MID-MARKET M&A REVIEW FINANCIAL ADVISORS. REUTERS / Coldagh Kilcoyne

MIDMARKET M&A REVIEW FINANCIAL ADVISORS REUTERS / Coldagh Kilcoyne Full Year

Full Year MidMarket M&A Up To USm s Worldwide MidMarket Rankings (MM1) MM1 Undisclosed Values & Values up to USm Jan 1 Dec 1 Worldwide MidMarket M&A up to USm by Target Nation Region Jan 1 Dec 1 per Advisor (US$m) # of Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) 1,....,. 1 1..1. 1,1....,. 1...,.... 1 1,.... *,. 1.. 1. Industrial & Comm Bank China * 1,. 1.. 1.,. 1.1.. Houlihan Lokey 1,.1... Mizuho Financial Group *,... 1. * 1,.. 1. Sumitomo Mitsui Finl Grp Inc,.. 1.. 1,. 1... 1 1 1,.. 1. 1. 1,.. 1.. 1,.... 1 1,.. 11. 1 1,. 1. 1.. 1,. 1..... 1. Jefferies LLC 1,. 1 1... Stifel/KBW 1,. 1... Alantra Partners SA 1,.... Evercore Partners *,. 1.. 1. Barclays *,. 1... Nomura * 1,.,.. 1..... * 1. 1.1 Raymond James Financial Inc * * 1,. 1... Generational Equity * 1 1...1 Duff & Phelps *,.1.1. 1. Moelis & Co * 1,.. 1. 1. KBS Corporate Sales Ltd * 1.1. 1. Deutsche Bank * * 1,..1. 1. RBC Capital Markets * *,. 1.. Piper Jaffray Cos Bank of America Merrill Lynch 1,. 1,... 1... 1. Clearwater International 1,... 1.... Grant Thornton 1 * 1,... 1 Globalscope 1,. 1. 1. CITIC,.... Global M&A Macquarie Group * * 1.,....... BMO Capital Markets,.... RSM Corporate Fin LLP Benchmark International Robert W Baird & Co Inc * * * * *. 1.,....... 1. Daiwa Securities Group Inc,.1..., 1,,1.1. 1,.. $ $1, Africa/Middle East Americas AsiaPacific Europe Japan Worldwide Estimated MidMarket Investment Banking Fees by Quarter* Investment Banking Fees (US$b) $ % % $ % $ % $1 % % 1Q Q Q Q 1Q Q Q Q 1Q Q Q Q 1Q Q Q Q 1Q Q Q Q 1Q Q Q Q 1Q Q Q Q 1Q Q Q Q % % % Percentage of Total Fees MidMarket I.B. Fees (mil or less) % of Total Fees * ** Fee exposure indicates each firm's midmarket fees from deals valued at up to USm as a percentage of its overall M&A fees in the relevant region.

Full Year MidMarket M&A Up To USm s European Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to USm Jan 1 Dec 1 European MidMarket M&A up to USm by Range per Advisor # of Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%) 1,.,. 1.1. 1 1. 1,.,. 1.. 1.,.,. 1.... 1. 1..1.,1.,.. 1.. 1,.,...1. 1,. 1,...,.,...1 1. 1 1,. 1...1 1.... * KBS Corporate Sales Ltd 1 1... 1. Alantra Partners SA 1,. 1,1... 1. 1..1. 1. 1..1. 1. 1,.,1.... Clearwater International 1 1,..1 1.1. 1. Grant Thornton 1.... * 1,.1,... 1. 1,.1,1..1.1.... * *,1.,... 1. *,.,.... *,1.,.1. RSM Corporate Fin LLP 1.... Globalscope 1 1 1..1.. * 1,.,. 1...1 Global M&A * * 1 1.... UniCredit * 1 1,.... 1.1 Natixis 1,.,.... ING * * 1 1,. 1,. 1.. Credit Agricole CIB * *,1. 1,. 1..1. Deutsche Bank *,.,.1.. 1. Benchmark International * * 1... 1. Houlihan Lokey * * 1 1,. 1,..1 1. Societe Generale * * 1,. 1,...1. Cooperatieve Rabobank UA 1.... 1.1 Barclays *,.,.. 1.. Capitalmind.... Jefferies LLC * 1,1.,.... BCMS Corporate Ltd * *...1. Bank of America Merrill Lynch *,.,... 1 1. Evercore Partners *,1.,. 1... Cambon Partners * * 1 1... 1. Kon SpA * 1. 1... * Mediobanca * 1*,. 1,. 1. 1.. Raymond James Financial Inc * * 1,.,1.. 1. Macquarie Group * *,.,.. 1.. DC Advisory * *.... 1, 1,1,.,..,. 1.,,,,, $ 1, $ US m US m US m US m European MidMarket M&A up to USm by Target Industry Jan 1 Dec 1 Real Estate.%.1%.%.%.%.% 1.1%.%.%.%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to USm as a percentage of its overall M&A fees in the relevant region.

