SMALL CAP M&A REVIEW FINANCIAL ADVISORS. REUTERS / USA Today Sports

Transcription

1 SMALL CAP M&A REVIEW FINANCIAL ADVISORS REUTERS / USA Today Sports Full Year 201

2 Full Year 201 Mergers & Acquisitions s Small Cap M&A Review Table of Contents Worldwide Small Cap M&A Deals Intelligence Worldwide Small Cap Rankings (MM1a) 1 2 US Target Small Cap Rankings (MM2a) Canadian Involvement Small Cap Rankings (MM22a) Latin America Involvement Small Cap Rankings (MM1a) 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 (MMa) Nordic Involvement Small Cap Rankings (MMa) Benelux Involvement Small Cap Rankings (MM10a) Eastern Europe Involvement Small Cap Rankings (MM1a) Hochinma Involvement Small Cap Rankings (MM1a) Hong Kong Involvement Small Cap Rankings (MM12a) Australia/New Zealand Involvement Small Cap Rankings (MM11a) Singapore Involvement Small Cap Rankings (MM1a) Japanese Involvement Small Cap Rankings (MM1a) Chinese Involvement Small Cap Rankings (MM20a) Indian Involvement Small Cap Rankings (MM21a) Ranking Criteria Summary

3 M&A Rankings For MidMarket Deals Valued Up To US$00m Are Also Available Full Year 201 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$1.1 billion in the full year of 201 a.% increase yearonyear. The AsiaPacific (ex Central Asia) region (by target domicile) led the SmallCap market, with US$.2 billion of announced deal activity. Americas (by target domicile) led the market in the number of deals announced, with 1,10 transactions for 201, representing.% of the,0 deals announced worldwide. The sector captured 1.% of total announced SmallCap value deals, followed by and, each respectively registering 1.2% and 11.% of the overall market. $0 $ $0 $ $0 $2 12,000 10,000,000,000 tops the worldwide SmallCap rankings for deals valued up to $0 million for the full year of 201, working on 1 deals with a combined value of US$1. billion. $20 $1,000 Announced SmallCap M&A by Target Nation Up To US$0m Jan 1 Dec 1 Region/Nation 1/1/201 12/1/201 1/1/201 12/1/201 Rank Value US$m # of Deals Rank Value US$m # of Deals Rank Value Change (%) Worldwide 1,1,0 1,2.2 2,0. Americas,01. 1,10,20. 12, 2. United States of America,1. 11, 2,., 2. Canada,. 2,1, ,1. Brazil 1, ,.1 2. Chile Argentina Mexico Peru Europe 1,20.2 1, 2,.1 1,20. United Kingdom,.0 2,0,10. 2, France,2.0 1,,. 2,2 22. Italy 2,.0 1,02 2,. 0. Spain 2,. 2,.2 1. Germany 1,1.1 1,2 2,. 1, 2. Sweden 1,.1 1,.1 0. Netherlands 1,. 1, Poland 1,1. 1, Russian Federation.2 1,12 1,. 1,0. Finland Republic of Ireland Switzerland Belgium Norway Africa/Middle East/Central Asia,20.0 1,11,.0 1,1.1 South Africa 1, 00 1, Israel AsiaPacific (ex Central Asia),1.2 11,,0. 11, China,1.,,.,. South Korea 11,12. 1,22 11,0. 1,. Australia,1. 1,01,0. 1, Hong Kong,1., India,2. 1,210,2.1 1, Taiwan 2, , Singapore 1,. 02 1, Malaysia 1,. 2, Japan,1.2 2,,101. 2,2.0 $10 2,000 $ $0 US$0 10m US$10 20m US$20 0m US$0 0m US$0 0m Worldwide SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 1.%.0% 1.%.1%.% 1.2%.% 11.%.%.% 10.% 1

4 Full Year 201 SmallCap M&A Up To US$0m s Worldwide SmallCap Rankings (MM1a) MM1a Undisclosed Values & Values up to US$0m Jan 1 Dec 1 per Advisor Rank Value per Advisor (US$m) # of Change in Rank Value 201 Rank Value Advisor 201 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Ernst & Young LLP * * * IMAP Mizuho Financial Group Industrial & Comm Bank China Houlihan Lokey Sumitomo Mitsui Finl Grp Inc Oaklins (FKA M&A Intl Inc) Lazard Baker Tilly International * Lincoln International Goldman Sachs & Co * Clairfield International 1* Alantra Partners SA 1* * JP Morgan 1* 20* Generational Equity Morgan Stanley 21 2* KBS Corporate Sales Ltd 22 2* Credit Suisse 2 2* Duff & Phelps 2 0* UBS 2 2* CFI 2 * Jefferies LLC 2 1* Clearwater International 2 2* Raymond James Financial Inc Stifel/KBW Grant Thornton 2 0* 0* 2* * 20* Global M&A Globalscope 0* 22* Piper Jaffray Cos * BNP Paribas SA * 0* Moelis & Co * Barclays 2* Evercore Partners * Citi * Benchmark International 0* RSM Corporate Fin LLP 0* 22* Kaede Group 2 1* * 10 Nomura * RBC Capital Markets * Deutsche Bank UniCredit PNC Financial Services Group * Industry Total,00 1,0 1,1.,2.2. Worldwide Small Cap M&A up to US$0m by Target Nation Region $0 $2 $0 $ $ $12 $10 $ Africa/Middle East Americas AsiaPacific Europe Japan Worldwide Estimated Small Cap Investment Banking Fees by Quarter* Investment Banking Fees (US$b) $.0 $2. $2.0 $1. % % % % % 2% $0. 1% $ % 1Q 2Q Q Q 1Q 2Q Q Q 1Q 2Q Q Q 1Q 2Q Q Q 1Q 2Q Q Q 1Q 2Q Q Q 1Q 2Q Q Q Percentage of Total Fees Small Cap I.B. Fees ($0mil or % 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. 2

