SMALL CAP M&A REVIEW FINANCIAL ADVISORS. REUTERS / Athit Perawongmetha

Transcription

1 SMALL CAP M&A REVIEW FINANCIAL ADVISORS REUTERS / Athit Perawongmetha First Half

2 First Half 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 (MMa) German Involvement Small Cap Rankings (MMa) Italian Involvement Small Cap Rankings (MM7a) Spanish Involvement Small Cap Rankings (MMa) Nordic Involvement Small Cap Rankings (MM9a) Benelux Involvement Small Cap Rankings (MMa) 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 (MMa) Chinese Involvement Small Cap Rankings (MMa) Indian Involvement Small Cap Rankings (MMa) Ranking Criteria Summary

3 M&A Rankings For MidMarket Deals Valued Up To US$m Are Also Available First Half DEALS VALUED UP TO US$ MILLION SMALLCAP M&A REVIEW SmallCap Deals Intelligence Worldwide SmallCap M&A up to US$m by Range Worldwide announced SmallCap M&A deals valued up to $ million (including undisclosed value deals) totaled over US$ billion in the first half of a.% increase yearonyear. $, Estimated global fees generated from completed SmallCap M&A activity equalled US$.7 billion in the first half of, according to estimates by Thomson Reuters and Freeman Consulting. The AsiaPacific (ex Central Asia) region (by target domicile) led the SmallCap market, with over US$ billion of announced deal activity. The European region (by target domicile) led the market in terms of number of deals, with, deals for the first half of, representing.% of the,997 deals announced worldwide. The sector captured % of total announced SmallCap value deals, followed by and, each of which respectively registered.% and.% of the overall market. Announced SmallCap M&A by Target Nation Up To US$m Region/Nation Jan Jun // // // // Rank Value # of # of Change US$m Deals US$m Deals (%) Worldwide,.9,997,.,. Americas,.,,.,9. United States of America,.7,9,.,. Canada,. 77, Brazil Mexico Chile Peru Argentina. 7.. Europe,7.,,., 9.7 United Kingdom,99. 9,.,. France,9. 9,7. 7. Italy Turkey Sweden Germany Russian Federation Spain Norway Netherlands Poland... Finland Denmark Republic of Ireland Africa/Middle East/Central Asia,9.,..9 South Africa... Israel AsiaPacific (ex Central Asia),.,,7.7, 9. China,.,,.,9.7 South Korea,9.,7. 9. Australia,. 77,. 7. Hong Kong,.9,7.. India,9. 9,.7 7. Taiwan Malaysia.9.7. Singapore.,9.. Japan,. 9, $ 9,, $ 7, $, $, $,, $, $, $ US$ m US$ m US$ m US$ m US$ m Worldwide SmallCap M&A up to US$m by Target Industry Jan Jun.%.%.%.%.7%.% 7.%.%.9% 9.9%.%

4 First Half SmallCap M&A Up To US$m s Worldwide SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$m Jan Jun Worldwide Small Cap M&A up to US$m by Target Nation Region Jan Jun per Advisor per Advisor (US$m) # of Change in Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) KPMG Rothschild Deloitte 7* *.7 Ernst & Young LLP Sumitomo Mitsui Finl Grp Inc Goldman Sachs & Co IMAP * BDO Citi * Houlihan Lokey * Mizuho Financial Group * 7* Clairfield International * Lincoln International * 9 9. *.. 9. M&A International Jefferies LLC * Barclays 9*. 7* Nomura 9* * Bank of America Merrill Lynch * *. * Duff and Phelps * * Credit Suisse 9.7 * Deutsche Bank * 7.7 Raymond James Financial Inc * * RBC Capital Markets * JP Morgan * * Moelis & Co Evercore Partners 9* *. *... Credit Agricole CIB 9* 9*. * Grant Thornton 9* Societe Generale 9* * Rabobank NV * *. 99* William Blair & Co * *.... Stifel/KBW * * Daiwa Securities Group Inc * * BNP Paribas SA 7* * Itau Unibanco 7* * Mazars SA 7* * Macquarie Group * Wells Fargo & Co * * Piper Jaffray Cos * * 7. 99*. 7. UBS * *. GCA Savvian Group Corp * * *. Leonardo & Co * 9* *. Translink Corporate Finance * * PNC Financial Services Group 7* 9* 7. 99*.9 7. Mitsubishi UFJ Financial Group 7* *.,997,.9.,.. $ $ $ $ $ $ $ Africa/Middle East Americas AsiaPacific Europe Japan Worldwide Estimated Small Cap Investment Banking Fees by Quarter* Investment Banking Fees (US$b) $. $. $. $. $. $. $. Q Q Q Q Q Q Q Q Q Q Q Q Q Q.%.%.%.%.%.%.% Percentage of Total Fees Small Cap I.B. Fees ($mil or less) % of Total Fees ** Fee exposure e 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 e region.

