SMALL CAP M&A REVIEW FINANCIAL ADVISORS. REUTERS / Murad Sezer

Transcription

1 SMALL CAP M&A REVIEW FINANCIAL ADVISORS REUTERS / Murad Sezer Full Year 01

2 Full Year 01 SmallCap M&A Up To US$50m s Worldwide SmallCap Rankings (MM1a) MM1a Undisclosed Values & Values up to US$50m Jan 1 Dec 31 Worldwide Small Cap M&A up to US$50m by Target Nation Region (US$m) Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Houlihan Lokey Mizuho Financial Group * Sumitomo Mitsui Finl Grp Inc Lincoln International 1 13* 10* * * Baker Tilly International JP Morgan 1 1* Jefferies LLC 1* * RSM Corporate Fin LLP 1* 3* Moelis & Co * Industrial & Comm Bank China 33* * 11.5 Raymond James Financial Inc KBS Corporate Sales Ltd Morgan Stanley 3* 3* 5 5* 1* Grant Thornton 3* Global M&A 7 3* Duff & Phelps Barclays Nomura * * 3 1* * 5* Citi Credit Suisse * 33* 3* * Clearwater International 33* 31* Globalscope 35 33* Generational Equity Stifel/KBW Evercore Partners CFI 3 1* Piper Jaffray Cos 0 31* Bank of America Merrill Lynch Deutsche Bank Mitsubishi UFJ Financial Group 3 5* DC Advisory 3* BCMS Corporate Ltd 5 1* N+1 * Plutus Consulting Co Ltd * 5* * 3 GCA Corp * Daiwa Securities Group Inc * 50* William Blair & Co * Industry Total 0, , ,71..7 $0 $10 $0 $30 $0 $50 $0 $70 $0 $0 $ $110 $10 $130 $10 $0 $10 $ Africa/Middle East Americas AsiaPacific Europe Japan Worldwide Estimated Small Cap Investment Banking Fees by Quarter* Investment Banking Fees (US$b) $.5 $.0 $1.5 $0.5 $ 1Q Q 3Q Q 1Q Q 3Q Q 1Q Q 3Q Q 1Q Q 3Q Q 1Q Q 3Q Q 1Q Q 3Q Q % 5.0% %.0% 1% 5.0% % Percentage of Total Fees Small Cap I.B. Fees ($50mil or less) % of Total Fees ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

3 Full Year 01 SmallCap M&A Up To US$50m s Latin America Involvement SmallCap Rankings (MM17a) MM17a Undisclosed Values & Values up to US$50m Jan 1 Dec 31 Latin American SmallCap M&A up to US$50m by Rank Value Range (US$m) Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Banco BTG Pactual SA Itau Unibanco Banco Bradesco SA 3* * * 13. 3* 1* Santander 3* 10* BR Partners 3* * * BBVA 7* 1* Credit Suisse 7* * 5 3* * Greenhill & Co, LLC 11* 5* * 1* 0 3* * 10* * 1. 13* * 1* 5 1 3*. 3*.7 Citi 13* Deutsche Bank 17* 5* Alpax Inc 17* 1* 0.0 3* 10 17* 5* Global M&A 17* 1* 1 3*.0 3* 10 Moelis & Co 17* * 1 3*. 3* 10 CFI 17* * Artica Participacoes e Assesso 17* 35* * 1* * 10 JP Morgan 17* 1* 3*. 1.1 Arab Banking Corporation * 1* 3 1 3*.0 3* 5. Morgan Stanley * * Bank of America Merrill Lynch * * 1.5 Cypress Associates * * 10 APOYO Consultoria SAC * MAGMA Brasil Consultoria Ltda * * Banco Votorantim 3* Mediobanca 3* 1.0 3* 11.1 Industrial & Comm Bank China 3* Barclays 3* 35* * * 33.3 Nomura 3* 35* 0 3* BMO Capital Markets 3* 5* * 10 Eurohold SL 3* 1.0 3* 10 M&A International GmbH 3* N+1 3* 11 3* * 5* * 10 Haitong Securities Co Ltd 3* 1.0 3* 10 Translink Corporate Finance 3* PJT Partners LP 3* * 1 3* * 10* 3*.0 3*.7 Industry Total 1, , $.5 $.0 $1.5 0 $ $ US$0 50m US$30 0m US$0 30m US$10 0m US$0 10m Latin American SmallCap M&A up to US$50m by Target Industry Jan 1 Dec 31.5%.% 17.0% 5.5%.5% 7.0% 13.% % 1.% 10.% 11.7% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