5 Full Year 201 SmallCap M&A Up To US$0m s US Target SmallCap Rankings (MM2a) MM2a Undisclosed Values & Values up to US$0m Jan 1 Dec 1 US SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor (US$m) # of Change in Rank Value 201 Rank Value Advisor 201 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Houlihan Lokey Generational Equity Goldman Sachs & Co Duff & Phelps * Stifel/KBW Raymond James Financial Inc * Lincoln International * Jefferies LLC * 20. JP Morgan 1* *. *. Piper Jaffray Cos * Moelis & Co *..0 Evercore Partners 12 * Stout Risius Ross Inc PNC Financial Services Group 1* Lazard 1* Credit Suisse 1* 0* Chartwell y 1 2* Barclays 1* 1* 10* Morgan Stanley 1* 2* * *. Oaklins (FKA M&A Intl Inc) 20* 2* RBC Capital Markets 22* Robert W Baird & Co Inc 22* 1* SunTrust Banks 22* * * * * * 2. KeyBanc Capital Markets Inc 2* 1* William Blair & Co 2* Citi 2 * AGC Partners 0* * Prairie Capital Advisors Inc 0* 2* UBS 2 * Stephens Inc * MarshBerry & Co Inc * * * 10 Bank of America Merrill Lynch Sandler O'Neill Partners * * 22 * *.. Global M&A * IMAP * 0* Cascadia Capital * 0* 1.0 0* PJT Partners Inc * Wells Fargo & Co 1* 0* 1.0 0* *.1 Fig Partners LLC BB&T Corp 1* 1* * * * BMO Capital Markets 1* * * Pendo Advisors LLC 1* 0* * 10 * * *.2 Benchmark International * Cain Brothers Co. 0* *. Industry Total 11, 1,2,1. 2., $12 $10 $ $ $ $2 $0 US$0 10m US$10 20m US$20 0m US$0 0m US$0 0m US SmallCap M&A up to US$0m by Target Industry.%.%.%.%.1% 2.%.% 0.2% 2.0% 1.% Jan 1 Dec 1,00,000 2,00 2,000 1,00 1, % 1.0% 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.

6 Full Year 201 SmallCap M&A Up To US$0m s Canadian Involvement SmallCap Rankings (MM22a) MM22a Undisclosed Values & Values up to US$0m Jan 1 Dec 1 Canadian SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor (US$m) # of Change in Rank Value 201 Rank Value Advisor 201 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) 1 1* * 2. CIBC World Markets Inc * BMO Capital Markets 11* TD Securities Inc * RBC Capital Markets * * 1. Haywood Securities Ltd. * * Raymond James Financial Inc * * * 22. GMP Capital Corp * 1* *.2 Duff & Phelps * 2* Houlihan Lokey 11* 1* 0 0* 1.0 1*. Generational Equity 11* * Baker Tilly International 11* 1* * 10 Cormark Securities Inc 11* 1* *.2 National Bank of Canada Fin'l 11* 1* * 11.1 Evercore Partners 1* 1 0 0*.2. Ernst & Young LLP 1* * Lazard 1* 2* 2.0 * 22. Macquarie Group 1* 1* Canaccord Genuity 1* 2* CFI 1* * Credit Suisse 1* 2* Piper Jaffray Cos 2* * IMAP 2* 1* * 10 2* 2* *.1 Jefferies LLC 2* 11* 0* Goldman Sachs & Co 2* 2* 1..2 JP Morgan 2* 1* BNP Paribas SA 2* 0* 2. 22*.0 1*. 2* Evans & Evans Inc 2* 2* Oaklins (FKA M&A Intl Inc) 2* 0* * 10 Needham & Co LLC 2* * 10 Scotiabank * 11* * 2.0 Deutsche Bank * 2* 1 0* 2.0 * 2. Morgan Stanley * * 0..1 AGC Partners * * 10 Blair Franklin Capital Part * * 10 Lincoln International * 1* Citi * 1* *. Itau Unibanco *. 22* 1.0 * 2. BCMS Corporate Ltd * 0* 1.0 2* 10 HSBC Holdings PLC * 2.2 * 20. Benchmark International *.0 2* 10 Maxit Capital LP * 1* Origin Merchant Partners * 1* 0* 2. 0*.2 KBS Corporate Sales Ltd *.0 2* 10 Echelon Wealth Partners * 0* * 10 William Blair & Co * 1* 2.0 1* 10 Industry Total, 1,1 11, $ $ $ $2 $2 $1 $1 $0 US$0 10m US$10 20m US$20 0m US$0 0m US$0 0m Total Canadian SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 1.1%.%.2%.2% 2.%.1% 2.2% 1.0% 1, % 11.% ** 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 Full Year 201 SmallCap M&A Up To US$0m s Latin America Involvement SmallCap Rankings (MM1a) MM1a Undisclosed Values & Values up to US$0m Jan 1 Dec 1 Latin American SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor (US$m) # of Change in Rank Value 201 Rank Value Advisor 201 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Itau Unibanco Banco BTG Pactual SA Banco Bradesco SA * * IMAP * * 1 12* BNP Paribas SA 1* * * 22. * 12* * 2 Santander Global Corporate Bnk * * 2* Lazard * * * * 22. Credit Suisse 11* * Alantra Partners SA 11* * * *. 0. 1* 10 Arab Banking Corporation 1* 1* 0 *.0 1*. BBVA 1* * * 1. Morgan Stanley 1* 2* BR Partners 1* * *.0. Clairfield International 1* 12* Oaklins (FKA M&A Intl Inc) 1* 2* 0 *.0 12* 10 Artica Participacoes e Assesso 1* 1* 1 *.0 12* 10 Bank of America Merrill Lynch 1* 2* 0 *.0 1. Houlihan Lokey 2* * 2 *.0 12* 10 INFUPA SA 2* * GBS Finanzas SA 2*.0 1 Global M&A 2* 1* 2 12* UBS 2* 2* 1 *. 1. CFI 2* 1* 2 *.0 1* 10 RGS Partners 2*.0 1* 10 Brava Negocios Ltda 2* Banco do Brasil SA 2* * 2. * Haywood Securities Ltd. 2* Banco Votorantim 2* * 2 0. * 2.0 2* 10 Evercore Partners 2* * * 10 Scotiabank 2* * * 2.0 Ernst & Young LLP 2* 1* * 10 Lincoln International 2* * * 10 Citi 2* 1* 2 * Cormark Securities Inc 2* * HSBC Holdings PLC 2* * 10 Translink Corporate Finance 2* 1* * 10 Quarton International 2* * 10 Investment One Partners 2* * 10 Duff & Phelps 2* * * 10 National Bank of Canada Fin'l 2* * Goldman Sachs & Co 2* * * 2. Industry Total 1,0, $2. $2.0 $1. 10 $0. 0 $ US$0 10m US$10 20m US$20 0m US$0 0m US$0 0m Latin American SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 1.0% 1.%.2%.%.% 1.% % ** 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. 11.% 11.%

