EVIEW REVIEW FINANCIAL ADVISORS

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1 SMALL CAP M&A REVIEW FINANCIAL ADVISORS First Quarter 0

2 First Quarter 0 Mergers & Acquisitions s Small Cap M&A Review Table of Contents Worldwide Small Cap M&A Deals Intelligence Worldwide Small Cap Rankings (MMa) US Target Small Cap Rankings (MMa) Latin America Involvement Small Cap Rankings (MM7a) European Involvement Small Cap Rankings (MMa) UK Involvement Small Cap Rankings (MMa) French Involvement Small Cap Rankings (MM5a) German Involvement Small Cap Rankings (MMa) Italian Involvement Small Cap Rankings (MM7a) Spanish Involvement Small Cap Rankings (MM8a) Nordic Involvement Small Cap Rankings (MM9a) Benelux Involvement Small Cap Rankings (MM0a) Eastern Europe Involvement Small Cap Rankings (MMa) Hochinma Involvement Small Cap Rankings (MMa) Hong Kong Involvement Small Cap Rankings (MMa) Australia/New Zealand Involvement Small Cap Rankings (MMa) Singapore Involvement Small Cap Rankings (MMa) Japanese Involvement Small Cap Rankings (MM5a) Chinese Involvement Small Cap Rankings (MM0a) Indian Involvement Small Cap Rankings (MMa) Ranking Criteria Summary

3 M&A Rankings For MidMarket Deals Valued Up To US$500m Are Also Available First Quarter 0 DEALS VALUED UP TO US$50 MILLION SMALLCAP M&A REVIEW SmallCap Deals Intelligence Worldwide SmallCap M&A up to US$50m by Range Worldwide announced SmallCap M&A deals valued up to $50 million (including undisclosed value deals) totaled US$5. billion in first quarter 0 a.9% decrease from first quarter 0. $0,000 Estimated global fees generated from completed SmallCap M&A activity equaled US$. billion for first quarter 0, according to Thomson Reuters and Freeman Consulting. The AsiaPacific region (by target domicile) led the SmallCap market, with US$0.9 billion of announced deal activity, a.8% market share. The EMEA region (by target domicile) led the market in number of deals announced, with,589 deals for the first quarter,.% of the 7,8 deals announced worldwide. $5 $0 $5 $0 0,000 8,000,000 The sector captured.7% of total announced SmallCap value, followed by and, which both had a.7% share, and High technology at.%. Announced SmallCap M&A by Target Nation Up To US$50m Region/Nation Jan Mar //0 //0 //0 //0 Rank Value # of # of Change US$m Deals US$m Deals (%) Worldwide 5,97. 7,8 9,500. 8,8.9 Americas 7,0.,9 7,79., United States of America,508.,7,879.0,79 7. Canada,8.0 59, Brazil Chile Peru Mexico Argentina Europe,9.0,589 7,.7, United Kingdom,8.0 50, France Russian Federation Spain Sweden Italy Norway Poland Germany Turkey Finland Netherlands Belgium Denmark Africa/Middle East/Central Asia 8. 7, Israel South Africa AsiaPacific (ex Central Asia) 0,8.5,85,55.,89. China, , South Korea,7.7 8, Australia,0.7 0, India Hong Kong Singapore Malaysia Taiwan Japan,75. 7, $5,000 $0,000 $5 $0 US$0 0m US$0 0m US$0 0m US$0 0m US$0 50m Worldwide SmallCap M&A up to US$50m by Target Industry Jan Mar 0.% 5.%.7%.0%.%.7%.5%.7% 8.5%.5%.%

4 First Quarter 0 SmallCap M&A Up To US$50m s Worldwide SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$50m Jan Mar per Advisor per Advisor (US$m) 0 0 # of Change in 0 Advisor 0 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) *.7 Rothschild 0* Mizuho Financial Group Lazard KPMG Goldman Sachs & Co Nomura 7 0* *. Sumitomo Mitsui Finl Grp Inc * 9.8 Deloitte * M&A International 0* *. UBS * * IMAP * Morgan Stanley * BDO * * Deutsche Bank 5* Ernst & Young LLP 5* *. Frontier Management Inc 7 * * Lincoln International * * 58.0 DC Advisory * * Citi 0* RSM Tenon Group PLC 0* * JP Morgan 0* 8. 8* Evercore Partners * * Mitsubishi UFJ Financial Group * * Moelis & Co * Barclays 55* 7* Clairfield International 0 8 7*. 5 0 Houlihan Lokey Credit Suisse 5* Green Square Partners LLP HSBC Holdings PLC * Daiwa Securities Group Inc * Stifel Financial Corp * 55* Livingstone Partners * 55* Duff and Phelps * * Jefferies & Co Inc * * William Blair & Co * * * 7.9 RBC Capital Markets * AGS Consulting Co Ltd 7* Canaccord Genuity * perspektiv GmbH *.5 5* 0 Raymond James Financial Inc * * * 5.5 RHB * Investec *.. 0*.9 BNP Paribas SA * 7*.0. BMO Capital Markets * * * 7.5 Pax Corporate Finance * 85* Plutus Consulting Co Ltd * 55* Leonardo & Co * 7* 7* Development Bank of Japan Inc * * 5. 7* Grant Thornton * FTI Consulting Inc * * * 7.7 Rabobank NV * *.5 70* Industry Total 7,8,0 5,97..9, Worldwide Small Cap M&A up to US$50m by Target Nation Region Jan Mar $0 $5 $0 $5 $0 $5 $0 $ Africa/Middle East Americas AsiaPacific Europe Japan Worldwide Estimated Small Cap Investment Banking Fees by Quarter* Investment Banking Fees (US$b) $.8 $. $. $. $.0 $0.8 $0. % 5.0% % 5.0% % $0. 5.0% $0. $ % Q Q Q Q Q Q Q Q Q Q Q Q Q Small Cap I.B. Fees ($50mil or less) % of Total Fees Percentage of Total Fees ** Fee exposure e 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 e region.