4 Full Year 01 SmallCap M&A Up To US$50m s European Involvement SmallCap Rankings (MM3a) MM3a Undisclosed Values & Values up to US$50m Jan 1 Dec 31 European SmallCap M&A up to US$50m by Rank Value Range Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) RSM Corporate Fin LLP 13* Baker Tilly International KBS Corporate Sales Ltd 13 * Grant Thornton Clearwater International 1* Lincoln International 17 1* Globalscope DC Advisory 1 1* Global M&A * 3. CFI * 3* Rabobank NV * 30* JP Morgan * 3* Benchmark International 5 * N * 5.7 Houlihan Lokey 7* * UniCredit 7* 7* Natixis * * Mazars SA * 35* * 10 Livingstone Partners 31* 35* Bank of America Merrill Lynch 31* 35* Kon SpA 33 * Citi BCMS Corporate Ltd 35 1* Deutsche Bank 3* 1* Jefferies LLC 3* Barclays 3* 1* Translink Corporate Finance 3* 35* Credit Suisse 0 30* Morgan Stanley 1* 7* * 7* Concentro Management AG 3* 1* *.7 Altium Capital Limited 3* Capitalmind ING * Financiere Cambon * * * 1.5 Credit Agricole CIB * William Blair & Co * 53* Jones Lang LaSalle Inc 50 0* * 37.7 Industry Total 1, 7 37,.3 33, , $1 $10 $ $ European SmallCap M&A up to US$50m by Target Industry Jan 1 Dec 31 5.% 5.7%.% 7.% 7.% 7.%.3%.0% 5,000,,000 3, 3,000,,000 $ 1, $ 1,000 $0 US$0 50m US$30 0m US$0 30m US$10 0m US$0 10m 1.% 1.% 11.7% 11.0% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region. 5

5 Full Year 01 SmallCap M&A Up To US$50m s UK Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$50m Jan 1 Dec 31 UK SmallCap M&A up to US$50m by Rank Value Range Rank Rank Deals US$m GBP m Rank Change (%) Fees Rank Exp (%) RSM Corporate Fin LLP 1 5* KBS Corporate Sales Ltd 3 * Grant Thornton Baker Tilly International Benchmark International 11* * 7.3 Mazars SA BCMS Corporate Ltd DC Advisory * 11* 0 1* Clearwater International 1* 1 13* * * * Livingstone Partners 1* 1* * finncap Ltd 1* 53* * *.7 JP Morgan 1* 3* * * * * Jefferies LLC 1* * Houlihan Lokey 3 1* Panmure Gordon & Co Ltd 7* * 5.5 Cenkos Securities PLC 5* *.7 70* 35.5 N+1 5* 1* * * 57. WH Ireland Ltd 7* 5* * * 10 7* 0* * Lincoln International 7* * * 7.5 3* 5.1 Deutsche Bank 30* 3* 3 30* Hoodless Brennan & Partners 30* 3*.. 30* * 10 Numis 30* 3* *. 3.1 * 3. Barclays 33* * * CFI 33* 3* *.1 3. Catalyst Corporate Finance 35* 3* * Global M&A 35* 1* * 1.3. * 7 Bank of America Merrill Lynch 35* 53* 13 35* Citi 3* 3* 1 1 3* Altium Capital Limited 3* 1* * * 5. HSBC Holdings PLC 3* 5* * * 1* * Evercore Partners * 50* 11 3 * * 7* 11 3 * Macquarie Group * * * Piper Jaffray Cos 5* 53* * Sentio Partners LLP 5* 3* * 3.7. * 10 Dow Schofield Watts LLP 7* 5* * 3. 5* 10 Credit Suisse 7* * 5 7* Akur Ltd 7* * 0.7 1* 10 Canaccord Genuity 7* 1* * * 0.7 Industry Total 3, 30 11,7.,71. 1, $5 $ $ $3 $3 $ $ $1 $1 $0 UK SmallCap M&A up to US$50m by Target Industry Jan 1 Dec 31 3.%.5% 5.1%.%.%.3% 1.%.% 7.0% 1.3% 1, 1,000 US$0 50m US$30 0m US$0 30m US$10 0m US$0 10m % 11.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

