5 15* 0.4 1 ▲ Simpson Thacher & Bartlett 11 6 10,017.7 8.9 -2.7 ▼ 9 7* 1.1 1 ▲
Freshfields Bruckhaus Deringer 12 4 12,723.7 7.6 -4.9 ▼ 3 30* 0.2 -5 ▼ Cravath, Swaine & Moore 12* 33* 9,742.8 8.6 8.2 ▲ 2 36* 0.2 1 ▲
Uria Menendez 13 25 11,640.5 6.9 5.0 ▲ 10 9* 0.8 8 ▲ Uria Menendez 12* 26 9,742.8 8.6 7.2 ▲ 2 36* 0.2 0 -
Cuatrecasas Goncalves Pereira 14 38* 10,849.7 6.5 5.9 ▲ 4 20* 0.3 2 ▲ Shearman & Sterling LLP 14 2 8,227.7 7.3 -17.1 ▼ 7 10* 0.8 -2 ▼
Cravath, Swaine & Moore 15 42* 9,742.8 5.8 5.3 ▲ 3 30* 0.2 2 ▲ Gibson Dunn & Crutcher 15 - 7,365.0 6.5 6.5 ▲ 2 36* 0.2 2 ▲
Simpson Thacher & Bartlett 16 3 8,934.3 5.3 -7.5 ▼ 11 6* 0.8 1 ▲ Machado Meyer Sendacz & Opice 16 5 6,280.8 5.6 -8.3 ▼ 10 6 1.2 -5 ▼
Tozzini Freire Teixeira e Silva 17 6 7,786.9 4.6 -5.2 ▼ 10 9* 0.8 -11 ▼ Barbosa Mussnich & Aragao 17 1 5,537.0 4.9 -26.6 ▼ 13 4 1.5 -11 ▼
Gibson Dunn & Crutcher 18 - 7,739.0 4.6 4.6 ▲ 4 20* 0.3 4 ▲ Clifford Chance 18 20 4,627.4 4.1 2.0 ▲ 4 19* 0.5 3 ▲
Latham & Watkins 19 31* 6,961.0 4.1 3.1 ▲ 4 20* 0.3 -2 ▼ Pinheiro Guimaraes 19 50 3,925.6 3.5 3.5 ▲ 8 9 0.9 6 ▲
Cariola y Cia Abogados 20* - 6,502.0 3.9 3.9 ▲ 1 59* 0.1 1 ▲ Davis Polk & Wardwell 20 55* 3,833.2 3.4 3.4 ▲ 3 23* 0.4 2 ▲
Claro y Cia 20* - 6,502.0 3.9 3.9 ▲ 1 59* 0.1 1 ▲ Vieira de Almeida & Associados 21 41 2,268.6 2.0 1.9 ▲ 3 23* 0.4 2 ▲
Shearman & Sterling LLP 22 9 5,957.3 3.6 -3.7 ▼ 4 20* 0.3 -7 ▼ Slaughter & May 22 18 2,250.0 2.0 -0.5 ▼ 2 36* 0.2 1 ▲
Veirano Advogados 23 41 4,916.5 2.9 2.4 ▲ 3 30* 0.2 2 ▲ Linklaters 23 14 2,089.7 1.9 -2.7 ▼ 7 10* 0.8 2 ▲
Pinheiro Guimaraes 24 19 4,817.1 2.9 0.2 ▲ 11 6* 0.8 6 ▲ Goodmans 24 - 1,774.9 1.6 1.6 ▲ 4 19* 0.5 4 ▲
Demarest E Almeida 25 20 4 358 0
4,358.0 26
2.6 03 ▲
0.3 11 6* 08
0.8 2 ▲ Torys 25 - 1 606 8
1,606.8 14
1.4 14 ▲
1.4 2 36* 02
0.2 2 ▲
Industry Total 167,957.6 100.0 1,314 Industry Total 112,845.7 100.0 849
Industry % Change from Last Quarter -15.6% ▼ 2.3% ▲ Industry % Change from Last Quarter -65.0% ▼ -5.1% ▼
*tie
Latin American Involvement Announced M&A by Target Industry Jan 1 2010 – Sep 30 2010
19% 17%
10% Telecommunications Materials Energy and Power
9% Consumer Staples Industrials Financials

