Mid-Market M&A Review

REUTERS / Kai Pfaffenbach MID-MARKET M&A REVIEW FINANCIAL ADVISORS

First Quarter 2017 First Quarter 2017 | Mergers & Acquisitions | Financial Advisors Mid-Market M&A Review Table of Contents

Worldwide Mid-Market M&A Deals Intelligence 1

Worldwide Mid-Market Rankings (MM1) 2

US Target Mid-Market Rankings (MM2) 3

Canadian Involvement Mid-Market Rankings (MM22) 4

Latin America Involvement Mid-Market Rankings (MM17) 5

European Involvement Mid-Market Rankings (MM3) 6

UK Involvement Mid-Market Rankings (MM4) 7

French Involvement Mid-Market Rankings (MM5) 8

German Involvement Mid-Market Rankings (MM6) 9

Italian Involvement Mid-Market Rankings (MM7) 10

Spanish Involvement Mid-Market Rankings (MM8) 11

Nordic Involvement Mid-Market Rankings (MM9) 12

Benelux Involvement Mid-Market Rankings (MM10) 13

Eastern Europe Involvement Mid-Market Rankings (MM16) 14

Hochinma Involvement Mid-Market Rankings (MM13) 15

Hong Kong Involvement Mid-Market Rankings (MM12) 16

Australia/New Zealand Involvement Mid-Market Rankings (MM11) 17

Singapore Involvement Mid-Market Rankings (MM14) 18

Japanese Involvement Mid-Market Rankings (MM15) 19

Chinese Involvement Mid-Market Rankings (MM20) 20

Indian Involvement Mid-Market Rankings (MM21) 21

Ranking Criteria Summary 22

https://www.thomsonone.com First Quarter 2017 DEALS VALUED UP TO US$500 MILLION MID-MARKET M&A REVIEW

M&A Rankings For Small-Cap Deals Valued Up To US$50m Are Also Available

Mid-Market Deals Intelligence Worldwide Mid-Market M&A up to US$500m by Rank Value Range Jan 1 - Mar 31

Worldwide announced Mid-Market M&A deals valued up to $500 million (including undisclosed value deals) totaled US$201.6 billion for the first quarter of 2017, a 5% decrease year-on-year. $300 14,000 According to estimates, global fees generated from completed Mid-Market M&A activity reached slightly over US$3.8 billion for the first quarter of 2017. 12,000 $250 The Asia-Pacific (ex Central Asia) region (by target domicile) led the market, with US$82.3 billion of announced deal activity, representing 40.8% share of the market. 10,000

$200

The Americas region (by target domicile) led the market in deal count, with 3,902 deals for the first quarter of 2017, 8,000 representing 36.9% of the 10,568 deals announced worldwide. $150 # of Deals # The Real Estate sector comprised 17.6% of announced value, followed by Industrials and Financials, with 13.3% and 6,000 12.1% of the total market, respectively. $100 Rank Value (US$b) Value Rank 4,000

$50 Announced Mid-Market M&A by Target Nation Up To US$500m Jan 1 - Mar 31 2,000

1/1/2017 - 03/31/2017 1/1/2016 - 03/31/2016 % Change $0 - Region/Nation Rank Value # of Rank Value # of in Rank US$m Deals US$m Deals Value US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals Worldwide 201,633.7 10,568 212,268.9 11,245 -5.0 ▼ Americas 65,879.3 3,902 63,995.8 3,249 2.9 ▲ United States of America 51,925.3 3,204 51,523.5 2,574 0.8 ▲ Canada 7,192.7 426 7,438.7 348 -3.3 ▼ Brazil 3,444.0 99 1,620.9 157 112.5 ▲ Mexico 1,456.5 39 963.3 29 51.2 ▲ Worldwide Mid-Market M&A up to US$500m by Target Industry Jan 1 - Mar 31 Chile 1,019.3 27 402.8 26 153.1 ▲ Uruguay 252.8 3 5.0 4 4,956.0 ▲ Argentina 180.7 30 152.5 19 18.5 ▲ Real Estate Europe 40,434.7 3,026 44,249.8 4,001 -8.6 ▼ ▼ United Kingdom 10,716.2 536 10,818.8 654 -0.9 2.6% Industrials France 4,500.5 362 7,051.9 712 -36.2 ▼ 5.1% Germany 3,812.7 305 3,789.9 382 0.6 ▲ 17.6% Financials Italy 3,325.0 240 3,727.8 229 -10.8 ▼ 5.3% Spain 2,895.3 186 2,235.7 184 29.5 ▲ Netherlands 2,216.7 108 1,583.0 164 40.0 ▲ High Technology ▲ Sweden 1,634.9 162 628.2 146 160.3 5.4% Switzerland 1,088.8 59 910.9 80 19.5 ▲ Energy and Power Russian Federation 906.7 307 1,838.6 469 -50.7 ▼ Finland 873.3 60 1,581.0 80 -44.8 ▼ Materials Turkey 822.1 29 292.6 58 181.0 ▲ 7.0% Africa/Middle East/Central Asia 253 5,229.0 329 -12.0 ▼ 13.3% 4,599.0 Media and Entertainment South Africa 1,293.8 57 807.7 72 60.2 ▲ Israel 845.9 32 1,013.4 37 -16.5 ▼ Asia-Pacific (ex Central Asia) 82,256.0 2,821 88,801.7 2,984 -7.4 ▼ Consumer Products and Services China 48,793.1 1,084 57,283.7 1,285 -14.8 ▼ 8.5% Hong Kong 6,902.5 213 5,898.7 180 17.0 ▲ Consumer Staples South Korea 6,123.5 303 5,480.4 299 11.7 ▲ ▲ Australia 5,084.0 287 4,866.2 268 4.5 12.1% Healthcare India 4,705.5 340 4,571.8 314 2.9 ▲ Singapore 2,398.0 97 3,060.7 111 -21.7 ▼ 9.7% Retail Malaysia 1,620.2 98 2,161.4 123 -25.0 ▼ ▲ 11.5% Taiwan 1,604.9 65 1,318.6 44 21.7 Telecommunications Thailand 1,453.7 44 1,039.5 65 39.8 ▲ Japan 8,464.8 566 9,992.6 682 -15.3 ▼

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1 First Quarter 2017 │ Mid-Market M&A Up To US$500m │ Financial Advisors Worldwide Mid-Market Rankings (MM1)

MM1 - Undisclosed Values & Values up to US$500m Jan 1 - Mar 31 Worldwide Mid-Market M&A up to US$500m by Target Nation Region Jan 1 - Mar 31