8 Full Year 201 SmallCap M&A Up To US$0m s European Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan 1 Dec 1 European SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor # of Change in Rank Value 201 Rank Value Advisor 201 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) Ernst & Young LLP IMAP Baker Tilly International * * 10 Oaklins (FKA M&A Intl Inc) * KBS Corporate Sales Ltd Lazard * Clairfield International Alantra Partners SA Lincoln International Clearwater International Grant Thornton CFI RSM Corporate Fin LLP BNP Paribas SA 1* Globalscope 1* Global M&A UniCredit 22* 2* JP Morgan 22* 2* Benchmark International Morgan Stanley UBS 2 2* Natixis 2 2* Credit Suisse Capitalmind 2* Cooperatieve Rabobank UA 2* 2* Goldman Sachs & Co 2* 0* ING Houlihan Lokey * 2* Credit Agricole CIB * * BCMS Corporate Ltd * Cambon Partners * * 10 Kon SpA * * Societe Generale * * * 2. Translink Corporate Finance * Livingstone Partners 0* 2* Citi 0* * Deutsche Bank 2* * 1.1 Jefferies LLC 2* 0* * 2. Mazars SA 2* 2* * 1. Barclays * * 1. DC Advisory * Concentro Management AG * * ACXIT Capital Partners * * Liberum Capital * 1* *. HSBC Holdings PLC * 2* Banque Degroof Petercam SA * * *.1 Industry Total 1, 1,0,.1,1. 1.,1.. $12 $10 $ $ European SmallCap M&A up to US$0m by Target Industry.%.%.% Jan 1 Dec 1.% 1.%.% 12.% 11.%.%,000,00,000,00 $ 1,00 1,000 $2 00 $0 US$0 10m US$10 20m US$20 0m US$0 0m US$0 0m,000 2,00 2,000.% 11.1% ** 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 Full Year 201 SmallCap M&A Up To US$0m s UK Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan 1 Dec 1 UK SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor # of Change in Rank Value 201 Rank Value Advisor 201 ** Fee Rank Rank Deals US$m GBP m Rank Change (%) Fees Rank Exp (%) KBS Corporate Sales Ltd Grant Thornton * 0. Baker Tilly International *.1 RSM Corporate Fin LLP Ernst & Young LLP *. Benchmark International Clearwater International 11 1* Alantra Partners SA 12 1* * BCMS Corporate Ltd IMAP 1 1* Lincoln International 1* * Oaklins (FKA M&A Intl Inc) 1* 1* * Lazard 1* 1* * JP Morgan 1 21* Mazars SA Liberum Capital 21 * Cenkos Securities PLC 22 2* * 1. Morgan Stanley 2* * 1 2* Clairfield International 2* 2* * Investec 2* * *.. *. Houlihan Lokey 2* 21* 1.. 2* finncap Ltd 2* 2* * *. Goldman Sachs & Co 2* * 1 1 2* Barclays 2* * 1 1 2* Sentio Partners LLP 2* * * Duff & Phelps 2* * *.1..2 Jefferies LLC 2* * Piper Jaffray Cos * 1* * Global M&A * 2* * Credit Suisse * * *. *. UBS * 2* 12 * 2. *.1 Evercore Partners * * 11 2 *. * 1. WH Ireland Ltd * 0* * Numis * 2* *. 2.0 *.1 CFI * 2* * Deutsche Bank 1 2* Citi 2* *. 2*.0 2*. Bank of America Merrill Lynch 2* * 2* Canaccord Genuity 2* 0* * 2.1. *.2 Peel Hunt LLP 2* * * * 2.0 BNP Paribas SA * 1* * Cairn Financial Advisers Ltd * * *. 0. 2* 10 Quayle Munro Ltd * * 2..0 *... EMC Management Consultants Ltd * * 0 *.0 2* 10 Hoodless Brennan & Partners 0* 0* * * 10 Stifel/KBW 0* * * * 10 Natixis 0* * 1 0*.0 0* Livingstone Partners 0* 21* * 1.. * 10 Industry Total, ,. 10, ,.. $ $ $ $ $ $2 $2 $1 $1 $0 US$0 10m US$10 20m US$20 0m US$0 0m US$0 0m UK SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 1.%.1% 1.1%.% 12.%.%.% 10.%.% 10.2%.% 1,00 1, 1, ** 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 Full Year 201 SmallCap M&A Up To US$0m s French Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan 1 Dec 1 French SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor # of Change in Rank Value 201 Rank Value Advisor 201 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) Lazard * Natixis Credit Agricole CIB *.0 * 1.1 Cambon Partners BNP Paribas SA Ernst & Young LLP 10* *.1 Clairfield International Oaklins (FKA M&A Intl Inc) Societe Generale 11* 11* 1* 1* DC Advisory 1* 10* * Alantra Partners SA 1* * Pax Corporate Finance 1* Capitalmind 1* * * 10 Invest Corporate Finance SAS 1* 1* Lincoln International IMAP 1 1* *. Clearwater International 20 1* * 1 0 * * 10 22* * 0. 21*.1 Bryan Garnier & Co 22* 1* UBS 22* 1* Translink Corporate Finance 2* * Banque Degroof Petercam SA 2* 22* *.0 Edmond de Rothschild Hldg SA 2* Global M&A 2 22* * 10 Aurignac Finance 2* 1* MBA Capital SARL 2* 1* CFI 2* 0* * 10 Drake Star Partners 2* 1* ING 112*.0 2* 10 RBC Capital Markets * 112* *. Eurohold SL * * Clipperton Finance SARL * * * 10 Oddo & Cie SCA * * * 20. Linkers * 2*.0 2* 10 Canaccord Genuity * 0* Grant Thornton * 2* * * 10 Adviso Partners SAS * * Industry Total 2,1,11.,. 1. 1, $2.0 1,000 $1. $1. $1. $1.2 $0. $0. $0. $0.2 $ US$0 10m US$10 20m US$20 0m US$0 0m US$0 0m French SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 1.%.2% 2.%.%.% % 1.%.%.% 10.% ** 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.

