A Differentiated, Global Platform

150+ 145+ Bankers in North Bankers in Europe New York and South America Los and Asia Angeles Shanghai

The Lincoln Difference 2014 Summary . Globally integrated investment . Transactions: 145+ worldwide . Middle market focus . Strategic acquirers: ~60% of deals . Strategy . Cross-border outcomes: ~40% of deals

- Industry expertise São Paulo . Expanded reach: opened Zurich office - Global footprint / reach - Unsurpassed execution - Senior commitment

Client Type Transaction Type Buyer Type

Cross-Border Strategic Private 22% Sell-side 32% 32% 39% Cross-Border Financial 49% Public 6% Buy-side Domestic Strategic 72% 10% Private Equity Capital Raise and Other 26% 12% Domestic Financial

Note: Transactions include M&A advisory, capital raise, and restructuring transactions; excludes valuation and other advisory assignments; represents 2014 transactions

4 Lincoln International Momentum

Recent Developments Recognized M&A Advisory Market Leader

Advisor to private Transactions in 2015 2014 #1 equity globally 146 2014

#1 Advisor To Private Investment Bank Bankers in North Equity Globally of the Year Lincoln offices and South 150+ 16 worldwide as ranked by as awarded by America

Bankers in Europe of 2014 deals to Source: Mergermarket; all completed Source: Mergers & Acquisitions 145+ and Asia 58% strategic buyers 2014 sell-side deals in North America Magazine and Europe

Global Transaction Growth 2014 M&A Assignments <$300M Total Completed Transactions Rank Investment Bank # Deals 160 146 #1 Rothschild 101 140 128 117 #2 95 120 107 #3 Lincoln International LLC 92 100 86 #4 85 70 #5 67 80 63 67 56 #6 William Blair & Company 63 60 44 37 #7 Raymond James & Associates, Inc. 62 40 #8 Piper Jaffray & Co 54 20 #9 Moelis & Company LLC 53 0 #10 RBC Capital Markets Inc 52 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Mergermarket; represents all sell-side M&A transactions with EV <$300 million announced Note: Includes M&A advisory, capital raises, restructuring transactions, fairness opinions and pension in North America and Europe in 2014 as recorded by Mergermarket; excludes accounting firms and opinion advisory transactions; excludes valuation and other advisory assignments M&A networks (e.g., M&A International); does not reflect all Lincoln sell-side transactions

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