# of Deals per Advisor Rank Value per Advisor (US$m) Imputed Fees (US$m) † 2017 2016 # of Change in Rank Value 2016 Rank Value Advisor 2017 ** Fee $0 $50 $100 $150 $200 $250 Financial Advisor Rank Rank Deals # of Deals US$m Rank Change (%) Fees Rank Exp (%) Rothschild & Co 1 3 57 -12 ▼ 2,740.9 3 -47.8 ▼ 140.3 1 52.1 2010 Lazard 2 11* 53 14 ▲ 4,395.8 1 -10.9 ▼ 84.9 3 29.9 PricewaterhouseCoopers 3 2 51 -44 ▼ 1,993.4 12 3.8 ▲ 8.1 54 75.7 KPMG 4 1 49 -73 ▼ 1,326.3 24 -65.4 ▼ 8.7 51 100.0 2011 Goldman Sachs & Co 5 19* 45 16 ▲ 2,312.0 9 -44.3 ▼ 87.7 2 16.0 IMAP 6 9 43 0 - 411.2 - 43.8 ▲ 38.9 15 100.0 2012 Sumitomo Mitsui Finl Grp Inc 7 13* 41 3 ▲ 1,036.1 - 173.3 ▲ 27.5 20 75.1 Morgan Stanley 8 10 37 -3 ▼ 2,567.6 6 -49.4 ▼ 54.9 7 15.5 2013 Houlihan Lokey 9 6 35 -17 ▼ 594.9 55 -78.6 ▼ 55.6 6 83.7 Credit Suisse 10* 15* 33 1 ▲ 2,671.1 4 -33.8 ▼ 53.8 8 21.0 2014 Mizuho Financial Group 10* 8 33 -11 ▼ 554.0 58 -73.5 ▼ 20.9 26 91.7 Evercore Partners 12* 29* 28 5 ▲ 3,226.3 2 31.9 ▲ 35.6 17 15.0 2015 JP Morgan 12* 11* 28 -11 ▼ 2,553.5 7 -58.9 ▼ 69.0 4 16.9 Citi 14 26 27 1 ▲ 2,335.6 8 -46.3 ▼ 51.5 10 21.3 Ernst & Young LLP 15* 4 26 -34 ▼ 1,812.4 17 -9.2 ▼ 5.3 77 91.4 2016 Daiwa Securities Group Inc 15* 39* 26 6 ▲ 1,832.5 16 72.8 ▲ 13.3 36 88.7 Deloitte 17 5 25 -32 ▼ 392.8 - -58.9 ▼ 14.9 33 96.8 2017 Raymond James Financial Inc 18 24* 23 -4 ▼ 1,501.7 23 210.8 ▲ 40.1 14 80.8 Rank Value (US$b) Nomura 19 15* 22 -10 ▼ 1,935.7 14 -30.1 ▼ 25.6 22 39.4 RBC Capital Markets 20* 34* 21 0 - 1,915.3 15 -27.7 ▼ 25.1 23 19.6 Barclays 20* 29* 21 -2 ▼ 2,623.8 5 -32.1 ▼ 59.1 5 20.0 Africa/Middle East Americas Asia-Pacific Europe Japan ING 22* 85* 20 12 ▲ 63.7 - 112.3 ▲ 10.2 46* 85.7 Globalscope 22* 34* 20 -1 ▼ 40.1 - 25.7 ▲ 13.8 35 100.0 UBS 24* 19* 19 -10 ▼ 1,983.7 13 -23.0 ▼ 30.0 18 21.1 Oaklins (FKA M&A Intl Inc) 24* 13* 19 -19 ▼ 37.7 - -95.3 ▼ 22.7 25 100.0 Stifel/KBW 26* 52* 18 3 ▲ 1,243.3 - 65.6 ▲ 24.7 24 94.3 Worldwide Estimated Mid-Market Investment Banking Fees by Quarter* Generational Equity 26* 34* 18 -3 ▼ 65.9 - 767.1 ▲ 8.8 50 100.0 Moelis & Co 26* 27* 18 -6 ▼ 1,169.3 - -20.7 ▼ 45.5 11 56.7 Piper Jaffray Cos 29* 43 17 -2 ▼ 889.9 - -33.5 ▼ 27.3 21 68.6 Global M&A 29* 27* 17 -7 ▼ 114.7 - 274.8 ▲ 13.2 37* 100.0 $5 70% Deutsche Bank 31* 44* 16 -1 ▼ 1,652.2 22 -40.0 ▼ 41.6 13 37.4 GCA Corp 31* 56* 16 3 ▲ 441.9 - -50.6 ▼ 5.8 73* 100.0 Haitong Securities Co Ltd 33* 56* 15 2 ▲ 2,023.3 11 70.7 ▲ 3.2 109* 84.2 60% Clairfield International 33* 23 15 -13 ▼ 52.4 - -42.0 ▼ 7.1 59 100.0

$4 Jefferies LLC 33* 34* 15 -6 ▼ 1,725.5 21 -34.6 ▼ 19.3 28 16.0 Gram Capital 33* 17* 15 -16 ▼ 259.1 - - - 1.1 213* 84.6 50% Robert W Baird & Co Inc 33* 48* 15 -1 ▼ 780.0 - 25.8 ▲ 43.1 12 100.0 Duff & Phelps 33* 56* 15 2 ▲ 42.9 - -96.3 ▼ 7.6 57 72.4 $3 40% TD Securities Inc 39* 177* 14 11 ▲ 1,726.4 20 349.3 ▲ 6.8 64* 30.2 Grant Thornton 39* 48* 14 -2 ▼ 172.5 - -62.1 ▼ 1.1 213* 100.0 BNP Paribas SA 41* 19* 13 -16 ▼ 1,792.0 18 -30.3 ▼ 35.9 16 54.2 30% Bank of America Merrill Lynch 41* 39* 13 -7 ▼ 2,072.1 10 -35.8 ▼ 52.7 9 12.6 $2 Macquarie Group 41* 33 13 -9 ▼ 1,746.4 19 -13.3 ▼ 15.7 32 58.4 Somerley 41* 93* 13 6 ▲ 1,305.2 25 27.5 ▲ 2.3 143* 100.0 20% Alantra Partners SA 41* 39* 13 -7 ▼ 118.6 - -50.8 ▼ 4.5 91* 100.0 Fees Total of Percentage Lincoln International 46* 24* 12 -15 ▼ 588.2 - -22.8 ▼ 19.4 27 100.0 $1 Plutus Consulting Co Ltd 46* 56* 12 -1 ▼ 405.9 - 137.1 ▲ 2.0 158* 18.9 10% Kaede Group 46* 120* 12 7 ▲ 11.0 - 1275.0 ▲ 3.4 107* 100.0 (US$b) Fees Banking Investment Capitalmind 46* 106* 12 6 ▲ 0.0 - -100.0 ▼ 12.5 39 100.0 $0 0% Industry Total 10,568 -677 ▼ 201,633.7 -5.0 ▼ 3,819.5 46.1 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2010 2011 2012 2013 2014 2015 2016 2017

