MID-MARKET MARKET M&A REVIEW FINANCIAL ADVISORS. REUTERS / Eduardo Munoz

Transcription

1 MIDMARKET MARKET M&A REVIEW FINANCIAL ADVISORS REUTERS / Eduardo Munoz First Quarter

2 First Quarter Mergers & Acquisitions s MidMarket M&A Review Table of Contents Worldwide MidMarket M&A Deals Intelligence Worldwide MidMarket Rankings (MM) US Target MidMarket Rankings (MM) Latin America Involvement MidMarket Rankings (MM) European Involvement MidMarket Rankings (MM) UK Involvement MidMarket Rankings (MM) French Involvement MidMarket Rankings (MM) German Involvement MidMarket Rankings (MM) Italian Involvement MidMarket Rankings (MM) Spanish Involvement MidMarket Rankings (MM8) Nordic Involvement MidMarket Rankings (MM9) Benelux Involvement MidMarket Rankings (MM) Eastern Europe Involvement MidMarket Rankings (MM) Hochinma Involvement MidMarket Rankings (MM) Hong Kong Involvement MidMarket Rankings (MM) Australia/New Zealand Involvement MidMarket Rankings (MM) Singapore Involvement MidMarket Rankings (MM) Japanese Involvement MidMarket Rankings (MM) Chinese Involvement MidMarket Rankings (MM) Indian Involvement MidMarket Rankings (MM) Ranking Criteria Summary

3 M&A Rankings For SmallCap Deals Valued Up To US$m Are Also Available First Quarter DEALS VALUED UP TO US$ MILLION MIDMARKET M&A REVIEW MidMarket Deals Intelligence Worldwide MidMarket M&A up to US$m by Rank Value Range Jan Mar Worldwide announced MidMarket M&A deals valued up to $ million (including undisclosed value deals) totaled US$. billion for the first quarter of a.% increase yearonyear. Estimated global fees generated from completed MidMarket M&A activity reached US$. billion for the first quarter of, according to estimates by Thomson Reuters and Freeman Consulting. The Americas region (by target domicile) led the market, with US$.8 billion of announced deal activity, representing a.8% share of the market. The Americas region (by target domicile) also led the market in terms of deal count, with, deals for the first quarter of, representing.% of the 8, deals announced worldwide. The Real Estate sector comprised.% of announced value, followed by and, each of which represented.% of the total market. $ $ $ $ $,, 8,,,, Announced MidMarket M&A by Target Nation Up To US$m Jan Mar // // // // % Region/Nation Rank Value US$m # of Deals Rank Value US$m # of Deals Change in Rank Value Worldwide,9. 8,,88.9 9,. Americas,8., 9,.9,8. United States of America,.,,.,. Canada,99. 8,.8. Brazil,9. 9, Mexico,. 9,99.. Chile Peru Colombia Europe,.9, 9,89.,9. United Kingdom 9,., Spain,. 9,.. Germany,.8,8.. Italy,8. 8, France,8. 9,..9 Republic of Ireland, ,. Sweden,.9 9,. 9. Russian Federation,.8,89.. Switzerland,. 9.8,. Poland,9.,9.. Norway Africa/Middle East/Central Asia,., Israel 8.,.. South Africa 8.,.. AsiaPacific (ex Central Asia),98.,9,.,88. China,9. 9, South Korea,8.,8.. Australia,9. 9,9. 8. India,.9 9,..9 Hong Kong,8.8,. 9.8 Malaysia,. 89,9.. Singapore,., Indonesia 9.,8. 8. Thailand Japan 8,88.,..8 $ US$ m US$ m US$ m US$ m Worldwide MidMarket M&A up to US$m by Target Industry Jan Mar Real Estate.%.%.%.8%.%.%.% 8.%.%.8%.% Government and Agencies