6 Full Year 01 SmallCap M&A Up To US$50m s French Involvement SmallCap Rankings (MM5a) MM5a Undisclosed Values & Values up to US$50m Jan 1 Dec 31 French SmallCap M&A up to US$50m by Rank Value Range Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) * Natixis 5 3* *.5 7* * * 7.3 7* * 10 DC Advisory *. Financiere Cambon * 3* * 5.0 Credit Agricole CIB 11* * Lincoln International 1 17* Clearwater International 30* * 17 1 * Bryan Garnier & Co 17 1* * Pax Corporate Finance 1* 3* * 10 Edmond de Rothschild Hldg SA 1* * JP Morgan 1 3* * Banque Degroof Petercam SA * Linkers 3* * 7* Global M&A 5* * Societe Generale 5* Barclays 7* 5* Jones Lang LaSalle Inc 7* 7* * Aurignac Finance 7* * AP Management 7* 3* * 10 Mazars SA 7* 5* * 10 Raphael y SAS 7* * * 55* Clipperton Finance SARL 3* 7* * * 10 Grant Thornton 3* 30* *. 1.3 * 10 Mazars Corporate Finance SARL 3* 10* * 10 Canaccord Genuity 3* * 7 1. * 10 Capitalmind 3* * 7 *.0 3* 0. CMCIC Conseil SAS 3* 55* * 10 Invest Securities 0* * * 1.1 Altium Capital Limited 0* 5* Chausson Finance 0* 3* * 10 Messier & Associes 0* 7* *. 7.7 Haitong Securities Co Ltd 0* * 1.3 * 10 MBA Capital SARL 0* 17* * 10 Vulcain SAS 0* 7* * 10 Avolta Partners SARL 0* 7* * 10 Industry Total 3, ,5. 5,373. 1, $.0 $1. $1. $1. $1. $0. 1, $0. $0. $0. $ US$0 50m US$30 0m US$0 30m US$10 0m US$0 10m French SmallCap M&A up to US$50m by Target Industry Jan 1 Dec %.0% 5.3% 1.%.0% 7.1% 1.7% 7.% 7.7% 1.1%.%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region. 7

7 Full Year 01 SmallCap M&A Up To US$50m s German Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$50m Jan 1 Dec 31 German SmallCap M&A up to US$50m by Rank Value Range Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) 1 1* * * * Lincoln International Concentro Management AG * 3 1 1* * 5* 1*.7 1. Globalscope 7 1* * Baker Tilly International * * * * 10 ACXIT Capital Partners 1* * 10 Clearwater International 1* * Global M&A 1* 1* * Altium Capital Limited 1* 5* *. 5.7 * 10 IEGInvestment Banking 1* * * * 1 1 1* Raymond James Financial Inc 1* * * * Commerzbank AG 0 * 10 1* UniCredit 1* 1* 1* goetzpartners Corp Finance 1* 5* * 10 1* 1* 1 1*. 5. DC Advisory 1* 1* 1 1*.0 3* Centuros GmbH 1*.5 5* 10 William Blair & Co 1* * 1* JP Morgan 1* * Network Corporate Finance * 3* * 10 Livingstone Partners * 1* * 10 Allert & Co GmbH * 5* * 10 Industrial & Comm Bank China 31* * 13.3 Deutsche Bank 31* * 5 1* * 1. 31* 1* 1* Bank of America Merrill Lynch 31* 3* 1 1* GCA Corp 31* 3* * 10 Falkensteg GmbH 31* * 10 Roedl & Partner 31* 3.0 3* 10 31* *.0 *. Berenberg Bank 3* 3* Houlihan Lokey 3* * Credit Suisse 3* 3* 5.0 5*. Citi 3* 3* 5 0 1*.7 1. Barclays 3* 3* 1 1* Cushman & Wakefield Inc 3* 3.0 3* 10 N+1 3* 1* GP Bullhound Ltd 3* * 0 1* 1.5 0* 10 Jefferies LLC 3* * 1*.0 * 37.5 Stella Capital Advisors LLP 3* 3* 3 1*.0 5* 10 CFI 3* 3* 1 1*.0 5* 10 perspektiv GmbH 3* * 7 1*.5 5* 10 Capitalmind 3* 3* * 10 Quarton International 3* * 1*.0 5* 10 Industry Total,1 5,051. 3, $1. $1. $0. $0. $0. $0. $ US$0 50m US$30 0m US$0 30m US$10 0m US$0 10m German SmallCap M&A up to US$50m by Target Industry Jan 1 Dec 31.5%.0%.% 17.7% 5.%.5%.% 1.7%.1% 11.%.0% % ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