5 First Quarter 0 SmallCap M&A Up To US$50m s US Target SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$50m Jan Mar US SmallCap M&A up to US$50m by Range per Advisor per Advisor (US$m) 0 0 # of Change in 0 Advisor 0 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Lazard Moelis & Co * Goldman Sachs & Co 8 5 0* Evercore Partners * Stifel Financial Corp * 5* Raymond James Financial Inc * * * 58.8 William Blair & Co * 5* * Houlihan Lokey * Barclays 0* Morgan Stanley 5.0 5* UBS * *. Lincoln International 0*.0.5 Citi 0*.0 *. Duff and Phelps Jefferies & Co Inc * IMAP 5 0* 5.0 5* 0 Keefe Bruyette & Woods Inc * 7.5 JP Morgan 5 0* Deutsche Bank 0* 0*. 5*.7 RBC Capital Markets * 00 0* 0.0. PNC Financial Services Group * 0* 5.0 5* 0 Petsky Prunier LLC.5. 0 Clairfield International 0* 0*.5 * 0 Blackstone Group LP 0* Stephens Inc 0* * 8. Cain Brothers Co. * 0*.5 * 0 McAdams Wright Ragen Inc * 0 America's Growth Capital * 5.0 5* St Charles Capital * BMO Capital Markets Perella Weinberg Partners LP *. The Braff Group *.5 * 0 BDO 7* 0*.5 * 0 Rothschild * 0*.7. DA Davidson & Co Inc 7* * 0 Peter J. Solomon Co Ltd 0*.5 * 5.9 Industry Total,7, $9 $8 $7 $ $5 $ $ $ $ $0 US$0 0m US$0 0m US$0 0m US$0 0m US$0 50m US SmallCap M&A up to US$50m by Target Industry Jan Mar 0.7% 5.7%.9% 5.% 8.5%.%.0%.7%.9% 8.%.7%.8% Government and Agencies,500,000,500, ** 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. Imputed Fees shown are based on completed deal activity, ty, whereas eas deal count & rank values are compiled based on announced deal activity. ty

6 First Quarter 0 SmallCap M&A Up To US$50m s Latin America Involvement SmallCap Rankings (MM7a) MM7a Undisclosed Values & Values up to US$50m Jan Mar 0 Latin American SmallCap M&A up to US$50m by Range per Advisor per Advisor (US$m) 0 0 # of Change in 0 Advisor 0 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Itau Unibanco * Credit Suisse *.0 7. UBS * Lazard * 5*.9 * China Merchants Bank BBVA Rothschild.0 5*. LarrainVial SA Perella Weinberg Partners LP.0.9 * Santander 5* 0.5 *.7 DNB ASA.5 * 0 HSBC Holdings PLC BR Partners 5* 5* Banco BTG Pactual SA * Patria Investimentos.5 * 0 Barclays. 9. Goldman Sachs & Co William Blair & Co.0 0 Blackstone Group LP * 00 JP Morgan 5* 0 Industry Total 7, $.5 $.0 $.5 $.0 50 $ $ US$0 0m US$0 0m US$0 0m US$0 0m US$0 50m Latin American SmallCap M&A up to US$50m by Target Industry Jan Mar 0.8%.%.9% 8.% 5.% 7.% 5.8% 7.% 5.% 7.7% 0.8%.7% ** Fee exposure e 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 e region.