5 First Half SmallCap M&A Up To US$m s US Target SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$m Jan Jun US SmallCap M&A up to US$m by Range per Advisor per Advisor (US$m) # of Change in Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Houlihan Lokey Duff and Phelps * Goldman Sachs & Co * 7 * 9.. Raymond James Financial Inc Barclays 9* * 9..7 Stifel/KBW * Jefferies LLC * *. 9. RBC Capital Markets 9* * Moelis & Co 9* *.... William Blair & Co 9* * Lincoln International * Bank of America Merrill Lynch * 9* Citi * *...7 JP Morgan * *. * Wells Fargo & Co * * Piper Jaffray Cos * 77* *.. * * *.. Credit Suisse * * Evercore Partners * KPMG * 9* PNC Financial Services Group * * *.9. Sandler O'Neill Partners * Stout Risius Ross Inc * 7* * Corporate Finance Associates * * *.. Signal Hill Capital Group LLC 9*.... Deutsche Bank 7* * Rothschild 7* 9* Robert W Baird & Co Inc 9 * * Tudor Pickering & Co LLC * 7* 7 *. *. Deloitte * * 7. *..7 9*. SunTrust Banks * * 7.. *. * 77*.. 9* 7. Mooreland Partners LLC * * *. BMO Capital Markets * *. *... IMAP * * *. *. UBS * * *.. GCA Savvian Group Corp * *. 9. *. Blackstone Group LP * 9 *. *. Simmons & Co International * 7* *. *. Stephens Inc * *. 7.. BB&T Corp * *. *.. *. Alvarez & Marsal * 9* *. 7. Clairfield International * *. *. *. Benchmark International * 7* *. *. Sterne Agee & Leach Inc * 7*. *.. 9* 9.,9,..,.. $9 $ $7 $ $ $,, $ $ $ $ US$ m US$ m US$ m US$ m US$ m US SmallCap M&A up to US$m by Target Industry Jan Jun.%.7%.%.%.9% 7.%.9%.%,,.9%.%.% Government and Agencies ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant region. 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 Half SmallCap M&A Up To US$m s Latin America Involvement SmallCap Rankings (MM7a) MM7a Undisclosed Values & Values up to US$m Jan Jun Latin American SmallCap M&A up to US$m by Range per Advisor per Advisor (US$m) # of Change in Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Itau Unibanco Banco BTG Pactual SA Rothschild 7*. 9. 7* 7* Banco Fator SA * 7*.. Santander * * 7.. * 9. Goldman Sachs & Co * 7*... KPMG * 7* 7. *.7. *. Bank of America Merrill Lynch * * * * 7* 7*.. * *.. Credit Suisse * * 7*. *. Evercore Partners * 7* 7*. 7*. Nomura * 7. *. *. Citi * 7* 7*. 7*. Northland Capital Partners Ltd *. M&A International * *.. *. Banco Bradesco SA 7* *.. *. Barclays 7* 7* 7* Ernst & Young LLP 7* 7* BBVA 7* * 7* BNP Paribas SA 7* 7* 7* RBC Capital Markets 7* 7*.. PowerOne Capital Markets Ltd 7*.7 * Lincoln International 7* 7* 7*. *. BMO Capital Markets 7* 7.. *. Livingstone Partners 7* 7*. *. Globalscope 7* 7* 7*. *. BR Partners 7* 7* 7*. *. Cypress Associates 7*.. *. Virtus BR Partners 7* 7*. *. 7* * 7*. *. Jefferies LLC 7*. Mazars SA 7* Cantor Fitzgerald Inc 7*.7 * Blackstone Group LP 7* 7* 7* Banco do Brasil SA 7* 7*.. Baker Tilly Roelfs Corporate 7* 7* Base Capital Partners 7* 7*. *. William Blair & Co 7* 7* JP Morgan 7* 7* 7*. *.,.... $. $. $. $. $. $. $. $. $. $. US$ m US$ m US$ m US$ m US$ m Latin American SmallCap M&A up to US$m by Target Industry Jan Jun.9%.%.%.% 7.%.%.% 9.% 9.%.%.% ** Fee exposure e indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant e region.

