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Fourth Quarter 2009

Legal Advisors

US CAPITAL MARKETS REVIEW

For 2009, Sullivan & Cromwell and Davis Polk & Wardwell Top US Issuer and Manager Issuer Legal Advisor
Counsel US Debt, Equity and Equity-related
4,000 January 1 - December 31 7,000
US debt, equity, and equity-related activity for issuer counsel at the end of 2009 totaled approximately US$1.9 trillion in
proceeds, approximately 28.3% higher than the same amount raised during the same period last year. For manager 3,500
6,000
counsel, there was approximately US$2.0 trillion of activity, representing a 26.8% increase from the same period last year.
3,000
5,000

Proceeds (US$b)
Sullivan & Cromwell held on to the top spot from last quarter for issuer counsel, advising on 99 deals with total proceeds of 2,500

# of Issues
US$141.2 billion. For manager counsel, Davis Polk & Wardwell still holds first place, after advising on 241 deals totaling 4,000
US$192.9 billion, representing 9.8% market share. 2,000
3,000
1,500
Davis Polk & Wardwell, Cleary Gottlieb Steen & Hamilton Top Issuer and Manager Advisor
2,000
for All US Equity 1,000

500 1,000
Davis Polk & Wardwell and Cleary Gottleb ranked as top issuer and manager advisor, respectively, for US
Equity and Equity-linked issues for 2009. With deal proceeds totaling US$29.3 billion, Davis Polk was 0 0
an issuer legal advisor on 28 deals, including the US$4.6 billion Morgan Stanley common stock offering. 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Cleary Gottlieb Steen & Hamilton was a manager legal advisor on 36 deals with proceeds totaling US$35.1 billion. Proceeds (US$b) # of Issues

Contributing to their total was the US$17.6 billion Citigroup common stock offering.
Manager Legal Advisor
US Debt, Equity and Equity-related
Bingham McCutchen Top Issuer and Manager Counsel For 2009 Asset-Backed Deals January 1 - December 31
4,000 7,000

Bingham McCutchen ranked first for both issuer and manager counsel in the asset-backed rankings for 2009. 3,500 6,000
The firm topped the issuer rankings with 26 asset-backed issues worth a total of US$26.4 billion in proceeds,
representing 18.7% market share. The firm's largest deal was the US$2.5 billion SLM Student Loan Trust deal 3,000
5,000
that priced in May.

Proceeds (US$b)
2,500

# of Issues
4,000
For manager counsel, Bingham McCutchen advised on 61 deals worth US$49.4 billion in
2,000
proceeds, representing a 33.3% market share. Their largest asset-backed deal for the year was
3,000
a Chase Issuance Trust deal valued at US$5 billion. 1,500

2,000
Simpson Thacher & Bartlett Top Issuer Advisor, Cahill Gordon & Reindel Remains 1,000

Top Manager Advisor For US High Yield 500 1,000

Simpson Thacher was the top issuer legal advisor for US High Yield Corporate Debt, 0 0
with US$13.9 billion in total proceeds from 27 deals, representing 7.9% market share. 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Cahill Gordon & Reindel remained the top manager counsel after advising on 105 issues valued
Proceeds (US$b) # of Issues
at US$44.4 billion.

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Page 1
Fourth Quarter 2009 | US Capital Markets | Legal Advisors

Global ECM - Ranked by Deal Size


US Debt, Equity & Equity-related (AB1) - Issuer Legal Advisor US Debt, Equity & Equity-related (AB1) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share
Sullivan & Cromwell 141,221.8 1 7.5 99 1 11.3 -3.8 ▼ Davis Polk & Wardwell 192,912.9 1 9.8 241 1 9.9 -0.1 ▼
Davis Polk & Wardwell 132,686.9 2 7.1 95 7 4.2 2.9 ▲ Cleary Gottlieb Steen & Hamilton 145,919.6 2 7.4 105 6 5.2 2.2 ▲
Skadden 87,588.6 3 4.7 85 5 4.5 0.2 ▲ Sidley Austin LLP 145,178.6 3 7.4 175 3 8.3 -0.9 ▼
Simpson Thacher & Bartlett 68,521.7 4 3.7 71 4 4.9 -1.2 ▼ Cravath, Swaine & Moore 139,321.0 4 7.1 130 5 7.5 -0.4 ▼
White & Case LLP 64,565.2 5 3.5 37 17 1.3 2.2 ▲ Shearman & Sterling LLP 132,132.6 5 6.7 145 7 4.3 2.4 ▲
Cravath, Swaine & Moore 63,870.9 6 3.4 49 2 6.4 -3.0 ▼ Simpson Thacher & Bartlett 114,319.1 6 5.8 138 4 7.9 -2.1 ▼
Cleary Gottlieb Steen & Hamilton 61,139.9 7 3.3 45 3 5.0 -1.7 ▼ Sullivan & Cromwell 94,480.0 7 4.8 103 2 8.3 -3.5 ▼
Shearman & Sterling LLP 54,809.1 8 2.9 51 11 2.1 0.8 ▲ Allen & Overy 92,246.7 8 4.7 40 34 0.4 4.3 ▲
Linklaters 53,101.6 9 2.8 23 22 1.2 1.6 ▲ Skadden 61,698.6 9 3.1 78 10 3.3 -0.2 ▼
Latham & Watkins 49,318.9 10 2.6 76 16 1.4 1.2 ▲ Cahill Gordon & Reindel 61,363.9 10 3.1 137 22 0.9 2.2 ▲
McGuireWoods LLP 47,372.8 11 2.5 13 6 4.3 -1.8 ▼ Bingham McCutchen LLP 50,902.6 11 2.6 66 11 3.0 -0.4 ▼
Mayer Brown LLP 45,965.5 12 2.5 48 23 1.1 1.4 ▲ Morrison & Foerster 49,148.0 12 2.5 17 9 3.7 -1.2 ▼
Debevoise & Plimpton 35,955.7 13 1.9 32 21 1.2 0.7 ▲ Linklaters 48,235.1 13 2.5 32 12 2.4 0.1 ▲
Gide Loyrette Nouel 35,905.9 14 1.9 7 167 0.0 1.9 ▲ Latham & Watkins 44,477.6 14 2.3 96 17 1.3 1.0 ▲
Sidley Austin LLP 35,503.8 15 1.9 50 8 4.2 -2.3 ▼ Hengeler Mueller 34,873.9 15 1.8 13 8 3.7 -1.9 ▼
Top 15 Total 977,528.3 52.2 781 776,658.2 53.1 -0.9 ▼ Top 15 Total 1,407,210.2 71.6 1,516 1,085,590.8 70.1 1.5 ▲
Industry Total 1,872,773.0 100.0 2,522 1,459,759.9 100.0 Industry Total 1,964,653.6 100.0 2,612 1,548,855.3 100.0

Global Equity Issuance by US Issuers (AB13) - Issuer Legal Advisor Global Equity Issuance by US Issuers (AB13) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share
Skadden 25,772.0 1 11.9 27 10 5.2 6.7 ▲ Cleary Gottlieb Steen & Hamilton 24,161.4 1 11.1 21 5 4.5 6.6 ▲
Wachtell Lipton Rosen & Katz 22,741.0 2 10.5 8 4 8.8 1.7 ▲ Cravath, Swaine & Moore 21,813.9 2 10.0 23 2 18.4 -8.4 ▼
McGuireWoods LLP 19,355.6 3 8.9 2 7 5.8 3.1 ▲ Morrison & Foerster 21,373.2 3 9.8 9 4 6.4 3.4 ▲
Sullivan & Cromwell 16,337.1 4 7.5 11 1 18.2 -10.7 ▼ Sidley Austin LLP 18,576.2 4 8.5 41 9 2.6 5.9 ▲
Davis Polk & Wardwell 15,688.3 5 7.2 20 20 1.2 6.0 ▲ Sullivan & Cromwell 14,009.8 5 6.4 33 3 10.8 -4.4 ▼
Venable LLP 8,905.7 6 4.1 38 15 1.6 2.5 ▲ Gibson Dunn & Crutcher 12,866.6 6 5.9 3 39 0.1 5.8 ▲
Simpson Thacher & Bartlett 8,231.0 7 3.8 12 2 12.2 -8.4 ▼ Davis Polk & Wardwell 12,628.8 7 5.8 55 1 25.7 -19.9 ▼
Latham & Watkins 6,817.0 8 3.1 25 12 1.9 1.2 ▲ Shearman & Sterling LLP 11,784.1 8 5.4 21 8 2.7 2.7 ▲
Vinson & Elkins LLP 4,101.0 9 1.9 31 16 1.6 0.3 ▲ Simpson Thacher & Bartlett 7,866.0 9 3.6 25 10 2.5 1.1 ▲
Cravath, Swaine & Moore 3,785.6 10 1.7 8 24 1.0 0.7 ▲ Skadden 6,520.0 10 3.0 22 7 3.6 -0.6 ▼
Shearman & Sterling LLP 3,682.1 11 1.7 8 40 0.6 1.1 ▲ Dewey & LeBoeuf LLP 5,689.7 11 2.6 16 17 0.6 2.0 ▲
WilmerHale 3,639.2 12 1.7 9 11 1.9 -0.2 ▼ Vinson & Elkins LLP 4,845.3 12 2.2 22 6 3.8 -1.6 ▼
Gibson Dunn & Crutcher 3,608.5 13 1.7 7 41 0.6 1.1 ▲ Latham & Watkins 4,721.1 13 2.2 34 13 1.6 0.6 ▲
K&L Gates 3,473.9 14 1.6 9 17 1.5 0.1 ▲ Mayer Brown LLP 4,433.8 14 2.0 6 25 0.3 1.7 ▲
Squire Sanders & Dempsey LLP 3,051.3 15 1.4 6 37 0.6 0.8 ▲ Andrews Kurth LLP 3,444.8 15 1.6 20 11 1.9 -0.3 ▼
Top 15 Total 149,189.3 68.7 221 110,232.7 62.7 6.0 ▲ Top 15 Total 174,734.7 80.1 351 151,454.4 85.5 -5.4 ▼
Industry Total 217,428.0 100.0 675 175,738.0 100.0 Industry Total 217,603.9 100.0 676 177,306.9 100.0

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Page 2
Fourth Quarter 2009 | US Capital Markets | Legal Advisors

Global ECM - Ranked by Deal Size


Global IPOs by US Issuers (AB14) - Issuer Legal Advisor Global IPOs by US Issuers (AB14) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share
Davis Polk & Wardwell 3,725.2 1 21.4 3 - - - - Davis Polk & Wardwell 2,696.5 1 15.5 8 1 76.7 -61.2 ▼
Skadden 2,102.7 2 12.1 5 14* 0.7 11.4 ▲ Sullivan & Cromwell 2,629.1 2 15.1 5 2 5.6 9.5 ▲
Simpson Thacher & Bartlett 1,206.4 3 6.9 3 16* 0.7 6.2 ▲ Skadden 2,447.3 3 14.1 3 5 2.1 12.0 ▲
Latham & Watkins 1,161.5 4 6.7 2 8 1.4 5.3 ▲ Cravath, Swaine & Moore 1,564.1 4 9.0 4 - - - -
Venable LLP 1,128.8 5 6.5 4 - - - - Sidley Austin LLP 1,564.0 5 9.0 3 16 0.1 8.9 ▲
Reed Smith LLP 1,064.0 6 6.1 1 - - - - Fried Frank Harris Shriver & Jacobson 1,142.1 6 6.6 3 - - - -
DLA Piper 931.5 7 5.4 1 7 1.6 3.8 ▲ Shearman & Sterling LLP 850.5 7 4.9 1 7 1.4 3.5 ▲
Cravath, Swaine & Moore 828.0 8 4.8 1 2 5.0 -0.2 ▼ Sonnenschein Nath & Rosenthal 688.8 8 4.0 1 - - - -
Baker Donelson Bearman Caldwell & Berko 823.5 9 4.7 1 - - - - Ropes & Gray 661.6 9 3.8 3 - - - -
Proskauer Rose LLP 718.8 10 4.1 1 - - - - Latham & Watkins 660.8 10 3.8 4 8 0.9 2.9 ▲
Luse Lehman Pomerenk & Schick 688.8 11 4.0 1 - - - - Simpson Thacher & Bartlett 414.0 11 2.4 1 - - - -
K&L Gates 614.0 12 3.5 2 32 0.0 3.5 ▲ Debevoise & Plimpton 331.9 12 1.9 1 - - - -
WilmerHale 560.2 13 3.2 2 - - - - Cahill Gordon & Reindel 330.0 13 1.9 1 - - - -
Gibson Dunn & Crutcher 546.4 14 3.1 2 - - - - Clifford Chance 287.5 14 1.7 1 - - - -
Hunton & Williams 517.6 15 3.0 2 33 0.0 3.0 ▲
Top 15 Total 16,617.4 95.5 31 2,551.2 9.4 86.1 ▲ Top 15 Total 16,268.2 93.7 39 23,152.7 86.8 6.9 ▲
Industry Total 17,388.7 100.0 53 26,960.1 100.0 Industry Total 17,388.7 100.0 53 26,960.1 100.0