7 First Quarter 0 SmallCap M&A Up To US$50m s European Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$50m Jan Mar European SmallCap M&A up to US$50m by Range per Advisor per Advisor 0 0 # of Change in 0 Advisor 0 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) Rothschild *. KPMG *.7 BDO * * * 0 DC Advisory 5* * M&A International 5* RSM Tenon Group PLC 7* * Goldman Sachs & Co 7* 5* IMAP 9 * Nomura UBS * * 5.9 Green Square Partners LLP Ernst & Young LLP * 5* *. Lincoln International * * 5. Livingstone Partners 5* * * 0 perspektiv GmbH 5* Evercore Partners 7* Morgan Stanley 7* * Lazard 7* JP Morgan 7* * * Deutsche Bank * BNP Paribas SA * * Credit Suisse * * 8.0 * 5. Pax Corporate Finance * * Leonardo & Co * * 8.0 * 90.9 Deloitte * 5* *. Clairfield International * * 0 Rabobank NV * *.9 BBVA * * 9. Citi MBA Capital SARL Grant Thornton Barclays * Translink Corporate Finance AG * * goetzpartners Corp Finance * *.5 0 Nordea * UniCredit * * 8..5 Savills PLC * * 0 HSBC Holdings PLC * * 8.5 5* 7.0 Hottinguer Corporate Finance * * 0 Societe Generale * Investec * *.9 ING * Aforge Finance SA * 8.5 5* 0 Concentro Management AG * * Jones Lang LaSalle Inc * Lione & Associes * Intesa SanPaolo * Globalscope * * * 0 VTB Capital * Canaccord Genuity * 5* Industry Total,98 8,., $ $0 $8 $ 5,000,500,000,500 $,500,000 $ 500 $0 US$0 0m US$0 0m US$0 0m US$0 0m US$0 50m European SmallCap M&A up to US$50m by Target Industry Jan Mar 0.%.9%.9% 7.0% 8.0% 8.% 5.9% 0.9% 0.% 0.% 9.5% 0.%,000,500,000 ** 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

8 First Quarter 0 SmallCap M&A Up To US$50m s UK Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$50m Jan Mar UK SmallCap M&A up to US$50m by Range per Advisor per Advisor 0 0 # of Change in 0 Advisor 0 ** Fee Rank Rank Deals US$m GBP m Rank Change (%) Fees Rank Exp (%) RSM Tenon Group PLC BDO * * * Green Square Partners LLP * Rothschild KPMG 5* *.7 Evercore Partners * M&A International 8 0* Savills PLC * * 0 Goldman Sachs & Co * Investec * *.9 Ernst & Young LLP * 7 7 *. 8* 5 UBS * * Livingstone Partners * * * 0 DC Advisory * 5* *.0 Grant Thornton * * 0 Houlihan Lokey 7* * * Hoodless Brennan & Partners 7* * 0 Jones Lang LaSalle Inc 7* * * 5.0 Viel & Cie Finances 7* * 00 Morgan Stanley 7* 0* Hazlewoods 7* * 0 ICON Corporate Finance 7* * * 0 goetzpartners Corp Finance 7* * 0 Fenchurch Advisory Partners 7* * Credit Suisse 7* *.0 *.0 IMAP 7* * Lincoln International 7* 0* *.0 7* 0 Spayne Lindsay & Co LLP 7* * *.0 7* 0 KBC Group NV 7* Ogier Corporate Finance 7*.5. 5 Baker Tilly International 7* 0* * 0 Avendus Capital Pvt Ltd 7* * Citi 7* *.0 * 5. Canaccord Genuity 7* 0* Rabobank NV 7* * 0 HSBC Holdings PLC 7* 0* 5 *.5 0*.5 Gleacher & Co Inc 7* *.5 0* 0 JP Morgan 7* 5* * 9.9. Industry Total 8 7,508.0, $5,000 $ $ $ $ $ $ $ $ $0 US$0 0m US$0 0m US$0 0m US$0 0m US$0 50m UK SmallCap M&A up to US$50m by Target Industry Jan Mar 0.%.%.5%.%.% 7.0%.5% % 9.%.% %.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.

9 First Quarter 0 SmallCap M&A Up To US$50m s French Involvement SmallCap Rankings (MM5a) MM5a Undisclosed Values & Values up to US$50m Jan Mar French SmallCap M&A up to US$50m by Range per Advisor per Advisor 0 0 # of Change in 0 Advisor 0 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) Rothschild * 5*.0 8. Pax Corporate Finance * * *. 7* UBS * 5* 5 5*.5.7 MBA Capital SARL * 7* 5 5* Lincoln International *.5 * 0 Leonardo & Co 5* 5*.5 0 Aforge Finance SA 5* 5*.5 0 IMAP 7* 0 5*.0 0 Lione & Associes 5* *.0 * 0 DC Advisory * 5*.5.9 Hottinguer Corporate Finance *..5.0 * 0 M&A International 5* 5*.0 0 KPMG * * 5* Oddo et Cie * * 0 5*.5 * 0 Ernst & Young LLP * * 5*. 7* 0 La Compagnie Financiere * 5*.0 * 0 BNP Paribas SA * 7* 5* Credit Suisse * * 0 5* Financiere Cambon * * 0.0 * 00 Transcapital * Alegro Capital * 5*.5 * 0 Intesa SanPaolo * 5*.5 * 9. NFinance SAS * Clairfield International * 5*.7 0 Axys Finance SARL * 5*.0 * 0 Ad Res Conseil SARL * 5*.0 * 0 Societe Generale * *.7. * Credit Agricole CIB * * Industry Total $. $. $. $.0 $0.8 $0. 00 $0. $0. 00 $ US$0 0m US$0 0m US$0 0m US$0 0m US$0 50m French SmallCap M&A up to US$50m by Target Industry Jan Mar %.0% 7.%.7% 7.5% 8.%.9%.% 9.% 0.% ** Fee exposure e 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 e region. 7