7 First Half SmallCap M&A Up To US$m s European Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$m Jan Jun European SmallCap M&A up to US$m by Range per Advisor per Advisor # of Change in Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) KPMG Rothschild Ernst & Young LLP * *.9 BDO Deloitte IMAP 7 * Clairfield International * M&A International Lincoln International * Credit Agricole CIB * *..7 * Rabobank NV * * 7* Citi * * Goldman Sachs & Co * Mazars SA 7 * BNP Paribas SA * * Leonardo & Co * * Translink Corporate Finance * * Credit Suisse * * Grant Thornton * Jefferies LLC * *.7. * 9.. La Compagnie Financiere * * DC Advisory * Societe Generale * *.. *..9. Deutsche Bank 7* * Globalscope 7* * 7 7*.7 *. Bank of America Merrill Lynch 7* * 7*..7 Mediobanca * *. Barclays * *..7 * ING * * *. UniCredit * * *. Banca IMI (Intesa Sanpaolo) * * *. ABN AMRO Bank * *.7..7 * 7.9 Baker Tilly International * * *. HSBC Holdings PLC * * 7*. *. perspektiv GmbH * * *. Capitalmind * * 7*. *. Livingstone Partners * 9.. * 7.. * 9. Evercore Partners * *.7.7 *... UBS * * Numis * *. BDO International Ltd * * * 7. Cenkos Securities PLC * * *. Concentro Management AG * * 7 7*. *. Nomura * * *. NIBC NV * * Canaccord Genuity * * *. CBRE Holding SAS * * *. N+ Singer Capital Markets Ltd * * *..9 *.,,9.7,..,9.. $ $ $ $,,,, $,, $ $ US$ m US$ m US$ m US$ m US$ m European SmallCap M&A up to US$m by Target Industry Jan Jun.%.%.% 9.%.%.%.% 7.% 7.%.%,,.7%.% ** Fee exposure e indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant e region.

8 First Half SmallCap M&A Up To US$m s UK Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$m Jan Jun UK SmallCap M&A up to US$m by Range per Advisor per Advisor # of Change in Advisor ** Fee Rank Rank Deals US$m GBP m Rank Change (%) Fees Rank Exp (%) Rothschild * BDO KPMG *. Mazars SA * IMAP *.. *... Ernst & Young LLP * 9.7 Deloitte * *.. 7*.. *.7 Goldman Sachs & Co * 9* 7 79*. 9. * 9* Baker Tilly International * Jefferies LLC * 7* 9.. 7*.. M&A International * * 7* 9 79*.. Lincoln International Numis * * Cenkos Securities PLC 7* 9* *. Livingstone Partners 7* * Citi 7* 7 79*.. HSBC Holdings PLC 7* * 7 79*.. N+ Singer Capital Markets Ltd 7* 7* *..9 9*. BDO International Ltd 7* 7* * 9. Evercore Partners *.7.7 7* 7.. *. Deutsche Bank * 9*....9 Clairfield International * 9* Barclays * 9*.. 7*. * 9. Sanlam Ltd *.7. *. 7*. N+ * 7* 79*. 9*. Bank of America Merrill Lynch * 9* 79*. 7. DC Advisory * 7* 79*. 7* 9. Peel Hunt LLP * 7* * 9. Benchmark International * 79*. 7*. Simmons & Co International * 7* Beaumont Cornish * 7* * Altium Capital Limited * 9*.. * ING * 9* 79*. *. Macquarie Group * 9* 79*. 9. Cairn Financial Advisers Ltd *.. 7*. 7* 7. CBRE Holding SAS * 7* *. Strutt & Parker LLP * *. finncap Ltd * 9* *.,9 7,7.9, $, $ 9 $ 7 $ $ $ $ $ $ US$ m US$ m US$ m US$ m US$ m UK SmallCap M&A up to US$m by Target Industry Jan Jun.%.%.%.%.9%.9%.%.% 7.7%.%.%.7% ** Fee exposure indicates each firm's midmarket market fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant region.