Mid-Market I.B. Fees ($500mil or less) % of Total Fees

* Source: Thomson Reuters *tie Source: Thomson Reuters

** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant region. † Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity. Visit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables https://www.thomsonone.com

2 First Quarter 2017 │ Mid-Market M&A Up To US$500m │ Financial Advisors US Target Mid-Market Rankings (MM2)

MM2 - Undisclosed Values & Values up to US$500m Jan 1 - Mar 31 US Mid-Market M&A up to US$500m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) Imputed Fees (US$m) † 2017 2016 # of Change in Rank Value 2017 Rank Value Advisor 2017 ** Fee Financial Advisor Rank Rank Deals # of Deals US$m Rank Change (%) Fees Rank Exp. (%) $70 3,500 Houlihan Lokey 1 1 24 -16 ▼ 340.4 35 -86.3 ▼ 47.0 1 84.5 Evercore Partners 2 7* 19 5 ▲ 1,844.8 2 -5.9 ▼ 22.5 10* 12.2 $60 3,000 Lazard 3* 12* 18 6 ▲ 2,603.1 1 101.0 ▲ 40.8 4 27.5 JP Morgan 3* 10* 18 5 ▲ 1,735.3 3 -50.4 ▼ 37.1 5 11.9

Raymond James Financial Inc 5* 3* 16 -1 ▼ 730.8 15 57.8 ▲ 32.2 7 77.0 $50 2,500 Generational Equity 5* 2 16 -4 ▼ 56.7 - 646.1 ▲ 8.6 27 100.0

Moelis & Co 7* 16* 15 4 ▲ 828.0 10 1.1 ▲ 25.8 8 50.8 Goldman Sachs & Co 7* 10* 15 2 ▲ 322.5 37 -77.0 ▼ 45.7 2 12.1 $40 2,000 Stifel/KBW 9* 12* 14 2 ▲ 1,206.5 6 64.0 ▲ 24.7 9 94.3 Piper Jaffray Cos 9* 3* 14 -3 ▼ 889.9 9 -33.5 ▼ 22.5 10* 64.3

Barclays 9* 12* 14 2 ▲ 1,379.8 4 -37.0 ▼ 22.4 12 12.1 $30 1,500 of# Deals

Morgan Stanley 12* 5* 12 -4 ▼ 741.5 13 -70.0 ▼ 17.1 14 9.5 (US$b) Value Rank Robert W Baird & Co Inc 12* 7* 12 -2 ▼ 743.0 12 19.8 ▲ 43.1 3 100.0 Duff & Phelps 12* 26* 12 4 ▲ 10.8 - -98.0 ▼ 5.2 39* 100.0 $20 1,000 RBC Capital Markets 15 16* 11 0 - 725.4 16 -35.9 ▼ 13.2 20* 13.4 PNC Financial Services Group 16* 20* 10 1 ▲ 613.0 21 -7.7 ▼ 19.2 13 77.4 $10 500 Credit Suisse 16* 26* 10 2 ▲ 827.9 11 -38.8 ▼ 14.5 17* 7.8 Citi 18* 38* 9 4 ▲ 510.2 25 -70.2 ▼ 14.9 16 11.5 Jefferies LLC 18* 7* 9 -5 ▼ 1,170.0 7 -44.0 ▼ 14.5 17* 13.4 $0 - Stephens Inc 18* 26* 9 1 ▲ 1,223.0 5 7.8 ▲ 2.7 57* 100.0 Sandler O'Neill Partners 18* 20* 9 0 - 1,008.6 8 11.9 ▲ 12.2 23 54.5 Lincoln International 22* 5* 8 -8 ▼ 525.5 24 -11.5 ▼ 13.2 20* 100.0 Prairie Capital Advisors Inc 22* 32* 8 2 ▲ 0.0 - - - 7.0 30* 100.0 AGC Partners 24* 38* 7 2 ▲ 10.0 - -97.2 ▼ 1.7 74* 100.0 US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m SunTrust Banks 24* 59* 7 4 ▲ 364.8 - - - 1.9 73 26.0 Wells Fargo & Co 26* 32* 6 0 - 210.0 40 -74.2 ▼ 13.6 19 17.9 Quarton International 26* 112* 6 5 ▲ 100.0 - -35.5 ▼ 6.5 32* 100.0 US Mid-Market M&A up to US$500m by Target Industry Jan 1 - Mar 31 PricewaterhouseCoopers 28* 20* 5 -4 ▼ 230.0 - 1085.6 ▲ .2 156* 14.3 Deutsche Bank 28* 32* 5 -1 ▼ 596.6 22 -62.1 ▼ 16.2 15 31.8 2.8% Cascadia Capital 28* 29* 5 -2 ▼ 0.0 - - - 4.5 45 100.0 Real Estate Fig Partners LLC 28* - 5 5 ▲ 234.3 ------3.9% IMAP 28* 59* 5 2 ▲ 0.0 - - - 5.5 38 100.0 High Technology 4.0% Global M&A 28* 32* 5 -1 ▼ 11.6 - 5.5 ▲ 5.8 36* 100.0 Pendo Advisors LLC 28* 81* 5 3 ▲ 66.0 - 3042.9 ▲ .6 129* 100.0 23.1% Financials William Blair & Co 28* 18* 5 -5 ▼ 734.3 14 206.0 ▲ 5.8 36* 100.0 6.8% KPMG 36* 12* 4 -8 ▼ 0.0 - - - 1.1 82* 100.0 Industrials Rothschild & Co 36* 32* 4 -2 ▼ 23.7 64 -98.1 ▼ 4.6 44 17.0 BMO Capital Markets 36* 38* 4 -1 ▼ 357.5 33 -56.5 ▼ 11.0 25 25.9 Energy and Power BB&T Corp 36* 59* 4 1 ▲ 7.3 - -92.7 ▼ 2.7 57* 100.0 KeyBanc Capital Markets Inc 36* 18* 4 -6 ▼ 0.0 - - - 7.0 30* 71.4 7.2% Healthcare Bank of America Merrill Lynch 36* 38* 4 -1 ▼ 626.6 19 -9.5 ▼ 33.3 6 10.4 BCMS Corporate Ltd 36* 81* 4 2 ▲ 0.0 - - - 4.0 47* 100.0 Chartwell Financial Advisory 36* 20* 4 -5 ▼ 0.0 - - - 3.0 52* 100.0 Consumer Products and Services Oaklins (FKA M&A Intl Inc) 36* 81* 4 2 ▲ 22.0 - - - 6.5 32* 100.0 Media and Entertainment PJT Partners Inc 36* 20* 4 -5 ▼ 0.0 - - - 12.1 24 43.2 7.8% 12.7% Alantra Partners SA 36* 47* 4 0 - 0.0 - - - 3.0 52* 100.0 Industry Total 3,204 630 ▲ 51,737.3 0.4 ▲ 1,523.6 34.3 Materials