10 First Quarter 0 SmallCap M&A Up To US$50m s German Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$50m Jan Mar German SmallCap M&A up to US$50m by Range per Advisor per Advisor 0 0 # of Change in 0 Advisor 0 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) perspektiv GmbH * 7* 5. 5* 0 Lincoln International * * * 0 Livingstone Partners * *.0 7* 0 UniCredit *.5 * 0 KPMG.5 *. Rothschild Concentro Management AG * JP Morgan 8..7 *.7 7. Berenberg Bank 0*.7 7* 0 Deutsche Bank 0* 0..8 Nomura 0* Lampe Corporate Finance GmbH 0* *.5 * 0 Credit Suisse 0* Ferber & Co GmbH 0*.5 * 0 Globalscope 0*.0 7* 0 DC Advisory 0* 0.0 7* 5. BDO 0* 0.0 7* 0 William Blair & Co 0* *.0 7* 0 M&A International 0* * CIBC World Markets Inc * 8..7 *.7 7* 0 BNP Paribas SA * * PNC Financial Services Group * * 0.0 7* 0 RBC Capital Markets *.0 partners *.5 * 0 goetzpartners Corp Finance * Corporate Finance Partners CFP * * 0.5 * 0 Blue Corporate Finance * * 0 Metzler Corporate Finance *.5 * 0 Network Corporate Finance * IMAP * 7*.0 7* 0 CH Reynolds Corporate Finance * Mummert & Company * Business Development Asia LLC * Landpoint Corporate Finance *.5 * 0 NIBC NV *.5 * 0 Itau Unibanco * FTI Consulting Inc * Allert & Co GmbH *.5 * 0 Clairfield International * Yapi Kredi Yatirim Menkul * Industry Total $. $.0 $0.8 $0. $0. 00 $0. 00 $ US$0 0m US$0 0m US$0 0m US$0 0m US$0 50m German SmallCap M&A up to US$50m by Target Industry Jan Mar 0.9%.0% 9.%.7%.9% %.% 5.%.9%.% ** 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

11 First Quarter 0 SmallCap M&A Up To US$50m s Italian Involvement SmallCap Rankings (MM7a) MM7a Undisclosed Values & Values up to US$50m Jan Mar Italian SmallCap M&A up to US$50m by Range per Advisor per Advisor 0 0 # of Change in 0 Advisor 0 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) Intesa SanPaolo * 5*.0 * 8.5 UniCredit * *.5 5. Rothschild * 5*..0 5* 9..0 KPMG * *. * 0 Barclays * Oddo et Cie *.5 0 Mediobanca * * * 5. BNP Paribas SA * *.0 * 8.8 Nomura *.0 * 5.0 UBS *.0 * 0 Lazard * *. 8.8 JP Morgan * Deutsche Bank * 5* * * 0 Altium Capital Limited * EnVent SpA * Lincoln International * Raiffeisen Bank International *.5 0 DC Advisory * Clairfield International * Yapi Kredi Yatirim Menkul * Jefferies & Co Inc * Goldman Sachs & Co * *..8 Invest Securities *.5 0 Societe Generale * 5* *. 0 Rabobank NV * Citi * *..0 5* 9.0 Industry Total $0.9 $0.8 $0.7 $0. $0.5 $0. $0. 00 $0. 50 $0. $ US$0 0m US$0 0m US$0 0m US$0 0m US$0 50m Italian SmallCap M&A up to US$50m by Target Industry Jan Mar %.% 0.%.0%.%.9% 9.% ** Fee exposure e 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 e region. 9

12 First Quarter 0 SmallCap M&A Up To US$50m s Spanish Involvement SmallCap Rankings (MM8a) MM8a Undisclosed Values & Values up to US$50m Jan Mar Spanish SmallCap M&A up to US$50m by Range per Advisor per Advisor 0 0 # of Change in 0 Advisor 0 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) Nomura * BBVA * 7* Goldman Sachs & Co * *. * * Ernst & Young LLP * 5*. 5* DC Advisory * *.5 5* 0 Deloitte *. 5* 0 KPMG. 7 Socios Financieros SA.5 5* 0 Morgan Stanley Norgestion * 0.5 5* 0 Corporate Finance Partners CFP.5 5* 0 GBS Finanzas SA.5 5* 0 Ogier Corporate Finance..0 Corporate Finance Associates.5 5* 0 Arcano.. 5 CW Downer & Co ONE to ONE Corp Fin SL 7*.5 5* 0 AZ Capital Industry Total $. $.0 $0.8 $0. $0. $0. $ US$0 0m US$0 0m US$0 0m US$0 0m US$0 50m Spanish SmallCap M&A up to US$50m by Target Industry Jan Mar 0 8.0%.9%.%.% 0.5%.% 5.%.7%.% ** Fee exposure e 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 e region. 0

