SMALL CAP M&A REVIEW FINANCIAL ADVISORS. REUTERS / Peter Kujundzic

Transcription

1 SMALL CAP M&A REVIEW FINANCIAL ADVISORS REUTERS / Peter Kujundzic First Quarter 0

2 First Quarter 0 Mergers & Acquisitions s Small Cap M&A Review Table of Contents Worldwide Small Cap M&A Deals Intelligence Worldwide Small Cap Rankings (MMa) US Target Small Cap Rankings (MMa) Canadian Involvement Small Cap Rankings (MMa) Latin America Involvement Small Cap Rankings (MMa) European Involvement Small Cap Rankings (MMa) UK Involvement Small Cap Rankings (MMa) French Involvement Small Cap Rankings (MMa) German Involvement Small Cap Rankings (MMa) Italian Involvement Small Cap Rankings (MMa) Spanish Involvement Small Cap Rankings (MM8a) Nordic Involvement Small Cap Rankings (MMa) Benelux Involvement Small Cap Rankings (MM0a) Eastern Europe Involvement Small Cap Rankings (MMa) Hochinma Involvement Small Cap Rankings (MMa) Hong Kong Involvement Small Cap Rankings (MMa) Australia/New Zealand Involvement Small Cap Rankings (MMa) Singapore Involvement Small Cap Rankings (MMa) Japanese Involvement Small Cap Rankings (MMa) Chinese Involvement Small Cap Rankings (MM0a) Indian Involvement Small Cap Rankings (MMa) Ranking Criteria Summary

3 M&A Rankings For MidMarket Deals Valued Up To US$00m Are Also Available First Quarter 0 DEALS VALUED UP TO US$0 MILLION SMALLCAP M&A REVIEW SmallCap Deals Intelligence Worldwide SmallCap M&A up to US$0m by Rank Value Range Worldwide announced SmallCap M&A deals valued up to $0 million (including undisclosed value deals) totaled US$. billion in the first quarter of 0 a.% decrease yearonyear. $0 The AsiaPacific (ex Central Asia) region (by target domicile) led the SmallCap market, with US$. billion of announced deal activity. Americas (by target domicile) led the market in the number of deals announced, with, transactions for the first quarter of 0, representing.% of the,8 deals announced worldwide. The sector captured.% of total announced SmallCap value deals, followed by and, each respectively registering.% and.% of the overall market. $ $0 $ $0 $ 0,000 8,000,000 tops the worldwide SmallCap rankings for deals valued up to $0 million for the first quarter of 0, working on deals with a combined value of US$0. million. $0 $,000 Announced SmallCap M&A by Target Nation Up To US$0m Jan Mar Region/Nation //0 0//0 //0 0//0 Rank Value US$m # of Deals Rank Value US$m # of Deals Rank Value Change (%) Worldwide,8.,8 8,.0 0,. Americas 0,., 8,.,. United States of America,80.,,.,. Canada,0.,0. 8. Brazil Chile Peru... Argentina Mexico..8.8 Europe,.,80,., 0. United Kingdom,. 8,8. 0. France. 8.. Spain... Italy Sweden..8. Germany Netherlands Poland Russian Federation Norway. 8.. Finland.0.. Greece..,. Cyprus.0,0 Turkey... Africa/Middle East/Central Asia.,. 0. South Africa.. 0. Israel. 0.. AsiaPacific (ex Central Asia),., 8,0.,. China,. 8 0,. 0. South Korea,.,.. Hong Kong,.0 0,. 8. Australia, India, Taiwan Singapore Malaysia Japan,8.,.. $0 $ $0 US$0 0m US$0 0m US$0 0m US$0 0m US$0 0m Worldwide SmallCap M&A up to US$0m by Target Industry.0% 8.%.% 8.%.%.%.0%.% 8.% 0.%.%.%,000 Jan Mar

4 First Quarter 0 SmallCap M&A Up To US$0m s Worldwide SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan Mar Worldwide Small Cap M&A up to US$0m by Target Nation Region per Advisor Rank Value per Advisor (US$m) 0 0 # of Change in Rank Value 0 Rank Value Advisor 0 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) KPMG PricewaterhouseCoopers * *..8 8* IMAP * Sumitomo Mitsui Finl Grp Inc * Houlihan Lokey * * Lazard Goldman Sachs & Co Mizuho Financial Group Morgan Stanley * 8 0 8* * * * Deloitte Credit Suisse Ernst & Young LLP * * 0.. * * 0.. Globalscope * 0* * 0 ING * 8*.0 *.0 Oaklins (FKA M&A Intl Inc) *. * Generational Equity * 0* JP Morgan * 8* Daiwa Securities Group Inc * *. Global M&A 0* * Citi 0* * Raymond James Financial Inc * *..0.. Nomura * *... *. Clairfield International *..8. * 0 Duff & Phelps * 8* Evercore Partners * 8*.0... Stifel/KBW * *...8 *. Moelis & Co * * GCA Corp RBC Capital Markets * 0* 8* 8* *.. Grant Thornton 0* * 0 Gram Capital Kaede Group 0* * * * *.8 0 Capitalmind * 8*. 8 0 Alantra Partners SA * 8* * 0 Piper Jaffray Cos * * 8.. Benchmark International * *.0 0 Robert W Baird & Co Inc * *..0. Deutsche Bank * 8* Mitsubishi UFJ Financial Group * * * 0 Lincoln International * 8* Clearwater International * * UBS * 8* Plutus Consulting Co Ltd * * *. Baker Tilly International * 0... * 0 BCMS Corporate Ltd * * BDO *. 8.. * 0 Quarton International * * * 8.0 RSM Corporate Fin LLP *...8 8* 0 Societe Generale * * Industry Total,8,8..,0..8 $0 $0 $0 $0 $ Africa/Middle East Americas AsiaPacific Europe Japan Worldwide Estimated Small Cap Investment Banking Fees by Quarter* Investment Banking Fees (US$b) $. $.0 $. $.0 %.0% %.0% % $0..0% $ % Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Percentage of Total Fees Small Cap I.B. Fees ($0mil or less) % of Total Fees ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region.