Full Year MidMarket M&A Up To USm s UK Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to USm Jan 1 Dec 1 UK MidMarket M&A up to USm by Range per Advisor # of Advisor ** Fee Rank Rank Deals US$m GBP mil Rank Change (%) Fees Rank Exp. (%) 1,.,. 1.. 1. KBS Corporate Sales Ltd 1.1.. 1. 1,. 1,.. 1. Grant Thornton.1.. * * 1,.. 1.. 1. *....*.... *. RSM Corporate Fin LLP..... 1... *. Clearwater International 1*..... Alantra Partners SA 1 1.. 1.. 1* Benchmark International 1. 1... 1* *..1... 1*,.,.1... *,1. 1,1....1.... 1* 1 * 1.1... 1* BCMS Corporate Ltd *..1.. 1 * 1. 1.. 1.1 * *,. 1,... 1. *,.,. 1... Barclays * *,.,.... Mazars SA * 1 1.. 1.. 1* Investec * 1,.. 1 1.. Liberum Capital * *.. 1.. * Evercore Partners * * 1 1, 1,...1 1.1 * * 1 1,. 1,. 1. 1.. * * 1,.,..1.. Cenkos Securities PLC *.... * 1. Houlihan Lokey * 1..1.. 1 finncap Ltd * * 1.. 1.. * * * 1... 1. Jefferies LLC * 1* 1 1,1... 1..1 Numis * * 1 1.... Bank of America Merrill Lynch * * 1 1,. 1,1... 1. Duff & Phelps * 1 1. 1. 1... Piper Jaffray Cos * * 1... 1. * *.. 1.. *. Macquarie Group * * 1,. 1,.. 1.. Canaccord Genuity * 1* 1,.... Deutsche Bank * * 1,1.....1 Sentio Partners LLP * * 1. 1... 1 * * 1 1,. 1,. 1.. 1*. Global M&A * 1.... * Peel Hunt LLP * * 1 1,1.... WH Ireland Ltd * *...1 1. * Standard Chartered PLC * * 1,.... * *.1... *,,1.,..,. 1.1 $ $ $1 $ $ 1, 1, 1, US m US m US m US m UK MidMarket M&A up to USm by Target Industry Jan 1 Dec 1.% Real Estate.%.%.%.%.%.%.%.%.%.1% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to USm as a percentage of its overall M&A fees in the relevant region.

Full Year MidMarket M&A Up To USm s French Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to USm Jan 1 Dec 1 French MidMarket M&A up to USm by Range Natixis Credit Agricole CIB Societe Generale Rank 1 * * per Advisor # of Rank Deals US$m Euro mil Rank Change (%) 1,.,.. *,.,..,.,.. 1,.,..,1. 1,.. 1... * 1*.. 1,. 1,..1. Cambon Partners * 1 1... 1...1.. * * 1.... DC Advisory *... 1. * 1..1. 1. 1 Alantra Partners SA 1* 1... 1. 1 1* 1.... Invest Corporate Finance SAS 1* 1* 1. 1. Pax Corporate Finance 1*... 1.1 Capitalmind 1* *... 1. 1 1* 1* 1.. 1. Clearwater International 1* 1.1. 1. 1. 1. * 1,.,.. 1.. *.1... 1* Banque Degroof Petercam SA * *. 1. 1... * 1 1. * Bryan Garnier & Co * 1* 1..1.. * *. 1. Global M&A * * 1. 1.. Translink Corporate Finance * *.1.. Edmond de Rothschild Hldg SA * 1*. Aurignac Finance * *... Canaccord Genuity * *... MBA Capital SARL * 1*. * *... * Drake Star Partners * 1*... * * 1,1... ING * * 1*. * Messier & Associes * * 1,. 1,.1.. * *... 1. Nomura * *.1.. * 1. RBC Capital Markets * *... *. Eurohold SL * *... * Clipperton Finance SARL * * 1... Mediobanca * *... *. Oddo & Cie SCA * *..1.. Linkers * *. * Macquarie Group * 1*..1.. AP Management * *..1. * Grant Thornton * *. * Adviso Partners SAS * *... *,,.,.. 1,.. 1 Advisor ** Fee Fees Rank Exp. (%). 1....1....1....1. $ $ $ $ $ French MidMarket M&A up to USm by Target Industry Jan 1 Dec 1.%.% US m US m US m US m.%.%.%.% 1.%.% 1.% Real Estate 1,.%.% 1.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to USm as a percentage of its overall M&A fees in the relevant region.