11 Full Year 201 SmallCap M&A Up To US$0m s German Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan 1 Dec 1 German SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor # of Change in Rank Value 201 Rank Value Advisor 201 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) Ernst & Young LLP *.0 22* 2. 1* * Lincoln International * * 2 2* IMAP * Concentro Management AG * 21 2* * Globalscope * ACXIT Capital Partners * 1* Oaklins (FKA M&A Intl Inc) 12 1* 1 2* Quarton International 1 * Roedl & Partner 1 2* Alantra Partners SA 1 * Baker Tilly International * 10 Livingstone Partners 1 22* 11 2* Clairfield International 1* 1* *.0 1* 10 UniCredit 1* 22* CFI 1* * 10 2*.0 22* 10 Clearwater International 1* 11* 10 2* 1 11* 10 Falkensteg GmbH 1* * 10 2* 1 11* 10 Raymond James Financial Inc 2* 1* 2 2* Deutsche Bank 2* 2* *. Houlihan Lokey 2* 2* 1 2* 1..0 goetzpartners Corp Finance 2* 22* 0 2* 2. * 10 Capitalmind 2* *.0 1* 10 Centuros GmbH 2* 22* 0 2*.0 20* 10 Goldman Sachs & Co 2* * * 12. One Square Advisors GmbH 2* *.0 0* 10 Lazard 2* 1* 2*.0 1* 2. UBS 2* * JP Morgan 2* 22* * 1. Jones Lang LaSalle Inc * *. 21*.2 2. Global M&A * 11* 2*. 2* 10 IEGInvestment Banking * 1* 2* Commerzbank AG * * 10 Stifel/KBW *.0 20* 10 Cushman & Wakefield Inc * * Macquarie Group * * 1 2* HSBC Holdings PLC * * GCA Corp * 2* 2 2* 1.0 0* 2. Barclays * * 0 2* 2.0 * 1.1 Standard Chartered PLC * *.2 Network Corporate Finance * 2* equinet AG * * * 10 BCMS Corporate Ltd * *.0 2* 10 Ludwig & Co GmbH * * 2 2*.0 0*.1 Translink Corporate Finance * * CVM Capital Value Mgmt GmbH *.0 0* 10 Industry Total 2,11 12,., $1. $1.2 $0. $0. $0. $0.2 $ US$0 10m US$10 20m US$20 0m US$0 0m US$0 0m German SmallCap M&A up to US$0m by Target Industry.%.%.%.1%.%.1% 2.% 1.2% 1.% Jan 1 Dec % 1.% ** 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 Full Year 201 SmallCap M&A Up To US$0m s Italian Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan 1 Dec 1 Italian SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor # of Change in Rank Value 201 Rank Value Advisor 201 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) UniCredit Kon SpA Vitale&CoIMAP * * Lazard * 10* Fineurop SpA * * 1 0 * Arkios Italy SpA * *. 1. * 2. Mediobanca 10* Ernst & Young LLP 10* 10* * Banca IMI (Intesa Sanpaolo) Clairfield International 1 21* Unione di Banche Italiane Scpa 1* * Alantra Partners SA 1* BNP Paribas SA 1 1* 2 * Credit Suisse 1* * * *. 1* 1 1 * 0. * 10 Oaklins (FKA M&A Intl Inc) 1* 1* 0 * 1 10 Lincoln International 20* 1*.. 11* Ethica Corporate Finance SpA 20* 1* * 10 Brera Advisory Spa 20* Deutsche Bank 2 1* * 2. Morgan Stanley 2* 1* * *.1 UBS 2* 21* 0 * 1. 0*. Leonardo & Co 2* 2* 1 *. 21* 10 2* * * 10 Spada Partners 2* *.0 2* 10 Bain & Co 2* 1* Citi 2* 21* * 2.2 CFI 2* 1* * DVRCapital SpA 2* * Partners SpA 2* * 10 Global M&A * 1* * 1. * 10 Equita SIM SpA * 2* 1 * 2. 1* 2.1 Translink Corporate Finance * 1* * 10 Societe Generale *.0 2*. Goldman Sachs & Co * * 2 * 2.0 *.0 Gresham Partners * * 10 Houlihan Lokey * 1* * 1. Credito Emiliano * * Industry Total 1,2 12,0.2, $1.2 $0. $0. $0. $0.2 $ US$0 10m US$10 20m US$20 0m US$0 0m US$0 0m Italian SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 1 2.%.%.0% 20.1%.1%.0% %.%.% 10.% 11.% ** 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