US Equity & Equity-related (AB2) - Issuer Legal Advisor US Equity & Equity-related (AB2) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share
Davis Polk & Wardwell 29,271.9 1 11.0 28 8 4.9 6.1 ▲ Cleary Gottlieb Steen & Hamilton 32,052.1 1 12.1 36 5 6.2 5.9 ▲
Skadden 27,623.5 2 10.4 30 5 7.6 2.8 ▲ Cravath, Swaine & Moore 24,352.6 2 9.2 33 2 15.9 -6.7 ▼
Wachtell Lipton Rosen & Katz 22,741.0 3 8.6 8 4 8.0 0.6 ▲ Davis Polk & Wardwell 23,257.3 3 8.8 93 1 17.9 -9.1 ▼
McGuireWoods LLP 19,355.6 4 7.3 2 3 8.2 -0.9 ▼ Shearman & Sterling LLP 21,643.7 4 8.2 33 7 3.9 4.3 ▲
Sullivan & Cromwell 16,797.1 5 6.3 13 1 18.2 -11.9 ▼ Morrison & Foerster 21,373.2 5 8.1 9 4 8.4 -0.3 ▼
Latham & Watkins 9,736.4 6 3.7 37 11 2.2 1.5 ▲ Sidley Austin LLP 18,946.9 6 7.1 43 10 2.4 4.7 ▲
Simpson Thacher & Bartlett 9,576.3 7 3.6 18 2 13.9 -10.3 ▼ Sullivan & Cromwell 14,527.3 7 5.5 34 3 13.5 -8.0 ▼
Venable LLP 9,172.1 8 3.5 39 13 1.9 1.6 ▲ Simpson Thacher & Bartlett 14,269.1 8 5.4 35 6 5.3 0.1 ▲
Gibson Dunn & Crutcher 6,371.0 9 2.4 12 41 0.6 1.8 ▲ Gibson Dunn & Crutcher 13,865.8 9 5.2 5 49 0.1 5.1 ▲
Shearman & Sterling LLP 5,135.9 10 1.9 13 14 1.9 0.0 ▲ Skadden 8,027.9 10 3.0 29 8 3.9 -0.9 ▼
Vinson & Elkins LLP 5,083.8 11 1.9 36 15 1.7 0.2 ▲ Dewey & LeBoeuf LLP 6,207.2 11 2.3 18 21 0.5 1.8 ▲
K&L Gates 4,824.2 12 1.8 16 19 1.3 0.5 ▲ Latham & Watkins 6,158.6 12 2.3 38 11 2.0 0.3 ▲
Pinheiro Neto Advogados 4,506.9 13 1.7 1 - - - - Mayer Brown LLP 5,886.3 13 2.2 9 14 1.2 1.0 ▲
Conyers Dill & Pearman 4,330.4 14 1.6 17 35 0.7 0.9 ▲ Vinson & Elkins LLP 5,545.3 14 2.1 24 9 3.3 -1.2 ▼
Cravath, Swaine & Moore 4,171.4 15 1.6 10 26 0.9 0.7 ▲ Machado Meyer Sendacz & Opice 4,506.9 15 1.7 1 - - - -
Top 15 Total 178,697.5 67.3 280 152,028.9 72.0 -4.7 ▼ Top 15 Total 220,620.2 83.2 440 183,152.9 84.5 -1.3 ▼
Industry Total 265,185.0 100.0 788 211,424.8 100.0 Industry Total 265,360.9 100.0 789 216,993.8 100.0

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Page 3
Fourth Quarter 2009 | US Capital Markets | Legal Advisors

US ECM - Ranked by Deal Size


US Common Stock (AB3) - Issuer Legal Adivsor US Common Stock (AB3) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share
Skadden 27,173.5 1 11.9 28 9 5.8 6.1 ▲ Cleary Gottlieb Steen & Hamilton 24,430.8 1 10.7 23 5 5.1 5.6 ▲
Wachtell Lipton Rosen & Katz 22,741.0 2 10.0 8 3 9.9 0.1 ▲ Cravath, Swaine & Moore 21,923.9 2 9.6 24 1 20.9 -11.3 ▼
Davis Polk & Wardwell 21,962.7 3 9.6 23 19 1.3 8.3 ▲ Morrison & Foerster 21,373.2 3 9.4 9 4 7.2 2.2 ▲
McGuireWoods LLP 19,355.6 4 8.5 2 6 6.5 2.0 ▲ Sidley Austin LLP 18,285.6 4 8.0 40 10 2.9 5.1 ▲
Sullivan & Cromwell 16,337.1 5 7.2 11 1 20.4 -13.2 ▼ Shearman & Sterling LLP 16,388.3 5 7.2 24 8 3.3 3.9 ▲
Simpson Thacher & Bartlett 8,972.6 6 3.9 16 2 13.8 -9.9 ▼ Sullivan & Cromwell 14,009.8 6 6.2 33 3 12.1 -5.9 ▼
Venable LLP 8,905.7 7 3.9 38 15 1.9 2.0 ▲ Davis Polk & Wardwell 13,893.2 7 6.1 61 2 16.4 -10.3 ▼
Latham & Watkins 7,920.0 8 3.5 31 10 2.5 1.0 ▲ Gibson Dunn & Crutcher 12,866.6 8 5.6 3 44 0.1 5.5 ▲
Pinheiro Neto Advogados 4,506.9 9 2.0 1 - - - - Simpson Thacher & Bartlett 11,929.1 9 5.2 30 9 2.9 2.3 ▲
Shearman & Sterling LLP 4,144.7 10 1.8 10 32 0.8 1.0 ▲ Skadden 6,979.4 10 3.1 25 7 4.1 -1.0 ▼
Vinson & Elkins LLP 4,101.0 11 1.8 31 13 1.9 -0.1 ▼ Dewey & LeBoeuf LLP 5,689.7 11 2.5 16 17 0.7 1.8 ▲
Conyers Dill & Pearman 4,047.9 12 1.8 15 44 0.5 1.3 ▲ Vinson & Elkins LLP 4,845.3 12 2.1 22 6 4.3 -2.2 ▼
Cravath, Swaine & Moore 3,826.4 13 1.7 9 22 1.2 0.5 ▲ Latham & Watkins 4,721.1 13 2.1 34 12 1.9 0.2 ▲
K&L Gates 3,674.2 14 1.6 13 16 1.7 -0.1 ▼ Machado Meyer Sendacz & Opice 4,506.9 14 2.0 1 - - - -
WilmerHale 3,639.2 15 1.6 9 11 2.2 -0.6 ▼ Mayer Brown LLP 4,433.8 15 2.0 6 25 0.3 1.7 ▲
Top 15 Total 161,308.5 70.8 245 110,132.1 70.4 0.4 ▲ Top 15 Total 186,276.7 81.8 351 129,647.8 82.2 -0.4 ▼
Industry Total 227,763.8 100.0 672 156,540.4 100.0 Industry Total 227,939.7 100.0 673 158,109.4 100.0 ▲

US IPOs (AB4) - Issuer Legal Advisor US IPOs (AB4) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share
Davis Polk & Wardwell 9,275.8 1 27.3 5 - - - - Shearman & Sterling LLP 5,402.4 1 17.0 3 7 5.3 11.7 ▲
Pinheiro Neto Advogados 4,506.9 2 13.3 1 - - - - Machado Meyer Sendacz & Opice 4,506.9 2 14.2 1 - - - -
Skadden 2,102.7 3 6.2 5 13* 2.8 3.4 ▲ Davis Polk & Wardwell 2,834.5 3 8.9 9 3 11.9 -3.0 ▼
Latham & Watkins 1,951.7 4 5.8 4 9 4.9 0.9 ▲ Sullivan & Cromwell 2,629.1 4 8.3 5 1 20.7 -12.4 ▼
Simpson Thacher & Bartlett 1,411.2 5 4.2 5 16* 2.6 1.6 ▲ Skadden 2,575.0 5 8.1 4 5 7.9 0.2 ▲
Venable LLP 1,128.8 6 3.3 4 - - - - Simpson Thacher & Bartlett 2,203.0 6 6.9 3 19 0.7 6.2 ▲
Reed Smith LLP 1,064.0 7 3.1 1 - - - - Cravath, Swaine & Moore 1,564.1 7 4.9 4 13* 2.0 2.9 ▲
Conyers Dill & Pearman 1,043.8 8* 3.1 1 22* 1.5 1.6 ▲ Sidley Austin LLP 1,564.0 8 4.9 3 20 0.3 4.6 ▲
Jade & Fountain PRC Lawyers 1,043.8 8* 3.1 1 - - - - Commerce & Finance Law Offices 1,175.8 9 3.7 2 15 1.5 2.2 ▲
DLA Piper 989.1 10 2.9 2 6 5.8 -2.9 ▼ Fried Frank Harris Shriver & Jacobson 1,142.1 10 3.6 3 - - - -
Cravath, Swaine & Moore 828.0 11 2.4 1 1 21.3 -18.9 ▼ Linklaters 1,043.8 11 3.3 1 - - - -
Baker Donelson Bearman Caldwell & Berko 823.5 12 2.4 1 - - - - Allen & Gledhill 745.2 12 2.3 1 - - - -
WongPartnership LLP 745.2 13 2.2 1 - - - - Sonnenschein Nath & Rosenthal 688.8 13 2.2 1 - - - -
Proskauer Rose LLP 718.8 14 2.1 1 - - - - Ropes & Gray 661.6 14 2.1 3 - - - -
Luse Lehman Pomerenk & Schick 688.8 15 2.0 1 - - - - Latham & Watkins 660.8 15 2.1 4 8 4.2 -2.1 ▼
Top 15 Total 27,633.3 81.5 33 2,822.4 38.9 42.6 ▲ Top 15 Total 29,397.1 92.5 47 3,652.6 54.5 38.0 ▲
Industry Total 33,918.5 100.0 61 7,262.1 100.0 Industry Total 31,767.3 100.0 61 7,262.1 100.0

*tie

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Page 4
Fourth Quarter 2009 | US Capital Markets | Legal Advisors