4 First Quarter MidMarket M&A Up To US$m s Worldwide MidMarket Rankings (MM) MM Undisclosed Values & Values up to US$m Jan Mar Worldwide MidMarket M&A up to US$m by Target Nation Region Jan Mar per Advisor Rank Value per Advisor (US$m) # of Change in Rank Value Rank Value Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) 9, Sumitomo Mitsui Finl Grp Inc Goldman Sachs & Co KPMG Rothschild Ernst & Young LLP Deloitte Lazard Mizuho Financial Group Morgan Stanley Bank of America Merrill Lynch * * 8 9 * * * 9 8,.,8.,.,8. 99.,.,8.8.,8., * 8 * * JP Morgan Barclays Citi Nomura IMAP Credit Suisse Clairfield International Jefferies LLC * * 9 * * * 9 8,.,8.,.,..,.., Macquarie Group *, RBC Capital Markets * 9, Wells Fargo & Co * * 8, Itau Unibanco * 8,8... *. Houlihan Lokey, Evercore Partners * *, Lincoln International * * Grant Thornton *. *.. 9*. Deutsche Bank, Stifel/KBW, Sandler O'Neill Partners *, BNP Paribas SA *...9. Moelis & Co * 9 8. * GCA Savvian Group Corp * * Duff and Phelps * *..8. * 9. Rabobank NV * * *.9 Societe Generale * * M&A International * *. UBS *, HSBC Holdings PLC *... 9*. William Blair & Co.... Banco BTG Pactual SA CIBC World Markets Inc * *,.... BMO Capital Markets * *, Credit Agricole CIB * *. TD Securities Inc * * 9, Piper Jaffray Cos * ABN AMRO Bank * * 9... * DC Advisory * * GMP Capital Corp 9* * 8, *. Frontier Management Inc 9* * * Daiwa Securities Group Inc 9* * Simmons & Co International 9* Industry Total 8,,9..,99.. $ $ $ $ $8 $ $ $ $ $8 Africa/Middle East Americas AsiaPacific Europe Japan Worldwide Estimated MidMarket Investment Banking Fees by Quarter* Investment Banking Fees (US$b) $ $ $ $ $ $ $ $.%.%.% $ $.% Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q MidMarket I.B. Fees ($mil or less) % of Total Fees.%.%.%.% Percentage of Total Fees * ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant region.

5 First Quarter MidMarket M&A Up To US$m s US Target MidMarket Rankings (MM) MM Undisclosed Values & Values up to US$m Jan Mar per Advisor Rank Value per Advisor (US$m) # of Change in Rank Value Rank Value Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp. (%) Goldman Sachs & Co 9,..8.. Wells Fargo & Co *, Stifel/KBW *, Houlihan Lokey * 8, Bank of America Merrill Lynch * * 8,. *... Lazard * Sandler O'Neill Partners * * 8, Evercore Partners Morgan Stanley * *,9., Barclays * *, JP Morgan *,. * Jefferies LLC * *, Duff and Phelps * * RBC Capital Markets *, Moelis & Co * Piper Jaffray Cos William Blair & Co * * 9* KPMG * *. Credit Suisse * 8, Lincoln International * *...8. PNC Financial Services Group * *. 89*. 8. Raymond James Financial Inc *.... Macquarie Group * * 8... *. SunTrust Banks * * *. Stephens Inc * * Simmons & Co International * * Cain Brothers Co. *.. 9*. TD Securities Inc.. *. BMO Capital Markets * *. Rothschild *...8. Citi GCA Savvian Group Corp... Deloitte * Chartwell Capital Ltd. 8 Sterne Agee & Leach Inc Deutsche Bank * * B Riley & Company *. 8. *. Austin Associates Inc * 9.8 Signal Hill Capital Group LLC * *. 89*. 9*. GMP Capital Corp * Alvarez & Marsal * *. 89*.8 9. Centerview Partners LLC * *... CW Downer & Co *. 89*. 9*. Benchmark Intl Brokers Ltd *. 89*. 9*. Robert W Baird & Co Inc * 9* Industry Total,,..8,8.. US MidMarket M&A up to US$m by Rank Value Range $ $ $ $ $ $ $ $ US$ m US$ m US$ m US$ m,,,,, US MidMarket M&A up to US$m by Target Industry Jan Mar.%.%.%.% Real Estate.%.% 9.%.%.%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant region.

6 First Quarter MidMarket M&A Up To US$m s Latin America Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to US$m Jan Mar Latin America MidMarket M&A up to US$m by Rank Value Range per Advisor Rank Value per Advisor (US$m) # of Change in Rank Value Rank Value Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp. (%) Itau Unibanco 8, Banco BTG Pactual SA Rothschild * Goldman Sachs & Co * Morgan Stanley *..8 Santander * * Bank of America Merrill Lynch * * 8.. Citi Barclays 9*. 8. BBVA 9* * 9. RBC Capital Markets 9* 9... Nomura 9* *. *. Lazard 9* * 9. *. Credit Suisse 9* *. * Evercore Partners *. *.. BNP Paribas SA * * *.. * *. 9 Lincoln International *. *.. FIH Partners AS BMO Capital Markets * * * Livingstone Partners *. *.. Patria Investimentos * * 9. * Globalscope *. *. Northland Capital Partners Ltd *. 9* Clairfield International *. Base Capital Partners *. *.. Jefferies LLC * *. 9* 99. Mazars SA *. * Baker Tilly Roelfs Corporate *. * Industry Total 8 8, $8 $ $ $ $ $8 $ $ $ $ US$ m US$ m US$ m US$ m Latin America MidMarket M&A up to US$m by Target Industry Jan Mar.%.%.9%.9% Real Estate.%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant region. 8.% 9.%.%.%