30%
2% 6%
Real Estate Media and Entertainment Retail
Healthcare Consumer Products and Services High Technology
Any Latin American Involvement Announced (AE35) - Top Deals Jan 1 2010 – Sep 30 2010
1/13/2010 6/16/2010 Carso Global Telecom SAB de CV (100%) America Movil SAB de CV Mexico / Mexico 27,483.4 Telecommunications / Telecommunications Services
1/11/2010 4/30/2010 FEMSA-Beer Op (100%) Investor Group Netherlands / Mexico 7,325.0 Consumer Staples / Food and Beverage
7/23/2010 Pending Southern Copper Corp (20%) Americas Mining Corp United States / United States 5,508.3 Materials / Metals & Mining
1/13/2010 6/16/2010 Telmex Internacional SAB de CV (32.9%) America Movil SAB de CV Mexico / Mexico 5,477.8 Telecommunications / Wireless
5/2/2010 Pending Vale SA-Aluminum Operations (100%) Norsk Hydro ASA Norway / Brazil 4,900.0 Materials / Metals & Mining
3/19/2010 5/12/2010 Republic of Venezuela
Venezuela-Carabobo
Carabobo (40%) Investor Group India / Venezuela 4,848.0 Energy and Power / Oil & Gas
1/22/2010 4/27/2010 Quattor Participacoes SA (60%) Braskem SA Brazil / Brazil 4,131.9 Energy and Power / Petrochemicals
Brazilian M&A
Any Brazilian Involvement Announced (AE37) Jan 1 2010 – Sep 30 2010 Any Brazilian Involvement Completed (AG38) Jan 1 2010 – Sep 30 2010
Souza Cescon 1 9 26,187.9 29.5 20.7 ▲ 23 4 4.7 9 - Souza Cescon 1 19 20,476.1 42.0 39.4 ▲ 19 3 5.9 9 ▲
Skadden 2 12 17,455.5 19.7 13.4 ▲ 8 10* 1.6 2 ▲ Skadden 2 11 16,555.4 33.9 25.6 ▲ 4 12* 1.2 -3 ▼
Barbosa Mussnich & Aragao 3 6 14,676.4 16.5 2.0 ▲ 24 3 4.9 7 ▲ Cravath, Swaine & Moore 3* 23* 9,742.8 20.0 19.4 ▲ 1 29* 0.3 0 -
Pinheiro Neto Advogados 4 2 14,581.0 16.4 -9.5 ▼ 36 1 7.4 2 ▲ Cuatrecasas Goncalves Pereira 3* - 9,742.8 20.0 20.0 ▲ 1 29* 0.3 1 ▲
Clifford Chance 5 19 14,277.0 16.1 12.8 ▲ 4 14* 0.8 3 ▲ Uria Menendez 3* - 9,742.8 20.0 20.0 ▲ 1 29* 0.3 1 ▲
Machado Meyer Sendacz & Opice 6 1 13,539.0 15.2 -17.5 ▼ 22 5 4.5 1 ▲ Shearman & Sterling LLP 6 3 7,994.4 16.4 -9.2 ▼ 5 10* 1.5 1 ▲
Uria Menendez 7 - 11,640.5 13.1 13.1 ▲ 9 8* 1.8 9 ▲ Machado Meyer Sendacz & Opice 7 5 6,280.8 12.9 -5.7 ▼ 10 6 3.1 -5 ▼
Cuatrecasas Goncalves Pereira 8 - 10,500.8 11.8 11.8 ▲ 2 22* 0.4 2 ▲ Allen & Overy 8 20 5,577.4 11.4 9.0 ▲ 2 19* 0.6 1 ▲
Cravath, Swaine & Moore 9 29* 9,742.8 11.0 10.3 ▲ 1 33* 0.2 0 - Barbosa Mussnich & Aragao 9 1 5,537.0 11.3 -30.8 ▼ 13 4 4.0 -11 ▼
Davis Polk & Wardwell 10 26* 8,725.0 9.8 8.5 ▲ 3 16* 0.6 0 - Pinheiro Neto Advogados 10 10 5,418.5 11.1 2.7 ▲ 26 1 8.0 -6 ▼
Allen & Overy 11 11 8,700.0 9.8 1.9 ▲ 2 22* 0.4 -1 ▼ Cleary Gottlieb Steen & Hamilton 11 15* 4,782.3 9.8 7.0 ▲ 2 19* 0.6 0 -
Sullivan & Cromwell 12 - 6,667.0 7.5 7.5 ▲ 2 22* 0.4 2 ▲ Clifford Chance 12 14 4,627.4 9.5 6.7 ▲ 3 15* 0.9 2 ▲
Cariola y Cia Abogados 13* - 6,502.0 7.3 7.3 ▲ 1 33* 0.2 1 ▲ Simpson Thacher & Bartlett 13 9 4,539.8 9.3 -2.7 ▼ 6 9 1.9 1 ▲
Claro y Cia 13* - 6,502.0 7.3 7.3 ▲ 1 33* 0.2 1 ▲ Pinheiro Guimaraes 14 33 3,925.6 8.0 8.0 ▲ 8 7* 2.5 6 ▲
Freshfields Bruckhaus Deringer 15 8 5,398.7 6.1 -4.2 ▼ 2 22* 0.4 -3 ▼ Davis Polk & Wardwell 15 36* 3,800.0 7.8 7.8 ▲ 2 19* 0.6 1 ▲
Veirano Advogados 16 28 4,916.5 5.5 4.7 ▲ 3 16* 0.6 2 ▲ Tozzini Freire Teixeira e Silva 16 7 2,900.8 5.9 -6.8 ▼ 11 5 3.4 -2 ▼
Latham & Watkins 17 23* 4,900.0 5.5 4.0 ▲ 2 22* 0.4 -1 ▼ Vieira de Almeida & Associados 17 29 2,268.6 4.7 4.6 ▲ 3 15* 0.9 2 ▲
Cleary Gottlieb Steen & Hamilton 18 4 4,895.0 5.5 -10.7 ▼ 3 16* 0.6 -1 ▼ Linklaters 18 15* 2,089.7 4.3 1.5 ▲ 4 12* 1.2 1 ▲
Pinheiro Guimaraes 19 14 4,817.1 5.4 1.3 ▲ 11 6* 2.3 6 ▲ Torys 19* - 1,606.8 3.3 3.3 ▲ 1 29* 0.3 1 ▲
Demarest E Almeida 20 15 4,358.0 4.9 1.5 ▲ 11 6* 2.3 2 ▲ Goodmans 19* - 1,606.8 3.3 3.3 ▲ 1 29* 0.3 1 ▲
Shearman & Sterling LLP 21 13 3,857.3 4.3 -1.5 ▼ 2 22* 0.4 -4 ▼ Azevedo Sette Avogados 21 35 1,565.5 3.2 3.2 ▲ 5 10* 1.5 -1 ▼
Simpson Thacher & Bartlett 22 3 3,456.5 3.9 -13.6 8 10* 1.6 2 ▲ Lefosse Advogados 22 - 1,392.2 2.9 2.9 ▲ 1 29* 0.3 1 ▲
Baker Botts LLP 23* - 3,070.0 3.5 3.5 1 33* 0.2 1 ▲ Demarest E Almeida 23 36* 1,076.1 2.2 2.2 ▲ 8 7* 2.5 1 ▲
Norton Rose 23* 41* 3,070.0 3.5 3.5 1 33* 0.2 0 - Dorsey & Whitney LLP 24 - 1,045.0 2.1 2.1 ▲ 2 19* 0.6 2 ▲
Vinson & Elkins LLP 23* - 3 070 0
3,070.0 35
3.5 35
3.5 1 33* 02
0.2 1 ▲ Proskauer Rose LLP 25 23* 932 4
932.4 19
1.9 13 ▲
1.3 1 29* 03
0.3 0 -
Industry Total 88,820.4 100.0 489 Industry Total 48,810.3 100.0 324
Industry % Change from Same Period Last Year 81.9% ▲ 39.3% ▲ Industry % Change from Same Period Last Year -15.4% ▼ 20.9% ▲
Industry % Change from Last Quarter -34.8% ▲ -3.0% ▼ Industry % Change from Last Quarter 7.2% ▲ -14.9% ▼
*tie
Brazil Involvement Announced M&A by Target Industry Jan 1 2010 – Sep 30 2010
17%
19% 12%
Materials Energy and Power Telecommunications
10%
4% Industrials Consumer Staples Real Estate
25% 4%
Financials Media and Entertainment Healthcare
Any Brazilian Involvement Announced (AE37) - Top Deals Jan 1 2010 – Sep 30 2010
5/2/2010 Pending Vale SA-Aluminum Operations (100%) Norsk Hydro ASA Norway / Brazil 4,900.0 Materials / Metals & Mining
1/22/2010 4/27/2010 Quattor Participacoes SA (60%) Braskem SA Brazil / Brazil 4,131.9 Energy and Power / Petrochemicals
1/15/2010 5/27/2010 Bunge Participacoes e (100%) Vale SA Brazil / Brazil 3,800.0 Consumer Staples / Food and Beverage
5/21/2010 Pending Peregrino Project,Campos Basin (40%) Sinochem Group China / Brazil 3,070.0 Energy and Power / Oil & Gas
7/28/2010 Pending LF Tel SA (35%) Portugal Telecom SGPS SA Portugal / Brazil 2,656.0 Telecommunications / Telecommunications Services
8/4/2010 Pending NET Servicos de Comunicacao SA (%) Embratel Brazil / Brazil 2,615.6 Media and Entertainment / Cable
4/30/2010 4/30/2010 BSG Resources Guinea Ltd (51%) Vale SA Brazil / Guernsey 2,500.0 Materials / Metals & Mining
Middle East & North African M&A