8 Full Year 01 SmallCap M&A Up To US$50m s Italian Involvement SmallCap Rankings (MM7a) MM7a Undisclosed Values & Values up to US$50m Jan 1 Dec 31 Italian SmallCap M&A up to US$50m by Rank Value Range Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) Kon SpA * UniCredit Banca IMI (Intesa Sanpaolo) Fineurop SpA Mediobanca 5 * 0* 7* Vitale & Co SpA * * 10* * 3.3 * * * 10 * * N+1 1* * * 0* * * Ethica Corporate Finance SpA 1* 10* Morgan Stanley 1* 51* *. CFI 1* * * 5.5 Global M&A 1* 51* *. * 10 Citi 1* * * * 10* JP Morgan 1* 37* 1. 3*. * 33* 5 7*.0 0. * * * Natixis * 7* 0 7*.0 7* 10 Leonardo & Co * * 0. Bank of America Merrill Lynch * 37*.0 1* 11.1 Equita SIM SpA * 33* Arche Srl * 37* FOR Advisory Srl * Bain & Co 30* * 51.7 Houlihan Lokey 30* 37* 3 1 7* Deutsche Bank 30* 37* 3 1 7*.0 1* 10.3 Altium Capital Limited 30* 7* 3 1 7* * 10 Lincoln International 30* 7* 3 1 7* * 7. 30* 10* 3 7*.3 * 10 Ambromobiliare SpA 30* 51* * 1.1 * 10 Translink Corporate Finance 30* * * 10 New Deal Advisors SpA 30* 51* North East Consulting 30* * 10 Valore e Capitale Srl 30* * 10 Duff & Phelps 30* * 10 CP Advisors Srl 30* * 10 Banca Profilo SpA 3* 1.0 * 10 Banca Akros SpA 3* 51* * goetzpartners Corp Finance 3* 1.0 * 10 Liberum Capital 3*.5.5 Klecha & Co 3* * * 10 Globalscope 3* * DC Advisory 3* 33* * 30.3 LEK Consulting Inc 3* 1.0 * 10 Essentia Advisory Srl 3* 51* 1 7* 1.0 * 10 Rabobank NV 3* * 10 William Blair & Co 3* 51* * 10 Jefferies LLC 3* 33* 1 7*.0 1* 1. Industry Total 1,01,7.3, $0. $0. $0.7 $0. $0.5 $0. $0.3 $0. 50 $0.1 $ US$0 50m US$30 0m US$0 30m US$10 0m US$0 10m Italian SmallCap M&A up to US$50m by Target Industry Jan 1 Dec %.3% 3.%.5%.%.5% 1.% 7.% 1.%.7% 1.%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

9 Full Year 01 SmallCap M&A Up To US$50m s Nordic Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$50m 01 0 # of Change in Rank Value 01 Rank Value Rank Rank Deals US$m Euro mil Rank Change (%) 1* * * Translink Corporate Finance 7 * SEB * Clearwater International * 1* Carnegie 11* 11* Handelsbanken Capital Markets 11* DNB ASA Livingstone Partners 7* Globalscope 1 0* Nordea ABG Sundal Collier 1 0* Danske Bank 1* 3* * 1* Global M&A 1* 7* 1 5* MidCapital 1* 17* Pangea Property Partners AB 3 0* 5 1 5* HDR Partners * 73* FIH Partners AS * 7* 1 5* GP Bullhound Ltd * 7* Alpha Corporate Finance * 3* Valentum Partners AB * 73* 3 5* JP Morgan * 17* 5* Evercore Partners 30* 73* 3 ING 30* 73* Advium Corporate Finance 30* 3* 3 0 5* Citi 30* 0* 3 3 5* Arctic Securities ASA 30* 73* Baker Tilly International 30* 51* Bank of America Merrill Lynch 30* 51* CFI 30* 17* 3 5 5* RSM Corporate Fin LLP 30* * 3* 3 0 5* Industry Total,0 5,0.3,30.7 Jan 1 Dec 31 Advisor 01 ** Fee Fees Rank Exp (%) * 10. * * * * * * * * * * * * * * * * * Nordic SmallCap M&A up to US$50m by Rank Value Range $1. $1. $1. $1. $0. $0. $0. $0. $ US$0 50m US$30 0m US$0 30m US$10 0m US$0 10m Nordic SmallCap M&A up to US$50m by Target Industry Jan 1 Dec 31.0%.%.% 1.5% 5.0%.% % 7.5% 1.%.1%.7% 1.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region. 11