13 First Quarter 0 SmallCap M&A Up To US$50m s Nordic Involvement SmallCap Rankings (MM9a) MM9a Undisclosed Values & Values up to US$50m Jan Mar Nordic SmallCap M&A up to US$50m by Range per Advisor per Advisor 0 0 # of Change in 0 Advisor 0 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) * IMAP * * * 0 Translink Corporate Finance AG * * Nordea * * *.5 * 9.8 M&A International * *.0 0* 0 KPMG * 0 Clairfield International *.0 * 0 Carnegie *.8 0 Ernst & Young LLP 5* *. 7*.7 ABG Sundal Collier 5* * 0 DC Advisory *.0 *.5 BDO *.5 * 0 RBS * *.5 * 0 Bain & Co * *.5 * partners * *.5 * 0 Mooreland Partners LLC * 0 *.5 * 0 Keystone Advisers * *.5 * 0 UniCredit * * HLP Corporate Finance Oy * 0 * Global M&A * Advium Corporate Finance * *.5 * 0 Mummert & Company * * Evli Bank Plc * *.7 0 Morpheus Capital Advisors LLC * Tudor Pickering & Co LLC * *.5 * 0 Livingstone Partners * * Moelis & Co * ICECAPITAL Securities Ltd * 5* * 0 Bank of America Merrill Lynch * *. 0 Leonardo & Co * * Pangea Property Partners AB * 0 * Hedelius & Berthelius AB * 0 *.5 * 0 Baker Tilly International * *.5 * 0 Deloitte * 5* * 0 DNB ASA * *.5 * 0.8 SEB Enskilda * 5* *. 5.9 Alegro Capital * * Handelsbanken Capital Markets * 5* *.5 * 7. Norne Securities AS * Swedbank * * 0 Industry Total $.0 $.8 $. $. $. $.0 $0.8 $0. 00 $0. $0. 00 $0 US$0 0m US$0 0m US$0 0m US$0 0m US$0 50m Nordic SmallCap M&A up to US$50m by Target Industry Jan Mar 0.8%.%.% 7.0% 8.0% 5.5% % 0.9%.%.9% ** Fee exposure e 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 e region.

14 First Quarter 0 SmallCap M&A Up To US$50m s Benelux Involvement SmallCap Rankings (MM0a) MM0a Undisclosed Values & Values up to US$50m Jan Mar Benelux SmallCap M&A up to US$50m by Range per Advisor per Advisor 0 0 # of Change in 0 Advisor 0 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) Rothschild 0*.5.0 * * 5..9 DC Advisory * 0* 5.5 7* 7. Rabobank NV * * KPMG 5* 5. M&A International 5* 7* * 0 ING 7 * 0.5 7* 8. Deutsche Bank * BNP Paribas SA 0* 0 JM Financial Group Nielen Schuman BV *.0 0 IMAP *.0 0* 0 BDO 0* RFC Ambrian Ltd Clairfield International 7*.5 * 0 JP Morgan *.9. UBS 0* RBS Houlihan Lokey Translink Corporate Finance AG * Morgan Stanley 7* Altium Capital Limited * 0 Lampe Corporate Finance GmbH Nomura. 0*.0 Advium Corporate Finance.5 * 0 BlueMind Corporate Finance 7*.5 * 0 Credit Suisse.0 0*. Livingstone Partners * 0.5 * 0 Leonardo & Co 0*.5 * 7. Valence Group Ferber & Co GmbH VTB Capital.9.5 Horizon Partners.5 * 0 Grant Thornton * 0. * 0 Green Square Partners LLP.5 * 0 HSBC Holdings PLC.5 * 5. Veda CorporateAdvisors Pvt Ltd perspektiv GmbH.5 * 0 Hottinguer Corporate Finance * 0.5 * 0 Needham & Co LLC * 0 Daiwa Securities Group Inc Canaccord Genuity * 0 QInvest LLC.8 0 Industry Total $. $. $.0 $0.8 $0. $0. $0. $ US$0 0m US$0 0m US$0 0m US$0 0m US$0 50m Benelux SmallCap M&A up to US$50m by Target Industry Jan Mar 0.7%.% 5.% 5.9% 8.0%.0% 8.% 9.% 7.5%.0% ** Fee exposure e 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 e region.