5 First Quarter 0 SmallCap M&A Up To US$0m s US Target SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan Mar US SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor (US$m) 0 0 # of Change in Rank Value 0 Rank Value Advisor 0 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Houlihan Lokey Generational Equity Moelis & Co *.. Raymond James Financial Inc *... * 8. Goldman Sachs & Co * * *. 8. Duff & Phelps * * * 8. JP Morgan * 8 *.. Evercore Partners 8* * Stifel/KBW 8* * Morgan Stanley 0 * *. PNC Financial Services Group * * Piper Jaffray Cos * * 8 *. 8. Prairie Capital Advisors Inc * * 8.0 * 0 Robert W Baird & Co Inc * * 8.0. RBC Capital Markets * *. 0. AGC Partners * * 8* 88.. * 0 Lincoln International * Credit Suisse 8* * Barclays 8* *.. Citi 8*.. Lazard 8* * 0 *.8 8. Cascadia Capital *. * 0 IMAP * *. 0 Global M&A * * Pendo Advisors LLC * * * 0 Quarton International *. *. Jefferies LLC * * SunTrust Banks * *.0..0 KPMG * * *.0 * 0. Wells Fargo & Co * * 8.0 * 0. PricewaterhouseCoopers * * 0. 0*. * *...0 Fig Partners LLC BB&T Corp * * *.. *. 0 KeyBanc Capital Markets Inc * * *.0 *. BCMS Corporate Ltd * *.0 * 0 Chartwell y * *.0 * 0 Oaklins (FKA M&A Intl Inc) * * PJT Partners Inc * *. *. Alantra Partners SA * * 0.0 * 0 Stephens Inc * * 0.. Deutsche Bank * 8* 8.0 *. Alvarez & Marsal * * *. 0 Deloitte * * Hovde Group LLC * *... 0*. Bailey Southwell & Co LLC * * *.0 * 0 GCA Corp * * 8... Sandler O'Neill Partners * * *.8 Industry Total,0 0, $0 $ $8 $ $ $ $,00,000,00 $,000 $ 00 $ $0 US$0 0m US$0 0m US$0 0m US$0 0m US$0 0m US SmallCap M&A up to US$0m by Target Industry Jan Mar.%.%.%.%.%.% 8.0%.%,000,00 ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region. 8.%.% Government and Agencies

6 First Quarter 0 SmallCap M&A Up To US$0m s Canadian Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan Mar Canadian SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor (US$m) 0 0 # of Change in Rank Value 0 Rank Value Advisor 0 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) TD Securities Inc 8* RBC Capital Markets 8*..0 *.8 BMO Capital Markets * *. *.. Cormark Securities Inc * 8*. *. *. National Bank of Canada Fin'l *.. * 8. Houlihan Lokey * 8* *.0.8 Raymond James Financial Inc * * KPMG 8* *.8. * 0 Scotiabank 8* *.. * 0 Ernst & Young LLP 8* *.. * 0 CIBC World Markets Inc 8* * 0 *.0 *. Piper Jaffray Cos 8* * *.. 8*.. 8*. IMAP 8*.0 8. Generational Equity 8* 8* HSBC Holdings PLC 8* * Credit Suisse 8* 8* *. JP Morgan 8* * * Evercore Partners * * 0 * Paradigm Capital Inc *. ING * 0 * AGC Partners * *.0 * Clarus Securities Inc. * * Blair Franklin Capital Part * * Marlin & Associates * * GMP Capital Corp * * 0. 8* 0 MarshBerry & Co Inc * *.0 * 0 Lincoln International * *.0 * 0 M Partners Inc * 8. * Macquarie Group * * Callisto * 0 *.0 * 0 BCMS Corporate Ltd * * 0 *.0 * 0 Horizon Partners * *.0 * 0 Lazard * * Benchmark International * *.0 * 0 Origin Merchant Partners * *. * 0 Globalscope * * 0 *.0 * 0 INFOR Financial * * 0.. * 0 Red Cloud Klondike Strike Inc * 8. * Quarton International * * 0 RwE Growth Partners Inc *.80 Oaklins (FKA M&A Intl Inc) * 8* *.0 * 0 Ov Securities Inc * *.0 * Goldman Sachs & Co * * Duff & Phelps * * 0 0 *. * 0 Tequity Inc * *. * 0 Echelon Wealth Partners *.. * 0 Minvisory Corp * * * 0 Capitalmind * *.0 * 0 Peter J. Solomon Co Ltd * *.0 * 0 Industry Total, $ $ 00 $ 00 $ 00 $ $ 00 $ 00 $0 US$0 0m US$0 0m US$0 0m US$0 0m US$0 0m Total Canadian SmallCap M&A up to US$0m by Target Industry Jan Mar.%.%.%.0%.8%.%.% 8.% 8.%.0% 0.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region.