10 Full Year 01 SmallCap M&A Up To US$50m s Benelux Involvement SmallCap Rankings (MM10a) MM10a Undisclosed Values & Values up to US$50m Jan 1 Dec 31 Benelux SmallCap M&A up to US$50m by Rank Value Range Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) Rabobank NV * 7* * * * * * * 3. * * * 3.3 * 1* * ING * * * 7* CFI * Baker Tilly International * Capitalmind 1* *.5 10 Bank of America Merrill Lynch 1 7* * Deutsche Bank 17* * 1 53* Lincoln International 17* 3* * 10 Barclays 1 3* * Houlihan Lokey 0* 3* 3 53* 5 7. Quore Capital 0* * 53*.0 31* 1. RBS * 1* 1 53*.5 * 10 * 3* Globalscope * 1* 53*.0 31*. Nielen Schuman BV 5* 1* 7 53* Banque Degroof Petercam SA 5* 1* *.5 * 5. Jones Lang LaSalle Inc 7* 3* 0 53*. 0*.0 NIBC NV 7* 1* 53*.5 5. DC Advisory 7* * Credit Suisse 30* 3* * 3.0 Cushman & Wakefield Inc 30* 1* * 7* * Mizuho Financial Group 33* * 11.3 UniCredit 33* 50* * * 0 53* 3.0 0* 10 Jefferies LLC 33* * Duff & Phelps 33* 1* * 10 William Blair & Co 33* 3* 53* 5.. Industrial & Comm Bank China 3* 50* * 0.1 1*. Evercore Partners 3* * * Raymond James Financial Inc 3* 1* 3 53* 3.0 0* 10 goetzpartners Corp Finance 3* 1* * 10 Global M&A 3* 1* BCMS Corporate Ltd 3* 3* * * 10 ABN AMRO Bank 3* 1* * 5.1 CBRE Holding SAS 3* 50* *. 5.1 Clearwater International 3* 5* *.0 51* 10 Robert W Baird & Co Inc 3* 1* * 1.5 Industry Total 1,7 75,51. 3, $1. $1. $0. $0. $0. $0. $ US$0 50m US$30 0m US$0 30m US$10 0m US$0 10m Benelux SmallCap M&A up to US$50m by Target Industry Jan 1 Dec 31.% 7.% 1.% 7.3% 1.% 7.%.3%.% %.%.5% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region. 1

11 Full Year 01 SmallCap M&A Up To US$50m s Eastern Europe Involvement SmallCap Rankings (MM1a) MM1a Undisclosed Values & Values up to US$50m Jan 1 Dec 31 Eastern European SmallCap M&A up to US$50m by Rank Value Range Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) * * * * * * Deutsche Bank * * * * * JP Morgan * 5* Barclays 11 * KBC Group NV 1* * * * 3*.0 10* 3. 1* 1* UniCredit 1* 1* 5 * 1. 30* 0.3 Industrial & Comm Bank China 1* 5* Houlihan Lokey 1* * 10 Morgan Stanley 1* 3* *.0 1*. VTB Capital 1* 1* 3 * 0. *.3 Baker Tilly International 1* 1.7 3* 10 1* 5* * 10 Erste Group * 5* * 10 * 5* 3.0 1*.5 Cushman & Wakefield Inc * * 3 0 *.5 1* 3.7 Globalscope * * 3 1 * Bank of America Merrill Lynch * 1* Citi * 1* 3 *.0 10*.0 Superia * * * 10 CFI * * * 10 Jones Lang LaSalle Inc * * 3 1 * 1..3 Turkiye Is Bankasi AS 31* 1* 5 *.0 1* 31.7 Colliers Macaulay Nicholls 31* 5* 1 * * 10 Credit Suisse 31* * Global M&A 31* 1* * 10 ING 31* * * 11.1 Danske Bank 31* Holon Sp zoo 31* * * 10 Lincoln International 31* 3* * 10 IEGInvestment Banking 31* 5* * 10 Swedbank 31* * 10 FIDEA 31* * 1 * * 10 PRAGMA Corporate Finance 31* 1* 3 * 0.5 5* 10 DC Advisory 31* 3* * 10 Azimutus SA 31* * * 10 Aday Bagimsiz Denetim 31* 5* * 10 Industry Total 3,10 3 5,3.7, $.5 $.0 $ $0.5 $ Eastern European SmallCap M&A up to US$50m by Target Industry Jan 1 Dec %.% 1.%.7%.% 1.% 7.1% 1,00 1,00 1, 1,000 US$0 50m US$30 0m US$0 30m US$10 0m US$0 10m.5% 11.7%.5% 11.0% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region. 13