Full Year MidMarket M&A Up To USm s German Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to USm Jan 1 Dec 1 German MidMarket M&A up to USm by Range per Advisor # of Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%) 1,. 1,1.1.. 1. * 1.. 1.. *. * 1,.,. 1 1.. 1.1 1*... *..1 1.. *. *.. *..1.1 Concentro Management AG. 1 1.1.. 1. * 1. Globalscope * * 1 1.. 1. 1. Deutsche Bank * *,.,..1. *. ACXIT Capital Partners * 1*... 1. 1 * 1 1,.,1.. 1. 1. * 1 1. Quarton International 1* 1* 1...1 Roedl & Partner 1* * 1. 1. 1. Raymond James Financial Inc 1* * 1.... 1 Alantra Partners SA 1* * 1.... 1*... 1. * 1* 1,1.,.... Livingstone Partners *. * * 1*.. 1.. * UniCredit * *. 1... * * 1. * * 1*. Clearwater International *. 1* Falkensteg GmbH * *. 1* *.... 1. goetzpartners Corp Finance *. 1... Houlihan Lokey * * 1 * 1.. Standard Chartered PLC *. 1.. * * 1 1,1.1. 1.. *. Capitalmind * 1*. * One Square Advisors GmbH * 1*. * Centuros GmbH * *. * Commerzbank AG * 1.... Barclays * 1.... Jones Lang LaSalle Inc * *... Global M&A * * *. IEGInvestment Banking * 1*. Macquarie Group * *. 1.. CBRE Holding SAS * * 1. 1... * HSBC Holdings PLC * *... Ludwig & Co GmbH * * 1.. 1. * GCA Corp * * 1. 1..1, 1,.,.... $ $ $ $ US m US m US m US m German MidMarket M&A up to USm by Target Industry.%.1%.%.%.%.% Real Estate.%.% Jan 1 Dec 1.1%.% 1.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to USm as a percentage of its overall M&A fees in the relevant region.

Full Year MidMarket M&A Up To USm s Italian Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to USm Jan 1 Dec 1 Italian MidMarket M&A up to USm by Range per Advisor # of Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%),.1,1. 1.. 1*. UniCredit 1,..... *,1.1,. 1.1. 1.1 * * 1 1,. 1,. 1. 1. 1. Kon SpA * 1. 1... Vitale&Co *... Mediobanca * 1,1. 1,1.. 1.. Banca IMI (Intesa Sanpaolo) * 1.. 1.. 1*. Fineurop SpA * * 1 1. Arkios Italy SpA * 1 1.. 1. * 1. 1..1. * * 1. 1.. 1. * 1 1 1,..1.. Alantra Partners SA * 1 1.... 1 1 *.... 1* * 1.. 1 1.. 1. Unione di Banche Italiane Scpa 1* *... * * 1 1.. 1... * 1. 1* * *. * 1.. 1.. 1 * *.. *.. * Leonardo & Co * *. 1.. Ethica Corporate Finance SpA * * 1. 1... Brera Advisory Spa *... Deutsche Bank *..1... * *..... * 1*.... * * *... * Spada Partners * *. * * * 1.. 1.. *. Bain & Co * *.... * Equita SIM SpA DVRCapital SpA * * * 1*.. 1..... * *. Partners SpA * *.. 1..1 Societe Generale * 1* 1.. 1.. * 1. * *.. 1.. 1. 1, 1,.,... 1. $ $ $ $ $ $1 US m US m US m US m Italian MidMarket M&A up to USm by Target Industry.%.%.%.%.1% Real Estate.% 1 Jan 1 Dec 1.%.%.%.1% 1.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to USm as a percentage of its overall M&A fees in the relevant region.

