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NOVEMBER 2019JONES DAY2018 ANNUAL REVIEWALM LEGAL INTELLIGENCE

JONES DAYANNUAL REPORT Executive SummaryJones Day’s strategy includes maintaining a collaborative and multi-jurisdictional service delivery model across its global network while seeking to develop and deliverinnovative and cost-effective client solutions— Ranked 9th in the 2019 Am Law 200, with 2,518 attorneys generating 2B in FY2018 revenue across 41 global offices— Jones Day’s headcount remained flat in 2018 amidst footprint decline in London, Latin America and the Asia Pacific— While headcount declined across several of its US offices, the firm has increased its footprint in the Midwest— Globally, the firm bolstered its footprint in Australia through office openings and lateral hiring in Melbourne, Brisbane and Perth— Jones Day experienced a high number of partner departures, impacting upon some of its biggest offices and practice areas— Despite partner exits, Jones Day increased attorney headcount in its banking and corporate practices across the US, Europe and Asia Pacific Jones Day posted robust financial metrics in 2018, outpacing its five-year average growth across leading financial KPIs— Revenue increased 5% to 2B, while operating profit grew 5% to 1B— Profit Per Lawyer (PPL) increased 3% to 233K, outperforming three of its ALM Selected Peers*— Profit Per Equity Partner (PEP) climbed 8% to 1M— To maintain its overall PEP, the firm reduced its equity partnership by 3% while increasing its associate leverage by 5%— Revenue Per Lawyer (RPL) increased 5% to 817K, but was offset by a 5% increase in Cost Per Lawyer (CPL) In comparison to its peers, Jones Day has one of the highest percentage of female attorneys but the lowest percentage of minority attorneys Going forward, ALM Intelligence expects Jones Day to continue lateral hiring in areas of focused growth, including the US Midwest and Australia, while strengthening itspresence across key office locations and global markets* ALM Selected Peers Greenberg Traurig, Mayer Brown, Morgan, Lewis & Bockius, Reed Smith See methodology section for peer group criteria.2Firm ReportSee bibliography for links to underlying sources

JONES DAYANNUAL REPORTKey Statistics: Jones DayJones Day outpaced its five-year average growth across four key financial metrics in 2018, including Profit Per Equity Partner (PEP), whichdoubled in growth. In a bid to maintain overall PEP, the firm reduced its equity partnership by 3%2018Year-on-YearGrowth2017 - 2018Average Annual Growth2014 -2018Revenue ( M) 2,0575%3%Profit ( M) 1,0045%4%49%0%1% 1,0938%4%Revenue Per Lawyer ( K) 8175%3%Total Lawyers2,5180%0%919-3%----1.75%Profit MarginProfit Per Equity Partner ( K)Equity PartnersNon-Equity PartnersLeverage3Firm ReportMetrics where the firm’syear-on-year performanceoutpaced its five-yearperformance0%-1%

JONES DAYANNUAL REPORTJones Day Global FootprintJones Day has 2,518 lawyers located across 42 global offices. In 2018, the firm’s headcount remained relatively flat across the US andContinental Europe, while declining in Asia Pacific, London and Latin AmericaLawyers by Global RegionJones Day, 2018Year over Year2017 – 2018USA1,618Continental Europe389Asia Pacific252LondonLATAMMiddle East41805722Firm Report5 Year Average2014 – 20182%-1%1%4%-3%1%-3%-2%-9%3%39%9%Lawyers By LocationFor Jones Day, 2018

JONES DAYANNUAL REPORTDomestic GrowthJones Day experienced headcount decline across several of its US offices including Dallas, Cleveland and New York. In contrast, the firmincreased its presence in the Midwest though office openings in Detroit and MinneapolisExpansion in the Midwest via New OfficesAttorney Decline Across US OfficesFor Jones Day, 2014-2018DallasClevelandSan JoseNew YorkLA Over the last five years, Jones Day expanded its presence in the Midwest through office openings inDetroit and Minneapolis. The firm has aggressively grown in the region, adding 38 attorneys across bothoffices in 2018 aloneMidwest Attorney GrowthFor Jones Day, (-9%)201552016Minneapolis5Firm Report2017Detroit2018