15 First Quarter 0 SmallCap M&A Up To US$50m s Eastern Europe Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$50m Jan Mar Eastern European SmallCap M&A up to US$50m by Range per Advisor per Advisor 0 0 # of Change in 0 Advisor 0 ** Fee $.5,800 Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) Rothschild 7* *.0 * 5.,00 goetzpartners Corp Finance * 7* Savills PLC * Goldman Sachs & Co * 7* * 95.0 *. $.0,00 VTB Capital * 0* KPMG 7 *. *,00 Deutsche Bank * $.5 Ernst & Young LLP *. * 0,000 * *. Morgan Stanley 0* 0 *.0 9 IMAP 0 *.0 * 0 $.0 UniCredit 0* 0 * China Merchants Bank * * 00 Sberbank CIB * *. 0 Is Yatirim Menkul Degerler Keystone Advisers * * * *.5 * 0 UBS Nomura * * 7* 0 * *. * 0 $ Evli Bank Plc * 0* *.7 0 Citi * 7* *. 5.5 $0 HLP Corporate Finance Oy * *.7 0 Canaccord Genuity * Deloitte * 0* *. 0 Engin Bagimsiz Denetim * * 0 US$0 0m US$0 0m US$0 0m US$0 0m US$0 50m Raiffeisen Bank International * * Grant Thornton * *. 0 DC Advisory * *.5 * 0 Commera Capital Ltd * *. * 0 Yapi Kredi Yatirim Menkul * * Eastern European SmallCap M&A up to US$50m by Target Industry HLB SAYGIN YEMINLI MALI MUSAVI * Societe Generale * 0* * 0. Rabobank NV * * CMS Ltd. * *.5 * 0.% M&A International * *.% 7.7% Industry Total 70 07, % Jan Mar 0 5.5%.% 5.% 7.5% 9.%.0%.5% ** Fee exposure e 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 e region.

16 First Quarter 0 SmallCap M&A Up To US$50m s Hochinma Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$50m Jan Mar Hochinma SmallCap M&A up to US$50m by Range per Advisor per Advisor (US$m) 0 0 # of Change in 0 Advisor 0 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) RHB *. * Rothschild *.5 *. Ernst & Young LLP *.7 Hwang DBS Securities Sdn Bhd 5* 75. * Somerley Ltd 5*.9..5 * 5.7 Axis Bank Ltd 5* INCU Corporate Finance Ltd 5*. 8 Caitong Securities Co Ltd 5* 57* Southwest Securities Co Ltd 5* 57* Astramina Advisory Sdn Bhd 5* * HSBC Holdings PLC 5* *.0 Goldman Sachs & Co 5* 57*.8 8. M&A International 5* * 7. China Merchants Bank 5* 57* Guangdong Securities 5* * 0 Deutsche Bank 5* JM Financial Group 5* UBS 5* 57*.5 *. Minsheng Securities Co Ltd 5* 00 57* IMAP 5* 57*.5 5* 9. Avendus Capital Pvt Ltd 5* * Challenge Consultancy Services 5* 57* China Renaissance Partners 5* * 0 KPMG 5* *. *.7 China Construction Bank 5* Mizuho Financial Group 5* * 57*. 7* 0 Optima Capital Ltd 5* Moelis & Co 5* * 0 Astrum Capital Management Ltd 5*. Grant Thornton 5* * * 0 CIMB Group Sdn Bhd 5* * 57*. 57*.0 Industry Total,05 7, $ $0 $8 $ $ $ $0 US$0 0m US$0 0m US$0 0m US$0 0m US$0 50m Hochinma SmallCap M&A up to US$50m by Target Industry.%.%.8%.0% 5.0%,800,00,00,00, Jan Mar 0.9% 8.%.8%.%.%.% ** Fee exposure e 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 e region.

17 First Quarter 0 SmallCap M&A Up To US$50m s Hong Kong Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$50m Jan Mar Hong Kong SmallCap M&A up to US$50m by Range per Advisor per Advisor (US$m) 0 0 # of Change in 0 Advisor 0 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Somerley Ltd * * 8.5 INCU Corporate Finance Ltd *. 7 8 China Merchants Bank * Guangdong Securities * * 0 UBS * Goldman Sachs & Co *.0. China Construction Bank 7*.. 0* 7. Deutsche Bank 7* Optima Capital Ltd 7* Moelis & Co 7* Astrum Capital Management Ltd 7*. M&A International 7* * 7. KPMG * 0. 0* 0 Ping An Securities Ltd * 5. Wallbanck Brothers Sec (HK) *.8 7 Asian Capital (Corp Fin) Ltd * 0. 8 Rothschild * Investec * 8.7 Ample Capital Ltd *.5 Industry Total 9 50, $.0 $.5 $.0 $.5 $.0 $0.5 $ US$0 0m US$0 0m US$0 0m US$0 0m US$0 50m Hong Kong SmallCap M&A up to US$50m by Target Industry Jan Mar 0.9%.%.5% 7.% 5.%.% 7.%.9% %.7%.% ** Fee exposure e 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 e region. 5