Consumer Staples 8.2% Retail 12.7% Telecommunications 10.1%

*tie Source: Thomson Reuters

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3 Canadian Involvement Mid-Market Rankings (MM22)

MM22 - Undisclosed Values & Values up to US$500m Jan 1 - Mar 31 Canadian Mid-Market M&A up to US$500m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) Imputed Fees (US$m) † 2017 2016 # of Change in Rank Value 2017 Rank Value Advisor 2017 ** Fee Financial Advisor Rank Rank Deals # of Deals US$m Rank Change (%) Fees Rank Exp. (%) $25 1,000 TD Securities Inc 1 9* 14 11 ▲ 1,726.4 1 13.8 ▲ 6.8 4 30.2 RBC Capital Markets 2 1 8 0 - 1,127.2 2 3336.6 ▲ 8.9 2 21.2 900 Raymond James Financial Inc 3* 7* 6 2 ▲ 610.9 7 -33.6 ▼ 1.9 20* 100.0 BMO Capital Markets 3* 4* 6 0 - 378.6 12 165.5 ▲ 18.6 1 28.4 $20 800 Cormark Securities Inc 3* 9* 6 3 ▲ 615.4 6 -60.7 ▼ 5.2 8 100.0 700 National Bank of Canada Fin'l 3* 4* 6 0 - 340.0 14 -44.4 ▼ 5.8 6 100.0

Scotiabank 7* 9* 4 1 ▲ 686.2 5 65.3 ▲ 1.2 26* 100.0 $15 600 CIBC World Markets Inc 7* 2* 4 -3 ▼ 793.6 4 - - 2.5 16 11.4 Piper Jaffray Cos 7* 33* 4 3 ▲ 310.2 16 7.4 ▲ 5.4 7 100.0 500 Houlihan Lokey 10* 9* 3 0 - 0.0 48* - - 5.9 5 100.0

Rothschild & Co 10* - 3 3 ▲ 165.3 24 - - 1.9 44 11.2 of# Deals $10 400

Credit Suisse 10* 24* 3 1 ▲ 313.8 15 173.6 ▲ 3.2 15 24.1 (US$b) Value Rank KPMG 13* 6 2 -3 ▼ 44.8 - - - .1 51* 100.0 300 Evercore Partners 13* 33* 2 1 ▲ 170.2 21* -57.6 ▼ - - - Barclays 13* 24* 2 0 - 175.0 20 - - 1.9 20* 7.9 $5 200 Ernst & Young LLP 13* 33* 2 1 ▲ 17.2 - - - .1 51* 100.0 Paradigm Capital Inc 13* - 2 2 ▲ 194.4 19 - - - - - 100 IMAP 13* - 2 2 ▲ 50.0 - -92.7 ▼ 3.8 13* 100.0 Macquarie Group 13* 7* 2 -2 ▼ 445.0 9* - - 1.5 23* 100.0 $0 - Generational Equity 13* 24* 2 0 - 9.2 - - - .2 50 100.0 Jefferies LLC 13* 33* 2 1 ▲ 563.0 8 - - 4.2 10* 62.7 HSBC Holdings PLC 13* - 2 2 ▲ 0.0 ------Goldman Sachs & Co 13* 33* 2 1 ▲ 144.1 25 222.4 ▲ 7.4 3 21.6 Peters & Co Ltd 13* 33* 2 1 ▲ 808.4 3 112.1 ▲ 1.5 23* 100.0 US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m JP Morgan 13* 24* 2 0 - 0.0 48* - - - - - Peter J. Solomon Co Ltd 13* - 2 2 ▲ 445.0 9* 68.4 ▲ 2.0 17* 100.0 Industry Total 670 102 ▲ 14,314.1 16.5 ▲ 246.4 37.8 Canadian Mid-Market M&A up to US$500m by Target Industry Jan 1 - Mar 31

Energy and Power 2.3%2.1% 3.0% 4.0% Real Estate

4.8% Industrials 31.6% Materials 7.1%

Media and Entertainment

High Technology

12.1% Financials

Healthcare

Consumer Products and Services

12.4% 20.6% Consumer Staples

*tie Source: Thomson Reuters

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4 First Quarter 2017 │ Mid-Market M&A Up To US$500m │ Financial Advisors Latin America Involvement Mid-Market Rankings (MM17)

MM17 - Undisclosed Values & Values up to US$500m Jan 1 - Mar 31 Latin America Mid-Market M&A up to US$500m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) Imputed Fees (US$m) † 2017 2016 # of Change in Rank Value 2017 Rank Value Advisor 2017 ** Fee $18 500 Financial Advisor Rank Rank Deals # of Deals US$m Rank Change (%) Fees Rank Exp. (%) Itau Unibanco 1 2 10 3 ▲ 919.4 1 162.2 ▲ 9.3 1 57.1 $16 450 Banco Bradesco SA 2 3 6 1 ▲ 467.5 7 - - 6.5 2* 30.5 Lazard 3 23* 5 4 ▲ 66.0 16 - - 3.5 4 41.7 $14 400 PricewaterhouseCoopers 4* 8* 4 1 ▲ 296.4 10 - - .1 2* 100.0 BBVA 4* 23* 4 3 ▲ 292.9 11 -7.6 ▼ 6.4 5 100.0 350

$12 Banco BTG Pactual SA 4* 1 4 -4 ▼ 365.1 9 - - 2.7 8* 100.0 TD Securities Inc 7* - 3 3 ▲ 620.0 3 - - - 7 - 300 $10 KPMG 7* 23* 3 2 ▲ 101.0 15 -71.9 ▼ .2 0 100.0 250 Morgan Stanley 7* 8* 3 0 - 466.2 8 - - 4.0 8* 21.4 $8 Credit Suisse 7* 4* 3 -1 ▼ 780.0 2 - - 1.0 13 100.0 200 Banco Votorantim 11* - 2 2 ▲ 56.4 17* - - - 25 -