Any Middle East & North African Involvement Announced (AE48) Jan 1 2010 – Sep 30 2010 Any Middle East & North African Involvement Completed (AG49) Jan 1 2010 – Sep 30 2010
Linklaters 1 28 15,022.7 23.1 22.3 ▲ 9 1 1.4 5 - Herbert Smith/Gleiss Lutz/Stibbe 1 62* 12,984.1 23.9 23.9 ▲ 6 3 1.4 4 ▲
Herbert Smith/Gleiss Lutz/Stibbe 2 3* 12,984.1 19.9 -2.5 ▼ 5 5* 0.8 1 ▲ Linklaters 2 28 12,818.5 23.6 22.4 ▲ 4 5* 1.0 0 -
AZB & Partners 3 64* 11,718.9 18.0 18.0 ▲ 7 3 1.1 6 ▲ Allen & Overy 3 27 11,516.0 21.2 19.5 ▲ 4 5* 1.0 -6 ▼
Allen & Overy 4 23 11,586.0 17.8 15.2 ▲ 5 5* 0.8 -9 ▼ AZB & Partners 4 62* 11,188.8 20.6 20.6 ▲ 5 4 1.2 4 ▲
Sullivan & Cromwell 5 - 5,581.3 8.6 8.6 ▲ 2 15* 0.3 2 ▲ Kirkland & Ellis 5 - 5,412.5 10.0 10.0 ▲ 3 8* 0.7 3 ▲
Freshfields Bruckhaus Deringer 6 2 5,402.1 8.3 -31.2 ▼ 3 9* 0.5 -5 ▼ Freshfields Bruckhaus Deringer 6 2 5,301.6 9.8 -14.3 ▼ 2 14* 0.5 -3 ▼
Kirkland & Ellis 7 - 4,971.3 7.6 7.6 ▲ 2 15* 0.3 2 ▲ Noerr LLP 7 10 4,967.4 9.2 -0.7 ▼ 2 14* 0.5 -1 ▼
Noerr LLP 8* 46* 4,931.3 7.6 7.5 ▲ 1 29* 0.2 -1 ▼ Sullivan & Cromwell 8* - 4,931.3 9.1 9.1 ▲ 1 27* 0.2 1 ▲
Willkie Farr & Gallagher 8* - 4,931.3 7.6 7.6 ▲ 1 29* 0.2 1 ▲ Willkie Farr & Gallagher 8* - 4,931.3 9.1 9.1 ▲ 2 14* 0.5 2 ▲
Bennett Jones 8* - 4,931.3 7.6 7.6 ▲ 1 29* 0.2 1 ▲ Bennett Jones 8* - 4,931.3 9.1 9.1 ▲ 1 27* 0.2 1 ▲
White & Case LLP 11 64* 2,836.4 4.4 4.4 ▲ 5 5* 0.8 4 ▲ Latham & Watkins 11 8 2,448.1 4.5 -8.0 ▼ 7 2 1.7 -3 ▼
Latham & Watkins 12 9 2,412.1 3.7 -4.4 ▼ 6 4 0.9 -3 ▼ Skadden 12 5 2,204.6 4.1 -10.0 ▼ 3 8* 0.7 0 -
Slaughter & May 13 21 2,216.3 3.4 -0.1 ▼ 2 15* 0.3 0 - Weil Gotshal & Manges 13 31* 1,794.9 3.3 2.4 ▲ 2 14* 0.5 0 -
Simpson Thacher & Bartlett 14 - 2,137.5 3.3 3.3 ▲ 3 9* 0.5 3 ▲ Hassan A Al-Khater Law Office 14* - 1,748.2 3.2 3.2 ▲ 1 27* 0.2 1 ▲
Hassan A Al-Khater Law Office 15* - 1,748.2 2.7 2.7 ▲ 1 29* 0.2 1 ▲ Greenberg Traurig 14* - 1,748.2 3.2 3.2 ▲ 2 14* 0.5 2 ▲
Greenberg Traurig 15* - 1,748.2 2.7 2.7 ▲ 2 15* 0.3 2 ▲ White & Case LLP 14* - 1,748.2 3.2 3.2 ▲ 2 14* 0.5 2 ▲
William Fry 17 - 1,566.3 2.4 2.4 ▲ 1 29* 0.2 1 ▲ Darrois Villey Maillot Brochier 17 39 1,708.0 3.2 2.8 ▲ 1 27* 0.2 0 -
Gibson Dunn & Crutcher 18 18* 1,300.0 2.0 -3.3 ▼ 8 2 1.3 6 ▲ Simpson Thacher & Bartlett 18 - 1,487.5 2.7 2.7 ▲ 2 14* 0.5 2 ▲
Dewey & LeBoeuf LLP 19 55* 912.3 1.4 1.4 ▲ 5 5* 0.8 2 ▲ Gibson Dunn & Crutcher 19 14* 1,300.0 2.4 -5.4 ▼ 8 1 1.9 6 ▲
Gide Loyrette Nouel 20 27 848.4 1.3 -0.3 ▼ 1 29* 0.2 -2 ▼ Shearman & Sterling LLP 20 1 576.2 1.1 -48.4 ▼ 2 14* 0.5 -7 ▼
Shearman & Sterling LLP 21 1 829.0 1.3 -59.7 ▼ 3 9* 0.5 -8 ▼ King & Spalding 21 57 505.0 0.9 0.9 ▲ 1 27* 0.2 0 -
Bracewell & Giuliani 22* 64* 650.0 1.0 1.0 ▲ 1 29* 0.2 0 - Cleary Gottlieb Steen & Hamilton 22 30 502.9 0.9 -0.2 ▼ 3 8* 0.7 2 ▲
Davis Polk & Wardwell 22* 53* 650.0 1.0 1.0 ▲ 2 15* 0.3 1 ▲ P.H. Bathiya 23* - 441.2 0.8 0.8 ▲ 1 27* 0.2 1 ▲
Osler Hoskin & Harcourt LLP 22* 17 650.0 1.0 -4.4 ▼ 1 29* 0.2 -1 ▼ Fried Frank Harris Shriver & Jacobson 23* 38 441.2 0.8 0.3 ▲ 2 14* 0.5 0 -
King & Spalding 25 61 505 0
505.0 08
0.8 08 ▲
0.8 1 29* 02
0.2 0 - Houthoff Buruma 25 - 425 0
425.0 08
0.8 08 ▲
0.8 2 14* 05
0.5 2 ▲
Industry % Change from Last Quarter 28.2% ▲ -9.6% ▼ Industry % Change from Last Quarter -49.2% ▼ -7.6% ▼
*tie
Middle Eastern & N African Involvement Announced M&A by Target Industry Jan 1 2010 – Sep 30 2010
12% 11%
18% 8%
Telecommunications Financials Real Estate Healthcare
8%
6%
24% 5%
1% 1% 3% 3% Industrials Energy and Power Materials Retail
Media and Entertainment Consumer Staples Consumer Products and Services High Technology
Any Middle East & North African Involvement Announced (AE48) - Top Deals Jan 1 2010 – Sep 30 2010
9/30/2010 Pending Zain Group (46%) Etisalat Utd Arab Em / Kuwait 11,771.8 Telecommunications / Wireless
3/18/2010 8/10/2010 Ratiopharm International GmbH (100%) Teva Pharm Inds Ltd Israel / Germany 4,931.3 Healthcare / Pharmaceuticals
2/16/2010 2/16/2010 Aldar-Infra & Ppty Assets (100%) Abu Dhabi Utd Arab Em / Utd Arab Em 2,492.3 Real Estate / Non Residential
6/16/2010 6/16/2010 UniCredit SpA (4.99%) Aabar Petroleum Invest Co PJSC Utd Arab Em / Italy 2,253.0 Financials / Banks
5/7/2010 5/7/2010 Harrods (100%) Qatar Holding LLC Qatar / United Kingdom 2,227.1 Retail / Apparel Retailing
1/10/2010 4/14/2010 Qatar RE Invest Co QSC (100%) Barwa Real Estate Co QSC Qatar / Qatar 1,748.2 Real Estate / Other Real Estate
3/25/2010 7/15/2010 ONA SA (49.61%) Investor Group Morocco / Morocco 1,705.7 Financials / Other Financials
7/7/2010 Pending Northern Ireland Electricity (100%) Electricity Supply Board Ireland Rep / United Kingdom
Ireland-Rep 1,566.3 Energy and Power / Power
1/30/2010 4/14/2010 Qatar Navigation Co QSC (100%) Qatar Shipping Co QSC Qatar / Qatar 1,429.3 Industrials / Transportation & Infrastructure
South African M&A