7 First Quarter MidMarket M&A Up To US$m s European Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to US$m Jan Mar European MidMarket M&A up to US$m by Rank Value Range per Advisor Rank Value per Advisor # of Change in Rank Value Rank Value Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%),.,...8 * 8. Rothschild 8,., Ernst & Young LLP * 9. KPMG *. IMAP Lazard,8., *.8 Clairfield International * * Deloitte * *. Goldman Sachs & Co 9,.8,9... *. BNP Paribas SA * Barclays * *,99., Rabobank NV * Lincoln International * * *. Bank of America Merrill Lynch Citi * * * * Deutsche Bank * *, Credit Suisse * *, Credit Agricole CIB * 9* Grant Thornton *.. *.9 8. Morgan Stanley * * DC Advisory * * Societe Generale * * M&A International * * HSBC Holdings PLC * *. La Compagnie Financiere * *. Numis * *. Nomura * * *. Globalscope * *.. *. *. CBRE Holding SAS * *. BDO *.... *. Jefferies LLC * 9* RBS *.. *. 89*. UniCredit * *....8 *. Banca IMI (Intesa Sanpaolo) * * *.8 Livingstone Partners * *.8... *. N+ *.9.8 9*.. *. perspektiv GmbH * *.. *. *. Mazars SA * * Handelsbanken Capital Markets * *. Carnegie * *. Mediobanca * *. UBS *...8. * 9.8 NIBC NV * 9... *. Nielen Schuman BV * *. Leonardo & Co * * *. Industry Total,8 9,9.,..,.. $8 $ $ $ $ $ $ $ $ European MidMarket M&A up to US$m by Target Industry Jan Mar.8%.%,,,,,,,,, US$ m US$ m US$ m US$ m.% Real Estate.% 9.%.%.9%.8%.%.%.8% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant region.

8 First Quarter MidMarket M&A Up To US$m s UK Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to US$m Jan Mar UK MidMarket M&A up to US$m by Rank Value Range per Advisor Rank Value per Advisor # of Change in Rank Value Rank Value Advisor ** Fee $, Rank Rank Deals US$m GBP mil Rank Change (%) Fees Rank Exp. (%) * *. Rothschild * 8, $, IMAP * Ernst & Young LLP * 9* *. Barclays * 8, $ 8 Numis *. 9.. *. Goldman Sachs & Co * 9* Livingstone Partners * *. CBRE Holding SAS * $ DC Advisory * *. KPMG * *. Lincoln International * *.. 9. *. $ N+ *.. *. *. HSBC Holdings PLC * *.. *.. *. Lazard * $ Citi *.. *. 9.. Investec * * *. Cenkos Securities PLC * * *. Bank of America Merrill Lynch * *.. * 8.. $ N+ Singer Capital Markets Ltd * *. Jefferies LLC * Deutsche Bank * * US$ m US$ m US$ m US$ m Jones Lang LaSalle Inc * * *. Altium Capital Limited * *.. *. *. Nomura * UBS * * Baker Tilly International * * *. Cairn Financial Advisers Ltd *... 9*. Clairfield International * BDO International Ltd * *. Simmons & Co International * * %.% Real Estate La Compagnie Financiere *.. *. *. Knight, Frank & Rutley *... *..% 9.% TD Securities Inc * * Greenhill & Co, LLC * * % Houlihan Lokey * *... *. Beaumont Cornish *.. EC Hambro Rabben * * BNP Paribas SA * * % Signal Hill Capital Group LLC *.. *. *. ING *.. *. *. Charles Stanley Group PLC *... 9* Savills PLC * * % finncap Ltd * * % Deloitte * *.. *. 9*. Strutt & Parker LLP * * Mazars SA * *.. *. *..% RBC Capital Markets * *.. *.9 Industry Total,., UK MidMarket M&A up to US$m by Target Industry Jan Mar 8.% 8.%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant region.