US Debt and Equity - Ranked by Deal Size


US Convertible Offerings (AB5) - Issuer Legal Advisor US Convertible Offerings (AB5) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share
Davis Polk & Wardwell 7,309.2 1 19.5 5 1 15.1 4.4 ▲ Davis Polk & Wardwell 9,364.1 1 25.0 32 1 21.7 3.3 ▲
Gibson Dunn & Crutcher 2,762.5 2 7.4 5 37 0.5 6.9 ▲ Cleary Gottlieb Steen & Hamilton 7,621.3 2 20.4 13 5 9.3 11.1 ▲
Latham & Watkins 1,816.4 3 4.9 6 19 1.4 3.5 ▲ Shearman & Sterling LLP 5,255.5 3 14.0 9 6 5.7 8.3 ▲
Morgan Lewis & Bockius 1,607.5 4 4.3 4 - - - - Cravath, Swaine & Moore 2,428.8 4 6.5 9 9 2.6 3.9 ▲
Baker Botts LLP 1,290.0 5 3.5 2 21 1.3 2.2 ▲ Simpson Thacher & Bartlett 2,340.0 5 6.3 5 4 11.6 -5.3 ▼
Foley & Lardner 1,197.5 6 3.2 3 34 0.7 2.5 ▲ Mayer Brown LLP 1,452.5 6 3.9 3 7 3.6 0.3 ▲
Wilson Sonsini Goodrich & Rosati 1,168.0 7 3.1 5 11 2.3 0.8 ▲ Latham & Watkins 1,437.5 7 3.8 4 10 2.2 1.6 ▲
K&L Gates 1,150.0 8 3.1 3 - - - - Skadden 1,048.5 8 2.8 4 8 3.4 -0.6 ▼
Kirkland & Ellis 1,085.0 9 2.9 3 - - - - Gibson Dunn & Crutcher 999.2 9 2.7 2 - - - -
Shearman & Sterling LLP 991.3 10 2.7 3 6 5.2 -2.5 ▼ Pinheiro Guimaraes 941.7 10 2.5 1 - - - -
Vinson & Elkins LLP 982.9 11 2.6 5 31 0.9 1.7 ▲ Linklaters 732.5 11 2.0 1 - - - -
Cleary Gottlieb Steen & Hamilton 941.7 12* 2.5 1 29 1.0 1.5 ▲ Vinson & Elkins LLP 700.0 12 1.9 2 18 0.8 1.1 ▲
Harney Westwood & Riegels 941.7 12* 2.5 1 - - - - Cahill Gordon & Reindel 690.0 13 1.8 3 11 1.9 -0.1 ▼
Debevoise & Plimpton 934.8 14 2.5 2 - - - - Sidley Austin LLP 661.3 14 1.8 3 12 1.2 0.6 ▲
Cains 732.5 15* 2.0 1 - - - - Wilson Sonsini Goodrich & Rosati 625.0 15 1.7 3 24 0.3 1.4 ▲
Taback and Associates (PTY) Ltd 732.5 15* 2.0 1 - - - - Top 15 Total 36,297.9 97.1 94 37,856.2 64.3 32.8 ▲
Top 15 Total 25,643.5 68.7 50 15,563.9 28.4 40.3 ▲ Industry Total 37,421.2 100.0 116 58,884.4 100.0
Industry Total 36,532.9 100.0 116 54,884.4 100.0

US Straight Debt - Including MBS, ABS (AB6) - Issuer Legal Advisor US Straight Debt - Including MBS, ABS (AB6) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share
Sullivan & Cromwell 124,424.7 1 7.7 86 1 10.1 -2.4 ▼ Davis Polk & Wardwell 169,655.6 1 10.0 148 2 8.6 1.4 ▲
Davis Polk & Wardwell 103,414.9 2 6.4 67 4 4.1 2.3 ▲ Sidley Austin LLP 126,231.7 2 7.4 132 1 9.2 -1.8 ▼
White & Case LLP 62,703.6 3 3.9 33 16 1.5 2.4 ▲ Cravath, Swaine & Moore 114,968.4 3 6.8 97 5 6.1 0.7 ▲
Skadden 59,965.1 4 3.7 55 6 4.0 -0.3 ▼ Cleary Gottlieb Steen & Hamilton 113,867.5 4 6.7 69 6 5.1 1.6 ▲
Cravath, Swaine & Moore 59,699.5 5 3.7 39 2 7.4 -3.7 ▼ Shearman & Sterling LLP 110,488.9 5 6.5 112 7 4.4 2.1 ▲
Cleary Gottlieb Steen & Hamilton 59,216.1 6 3.7 40 3 5.7 -2.0 ▼ Simpson Thacher & Bartlett 100,050.0 6 5.9 103 3 8.3 -2.4 ▼
Simpson Thacher & Bartlett 58,945.4 7 3.7 53 9 3.4 0.3 ▲ Allen & Overy 92,246.7 7 5.4 40 33 0.4 5.0 ▲
Linklaters 53,101.6 8 3.3 23 17 1.4 1.9 ▲ Sullivan & Cromwell 79,952.7 8 4.7 69 4 7.5 -2.8 ▼
Shearman & Sterling LLP 49,673.2 9 3.1 38 11 2.2 0.9 ▲ Cahill Gordon & Reindel 57,410.8 9 3.4 122 22 1.0 2.4 ▲
Mayer Brown LLP 43,132.6 10 2.7 41 22 1.2 1.5 ▲ Skadden 53,670.7 10 3.2 49 10 3.2 0.0 ▲
Latham & Watkins 39,582.5 11 2.5 39 20 1.3 1.2 ▲ Bingham McCutchen LLP 50,091.8 11 3.0 65 9 3.5 -0.5 ▼
Gide Loyrette Nouel 35,905.9 12 2.2 7 136 0.0 2.2 ▲ Linklaters 46,458.8 12 2.7 30 12 2.8 -0.1 ▼
Sidley Austin LLP 33,214.9 13 2.1 41 5 4.0 -1.9 ▼ Latham & Watkins 38,319.1 13 2.3 58 18 1.2 1.1 ▲
Dewey & LeBoeuf LLP 32,829.1 14 2.0 41 10 2.8 -0.8 ▼ Hengeler Mueller 34,873.9 14 2.1 13 8 4.3 -2.2 ▼
Debevoise & Plimpton 32,695.7 15 2.0 25 19 1.3 0.7 ▲ Morrison & Foerster 27,774.8 15 1.6 8 11 2.9 -1.3 ▼
Top 15 Total 848,504.8 52.7 628 629,166.7 50.4 2.3 ▲ Top 15 Total 1,216,061.4 71.7 1,115 911,444.3 68.5 3.2 ▲
Industry Total 1,607,588.0 100.0 1,734 1,248,335.1 100.0 Industry Total 1,699,292.7 100.0 1,823 1,331,861.5 100.0

*tie

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Page 5
Fourth Quarter 2009 | US Capital Markets | Legal Advisors

US Debt and Equity - Ranked by Deal Size


US Straight Debt - Excluding MBS, ABS (AB7) - Issuer Legal Advisor US Straight Debt - Excluding MBS, ABS (AB7) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share
Sullivan & Cromwell 124,424.7 1 8.5 86 1 12.2 -3.7 ▼ Davis Polk & Wardwell 169,655.6 1 11.0 148 1 10.3 0.7 ▲
Davis Polk & Wardwell 103,414.9 2 7.1 67 4 5.0 2.1 ▲ Cleary Gottlieb Steen & Hamilton 113,867.5 2 7.4 69 6 6.1 1.3 ▲
White & Case LLP 60,150.8 3 4.1 29 13 1.6 2.5 ▲ Sidley Austin LLP 110,990.9 3 7.2 111 2 10.3 -3.1 ▼
Cravath, Swaine & Moore 59,699.5 4 4.1 39 2 8.8 -4.7 ▼ Cravath, Swaine & Moore 107,972.1 4 7.0 93 5 6.6 0.4 ▲
Cleary Gottlieb Steen & Hamilton 59,216.1 5 4.1 40 3 6.9 -2.8 ▼ Shearman & Sterling LLP 102,763.3 5 6.7 108 8 3.9 2.8 ▲
Simpson Thacher & Bartlett 58,945.4 6 4.1 53 7 4.1 0.0 ▲ Simpson Thacher & Bartlett 94,965.8 6 6.2 97 3 9.9 -3.7 ▼
Skadden 58,804.9 7 4.0 53 6 4.3 -0.3 ▼ Allen & Overy 92,246.7 7 6.0 40 29 0.4 5.6 ▲
Linklaters 53,101.6 8 3.7 23 16 1.6 2.1 ▲ Sullivan & Cromwell 79,952.7 8 5.2 69 4 9.0 -3.8 ▼
Shearman & Sterling LLP 39,716.2 9 2.7 31 10 2.3 0.4 ▲ Cahill Gordon & Reindel 57,410.8 9 3.7 122 16 1.1 2.6 ▲
Latham & Watkins 36,782.5 10 2.5 37 19 1.1 1.4 ▲ Linklaters 46,458.8 10 3.0 30 10 3.4 -0.4 ▼
Gide Loyrette Nouel 35,905.9 11 2.5 7 124 0.0 2.5 ▲ Skadden 40,031.2 11 2.6 42 13 1.4 1.2 ▲
Debevoise & Plimpton 31,495.8 12 2.2 24 14 1.6 0.6 ▲ Latham & Watkins 38,319.1 12 2.5 58 18 1.0 1.5 ▲
Sidley Austin LLP 30,396.5 13 2.1 37 5 4.4 -2.3 ▼ Hengeler Mueller 34,873.9 13 2.3 13 7 5.2 -2.9 ▼
McGuireWoods LLP 26,687.3 14 1.8 9 8 4.0 -2.2 ▼ Morrison & Foerster 27,774.8 14 1.8 8 9 3.5 -1.7 ▼
Allen & Overy 24,164.5 15 1.7 22 28 0.8 0.9 ▲ Dewey & LeBoeuf LLP 22,198.5 15 1.4 39 15 1.2 0.2 ▲
Top 15 Total 802,906.6 55.2 557 606,545.3 58.7 -3.5 ▼ Top 15 Total 1,139,481.7 74.0 1,047 811,307.9 73.3 0.7 ▲
Industry Total 1,456,361.4 100.0 1,537 1,033,253.9 100.0 Industry Total 1,541,126.1 100.0 1,617 1,106,902.3 100.0

US High Yield Corporate Debt (AB8) - Issuer Legal Advisor US High Yield Corporate Debt (AB8) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share
Simpson Thacher & Bartlett 13,941.1 1 7.9 27 7 2.9 5.0 ▲ Cahill Gordon & Reindel 44,392.9 1 24.6 105 1 13.1 11.5 ▲
Kirkland & Ellis 8,014.6 2 4.5 11 - - - - Latham & Watkins 30,589.6 2 17.0 48 6 4.6 12.4 ▲
Latham & Watkins 7,846.5 3 4.4 18 1 9.6 -5.2 ▼ Shearman & Sterling LLP 23,077.8 3 12.8 37 2 11.0 1.8 ▲
White & Case LLP 7,641.7 4 4.3 7 16 2.2 2.1 ▲ Cravath, Swaine & Moore 16,374.4 4 9.1 39 5 8.1 1.0 ▲
Skadden 6,841.3 5 3.9 16 5 3.3 0.6 ▲ Simpson Thacher & Bartlett 13,716.7 5 7.6 33 11 1.9 5.7 ▲
Davis Polk & Wardwell 6,216.9 6 3.5 13 28 0.9 2.6 ▲ Allen & Overy 9,385.9 6 5.2 5 - - - -
Paul, Weiss 5,181.3 7 2.9 4 19 1.5 1.4 ▲ Davis Polk & Wardwell 8,391.2 7 4.7 20 3 10.7 -6.0 ▼
Cravath, Swaine & Moore 5,163.2 8 2.9 12 29 0.9 2.0 ▲ Skadden 4,668.4 8 2.6 9 7 4.3 -1.7 ▼
Sullivan & Cromwell 4,880.0 9 2.8 7 11 2.7 0.1 ▲ Blake Cassels & Graydon 4,593.1 9 2.5 3 13 1.5 1.0 ▲
Vinson & Elkins LLP 4,618.2 10 2.6 16 3 5.2 -2.6 ▼ Weil Gotshal & Manges 3,546.7 10 2.0 5 9 3.6 -1.6 ▼
Lang Michener 4,011.7 11 2.3 1 - - - - Cleary Gottlieb Steen & Hamilton 3,414.5 11 1.9 7 - - - -
Dewey & LeBoeuf LLP 3,974.1 12 2.2 3 - - - - White & Case LLP 2,212.6 12 1.2 5 12 1.5 -0.3 ▼
Jones Day 3,917.7 13 2.2 7 22 1.2 1.0 ▲ Linklaters 1,978.9 13 1.1 3 4 9.1 -8.0 ▼
Ropes & Gray 3,871.6 14 2.2 1 17 2.1 0.1 ▲ Vinson & Elkins LLP 1,951.9 14 1.1 7 10 2.8 -1.7 ▼
NautaDutilh 3,035.2 15 1.7 2 - - - - Clifford Chance 1,164.7 15 0.7 5 18 0.6 0.1 ▲
Top 15 Total 89,155.1 50.3 145 14,975.6 32.5 17.8 ▲ Top 15 Total 169,459.3 94.1 331 33,657.5 72.8 21.3 ▲
Industry Total 177,026.4 100.0 378 46,227.0 100.0 Industry Total 180,519.6 100.0 381 46,227.0 100.0