$6 Deals of # UBS 11* - 2 2 ▲ 555.9 5 - - - - - 150

IMAP 11* 4* 2 -2 ▼ 50.0 19 -77.9 ▼ 2.0 16 100.0 (US$b) Value Rank Santander 11* 4* 2 -2 ▼ 0.0 29* - - 3.4 0 27.4 $4 100 Bank of America Merrill Lynch 11* - 2 2 ▲ 517.9 6 - - 10.7 14 37.7 Cormark Securities Inc 11* - 2 2 ▲ 26.5 20* -84.7 ▼ - 7 - $2 50 BR Partners 11* 8* 2 -1 ▼ 192.0 13 - - 1.4 21* 100.0 Banco do Brasil SA 11* - 2 2 ▲ 56.4 17* - - 2.4 12 100.0 $0 - Rabobank NV 11* - 2 2 ▲ 184.2 14 - - - 8* - National Bank of Canada Fin'l 11* - 2 2 ▲ 26.5 20* - - - 0 - JP Morgan 11* 16* 2 0 - 608.4 4 - - 5.6 21* 100.0 Arab Banking Corporation 22* 23* 1 0 - 0.0 29* - - 1.5 15 100.0 US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals Scotiabank 22* - 1 1 ▲ 20.0 25 - - - 0 - Barclays 22* - 1 1 ▲ 230.0 12 - - 4.6 18 47.4 Stifel/KBW 22* - 1 1 ▲ 15.8 - - - - 18 - Estater Gestao e Financas 22* - 1 1 ▲ 16.0 - 1.9 ▲ 0.3 18 100.0 Latin America Mid-Market M&A up to US$500m by Target Industry Jan 1 - Mar 31 Global M&A 22* 8* 1 -2 ▼ 25.0 22 - - .2 18 100.0 VGL Finanas Corporativas 22* - 1 1 ▲ 0.0 - - - - 18 - Rosenberg Partners Consultores 22* - 1 1 ▲ 21.7 23* - - - 18 - AlixPartners LLC 22* - 1 1 ▲ 15.8 - - - - 18 - 2.8% Olimpia Partners 22* - 1 1 ▲ 21.7 23* - - .9 18 100.0 3.5% HSBC Holdings PLC 22* - 1 1 ▲ 0.0 - - - - 18 - Materials Clairfield International 22* 16* 1 -1 ▼ 0.0 29* - - .5 18 100.0 5.3% 20.3% Quarton International 22* - 1 1 ▲ 0.0 - - - 1.0 18 100.0 Duff & Phelps 22* - 1 1 ▲ 0.0 - - - .5 18 100.0 Industrials Artica Participacoes e Assesso 22* 4* 1 -3 ▼ 0.0 29* - - 1.0 18 100.0 Goldman Sachs & Co 22* 23* 1 0 - 0.0 29* - - 9.3 18 100.0 Energy and Power Industry Total 275 -33 ▼ 6,967.1 56.7 ▲ 169.1 54.3 9.8% Consumer Staples

Real Estate

Media and Entertainment

20.2% Consumer Products and Services 17.1% Financials

Telecommunications

Healthcare 18.5%

*tie

Source: Thomson Reuters ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant region. † Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity. Visit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables https://www.thomsonone.com 5 First Quarter 2017 │ Mid-Market M&A Up To US$500m │ Financial Advisors European Involvement Mid-Market Rankings (MM3)

MM3 - Undisclosed Values & Values up to US$500m Jan 1 - Mar 31 European Mid-Market M&A up to US$500m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor Imputed Fees (US$m) † 2017 2016 # of Change in Rank Value 2017 Rank Value Advisor 2017 ** Fee $100 6,000 Financial Advisor Rank Rank Deals # of Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%) Rothschild & Co 1 2 47 -10 ▼ 2,177.0 2,037.1 2 -38.1 ▼ 124.4 1 53.3 $90 PricewaterhouseCoopers 2 3 38 -15 ▼ 1,563.4 1,456.2 3 48.3 ▲ 6.1 36 81.3 5,000 $80 IMAP 3* 7 35 -2 ▼ 403.8 381.1 - 41.2 ▲ 27.8 5 100.0 Lazard 3* 9 35 8 ▲ 3,528.7 3,291.5 1 13.7 ▲ 47.6 2 27.6 $70 KPMG 5 1 33 -60 ▼ 935.0 874.5 14 -65.4 ▼ 4.0 52 100.0 4,000

Goldman Sachs & Co 6 33* 20 9 ▲ 973.9 909.4 13 -49.0 ▼ 18.2 10 11.6 $60 ING 7 38* 18 10 ▲ 63.7 60.0 - 112.3 ▲ 7.1 29* 80.7 Ernst & Young LLP 8* 4 17 -26 ▼ 1,188.8 1,107.0 9 -7.1 ▼ 3.6 55 100.0 $50 3,000 Morgan Stanley 8* 35 17 7 ▲ 1,434.0 1,347.6 5 0.3 ▲ 12.8 16 12.6

Credit Suisse 10* 25* 16 2 ▲ 1,056.6 990.9 11 -17.4 ▼ 8.1 26 28.7 $40 of Deals # Globalscope 10* 15* 16 -2 ▼ 10.1 9.4 - -63.3 ▼ 11.6 20 100.0 2,000 Deloitte 10* 5 16 -25 ▼ 13.0 12.0 - -97.4 ▼ 10.0 22 100.0 $30 Oaklins (FKA M&A Intl Inc) 13 8 15 -13 ▼ 15.7 14.8 - -93.0 ▼ 13.4 14 100.0