18 First Quarter 0 SmallCap M&A Up To US$50m s Australia/New Zealand Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$50m Jan Mar Australia/New Zealand SmallCap M&A up to US$50m by Range per Advisor per Advisor (US$m) 0 0 # of Change in 0 Advisor 0 ** Fee $ Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) *.9 Morgan Stanley * $.5 Deloitte * RFC Ambrian Ltd * 0* Goldman Sachs & Co * M&A Partners Pty Ltd * * 0 $.0 Jennings Capital Inc. 7* 0* Evercore Partners 7* 0* 00 Deutsche Bank 7* 0* Gresham Partners 7* *. * *.7 $.5 Rothschild 7* 7 0* Ernst & Young LLP 7* 0 0*. *.7 CIBC World Markets Inc 7* 0*.0 0 $.0 Pitt Capital Partners 7*. * 00 Cameron Partners Ltd 7* Macquarie Group 7* * 0*.7.5 CIMB Group Sdn Bhd 7* 0* $ Citi 7* 0* FTI Consulting Inc 7* 0* DC Advisory 7* 00 0*.5 5* 00 $ Lincoln International 7* 0*.5 5* 0 Greenstone Partners 7* 0 0*. 0* 0 KPMG 7* 0*. *.7 Raptor Partners LLC 7* 0*.5 5* 0 US$0 0m US$0 0m US$0 0m US$0 0m US$0 50m Clairfield International 7* 0*. 0 MESA Securities Inc 7* 0* The Raine Group LLC 7* 0* HSBC Holdings PLC 7* 0 0* MAP Capital Advisors Pty Ltd 7*. 7 Australia/New Zealand SmallCap M&A up to US$50m by Target Industry Jan Mar 0 Deloitte Corporate Finance Ltd 7* 0*. 0 PPB Pty Ltd 7* 0*. 0 Miles Advisory Partners 7* 0*.5 5* 0 William Blair & Co 7* 0*.0 0.7% Jefferies & Co Inc 7* 0*.0 0.% Gleacher & Co Inc 7* 0* JP Morgan 7* 0* 5.%.% Industry Total 5, % 5.% 7.7%.5% 8.% 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.

19 First Quarter 0 SmallCap M&A Up To US$50m s Singapore Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$50m Jan Mar Singapore SmallCap M&A up to US$50m by Range per Advisor per Advisor (US$m) 0 0 # of Change in 0 Advisor 0 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Lazard 0* IMAP * 0*.0 * 0 Provenance Capital Pte Ltd * 9.9. * 0 OverseaChinese Banking * 0. 9 Deutsche Bank * 0* DZ Bank * 0*. * 0 Ernst & Young LLP * 0* SAC Capital Private Ltd * 5.7 5*.8 0 ICON Corporate Finance * United Overseas Bank Ltd * * 0.7 China Renaissance Partners *.0. * 0 DC Advisory * 0* CIMB Group Sdn Bhd * * 5.7 5* Singhi Advisors Ltd * * 0 0* Asiasons WFG Capital Pte Ltd *. 8 Goldman Sachs & Co * * 0 0*.0 *.5 Grant Thornton * Industry Total 7, $. $. $. $.0 $0.8 $0. $0. $ $ US$0 0m US$0 0m US$0 0m US$0 0m US$0 50m Singapore SmallCap M&A up to US$50m by Target Industry Jan Mar 0.8%.%.%.% 8.% 0.7% 9.8%.5% 7.7% ** Fee exposure e 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 e region. 7

20 First Quarter 0 SmallCap M&A Up To US$50m s Japanese Involvement SmallCap Rankings (MM5a) MM5a Undisclosed Values & Values up to US$50m Jan Mar Japanese SmallCap M&A up to US$50m by Range per Advisor per Advisor (US$m) 0 0 # of Change in 0 Advisor 0 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Mizuho Financial Group * Sumitomo Mitsui Finl Grp Inc Frontier Management Inc * Nomura * * Mitsubishi UFJ Financial Group * Daiwa Securities Group Inc * 0. Deloitte 5* * * AGS Consulting Co Ltd 9 * KPMG 0* 7*.8.. *.7 Plutus Consulting Co Ltd 0* 7* *. Development Bank of Japan Inc 0* * * 0 Mitsubishi UFJ Morgan Stanley * * Sunbelt Partners *.8 5* 0 Ernst & Young LLP 5*. 0 GCA Savvian Group Corp 5*. 7. *.9 Mirai Consulting Inc 5* * TY Consulting 5* Yamada Consulting Group Co Ltd 5* * Takenaka Tooru Konin Kaikeishi 5* * Lazard 5* * Kobayashi Kenji Konin Kaikeis 5*.8 Seiwa Consulting 5* Bank of America Merrill Lynch 5* *.0. Credit Suisse 5* Industry Total 59 9, $.0 $.5 $.0 $.5 $.0 $0.5 $ US$0 0m US$0 0m US$0 0m US$0 0m US$0 50m Japanese SmallCap M&A up to US$50m by Target Industry Jan Mar 0.%.%.5%.8%.9% 7.% 8.% 5.9% 9.9% 0.%.% ** Fee exposure e 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 e region. 8