9 First Quarter MidMarket M&A Up To US$m s French Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to US$m Jan Mar French MidMarket M&A up to US$m by Rank Value Range per Advisor Rank Value per Advisor # of Change in Rank Value Rank Value Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%) Rothschild * Credit Agricole CIB * Societe Generale * La Compagnie Financiere 9* Ernst & Young LLP * 9*.. 9*. 9*. Clairfield International * *.. 9*. *. Lazard * *. 8. * 8... BNP Paribas SA 9* * Linkers 9* 9*.. 8. *. KPMG * *.. 9*. 9*. Deutsche Bank * 9* *. Bank of America Merrill Lynch Deloitte * * * * * 9*.. DC Advisory * *.. 9*. 9*. Easton Corporate Finance SAS * * MBA Capital SARL * *.. 9*. *. Mazars SA *... *. Houlihan Lokey 9* * Barclays 9*. 88. *. * 8.8 Synercom France 9* *.. 9*. *. Financiere Cambon 9* *.. 9*. 8. Invest Securities 9* *.9... Leonardo & Co 9* *... *. Nielen Schuman BV 9*.. 9*. *. Eight Advisory SAS 9*.. 9*. *. Hekla Corporate Finance SARL 9*.. 9*. *. M&A International 9* *.. 9*. *. JP Morgan 9* Industry Total,9., $ $ $8 $ $ $ $ US$ m US$ m US$ m US$ m French MidMarket M&A up to US$m by Target Industry Jan Mar.%.% Real Estate.%.%.%.% 8.9% 9.%.8%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant re Imputed Fees shown are based on completed deal activity, ty, whereas eas deal count & rank values are compiled based on announced deal activity. ty

10 First Quarter MidMarket M&A Up To US$m s German Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to US$m Jan Mar German MidMarket M&A up to US$m by Rank Value Range per Advisor Rank Value per Advisor # of Change in Rank Value Rank Value Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%) *. Ernst & Young LLP Rothschild * 8... *. Morgan Stanley * * * 9.. 9* 8. perspektiv GmbH * *... *. KPMG * * N+ *... *. Clairfield International * *... 9*. Concentro Management AG 9* *... 9*. Blue Corporate Finance 9* *.... Globalscope 9* *.... Standard Chartered PLC * * Pareto Securities * * IMAP * *... *. ABN AMRO Bank *.. M&A International * *... *. Kempen and Co NV *. 8. Deutsche Bank * * Mizuho Financial Group *.9.. 9*. Global M&A * *.... Network Corporate Finance * *.... Lincoln International * *.... Mummert & Company * *.... UniCredit * *... *. Nomura * *.... DC Advisory * *.... Baker Tilly Roelfs Corporate * * *. Rabobank NV * *.... Lazard * *... *. Citi * *... *. Industry Total 8,., $ $ $8 $ $ $ $ US$ m US$ m US$ m US$ m German MidMarket M&A up to US$m by Target Industry Jan Mar.%.% Real Estate.8%.%.%.%.8%.9%.%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant region. 8

11 First Quarter MidMarket M&A Up To US$m s Italian Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to US$m Jan Mar Italian MidMarket M&A up to US$m by Rank Value Range per Advisor Rank Value per Advisor # of Change in Rank Value Rank Value Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%) Lazard * * Banca IMI (Intesa Sanpaolo) * * *.8 UniCredit *..... Clairfield International * *.. *. *. Mediobanca * KPMG * Ernst & Young LLP * *. Rothschild * * *... *. Bank of America Merrill Lynch *....9 Goldman Sachs & Co * BNP Paribas SA * Nomura *.. * Altium Capital Limited * *...9 Leonardo & Co *.... *. Blackstone Group LP * 88.. Carnegie Numis Mitsubishi UFJ Financial Group * * * * UBS *.. * Global Leisure Partners LLP *.. * Lincoln International *.. *.. Deloitte *.. *. *. EQUITA SIM SPA *.. * Grant Thornton *.. *. *. Capital Link Advisory Co Ltd *.. *. *... Mazars SA *.. * Translink Corporate Finance *... *. Industry Total,., HSBC Holdings PLC * Italian MidMarket M&A up to US$m by Target Industry Jan Mar $ $ $ $ $ $ $ $ US$ m US$ m US$ m US$ m.%.%.%.%.%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant region..9%.%.%.% Real Estate 9

12 First Quarter MidMarket M&A Up To US$m s Spanish Involvement MidMarket Rankings (MM8) MM8 Undisclosed Values & Values up to US$m Jan Mar Spanish MidMarket M&A up to US$m by Rank Value Range per Advisor Rank Value per Advisor # of Change in Rank Value Rank Value Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%) Ernst & Young LLP *, Deloitte *. Montalban Atlas Capital.9.. *. KPMG * *. BBVA * * * 9. BNP Paribas SA Rothschild * * * * 9.. Banco de Sabadell 9* * Norgestion 9* *. *. Bank of America Merrill Lynch 9*. *. Lazard Goldman Sachs & Co 9* 9* * * *.. Deutsche Bank *..8 GBS Finanzas SA * *. *. Jones Lang LaSalle Inc * N+ * *.9.8 *. UniCredit * GCA Savvian Group Corp * Santander * * ABN AMRO Bank * AFI *.9.8 * CBRE Holding SAS * Societe Generale * *. 9. Banco Espirito Santo SA * *..... Macquarie Group * *. *. Industry Total 9,9.,.8... $8 $ $ $ $ $ $ $ $ US$ m US$ m US$ m US$ m Spanish MidMarket M&A up to US$m by Target Industry Jan Mar 8.%.9%.% Real Estate.9%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant re.% 8.%.8%.%