Any South African Involvement Announced (AE49) Jan 1 2010 – Sep 30 2010 Any South African Involvement Completed (AG50) Jan 1 2010 – Sep 30 2010
Edward Nathan Sonnenbergs Inc 1 1 9,075.3 38.0 25.5 ▲ 13 1 4.1 -9 - Slaughter & May 1 5* 525.0 15.2 10.3 ▲ 2 4* 1.2 1 ▲
Linklaters 2 25 3,049.3 12.8 12.0 ▲ 3 7* 1.0 1 ▲ Cliffe Dekker 2 11 469.5 13.6 9.4 ▲ 4 2 2.4 2 ▲
Taback and Associates (PTY) Ltd 3 - 2,774.7 11.6 11.6 ▲ 1 23* 0.3 1 ▲ Werksmans Attorneys 3 - 396.5 11.5 11.5 ▲ 3 3 1.8 3 ▲
Allen & Overy 4 35* 2,761.2 11.6 11.5 ▲ 2 14* 0.6 0 - White & Case LLP 4 36* 388.0 11.3 11.2 ▲ 1 11* 0.6 -1 ▼
Webber Wentzel 5 29 2,071.7 8.7 8.3 ▲ 4 5* 1.3 3 ▲ Herbert Smith/Gleiss Lutz/Stibbe 5 39* 368.5 10.7 10.7 ▲ 1 11* 0.6 0 -
Werksmans Attorneys 6 - 1,942.1 8.1 8.1 ▲ 8 3 2.5 8 ▲ Bowman Gilfillan 6 - 327.8 9.5 9.5 ▲ 2 4* 1.2 2 ▲
Minter Ellison 7 40* 1,611.3 6.8 6.8 ▲ 3 7* 1.0 2 ▲ Linklaters 7* 1 318.9 9.3 -8.9 ▼ 1 11* 0.6 -1 ▼
Freehills 8 31* 984.8 4.1 3.8 ▲ 3 7* 1.0 2 ▲ Hammonds 7* - 318.9 9.3 9.3 ▲ 1 11* 0.6 1 ▲
Deneys Reitz 9 - 929.0 3.9 3.9 ▲ 3 7* 1.0 3 ▲ Jones Day 9 21* 299.8 8.7 6.9 ▲ 1 11* 0.6 0 -
Cliffe Dekker 10 - 869.7 3.7 3.7 ▲ 10 2 3.2 10 ▲ Freshfields Bruckhaus Deringer 10* 5* 206.1 6.0 1.1 ▲ 1 11* 0.6 -1 ▼
Slaughter & May 11 4 525.0 2.2 -5.4 ▼ 3 7* 1.0 1 ▲ O'Melveny & Myers 10* 39* 206.1 6.0 6.0 ▲ 1 11* 0.6 0 -
Blake Dawson 12 28 460.8 1.9 1.4 ▲ 4 5* 1.3 2 ▲ Davies Ward Phillips & Vineberg LLP 12 - 150.0 4.4 4.4 ▲ 2 4* 1.2 2 ▲
White & Case LLP 13 35* 388.0 1.6 1.5 ▲ 1 23* 0.3 -1 ▼ Edward Nathan Sonnenbergs Inc 13 2 128.7 3.7 -6.5 ▼ 6 1 3.7 -10 ▼
Herbert Smith/Gleiss Lutz/Stibbe 14 23* 368.5 1.5 0.1 ▲ 1 23* 0.3 0 - KPMG 14 - 87.4 2.5 2.5 ▲ 1 11* 0.6 1 ▲
Read Hope Phillips Thomas 15 - 362.7 1.5 1.5 ▲ 2 14* 0.6 2 ▲ Fluxmans Inc 15 - 59.7 1.7 1.7 ▲ 1 11* 0.6 1 ▲
Bowman Gilfillan 16 6* 351.2 1.5 -3.8 ▼ 5 4 1.6 4 ▲ Stikeman Elliott 16* 30* 58.9 1.7 1.4 ▲ 1 11* 0.6 0 -
Corpus Legal Practitioners 17* - 331.9 1.4 1.4 ▲ 1 23* 0.3 1 ▲ Fraser Milner Casgrain 16* - 58.9 1.7 1.7 ▲ 1 11* 0.6 1 ▲
Dewey & LeBoeuf LLP 17* - 331.9 1.4 1.4 ▲ 1 23* 0.3 1 ▲ Cassels Brock & Blackwell LLP 16* - 58.9 1.7 1.7 ▲ 1 11* 0.6 1 ▲
A&L Goodbody 17* - 331.9 1.4 1.4 ▲ 1 23* 0.3 1 ▲ Blake Dawson 19* 14 44.3 1.3 -1.7 ▼ 2 4* 1.2 -2 ▼
Hammonds 20 - 318.9 1.3 1.3 ▲ 1 23* 0.3 1 ▲ Blakiston & Crabb 19* - 44.3 1.3 1.3 ▲ 2 4* 1.2 2 ▲
Jones Day 21 21* 299.8 1.3 -0.4 ▼ 1 23* 0.3 0 - Deloitte & Touche LLP 21 - 28.0 0.8 0.8 ▲ 1 11* 0.6 1 ▲
Woo Yun Kang Jeong & Han 22* - 232.5 1.0 1.0 ▲ 1 23* 0.3 1 ▲ Salans 22 - 23.6 0.7 0.7 ▲ 2 4* 1.2 2 ▲
DLA Piper 22* 40* 232.5 1.0 1.0 ▲ 1 23* 0.3 0 - Bentsi-Enchill, Letsa & Ankomah 23 - 22.9 0.7 0.7 ▲ 1 11* 0.6 1 ▲
Freshfields Bruckhaus Deringer 24* 5 206.1 0.9 -4.8 ▼ 1 23* 0.3 -2 ▼ Bernardt Vukic Potash & Getz 24 - 21.3 0.6 0.6 ▲ 1 11* 0.6 1 ▲
O'Melveny
O Melveny & Myers 24* 40* 206 1
206.1 09
0.9 09 ▲
0.9 1 23* 03
0.3 0 - Allens Arthur Robinson 25 4 19 8
19.8 06
0.6 -6 5 ▼
-6.5 1 11* 06
0.6 -1 ▼
Industry % Change from Same Period Last Year 68.3% ▲ 5.0% ▲ Industry % Change from Same Period Last Year -74.9% ▼ -9.9% ▼
Industry % Change from Last Quarter 227.0% # -12.8% ▼ Industry % Change from Last Quarter 1.0% ▲ -36.8% ▼
*tie
South African Involvement Announced M&A by Target Industry Jan 1 2010 – Sep 30 2010
15% 12%
19% Materials Retail Financials Media and Entertainment
12%
9%
21% High Technology Healthcare Real Estate Industrials
8%
Telecommunications Energy and Power Consumer Staples Consumer Products and Services
Any South African Involvement Announced (AE49) - Top Deals Jan 1 2010 – Sep 30 2010
9/27/2010 Intended Massmart Holdings Ltd (100%) Wal-Mart Stores Inc United States / South Africa 4,173.5 Retail / Food & Beverage Retailing
2/18/2010 Pending Tsogo Sun Holdings(Pty)Ltd (100%) Gold Reef Resorts Ltd South Africa / South Africa 2,774.7 Media and Entertainment / Hotels and Lodging
7/15/2010 Pending Dimension Data Holdings PLC (100%) Nippon Telegraph & Telephone Japan / South Africa 2,730.3 High Technology / IT Consulting & Services
8/26/2010 Pending Momentum Group Ltd (100%) Metropolitan Holdings Ltd South Africa / South Africa 2,067.7 Financials / Asset Management
8/10/2010 Pending ArcelorMittal SA Ops(Pty)Ltd (21%) Lexshell 771 Invest(Pty)Ltd South Africa / South Africa 1,264.8 Materials / Metals & Mining
5/24/2010 Pending Wesizwe Platinum Ltd (51%) Investor Group China / South Africa 869.0 Materials / Metals & Mining
8/16/2010 Pending Herron Pharmaceuticals Pty Ltd (100%) Aspen Pharmacare Holdings Ltd South Africa / Australia 807.8 Healthcare / Pharmaceuticals
5/21/2010 Pending Sigma Pharm Ltd-Pharm Div (100%) Aspen Pharmacare Holdings Ltd South Africa / Australia 803.4 Healthcare / Pharmaceuticals
3/24/2010 Intended yp p Investments Ltd ((54.8%)
Hyprop %) Redefine Properties
p Ltd South Africa / South Africa 801.6 Real Estate / Non Residential
8/31/2010 Pending South Africa Ppty Portfolio (100%) Bonatla Properties(Pty)Ltd South Africa / South Africa 676.6 Real Estate / Non Residential
Eastern European M&A