21 First Quarter 0 SmallCap M&A Up To US$50m s Chinese Involvement SmallCap Rankings (MM0a) MM0a Undisclosed Values & Values up to US$50m Jan Mar Chinese SmallCap M&A up to US$50m by Range per Advisor per Advisor 0 0 # of Change in 0 Advisor 0 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Southwest Securities Co Ltd * * Caitong Securities Co Ltd * China Merchants Bank * Rothschild *.7.5 5*.7 UBS *.5 5*. Minsheng Securities Co Ltd * China Renaissance Partners * * * 0 Goldman Sachs & Co * Guangdong Securities * Somerley Ltd *..0 5* China Construction Bank * 0..7 Mizuho Financial Group. 0 Great Wall Securities Co Ltd * 5. 5 Investec * Zhongshan Securities * Deutsche Bank * * 0 Houlihan Lokey *. 0 New Times Securities Co Ltd * * Guosen Securities Co Ltd * * Mitsubishi UFJ Financial Group * Ample Capital Ltd *.5 7 Sumitomo Mitsui Finl Grp Inc * Soochow Securities Co Ltd *. 7.9 PI Financial Corp * Business Development Asia LLC * * 0. 0 Provenance Capital Pte Ltd * * 0 Bridge Partners Capital Ltd * Hollyhigh International * * * 0 INCU Corporate Finance Ltd * * Astrum Capital Management Ltd *. 7 HSBC Holdings PLC * Lazard *. 8.5 Amasse Capital Ltd * Miracle Capital Ltd *. * * Ying Capital *. *.0 5* Jefferies & Co Inc * Asiasons WFG Capital Pte Ltd * perspektiv GmbH * * Northeast Securities Co Ltd *.5 Huatai United Securities Co *. 8 Hongyuan Securities Co Ltd *.8 Industry Total 5 5, $9,000 $ $7 700 $ 00 $5 500 $ 00 $ 00 $ 00 $ 00 $0 US$0 0m US$0 0m US$0 0m US$0 0m US$0 50m Chinese SmallCap M&A up to US$50m by Target Industry Jan Mar 0 0%.%.7%.0% 5.0%.% 5.0% 5.9%.% 9.%.8%.9%.% ** Fee exposure e 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 e region. 9

22 First Quarter 0 SmallCap M&A Up To US$50m s Indian Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$50m Jan Mar Indian SmallCap M&A up to US$50m by Range per Advisor per Advisor 0 0 # of Change in 0 Advisor 0 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Ernst & Young LLP *.7 * 5.5 *.8. 0 Axis Bank Ltd * * JM Financial Group * Rothschild * 5* Avendus Capital Pvt Ltd * * Challenge Consultancy Services * * 5* HSBC Holdings PLC * Grant Thornton 7* Deutsche Bank 0* 5* KPMG 0* * 5*. 0*.7 Berenberg Bank 0* 5*. 0* 0 Is Yatirim Menkul Degerler 0* 5* BNP Paribas SA 0* 5* ICICI Bank Ltd 0*. 87. Ambit Corporate Finance 0* 7* 5*. 0*.5 Kotak Mahindra Bank Ltd 0* 7* *. IMAP 0* 5*.5 * 0 Lincoln International 0* 5*.5 * 0 Singhi Advisors Ltd 0* 7* 00 5* Arihant Capital Markets Ltd 0* Dalmia Securities Private Ltd 0*.9 Aarayaa Cross Border Advisors 0* BMO Capital Markets 0* 5.5 *. 5 0 Results International Group 0* * 0 5*. 0* 0 Veda CorporateAdvisors Pvt Ltd 0* 5* Green Square Partners LLP 0* 5*.5 * 0 EdgePoint Capital Advisors 0* 5*.5 * 0 Systematix Capital Services 0* 5* Goldman Sachs & Co 0* 7* 5*.0 * 9.8 Edelweiss Financial Svcs Ltd 0* 5*. 0* 0 RSM Tenon Group PLC 0* JP Morgan 0* * 5* Industry Total 8 5, US$0 0m US$0 0m US$0 0m US$0 0m US$0 50m Indian SmallCap M&A up to US$50m by Target Industry Jan Mar 0.%.7% 5.%.% % 8.% 7.% 0.5% 0.7%.% ** Fee exposure e 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 e region. 0

23 First Quarter 0 SmallCap M&A Up To US$50m 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: + (0) redina.doda@thomsonreuters.com AsiaPacific Kelvin Bian Tel: kelvin.bian@thomsonreuters.com Announced league tables include all deals that were announced between January, 0 and March, 0 and of which Thomson Reuters was made aware. All current data and previous year's data is as of :00pm EDT on April 8, 0. League tables include rank eligible mergers, acquisitions, repurchases, spinoffs, selftenders, minority stake purchases and debt restructurings. A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional. Deals with undisclosed dollar values are rank eligible but with no corresponding. 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. Akemi Mamiya Tel: akemi.mamiya@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. 0 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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