13 First Quarter MidMarket M&A Up To US$m s Nordic Involvement MidMarket Rankings (MM9) MM9 Undisclosed Values & Values up to US$m Jan Mar Nordic MidMarket M&A up to US$m by Rank Value Range per Advisor Rank Value per Advisor # of Change in Rank Value Rank Value Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%) *. IMAP * *.. Handelsbanken Capital Markets * *. Carnegie * * *. Grant Thornton * * *. 9*. Clairfield International * *.8. *.. KPMG * *.8. *.. *. Ernst & Young LLP * *. FIH Partners AS * * Deloitte * * *. *. Rothschild * *. * 9. Plesner & Lunoe *.. *. 9*. HLP Corporate Finance Oy * * *. 9*. Nordea * *... ABG Sundal Collier * * *. Globalscope * * * SEB * *.. *.. 9. Translink Corporate Finance * * *. *. Lazard * *.8 Erik Penser * Imperial Credit Industries Inc * *. 9*. Oddo et Cie * * Deutsche Bank * *. EC Hambro Rabben * *. Ping An Securities Ltd *.. Quartz Capital Partners Ltd * * Leimdorfer AB * * MANGOLD FONDKOMISSION AB *.. Advium Corporate Finance * * Credit Suisse *. 8. *. * 9. Pareto Securities *.. TMT Partners Pty Ltd *..9 Lincoln International * * Danske Bank * *. 9*. Aon Corp * * Thenberg & Kinde *.8. Avendus Capital Pvt Ltd * CW Downer & Co * *. 9*. Arctic Securities ASA *. 8. *.. Leonardo & Co * * *. 9*. Savills PLC * *. 9*. Credit Agricole CIB * * DC Advisory * * *. *. Lars Weibull AB * *. 9*. Bowen Advisors Inc * *. 9*. Moelis & Co * * Swedbank * * Eight Advisory SAS * *. 9*. Marko Partners *. 8. * CBRE Holding SAS * *. 9*. BDO * * *. 9*. CITIC Group Corp * * Montalban Atlas Capital *. 9.. *. Access Partners * *. *. JP Morgan * *. 8. *... M&A International * * *. 9*. Industry Total 9,., $ $ $ $8 $ $ $ $ Nordic MidMarket M&A up to US$m by Target Industry Jan Mar.%.9%.% US$ m US$ m US$ m US$ m 9.%.%.%.% Real Estate.%.%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant region.

14 First Quarter MidMarket M&A Up To US$m s Benelux Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to US$m Jan Mar Benelux MidMarket M&A up to US$m by Rank Value Range per Advisor Rank Value per Advisor # of Change in Rank Value Rank Value Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%) Rabobank NV * * RBS *.. KPMG * *.8. 9*.. *.8 Nielen Schuman BV * * 8... *. ING * * *.. NIBC NV * *.. Rothschild * * Credit Suisse 9* * ABN AMRO Bank 9* *.. * Clairfield International 9* 9*.8. 9* 8.. *. Kempen and Co NV * Deutsche Bank * * *. 8. Mooreland Partners LLC * *.. BMO Capital Markets * Bank of America Merrill Lynch * *.. Grant Thornton * * *.. BDO * * *.. HSBC Holdings PLC *.. * Jefferies LLC * *. *. Lazard *...9. M&A International * * *.. Industry Total 8,.8,...9. $ $ $8 $ $ $ $ US$ m US$ m US$ m US$ m Benelux MidMarket M&A up to US$m by Target Industry Jan Mar.%.% Real Estate.%.%.9%.% 9.%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant re.%

15 First Quarter MidMarket M&A Up To US$m s Eastern Europe Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to US$m Jan Mar Eastern European MidMarket M&A up to US$m by Rank Value Range per Advisor Rank Value per Advisor # of Change in Rank Value Rank Value Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%) KPMG Clairfield International * Gazprombank * *... *. IMAP * *. *. BNP Paribas SA * *.. *.. 9. Rothschild * Citi * *..8 Deutsche Bank * * *. *. Barclays *. *. Ernst & Young LLP * *.. Renaissance Capital Group * *. Concentro Management AG *. *. Nordea Holon Sp zoo * Mummert & Company UBS *. 8. * *. *. Perella Weinberg Partners LP. 8. * Banca IMI (Intesa Sanpaolo).. * Capital Partners SA *. *. Sumitomo Mitsui Finl Grp Inc * Deloitte * *. *. OTKRITIE Financial Corp Ltd * *. *. National Bank of Greece SA *.. Macquarie Group..9 BDO *.. 8. *. Price Waterhouse Coopers Danis * Jefferies LLC * Blackstone Group LP.. Rabobank NV *. 9.9 Goldman Sachs & Co *.. Cinar Tasinmaz Degerleme * Metro Yatrm Menkul Degerler * Societe Generale * *. *. Banco Espirito Santo SA.. Industry Total 8,99.9, $, $, $8 8 $ $ $ $ US$ m US$ m US$ m US$ m EE MidMarket M&A up to US$m by Target Industry Jan Mar.%.%.%.% Real Estate.8%.9%.%.8% 9.% 9.9% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant region.