Any Eastern European Involvement Announced (AE47) Jan 1 2010 – Sep 30 2010 Any Eastern European Involvement Completed (AG48) Jan 1 2010 – Sep 30 2010
Freshfields Bruckhaus Deringer 1 2 11,484.9 15.2 -1.1 ▼ 13 3 0.4 2 - Akin, Gump, Strauss, Hauer & Feld 1 22 9,031.2 28.6 26.5 ▲ 4 18* 0.1 1 ▲
Skadden 2 62* 10,669.6 14.1 14.1 ▲ 7 10 0.2 6 ▲ Orrick Herrington & Sutcliffe LLP 2 55* 6,488.9 20.5 20.5 ▲ 2 29* 0.1 1 ▲
Debevoise & Plimpton 3 62* 10,261.1 13.6 13.6 ▲ 2 30* 0.1 -4 ▼ Cleary Gottlieb Steen & Hamilton 3 1 5,866.5 18.6 -4.2 ▼ 7 8 0.2 -2 ▼
Linklaters 4 30 8,199.4 10.9 9.3 ▲ 17 2 0.5 6 ▲ Magisters 4 55* 5,598.9 17.7 17.7 ▲ 2 29* 0.1 1 ▲
Akin, Gump, Strauss, Hauer & Feld 5 22 3,442.2 4.6 2.4 ▲ 3 25* 0.1 -1 ▼ Jones Day 5 15 5,588.9 17.7 12.9 ▲ 3 22* 0.1 -2 ▼
White & Case LLP 6 16 2,788.3 3.7 0.6 ▲ 11 4* 0.3 -10 ▼ Freshfields Bruckhaus Deringer 6 4 3,784.8 12.0 3.6 ▲ 6 9* 0.2 -6 ▼
SORAINEN 7 - 1,637.0 2.2 2.2 ▲ 11 4* 0.3 11 ▲ Skadden 7 55* 2,067.9 6.6 6.6 ▲ 6 9* 0.2 5 ▲
Egorov Puginsky Afanasiev & Partners 8* - 1,318.1 1.8 1.8 ▲ 1 43* 0.0 1 ▲ Allen & Overy 8 5 1,094.4 3.5 -4.5 ▼ 19 1 0.7 4 ▲
Sayenko Kharenko LLC 8* 62* 1,318.1 1.8 1.8 ▲ 5 15* 0.1 0 - Clifford Chance 9 3 1,076.2 3.4 -8.9 ▼ 6 9* 0.2 -5 ▼
Stikeman Elliott 10 34* 1,269.5 1.7 0.5 ▲ 2 30* 0.1 1 ▲ Linklaters 10 6 1,064.2 3.4 -3.9 ▼ 10 3* 0.3 2 ▲
Fasken Martineau DuMoulin LLP 11* 31 1,101.7 1.5 0.1 ▲ 2 30* 0.1 0 - Herbert Smith/Gleiss Lutz/Stibbe 11 14 920.0 2.9 -2.3 ▼ 12 2 0.4 7 ▲
Cassels Brock & Blackwell LLP 11* - 1,101.7 1.5 1.5 ▲ 2 30* 0.1 2 ▲ White & Case LLP 12 7 918.3 2.9 -4.0 ▼ 10 3* 0.3 -8 ▼
Aequitas 13* 34* 1,054.7 1.4 0.2 ▲ 1 43* 0.0 0 - CMS 13 34 761.6 2.4 1.8 ▲ 10 3* 0.3 -5 ▼
Goodmans 13* - 1,054.7 1.4 1.4 ▲ 1 43* 0.0 1 ▲ Weil Gotshal & Manges 14 18 547.1 1.7 -2.1 ▼ 4 18* 0.1 -3 ▼
Dorsey & Whitney LLP 13* 62* 1,054.7 1.4 1.4 ▲ 1 43* 0.0 0 - Dewey & LeBoeuf LLP 15 2 539.0 1.7 -11.3 ▼ 3 22* 0.1 -1 ▼
Macleod Dixon 13* 23 1,054.7 1.4 -0.4 ▼ 1 43* 0.0 -1 ▼ Raidla & Partners 16* - 467.9 1.5 1.5 ▲ 1 47* 0.0 1 ▲
Latham & Watkins 17 11 1,029.4 1.4 -2.3 ▼ 3 25* 0.1 -4 ▼ Sullivan & Cromwell 16* 25 467.9 1.5 -0.1 ▼ 1 47* 0.0 -1 ▼
Allen & Overy 18 9 932.5 1.2 -2.7 ▼ 21 1 0.6 2 ▲ Simpson Thacher & Bartlett 18 - 387.5 1.2 1.2 ▲ 2 29* 0.1 2 ▲
Herbert Smith/Gleiss Lutz/Stibbe 19 4 920.0 1.2 -4.0 ▼ 10 7* 0.3 3 ▲ Dechert 19* 41 368.0 1.2 1.0 ▲ 1 47* 0.0 0 -
Shearman & Sterling LLP 20 14 905.2 1.2 -2.1 ▼ 5 15* 0.1 2 ▲ Blake Cassels & Graydon 19* 27 368.0 1.2 -0.2 ▼ 1 47* 0.0 0 -
Orrick Herrington & Sutcliffe LLP 21 - 900.0 1.2 1.2 ▲ 1 43* 0.0 1 ▲ Hogan Lovells 21 8 333.5 1.1 -5.2 ▼ 5 14* 0.2 -6 ▼
CMS 22 41 761.6 1.0 0.4 ▲ 10 7* 0.3 -9 ▼ Baker & McKenzie 22 20 312.6 1.0 -1.8 ▼ 10 3* 0.3 -12 ▼
Clifford Chance 23 1 554.4 0.7 -21.5 ▼ 6 11* 0.2 -11 ▼ Krzyzagorska Podniesinski 23 - 242.7 0.8 0.8 ▲ 1 47* 0.0 1 ▲
Dewey & LeBoeuf LLP 24 20 539.0 0.7 -1.8 ▼ 4 19* 0.1 -4 ▼ Shearman & Sterling LLP 24 - 215.1 0.7 0.7 ▲ 2 29* 0.1 2 ▲
Savoric & Partners 25 - 478 1
478.1 06
0.6 06 ▲
0.6 1 43*
43 00
0.0 1 ▲ Stikeman Elliott 25 - 214 9
214.9 07
0.7 07
0.7 ▲ 1 47*
47 00
0.0 1 ▲
Industry % Change from Same Period Last Year 95.7% ▲ 7.1% ▲ Industry % Change from Same Period Last Year -9.4% ▼ 8.4% ▲
*tie
Eastern Europe Involvement Announced M&A by Target Industry Jan 1 2010 – Sep 30 2010
21% 20%
Energy and Power Telecommunications Materials
14%
31% Financials Industrials Consumer Staples
4% 4%
2%
Media and Entertainment Real Estate Consumer Products and Services
Retail High Technology Healthcare
Any Eastern European Involvement Announced (AE47) - Top Deals Jan 1 2010 – Sep 30 2010
6/30/2010 Pending Polyus Zoloto (100%) KazakhGold Group Ltd Kazakhstan / Russian Fed 10,261.1 Materials / Metals & Mining
7/30/2010 Intended NK LUKOIL (11.6%) NK LUKOIL Russian Fed / Russian Fed 5,525.3 Energy and Power / Oil & Gas
9/10/2010 Intended Bank Zachodni WBK SA (100%) Banco Santander SA Spain / Poland 5,343.5 Financials / Banks
7/28/2010 8/16/2010 NK LUKOIL (7.6%) NK LUKOIL Russian Fed / Russian Fed 3,442.2 Energy and Power / Oil & Gas
8/9/2010 Pending Bogazici Elektrik Dagitim AS (100%) Investor Group Turkey / Turkey 2,990.0 Energy and Power / Power
9/15/2010 Pending Energa SA (84.2%) PGE Polska Grupa Energetyczna Poland / Poland 2,578.5 Energy and Power / Power
5/13/2010 Pending TsentrTelekom (100%) Rostelekom Russian Fed / Russian Fed 2,392.1 Telecommunications / Telecommunications Services
5/12/2010 Pending Uralsvyaz'inform (100%) Rostelekom Russian Fed / Russian Fed 2,037.3 Telecommunications / Telecommunications Services
8/9/2010 Pending g Gediz Elektrik Dagitim
g AS ((100%)) Investor Group
p Turkey y / Turkey
y 1,920.0 Energy
gy and Power / Other Energy gy & Power
5/13/2010 Pending Sibir'telekom (100%) Rostelekom Russian Fed / Russian Fed 1,750.6 Telecommunications / Telecommunications Services
Asia Pacific M&A