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Page 6
Fourth Quarter 2009 | US Capital Markets | Legal Advisors

US DCM - Ranked by Deal Size


US Investment Grade Corporate Debt (AB9) - Issuer Legal Advisor US Investment Grade Corporate Debt (AB9) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share
Sullivan & Cromwell 57,138.9 1 8.3 42 1 8.9 -0.6 ▼ Davis Polk & Wardwell 90,685.6 1 12.1 88 2 11.8 0.3 ▲
Davis Polk & Wardwell 52,470.9 2 7.6 34 4 6.1 1.5 ▲ Shearman & Sterling LLP 66,276.3 2 8.9 61 7 4.4 4.5 ▲
Skadden 34,382.6 3 5.0 32 5 5.6 -0.6 ▼ Sidley Austin LLP 63,892.5 3 8.5 78 1 13.2 -4.7 ▼
Cleary Gottlieb Steen & Hamilton 33,530.4 4 4.9 24 2 8.4 -3.5 ▼ Cravath, Swaine & Moore 61,988.3 4 8.3 43 6 6.7 1.6 ▲
Simpson Thacher & Bartlett 25,327.3 5 3.7 21 8 3.5 0.2 ▲ Cleary Gottlieb Steen & Hamilton 55,482.7 5 7.4 37 4 7.9 -0.5 ▼
Shearman & Sterling LLP 21,949.3 6 3.2 19 12 2.4 0.8 ▲ Simpson Thacher & Bartlett 48,572.9 6 6.5 47 3 8.0 -1.5 ▼
Debevoise & Plimpton 21,759.9 7 3.2 14 11 2.4 0.8 ▲ Sullivan & Cromwell 34,137.9 7 4.6 41 5 7.6 -3.0 ▼
Cravath, Swaine & Moore 19,707.0 8 2.9 19 3 6.8 -3.9 ▼ Skadden 22,884.2 8 3.1 30 13 1.5 1.6 ▲
Latham & Watkins 18,953.8 9 2.8 17 23 1.0 1.8 ▲ Dewey & LeBoeuf LLP 22,198.5 9 3.0 39 11 1.9 1.1 ▲
Linklaters 18,757.7 10 2.7 12 13 2.3 0.4 ▲ Milbank Tweed Hadley & McCloy 16,122.0 10 2.2 10 12 1.8 0.4 ▲
Paul, Weiss 18,729.4 11 2.7 10 14 1.4 1.3 ▲ Mayer Brown LLP 15,548.1 11 2.1 15 19 1.0 1.1 ▲
Baker Botts LLP 18,125.6 12 2.6 13 17 1.3 1.3 ▲ Linklaters 15,404.9 12 2.1 12 9 2.2 -0.1 ▼
Dewey & LeBoeuf LLP 17,985.3 13 2.6 28 7 4.1 -1.5 ▼ Cahill Gordon & Reindel 13,017.9 13 1.7 17 21 0.9 0.8 ▲
Homburger 16,328.0 14 2.4 1 - - - - Allen & Overy 11,914.1 14 1.6 7 38 0.1 1.5 ▲
Sidley Austin LLP 15,209.2 15 2.2 21 6 5.2 -3.0 ▼ Morrison & Foerster 10,928.8 15 1.5 6 8 2.6 -1.1 ▼
Top 15 Total 390,355.3 56.8 307 396,264.1 59.4 -2.6 ▼ Top 15 Total 549,054.7 73.6 531 520,143.7 71.6 2.0 ▲
Industry Total 687,444.4 100.0 833 669,340.5 100.0 Industry Total 747,925.1 100.0 899 727,607.4 100.0

US Mortgage-backed Securities (AB10) - Issuer Legal Advisor US Mortgage-backed Securities (AB10) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share
Hunton & Williams 5,884.8 1 59.8 2 2 17.1 42.7 ▲ Hunton & Williams 4,705.3 1 47.8 1 11 0.5 47.3 ▲
Bingham McCutchen LLP 710.0 2 7.2 4 3 17.0 -9.8 ▼ Orrick Herrington & Sutcliffe LLP 1,179.5 2 12.0 1 14 0.3 11.7 ▲
Sonnenschein Nath & Rosenthal 518.8 3 5.3 4 - - - - Mayer Brown LLP 770.7 3 7.8 1 - - - -
Cadwalader, Wickersham & Taft 330.6 4 3.4 1 1 22.2 -18.8 ▼ Bingham McCutchen LLP 710.0 4 7.2 4 2 15.3 -8.1 ▼
Sonnenschein Nath & Rosenthal 518.0 5 5.3 4 - - - -
Cadwalader, Wickersham & Taft 330.6 6 3.4 1 3 11.0 -7.6 ▼

Top 15 Total 7,444.2 75.7 11 40,108.5 56.3 19.4 ▲ Top 15 Total 8,214.1 83.5 12 31,867.7 27.1 56.4 ▲
Industry Total 9,834.8 100.0 17 49,350.5 100.0 Industry Total 9,834.8 100.0 17 49,542.5 100.0

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Page 7
Fourth Quarter 2009 | US Capital Markets | Legal Advisors

US DCM - Ranked by Deal Size


US Asset-backed Securities (AB11) - Issuer Legal Advisor US Asset-backed Securities (AB11) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share
Bingham McCutchen LLP 26,371.2 1 18.7 26 1 22.3 -3.6 ▼ Bingham McCutchen LLP 49,381.8 1 33.3 61 1 22.3 11.0 ▲
Mayer Brown LLP 26,307.9 2 18.6 24 4 5.5 13.1 ▲ Sidley Austin LLP 15,240.8 2 10.3 21 7 4.8 5.5 ▲
Richards Layton & Finger 13,017.1 3 9.2 12 3 11.0 -1.8 ▼ Skadden 13,639.5 3 9.2 7 2 15.8 -6.6 ▼
Dewey & LeBoeuf LLP 10,869.8 4 7.7 10 5 4.8 2.9 ▲ Hunton & Williams 9,197.7 4 6.2 4 26 0.4 5.8 ▲
Shearman & Sterling LLP 9,957.1 5 7.0 7 12 1.9 5.1 ▲ Orrick Herrington & Sutcliffe LLP 8,858.9 5 6.0 8 3 13.6 -7.6 ▼
Alston & Bird 3,126.8 6 2.2 2 17 1.1 1.1 ▲ Cadwalader, Wickersham & Taft 8,315.4 6 5.6 5 4 12.0 -6.4 ▼
Orrick Herrington & Sutcliffe LLP 2,958.8 7 2.1 4 2 12.7 -10.6 ▼ Shearman & Sterling LLP 7,725.6 7 5.2 4 5 8.7 -3.5 ▼
Sidley Austin LLP 2,818.3 8 2.0 4 14 1.6 0.4 ▲ Cravath, Swaine & Moore 6,996.3 8 4.7 4 9 4.3 0.4 ▲
Latham & Watkins 2,800.0 9 2.0 2 11 2.1 -0.1 ▼ Simpson Thacher & Bartlett 5,084.2 9 3.4 6 27 0.4 3.0 ▲
Kirkland & Ellis 2,724.7 10 1.9 5 6 3.6 -1.7 ▼ Stroock & Stroock & Lavan 4,893.9 10 3.3 6 6 4.8 -1.5 ▼
White & Case LLP 2,552.8 11 1.8 4 21 0.8 1.0 ▲ Mayer Brown LLP 4,059.9 11 2.7 7 10 3.6 -0.9 ▼
Greenberg Traurig 2,340.4 12 1.7 3 23 0.7 1.0 ▲ McGuireWoods LLP 1,649.5 12 1.1 2 25 0.4 0.7 ▲
Kutak Rock 1,977.9 13 1.4 4 15 1.1 0.3 ▲ Sonnenschein Nath & Rosenthal 1,240.0 13 0.8 7 24 0.4 0.4 ▲
Winston & Strawn 1,899.9 14 1.3 3 36 0.3 1.0 ▲ Dewey & LeBoeuf LLP 889.8 14 0.6 2 13 1.5 -0.9 ▼
Hunton & Williams 1,742.0 15 1.2 6 - - - - Richards Layton & Finger 726.9 15 0.5 1 11 1.9 -1.4 ▼
Top 15 Total 111,464.7 78.8 116 114,984.3 69.5 9.3 ▲ Top 15 Total 137,900.2 92.9 145 166,544.7 94.9 -2.0 ▼
Industry Total 141,391.9 100.0 180 165,730.8 100.0 Industry Total 148,331.8 100.0 189 175,416.7 100.0

US Preferred Stock (AB12) - Issuer Legal Advisor US Preferred Stock (AB12) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share Legal Advisor US$m Rank Share Deals Rank Share Mkt. Share
Simpson Thacher & Bartlett 1,850.0 1 19.7 2 7 8.4 11.3 ▲ Cravath, Swaine & Moore 2,500.0 1 28.8 2 5 11.1 17.7 ▲
Maples & Calder 850.0 2 9.1 1 - - - - Shearman & Sterling LLP 1,714.3 2 19.8 3 8 6.3 13.5 ▲
Cleary Gottlieb Steen & Hamilton 814.3 3 8.7 1 1 22.9 -14.2 ▼ Linklaters 850.0 3* 9.8 1 9 5.3 4.5 ▲
Squire Sanders & Dempsey LLP 700.0 4 7.5 2 11 2.6 4.9 ▲ Nagashima Ohno & Tsunematsu 850.0 3* 9.8 1 - - - -
McGuireWoods LLP 685.0 5 7.3 1 2 18.9 -11.6 ▼ Troutman Sanders LLP 685.0 5 7.9 1 - - - -
Richards Layton & Finger 425.0 6 4.5 2 4 12.1 -7.6 ▼ Skadden 400.0 6 4.6 1 10* 1.3 3.3 ▲
Sullivan & Cromwell 400.0 7 4.3 1 3 16.0 -11.7 ▼ Hunton & Williams 375.0 7 4.3 1 17 0.2 4.1 ▲
Morgan Lewis & Bockius 375.0 8 4.0 1 - - - - Conyers Dill & Pearman 200.0 8* 2.3 1 - - - -
Wachtell Lipton Rosen & Katz 250.0 9 2.7 1 - - - - Simpson Thacher & Bartlett 200.0 8* 2.3 1 7 7.1 -4.8 ▼
Appleby Corporate Services Ltd 200.0 10* 2.1 1 - - - - Andrews Kurth LLP 65.0 10 0.7 1 - - - -
Skadden 200.0 10* 2.1 1 5 11.4 -9.3 ▼

Top 15 Total 6,749.3 72.0 14 50,375.0 92.3 -20.3 ▼ Top 15 Total 7,839.3 90.4 13 44,723.6 31.3 59.1 ▲
Industry Total 9,370.3 100.0 19 60,501.1 100.0 Industry Total 8,670.3 100.0 15 50,182.1 100.0

*tie

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Page 8
Fourth Quarter 2009 | US Capital Markets | Legal Advisors

Global ECM - Ranked by Number of Issues


US Debt, Equity & Equity-related (AB1) - Issuer Legal Advisor US Debt, Equity & Equity-related (AB1) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