9 First Half SmallCap M&A Up To US$m s French Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$m Jan Jun French SmallCap M&A up to US$m by Range per Advisor per Advisor # of Change in Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) Rothschild Credit Agricole CIB * *. * 9*.9. La Compagnie Financiere * KPMG * *.7. *.. *. Ernst & Young LLP * * Deloitte * *. Societe Generale * * Clairfield International *.... *. Leonardo & Co * * DC Advisory * * BNP Paribas SA * * IMAP * * 9*. 7. Lincoln International * * 7 9*.. Capitalmind * * 7 9*.. Linkers 7 *... *. * * 9*. 7. Financiere Cambon * 7* 9*.7. Oddo et Cie * * *. Bryan Garnier & Co * * *. Credit Suisse * * 9*. *. Mazars SA * Mediobanca * * 9*. *.7 Deutsche Bank * * 9* UBS * * 9*. *. Aforge Finance SA * * *. Pax Corporate Finance * * *. Bank of America Merrill Lynch * 7* 9*. *. Clipperton Finance SARL *... 7*. Canaccord Genuity * * 9*. *. Eight Advisory SAS * 7* 9*. *. Grant Thornton * *.7. 7* 9.. 9*. Hekla Corporate Finance SARL * 9*. *. MBA Capital SARL * * 9*. 7*. GIE BA Partners SARL * 9*. *. Goldman Sachs & Co * 7* 9*. *.9 M&A International * * ,7,9., $. $. $. $. $. $. $. $. US$ m US$ m US$ m US$ m US$ m French SmallCap M&A up to US$m by Target Industry Jan Jun.%.9%.%.%.%.%.% 7.% 7.%.%.%.% ** Fee exposure e indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant e region. 7

10 First Half SmallCap M&A Up To US$m s German Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$m Jan Jun German SmallCap M&A up to US$m by Range per Advisor per Advisor # of Change in Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) KPMG * Rothschild *. 7. Ernst & Young LLP 7 *. 9*. perspektiv GmbH *. Globalscope * *.7. Concentro Management AG 7 * 7 *.. Blue Corporate Finance * * *. *. Clairfield International * * *. *. BDO * *. * * *.. * * *.. Lincoln International * * *. IMAP * * *.. N+ * *. *.7 Baker Tilly Roelfs Corporate * * IEGInvestment Banking 7* * *. *. Leonardo & Co 7* * *. * 9.9 Rabobank NV 7* * *. *. Commerzbank AG 7* * *. 7. M&A International 7* * *.7. Deutsche Bank * * *. partners * * *.. goetzpartners Corp Finance * * *. *. Network Corporate Finance * * *. *. UniCredit * * *. *.9 Nomura * * *. *.9 ABN AMRO Bank *.7.. *. DC Advisory * * *. *. Goldman Sachs & Co * * *. *. Macquarie Group * * *.. 9, $. $. $. $. $. $. $. US$ m US$ m US$ m US$ m US$ m German SmallCap M&A up to US$m by Target Industry Jan Jun.7%.%.7%.%.%.7%.9%.%.% ** Fee exposure indicates each firm's midmarket market fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant region.

11 First Half SmallCap M&A Up To US$m s Italian Involvement SmallCap Rankings (MM7a) MM7a Undisclosed Values & Values up to US$m Jan Jun Italian SmallCap M&A up to US$m by Range per Advisor per Advisor # of Change in Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) KPMG * Mediobanca Rothschild Banca IMI (Intesa Sanpaolo) * * * UniCredit * * *. * * Ernst & Young LLP 7* * *. BNP Paribas SA 7* * *..7 Clairfield International 7* * *.. Leonardo & Co 7* * * *. Arkios Ltd 9* *.7. * * Fineurop SpA * * *. 7*. Nomura * * UBS * * *. *. Altium Capital Limited * 9* *. Clipperton Finance SARL *.9... Oddo et Cie 9* *.. 9 Numis 9* *. *. Vitale & Associati SpA 9* * *.7 7. Eidos Partners 9*...9 9*. Credit Suisse 9* *. *. Global Leisure Partners LLP 9*. 7.7 *. *. Lincoln International 9* * *. 7*. Cairn Financial Advisers Ltd 9* *. *. Credit Agricole CIB 9* * DC Advisory 9* *... *. Bank of America Merrill Lynch 9* * Deloitte 9* *. *. EQUITA SIM SPA 9* * * Grant Thornton 9* *. *. Capital Link Advisory Co Ltd 9* *. *. HSBC Holdings PLC 9* 9* *. *.7 Jefferies LLC 9* * *. *. perspektiv GmbH 9* * Marco Polo SRL 9*... *. Mazars SA 9* *. M&A International 9* 9* *. *., $. $.7 $. $. $. $. $. $. $. US$ m US$ m US$ m US$ m US$ m Italian SmallCap M&A up to US$m by Target Industry Jan Jun.7%.7%.%.% 7.7% 9.% 9.%.% ** Fee exposure e indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant e region. 9