Rank Value (US$b) Value Rank $20 Grant Thornton 14 21* 14 -1 ▼ 172.5 163.3 - 19.5 ▲ 1.1 126* 100.0 1,000 Clairfield International 15 14 13 -7 ▼ 52.4 48.9 - 133.9 ▲ 5.6 40 100.0 $10 Citi 16* 38* 12 4 ▲ 1,342.3 1,255.0 6 66.2 ▲ 23.1 8 28.6 Capitalmind 16* 57* 12 6 ▲ 0.0 0.0 - - - 12.5 17 100.0 $0 - BNP Paribas SA 18* 11* 11 -12 ▼ 1,240.4 1,171.0 8 -27.7 ▼ 33.2 4 52.3 JP Morgan 18* 15* 11 -7 ▼ 988.4 923.0 12 -54.8 ▼ 39.2 3 40.2 Global M&A 20* 20 10 -6 ▼ 78.1 73.1 - 1902.6 ▲ 8.2 25 100.0 UBS 20* 21* 10 -5 ▼ 667.5 626.2 21 15.3 ▲ 11.9 19 61.3 US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals Clearwater International 20* 17* 10 -7 ▼ 47.6 44.3 - 9.4 ▲ 12.1 18 100.0 Societe Generale 20* 57* 10 4 ▲ 118.4 112.0 70 -90.8 ▼ 13.2 15 60.8 Evercore Partners 24* 38* 9 1 ▲ 1,451.5 1,348.4 4 527.0 ▲ 13.7 13 25.9 Benchmark International 24* 38* 9 1 ▲ 0.0 0.0 - - - 9.0 24 100.0 RSM Corporate Fin LLP 24* 11* 9 -14 ▼ 32.4 30.5 - -44.7 ▼ 6.8 31* 100.0 European Mid-Market M&A up to US$500m by Target Industry Jan 1 - Mar 31 Alantra Partners SA 24* 21* 9 -6 ▼ 118.6 110.6 - -30.6 ▼ 1.5 109* 100.0 Deutsche Bank 28* 51* 8 1 ▲ 859.1 796.2 15 199.3 ▲ 27.3 6 40.9 KBS Corporate Sales Ltd 28* 17* 8 -9 ▼ 0.0 0.0 - - - 8.0 27 100.0 Investec 30* 75* 7 3 ▲ 233.3 219.3 - 462.2 ▲ .8 184* 13.3 Real Estate 3.5% Houlihan Lokey 30* 30* 7 -5 ▼ 279.3 265.5 - 10.2 ▲ 7.1 29* 76.3 4.6% Industrials UniCredit 30* 11* 7 -16 ▼ 32.6 30.5 - -94.7 ▼ 3.7 54 100.0 16.6% Liberum Capital 30* - 7 7 ▲ 126.9 120.1 - - - 2.1 85* 100.0 4.7% Bank of America Merrill Lynch 30* 30* 7 -5 ▼ 1,274.7 1,197.0 7 -2.7 ▼ 13.8 11* 12.2 Financials Baker Tilly International 30* 10 7 -19 ▼ 0.0 0.0 - - - 1.2 122* 100.0 Credit Agricole CIB 30* 25* 7 -7 ▼ 778.9 737.3 19 -62.3 ▼ 13.8 11* 78.9 Media and Entertainment Jefferies LLC 30* 38* 7 -1 ▼ 831.0 786.0 16 108.4 ▲ 2.9 64* 16.8 7.7% Rabobank NV 30* 28* 7 -6 ▼ 294.3 278.1 - 13.1 ▲ 2.0 92* 100.0 High Technology Jones Lang LaSalle Inc 39* 38* 6 -2 ▼ 826.0 773.4 17 -28.8 ▼ 5.7 39 100.0 Macquarie Group 39* 75* 6 2 ▲ 636.2 596.0 22 38.2 ▲ 5.0 43* 30.7 Energy and Power finnCap Ltd 39* 62* 6 1 ▲ 21.3 19.8 - 19.7 ▲ .3 242* 100.0 13.7% BDO 39* 6 6 -32 ▼ 47.6 44.3 - -79.7 ▼ .9 183 100.0 7.8% Consumer Staples Kon SpA 39* 38* 6 -2 ▼ 0.0 0.0 - - - 6.0 37* 100.0 Barclays 39* 33* 6 -5 ▼ 1,073.2 1,012.5 10 -52.5 ▼ 27.1 7 29.4 Consumer Products and Services Industry Total 3,609 -926 ▼ 56,267.4 52,739.1 -0.6 ▼ 1,442.3 52.5 Healthcare 9.0% 11.5% Materials

Retail 9.5% 10.2% Telecommunications

*tie Source: Thomson Reuters

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6 First Quarter 2017 │ Mid-Market M&A Up To US$500m │ Financial Advisors UK Involvement Mid-Market Rankings (MM4)

MM4 - Undisclosed Values & Values up to US$500m Jan 1 - Mar 31 UK Mid-Market M&A up to US$500m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor Imputed Fees (US$m) † $40 1,200 2017 2016 # of Change in Rank Value 2017 Rank Value Advisor 2017 ** Fee Financial Advisor Rank Rank Deals # of Deals US$m GBP mil Rank Change (%) Fees Rank Exp. (%) Rothschild & Co 1 5* 22 8 ▲ 1,169.7 940.4 2 0.7 ▲ 35.6 1 57.7 $35 Grant Thornton 2 5* 13 -1 ▼ 30.3 24.6 - -79.0 ▼ 1.1 53* 100.0 1,000 PricewaterhouseCoopers 3 9* 12 2 ▲ 255.3 206.4 17 -49.4 ▼ .9 80 47.4 $30 KPMG 4* 2 9 -13 ▼ 203.0 164.2 23 -81.2 ▼ 1.2 51* 100.0 Benchmark International 4* 13* 9 1 ▲ 0.0 0.0 - - - 9.0 6 100.0 800 RSM Corporate Fin LLP 4* 1 9 -14 ▼ 32.4 26.3 - -44.7 ▼ 6.8 10 100.0 $25

Goldman Sachs & Co 4* 31* 9 5 ▲ 701.3 561.3 4 25.6 ▲ 10.1 3 26.8 KBS Corporate Sales Ltd 8 4 8 -9 ▼ 0.0 0.0 - - - 8.0 7* 100.0 $20 600 IMAP 9* 13* 7 -1 ▼ 128.9 103.6 - -2.9 ▼ 4.5 18 100.0 Liberum Capital 9* - 7 7 ▲ 126.9 101.9 - - - 2.1 37* 100.0

Clearwater International 9* 20* 7 1 ▲ 47.6 38.0 - - - 6.7 11 100.0 $15 Deals of # Investec 12* 31* 6 2 ▲ 160.0 130.0 - 285.5 ▲ .8 81* 13.3 400 Rank Value (US$b) Value Rank finnCap Ltd 12* 26* 6 1 ▲ 21.3 17.1 - 19.7 ▲ .3 114* 100.0 $10 Baker Tilly International 14* 7 5 -8 ▼ 0.0 0.0 - - - .5 90* 100.0 Canaccord Genuity 14* 47* 5 2 ▲ 170.4 135.7 24 806.4 ▲ .0 129* 0.0 200 BDO 14* 3 5 -15 ▼ 47.6 38.0 - -42.4 ▼ .8 81* 100.0 $5 Mazars SA 14* 16* 5 -2 ▼ 16.7 13.7 - 9.9 ▲ 3.4 27 100.0 Lazard 14* 9* 5 -5 ▼ 1,289.5 1,043.5 1 16.0 ▲ 9.7 5 33.4 $0 - Evercore Partners 19* 20* 4 -2 ▼ 445.6 357.4 8* 92.5 ▲ 6.9 9 100.0 Catalyst Corporate Finance 19* 31* 4 0 - 0.0 0.0 - - - 3.5 26 100.0 Ernst & Young LLP 19* 8 4 -7 ▼ 405.9 325.0 12* -46.8 ▼ .5 90* 100.0 Numis 19* 16* 4 -3 ▼ 69.4 55.7 - 43.4 ▲ 2.8 29 100.0 US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals Deloitte 19* 47* 4 1 ▲ 0.0 0.0 - - - 2.1 37* 100.0 Alantra Partners SA 19* 47* 4 1 ▲ 89.8 71.2 - 193.5 ▲ .8 81* 100.0 Shore Capital Group 25* 78* 3 2 ▲ 52.8 42.1 - 725.0 ▲ .6 87* 100.0 Arma Partners LLP 25* - 3 3 ▲ 149.9 120.0 - - - 4.4 19 100.0 UK Mid-Market M&A up to US$500m by Target Industry Jan 1 - Mar 31 Cenkos Securities PLC 25* 47* 3 0 - 11.0 8.8 - -95.4 ▼ .3 114* 100.0 Global M&A 25* 60* 3 1 ▲ 78.1 62.7 - 1902.6 ▲ .2 118* 100.0 Cushman & Wakefield Inc 25* 60* 3 1 ▲ 127.5 102.8 33 -78.5 ▼ 1.4 49* 100.0 Citi 25* 60* 3 1 ▲ 405.9 325.0 12* - - 6.4 12* 34.8 Real Estate Bank of America Merrill Lynch 25* 20* 3 -3 ▼ 526.3 422.2 5 -13.8 ▼ 2.9 28 12.1 4.1% Macquarie Group 25* 60* 3 1 ▲ 254.3 203.0 18 239.1 ▲ 2.6 30* 18.7 Media and Entertainment BCMS Corporate Ltd 25* 11* 3 -6 ▼ 0.0 0.0 - - - 2.5 33* 100.0 4.4% 21.8% Peel Hunt LLP 25* 16* 3 -4 ▼ 429.5 346.1 11 62.8 ▲ .5 90* 100.0 Jefferies LLC 25* 31* 3 -1 ▼ 168.8 137.5 26 -51.3 ▼ .1 123* 1.8 Financials PJT Partners Inc 25* 78* 3 2 ▲ 445.6 357.4 8* - - 5.0 17 100.0 6.6% Moelis & Co 25* 78* 3 2 ▲ 206.5 164.2 21 - - 10.0 4 61.7 High Technology Barclays 25* 31* 3 -1 ▼ 981.7 793.3 3 12.0 ▲ 4.2 21* 23.3 Industry Total 927 -126 ▼ 20,533.6 16,594.0 5.8 ▲ 495.4 63.2 Energy and Power