Any Asia Pacific Emerging Market Involvement Announced† Jan 1 2010 – Sep 30 2010 Any Asia Pacific Emerging Market Involvement Completed† Jan 1 2010 – Sep 30 2010
AZB & Partners 1 30 28,281.6 12.1 10.7 ▲ 85 1 1.6 61 ▲ AZB & Partners 1 21 16,593.8 11.6 9.5 ▲ 63 1 2.3 41 ▲
Linklaters 2 28 19,297.9 8.3 6.7 ▲ 11 16* 0.2 -7 ▼ Allen & Overy 2 11 12,302.5 8.6 2.3 ▲ 16 5 0.6 2 ▲
Allen & Overy 3 12 14,201.1 6.1 2.7 ▲ 17 7 0.3 4 ▲ Herbert Smith/Gleiss Lutz/Stibbe 3 23 11,692.1 8.2 6.1 ▲ 9 16* 0.3 -4 ▼
Herbert Smith/Gleiss Lutz/Stibbe 4 37 13,139.2 5.6 4.5 ▲ 10 19* 0.2 -5 ▼ Linklaters 4 25 11,534.7 8.0 6.4 ▲ 7 22* 0.3 -10 ▼
Baker & McKenzie 5 3 11,149.4 4.8 -2.6 ▼ 29 3 0.5 1 ▲ Stikeman Elliott 5 3 10,596.9 7.4 -2.0 ▼ 4 37* 0.1 2 ▲
Mallesons Stephen Jaques 6 21 10,223.2 4.4 2.5 ▲ 4 49* 0.1 -10 ▼ Baker & McKenzie 6 1 9,714.9 6.8 -4.0 ▼ 24 3 0.9 -8 ▼
Allens Arthur Robinson 7 18 10,036.7 4.3 2.1 ▲ 6 31* 0.1 -6 ▼ Mallesons Stephen Jaques 7 24 9,672.0 6.7 5.0 ▲ 4 37* 0.1 -3 ▼
Blake Dawson 8 24 8,785.5 3.8 2.1 ▲ 5 38* 0.1 0 - Blake Dawson 8 17 8,785.5 6.1 3.2 ▲ 5 30* 0.2 -4 ▼
Norton Rose 9 64 8,621.8 3.7 3.3 ▲ 18 6 0.3 9 ▲ Allens Arthur Robinson 9 43 8,651.2 6.0 5.2 ▲ 7 22* 0.3 0 -
Stikeman Elliott 10 2 8,612.2 3.7 -4.9 ▼ 3 56* 0.1 -1 ▼ Sidley Austin LLP 10 37* 8,622.9 6.0 5.1 ▲ 2 56* 0.1 1 ▲
Sidley Austin LLP 11 49 8,577.5 3.7 3.1 ▲ 1 103* 0.0 -1 ▼ White & Case LLP 11 39 7,262.2 5.1 4.2 ▲ 8 18* 0.3 3 ▲
Latham & Watkins 12 41 7,674.5 3.3 2.3 ▲ 8 23* 0.2 -5 ▼ Blake Cassels & Graydon 12 - 6,984.4 4.9 4.9 ▲ 5 30* 0.2 5 ▲
Blake Cassels & Graydon 13 - 7,597.8 3.3 3.3 ▲ 7 26* 0.1 7 ▲ Freshfields Bruckhaus Deringer 13 8 6,541.3 4.6 -2.8 ▼ 12 8* 0.4 -9 ▼
Vinson & Elkins LLP 14 4 6,821.6 2.9 -4.4 ▼ 5 38* 0.1 1 ▲ Osler Hoskin & Harcourt LLP 14 4* 5,947.3 4.2 -5.2 ▼ 4 37* 0.1 3 ▲
Osler Hoskin & Harcourt LLP 15 5 5,875.3 2.5 -3.9 ▼ 3 56* 0.1 1 ▲ Skadden 15 12 5,653.0 3.9 -0.5 ▼ 12 8* 0.4 5 ▲
WongPartnership LLP 16 20 4,979.7 2.1 0.2 ▲ 30 2 0.6 18 ▲ Amarchand & Mangaldas & Suresh 16 19 5,304.2 3.7 1.3 ▲ 10 14* 0.4 6 ▲
Amarchand & Mangaldas & Suresh 17 27 4,947.9 2.1 0.5 ▲ 12 12* 0.2 8 ▲ WongPartnership LLP 17 28 5,145.3 3.6 2.3 ▲ 25 2 0.9 15 ▲
Allen & Gledhill 18 16 4,709.7 2.0 -0.6 ▼ 15 8* 0.3 2 ▲ Allen & Gledhill 18 10 4,729.5 3.3 -3.2 ▼ 13 6* 0.5 4 ▲
Freshfields Bruckhaus Deringer 19 1 4,562.6 2.0 -7.1 ▼ 19 5 0.4 -2 ▼ Jincheng Tongda & Neal Law Firm 19 - 4,696.5 3.3 3.3 ▲ 2 56* 0.1 2 ▲
Baker Botts LLP 20 - 4,215.0 1.8 1.8 ▲ 2 72* 0.0 2 ▲ Cleary Gottlieb Steen & Hamilton 20 - 4,179.2 2.9 2.9 ▲ 10 14* 0.4 10 ▲
Skadden 21 29 3,844.1 1.6 0.0 ▲ 11 16* 0.2 3 ▲ Luthra & Luthra Law Offices 21 32 3,910.6 2.7 1.5 ▲ 6 26* 0.2 0 -
Luthra & Luthra Law Offices 22 50 3,841.3 1.6 1.0 ▲ 5 38* 0.1 -1 ▼ Grandall Legal Group 22 93 3,851.7 2.7 2.7 ▲ 13 6* 0.5 12 ▲
Stephenson Harwood 23 - 3,712.9 1.6 1.6 ▲ 1 103* 0.0 1 ▲ Deheng Law Office 23 63 3,769.0 2.6 2.3 ▲ 2 56* 0.1 -1 ▼
Slaughter & May 24 38 3,558.5 1.5 0.4 ▲ 4 49* 0.1 -3 ▼ Vinson & Elkins LLP 24 2 3,751.6 2.6 -7.8 ▼ 4 37* 0.1 2 ▲
Akin Gump
Akin, Gump, Strauss,
Strauss Hauer & Feld 25 120 3 491 6
3,491.6 15
1.5 15 ▲
1.5 2 72* 00
0.0 1 ▲ Stephenson Harwood 25 - 3 712 9
3,712.9 26
2.6 26 ▲
2.6 1 88* 00
0.0 1 ▲
Industry % Change from Last Quarter -11.8% ▲ -9.6% ▼ Industry % Change from Last Quarter -4.2% ▼ -21.2% ▼
*tie
Asia Pacific Emerging Market Involvement Announced M&A by Target Industry Jan 1 2010 – Sep 30 2010
18%
21% 7%
Materials Energy and Power Financials
7%
7% Industrials Real Estate Telecommunications
24% 4%
1% 2% 2% 3% 4%
Healthcare Consumer Staples Media and Entertainment
Any Asia Pacific Emerging Market Involvement Announced† - Top Deals Jan 1 2010 – Sep 30 2010
4/1/2010 8/30/2010 Lihir Gold Ltd (100%) Newcrest Mining Ltd Australia / Papua N Guinea 8,577.5 Materials / Metals & Mining
4/12/2010 6/25/2010 Syncrude Canada Ltd (9.03%) Sinopec Intl China / Canada 4,650.0 Energy and Power / Oil & Gas
9/1/2010 Pending Shenzhen Dvlp Bank Co Ltd (24.2%) Ping An Ins(Grp)Co of China China / China 4,312.7 Financials / Banks
5/21/2010 9/8/2010 Piramal Healthcare Ltd- (100%) Abbott Laboratories United States / India 3,712.9 Healthcare / Pharmaceuticals
3/14/2010 Pending Bridas Corp (50%) CNOOC Ltd China / Argentina 3,100.0 Energy and Power / Oil & Gas
Chinese M&A
Any Chinese Involvement Announced (AE53) Jan 1 2010 – Sep 30 2010 Any Chinese Involvement Completed (AG54) Jan 1 2010 – Sep 30 2010
Blake Cassels & Graydon 1 - 7,597.8 6.2 6.2 ▲ 7 12* 0.3 7 ## Blake Cassels & Graydon 1 - 6,984.4 12.6 12.6 ▲ 5 9* 0.5 5 ▲
Linklaters 2 37 7,453.4 6.1 4.9 ▲ 5 18* 0.2 -3 ▼ Freshfields Bruckhaus Deringer 2 6 6,165.9 11.1 -2.5 ▼ 9 2* 1.0 -7 ▼
Osler Hoskin & Harcourt LLP 3 4 5,875.3 4.8 -3.8 ▼ 3 30* 0.1 1 ▲ Osler Hoskin & Harcourt LLP 3 3* 5,947.3 10.7 -7.2 ▼ 4 13* 0.4 3 ▲
Baker & McKenzie 4 9 4,870.5 4.0 -4.0 ▼ 9 8* 0.3 -4 ▼ Jincheng Tongda & Neal Law Firm 4 - 4,696.5 8.5 8.5 ▲ 2 26* 0.2 2 ▲
Freshfields Bruckhaus Deringer 5 1 4,328.0 3.5 -8.5 ▼ 16 1 0.6 2 ▲ Skadden 5 48 4,476.8 8.1 8.0 ▲ 9 2* 1.0 8 ▲
Vinson & Elkins LLP 6 3 3,585.0 2.9 -6.9 ▼ 2 41* 0.1 -2 ▼ Cleary Gottlieb Steen & Hamilton 6 - 3,859.8 7.0 7.0 ▲ 4 13* 0.4 4 ▲
Norton Rose 7 111 3,524.9 2.9 2.9 ▲ 9 8* 0.3 7 ▲ Grandall Legal Group 7 59 3,851.7 6.9 6.8 ▲ 13 1 1.4 12 ▲
Skadden 8 25 3,109.1 2.5 0.4 ▲ 10 5* 0.4 5 ▲ Deheng Law Office 8 37 3,769.0 6.8 6.3 ▲ 2 26* 0.2 -1 ▼
Akin, Gump, Strauss, Hauer & Feld 9 103 3,100.0 2.5 2.5 ▲ 1 64* 0.0 0 - Baker & McKenzie 9 9 3,134.3 5.7 -2.6 ▼ 8 6* 0.9 -7 ▼