7 First Quarter 0 SmallCap M&A Up To US$0m s Latin America Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan Mar Latin American SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor (US$m) 0 0 # of Change in Rank Value 0 Rank Value Advisor 0 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Itau Unibanco Lazard * 0.0 8*....0 Banco Bradesco SA * 8*.0. Banco Votorantim *. * KPMG * *. 0. * BBVA * * 8*.0 *. PricewaterhouseCoopers * * 8* 0. * 0 Morgan Stanley * * 0 8*.0. IMAP * *.0 * 0 Santander * * 8*.0 *. Cormark Securities Inc *. * Banco BTG Pactual SA * Banco do Brasil SA *. * National Bank of Canada Fin'l *. * Arab Banking Corporation * * 0 8*. 0 TD Securities Inc * * Scotiabank * * Stifel/KBW *.8 * Estater Gestao e Financas * * 0 Global M&A * * VGL Finanas Corporativas * 8* Rosenberg Partners Consultores *. * BR Partners * * 8* 0. 8*. AlixPartners LLC *.8 * Olimpia Partners *. * HSBC Holdings PLC * 8* Clairfield International * * 0 8* 0. * 0 Quarton International * 8*.0 * 0 Duff & Phelps * 8* 0. * 0 Artica Participacoes e Assesso * * 8*.0 * 0 Goldman Sachs & Co * 8*.0 *. Credit Suisse * *.8.0 * 0 Industry Total $. $.0 $. $.0 $0. $ US$0 0m US$0 0m US$0 0m US$0 0m US$0 0m Latin American SmallCap M&A up to US$0m by Target Industry %.%.%.% Jan Mar.%.% 8.%.%.% 0.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region..0%

8 First Quarter 0 SmallCap M&A Up To US$0m s European Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan Mar European SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor 0 0 # of Change in Rank Value 0 Rank Value Advisor 0 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) * IMAP * PricewaterhouseCoopers *. KPMG * 8. Lazard 8* ING *.0 *. Globalscope * Deloitte * * Oaklins (FKA M&A Intl Inc) Ernst & Young LLP 0* * 0*. 0 Goldman Sachs & Co 0* 8* Clairfield International * * Grant Thornton * 0* Morgan Stanley * * * 8. Credit Suisse * * Capitalmind * *. 0 0 Clearwater International * 0.. * Global M&A 8* Benchmark International 8* *.0 0 RSM Corporate Fin LLP 8* * 0 Societe Generale 8* 0* *. KBS Corporate Sales Ltd * * Alantra Partners SA * 0* * 0 JP Morgan * * UniCredit * * Citi * * Baker Tilly International * 8. * 0 BNP Paribas SA 8* * Liberum Capital 8*..0.. finncap Ltd 8* *..8.. * 0 BDO 8* 0.. *.. 0 Kon SpA 8* *.0 * 0 Investec * 8*.... *.0 Houlihan Lokey * 8.. Deutsche Bank * * Stifel/KBW * *.... * 0 Fineurop SpA * * 0.0 8* 0 UBS * 8.8 *. Credit Agricole CIB * *...0 *. MBA Capital SARL * 0*. 0 Mazars SA * *.... * 0 Drake Star Partners *... * 0 Rabobank NV * *.0 * 0 Evercore Partners * 0* Catalyst Corporate Finance * *. 8* 0 BCMS Corporate Ltd * * 8. 8* 0 HSBC Holdings PLC * * Banque Degroof Petercam SA * *. * 0 ACXIT Capital Partners * * * 0 GCA Corp *. 8* 0 Roedl & Partner * 8*. * 0 Invest Corporate Finance SAS *. * 0 Industry Total,,.8, $ $0 $8 $ European SmallCap M&A up to US$0m by Target Industry,000,00,000,00 $,00,000 $ 00 $0 US$0 0m US$0 0m US$0 0m US$0 0m US$0 0m Jan Mar.%.%.%.%.0%.%.%.0% 8.0% 0.% 0.8%,000,00,000 ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region.

9 First Quarter 0 SmallCap M&A Up To US$0m s UK Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan Mar UK SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor 0 0 # of Change in Rank Value 0 Rank Value Advisor 0 ** Fee Rank Rank Deals US$m GBP m Rank Change (%) Fees Rank Exp (%) * Grant Thornton * PricewaterhouseCoopers * * *. 0. *. Benchmark International * * *.0 0 RSM Corporate Fin LLP *.. *..8 0 KBS Corporate Sales Ltd KPMG * *.0. * 0 Clearwater International * *. 8.0 *. 0 Liberum Capital *.. *.. IMAP * *..8 * finncap Ltd * *.. *. 0. * 0 Investec * *..0 *. 0. *.0 Baker Tilly International * * 8 * 0. * 0 BDO *. 8.0 *. 0.8 * 0 Goldman Sachs & Co * 0* *.. Mazars SA * *.. *.. 0 Catalyst Corporate Finance * * *. 0 Deloitte * * *. * 0 Shore Capital Group * *.8. *.0 0. * 0 Ernst & Young LLP * * * 0. * 8 Numis * *.. *. 0. *. Cenkos Securities PLC * 0* * 0 0. * 0 Canaccord Genuity * * *. * BCMS Corporate Ltd * * *. 0 0 Alantra Partners SA * * 0..0 *. 0.8 * 0 Carnegie * * 0. * 0 Wells Fargo & Co * *.0 *. Evercore Partners * * *.0 *.0 WH Ireland Ltd * *..0 *. * Houlihan Lokey * * *.0 * 8. Smith & Williamson Group * * * 0. 0* 0 Stifel/KBW * * * ING * * Morgan Stanley * * *.0 *. Arma Partners LLP * * Credit Suisse * *.. * 0. *. Global M&A * 0* 0.. *. 0. 0* 0 Cushman & Wakefield Inc * *.0 *. Citi * 0* 0 *. 8. Macquarie Group * * *. 8. Globalscope * * *.0 * 0 Cairn Financial Advisers Ltd * *..0 *. 0. 0* 0 Itau Unibanco * *.0 * 0 Clairfield International * *..0 *.. * 0 Lazard * * *. 8. SPARK Advisory Partners Ltd *.. * Spectrum Corporate Finance LLP *.8 0. * 0. * 0 Oaklins (FKA M&A Intl Inc) * *.8 0. *.. * 0 Silverpeak LLP * *.0 * 0 Duff & Phelps * * 8.0. * 0. * 0 Jefferies LLC * 0* 0.8. * 0. 0*.8 Moelis & Co * * *.0 *. JP Morgan * * *. 8. Industry Total 8,0., $ $ $ $ $ $ $ $ $ $0 UK SmallCap M&A up to US$0m by Target Industry Jan Mar.%.%.%.%.%.%.%.0%.% 0.8% 0.%,00,000 US$0 0m US$0 0m US$0 0m US$0 0m US$0 0m ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region.