12 First Half SmallCap M&A Up To US$m s Spanish Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$m Jan Jun Spanish SmallCap M&A up to US$m by Range per Advisor per Advisor # of Change in Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) *.9 Deloitte Ernst & Young LLP.... *. KPMG *.... *. * *.9. *.. Eurohold SL * *.. Montalban Atlas Capital * *. * 7. Norgestion * *... *. BBVA *.9. *..7 * 7. *.7.. *. Goldman Sachs & Co * 9* GBS Finanzas SA * 9* *. *. Deutsche Bank Barclays * * * *. *. Rothschild * Santander * 7.. Credit Suisse * *. *.9 DNB ASA * *. *. Bank of America Merrill Lynch * *. * 9. Mitsubishi Corp * *.. Banco de Sabadell *... *. McQueen Ltd * * Citi * * *. 7. UniCredit * * Itau Unibanco * * Credit Agricole CIB * *. *. ABN AMRO Bank * * Clairfield International * * CBRE Holding SAS * * perspektiv GmbH * * JB Capital Markets SV SA * *. *. Fieldstone * *. *. Societe Generale * * Banco Espirito Santo SA * *. *. Macquarie Group * 9* *. *. BNP Paribas SA * *. * $. $.7 $. $. $. $. $. $. $. US$ m US$ m US$ m US$ m US$ m Spanish SmallCap M&A up to US$m by Target Industry Jan Jun.9%.%.%.% 7.%.%.%.9%.%.%.% ** Fee exposure e indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant e region.

13 First Half SmallCap M&A Up To US$m s Nordic Involvement SmallCap Rankings (MM9a) MM9a Undisclosed Values & Values up to US$m Jan Jun Nordic SmallCap M&A up to US$m by Range per Advisor per Advisor # of Change in Advisor ** Fee $. 7 Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) $. IMAP Translink Corporate Finance *... *. Clairfield International 7* $. KPMG * *. Handelsbanken Capital Markets 7* $. ABG Sundal Collier 7 7* *. Carnegie * 7* *. $. Grant Thornton * * *. *. SEB * *. Deloitte * * *.. $. Ernst & Young LLP * 7 *. *. FIH Partners AS * 7*.. *.7 *.9 $. Globalscope * * *.. Rothschild * * *.. $. Pareto Securities * * BDO * * *. *. * *.9. *.. *. $. Plesner & Lunoe 9*.. *.7 *. Catella AB 9* *. *. $. ING 9* *.9. Arma Partners LLP 9* *. *. HLP Corporate Finance Oy 9* 7* *. *. Lincoln International 9* * *. US$ m US$ m US$ m US$ m US$ m Danske Bank 9* 7* *. * 7. Moelis & Co 9* * *. Swedbank 9* * DNB ASA 9* * *. * 7.9 Jefferies LLC 9* * * Nordic SmallCap M&A up to US$m by Target Industry Goldman Sachs & Co 9* * *.. M&A International 9* *. *. 7,.,.....9%.7%.9%.%.% Jan Jun.%.7%.% 9.%.%.% ** Fee exposure e indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant e region.

14 First Half SmallCap M&A Up To US$m s Benelux Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$m Jan Jun Benelux SmallCap M&A up to US$m by Range per Advisor per Advisor # of Change in Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) Rabobank NV * BDO KPMG 7*.. * 7.. * 7. *.9 7. ABN AMRO Bank * ING NIBC NV Rothschild 7* 7* * 7* * *.. *. 7. Capitalmind 9 9 *.. Deloitte * 7* *. 9* 7. Clairfield International * *.. *.. 7*. Nielen Schuman BV * * *. 7*. La Compagnie Financiere * *.9... Deutsche Bank * 7*..7 *. *. Freitag & Co *.9.. *. Mooreland Partners LLC * *. 7*. Credit Suisse * * *.. *..7 Jefferies LLC * *. *.9 Translink Corporate Finance * 7* *. 7*. Kempen and Co NV * *.7.. 9*. Greenhill & Co, LLC *.. Barclays * *..7 * 7*. BNP Paribas SA * * *. * 9. Raymond James Financial Inc * *. 7*. * * *. 7*. Metzler Corporate Finance * * Altium Capital Limited * *.. 7. Fineurop SpA * * *. 9*. Citi * * *.. Bank of America Merrill Lynch * * * Quore Capital * *. 9*. Saphir Capital Partners SA * * *. 9*. Grant Thornton * 7* *. 7*. William Blair & Co * * *. 7*. M&A International * 9 *. 9*. 7,.,9.... $. $. $. $. $. $. $. $. US$ m US$ m US$ m US$ m US$ m Benelux SmallCap M&A up to US$m by Target Industry Jan Jun.%.%.%.%.%.7%.%.%.%.%.% ** Fee exposure e indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant e region.