Baker Botts LLP 10* - 3,070.0 2.5 2.5 ▲ 1 64* 0.0 1 ▲ Tong Shang Lawyer Company 10 - 2,902.1 5.2 5.2 ▲ 2 26* 0.2 2 ▲
Demarest E Almeida 10* - 3,070.0 2.5 2.5 ▲ 1 64* 0.0 1 ▲ Fangda Partners 11 - 2,686.8 4.8 4.8 ▲ 2 26* 0.2 2 ▲
Zhong Lun Law Firm 12 32 2,396.7 2.0 0.4 ▲ 3 30* 0.1 -2 ▼ Zhongkai Law Firm 12 - 2,658.4 4.8 4.8 ▲ 1 55* 0.1 1 ▲
Hogan Lovells 13 11 2,104.1 1.7 -3.6 ▼ 8 11 0.3 3 ▲ Burnet Duckworth & Palmer 13 - 2,536.8 4.6 4.6 ▲ 2 26* 0.2 2 ▲
Pinheiro Neto Advogados 14* - 1,701.6 1.4 1.4 ▲ 7 12* 0.3 7 ▲ Global Law Office 14 - 2,229.4 4.0 4.0 ▲ 3 18* 0.3 3 ▲
Uria Menendez 14* - 1,701.6 1.4 1.4 ▲ 7 12* 0.3 7 ▲ Jin Tai Law Firm 15 - 2,038.1 3.7 3.7 ▲ 1 55* 0.1 1 ▲
Machado Meyer Sendacz & Opice 14* 75* 1,701.6 1.4 1.3 ▲ 7 12* 0.3 6 ▲ Hogan Lovells 16 7 1,907.1 3.4 -8.2 ▼ 5 9* 0.5 -1 ▼
Herbert Smith/Gleiss Lutz/Stibbe 17 53 1,602.7 1.3 0.8 ▲ 5 18* 0.2 -3 ▼ Stikeman Elliott 17 2 1,737.1 3.1 -14.9 ▼ 1 55* 0.1 -1 ▼
Mannheimer Swartling Advokatbyra 18* - 1,500.0 1.2 1.2 ▲ 1 64* 0.0 1 ▲ Mannheimer Swartling Advokatbyra 18* - 1,500.0 2.7 2.7 ▲ 1 55* 0.1 1 ▲
Advokatfirman Cederquist 18* - 1,500.0 1.2 1.2 ▲ 1 64* 0.0 1 ▲ Advokatfirman Cederquist 18* - 1,500.0 2.7 2.7 ▲ 1 55* 0.1 1 ▲
Hannes Snellman 18* - 1,500.0 1.2 1.2 ▲ 1 64* 0.0 1 ▲ Hannes Snellman 18* - 1,500.0 2.7 2.7 ▲ 1 55* 0.1 1 ▲
Allens Arthur Robinson 21 17 1,459.2 1.2 -1.6 ▼ 2 41* 0.1 -3 ▼ Jingtian & Gongcheng 21 - 1,214.8 2.2 2.2 ▲ 2 26* 0.2 2 ▲
Mayer Brown LLP 22 43 1,387.7 1.1 0.3 ▲ 4 22* 0.2 -2 ▼ Latham & Watkins 22 23 872.7 1.6 -0.3 ▼ 5 9* 0.5 -3 ▼
Mallesons Stephen Jaques 23 24 1,339.6 1.1 -1.0 ▼ 2 41* 0.1 -7 ▼ Mallesons Stephen Jaques 23 18 788.4 1.4 -1.8 ▼ 2 26* 0.2 -3 ▼
Jones Day 24 88 1,333.4 1.1 1.0 ▲ 11 4 0.4 7 ▲ DLA Piper 24 19 760.5 1.4 -1.3 ▼ 2 26* 0.2 -4 ▼
Shearman & Sterling LLP 25 21 1 296 2
1,296.2 11
1.1 -1.2
12 ▼ 5 18* 02
0.2 -1
1 ▼ Han Kun Law Offices 25 - 732 7
732.7 13
1.3 13 ▲
1.3 1 55* 01
0.1 1 ▲
*tie
Chinese Involvement Announced M&A by Target Industry Jan 1 2010 – Sep 30 2010
17%
23%
11%
Materials Financials Energy and Power Real Estate
10%
25% 4%
3% Industrials Consumer Staples Media and Entertainment High Technology
Consumer Products and Services Healthcare Retail Telecommunications
Any Chinese Involvement Announced (AE53) - Top Deals Jan 1 2010 – Sep 30 2010
4/12/2010 6/25/2010 Syncrude Canada Ltd (9.03%) Sinopec Intl China / Canada 4,650.0 Energy and Power / Oil & Gas
9/1/2010 Pending Shenzhen Dvlp Bank Co Ltd (24.2%) Ping An Ins(Grp)Co of China China / China 4,312.7 Financials / Banks
3/14/2010 Pending Bridas Corp (50%) CNOOC Ltd China / Argentina 3,100.0 Energy and Power / Oil & Gas
5/19/2010 Pending Denway Motors Ltd (62.1%) China Lounge Investments Ltd Hong Kong / Hong Kong 3,047.5 Industrials / Automobiles & Components
6/9/2010 Pending Hangang Hanbao Iron & Steel Co (100%) Hebei Iron & Steel Co Ltd China / China 2,345.0 Materials / Metals & Mining
2/3/2010 Pending Yima Coal Ind Grp Co Ltd-Coal (100%) Nanjing Xinwang Tech Co Ltd China / China 1,996.1 Materials / Metals & Mining
5/16/2010 Pending Expansion Transmissao Itumbiar (100%) State Grid Brazil Holding Ltda Brazil / Brazil 1,701.6 Energy and Power / Power
3/28/2010 8/2/2010 Volvo Car Corp (100%) Zhejiang Geely Hldg Grp Co Ltd China / Sweden 1,500.0 Industrials / Automobiles & Components
Indian M&A
Any Indian Involvement Announced (AE57) Jan 1 2010 – Sep 30 2010 Any Indian Involvement Completed (AG58) Jan 1 2010 – Sep 30 2010
AZB & Partners 1 2 28,281.6 45.3 31.6 ▲ 85 1 8.2 61 - AZB & Partners 1 5 16,593.8 38.0 26.1 ▲ 63 1 9.4 41 ▲
Allen & Overy 2 29* 12,444.7 19.9 19.7 ▲ 5 7* 0.5 4 ▲ Allen & Overy 2 11 11,064.8 25.3 22.3 ▲ 5 7* 0.7 2 ▲
Linklaters 3 11 11,619.0 18.6 17.3 ▲ 3 11* 0.3 0 - Herbert Smith/Gleiss Lutz/Stibbe 3* 49* 10,700.0 24.5 24.5 ▲ 1 34* 0.2 0 -
Herbert Smith/Gleiss Lutz/Stibbe 4 44* 10,700.0 17.1 17.1 ▲ 2 20* 0.2 0 - Linklaters 3* 8 10,700.0 24.5 20.0 ▲ 1 34* 0.2 -5 ▼
Latham & Watkins 5 8 6,600.4 10.6 9.0 ▲ 2 20* 0.2 0 - Amarchand & Mangaldas & Suresh 5 4 5,304.2 12.1 -1.2 ▼ 10 4 1.5 6 ▲
Amarchand & Mangaldas & Suresh 6 1 4,947.9 7.9 -7.3 ▼ 12 3* 1.2 8 ▲ Baker & McKenzie 6 19 4,174.1 9.6 8.8 ▲ 4 9* 0.6 1 ▲
Luthra & Luthra Law Offices 7 4 3,841.3 6.2 1.5 ▲ 5 7* 0.5 0 - Luthra & Luthra Law Offices 7 6 3,910.6 9.0 2.6 ▲ 6 6 0.9 0 -
Baker & McKenzie 8 15 3,774.1 6.0 5.1 ▲ 3 11* 0.3 0 - Stephenson Harwood 8 - 3,712.9 8.5 8.5 ▲ 1 34* 0.2 1 ▲
Stephenson Harwood 9 - 3,712.9 5.9 5.9 ▲ 1 35* 0.1 1 ▲ Vinson & Elkins LLP 9 - 3,236.6 7.4 7.4 ▲ 3 11* 0.5 3 ▲
Vinson & Elkins LLP 10 - 3,236.6 5.2 5.2 ▲ 3 11* 0.3 3 ▲ Norton Rose 10 32 2,871.2 6.6 6.4 ▲ 2 16* 0.3 1 ▲
Norton Rose 11 29* 3,176.9 5.1 4.9 ▲ 4 9* 0.4 3 ▲ Khaitan & Co 11 1 2,842.1 6.5 -11.5 ▼ 22 2 3.3 8 ▲
Corrs Chambers Westgarth 12 - 2,739.9 4.4 4.4 ▲ 1 35* 0.1 1 ▲ Corrs Chambers Westgarth 12 - 2,739.9 6.3 6.3 ▲ 1 34* 0.2 1 ▲
Khaitan & Co 13 7 2,558.9 4.1 1.7 ▲ 22 2 2.1 3 ▲ Wachtell Lipton Rosen & Katz 13 - 1,816.3 4.2 4.2 ▲ 2 16* 0.3 2 ▲
Wachtell Lipton Rosen & Katz 14 - 1,816.3 2.9 2.9 ▲ 2 20* 0.2 2 ▲ Jones Day 14 9* 1,724.1 4.0 0.6 ▲ 3 11* 0.5 -2 ▼
Jones Day 15 5* 1,724.1 2.8 -1.1 ▼ 3 11* 0.3 -2 ▼ Ledgewood Law Firm PC 15 - 1,700.0 3.9 3.9 ▲ 1 34* 0.2 1 ▲
Ledgewood Law Firm PC 16 - 1,700.0 2.7 2.7 ▲ 1 35* 0.1 1 ▲ O'Melveny & Myers 16 - 1,355.0 3.1 3.1 ▲ 2 16* 0.3 2 ▲
O'Melveny & Myers 17 - 1,355.0 2.2 2.2 ▲ 2 20* 0.2 2 ▲ Baker Botts LLP 17 - 1,145.0 2.6 2.6 ▲ 1 34* 0.2 1 ▲