12 Full Year 01 SmallCap M&A Up To US$50m s Australia/New Zealand Involvement SmallCap Rankings (MM11a) MM11a Undisclosed Values & Values up to US$50m Jan 1 Dec 31 Australia/New Zealand SmallCap M&A up to US$50m by Rank Value Range (US$m) Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Macquarie Group * Citi * * * 13* * * 3. Moelis & Co * 10* Credit Suisse 10* 10* 1 3* * * * * 3.1 Pitcher Partners 10* 1* * 3* * *.5 10 Greenstone Partners 1* * * 10 Miles Advisory Partners 1* 3* * 33.3 Haywood Securities Ltd. 17* * 10 Investec 17* 51* * 3.1 Morgan Stanley 17* * * * * Grant Samuel 17* * *. Fort Street Advisers 17* * * 0. 3*.7 Gresham Partners 3* * 1. Chieftain Securities 3*. TD Securities Inc 3* 51* 1 Greenhill & Co, LLC 3* 3* Leadenhall Australia Ltd 3* 0. 55* 10 Euroz Securities Ltd 3* 51* 1.7 * * 10 RBC Capital Markets 3* 51* 1 71*.0 17* 1.0 Industrial & Comm Bank China 3* 51* Generational Equity 3* * 10 Flagstaff Partners Pty Ltd 3* 3* * *.7 Peel Hunt LLP 3* DC Advisory 3* 51* * 10 Sentio Partners LLP 3*.7 * 0. 31* 10 Bank of America Merrill Lynch 3* * 1 71* Allier Capital 3* * * 5.3 Treadstone Partners Pty Ltd 3* * 1. Somerley 3*. Montalban Atlas Capital 3* Rabobank NV 3* * 10 JP Morgan 3* 3* 0 71*.0 17* 1 Industry Total 1,0 3 7, $3.0 $.5 $.0 $1.5 $0.5 $ US$0 50m US$30 0m US$0 30m US$10 0m US$0 10m Australia/New Zealand SmallCap M&A up to US$50m by Target Industry Jan 1 Dec 31.% 5.7% 1.1% 5.% 7.1% 11.0% 7.% %.%.%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region. 1

13 Full Year 01 SmallCap M&A Up To US$50m s Indian Involvement SmallCap Rankings (MM1a) MM1a Undisclosed Values & Values up to US$50m Jan 1 Dec 31 Indian SmallCap M&A up to US$50m by Rank Value Range Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) *.7 Yes Bank Ltd * * * 10 Kotak Mahindra Bank Ltd * 10* * 1. Globalscope * * * 10 ICICI Bank Ltd 7* 10* *. 7* * 13.0 Axis Bank Ltd *. JM Financial Group 10* 1* * 1.5 o3 Capital Advisors Pvt Ltd 10* 5* * 10 10* * 10 Avendus Capital Pvt Ltd 10* 5* *. Acquisory Consulting LLP 10*.5 Greenhill & Co, LLC * 3 3 * 1* 3 1 1*.0 10* 7. IDBI Bank Ltd * Greenstone Energy Partners * * 3 1* GCA Corp * 1* * 10 * 1* Jefferies LLC * * 3 1 1* Moelis & Co * * Industrial & Comm Bank China 3* * 1 1* 0. 3* RBC Capital Markets 3*.0 10 Mizuho Financial Group 3* 0. 3* 10 Standard Chartered PLC 3* Ambit Corporate Finance 3* 1* 0.1 5* 10 Corporate Finance Associates 3* * * 10 Business Development Asia LLC 3* * * Signal Hill Capital Group LLC 3* * * 10 BCMS Corporate Ltd 3* * * 10 Translink Corporate Finance 3* *. 3* * * 10 Industry Total 1,177 3, US$0 50m US$30 0m US$0 30m US$10 0m US$0 10m Indian SmallCap M&A up to US$50m by Target Industry Jan 1 Dec % 3.0% 1.1% 7.% 7.%.% 11.1% 11.1%.% 10.3% 11.0% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region. 0