Full Year MidMarket M&A Up To USm s Spanish Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to USm Jan 1 Dec 1 Spanish MidMarket M&A up to USm by Range per Advisor # of Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%) 1,1. 1,. 1. 1.. 1,. 1,.. 1. *. 1,. 1,... 1*.1. 1.. *... 1. BBVA 1.... 1 * 1 1,. 1,.. 1.. Eurohold SL 1 1.1 1.. 1. * Norgestion * 1 1. 1...1 * Montalban * * 1.... * * 1,.,....1 * 1..... Arcano Asesores Financieros SL *.. 1. 1*.1 * * 1,. 1,.... Alantra Partners SA * *....1 Santander Global Corporate Bnk 1*.1.... 1* *. 1* * *.... *.1 * *. 1* * *. 1 * * 1....1 * 1 1 1,. 1,1...1 *. * 1.1... 1. Mediobanca *... *. Deutsche Bank * *.... 1*. GBS Finanzas SA * *.... * * 1. Cushman & Wakefield Inc * *.. 1.. * Haitong Securities Co Ltd * * 1.. 1. * Clearwater International * *. * * *..... RBC Capital Markets *... AZ Capital * * 1. 1... *. * * 1..1.. *. CBRE Holding SAS * *.. 1.. PJT Partners Inc * *.... Societe Generale *. *. Houlihan Lokey * * 1. * Evercore Partners *. 1.1. * Nomura *.1... IREA Corporate Finance * * 1.. 1. Macquarie Group * * * 1. Itau Unibanco * * 1.... * * 1. * Grant Thornton * * 1. 1.. Jefferies LLC * * 1. 1.. * Bank of America Merrill Lynch * * 1 *. * 1. 1,,.,.1...1 $ $ $ $ $ $ $1 Spanish MidMarket M&A up to USm by Target Industry.% US m US m US m US m.%.%.%.%.%.%.%.%.% Real Estate 1 Jan 1 Dec 1.% 1.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to USm as a percentage of its overall M&A fees in the relevant region.

Full Year MidMarket M&A Up To USm s Nordic Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to USm Jan 1 Dec 1 Nordic MidMarket M&A up to USm by Range per Advisor # of Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%) 1.... * 1. 1... *. 1... * *.1.. 1. * 1.... * * * 1. 1... 1 Carnegie *.... * 1* 1 1..... Danske Bank * * * * 1.1... 1.. 1.. * Clearwater International *... SEB *...1.. 1 * 1..... Globalscope * 1.... 1 DNB ASA 1* * 1.. 1.. 1*. Handelsbanken Capital Markets 1* 1*..... 1 *. 1.1.. *. ABG Sundal Collier * *.... *.1 Nordea * 1 1.. 1.. *.1 Jefferies LLC * * 1. *.. FIH Partners AS * * 1.. 1. 1*.1 * * 1,. 1,... 1. Livingstone Partners * *.... * MidCapital * 1. 1 Stella EOC * 1.... * * *. 1... 1*. Bank of America Merrill Lynch * * 1.. 1.. 1.1 * * 1. 1... 1* Translink Corporate Finance * 1... * * *. * * * 1 1.... *. Barclays * *.... * Raymond James Financial Inc * *. * Catella AB * *... 1. * *. 1... 1. HLP Corporate Finance Oy * * 1... 1 Swedbank * * 1 1. 1.1.. * Cushman & Wakefield Inc * *.. 1.. * Alpha Corporate Finance * *.... * * 1. 1... * BCMS Corporate Ltd * *... Capitalmind * *. * AGC Partners * * 1. *. 1* Moelis & Co * * *. * Macquarie Group * *....1 * * 1. *.. *.1 Pangea Property Partners AB * *.1. 1.. * Grant Thornton * * 1 1..1.. 1* Newsec Corporate Finance AB * *...1 1. * Alantra Partners SA * * 1. 1,1,.,... $ $ $ $ $ US m US m US m US m Nordic MidMarket M&A up to USm by Target Industry Jan 1 Dec 1.%.%.% Real Estate.%.1%.%.% 1.%.%.%.%.1% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to USm as a percentage of its overall M&A fees in the relevant region.