Consumer Products and Services 8.5% Industrials

15.8% Retail

Materials 9.8% Healthcare

Consumer Staples 10.7% 13.6% Telecommunications

*tie

Source: Thomson Reuters

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7 First Quarter 2017 │ Mid-Market M&A Up To US$500m │ Financial Advisors French Involvement Mid-Market Rankings (MM5)

MM5 - Undisclosed Values & Values up to US$500m Jan 1 - Mar 31 French Mid-Market M&A up to US$500m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor Imputed Fees (US$m) † 2017 2016 # of Change in Rank Value 2017 Rank Value Advisor 2017 ** Fee $14 1,000 Financial Advisor Rank Rank Deals # of Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%) Rothschild & Co 1 1 16 -12 ▼ 497.2 470.6 3 -72.5 ▼ 56.4 1 51.6 900 BNP Paribas SA 2 2* 10 -6 ▼ 1,240.4 1,171.0 1 47.3 ▲ 27.8 2 59.4 $12 Lazard 3* 4* 7 -6 ▼ 71.0 66.0 22 -91.2 ▼ 10.7 5 15.6 800 Credit Agricole CIB 3* 6 7 -5 ▼ 778.9 737.3 2 -49.1 ▼ 13.8 3 78.9

Societe Generale 3* 16* 7 3 ▲ 118.4 112.0 18 -77.4 ▼ 11.4 4 69.5 $10 700 MBA Capital SARL 6* 39* 5 3 ▲ 0.0 0.0 - - - 4.5 9 100.0 600 Oaklins (FKA M&A Intl Inc) 6* 8* 5 -3 ▼ 2.9 2.7 - -94.8 ▼ 3.4 16 100.0 $8

KPMG 8* 7 4 -7 ▼ 159.0 148.5 16 9252.9 ▲ .7 86* 100.0 Deals of # 500 DC Advisory 8* 8* 4 -4 ▼ 107.4 99.5 19 - - 2.0 34* 40.0 Deloitte 8* 2* 4 -12 ▼ 0.0 0.0 48* - - 3.1 18 100.0 $6 400 Citi 8* 63* 4 3 ▲ 486.7 450.0 4 - - 2.8 23 18.9 Banque Degroof Petercam SA 8* 39* 4 2 ▲ 68.9 64.0 23 -86.4 ▼ 2.5 25* 100.0 (US$b) Value Rank 300 Invest Corporate Finance SAS 8* - 4 4 ▲ 0.0 0.0 - - - 2.5 25* 100.0 $4 Jones Lang LaSalle Inc 14* 15 3 -2 ▼ 281.1 265.0 8 -63.3 ▼ 3.2 17 100.0 200 ING 14* 63* 3 2 ▲ 0.0 0.0 - - - 4.1 10* 100.0 Financiere Cambon 14* 8* 3 -5 ▼ 19.9 18.5 - 192.6 ▲ 2.4 30* 100.0 $2 100 IMAP 14* 16* 3 -1 ▼ 0.0 0.0 - - - 3.0 19* 100.0 Clairfield International 14* 12* 3 -4 ▼ 6.3 6.0 - - - 2.2 32* 100.0 $0 - Capitalmind 14* 39* 3 1 ▲ 0.0 0.0 - - - 3.0 19* 100.0 Adviso Partners SAS 14* 63* 3 2 ▲ 5.6 5.2 - - - 2.2 32* 100.0 Drake Star Partners 14* - 3 3 ▲ 54.4 51.4 25 - - 0.5 95* 100.0 Goldman Sachs & Co 14* 27* 3 0 - 0.0 0.0 48* - - 4.0 12* 8.9 US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals UBS 23* 16* 2 -2 ▼ 0.0 0.0 - - - 3.7 15 55.2 Global M&A 23* 16* 2 -2 ▼ 0.0 0.0 - - - 3.0 19* 100.0 Eurohold SL 23* - 2 2 ▲ 18.1 17.0 - - - 0.4 108* 100.0 Macquarie Group 23* - 2 2 ▲ 254.3 236.3 9 - - 1.0 53* 100.0 French Mid-Market M&A up to US$500m by Target Industry Jan 1 - Mar 31 Clipperton Finance SARL 23* 27* 2 -1 ▼ 11.7 11.0 - 62.5 ▲ 0.8 84* 100.0 Accuracy SAS 23* - 2 2 ▲ 0.0 0.0 - - - 0.6 90* 100.0 CBRE Holding SAS 23* 16* 2 -2 ▼ 17.4 16.4 30* -94.8 ▼ 1.1 51* 100.0 Grant Thornton 23* - 2 2 ▲ 0.0 0.0 - - - 0.2 115* 100.0 Industrials Business Development Asia LLC 23* 63* 2 1 ▲ 199.2 185.0 12* - - 1.8 42* 100.0 3.3% Natixis 23* 4* 2 -11 ▼ 0.0 0.0 48* - - 1.8 42* 100.0 4.4% Eurallia SARLCV 23* - 2 2 ▲ 0.0 0.0 - - - 2.0 34* 100.0 Media and Entertainment Edmond de Rothschild Hldg SA 23* 12* 2 -5 ▼ 0.0 0.0 48* - - 2.5 25* 100.0 23.1% Sycomore Corporate Finance SAS 23* 63* 2 1 ▲ 0.0 0.0 ------5.3% Trianon Finance 23* - 2 2 ▲ 0.0 0.0 - - - 1.5 46* 100.0 High Technology JP Morgan 23* 16* 2 -2 ▼ 0.0 0.0 48* - - 8.6 6 61.9 Barclays 23* 27* 2 -1 ▼ 405.8 384.5 6 - - 2.5 25* 9.0 Industry Total 583 -354 ▼ 7,421.0 6,956.5 -28.0 ▼ 352.7 47.9 Real Estate 7.9% Consumer Staples