No. Mkt. Proceeds Mkt. Change in No. Mkt. Proceeds Mkt. Change in
Legal Advisor Deals Rank Share US$m Rank Share Mkt Share Legal Advisor Deals Rank Share US$m Rank Share Mkt Share
Sullivan & Cromwell 99 1 3.9 141,221.8 1 4.3 -0.4 ▼ Davis Polk & Wardwell 241 1 9.2 192,912.9 2 7.6 1.6 ▲
Davis Polk & Wardwell 95 2 3.8 132,686.9 5* 3.1 0.7 ▲ Sidley Austin LLP 175 2 6.7 145,178.6 1 8.9 -2.2 ▼
Skadden 85 3 3.4 87,588.6 4 3.4 0.0 ▲ Shearman & Sterling LLP 145 3 5.6 132,132.6 5 4.0 1.6 ▲
Latham & Watkins 76 4 3.0 49,318.9 10 2.3 0.7 ▲ Simpson Thacher & Bartlett 138 4 5.3 114,319.1 6 3.9 1.4 ▲
Simpson Thacher & Bartlett 71 5 2.8 68,521.7 8* 2.4 0.4 ▲ Cahill Gordon & Reindel 137 5 5.3 61,363.9 14 1.6 3.7 ▲
Vinson & Elkins LLP 68 6 2.7 19,027.3 15 1.7 1.0 ▲ Cravath, Swaine & Moore 130 6 5.0 139,321.0 7 3.7 1.3 ▲
Shearman & Sterling LLP 51 7 2.0 54,809.1 12 2.1 -0.1 ▼ Cleary Gottlieb Steen & Hamilton 105 7 4.0 145,919.6 9 3.3 0.7 ▲
Sidley Austin LLP 50 8 2.0 35,503.8 2 3.9 -1.9 ▼ Sullivan & Cromwell 103 8 3.9 94,480.0 3 5.2 -1.3 ▼
Cravath, Swaine & Moore 49 9* 1.9 63,870.9 8* 2.4 -0.5 ▼ Latham & Watkins 96 9 3.7 44,477.6 10 2.6 1.1 ▲
Dewey & LeBoeuf LLP 49 9* 1.9 34,409.0 5* 3.1 -1.2 ▼ Skadden 78 10 3.0 61,698.6 8 3.5 -0.5 ▼
Mayer Brown LLP 48 11 1.9 45,965.5 16 1.6 0.3 ▲ Bingham McCutchen LLP 66 11 2.5 50,902.6 4 4.2 -1.7 ▼
Cleary Gottlieb Steen & Hamilton 45 12 1.8 61,139.9 11 2.3 -0.5 ▼ Dewey & LeBoeuf LLP 59 12 2.3 29,295.6 11 2.3 0.0 ▲
Venable LLP 42 13 1.7 10,443.9 25* 1.0 0.7 ▲ Allen & Overy 40 13 1.5 92,246.7 32 0.5 1.0 ▲
White & Case LLP 37 14 1.5 64,565.2 34* 0.7 0.8 ▲ Vinson & Elkins LLP 39 14 1.5 13,848.2 15* 1.6 -0.1 ▼
Bingham McCutchen LLP 33 15* 1.3 27,763.3 3 3.5 -2.2 ▼ Clifford Chance 36 15 1.4 24,695.8 19 1.3 0.1 ▲
Kirkland & Ellis 33 15* 1.3 21,104.0 30 0.8 0.5 ▲ Top 15 Total 1,588 60.9 1,342,792.8 1056 54.2 6.7 ▲
Top 15 Total 931 35.6 896,835.8 709 37.8 -2.2 ▼ Industry Total 2,612 100.0 1,964,653.6 1948 100.0
Industry Total 2,522 100.0 1,872,773.0 1878 100.0

Global Equity Issuance by US Issuers (AB13) - Issuer Legal Advisor Global Equity Issuance by US Issuers (AB13) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


No. Mkt. Proceeds Mkt. Change in No. Mkt. Proceeds Mkt. Change in
Legal Advisor Deals Rank Share US$m Rank Share Mkt Share Legal Advisor Deals Rank Share US$m Rank Share Mkt Share
Venable LLP 38 1 5.6 8,905.7 1* 4.9 0.7 ▲ Davis Polk & Wardwell 55 1 8.1 12,628.8 1 8.8 -0.7 ▼
Vinson & Elkins LLP 31 2 4.6 4,101.0 3 4.6 0.0 ▲ Sidley Austin LLP 41 2 6.1 18,576.2 4 4.9 1.2 ▲
Skadden 27 3 4.0 25,772.0 4 3.6 0.4 ▲ Latham & Watkins 34 3 5.0 4,721.1 3 5.2 -0.2 ▼
Latham & Watkins 25 4 3.7 6,817.0 1* 4.9 -1.2 ▼ Sullivan & Cromwell 33 4 4.9 14,009.8 6 4.3 0.6 ▲
Davis Polk & Wardwell 20 5 3.0 15,688.3 17* 1.3 1.7 ▲ Goodwin Procter LLP 28 5 4.1 1,156.8 14* 2.0 2.1 ▲
Cooley Godward Kronish LLP 14 6 2.1 1,046.3 9* 2.3 -0.2 ▼ Simpson Thacher & Bartlett 25 6 3.7 7,866.0 9* 3.3 0.4 ▲
Hogan & Hartson 13 7 1.9 2,062.8 7* 2.6 -0.7 ▼ Cravath, Swaine & Moore 23 7 3.4 21,813.9 7* 3.6 -0.2 ▼
DLA Piper 12 8* 1.8 2,766.1 7* 2.6 -0.8 ▼ Vinson & Elkins LLP 22 8* 3.3 4,845.3 2 5.9 -2.6 ▼
Simpson Thacher & Bartlett 12 8* 1.8 8,231.0 5 3.3 -1.5 ▼ Skadden 22 8* 3.3 6,520.0 5 4.6 -1.3 ▼
Sullivan & Cromwell 11 10 1.6 16,337.1 6 3.0 -1.4 ▼ Cleary Gottlieb Steen & Hamilton 21 10* 3.1 24,161.4 9* 3.3 -0.2 ▼
Andrews Kurth LLP 10 11 1.5 1,786.4 17* 1.3 0.2 ▲ Shearman & Sterling LLP 21 10* 3.1 11,784.1 11* 2.9 0.2 ▲
Baker Botts LLP 9 12* 1.3 1,846.4 11* 2.0 -0.7 ▼ Andrews Kurth LLP 20 12 3.0 3,444.8 7* 3.6 -0.6 ▼
Greenberg Traurig 9 12* 1.3 840.8 27* 1.0 0.3 ▲ Baker Botts LLP 19 13 2.8 2,918.1 11* 2.9 -0.1 ▼
Fulbright & Jaworski 9 12* 1.3 646.9 47* 0.7 0.6 ▲ Dewey & LeBoeuf LLP 16 14 2.4 5,689.7 14* 2.0 0.4 ▲
K&L Gates 9 12* 1.3 3,473.9 14* 1.6 -0.3 ▼ Clifford Chance 15 15 2.2 2,796.9 14* 2.0 0.2 ▲
WilmerHale 9 12* 1.3 3,639.2 17* 1.3 0.0 ▲ Top 15 Total 395 58.5 142,932.9 181 59.3 -0.8 ▼
Top 15 Total 258 36.8 100,321.7 121.0 39.7 -2.9 ▼ Industry Total 676 100.0 217,603.9 306 100.0
Industry Total 675 100.0 217,428.0 305.0 100.0

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Page 9
Fourth Quarter 2009 | US Capital Markets | Legal Advisors

Global ECM - Ranked by Number of Issues


Global IPOs by US Issuers (AB14) - Issuer Legal Advisor Global IPOs by US Issuers (AB14) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


No. Mkt. Proceeds Mkt. Change in No. Mkt. Proceeds Mkt. Change in
Legal Advisor Deals Rank Share US$m Rank Share Mkt Share Legal Advisor Deals Rank Share US$m Rank Share Mkt Share
Skadden 5 1 9.4 2,102.7 5* 2.8 6.6 ▲ Davis Polk & Wardwell 8 1 15.1 2,696.5 1 16.7 -1.6 ▼
Venable LLP 4 2 7.6 1,128.8 - - - - Sullivan & Cromwell 5 2 9.4 2,629.1 4* 5.6 3.8 ▲
Fulbright & Jaworski 3 3* 5.7 355.8 - - - - Cravath, Swaine & Moore 4 3* 7.6 1,564.1 - - - -
Davis Polk & Wardwell 3 3* 5.7 3,725.2 - - - - Latham & Watkins 4 3* 7.6 660.8 2* 8.3 -0.7 ▼
Simpson Thacher & Bartlett 3 3* 5.7 1,206.4 5* 2.8 2.9 ▲ Fried Frank Harris Shriver & Jacobson 3 5* 5.7 1,142.1 - - - -
Sidley Austin LLP 3 5* 5.7 1,564.0 8* 2.8 2.9 ▲
Ropes & Gray 3 5* 5.7 661.6 - - - -
Skadden 3 5* 5.7 2,447.3 2* 8.3 -2.6 ▼
Cahill Gordon & Reindel 1 9* 1.9 330.0 - - - -
Cleary Gottlieb Steen & Hamilton 1 9* 1.9 147.8 - - - -
Clifford Chance 1 9* 1.9 287.5 - - - -
Cooley Godward Kronish LLP 1 9* 1.9 129.4 - - - -
Debevoise & Plimpton 1 9* 1.9 331.9 - - - -
Dorsey & Whitney LLP 1 9* 1.9 1.6 8* 2.8 -0.9 ▼

Top 15 Total 18 34.1 8,518.9 10 5.6 28.5 ▲ Top 15 Total 39 73.9 14,593.7 15 44.5 29.4 ▲
Industry Total 53 100.0 17,388.7 36 100.0 Industry Total 53 100.0 17,388.7 36 100.0

US Equity & Equity-related (AB2) - Issuer Legal Advisor US Equity & Equity-related (AB2) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


No. Mkt. Proceeds Mkt. Change in No. Mkt. Proceeds Mkt. Change in
Legal Advisor Deals Rank Share US$m Rank Share Mkt Share Legal Advisor Deals Rank Share US$m Rank Share Mkt Share
Venable LLP 39 1 5.0 9,172.1 3 4.7 0.3 ▲ Davis Polk & Wardwell 93 1 11.8 23,257.3 1 12.1 -0.3 ▼
Latham & Watkins 37 2 4.7 9,736.4 2 5.7 -1.0 ▼ Sidley Austin LLP 43 2 5.5 18,946.9 9 4.6 0.9 ▲
Vinson & Elkins LLP 36 3 4.6 5,083.8 5 4.2 0.4 ▲ Latham & Watkins 38 3 4.8 6,158.6 3* 5.4 -0.6 ▼
Skadden 30 4 3.8 27,623.5 1 6.0 -2.2 ▼ Cleary Gottlieb Steen & Hamilton 36 4 4.6 32,052.1 7* 4.9 -0.3 ▼
Davis Polk & Wardwell 28 5 3.6 29,271.9 9* 2.3 1.3 ▲ Simpson Thacher & Bartlett 35 5 4.4 14,269.1 7* 4.9 -0.5 ▼
Simpson Thacher & Bartlett 18 6 2.3 9,576.3 4 4.4 -2.1 ▼ Sullivan & Cromwell 34 6 4.3 14,527.3 3* 5.4 -1.1 ▼
Conyers Dill & Pearman 17 7 2.2 4,330.4 9* 2.3 -0.1 ▼ Cravath, Swaine & Moore 33 7* 4.2 24,352.6 10 3.9 0.3 ▲
K&L Gates 16 8 2.0 4,824.2 19* 1.3 0.7 ▲ Shearman & Sterling LLP 33 7* 4.2 21,643.7 2 5.9 -1.7 ▼
Cooley Godward Kronish LLP 15 9 1.9 1,276.3 14* 1.8 0.1 ▲ Goodwin Procter LLP 29 9* 3.7 1,423.2 18* 1.6 2.1 ▲
DLA Piper 14 10* 1.8 2,881.3 13 2.1 -0.3 ▼ Skadden 29 9* 3.7 8,027.9 5* 5.2 -1.5 ▼
Wilson Sonsini Goodrich & Rosati 14 10* 1.8 2,819.1 42* 0.8 1.0 ▲ Vinson & Elkins LLP 24 11 3.0 5,545.3 5* 5.2 -2.2 ▼
Hogan & Hartson 13 12* 1.7 1,870.7 6* 3.1 -1.4 ▼ Baker Botts LLP 22 12 2.8 3,183.9 12* 2.6 0.2 ▲
Shearman & Sterling LLP 13 12* 1.7 5,135.9 9* 2.3 -0.6 ▼ Andrews Kurth LLP 20 13 2.5 3,444.8 11 3.1 -0.6 ▼
Sullivan & Cromwell 13 12* 1.7 16,797.1 6* 3.1 -1.4 ▼ Dewey & LeBoeuf LLP 18 14 2.3 6,207.2 18* 1.6 0.7 ▲
Gibson Dunn & Crutcher 12 15 1.5 6,371.0 19* 1.3 0.2 ▲ Clifford Chance 16 15 2.0 3,036.9 14 2.3 -0.3 ▼
Top 15 Total 315 40.3 136,770.0 175 45.4 -5.1 ▼ Top 15 Total 503 63.8 186,076.8 266 68.7 -4.9 ▼
Industry Total 788 100.0 265,185.0 386 100.0 Industry Total 789 100.0 265,360.9 388 100.0