13 Full Year 201 SmallCap M&A Up To US$0m s Spanish Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan 1 Dec 1 Spanish SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor # of Change in Rank Value 201 Rank Value Advisor 201 ** Fee $1.2 0 Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) * Ernst & Young LLP *.2 11* Eurohold SL $0. BBVA * *.. Norgestion * * $0. Oaklins (FKA M&A Intl Inc) 10* 1* 2*. 10 Alantra Partners SA 10* * * Santander Global Corporate Bnk 12* * 0 2*.0 *.1 Baker Tilly International 12* 0* 2* 0. * 10 $0. BNP Paribas SA 1* 1* * IMAP 1* 11* 0 2*.0 10 CFI 1* 1* * 10 Morgan Stanley 1* 2* * 11.1 $0.2 0 Arcano Asesores Financieros SL 1* *.2 1*. Montalban 1* *.2 Lincoln International 20* 1* 1 2* $ Citi 20* 1* 0 2*.0 11* 1. GBS Finanzas SA 22* 1* 1 2*.0 22*.0 UBS 22* * * 10.2 Clearwater International 22* * 2 2*.0 22* 10 US$0 10m US$10 20m US$20 0m US$0 0m US$0 0m JP Morgan 22* 1* 0 2*.0 11* 20. RBC Capital Markets 2* * 10 Lazard 2* 1* 1 2*.0 11* 21. Societe Generale 2* 2*.0 2*.2 Mediobanca 2* 2 2 2* 2.0 0* 2. Spanish SmallCap M&A up to US$0m by Target Industry Deutsche Bank 2* 2 2 2*.0 22* 2.0 Houlihan Lokey 2* 2* 2 1 2*. 2 AZ Capital 2* 0* 2 1 2*.0 2*.1 Cushman & Wakefield Inc 2* 2 2 2* 2.0 0*..% Industry Total 1,0 22,2.2, % 1.%.2% Jan 1 Dec 1.2%.% 1.%.0% 1.%.1%.% ** 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. 11

14 Full Year 201 SmallCap M&A Up To US$0m s Nordic Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan 1 Dec 1 Nordic SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor # of Change in Rank Value 201 Rank Value Advisor 201 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) * * Clairfield International IMAP 21 * Carnegie * 1* Oaklins (FKA M&A Intl Inc) * Ernst & Young LLP * Clearwater International * * * 21* Danske Bank 10* 12* * 1. Globalscope 12 1* SEB 1 12* DNB ASA 1 * * Credit Suisse 1* Lazard 1*..1 Handelsbanken Capital Markets 1* 1* * 12.0 ABG Sundal Collier 1* 1* *. 2. *. Nordea 1* * 2. Livingstone Partners 1* 1* * 10 Jefferies LLC 1* *. 1. MidCapital 1* 21* 1 * Stella EOC 1* 21* *.. 1* 10 2* * * 10 FIH Partners AS 2* 2* 2 *.0 21*.1 Translink Corporate Finance 2* * 10 CFI 2* *.0 2* 10 Raymond James Financial Inc 2* * *. 10 HLP Corporate Finance Oy 2* 2* * 10 Baker Tilly International 2* * * 10 BCMS Corporate Ltd 2* * Capitalmind 2* * * Catella AB * * * 2. Morgan Stanley * * * 2. AGC Partners * * * Lincoln International *.0 21* 10 Swedbank * * Alpha Corporate Finance * 2* 1 *.0 2*. Moelis & Co * * 2 * 2.0 1* 10 Bank of America Merrill Lynch * * Pangea Property Partners AB * * * 10 Grant Thornton * * * Goldman Sachs & Co * * 1 Alantra Partners SA * * 2 1. * 10 JP Morgan * 2* *. Industry Total 2,0,01., $1. $1. $1. $1.2 $0. $0. $0. $0.2 $ US$0 10m US$10 20m US$20 0m US$0 0m US$0 0m Nordic SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 1.1%.0%.1% 1.%.%.%.0%.% 1.2% % 11.2% 1.% ** 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