JONES DAYANNUAL REPORTInternational GrowthJones Day experienced footprint decline in the key international financial markets of London, Tokyo, and Hong Kong. The firm’s globalexpansion focused on increasing its presence in Australia though lateral hiring and office openingsGrowth in AustraliaAttorney Decline Across Global OfficesFor Jones Day, 2014-2018Hong KongLondon Jones Day has increased attorney headcount by 73% in Australia over the last five years The firm launched a Melbourne office in 20183 following the opening of offices in Brisbane (2016) andPerth (2014) Since opening, the firm has continued to expand its presence in Melbourne through lateral hiring, includingan eight-lawyer tax team from local firm Clayton Utz4 The firm used lateral hiring to strengthen its corporate5 and IP practices6 in Sydney and its energy group inPerth 7TokyoAttorney Headcount Growth in AustraliaFor Jones Day, irm Report2015201620172018

JONES DAYANNUAL REPORTJones Day Lateral HiringJones Day hired 38 partners between 2017 and 2019, offsetting 65 departures across the same periodLateral Partner Hires and DeparturesFor Jones Day Annual Report and ALM Selected Peers, 2017 - 2019DeparturesHires8884574538-45-65-60-89Jones DayGreenberg TraurigNote: Lateral hiring data is from the period January 2017 through February 20197Firm ReportMayer BrownMorgan Lewis-80Reed Smith

JONES DAYANNUAL REPORTLateral Activity Breakdown2Jones Day’s departure activity has been largely concentrated in London where 13 exits have impacted the firm’s banking and corporatepractices. The Dallas and Washington, DC offices also suffered departures during this periodTop Five offices for Partner Hiring and Departure ActivityFor Jones Day, 2017 - 2019Top Five Practice Areas for Partner Hiring and Departure ActivityFor Jones Day, 2017 – 201913CorporateLitigation7-197-1376544444-9Banking and Finance3217-3Tax41-4Real EstateLondonDallasWashington DCHiresAtlantaChicagoDeparturesNote: Lateral hiring data is from the period January 2017 through February 20198Firm ReportLos AngelesNew YorkDeparturesHires2

JONES DAYANNUAL REPORT2018 Practice Area GrowthDespite partner losses, Jones Day expanded its banking, litigation and IP practices across the US, while bolstering its banking group inLondon and ParisPractice Area Attorney Growth By RegionJones Day Fastest Growing Practice Areas, 201810% YoY GrowthUSA5-10% YoY Growth Banking and Finance Corporate Litigation Bankruptcy Intellectual Property Energy In the US, banking, litigation and intellectual property were amongthe firm’s fastest growing practices The firm strengthened its corporate and energy teams through theaddition of two partners in Pittsburgh,8 while also adding to itsEurope Banking & Finance Antitrust Venture Capital & Private Equity Real Estate M&A Intellectual Propertyenergy practice in Boston9 In Europe, Jones Day bolstered its banking practices in London10 andParis in addition to its M&A and international and cross-borderRest ofWorld9 International and Cross-Border Banking and Finance M&A EnergyFirm Reportpractices in Asia Pacific

JONES DAYANNUAL REPORTPerformance in Key Financial MetricsJones Day posted robust 2018 financial results with revenue and profit increasing 5% leading to 8% Profit Per Equity Partner growthLikely Drivers of PEP GrowthGrowth in Financial Key MetricsFor Jones Day 3,000 3% reduction in equity partnership 5% increase in associate leverage 5% RPL growth suggesting an increase in billable hours,utilization, realization and/or chargeable ratesJones DayJones DayYear over Year Average AnnualGrowthGrowth2017 – 20182014 – 2018 1,200 1,093Profit Per Equity Partner ( K) 928 2,500 1,000 1,941 1,850 2,000Revenue( M)47%Margin 1,500 866 1,000 936 1,97749% 800MarginProfit( M) 600 956 1,004 500 0 010Firm Report201520164%1%5%3%6%5%4%7% 400 20020148% 2,057 1,959 973ALM Selected PeersAverage AnnualGrowth2014 – 201820172018