Dewey & LeBoeuf LLP 18* - 1,337.9 2.1 2.1 ▲ 3 11* 0.3 3 ▲ Crawford Bayley & Co 18 - 731.4 1.7 1.7 ▲ 2 16* 0.3 2 ▲
A&L Goodbody 18* - 1,337.9 2.1 2.1 ▲ 3 11* 0.3 3 ▲ Shearman & Sterling LLP 19 2 726.7 1.7 -16.0 ▼ 3 11* 0.5 -1 ▼
Baker Botts LLP 20 - 1,145.0 1.8 1.8 ▲ 1 35* 0.1 1 ▲ WongPartnership LLP 20 36 722.8 1.7 1.6 ▲ 3 11* 0.5 0 -
Shearman & Sterling LLP 21 - 749.5 1.2 1.2 ▲ 3 11* 0.3 3 ▲ Rajah & Tann 21 34* 685.3 1.6 1.4 ▲ 2 16* 0.3 1 ▲
Rajah & Tann 22* 23* 685.3 1.1 0.8 ▲ 2 5 1.1 0 - Kirkland & Ellis 22 - 590.0 1.4 1.4 ▲ 4 9* 0.6 4 ▲
WongPartnership LLP 22* 42* 685.3 1.1 1.1 ▲ 1 35* 0.1 -1 ▼ P.H. Bathiya 23 - 450.3 1.0 1.0 ▲ 5 7* 0.7 5 ▲
Corpus Legal Practitioners 24 - 639.9 1.0 1.0 ▲ 2 20* 0.2 2 ▲ Fried Frank Harris Shriver & Jacobson 24* - 441.2 1.0 1.0 ▲ 1 34* 0.2 1 ▲
Simpson Thacher & Bartlett 25 - 623 1
623.1 10
1.0 10 ▲
1.0 4 9* 04
0.4 4 ▲ Skadden 24* 3 441 2
441.2 10
1.0 -16.4
16 4 ▼ 2 16* 03
0.3 -1
1 ▼
Industry % Change from Last Quarter 5.9% ▲ 13.6% ▲ Industry % Change from Last Quarter -32.3% ▼ -9.4% ▼
*tie
Indian Involvement Announced M&A by Target Industry Jan 1 2010 – Sep 30 2010
24%
13%
Energy and Power Telecommunications Materials
9%
Healthcare Financials High Technology
36%
7%
2% 3%
Industrials Real Estate Consumer Staples
Media and Entertainment Consumer Products and Services Retail
Any Indian Involvement Announced (AE57) - Top Deals Jan 1 2010 – Sep 30 2010
5/21/2010 9/8/2010 Piramal Healthcare Ltd- (100%) Abbott Laboratories United States / India 3,712.9 Healthcare / Pharmaceuticals
8/16/2010 Intended Cairn India Ltd (20%) Sesa Goa Ltd India / India 2,890.8 Energy and Power / Oil & Gas
8/3/2010 8/3/2010 Linc Energy-Galilee Basin Coal (100%) Adani Mining Pty Ltd Australia / Australia 2,739.9 Materials / Metals & Mining
1/14/2010 7/19/2010 Aircel Ltd-Mobile Towers (100%) CNIL India / India 1,703.7 Telecommunications / Telecommunications Services
4/9/2010 4/21/2010 Atlas Energy Inc-Marcellus (40%) Reliance Industries Ltd India / United States 1,700.0 Energy and Power / Oil & Gas
5/21/2010 Pending KBL European Private Bankers (100%) Hinduja Group India / Luxembourg 1,683.5 Financials / Banks
7/5/2010 Pending Reliance Natural Resources Ltd (100%) Reliance Power Ltd India / India 1,522.4 Energy and Power / Oil & Gas
Ranking Criteria Summary
- Announced league tables include all deals that were announced between January 1, 2009 and September 30, 2010 and of which Thomson Reuters was made aware. All current data
If you would like to participate in the submission and previous year's data is as of 5:00pm EST on September 30, 2010.
process, receive quarterly press releases, or have
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contact: - A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.
- Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the
Americas time of announcement of terms.
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Tel: +1 646 223 8424 - Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion
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Tel: +632 858 7262
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- League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firms
in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures are
Japan
Catherina Guinto-Roldan reflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.
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Americas Asia-Pacific Europe, Middle East & Africa
Central America South America Central Asia Australasia South-East Asia Eastern Europe Middle East Sub-Saharan Africa
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Guatemala Chile Kazakhstan French Polynesia Laos Bulgaria Lebanon Burkina Faso Liberia Sudan
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Mexico Ecuador Tajikistan Kiribati Philippines Czech Republic Yemen Cameroon Malawi Tanzania
Nicaragua Falkland Islands (UK) Turkmenistan Marshall Islands Timor-Leste Estonia Bahrain Cape Verde Mali Togo
Panama Guyana Uzbekistan N. Mariana Islands Thailand Georgia Israel Central African Republic Mauritania Uganda
Paraguay Nauru Vietnam Hungary Kuwait Chad Mauritius Western Sahara
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Nepal Solomon Islands Russia North Africa Equatorial Guinea Reunion
Pakistan Tokelau Serbia Algeria Eritrea Rwanda
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EMERGING MARKETS M&A

First Nine Months 2010

Emerging Markets M&A

Rank Value (US$m)

Q4 Volume (US$b) Q3 Volume (US$b) 12,060 12,783

Q2 Volume (US$b) Q1 Volume (US$b)

Emerging Markets M&A

Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA

Emerging Market M&A

High Technology Retail Consumer Products and Services

High Technology Consumer Products and Services Retail

Latin American M&A

10% Telecommunications Materials Energy and Power

9% Consumer Staples Industrials Financials

Healthcare Consumer Products and Services High Technology

High Technology Consumer Products and Services Retail

Middle East & North African M&A

South African M&A

Eastern European M&A

Retail High Technology Healthcare

Asia Pacific M&A

High Technology Consumer Products and Services Retail

Consumer Products and Services Healthcare Retail Telecommunications

Media and Entertainment Consumer Products and Services Retail

Ranking Criteria Summary

Americas Asia-Pacific Europe, Middle East & Africa

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