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Page 10
Fourth Quarter 2009 | US Capital Markets | Legal Advisors

US ECM - Ranked by Number of Issues


US Common Stock (AB3) - Issuer Legal Adivsor US Common Stock (AB3) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


No. Mkt. Proceeds Mkt. Change in No. Mkt. Proceeds Mkt. Change in
Legal Advisor Deals Rank Share US$m Rank Share Mkt Share Legal Advisor Deals Rank Share US$m Rank Share Mkt Share
Venable LLP 38 1 5.7 8,905.7 2* 5.3 0.4 ▲ Davis Polk & Wardwell 61 1 9.1 13,893.2 1 9.5 -0.4 ▼
Latham & Watkins 31 2* 4.6 7,920.0 1 6.4 -1.8 ▼ Sidley Austin LLP 40 2 5.9 18,285.6 4 5.3 0.6 ▲
Vinson & Elkins LLP 31 2* 4.6 4,101.0 2* 5.3 -0.7 ▼ Latham & Watkins 34 3 5.1 4,721.1 3 6.0 -0.9 ▼
Skadden 28 4 4.2 27,173.5 4* 3.9 0.3 ▲ Sullivan & Cromwell 33 4 4.9 14,009.8 5* 5.0 -0.1 ▼
Davis Polk & Wardwell 23 5 3.4 21,962.7 19* 1.4 2.0 ▲ Simpson Thacher & Bartlett 30 5 4.5 11,929.1 8 4.2 0.3 ▲
Simpson Thacher & Bartlett 16 6 2.4 8,972.6 4* 3.9 -1.5 ▼ Goodwin Procter LLP 28 6 4.2 1,156.8 20 1.8 2.4 ▲
Conyers Dill & Pearman 15 7 2.2 4,047.9 11* 2.1 0.1 ▲ Skadden 25 7 3.7 6,979.4 5* 5.0 -1.3 ▼
Cooley Godward Kronish LLP 14 8* 2.1 1,046.3 9* 2.5 -0.4 ▼ Cravath, Swaine & Moore 24 8* 3.6 21,923.9 7 4.6 -1.0 ▼
DLA Piper 14 8* 2.1 2,881.3 7* 2.8 -0.7 ▼ Shearman & Sterling LLP 24 8* 3.6 16,388.3 9* 3.9 -0.3 ▼
Hogan & Hartson 13 10* 1.9 1,870.7 7* 2.8 -0.9 ▼ Cleary Gottlieb Steen & Hamilton 23 10 3.4 24,430.8 11* 3.5 -0.1 ▼
K&L Gates 13 10* 1.9 3,674.2 14* 1.8 0.1 ▲ Vinson & Elkins LLP 22 11 3.3 4,845.3 2 6.4 -3.1 ▼
Sullivan & Cromwell 11 12 1.6 16,337.1 6 3.2 -1.6 ▼ Baker Botts LLP 21 12 3.1 3,073.9 11* 3.5 -0.4 ▼
Andrews Kurth LLP 10 13* 1.5 1,786.4 19* 1.4 0.1 ▲ Andrews Kurth LLP 20 13 3.0 3,444.8 9* 3.9 -0.9 ▼
Dewey & LeBoeuf LLP 16 14 2.4 5,689.7 14* 2.1 0.3 ▲
Clifford Chance 15 15 2.2 2,796.9 14* 2.1 0.1 ▲
Top 15 Total 257 38.2 110,679.4 126 42.8 -4.6 ▼ Top 15 Total 416 62.0 153,568.6 189 66.8 -4.8 ▼
Industry Total 672 100.0 227,763.8 282 100.0 Industry Total 673 100.0 227,939.7 283 100.0

US IPOs (AB4) - Issuer Legal Advisor US IPOs (AB4) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


No. Mkt. Proceeds Mkt. Change in No. Mkt. Proceeds Mkt. Change in
Legal Advisor Deals Rank Share US$m Rank Share Mkt Share Legal Advisor Deals Rank Share US$m Rank Share Mkt Share
Davis Polk & Wardwell 5 1* 8.2 9,275.8 - - - - Davis Polk & Wardwell 9 1 14.8 2,834.5 4 12.5 2.3 ▲
Simpson Thacher & Bartlett 5 1* 8.2 1,411.2 8* 3.1 5.1 ▲ Sullivan & Cromwell 5 2 8.2 2,629.1 2 6.3 1.9 ▲
Skadden 5 1* 8.2 2,102.7 - 3.1 5.1 ▲ Cravath, Swaine & Moore 4 3* 6.6 1,564.1 1 3.1 3.5 ▲
Maples & Calder 5 4* 6.6 303.2 - 3.1 3.5 ▲ Latham & Watkins 4 3* 6.6 660.8 4 12.5 -5.9 ▼
Latham & Watkins 5 4* 6.6 1,951.7 - 6.3 0.3 ▲ Skadden 4 3* 6.6 2,575.0 3 9.4 -2.8 ▼
K&L Gates 5 4* 6.6 640.9 - 3.1 3.5 ▲ Fried Frank Harris Shriver & Jacobson 3 6* 4.9 1,142.1 - - - -
Venable LLP 5 4* 6.6 1,128.8 - - - - O'Melveny & Myers 3 6* 4.9 259.7 - - - -
Commerce & Finance Law Offices 5 8* 4.9 320.6 - 3.1 1.8 ▲ Shearman & Sterling LLP 3 6* 4.9 5,402.4 1 3.1 1.8 ▲
Fulbright & Jaworski 5 8* 4.9 355.8 - - - - Sidley Austin LLP 3 6* 4.9 1,564.0 1 3.1 1.8 ▲
Wilson Sonsini Goodrich & Rosati 5 8* 4.9 422.1 - 3.1 1.8 ▲ Ropes & Gray 3 6* 4.9 661.6 - - - -
Simpson Thacher & Bartlett 3 6* 4.9 2,203.0 1 3.1 1.8 ▲
Commerce & Finance Law Offices 2 12* 3.3 1,175.8 2 6.3 -3.0 ▼
King and Wood 2 12* 3.3 210.8 - - - -
Stubbs Alderton & Markiles LLP 2 12* 3.3 26.9 1 3.1 0.2 ▲

Top 15 Total 50 65.7 17,912.8 12 21.8 43.9 ▲ Top 15 Total 50 100.0 22,909.8 19 62.5 37.5 ▲
Industry Total 61 100.0 24,246.9 32 100.0 Industry Total 61 100.0 24,246.9 32 100.0

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Page 11
Fourth Quarter 2009 | US Capital Markets | Legal Advisors

US Debt and Equity - Ranked by Number of Issues


US Convertible Offerings (AB5) - Issuer Legal Advisor US Convertible Offerings (AB5) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


No. Mkt. Proceeds Mkt. Change in No. Mkt. Proceeds Mkt. Change in
Legal Advisor Deals Rank Share US$m Rank Share Mkt Share Legal Advisor Deals Rank Share US$m Rank Share Mkt Share
Latham & Watkins 6 1 5.2 1,816.4 5* 3.9 1.3 ▲ Davis Polk & Wardwell 32 1 27.6 9,364.1 1 19.1 8.5 ▲
Davis Polk & Wardwell 5 2* 4.3 7,309.2 4 4.8 -0.5 ▼ Cleary Gottlieb Steen & Hamilton 13 2 11.2 7,621.3 3 8.6 2.6 ▲
Gibson Dunn & Crutcher 5 2* 4.3 2,762.5 13* 1.9 2.4 ▲ Cravath, Swaine & Moore 9 3* 7.8 2,428.8 12* 1.9 5.9 ▲
Vinson & Elkins LLP 5 2* 4.3 982.9 23* 1.0 3.3 ▲ Shearman & Sterling LLP 9 3* 7.8 5,255.5 2 11.4 -3.6 ▼
Wilson Sonsini Goodrich & Rosati 5 2* 4.3 1,168.0 23* 1.0 3.3 ▲ Simpson Thacher & Bartlett 5 5 4.3 2,340.0 4* 6.7 -2.4 ▼
Morgan Lewis & Bockius 4 6 3.5 1,607.5 - - - - Latham & Watkins 4 6* 3.5 1,437.5 7* 3.8 -0.3 ▼
Blake Cassels & Graydon 3 7* 2.6 153.8 - - - - Skadden 4 6* 3.5 1,048.5 6 5.7 -2.2 ▼
Foley & Lardner 3 7* 2.6 1,197.5 23* 1.0 1.6 ▲ Cahill Gordon & Reindel 3 8* 2.6 690.0 7* 3.8 -1.2 ▼
Kirkland & Ellis 3 7* 2.6 1,085.0 - - - - Sidley Austin LLP 3 8* 2.6 661.3 9* 2.9 -0.3 ▼
K&L Gates 3 7* 2.6 1,150.0 - - - - Mayer Brown LLP 3 8* 2.6 1,452.5 12* 1.9 0.7 ▲
Shearman & Sterling LLP 3 7* 2.6 991.3 2* 5.8 -3.2 ▼ Torys 3 8* 2.6 145.3 17* 1.0 1.6 ▲
Wilson Sonsini Goodrich & Rosati 3 8* 2.6 625.0 17* 1.0 1.6 ▲

Top 15 Total 45 38.9 20,224.1 27 19.4 19.5 ▲ Top 15 Total 91 78.7 33,069.8 72 67.8 10.9 ▲
Industry Total 116 100.0 37,421.2 104 100.0 Industry Total 116 100.0 37,421.2 105 100.0

US Straight Debt - Including MBS, ABS (AB6) - Issuer Legal Advisor US Straight Debt - Including MBS, ABS (AB6) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