16 First Quarter MidMarket M&A Up To US$m s Hochinma Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to US$m Jan Mar Hochinma MidMarket M&A up to US$m by Rank Value Range per Advisor Rank Value per Advisor (US$m) # of Change in Rank Value Rank Value Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp. (%) Ernst & Young LLP. 9.. *. JP Morgan * *. Somerley Ltd * Ambit Corporate Finance Citi * * * * * 9*.. Sumitomo Mitsui Finl Grp Inc * *. * KPMG * *. *.8.9 *. * * 8... *. Kingston Corporate Finance Ltd * * *. China Securities Co Ltd * *.8.8. *. CITIC Group Corp * *..8. *. Goldman Sachs & Co *,8... 9*.8 Huatai Securities Co Ltd * *.8.. 9*. Morgan Stanley * * Guosen Securities Co Ltd * *. 9.9 RHB * *.... CIMB Group Sdn Bhd * * China Renaissance Partners * *... *. Haitong Securities Co Ltd * * 8.. Deloitte * * 9.. Southwest Securities Co Ltd * *..9. *. M&A International * *.8.. *. GF Securities *.. 9*. China Construction Bank * *.8.. *. Standard Chartered PLC * 8. UBS * *...8 *. Rothschild * *. Singhi Advisors Ltd * * *. Soochow Securities Co Ltd * *, Motilal Oswal Financial Svcs * 9. GCA Savvian Group Corp * *. *. *. KAF Investment Bank Bhd *.. *. Kotak Mahindra Bank Ltd * *. *.. *. HSBC Holdings PLC * * *. Changjiang Corp Finance(HK)Ltd *. Jefferies LLC *. Societe Generale * 8. * Industry Total,8 9 8, $,,8 $, $,, $, 8 $ $ $ US$ m US$ m US$ m US$ m Hochinma MidMarket M&A up to US$m by Target Industry Jan Mar.8%.%.9% Real Estate 9.%.%.%.%.%.% 9.%.8% 9.8% Government and Agencies ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant region.

17 First Quarter MidMarket M&A Up To US$m s Hong Kong Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to US$m Jan Mar Hong Kong MidMarket M&A up to US$m by Rank Value Range per Advisor Rank Value per Advisor (US$m) # of Change in Rank Value Rank Value Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp. (%) Somerley Ltd * Kingston Corporate Finance Ltd * * *. Sumitomo Mitsui Finl Grp Inc * * JP Morgan * * * Changjiang Corp Finance(HK)Ltd *. Societe Generale * 8. M&A International China Merchants Bank * *.8 8. * China Construction Bank *.8.8. *. Kingsway Capital Ltd.. 9*. Altus Capital Ltd. HSBC Holdings PLC Octal Capital Ltd * * 8..9 *. Deloitte.9 9 Shenyin & Wanguo Securities *. Yu Ming Investment Management * Investec * *..9 Oriental Patron Asia Ltd * *.8 8. DBS Group Holdings *.8 Standard Chartered PLC * * Morgan Stanley * * Pareto Securities * * Citi *. * 89.9 Avista Capital Partners *. Ample Capital Ltd * *..9 Frontier Management Inc *. Business Development Asia LLC * *. 9*. Oriental Patron Securities Ltd *. HLP Corporate Finance Oy * * Asian Capital (Corp Fin) Ltd * * Goldin Financial Holdings Ltd * 9. Numis * *. China Investment Sec Co Ltd * 9.. *. Astar Consulting *.9. *. China Securities Co Ltd *. Amasse Capital Ltd * *. *.9 CITIC Group Corp * *. * 9. Handelsbanken Capital Markets *. * Guotai Junan Capital Ltd *... Industry Total 8, $ $ $ $8 $ $ $ $ US$ m US$ m US$ m US$ m Hong Kong MidMarket M&A up to US$m by Target Industry Jan Mar.%.% Real Estate.9%.%.%.8%.%.9% 8.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant re.%.%.%