10 First Quarter 0 SmallCap M&A Up To US$0m s French Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan Mar French SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor 0 0 # of Change in Rank Value 0 Rank Value Advisor 0 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) 0*..0 Lazard * Societe Generale * * BNP Paribas SA * 8.. * MBA Capital SARL * *. 0 Credit Agricole CIB * *.. *.0 *. Oaklins (FKA M&A Intl Inc) * * Deloitte 8* 0*. 0 0 Invest Corporate Finance SAS 8*. * 0 KPMG 0* *. ING 0* *.0 *. Financiere Cambon 0* * IMAP 0* *.0 * 0 DC Advisory 0* *.. *.0 * Clairfield International 0*..0. * 0 Citi 0* *.0 *. Capitalmind 0* *.0 * 0 Adviso Partners SAS 0* *.. 8. * 0 Banque Degroof Petercam SA 0* * 0*. * 0 Drake Star Partners 0*.. 0. * 0 Goldman Sachs & Co 0* *.0 * 8. UBS * *. 8. Global M&A * *.0 * 0 Eurohold SL * Clipperton Finance SARL * * Accuracy SAS * 0. * 0 CBRE Holding SAS * *.. *. * 0 Grant Thornton * 0. * 0 Natixis * 0 0*.8 0 Eurallia SARLCV *.0 * 0 Edmond de Rothschild Hldg SA * *. * 0 Sycomore Corporate Finance SAS Trianon Finance * * * 0*. 0 JP Morgan * *.0 * 8.8 Industry Total 8, $.0,000 $.8 $. $. $. $.0 $0.8 $0. $0. $0. $ US$0 0m US$0 0m US$0 0m US$0 0m US$0 0m French SmallCap M&A up to US$0m by Target Industry Jan Mar.%.0%.0%.%.% % 0.%.%.8%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region. 8

11 First Quarter 0 SmallCap M&A Up To US$0m s German Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan Mar German SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor 0 0 # of Change in Rank Value 0 Rank Value Advisor 0 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) Globalscope Houlihan Lokey * * 0* Ernst & Young LLP * * 0*. 0 IMAP * * 0*.0 * 0 Capitalmind * 0*. * 0 Roedl & Partner * * 0*. 0 * 0* 8.0. KPMG 8* 0* 0. * 0 Deutsche Bank 8* * 0.. Raymond James Financial Inc 8* * 0*.0 * 0 Clairfield International 8* * 0*.0 * 0 ACXIT Capital Partners 8* * 0*.0 * 0 VR Corporate Finance GmbH 8* * 0*.0 * 0 Oaklins (FKA M&A Intl Inc) 8* * 0 0*.0 * 0 Quarton International 8* 0*.0 * 0 UniCredit 8* * * 0 Stifel/KBW * 0* Global M&A * * 0*.0 * 0 Cushman & Wakefield Inc * * 0 Deloitte * * 0* 0. * GCA Corp * 0* CorestarPartners GmbH * 0* Commerzbank AG * * 0* Societe Generale * 0*.8 0. Goldman Sachs & Co * 0*.0 *. Alantra Partners SA * * 0* Industry Total $. $. $.0 $0.8 $0. $0. $0. $ US$0 0m US$0 0m US$0 0m US$0 0m US$0 0m German SmallCap M&A up to US$0m by Target Industry Jan Mar %.%.%.%.%.%.% 0.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region.

12 First Quarter 0 SmallCap M&A Up To US$0m s Italian Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan Mar Italian SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor 0 0 # of Change in Rank Value 0 Rank Value Advisor 0 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) Lazard 8*. 8. * 8..0 *. Kon SpA *.0 0 Morgan Stanley *. 0. * 0.. UniCredit * Credit Suisse *. 0. *.0 *. Fineurop SpA * 0 *.0 0 * * *.0 *. KPMG * *. IMAP * 8* 0 *.0.0 Arkios Italy SpA * *.0 * 0 DVRCapital SpA *.. 0 Goldman Sachs & Co * * PricewaterhouseCoopers * * * 0. 0 Unione di Banche Italiane Scpa * *... 0 Spada Partners * *.0 * 0 Societe Generale * *.0 * 0 Mediobanca * * 0.8 *.0 *. Bain & Co * * 0 *.0 * 0 Deutsche Bank * * 0.8 * Credito Emiliano * *.0 * 0 Ernst & Young LLP * * * 0. * 0 GBS Finanzas SA * * 0. 0* 0 BBVA * *.0 *.0 Jones Lang LaSalle Inc * *.0 * 8.8 Nomura * * 0 * Mittel SpA * * Cascadia Capital * * 0. 0* 0 Global M&A * * * 0. 0* 0 Banca IMI (Intesa Sanpaolo) * * 8.. *. 0. 8*. Transcapital * *.0 * 0 Santander * *.0 * 0 Hideal Partners * *.0 * 0 Globalscope * * 0 *.0 * 0 Clairfield International * * 8.. * 0. * 0 Ethica Corporate Finance SpA * 8* *.0 * 0 CDI Global * *.0 * 0 Equita SIM SpA * * * UBS * * * Translink Corporate Finance * * 0 GCA Corp * *.0 * 0 Oaklins (FKA M&A Intl Inc) * *.0 * 0 Alantra Partners SA * Robert W Baird & Co Inc * * VSL SpA *. 8. * JP Morgan * * 0 *.0 *. Industry Total $. $.0 $0.8 $0. $0. $0. $ US$0 0m US$0 0m US$0 0m US$0 0m US$0 0m Italian SmallCap M&A up to US$0m by Target Industry Jan Mar.%.0%.%.%.%.%.%.% %.%.0% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region. 0