JONES DAYANNUAL REPORT2018 Revenue and PPL GrowthJones Day’s 5% revenue growth was comparable to its peer group, while its 5% PPL growth outperformed three of its four peersGrowth in Revenue and Profit Per LawyerFor Jones Day and ALM Selected PeersGrew Profitability / Grew RevenueKey15%Bubble size is proportional tofirm’s total revenueJones DayGreenberg TraurigYoY PPL Growth(2017 – 2018)10%5%Reed SmithMayer Brown0%-5%Morgan Lewis-10%-15%-10%-8%-6%-4%-2%0%YoY Revenue Growth(2017 – 2018)11Firm Report2%4%6%8%10%

JONES DAYANNUAL REPORT2017-2018 Performance Versus PeersJones Day generates the highest profit and the lowest Cost Per Lawyer (CPL) of its peer group but was outperformed across the remainingkey performance indicatorsJones Day2018 FinancialsGreenberg TraurigMayer BrownMorgan LewisReed SmithBest performance in thesemetric among peer group Revenue ( M)2,0571,5571,3892,0951,175 Operating Profit ( M)1,004539466997360 Profit Margin49%35%34%48%31%2018 Operating Metrics Revenue Per Lawyer ( K)8177938851,040761 Cost Per Lawyer ( K)418519588545528 Profit Per Lawyer ( K)399275297495233 Profit Per Equity Partner ( K)1,0931,7501,7021,3911,261 Total Lawyers2,5181,9621,5702,0151,54412Firm Report

JONES DAYANNUAL REPORTFinancial Analysis: One Year Profit TreeDespite being the lowest amongst its peers, Jones Day’s PEP increased at a higher rate than its peer group average in 2018, driven by strongPPL and leverage growthProfit Tree Analysis: Growth Over One YearYear-on-year change in key metrics for Jones Day and ALM Selected Peers Average, 2017 - 2018KeyJones DayY-o-Y Growth ’17 – ‘18ALM Selected PeersY-o-Y Growth ’17 – ‘185%Growth rate overperiodPPL5%4%2%5%5%Profit Per EquityPartner5%Leverage5%4%3%-2%Firm ReportCost Per Lawyer8%5%13Revenue Per LawyerAssociate toEquity Partner RatioNon-Equity toEquity Partner Ratio

JONES DAYANNUAL REPORTGender & Minority DiversityJones Day has one the highest percentages of female attorneys and partners in comparison to its peers, but has one of the lowest percentagesof minority attorneysPercentage of Female and Minority LawyersFor Jones Day and Selected PeersJones Day40%38%34%36%Greenberg TraurigMayer BrownMorgan LewisReed Smith37%24%26%23%23%21%19%15%% Female Attorneys14Firm Report% Female Partners21%17%% Minority Attorneys17%

JONES DAYANNUAL REPORTBibliographyBibliography1Oil and Gas Litigators Return to K&L Gates in Texas After Stint at Winstead (22 March fter-stint-at-winstead/2Jones Day London exits mount as private equity partner joins White & Case (12 March r-joins-white-case/3Jones Day Adds Office in Melbourne — Its 4th Location in Australia (25 January n-in-australia/4Jones Day Ramps Up Australia Expansion With 8-Lawyer Tax Team in Melbourne (14 May -melbourne-292-46052/5Jones Day Continues Australia Expansion With M&A Partner in Sydney (24 April er-in-sydney/6Jones Day Adds Ashurst IP Partner in Sydney (21 January jones-day-adds-ashurst-ip-partner-in-sydney/7Jones Day Continues Expansion in Australia, Hiring Ashurst Partner in Perth (13 November rst/8Jones Day Adds Pittsburgh Partner Pair From Morgan Lewis, Reed Smith (12 February m-morgan-lewis-reed-smith/9Jones Day's Newest Partner Seeks Nuclear Power Plant Proliferation (13 June tion/?slreturn 2019082505555910Jones Day adds two new partners in London to Firm's Banking, Finance & Securities Practice (August rm Report