18 First Quarter MidMarket M&A Up To US$m s Australia/New Zealand Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to US$m Jan Mar Australia/New Zealand MidMarket M&A up to US$m by Rank Value Range per Advisor Rank Value per Advisor (US$m) # of Change in Rank Value Rank Value Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp. (%) * Macquarie Group * Deloitte * *. Morgan Stanley... *.8 Rothschild * * Standard Chartered PLC * * 9. *. Pareto Securities Grant Thornton * * 9. * *. *. Goldman Sachs & Co * * Gresham Partners * *.... ANZ Banking Group * *. UBS *. * Credit Suisse * * Lazard * * *.. Haywood Securities Ltd. *.8 Wells Fargo & Co * *.. Investec * *. 8. Goodman Fielder Wattie Ltd * *. 9*. Hwang DBS Securities Sdn Bhd * * Deutsche Bank * * K&N Kenanga Holdings Berhad *.9 AMMB Holdings Bhd * * DBS Group Holdings * * Ernst & Young LLP * * *. Barclays * *. *.. 9*. RBC Capital Markets *. *.. Greenstone Partners * * *.8 *. Cameron Partners Ltd * * *. 8. AGM Partners LLC *. *. 9*. Greenhill & Co, LLC * *. *.9.9 *. Oaktower Partnership Pty Ltd *. *.. TMT Partners Pty Ltd *. 9 Sumitomo Mitsui Finl Grp Inc *. Citi *. 9. Moore Stephens International *. * CIMB Group Sdn Bhd * * *.8 *.8 Bank of America Merrill Lynch *. *.8 *. Clairfield International * *.9. *. Edelweiss Financial Svcs Ltd *.9. 9*. Blackswan Equities Ltd *. Simmons & Co International * * 8.. 9*. Chase Corporate Advisory * *.9 *. JP Morgan * * 9.. 9* 9. Grant Samuel *.9. * 9. Industry Total 98, $ $ $ $ $8 $ $ $ $ Aus/New Zealand MidMkt M&A up to US$m by Target Ind 9.9% US$ m US$ m US$ m US$ m 9.%.%.%.% Real Estate.%.9% Jan Mar.%.%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant re

19 First Quarter MidMarket M&A Up To US$m s Singapore Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to US$m Jan Mar Singapore MidMarket M&A up to US$m by Rank Value Range per Advisor Rank Value per Advisor (US$m) # of Change in Rank Value Rank Value Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp. (%) Standard Chartered PLC 89. DBS Group Holdings * 8. Asian Corporate Advisors Pte *... Morgan Stanley * * 9. *... Pareto Securities * 9. * Sumitomo Mitsui Finl Grp Inc * Macquarie Group * * JP Morgan *. 9* Deutsche Bank 9* *... Provenance Capital Pte Ltd HSBC Holdings PLC 9* 9* * *. CIMB Group Sdn Bhd 9* * *. M&A International 9* 9. Wells Fargo & Co *. United Overseas Bank Ltd * *.9. Hwang DBS Securities Sdn Bhd * Kingsway Capital Ltd *. Rothschild * *. 88. AMMB Holdings Bhd * Mizuho Financial Group *. *. Nomura * * 8.9. UBS *. Signal Hill Capital Group LLC *... *. Lincoln International *. * Credit Suisse * Citi * *.9 SAC Capital Private Ltd * *.. Partners Capital (Singapore) *. Rippledot Capital Advisers Pte * *. *... Daiwa Securities Group Inc * * Goldman Sachs & Co * *.. Lazard * Moelis & Co *.8.. Societe Generale *. 9* Kotak Mahindra Bank Ltd *. *. Industry Total, $9 $8 $ $ $ $ $ $ $ $ US$ m US$ m US$ m US$ m Singapore MidMarket M&A up to US$m by Target Industry Jan Mar.%.%.% Real Estate.%.% 9 8.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant re.%.%.%.9%.%

20 First Quarter MidMarket M&A Up To US$m s Japanese Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to US$m Jan Mar Japanese MidMarket M&A up to US$m by Rank Value Range per Advisor Rank Value per Advisor (US$m) # of Change in Rank Value Rank Value Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp. (%) Sumitomo Mitsui Finl Grp Inc, Mizuho Financial Group..8.. Nomura,9.... JP Morgan * KPMG * *. * 9... *. Deloitte * GCA Savvian Group Corp * Frontier Management Inc 9* * Daiwa Securities Group Inc 9* * *. Kigyo Joho Partners * *.. Tokyo Financial Advisers *. 8. *. Development Bank of Japan Inc *. Mitsubishi UFJ Morgan Stanley 9..8 AGS Consulting Co Ltd * *. *. Maxus Corporate Advisory Inc Goldman Sachs & Co * * 9*. *..8. * 9.. Ernst & Young LLP..9 Mitsubishi UFJ Financial Group * *. Citi.9 8. *. Credit Suisse * Bank of America Merrill Lynch 9* *. Sumitomo Mitsui Trust Holdings * *. Houlihan Lokey * UBS * *.. *. Partners Inc * 8. Tokyo Kyodo Accounting Office *. 9. *. Kotak Mahindra Bank Ltd *... Plutus Consulting Co Ltd *.8... Amidas Partners Inc * * *.8 *. Kaede Group *. * Varick Investment Advisory *.. *. Square Consulting *. Industry Total 9, $8 $ $ $ $ $8 $ $ $ $ US$ m US$ m US$ m US$ m Japanese MidMarket M&A up to US$m by Target Industry Jan Mar.%.%.%.%.%.8% Real Estate % 9.%.%.8% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant region. 8