13 First Quarter 0 SmallCap M&A Up To US$0m s Spanish Involvement SmallCap Rankings (MM8a) MM8a Undisclosed Values & Values up to US$0m Jan Mar Spanish SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor 0 0 # of Change in Rank Value 0 Rank Value Advisor 0 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) Deloitte * PricewaterhouseCoopers 8 8* 0..0 Ernst & Young LLP * 8* BBVA * *.0.. *.0 Eurohold SL * 0* KPMG * *. 0.. * 8*.0. Norgestion * * 0 8*.0 * 0 Santander * * 0 8*.0 *. Houlihan Lokey 0* 8* Evercore Partners 0* 8*. * 0 GBS Finanzas SA 0* * 8*.0 * 0 Morgan Stanley 0* 8* ING 0* 0* 0 8*.0 * 0 Stifel/KBW 0*.0. Sagent Advisors Inc 0* 8* 0. 0 IREA Corporate Finance 0* 0* * 0 BNP Paribas SA 0* * 8*.. Optima Corporate SL 0* 8* Citi 0* * 8*.0 *.8 Lazard 0* 0* 0 8*.0 8. Montalban Atlas Capital 0* 8*.0 * 0 Drake Star Partners 0* 8.0. Oaklins (FKA M&A Intl Inc) 0* 0* 0 8* Goldman Sachs & Co 0* 8* Societe Generale 0* 8*.0 * 0 Alantra Partners SA 0* 8* Industry Total $. $.0 $0.8 $0. $0. $0. $ US$0 0m US$0 0m US$0 0m US$0 0m US$0 0m Spanish SmallCap M&A up to US$0m by Target Industry Jan Mar %.0%.%.%.%.%.%.%.%.%.8% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region.

14 First Quarter 0 SmallCap M&A Up To US$0m s Nordic Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan Mar Nordic SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor 0 0 # of Change in Rank Value 0 Rank Value Advisor 0 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) PricewaterhouseCoopers * 0 *. 0. IMAP * *. 0 Globalscope * *.0 0 Clairfield International 8* * 0 Carnegie * * ABG Sundal Collier * * *. 0*. Newsec Corporate Finance AB * *.8..0 Capitalmind * * *.0 0 Handelsbanken Capital Markets * * *. SEB * * Morgan Stanley * * * 0 * *.0 *. Cushman & Wakefield Inc * *.0 *. KPMG * * 0 Pangea Property Partners AB * *. Citi *..0.. Wells Fargo & Co * *.0 * 0 Houlihan Lokey * * Shore Capital Group *.. * 0. * 0 Scotiabank PNC Financial Services Group * * * *.0 * 0 Danske Bank * * * 0 Stifel/KBW * * 0 * Ernst & Young LLP * * * 0. 0* 0 Advium Corporate Finance * * *.0 * 0 MANGOLD FONDKOMISSION AB * * FIH Partners AS * * *.0 * 0 BMO Capital Markets * * Credit Suisse *.. * AGC Partners * * 0 * 0. * 0 Strand Hanson Ltd BCMS Corporate Ltd * * * 0.. * * 0..0 * * 0 0 Bowen Advisors Inc * * 0 *.0 * 0 IC Securities(Ghana)Ltd * *.0 * 0 Acuity Bank * * 0 * BDO * * * 0. * 0 UAB Summa Advisers * * Jefferies LLC * * 0 *.0 * 0 DNB ASA * * 0. * 0 Credit Agricole CIB * * Translink Corporate Finance * * *.0 * 0 Clearwater International * * *. 0 Oaklins (FKA M&A Intl Inc) * * *.0 * 0 GCA Corp * *.0 * 0 Sesam Partners I/S * *.0 * 0 Roedl & Partner * * 0. * 0 Industry Total,08.,... $.8 $. $. $. $.0 $0.8 $0. $0. $0. $ US$0 0m US$0 0m US$0 0m US$0 0m US$0 0m Nordic SmallCap M&A up to US$0m by Target Industry Jan Mar.%.%.%.%.% 0.%.%.% %.%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region.