15 First Half SmallCap M&A Up To US$m s Eastern Europe Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$m Jan Jun Eastern European SmallCap M&A up to US$m by Range per Advisor per Advisor # of Change in Advisor ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) IMAP 7 7 * 9.. * * *. *. Citi * *.. 7. *. KPMG *.. *.. *. Sberbank CIB * * *. 9. Clairfield International Deloitte * 7* * *.. * *.. 7 *.. Societe Generale 7* * *. * 9. Rothschild 9* * *. *. Ernst & Young LLP 9* 7 *. *. Concentro Management AG 9* *. 7. 9* *.. 9 VTB Capital 9* * *. *.7 9*.9. *. *. Price Waterhouse Coopers Danis 9*.9... Jefferies LLC 9* *. *. Aday Bagimsiz Denetim 9* *. UAB SUMMA Advisers 9*....9 Porta Finance 9* *..9..,7,., $. $. $. $. $. $.,, US$ m US$ m US$ m US$ m US$ m Eastern European SmallCap M&A up to US$m by Target Industry Jan Jun.%.%.% 7.%.9%.%.7% 7.%.% 9.%.%.7% ** Fee exposure e indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant e region.

16 First Half SmallCap M&A Up To US$m s Hochinma Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$m Jan Jun Hochinma SmallCap M&A up to US$m by Range per Advisor per Advisor (US$m) # of Change in Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) KPMG * Ernst & Young LLP *. Citi 7.. * *. China Renaissance Partners *. Great Wall Securities Co Ltd * * 9.7. Kingston Corporate Finance Ltd * 9* *. RHB *.7.7. *. Societe Generale * 9.. *. Somerley Ltd * * 7... *. China Construction Bank * * *.9 Ambit Corporate Finance * * *. Yu Ming Investment Management * * * 7. Nomura * * 9.. *. Veda Capital Ltd * * *. Avendus Capital Pvt Ltd * *... 7*. TA Securities Holdings Bhd * *. 7.. *. Haitong Securities Co Ltd * *.9. *. Malayan Banking Bhd * 9* *. CITIC Group Corp * *.. 9*.7 Gram Capital * 9.7 M&A International * *. Shenyin & Wanguo Securities * 9. 9 K&N Kenanga Holdings Berhad * * *. AMMB Holdings Bhd * *. 9. Sumitomo Mitsui Finl Grp Inc * * 9. *.9 KAF Investment Bank Bhd * 9..7 *. Rothschild * * Southwest Securities Co Ltd * *.. JP Morgan * * 9 9. *.. 9*. Platinum Securities Co Ltd *. 77 Deutsche Bank * 7* *.7.7 Huatai Securities Co Ltd * * *. * *. 7.. Optima Capital Ltd * * *. CIMB Group Sdn Bhd * 9* *. * 9. Bank of America Merrill Lynch * * *. 9* 7. Deloitte * *. *.. 9*. Changjiang Corp Finance(HK)Ltd *.. *. * * *. 9*. BDO * 9*. 9* ,7, $ $ $ $ $ $ $ US$ m US$ m US$ m US$ m US$ m Hochinma SmallCap M&A up to US$m by Target Industry.% 9.%.%.7%.%.%.%.%,,,, Jan Jun.%.%.% ** Fee exposure e indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant e region.

17 First Half SmallCap M&A Up To US$m s Hong Kong Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$m Jan Jun Hong Kong SmallCap M&A up to US$m by Range per Advisor per Advisor (US$m) # of Change in Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Kingston Corporate Finance Ltd Societe Generale 9.. *. China Construction Bank 9* *. Yu Ming Investment Management * *. 7.. * 7. Veda Capital Ltd * * Somerley Ltd *.7. *. Shenyin & Wanguo Securities 7*. Nomura 7* 7.9. *.9 Optima Capital Ltd 7* * *. Changjiang Corp Finance(HK)Ltd 7*.. *. Platinum Securities Co Ltd *. Altus Capital Ltd *.. *. Citi *. Sumitomo Mitsui Finl Grp Inc * 9. * Octal Capital Ltd *. 7 * JP Morgan * * 9 9. *. M&A International * *..7.. First Shanghai Investments * * 7.. Emperor Capital Ltd * 7..7 *. Southwest Securities Co Ltd *. Proton Capital Ltd * 9*.. 7*. CITIC Group Corp *. * * Halcyon Capital Ltd * 9* *, $. $. $. $. $. $. $. US$ m US$ m US$ m US$ m US$ m Hong Kong SmallCap M&A up to US$m by Target Industry Jan Jun.%.%.%.7%.%.%.% 7.%.%.%.% ** Fee exposure e indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant e region.