21 First Quarter MidMarket M&A Up To US$m s Chinese Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to US$m Jan Mar Chinese MidMarket M&A up to US$m by Rank Value Range per Advisor Rank Value per Advisor (US$m) # of Change in Rank Value Rank Value Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp. (%) China Securities Co Ltd * Huatai Securities Co Ltd * *.8.. *. Guosen Securities Co Ltd * *. 9.9 Kingston Corporate Finance Ltd * * Citi * *. 8.. * 9. China Renaissance Partners * *... 9*. Haitong Securities Co Ltd * * CITIC Group Corp * *... 9*. Southwest Securities Co Ltd * *..9. *. JP Morgan * * Somerley Ltd * * * *. GF Securities *.. *. Sumitomo Mitsui Finl Grp Inc * * Soochow Securities Co Ltd * *, UBS * * China Construction Bank * *.8... Kingsway Capital Ltd... Morgan Stanley 8.. *. Minsheng Securities Co Ltd * * Huaxi Securities Co Ltd 9. Frontier Management Inc 8. Bank of America Merrill Lynch 9. *. *. Essence Securities Co Ltd. 8 Qilu Securities Co Ltd.9 KPMG *. 9*. Sinolink Securities Co Ltd. Changjiang Securities Co Ltd. Deloitte *.9 Goldman Sachs & Co * 8..8 Industry Total 88,9.... $ $ $ $ $ $ $ $ $ $ Chinese MidMarket M&A up to US$m by Target Industry Jan Mar,,, US$ m US$ m US$ m US$ m.%.%.% Real Estate.8%.% 8.%.%.%.9%.% 8.%.% Government and Agencies ** Fee exposure indicates each firm's midmarket market fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant region. 9

22 First Quarter MidMarket M&A Up To US$m s Indian Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to US$m Jan Mar Indian MidMarket M&A up to US$m by Rank Value Range per Advisor Rank Value per Advisor (US$m) # of Change in Rank Value Rank Value Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp. (%) Ernst & Young LLP Ambit Corporate Finance * KPMG * *. *. *. Rothschild * Singhi Advisors Ltd * * 8.9. *. Motilal Oswal Financial Svcs * 9. GCA Savvian Group Corp *. *. *. Kotak Mahindra Bank Ltd * *. *... 9* * *.. Standard Chartered PLC 9* 8. 9 Signal Hill Capital Group LLC 9* *... *. Citi 9* 8... Axis Bank Ltd 9* *.8 9. Avendus Capital Pvt Ltd 9* 9* Macquarie Group 9* *.8. Deloitte 9* *.8. Jefferies LLC 9*. Greenhill & Co, LLC. * Affin Holdings Bhd.. *. Barclays *. *. JM Financial Group * * Morgan Stanley... Numis 9... ICICI Bank Ltd 9* * Mizuho Financial Group.9. *. Network Corporate Finance *. *. Globalscope *.. VTB Capital. * Edelweiss Financial Svcs Ltd 9* BDO *.. SPA Capital Advisors Ltd. ING Vysya Bank. State Bank of India *.. M&A International *.. JP Morgan *. *. Industry Total 9,.8... $ $ $ $ $ $ $ US$ m US$ m US$ m US$ m Indian MidMarket M&A up to US$m by Target Industry Jan Mar.8%.%.%.%.%.% 9.9%.% Real Estate ** Fee exposure indicates each firm's midmarketmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant re

23 First Quarter MidMarket M&A Up To US$m 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 Redina Doda Tel: + () 8 redina.doda@thomsonreuters.com AsiaPacific Kelvin Bian Tel: kelvin.bian@thomsonreuters.com Announced league tables include all deals that were announced between January, and March, and of which Thomson Reuters was made aware. All current data and previous year's data is as of :pm EDT on April,. 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 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. Catherina GuintoRoldan Tel: +8 catherina.guintoroldan@thomsonreuters.com 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. 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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