15 First Quarter 0 SmallCap M&A Up To US$0m s Benelux Involvement SmallCap Rankings (MM0a) MM0a Undisclosed Values & Values up to US$0m Jan Mar Benelux SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor 0 0 # of Change in Rank Value 0 Rank Value Advisor 0 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) ING * 8 *.0 0*.8 Capitalmind * * *.0 0 IMAP * * * * *.. Lazard * *.0 *.8 Oaklins (FKA M&A Intl Inc) * * *.0 0 Rabobank NV * *.0 * 0 Ernst & Young LLP 8* * *. * 0 Global M&A 8* * *.0 8* 0 Goldman Sachs & Co 8*...0 *.8 KPMG *.. *.. * 0 Citi * *.0 8*. PricewaterhouseCoopers * * * 0. *. Mizuho Financial Group * * 0. * 0 Morgan Stanley * *.0 *. CBRE Holding SAS * *.. *. * 0 Robert W Baird & Co Inc * *.. * Alantra Partners SA *.. 0. * 0 Industry Total $. $. $. $.0 $0.8 $0. $0. $0. $ US$0 0m US$0 0m US$0 0m US$0 0m US$0 0m Benelux SmallCap M&A up to US$0m by Target Industry Jan Mar.%.%.% 0.%.%.%.% 8.%.%.8%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region.

16 First Quarter 0 SmallCap M&A Up To US$0m s Eastern Europe Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan Mar Eastern European SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor 0 0 # of Change in Rank Value 0 Rank Value Advisor 0 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) Globalscope * *.0 0 * 0 * 8.0 *.8 IMAP * *.0 0 JP Morgan * *. 0* 0 PricewaterhouseCoopers * * 0 * Ernst & Young LLP * * * 0. 0* 8. Clairfield International * Wielkopolski Bank Kredytowy 8*. 0. KPMG 8* 0 * Danske Bank 8* * BNP Paribas SA 8* * 0 * Bank Polska Kasa Opieki SA 8* * Taiga Capital 8*.. Concentro Management AG 8* *.0 * 0 KBC Group NV 8* *.0 * 0 Global M&A 8* * 0. 0* 0 Singhi Advisors Ltd 8* 8.. Deloitte 8* * * VTB Capital 8* * 0 * UAB Summa Advisers 8* * CFI 8* * *.0 * 0 VGD Corporate Finance sro 8* *.0 * 0 Equity Advisors Sp zoo sk 8*.. Lazard 8* * 0 * 8.0 *. UBS 8* * Bain & Co 8* * Industry Total $. $.0 $.,00,00,00, $ $0. 00 $ US$0 0m US$0 0m US$0 0m US$0 0m US$0 0m Eastern European SmallCap M&A up to US$0m by Target Industry Jan Mar.%.%.%.%.%.%.%.0%.%.%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region.

17 First Quarter 0 SmallCap M&A Up To US$0m s Hochinma Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan Mar Hochinma SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor (US$m) 0 0 # of Change in Rank Value 0 Rank Value Advisor 0 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Gram Capital.. 0. *.8 CITIC * 8 8* Mercury Securities * *. 8.. * 0 Morgan Stanley * *.0... Veda Capital Ltd * Industrial & Comm Bank China * China Renaissance Partners * * Somerley * * *. Dakin Capital Ltd * * 0 Red Sun Capital Ltd *.8 0. * 0 KPMG * * 0 Kingston Corporate Finance Ltd * * Optima Capital Ltd *. 0. * 0 CIMB Group Sdn Bhd * *. 0. Citi * * *.0 Haitong Securities Co Ltd * * *. Lazard *. 0 M and A Securities Sdn Berhad 8*.8 China Construction Bank 8* *.... Credit Suisse 8* *... Titan Financial Services Ltd 8* * * 0 Daiwa Securities Group Inc 8*. 0. * 0 China International Capital Co * * *. Platinum Securities Co Ltd *. Deutsche Bank *. Affin Holdings Bhd K&N Kenanga Holdings Berhad * *.. 0. * 0 * * Ernst & Young LLP * * 0. 8* 0 Altus Capital Ltd *. 0. *. INCU Corporate Finance Ltd *.. * 0 Shanghai Securities Co Ltd * Business Development Asia LLC * * 0.. Itau Unibanco * Dongxing Securities * * * 0 Avendus Capital Pvt Ltd * * TA Securities Holdings Bhd * * 0 Octal Capital Ltd *. 0. 8*. Deloitte * * Hooray Capital Ltd *. Translink Corporate Finance * *.. *. Akron Corp Finance Ltd *. 0 Lego Corporate Finance Ltd * * 0 Prosperity Capital Hldg Ltd Shinco Capital Ltd Goldman Sachs & Co * * * * * 0. Drake Star Partners * * 0 Industry Total,, $0 $8 $ $ $ $0 $8,00,000 $ $ 00 $ $0 US$0 0m US$0 0m US$0 0m US$0 0m US$0 0m Hochinma SmallCap M&A up to US$0m by Target Industry Jan Mar.%.8%.%.%.8%.% 8.%.0%.%,00,000 %.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region.