No. Mkt. Proceeds Mkt. Change in No. Mkt. Proceeds Mkt. Change in
Legal Advisor Deals Rank Share US$m Rank Share Mkt Share Legal Advisor Deals Rank Share US$m Rank Share Mkt Share
Sullivan & Cromwell 86 1 5.0 124,424.7 1 4.6 0.4 ▲ Davis Polk & Wardwell 148 1 8.1 169,655.6 2 6.4 1.7 ▲
Davis Polk & Wardwell 67 2 3.9 103,414.9 6 3.4 0.5 ▲ Sidley Austin LLP 132 2 7.2 126,231.7 1 10.0 -2.8 ▼
Skadden 55 3 3.2 59,965.1 8 2.7 0.5 ▲ Cahill Gordon & Reindel 122 3 6.7 57,410.8 16 1.4 5.3 ▲
Simpson Thacher & Bartlett 53 4 3.1 58,945.4 13* 1.9 1.2 ▲ Shearman & Sterling LLP 112 4 6.1 110,488.9 7 3.5 2.6 ▲
Dewey & LeBoeuf LLP 41 5* 2.4 32,829.1 4 3.6 -1.2 ▼ Simpson Thacher & Bartlett 103 5 5.7 100,050.0 5* 3.7 2.0 ▲
Mayer Brown LLP 41 5* 2.4 43,132.6 13* 1.9 0.5 ▲ Cravath, Swaine & Moore 97 6 5.3 114,968.4 5* 3.7 1.6 ▲
Sidley Austin LLP 41 5* 2.4 33,214.9 2 4.4 -2.0 ▼ Cleary Gottlieb Steen & Hamilton 69 7* 3.8 113,867.5 9 2.9 0.9 ▲
Cleary Gottlieb Steen & Hamilton 40 8 2.3 59,216.1 9 2.6 -0.3 ▼ Sullivan & Cromwell 69 7* 3.8 79,952.7 3* 5.2 -1.4 ▼
Latham & Watkins 39 9* 2.3 39,582.5 16 1.5 0.8 ▲ Bingham McCutchen LLP 65 9 3.6 50,091.8 3* 5.2 -1.6 ▼
Cravath, Swaine & Moore 39 9* 2.3 59,699.5 7 2.8 -0.5 ▼ Latham & Watkins 58 10 3.2 38,319.1 14 1.9 1.3 ▲
Shearman & Sterling LLP 38 11 2.2 49,673.2 11* 2.1 0.1 ▲ Skadden 49 11 2.7 53,670.7 8 3.1 -0.4 ▼
White & Case LLP 33 12 1.9 62,703.6 23* 0.9 1.0 ▲ Dewey & LeBoeuf LLP 41 12 2.3 23,088.3 11 2.4 -0.1 ▼
Vinson & Elkins LLP 32 13 1.9 13,943.5 21 1.0 0.9 ▲ Allen & Overy 40 13 2.2 92,246.7 28* 0.6 1.6 ▲
Bingham McCutchen LLP 31 14 1.8 27,580.0 3 4.4 -2.6 ▼ Linklaters 30 14 1.7 46,458.8 12 2.3 -0.6 ▼
Debevoise & Plimpton 25 15 1.4 32,695.7 23* 0.9 0.5 ▲ Mayer Brown LLP 23 15 1.3 20,378.7 17* 1.3 0.0 ▲
Kirkland & Ellis 23 16* 1.3 18,773.2 38 0.5 0.8 ▲ Top 15 Total 1,158 63.7 1,196,879.7 835 53.6 10.1 ▲
Linklaters 23 16* 1.3 53,101.6 29* 0.7 0.6 ▲ Industry Total 1,823 100.0 1,699,292.7 1560 100.0
Top 15 Total 684 38.5 801,020.8 572 38.7 -0.2 ▼
Industry Total 1,734 100.0 1,607,588.0 1492 100.0
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Page 12
Fourth Quarter 2009 | US Capital Markets | Legal Advisors

US DCM - Ranked by Number of Issues


US Straight Debt - Excluding MBS, ABS (AB7) - Issuer Legal Advisor US Straight Debt - Excluding MBS, ABS (AB7) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


No. Mkt. Proceeds Mkt. Change in No. Mkt. Proceeds Mkt. Change in
Legal Advisor Deals Rank Share US$m Rank Share Mkt Share Legal Advisor Deals Rank Share US$m Rank Share Mkt Share
Sullivan & Cromwell 86 1 5.6 124,424.7 1 6.1 -0.5 ▼ Davis Polk & Wardwell 148 1 9.2 169,655.6 2 8.6 0.6 ▲
Davis Polk & Wardwell 67 2 4.4 103,414.9 3* 4.5 -0.1 ▼ Cahill Gordon & Reindel 122 2 7.5 57,410.8 10 1.9 5.6 ▲
Skadden 53 3* 3.5 58,804.9 7* 3.3 0.2 ▲ Sidley Austin LLP 111 3 6.9 110,990.9 1 11.8 -4.9 ▼
Simpson Thacher & Bartlett 53 3* 3.5 58,945.4 9* 2.5 1.0 ▲ Shearman & Sterling LLP 108 4 6.7 102,763.3 5* 4.1 2.6 ▲
Cleary Gottlieb Steen & Hamilton 40 5 2.6 59,216.1 7* 3.3 -0.7 ▼ Simpson Thacher & Bartlett 97 5 6.0 94,965.8 4 4.8 1.2 ▲
Cravath, Swaine & Moore 39 6 2.5 59,699.5 6 3.6 -1.1 ▼ Cravath, Swaine & Moore 93 6 5.8 107,972.1 5* 4.1 1.7 ▲
Latham & Watkins 37 7* 2.4 36,782.5 13 1.4 1.0 ▲ Cleary Gottlieb Steen & Hamilton 69 7* 4.3 113,867.5 7 3.9 0.4 ▲
Sidley Austin LLP 37 7* 2.4 30,396.5 2 4.8 -2.4 ▼ Sullivan & Cromwell 69 7* 4.3 79,952.7 3 7.0 -2.7 ▼
Vinson & Elkins LLP 32 9 2.1 13,943.5 14 1.4 0.7 ▲ Latham & Watkins 58 9 3.6 38,319.1 11 1.8 1.8 ▲
Dewey & LeBoeuf LLP 31 10* 2.0 21,959.3 5 4.2 -2.2 ▼ Skadden 42 10 2.6 40,031.2 14 1.3 1.3 ▲
Shearman & Sterling LLP 31 10* 2.0 39,716.2 9* 2.5 -0.5 ▼ Allen & Overy 40 11 2.5 92,246.7 25* 0.6 1.9 ▲
White & Case LLP 29 12 1.9 60,150.8 25* 0.8 1.1 ▲ Dewey & LeBoeuf LLP 39 12 2.4 22,198.5 8* 2.9 -0.5 ▼
Debevoise & Plimpton 24 13 1.6 31,495.8 15* 1.2 0.4 ▲ Linklaters 30 13 1.9 46,458.8 8* 2.9 -1.0 ▼
Linklaters 23 14 1.5 53,101.6 27* 0.7 0.8 ▲ Clifford Chance 20 14 1.2 21,658.9 19* 1.0 0.2 ▲
Allen & Overy 22 15 1.4 24,164.5 23* 0.9 0.5 ▲
Top 15 Total 604 39.4 776,216.2 459 41.2 -1.8 ▼ Top 15 Total 1,046 64.9 1,098,491.9 672 56.7 8.2 ▲
Industry Total 1,537 100.0 1,456,361.4 1111 100.0 Industry Total 1,617 100.0 1,541,126.1 1164 100.0

US High Yield Corporate Debt (AB8) - Issuer Legal Advisor US High Yield Corporate Debt (AB8) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


No. Mkt. Proceeds Mkt. Change in No. Mkt. Proceeds Mkt. Change in
Legal Advisor Deals Rank Share US$m Rank Share Mkt Share Legal Advisor Deals Rank Share US$m Rank Share Mkt Share
Simpson Thacher & Bartlett 27 1 7.1 13,941.1 6* 2.7 4.4 ▲ Cahill Gordon & Reindel 105 1 27.6 44,392.9 1 16.2 11.4 ▲
Latham & Watkins 18 2 4.8 7,846.5 2 4.5 0.3 ▲ Latham & Watkins 48 2 12.6 30,589.6 4* 6.3 6.3 ▲
Skadden 16 3* 4.2 6,841.3 6* 2.7 1.5 ▲ Cravath, Swaine & Moore 39 3 10.2 16,374.4 4* 6.3 3.9 ▲
Vinson & Elkins LLP 16 3* 4.2 4,618.2 1 6.3 -2.1 ▼ Shearman & Sterling LLP 37 4 9.7 23,077.8 2 10.8 -1.1 ▼
Davis Polk & Wardwell 13 5 3.4 6,216.9 11* 1.8 1.6 ▲ Simpson Thacher & Bartlett 33 5 8.7 13,716.7 8 3.6 5.1 ▲
Akin, Gump, Strauss, Hauer & Feld 12 6* 3.2 2,569.3 11* 1.8 1.4 ▲ Davis Polk & Wardwell 20 6 5.3 8,391.2 3 9.9 -4.6 ▼
Cravath, Swaine & Moore 12 6* 3.2 5,163.2 19* 0.9 2.3 ▲ Skadden 9 7 2.4 4,668.4 14* 0.9 1.5 ▲
Kirkland & Ellis 11 8 2.9 8,014.6 - - - - Cleary Gottlieb Steen & Hamilton 7 8* 1.8 3,414.5 - - - -
Baker Botts LLP 7 9* 1.9 1,910.2 - - - - Vinson & Elkins LLP 7 8* 1.8 1,951.9 9* 2.7 -0.9 ▼
Debevoise & Plimpton 7 9* 1.9 2,241.4 19* 0.9 1.0 ▲ Allen & Overy 5 10* 1.3 9,385.9 - - - -
Hogan & Hartson 7 9* 1.9 2,424.2 19* 0.9 1.0 ▲ Clifford Chance 5 10* 1.3 1,164.7 11* 1.8 -0.5 ▼
Jones Day 7 9* 1.9 3,917.7 11* 1.8 0.1 ▲ White & Case LLP 5 10* 1.3 2,212.6 9* 2.7 -1.4 ▼
Sullivan & Cromwell 7 9* 1.9 4,880.0 11* 1.8 0.1 ▲ Weil Gotshal & Manges 5 10* 1.3 3,546.7 11* 1.8 -0.5 ▼
White & Case LLP 7 9* 1.9 7,641.7 3* 3.6 -1.7 ▼ Andrews Kurth LLP 4 14* 1.1 1,124.0 14* 0.9 0.2 ▲
Weil Gotshal & Manges 7 9* 1.9 2,503.1 19* 0.9 1.0 ▲ Milbank Tweed Hadley & McCloy 4 14* 1.1 1,016.4 14* 0.9 0.2 ▲
Top 15 Total 174 46.3 80,729.4 34 30.6 15.7 ▲ Top 15 Total 333 87.5 165,027.7 70 64.8 22.7 ▲
Industry Total 378 100.0 177,026.4 111 100.0 Industry Total 381 100.0 180,519.6 111 100.0

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Page 13
Fourth Quarter 2009 | US Capital Markets | Legal Advisors

US DCM - Ranked by Number of Issues


US Investment Grade Corporate Debt (AB9) - Issuer Legal Advisor US Investment Grade Corporate Debt (AB9) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