15 Full Year 201 SmallCap M&A Up To US$0m s Benelux Involvement SmallCap Rankings (MM10a) MM10a Undisclosed Values & Values up to US$0m Jan 1 Dec 1 Benelux SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor # of Change in Rank Value 201 Rank Value Advisor 201 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) * *. IMAP * ING * Cooperatieve Rabobank UA * 1* 2 1 * Oaklins (FKA M&A Intl Inc) Ernst & Young LLP 1* * 1. Lazard * 10* 1 * 1. * 2. Baker Tilly International 10* * 1 * Lincoln International CFI 1* 1 1 * Capitalmind 1* 1* 1 0 * Global M&A 1 2* 12 * Clairfield International Banque Degroof Petercam SA 1* 1* * 2* * Goldman Sachs & Co 1 2* Haitong Securities Co Ltd 20* * Globalscope 20* 20* DC Advisory 22 2* *.0 1* 10 NIBC NV 2* 2* 1 *.0 1* 10 Alantra Partners SA 2* * RBS 2* 2* 2 *.0 1*. Citi 2* 1* * CBRE Holding SAS 2* 1* *. JP Morgan 2* 1* *.0 2*.1 Houlihan Lokey 2* 1 *.0 1*. Morgan Stanley 2* * Credit Suisse 2* 2* 2 * UniCredit 2* 1* * 10 Natixis 2* * Jefferies LLC 2* 1* 2 * 2.0 * 1. Deutsche Bank * *.0 Barclays * 20* *.0 2* 2. UBS * 22* *.0 2* 1. MidCapital *. 0* 10 Quarton International *.0 * 10 Industry Total 1,,0., $1. $1. $1.2 $0. $0. $0. $0.2 $ US$0 10m US$10 20m US$20 0m US$0 0m US$0 0m Benelux SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 1.% 2.%.1%.%.% 1.% 12.% %.% 12.%.% 10.1% ** 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. 1

16 Full Year 201 SmallCap M&A Up To US$0m s Eastern Europe Involvement SmallCap Rankings (MM1a) MM1a Undisclosed Values & Values up to US$0m Jan 1 Dec 1 Eastern European SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor # of Change in Rank Value 201 Rank Value Advisor 201 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) Ernst & Young LLP * IMAP * * Globalscope * 2* * CFI 1* 12 1* * 2 Oaklins (FKA M&A Intl Inc) Clairfield International 11 1* Barclays 12* * BNP Paribas SA 12* 1* Lincoln International 12* * * 10 VTB Capital 1* 1* UBS 1* 2* 1 1* 0. 1* 10 Societe Generale 1* * * 2. Lazard 1* 1* 1 1* 2.0 1* 10 JP Morgan 1* 10 1*.0.2 Mediobanca 20* * 2 Turkiye Is Bankasi AS 20* 1* * 2.0 1* 10 Credit Suisse 20* * 1 1*.. Citi 20* 2* 0 1* 2.0 1* 0. Industry Total 2,1 2,., $2. $2.0 $1. 1,00 1,00 1, 1, $0. $ US$0 10m US$10 20m US$20 0m US$0 0m US$0 0m Eastern European SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 1.%.% 2.% 1.2%.%.%.0%.0% 11.% 1.%.%.2% ** 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. 1

17 Full Year 201 SmallCap M&A Up To US$0m s Hochinma Involvement SmallCap Rankings (MM1a) MM1a Undisclosed Values & Values up to US$0m Jan 1 Dec 1 Hochinma SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor (US$m) # of Change in Rank Value 201 Rank Value Advisor 201 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Industrial & Comm Bank China CITIC * *. Gram Capital * China Renaissance Partners * Ernst & Young LLP * * 1. Mercury Securities * *. Huatai Securities Co Ltd * * * * * 1. Goldman Sachs & Co * 1* Kingston Corporate Finance Ltd 11 * Veda Capital Ltd 12 1* * China International Capital Co 1 1* *. Morgan Stanley 1 2* China Merchants Securities Co 1* * Optima Capital Ltd 1* * * 12. 1* 2* Guotai Junan Securities 1* 1* Octal Capital Ltd 1* * *.2 Somerley 1* 1* China ecapital Corp 21* 12* RHB 21* * * 2. Haitong Securities Co Ltd 21* 1* *. UBS 2* 1* Citi 2* 1* * 2. 2* 12* Duff & Phelps 2* * Deutsche Bank 2* * *.1 Credit Suisse 2* 2* * 2.1 Amasse Capital Ltd 2* * *. Lego Corporate Finance Ltd 2* 1* Lazard 2* * * 2.0 Red Sun Capital Ltd 2* 1* * CIMB Group Holdings Bhd 2* 2* * 1. CSC Financial Co Ltd 2* * 1. INCU Corporate Finance Ltd * 12* * 10 Euto Capital Partners Ltd * * * 1.2 K&N Kenanga Holdings Berhad * *. * 1* * 10 M and A Securities Sdn Berhad 0*. 1. 2* 10 Affin Holdings Bhd 0*. 1.1 * 2.2 Nuada Ltd 0* 20* *. Industry Total,2 2, , $2 $20 $1 $10 Hochinma SmallCap M&A up to US$0m by Target Industry 2.%.% 1.%.%.% 1.%.% 2,00 2,000 $ 00 $0 US$0 10m US$10 20m US$20 0m US$0 0m US$0 0m 1,00 1,000 Jan 1 Dec 1.% 12.%.% 11.2% ** 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. 1