18 First Quarter 0 SmallCap M&A Up To US$0m s Hong Kong Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan Mar Hong Kong SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor (US$m) 0 0 # of Change in Rank Value 0 Rank Value Advisor 0 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Somerley * * *. Gram Capital * * *. Dakin Capital Ltd * * 0 Red Sun Capital Ltd *.8 0. * 0 Kingston Corporate Finance Ltd * * Veda Capital Ltd * * Optima Capital Ltd *. 0. * 0 China Construction Bank 8* *.... Haitong Securities Co Ltd 8* *.. 0. *. Titan Financial Services Ltd 8* * * 0 Altus Capital Ltd *. 0. * INCU Corporate Finance Ltd *.. 0 Dongxing Securities *. 0. * 0 Citi * 0. * 0. * 0 Octal Capital Ltd *. 0. *. Hooray Capital Ltd *. Akron Corp Finance Ltd *. 8 Lego Corporate Finance Ltd * 0. * 0. * 0 Prosperity Capital Hldg Ltd * * 0 Shinco Capital Ltd *. 0 GF Securities * * 0. Platinum Securities Co Ltd *. PricewaterhouseCoopers * * Deutsche Bank * Guotai Junan Securities * * 0. *.0 Karl Thomson Holdings Ltd *. 0. *. BB&T Corp *. 0. 8* 0 Mitsubishi UFJ Financial Group *.0 * 0 VC Capital Ltd *. * 0* Asia Investment Management Ltd *.0 0* Sumitomo Mitsui Finl Grp Inc *.0 * 0 Baker Tilly International * 0. * 0 Wallbanck Brothers Sec (HK) *. Clairfield International *.0 * 0 Donvex Capital Ltd * * * 0 Messis Capital Ltd * *. * * 0 Industrial & Comm Bank China * * 0 F.E. Corporate Finance Advisor *. * Alliance Capital Partners Ltd * * * 0 Fortune Financial Capital Ltd *. 0. * Grand Moore Capital Ltd *. Royal Excalibur Corporate Fin * 0. Drake Star Partners * 8.0 Zhaobangji Intl Capital Ltd *. * 0. * 0 InBaoQiao Partners Capital Ltd *. 0. * 0 Anglo Chinese Corp Finance *.8 Highbury Partnership Pty Ltd * Lazard * Industry Total, $.0 $. $.0 $. $.0 $. $.0 $. $.0 $0. $ US$0 0m US$0 0m US$0 0m US$0 0m US$0 0m Hong Kong SmallCap M&A up to US$0m by Target Industry Jan Mar.%.%.%.%.%.% 8.% %.8% 0.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region.

19 First Quarter 0 SmallCap M&A Up To US$0m s Australia/New Zealand Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan Mar Australia/New Zealand SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor (US$m) 0 0 # of Change in Rank Value 0 Rank Value Advisor 0 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) KPMG Macquarie Group *. Houlihan Lokey * PricewaterhouseCoopers * * 0. * 0 * *.. *. UBS * * *. Miles Advisory Partners * *. * 0 Forsyth Barr 8* * Greenhill & Co, LLC 8* * 0 * Gresham Partners Morgan Stanley 8* 8* * 0. * 0. Bancorp NZ Ltd 8* * Credit Suisse 8* * *.0. Argonaut Ltd 8*. 0. * 0 Grant Samuel 8* * 0 * Greenstone Partners 8* * 0 *.0 * 0 Global M&A 8* * RBC Capital Markets 8* *.0 * 8.0 Baker Tilly International 8* * 0. * 0 Accuracy SAS 8* * 0. * 0 Clairfield International 8* * *.0 * 0 Goldman Sachs & Co 8*. JP Morgan 8* * 0 * Highbury Partnership Pty Ltd 8* * Lazard 8* * 0 * Industry Total, $.0 $. $.0 $. $.0 $0. $ US$0 0m US$0 0m US$0 0m US$0 0m US$0 0m Australia/New Zealand SmallCap M&A up to US$0m by Target Industry Jan Mar.%.%.%.8%.%.% 8.% 8.% 0.% 0.%.% 0.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region.

20 First Quarter 0 SmallCap M&A Up To US$0m s Singapore Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan Mar Singapore SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor (US$m) 0 0 # of Change in Rank Value 0 Rank Value Advisor 0 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Morgan Stanley *.0. KPMG *.0 * 0. * 0 Credit Suisse * *... Global M&A * *.0 * 0 BDO * * * 0 Goldman Sachs & Co * * *.0 * 0 OverseaChinese Banking *. Standard Chartered PLC *. 0. * 0 * * Signal Hill Capital Group LLC * * Moelis & Co * *.0 * 0 Business Development Asia LLC * * RHB * * 0. * Avendus Capital Pvt Ltd *.0 * 0. 0 CIMB Group Sdn Bhd * * 0 * Itau Unibanco * *.0 * 0 Pickering Pacific Pte Ltd * *.0 * 0 RHT Capital Pte Ltd * MS Corporate Finance Pte Ltd *. * Lazard * * Deloitte * * 0 *.0 * 0 JP Morgan * * * Industry Total $. $. $. $.0 $0.8 $0. $0. $0. $ US$0 0m US$0 0m US$0 0m US$0 0m US$0 0m Singapore SmallCap M&A up to US$0m by Target Industry Jan Mar.%.%.%.%.% 8.%.%.% 0.%.0% 0.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region. 8

21 First Quarter 0 SmallCap M&A Up To US$0m s Japanese Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan Mar Japanese SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor (US$m) 0 0 # of Change in Rank Value 0 Rank Value Advisor 0 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Sumitomo Mitsui Finl Grp Inc * Mizuho Financial Group *.... Daiwa Securities Group Inc * *. Kaede Group *.0 *.0. 0 Nomura *.... Mitsubishi UFJ Financial Group * Plutus Consulting Co Ltd * GCA Corp * PricewaterhouseCoopers * * *.0 *. KPMG * *.0 Maxus Corporate Advisory Inc * Ernst & Young LLP * * 0. * 0 AGS Consulting Co Ltd * *..0. * 0 es Networks Co Ltd *. 0. * 0 Growin Partners Inc * * Citi * *.0 *. IMAP * *..0 * 0 Frontier Management Inc * *. 0. * 0 Deloitte * YAMADA & Partners * * 0.0 * *. Mitsubishi UFJ Morgan Stanley * 0.8 ING * * Lincoln International * *.0 *. Global M&A *.0 * 0 Tokyo Financial Advisers * *.. 0. * 0 Sangyo Sosei Advisory Inc * *. Sumitomo Mitsui Trust Holdings * *.0 *. Azone Partners *.8 0. * 0 CLARIS CAPITAL * *.0 * 0 Alantra Partners SA * * *.0 * 0 Industry Total, $. $.0 $. $.0 $. $.0 $0. $ US$0 0m US$0 0m US$0 0m US$0 0m US$0 0m Japanese SmallCap M&A up to US$0m by Target Industry.%.%.%.%.% Jan Mar, %.0%.%.0%.%.0% Government and Agencies ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region.