No. Mkt. Proceeds Mkt. Change in No. Mkt. Proceeds Mkt. Change in
Legal Advisor Deals Rank Share US$m Rank Share Mkt Share Legal Advisor Deals Rank Share US$m Rank Share Mkt Share
Sullivan & Cromwell 42 1 5.0 57,138.9 4 4.7 0.3 ▲ Davis Polk & Wardwell 88 1 9.8 90,685.6 2 8.2 1.6 ▲
Davis Polk & Wardwell 34 2 4.1 52,470.9 5 4.6 -0.5 ▼ Sidley Austin LLP 78 2 8.7 63,892.5 1 13.3 -4.6 ▼
Skadden 32 3 3.8 34,382.6 6 4.0 -0.2 ▼ Shearman & Sterling LLP 61 3 6.8 66,276.3 7* 3.8 3.0 ▲
Dewey & LeBoeuf LLP 28 4 3.4 17,985.3 2 5.7 -2.3 ▼ Simpson Thacher & Bartlett 47 4 5.2 48,572.9 4* 4.5 0.7 ▲
Cleary Gottlieb Steen & Hamilton 24 5 2.9 33,530.4 7 3.5 -0.6 ▼ Cravath, Swaine & Moore 43 5 4.8 61,988.3 7* 3.8 1.0 ▲
Sidley Austin LLP 21 6* 2.5 15,209.2 3 5.2 -2.7 ▼ Sullivan & Cromwell 41 6 4.6 34,137.9 3 6.0 -1.4 ▼
Simpson Thacher & Bartlett 21 6* 2.5 25,327.3 10 2.2 0.3 ▲ Dewey & LeBoeuf LLP 39 7 4.3 22,198.5 6 3.9 0.4 ▲
Cravath, Swaine & Moore 19 8* 2.3 19,707.0 8 2.9 -0.6 ▼ Cleary Gottlieb Steen & Hamilton 37 8 4.1 55,482.7 4* 4.5 -0.4 ▼
Shearman & Sterling LLP 19 8* 2.3 21,949.3 9 2.4 -0.1 ▼ Skadden 30 9 3.3 22,884.2 11* 1.5 1.8 ▲
Latham & Watkins 17 10 2.0 18,953.8 14* 1.3 0.7 ▲ Cahill Gordon & Reindel 17 10 1.9 13,017.9 23* 0.5 1.4 ▲
Vinson & Elkins LLP 16 11 1.9 9,325.3 20* 1.0 0.9 ▲ Mayer Brown LLP 15 11 1.7 15,548.1 11* 1.5 0.2 ▲
Morgan Lewis & Bockius 15 12 1.8 6,699.9 29* 0.7 1.1 ▲ Pillsbury Winthrop Shaw Pitt LLP 14 12 1.6 5,412.5 9 2.2 -0.6 ▼
Debevoise & Plimpton 14 13 1.7 21,759.9 13 1.5 0.2 ▲ Linklaters 12 13 1.3 15,404.9 14 1.4 -0.1 ▼
Baker Botts LLP 13 14* 1.6 18,125.6 14* 1.3 0.3 ▲ Andrews Kurth LLP 10 14* 1.1 4,666.8 15 1.3 -0.2 ▼
Jones Day 13 14* 1.6 8,497.4 12 1.8 -0.2 ▼ Milbank Tweed Hadley & McCloy 10 14* 1.1 16,122.0 16* 1.2 -0.1 ▼
Mayer Brown LLP 13 14* 1.6 9,063.2 14* 1.3 0.3 ▲ Latham & Watkins 10 14* 1.1 7,729.4 10 1.6 -0.5 ▼
Top 15 Total 341 39.4 361,062.8 354 42.8 -3.4 ▼ Top 15 Total 552 60.3 536,291.1 498 57.6 2.7 ▲
Industry Total 833 100.0 687,444.4 822 100.0 Industry Total 899 100.0 747,925.1 867 100.0

US Mortgage-backed Securities (AB10) - Issuer Legal Advisor US Mortgage-backed Securities (AB10) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


No. Mkt. Proceeds Mkt. Change in No. Mkt. Proceeds Mkt. Change in
Legal Advisor Deals Rank Share US$m Rank Share Mkt Share Legal Advisor Deals Rank Share US$m Rank Share Mkt Share
Bingham McCutchen LLP 4 1* 23.5 710.0 1 29.5 -6.0 ▼ Bingham McCutchen LLP 4 1* 23.5 710.0 1 31.1 -7.6 ▼
Sonnenschein Nath & Rosenthal 4 1* 23.5 518.8 - - - - Sonnenschein Nath & Rosenthal 4 1* 23.5 518.0 - - - -
Hunton & Williams 2 3 11.8 5,884.8 5 3.8 8.0 ▲ Mayer Brown LLP 1 3* 5.9 770.7 - - - -
Cadwalader, Wickersham & Taft 1 4 5.9 330.6 2* 15.2 -9.3 ▼ Hunton & Williams 1 3* 5.9 4,705.3 7* 1.9 4.0 ▲
Cadwalader, Wickersham & Taft 1 3* 5.9 330.6 3 12.3 -6.4 ▼
Orrick Herrington & Sutcliffe LLP 1 3* 5.9 1,179.5 9* 0.9 5.0 ▲

Top 15 Total 11 64.7 7,444.2 80 48.5 16.2 ▲ Top 15 Total 12 70.6 8,214.1 79 46.2 24.4 ▲
Industry Total 17 100.0 9,834.8 105 100.0 Industry Total 17 100.0 9,834.8 106 100.0

* tie

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Page 14
Fourth Quarter 2009 | US Capital Markets | Legal Advisors

US DCM - Ranked by Number of Issues


US Asset-backed Securities (AB11) - Issuer Legal Advisor US Asset-backed Securities (AB11) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


No. Mkt. Proceeds Mkt. Change in No. Mkt. Proceeds Mkt. Change in
Legal Advisor Deals Rank Share US$m Rank Share Mkt Share Legal Advisor Deals Rank Share US$m Rank Share Mkt Share
Bingham McCutchen LLP 26 1 14.4 26,371.2 1 12.3 2.1 ▲ Bingham McCutchen LLP 61 1 32.3 49,381.8 1 16.6 15.7 ▲
Mayer Brown LLP 24 2 13.3 26,307.9 4 6.2 7.1 ▲ Sidley Austin LLP 21 2 11.1 15,240.8 5* 5.2 5.9 ▲
Richards Layton & Finger 12 3 6.7 13,017.1 3 8.3 -1.6 ▼ Orrick Herrington & Sutcliffe LLP 8 3 4.2 8,858.9 2 13.8 -9.6 ▼
Dewey & LeBoeuf LLP 10 4 5.6 10,869.8 7 2.5 3.1 ▲ Mayer Brown LLP 7 4* 3.7 4,059.9 9* 2.4 1.3 ▲
Shearman & Sterling LLP 7 5 3.9 9,957.1 15* 1.1 2.8 ▲ Sonnenschein Nath & Rosenthal 7 4* 3.7 1,240.0 27* 0.3 3.4 ▲
Hunton & Williams 6 6 3.3 1,742.0 - - - - Skadden 7 4* 3.7 13,639.5 3 11.4 -7.7 ▼
Kirkland & Ellis 5 7* 2.8 2,724.7 8* 2.2 0.6 ▲ Stroock & Stroock & Lavan 6 7* 3.2 4,893.9 8 2.8 0.4 ▲
Sonnenschein Nath & Rosenthal 5 7* 2.8 892.6 - - - - Simpson Thacher & Bartlett 6 7* 3.2 5,084.2 27* 0.3 2.9 ▲
Kutak Rock 4 9* 2.2 1,977.9 22* 0.7 1.5 ▲ Cadwalader, Wickersham & Taft 5 9 2.7 8,315.4 4 5.9 -3.2 ▼
Orrick Herrington & Sutcliffe LLP 4 9* 2.2 2,958.8 2 9.1 -6.9 ▼ Cravath, Swaine & Moore 4 10* 2.1 6,996.3 7 3.1 -1.0 ▼
Sidley Austin LLP 4 9* 2.2 2,818.3 8* 2.2 0.0 ▲ Hunton & Williams 4 10* 2.1 9,197.7 27* 0.3 1.8 ▲
White & Case LLP 4 9* 2.2 2,552.8 11* 1.5 0.7 ▲ Shearman & Sterling LLP 4 10* 2.1 7,725.6 9* 2.4 -0.3 ▼
Greenberg Traurig 3 13* 1.7 2,340.4 22* 0.7 1.0 ▲ Dewey & LeBoeuf LLP 2 13* 1.1 889.8 13* 1.4 -0.3 ▼
Winston & Strawn 3 13* 1.7 1,899.9 34* 0.4 1.3 ▲ McGuireWoods LLP 2 13* 1.1 1,649.5 27* 0.3 0.8 ▲

Top 15 Total 117 65.0 106,430.5 132 47.2 17.8 ▲ Top 15 Total 144 76.3 137,173.3 196 66.2 10.1 ▲
Industry Total 180 100.0 141,391.9 276 100.0 Industry Total 189 100.0 148,331.8 290 100.0

US Preferred Stock (AB12) - Issuer Legal Advisor US Preferred Stock (AB12) - Manager Legal Advisor

1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008


No. Mkt. Proceeds Mkt. Change in No. Mkt. Proceeds Mkt. Change in
Legal Advisor Deals Rank Share US$m Rank Share Mkt Share Legal Advisor Deals Rank Share US$m Rank Share Mkt Share
Richards Layton & Finger 2 1* 13.3 425.0 1 16.3 -3.0 ▼ Shearman & Sterling LLP 3 1 20.0 1,714.3 4* 6.8 13.2 ▲
Squire Sanders & Dempsey LLP 2 1* 13.3 700.0 6* 4.7 8.6 ▲ Cravath, Swaine & Moore 2 2 13.3 2,500.0 3 9.1 4.2 ▲
Simpson Thacher & Bartlett 2 1* 13.3 1,850.0 4* 7.0 6.3 ▲ Andrews Kurth LLP 1 3* 6.7 65.0 - - - -
Cleary Gottlieb Steen & Hamilton 1 4* 6.7 814.3 2 14.0 -7.3 ▼ Hunton & Williams 1 3* 6.7 375.0 8* 4.6 2.1 ▲
Appleby Corporate Services Ltd 1 4* 6.7 200.0 - - - - Conyers Dill & Pearman 1 3* 6.7 200.0 - - - -
McGuireWoods LLP 1 4* 6.7 685.0 6* 4.7 2.0 ▲ Linklaters 1 3* 6.7 850.0 10* 2.3 4.4 ▲
Morgan Lewis & Bockius 1 4* 6.7 375.0 - - - - Skadden 1 3* 6.7 400.0 10* 2.3 4.4 ▲
Maples & Calder 1 4* 6.7 850.0 - - - - Troutman Sanders LLP 1 3* 6.7 685.0 - - - -
Wachtell Lipton Rosen & Katz 1 4* 6.7 250.0 - - - - Simpson Thacher & Bartlett 1 3* 6.7 200.0 4* 6.8 -0.1 ▼
Sullivan & Cromwell 1 4* 6.7 400.0 3 11.6 -4.9 ▼ Nagashima Ohno & Tsunematsu 1 3* 6.7 850.0 - - - -

Top 15 Total 13 100.0 6,549.3 32 42.0 58.0 ▲ Top 15 Total 13 86.9 7,839.3 32 31.9 55.0 ▲
Industry Total 19 100.0 9,370.3 43 100.0 Industry Total 17 100.0 8,670.3 44 100.0

* tie

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Fourth Quarter 2009 | US Capital Markets | Legal Advisors

Ranking Criteria Summary

- Full credit is given to the issuer’s legal counsel and manager’s legal counsel. All rankings exclude General Counsel. Rankings are
If you would like to participate in the accumulated based on proceeds plus exercised overallotments.
submission process, receive quarterly
press releases, or have questions about - Time periods for league tables will be based upon pricing/launch date.
league table criteria please contact:
- Where applicable, all league tables include Rule 144a transactions. All league tables exclude pure private placements. Medium Term
Notes programs are excluded but Medium Term Note takedowns are included. MTN takedowns from continuously offered retail programs
United States are tracked but are not eligible for league table credit.
Rebecca Atchana
Tel: +1 646 223 8435 - Initial Public Offering league tables include only transactions where the common stock has never before traded publicly in any market.
E-mail: rebecca.atchana@thomsonreuters.com
- Standard league table exclusions: best efforts offerings, non-underwritten transactions and direct placements, rights offerings, transactions
Europe that mature or are callable/putable less than 360 days after settlement, CD's , Deposit Notes & Bank Notes, Federal Credit Agency
Ian Willmott transactions, exchange offers, and offerings by closed-end funds/trusts.
Tel: +44 (0) 20 7336 1862
E-mail: ian.willmott@thomsonreuters.com - High Yield is defined as securities with an S&P rating equal to or less than BB+ and a Moody’s rating equal to or less than Ba1. Securities
not rated by both agencies are assumed high yield with the exception of certain issuers (e.g., Federal Credit Agencies). Certificates of
Deposit, General Term Notes, and Split-junk rated securities (i.e., securities with an investment grade rating from one agency and a high
yield rating from the other) are excluded. Non-convertible preferred stock transactions are included.
- Mortgage and asset-backed securities collateralizing first lien mortgages, home improvement loans, manufactured housing contracts,
home equity lines of credit and second liens are subject to the classification rules detailed in the Rules for Categorizing Mortgage and
Asset-backed Securities letter dated January 1, 2006.

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