18 First Half SmallCap M&A Up To US$m s Australia/New Zealand Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$m Jan Jun Australia/New Zealand SmallCap M&A up to US$m by Range per Advisor per Advisor (US$m) # of Change in Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Macquarie Group Rothschild * Deloitte *. KPMG *... *. * 7*..9 Greenstone Partners 7* *. UBS 7* 7*.. Allier Capital Pty Ltd 7* *.9. *. 7* 7*.. Grant Thornton 7* * 7*. *. Standard Chartered PLC * 7*. *. Credit Suisse * TMT Partners Pty Ltd *.9 Pareto Securities * 7*. *. Cameron Partners Ltd * * 7*. *. Citi *. 9 Clairfield International * *.9. *. Miles Advisory Partners * * 7*. *. 7,....9 $. $. $. $. $. $. $. US$ m US$ m US$ m US$ m US$ m Australia/New Zealand SmallCap M&A up to US$m by Target Industry Jan Jun.%.%.%.%.7%.%.% 7.9%.%.%.%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant region.

19 First Half SmallCap M&A Up To US$m s Singapore Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$m Jan Jun Singapore SmallCap M&A up to US$m by Range per Advisor per Advisor (US$m) # of Change in Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Deutsche Bank * * * * 7* * 9.. Sumitomo Mitsui Finl Grp Inc *.9 * Asian Corporate Advisors Pte * * *. KPMG * *..7. *. Nomura *.9 * * *. CIMB Group Sdn Bhd * * JP Morgan * 7*.9 * Standard Chartered PLC * *. *. DBS Group Holdings *. 7*.7 *.9 Pareto Securities * *. *. Goldman Sachs & Co * * *.7 *.7 * * *.9 *. M&A International *.7. *. United Overseas Bank Ltd * *.. Hwang DBS Securities Sdn Bhd * * AMMB Holdings Bhd * * Mizuho Financial Group * 7* *. *. Kotak Mahindra Bank Ltd *.7 9. *. Signal Hill Capital Group LLC *... Provenance Capital Pte Ltd * 7*. 7* 7.7. *. Capital Partners SA * *.. Natixis * *.9 *. Credit Suisse * * * Callisto * *.9 *. Business Development Asia LLC * *. *. SAC Capital Private Ltd * *. 77. Macquarie Group * * *.. TA Securities Holdings Bhd * * HSBC Holdings PLC * *. 7. Partners Capital (Singapore) *. 7 Asiasons WFG Capital Pte Ltd * 7*.7.7. *. Blackstone Group LP * * Daiwa Securities Group Inc * * Moelis & Co * 7.. *.,.... $. $. $. $. $. $. $. $. $. US$ m US$ m US$ m US$ m US$ m Singapore SmallCap M&A up to US$m by Target Industry.%.7%.%.% Jan Jun 7.%.%.7%.%.%.% ** Fee exposure e indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant e region. 7

20 First Half SmallCap M&A Up To US$m s Japanese Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$m Jan Jun Japanese SmallCap M&A up to US$m by Range per Advisor per Advisor (US$m) # of Change in Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Sumitomo Mitsui Finl Grp Inc Mizuho Financial Group....9 Nomura Deloitte... * 7. Daiwa Securities Group Inc 7* KPMG 7* *.7 Mitsubishi UFJ Financial Group *. Mitsubishi UFJ Frontier Management Inc * * Plutus Consulting Co Ltd * 7* GCA Savvian Group Corp * AGS Consulting Co Ltd * Tokyo Financial Advisers * * *. Sumitomo Mitsui Trust Holdings * *. Development Bank of Japan Inc * 9... *. Kigyo Joho Partners 7* * *. *. Corporate Advisers 7* * *. Maxus Corporate Advisory Inc 7*.. 7*. Meinan Partners. JP Morgan * 9.. 7*. Deutsche Bank 7* *. * 9.7 Ernst & Young LLP * * *. *. Rothschild * * *. 9.7 Capital Strategy Consulting *. Growin Partners Inc * * Partners Inc 7* 7.9. * Tokyo Kyodo Accounting Office 7* Citi 7* * *. 7* Credit Suisse 7* * *. 7* Moelis & Co 7* * *. Bank of America Merrill Lynch 7* * *. 7* Amidas Partners Inc 7* 7* *. * Professional Partners 7* 7* *. * Kaede Group 7* * * 7* * *. 7* Varick Investment Advisory 7*.. *. Arc Financial Intelligence 7*. 7 Simmons & Co International 7* * *. 9. Goldman Sachs & Co 7* * *. Square Consulting 7*. UBS 7* * *. *,, $. $. $. $. $. $. $. Japanese SmallCap M&A up to US$m by Target Industry Jan Jun.% US$ m US$ m US$ m US$ m US$ m.9%.9%.%.%.% 7.%.%.9% 9.9%.% ** Fee exposure e 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 e region.