18 Full Year 201 SmallCap M&A Up To US$0m s Hong Kong Involvement SmallCap Rankings (MM12a) MM12a Undisclosed Values & Values up to US$0m Jan 1 Dec 1 Hong Kong SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor (US$m) # of Change in Rank Value 201 Rank Value Advisor 201 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Gram Capital Kingston Corporate Finance Ltd Optima Capital Ltd * 2* * 12. Octal Capital Ltd * * *.2 Veda Capital Ltd Somerley 1* Red Sun Capital Ltd * * Amasse Capital Ltd * 1* * 2.2 Euto Capital Partners Ltd Lego Corporate Finance Ltd * * 1* * *..1 UBS 11* 1* INCU Corporate Finance Ltd 11* 0* * 10 Nuada Ltd 11* * Dakin Capital Ltd 11* * Zhaobangji Intl Capital Ltd 11* *. 1* * * 2. GF Securities Emperor Capital Ltd 1* 1* * 2* * 2*. 10 Messis Capital Ltd 1* 1* *. Industrial & Comm Bank China 1* 1* 0.0 *. Grand Moore Capital Ltd 1* * 10 BaoQiao Partners Capital Ltd 1* 2* Anglo Chinese Corp Finance 1* Goldin Equities Ltd 2* * *. Haitong Securities Co Ltd 2* * 1. Akron Corp Finance Ltd 2* * *.1 China Great Wall Asset Mgmt 2* *. China Af Corporate Fin Ltd 2* *. Platinum Securities Co Ltd 2* 0* * 1. Ernst & Young LLP 2* 1* * 1. Industry Total 1, 1, $.0 $. $.0 $. $.0 $2. $2.0 $1. $0. $ US$0 10m US$10 20m US$20 0m US$0 0m US$0 0m Hong Kong SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 1.% 2.% 1.1%.% % Industry Total.0% 1.2%.%.% 11.%.2% ** 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. 1

19 Full Year 201 SmallCap M&A Up To US$0m s Australia/New Zealand Involvement SmallCap Rankings (MM11a) MM11a Undisclosed Values & Values up to US$0m Jan 1 Dec 1 Australia/New Zealand SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor (US$m) # of Change in Rank Value 201 Rank Value Advisor 201 ** Fee $.0 00 Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) 1 1* * * *. $2. 00 Macquarie Group Ernst & Young LLP * UBS * 1* $ Miles Advisory Partners * 1* Moelis & Co * * 0. 1* Goldman Sachs & Co * * $1. 00 Gresham Partners 10 1* * 1. Houlihan Lokey 11* 2* Baker Tilly International 11* 1* * *. 1* 10* *. Lazard 1* 12* 0 1 * 10 JP Morgan 1* * 1 *. $0. Morgan Stanley 1* 1* Citi 1* Forsyth Barr 1* *. First NZ Capital 1* * *. $ Clairfield International 1* * * 10 Allier Capital 1* 1* * 1.1 Investec 2* 1* Barclays 2* * 2 1* US$0 10m US$10 20m US$20 0m US$0 0m US$0 0m Greenhill & Co, LLC 2* 2* Industrial & Comm Bank China 2* 2* 1 12* * 12.2 Burnvoir Partners 2*. 0. * 10 Cameron Partners Ltd 2* * 2. 1* Grant Samuel 2* 1* Australia/New Zealand SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 1 Santander Global Corporate Bnk 2* * 10 Globalscope 2* * 10 Flagstaff Partners Pty Ltd 2* 2* * 10 RSM International Ltd 2* 12* 1* 0. * 10.2% Industry Total 1, 2, % 1.%.%.%.% 1.2%.% 1%.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. 1

20 Full Year 201 SmallCap M&A Up To US$0m s Singapore Involvement SmallCap Rankings (MM1a) MM1a Undisclosed Values & Values up to US$0m Jan 1 Dec 1 Singapore SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor (US$m) # of Change in Rank Value 201 Rank Value Advisor 201 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) 1 1* Credit Suisse 2 1* Morgan Stanley * 2* Goldman Sachs & Co * * Zico Holdings Inc 1. 2 * 1*. * *. Standard Chartered PLC * 1* UBS * * * 1.0 RHB * 2* * * * 10 JP Morgan * 1* 2.0 *. Mizuho Financial Group 12* * 0.0 *. Citi CIMB Group Holdings Bhd 12* 12* * * 0.. * * 1. 12* * * 21. Industrial & Comm Bank China 1* 2* * 1. Ernst & Young LLP 1* * *. SAC Capital Private Ltd 1* * 10 Provenance Capital Pte Ltd 1* 1* Development Bank of Japan Inc 1* * 2 *.0 * 10 RHT Capital Pte Ltd 1* * Oaklins (FKA M&A Intl Inc) 1* 2* 1.0 *. Evercore Partners 2* * 2 1 OverseaChinese Banking 2* * * 1. Industry Total 0, $1. $1. $1.2 $0. $0. $0. $0.2 $ US$0 10m US$10 20m US$20 0m US$0 0m US$0 0m Singapore SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 1.% 2.% 1.1%.%.%.%.% 12.% 11.% 10.% 11.1% 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. 1