Full Year MidMarket M&A Up To USm s Benelux Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to USm Jan 1 Dec 1 Benelux MidMarket M&A up to USm by Range per Advisor # of Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%),1.,. 1.. 1 1...1.. 1 1.... ING 1 1,. 1,. 1...1. 1.. Cooperatieve Rabobank UA 1.... 1,. 1,.1... *.. 1.. 1 * 1...1. *..... 1 1..1.. 1* 1. 1. 1. * 1..1.. * * 1,. 1,.... *. Capitalmind * 1. Global M&A 1* *. 1 Banque Degroof Petercam SA 1* *.... * 1*.. 1.. 1. 1*. 1 * * 1,.,... *. * 1* 1,. 1,.... Haitong Securities Co Ltd * *... 1 Globalscope * *.... 1 Jefferies LLC * 1*.. 1... * *.. 1.. *.1 DC Advisory *.1... Evercore Partners * * 1,..... RBS * *..... Houlihan Lokey * 1*.... Barclays * *....1 *. Natixis * * 1. 1.1. * NIBC NV * 1*. * Bank of America Merrill Lynch * 1 1 1,. 1,.1. 1. 1. Alantra Partners SA * * 1.... Deutsche Bank * *.. 1..1 * 1. * *... 1. *. * * 1.. 1.. * 1. CBRE Holding SAS * *..... Societe Generale * *.... * UniCredit 1* 1* 1 1.... * Cushman & Wakefield Inc 1* 1*. 1... *. Macquarie Group 1* *.1... * Mediobanca * * 1.... 1 Jones Lang LaSalle Inc * 1*.... * BMO Capital Markets * *.. 1. 1. 1. MidCapital *. * Quarton International *. * Drake Star Partners *. *,,.,.... $1 $ $ $ $ $ US m US m US m US m Benelux MidMarket M&A up to USm by Target Industry Jan 1 Dec 1.1%.%.%.%.%.%.1% 1.%.%.% Real Estate.%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to USm as a percentage of its overall M&A fees in the relevant region. 1

Full Year MidMarket M&A Up To USm s Eastern Europe Involvement MidMarket Rankings (MM1) MM1 Undisclosed Values & Values up to USm Jan 1 Dec 1 Eastern European MidMarket M&A up to USm by Range per Advisor # of Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%).. 1....1.1. 1* 1,. 1,. 1. 1...... 1.... 1 Globalscope * *. *... 1. *.... * * * 1. *..1.. *.... * * *.... 1* VTB Capital * 1..... * 1.... Barclays 1* * * 1* 1* 1.1 1.. 1* 1* 1*. 1.. * * 1,... 1. *. * 1*.. 1.. 1.1 * 1* *. * Societe Generale * 1* 1.1... 1*. Mediobanca * * Houlihan Lokey * 1* 1.... 1 Deutsche Bank * * 1..1.. 1. Turkiye Is Bankasi AS * *. 1. *.. * * 1* *. *. * * 1. 1 HSBC Holdings PLC * * Bank of America Merrill Lynch * * 1.. 1.1. 1*. CMS Ltd. * * *. *,,.,. 1... $ 1, $ 1, $ $ US m US m US m US m EE MidMarket M&A up to USm by Target Industry Jan 1 Dec 1 Real Estate.%.%.%.% 1.%.%.%.% 1.%.%.%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to USm as a percentage of its overall M&A fees in the relevant region.

Full Year MidMarket M&A Up To USm s Australia/New Zealand Involvement MidMarket Rankings (MM) MM Undisclosed Values & Values up to USm Jan 1 Dec 1 Australia/New Zealand MidMarket M&A up to USm by Range Macquarie Group Moelis & Co Bank of America Merrill Lynch Gresham Partners Miles Advisory Partners Barclays Houlihan Lokey Deutsche Bank Forsyth Barr Investec First NZ Capital per Advisor (US$m) # of Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp. (%).1..1 * 1. 1.. 1 1,1. 1.1. 1.,.. 1.1 1. 1,. 1.. 1. * 1,..1. 1. 1 1... 1*. 1.. 1..1 * 1,. 1... * * 1.1.. 1 1. * * 1,1. 1... * 1,.1.1. 1* 1. * *... 1 1.. 1. 1* 1*... 1* 1*... *. 1* *. 1.. 1* 1* * 1 1... * 1* 1* 1,. 1... 1* 1. 1 1... 1* *... *. * *... * *.. 1. * * * 1... 1 * 1 *. * Greenhill & Co, LLC * * 1.... Industrial & Comm Bank China * 1*.. 1. *. Nomura * * 1 1.... Fort Street Advisers * *... 1* Allier Capital * * 1..1. *. Evercore Partners 1* 1* 1. 1... Cameron Partners Ltd 1* *.1.. * Grant Samuel 1* 1.... Tudor Pickering & Co LLC 1* RBC Capital Markets 1* * 1.1... Flagstaff Partners Pty Ltd 1* *... * 1* *... Burnvoir Partners *.. * Santander Global Corporate Bnk *.. * Globalscope *.. * RSM International Ltd * *. * Highbury Partnership Pty Ltd *. 1. *.,,. 1... $1 $ $ $ $ $ US m US m US m US m Aus/New Zealand MidMkt M&A up to USm by Target Industry Jan 1 Dec 1.%.% Real Estate.%.%.%.%.1%.%.%.%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to USm as a percentage of its overall M&A fees in the relevant region. 1