22 First Quarter 0 SmallCap M&A Up To US$0m s Chinese Involvement SmallCap Rankings (MM0a) MM0a Undisclosed Values & Values up to US$0m Jan Mar Chinese SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor 0 0 # of Change in Rank Value 0 Rank Value Advisor 0 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Gram Capital *. CITIC * 8 8* China Renaissance Partners * * Veda Capital Ltd * *... * 0 Morgan Stanley * * Industrial & Comm Bank China * Red Sun Capital Ltd * * 0 China Construction Bank 8* *... * 8. Optima Capital Ltd 8*. 0. * 0 Somerley 8* * KPMG * 0*. 8.0 China International Capital Co * * *. Deutsche Bank *. Credit Suisse * * Altus Capital Ltd *. 0. * 0 Shanghai Securities Co Ltd * Itau Unibanco * Prosperity Capital Hldg Ltd * * 0 Goldman Sachs & Co *. 8. Haitong Securities Co Ltd * 0.8. GF Securities * 0*.. * China Merchants Securities Co * *. Platinum Securities Co Ltd Raymond James Financial Inc * * * * 0 * * 8*.0. Everbright Securities Co Ltd *. Huatai Securities Co Ltd * *..8 * Kingston Corporate Finance Ltd * *.. 0. * 0 Guotai Junan Securities * *. *. 0. * Huaxi Securities Co Ltd *. VC Capital Ltd *. * Network Corporate Finance *. 0. * 0 Nanjing Securities * Citi * * 8* * SC&H Capital * Goldin Financial Holdings Ltd * 0. * 0 China Securities Co Ltd * *.. 0. *. Pickering Pacific Pte Ltd * Teneo Holdings * Hooray Capital Ltd * F.E. Corporate Finance Advisor *. * Donvex Capital Ltd * * 0.. * Euto Capital Partners Ltd * * HuaFu Securities Co Ltd * Oaklins (FKA M&A Intl Inc) *.0 *. TC Capital International Ltd * *.8. Shinco Capital Ltd *. Daiwa Securities Group Inc *. 8 Duff & Phelps * * *.8 Drake Star Partners * 8.0 Fortune Financial Capital Ltd * * Industry Total 8 8, $ $ $ $0 US$0 0m US$0 0m US$0 0m US$0 0m US$0 0m Chinese SmallCap M&A up to US$0m by Target Industry Jan Mar.8%.%.%.0%.% 8.%.% 8.%.%.%.%,00,00,00 $8 800 $ 00 $ 00 $ 00 $0,000 ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region. 0

23 First Quarter 0 SmallCap M&A Up To US$0m s Indian Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan Mar Indian SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor 0 0 # of Change in Rank Value 0 Rank Value Advisor 0 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Lazard * 0. * 0 Ernst & Young LLP * * KPMG * * * 0 Avendus Capital Pvt Ltd * * Translink Corporate Finance * 8*. 8*. 8. Deloitte * * 0 *.0 * 0 Systematix Corporate Services *.0 * *. Signal Hill Capital Group LLC * * UBS * * Ambit Corporate Finance * 8* 0 * Kotak Mahindra Bank Ltd * *.0 0* 8.8 ICICI Bank Ltd * 8* * 0 Morgan Stanley * * Axis Bank Ltd *.. 0. * 0 Business Development Asia LLC * 8* 0 * 0. * 0 Singhi Advisors Ltd * 8. 0 Globalscope * Citi * * Amidas Partners Inc * *.0 0* 0 Benchmark International * *.0 0* 0 Mark Corp Advisors Pvt Ltd * 0. Wodehouse Capital Advisors * *.0 0* 0 CapitalSquare Advisors Pvt Ltd * * GCA Corp * 8* 0. Daiwa Securities Group Inc * * Drake Star Partners * *.0 0* 0 Positron Consulting Svcs Pvt *. 8* Sparrow Business Solutions LLP * * 0. * 0 Industry Total, ,000,000,000,000 0,000.0,000.0,000.0,000 US$0 0m US$0 0m US$0 0m US$0 0m US$0 0m Indian SmallCap M&A up to US$0m by Target Industry Jan Mar 8,000.%.0%.%.0%.% 8.0%.%.8%.%.8%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region.

24 First Quarter 0 SmallCap M&A Up To US$0m s Ranking Criteria Summary If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact: Americas Robert Levine Tel: robert.levine@thomsonreuters.com Europe, Middle East & Africa Ewelina Jarecka Tel: + (0) 0 ewelina.jarecka@thomsonreuters.com AsiaPacific Catherina GuintoRoldan Tel: +8 catherina.guintoroldan@thomsonreuters.com Announced league tables include all deals that were announced between January, 0 and March, 0 and of which Thomson Reuters was made aware. All current data and previous year's data is as of :00am EST on April 0, 0. League tables include rank eligible mergers, acquisitions, repurchases, spinoffs, selftenders, minority stake purchases and debt restructurings. 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. NonUS dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms. 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 of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction agreed to or, in the absence of an agreement, the value of the highest offer. Japan Kaori Motohashi Tel: +8 kaori.motohashi@thomsonreuters.com Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction. While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. 0 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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