21 Full Year 201 SmallCap M&A Up To US$0m s Japanese Involvement SmallCap Rankings (MM1a) MM1a Undisclosed Values & Values up to US$0m Jan 1 Dec 1 Japanese SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor (US$m) # of Change in Rank Value 201 Rank Value Advisor 201 ** Fee $. 1,000 Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Mizuho Financial Group Sumitomo Mitsui Finl Grp Inc $.0 Kaede Group $2. 00 Nomura * Mitsubishi UFJ Financial Group * Plutus Consulting Co Ltd * $2.0 Daiwa Securities Group Inc * 2. Tokyo Financial Advisers 11 11* $1. 00 Maxus Corporate Advisory Inc * 10 Frontier Management Inc 1 12* AGS Consulting Co Ltd 1 11* GCA Corp Corporate Advisers $0. Mitsubishi UFJ Morgan Stanley es Networks Co Ltd 1 2* * Ernst & Young LLP 1 20* Growin Partners Inc $ Lincoln International 21 2* Credit Suisse 22* * YAMADA & Partners 22* 2* * 1. Sumitomo Mitsui Trust Holdings 22* 2* * 2. US$0 10m US$10 20m US$20 0m US$0 0m US$0 0m 22* Duff & Phelps 22* *.0 2*.2 JP Morgan 22* 1* 1.0 1*. UBS 2* * Citi 2* 2*.0 1* 2.1 Akasaka International Account 2* 2* Barclays 2* 2* CLARIS CAPITAL 2* 2* * 10 Goldman Sachs & Co 2* 2* *. 2*.0.% Houlihan Lokey * * *. IMAP * 2* * 10.2% 1.0% Industry Total,2 1 10, % Japanese SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 1.2%.%.% 1.%.% 1.0% 11.% ** 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. 1

22 Full Year 201 SmallCap M&A Up To US$0m s Chinese Involvement SmallCap Rankings (MM20a) MM20a Undisclosed Values & Values up to US$0m Jan 1 Dec 1 Chinese SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor # of Change in Rank Value 201 Rank Value Advisor 201 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Industrial & Comm Bank China CITIC China Renaissance Partners Gram Capital * 11. Huatai Securities Co Ltd 2* * China International Capital Co 12* China Merchants Securities Co Guotai Junan Securities * * * 22. Veda Capital Ltd 10* 2* *. China ecapital Corp 10* * Haitong Securities Co Ltd 12* 10* CSC Financial Co Ltd 12* * 1. Optima Capital Ltd 1* 2* * 2.1 Morgan Stanley 1* 2* *. Duff & Phelps 1* 2* *. Goldman Sachs & Co 1* 2* *.2 1* 12* * 2.0 Red Sun Capital Ltd 1* * 1.2 Deutsche Bank 20* 2* UBS 20* * *. China Securities Co Ltd 20* * * 12. Kingston Corporate Finance Ltd 2* 12* * Credit Suisse 2* 2* * 0. Minsheng Securities Co Ltd 2* 10* * 12* 2.1 1*. Somerley 2* Zhongtai Securities Co Ltd 2* * Shinco Capital Ltd 2* 10*.2. Cooperatieve Rabobank UA 2* 10*..0 11*. Platinum Securities Co Ltd 1* * * 10 China Construction Bank 1* * *. Guosen Securities Co Ltd 1* 2* INCU Corporate Finance Ltd 1* * 10 Huaxi Securities Co Ltd 1* * 2. Citi 1* 12* 12*.0 * 1. Nuada Ltd 1* 1* *. Astrum Capital Management Ltd 1* 10* * * 1 0. * 11. Industry Total,1 20 0, $1 $1 $1 $12 $10 US$0 10m US$10 20m US$20 0m US$0 0m US$0 0m Chinese SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 1.1% 2.% 1.1%.%.% 1,00 1,00 1,00 1, $ 00 $ 00 $ 00 $2 $0 1,000.0% 1.1%.%.% 11.% 11.% ** 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

23 Full Year 201 SmallCap M&A Up To US$0m s Indian Involvement SmallCap Rankings (MM21a) MM21a Undisclosed Values & Values up to US$0m Jan 1 Dec 1 Indian SmallCap M&A up to US$0m by Rank Value Range per Advisor Rank Value per Advisor # of Change in Rank Value 201 Rank Value Advisor 201 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Ernst & Young LLP *.1 2 2* Goldman Sachs & Co * 1* * * * * 21. Singhi Advisors Ltd * Globalscope * Avendus Capital Pvt Ltd * * CFI * Translink Corporate Finance 10 1* *.1.2 * 10 Ambit Corporate Finance 11* 2* Citi 11* *. Benchmark International 11*.0 10 Lazard 11* * 0. * 10 1* 1* RHB 1* Equirus Capital Pvt Ltd 1* 2* Zico Holdings Inc 1* Industry Total 1,0 1, , US$0 10m US$10 20m US$20 0m US$0 0m US$0 0m Indian SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 1.%.%.% 1.0%.1%.% 1.%.% 10.1%.%.% ** 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. 21

24 Full Year 201 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) ewelina.jarecka@thomsonreuters.com AsiaPacific Catherina GuintoRoldan Tel: catherina.guintoroldan@thomsonreuters.com Announced league tables include all deals that were announced between January 1, 201 and December 1, 201 and of which Thomson Reuters was made aware. All current data and previous year's data is as of :00 pm EST on January, 201. 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: 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. 201 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. 22

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