21 First Half SmallCap M&A Up To US$m s Chinese Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$m Jan Jun Chinese SmallCap M&A up to US$m by Range per Advisor per Advisor # of Change in Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Citi *. China Renaissance Partners * * *. Great Wall Securities Co Ltd 9.7. * *... *. KPMG * * * 7. Southwest Securities Co Ltd * *.. Haitong Securities Co Ltd *. *. CITIC Group Corp * *.9. *.7 Gram Capital *.7 Huatai Securities Co Ltd * *. Kingston Corporate Finance Ltd * *.9... Bank of America Merrill Lynch *. *. Platinum Securities Co Ltd *. Yu Ming Investment Management * 7.. *.7 Nomura *.9 Sumitomo Mitsui Finl Grp Inc * *.9.7 China Securities Co Ltd * 7... * 7. M&A International *... *. JP Morgan * Somerley Ltd * *.9.9. *. GF Securities *.7 Shenyin & Wanguo Securities * 7. *.. *. Hongyuan Securities Co Ltd *. Guotai Junan Securities * * TC Capital *.. *. Essence Securities Co Ltd * 7. * Frontier Management Inc *. * Central China Securities *.7 Development Bank of Japan Inc * Sinolink Securities Co Ltd *.7 * Changjiang Securities Co Ltd * * Huachuang Sec Co Ltd * 7. * * Societe Generale *.9,9, $, $9, $ $7 $ $ $ $ $ $ $ US$ m US$ m US$ m US$ m US$ m Chinese SmallCap M&A up to US$m by Target Industry Jan Jun.%.%.7%.%.9%.9%.%.%.%.%.9% ** Fee exposure e indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant e region. 9

22 First Half SmallCap M&A Up To US$m s Indian Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$m Jan Jun Indian SmallCap M&A up to US$m by Range per Advisor per Advisor # of Change in Advisor ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Ernst & Young LLP... * 7. KPMG 9*. 7. *. Ambit Corporate Finance * Avendus Capital Pvt Ltd 9*.... * 7* *. *. Signal Hill Capital Group LLC * *... *. Mizuho Financial Group *.. *. Axis Bank Ltd * * Singhi Advisors Ltd * 9* *. Motilal Oswal Financial Svcs *. Kotak Mahindra Bank Ltd * *.9 Deloitte * 9*. *.7. *. BDO * * Rothschild * * JM Financial Group * 9*.. ICICI Bank Ltd * *.. * Citi *...9 GCA Savvian Group Corp * *.. Jefferies LLC * Krung Thai Bank *. *. *. Greenhill & Co, LLC *.9. *. Affin Holdings Bhd *.7. *. PNC Financial Services Group * * Standard Chartered PLC * * * * Numis * 9.. *. Freitag & Co *.. *. Centrum Capital Ltd * * Corporate Finance Associates * *. * IMAP * * *. Network Corporate Finance * *. *. ING Vysya Bank *. * Itau Unibanco * * Globalscope * *. *. Clairfield International * *. 7 The Raine Group LLC * *.9. Edelweiss Financial Svcs Ltd * *.9. *. * * *.. Commerzbank AG * *.7. Daewoo Securities Co Ltd *.9. *. State Bank of India * *. *. Barclays * * *. *. M&A International * *. *. 7, US$ m US$ m US$ m US$ m US$ m Indian SmallCap M&A up to US$m by Target Industry Jan Jun..% 7.%.%.%.%.%.%.%.7%.%.% ** Fee exposure e indicates each firm's midmarket fees from deals valued at up to US$m as a percentage of its overall M&A fees in the relevant e region.

23 First Half SmallCap 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 Christina Mavraki Tel: + () christina.mavraki@thomsonreuters.com AsiaPacific Kelvin Bian Tel: kelvin.bian@thomsonreuters.com Announced league tables include all deals that were announced between January, and June, and of which Thomson Reuters was made aware. All current data and previous year's data is as of :pm EDT on July 7,. 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. Kaori Motohashi Tel: kaori.motohashi@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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