Energy and Power

9.0% Financials 16.9% Consumer Products and Services

Healthcare 12.6% Materials 14.3% Retail

*tie

Source: Thomson Reuters

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8 First Quarter 2017 │ Mid-Market M&A Up To US$500m │ Financial Advisors German Involvement Mid-Market Rankings (MM6)

MM6 - Undisclosed Values & Values up to US$500m Jan 1 - Mar 31 German Mid-Market M&A up to US$500m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor Imputed Fees (US$m) † 2017 2016 # of Change in Rank Value 2017 Rank Value Advisor 2017 ** Fee $12 800 Financial Advisor Rank Rank Deals # of Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%) Ernst & Young LLP 1 3* 7 0 - 1,188.8 1,107.0 1 1551.1 ▲ 1.1 33 100.0 700 Deutsche Bank 2* 23* 5 3 ▲ 579.9 539.2 7 - - 2.6 15 12.2 $10 Rothschild & Co 2* 2 5 -4 ▼ 405.9 381.8 8* -11.6 ▼ 9.9 1 28.1 600 Globalscope 2* 3* 5 -2 ▼ 10.1 9.4 - - - 2.3 17* 100.0 Houlihan Lokey 5* 23* 4 2 ▲ 0.0 0.0 ------$8 IMAP 5* 5* 4 -2 ▼ 0.0 0.0 - - - 4.0 8* 100.0 500 Capitalmind 5* - 4 4 ▲ 0.0 0.0 - - - 4.5 6* 100.0 Roedl & Partner 5* 38* 4 3 ▲ 0.0 0.0 - - - 2.5 16 100.0 $6 400 KPMG 9* 1 3 -11 ▼ 0.0 0.0 31* - - .2 60* 100.0

PricewaterhouseCoopers 9* 10* 3 -2 ▼ 782.9 725.2 2* 357.0 ▲ .7 38 100.0 of Deals #

Rank Value (US$b) Value Rank 300 Raymond James Financial Inc 9* 10* 3 -2 ▼ 0.0 0.0 - - - 4.0 8* 100.0 $4 UBS 9* - 3 3 ▲ 205.7 193.1 13 - - - - - UniCredit 9* 18* 3 0 - 15.2 14.4 - - - .5 41* 100.0 200 Clairfield International 9* 23* 3 1 ▲ 0.0 0.0 - - - 2.0 19* 100.0 $2 ACXIT Capital Partners 9* 10* 3 -2 ▼ 0.0 0.0 - - - 3.0 10* 100.0 100 VR Corporate Finance GmbH 9* 38* 3 2 ▲ 0.0 0.0 - - - 3.0 10* 100.0 Oaklins (FKA M&A Intl Inc) 9* 18* 3 0 - 0.0 0.0 - - - 3.0 10* 100.0 Quarton International 9* - 3 3 ▲ 0.0 0.0 - - - 2.0 19* 100.0 $0 - Commerzbank AG 9* 13* 3 -1 ▼ 87.8 82.0 19 -55.2 ▼ - - - Goldman Sachs & Co 9* 23* 3 1 ▲ 63.6 60.0 22 -88.0 ▼ 2.3 17* 7.7 JP Morgan 9* 13* 3 -1 ▼ 608.4 566.7 6 334.6 ▲ 5.1 5 11.3 MM Warburg-Brinckman Wirtz 22* - 2 2 ▲ 101.1 95.2 17 - - - - - US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals Evercore Partners 22* 38* 2 1 ▲ 782.9 725.2 2* - - - - - ING 22* 38* 2 1 ▲ 63.7 60.0 20* 112.3 ▲ - - - Stifel/KBW 22* - 2 2 ▲ 0.0 0.0 ------Global M&A 22* 13* 2 -2 ▼ 0.0 0.0 - - - 2.0 19* 100.0 German Mid-Market M&A up to US$500m by Target Industry Jan 1 - Mar 31 Cushman & Wakefield Inc 22* - 2 2 ▲ 48.6 46.0 24 - - .2 60* 100.0 Barclays 22* - 2 2 ▲ 405.9 381.8 8* - - 4.5 6* 13.4 Deloitte 22* 5* 2 -4 ▼ 0.0 0.0 - - - .2 60* 100.0 Business Development Asia LLC 22* - 2 2 ▲ 199.2 185.0 14* - - 1.8 28 100.0 Lazard 22* 18* 2 -1 ▼ 782.9 725.2 2* 116.2 ▲ 6.0 4 9.6 2.6% Real Estate Ludwig & Co GmbH 22* - 2 2 ▲ 782.9 725.2 2* - - - - - 3.4% GCA Corp 22* - 2 2 ▲ 0.0 0.0 ------Industrials CorestarPartners GmbH 22* - 2 2 ▲ 0.0 0.0 ------4.9% Societe Generale 22* - 2 2 ▲ 0.0 0.0 - - - 2.8 14 45.2 Consumer Products and Services Alantra Partners SA 22* 38* 2 1 ▲ 0.0 0.0 ------30.2% Industry Total 502 -59 ▼ 7,669.4 7,178.3 -1.8 ▼ 189.8 34.9 5.2% Healthcare

High Technology 6.7% Financials

Energy and Power

13.9% Retail

Telecommunications

Media and Entertainment 29.8% Consumer Staples

*tie Source: Thomson Reuters

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9 First Quarter 2017 │ Mid-Market M&A Up To US$500m │ Financial Advisors Italian Involvement Mid-Market Rankings (MM7)

MM7 - Undisclosed Values & Values up to US$500m Jan 1 - Mar 31 Italian Mid-Market M&A up to US$500m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor Imputed Fees (US$m) † 2017 2016 # of Change in Rank Value 2017 Rank Value Advisor 2017 ** Fee $8 400 Financial Advisor Rank Rank Deals # of Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%) Lazard 1 9* 9 5 ▲ 182.4 172.0 2 -53.4 ▼ 5.0 4* 38.8 $7 350 KPMG 2 1 7 -24 ▼ 328.9 308.0 1 -67.5 ▼ .9 34* 100.0 Morgan Stanley 3* 27* 6 5 ▲ 83.5 78.1 7* -28.4 ▼ 1.8 18* 100.0 $6 300 Credit Suisse 3* - 6 6 ▲ 83.5 78.1 7* - - 1.8 18* 100.0

Kon SpA 3* 4 6 -2 ▼ 0.0 0.0 20* - - 6.0 2 100.0 UniCredit 6* 2 5 -14 ▼ 32.6 30.5 11 -93.5 ▼ 1.4 22 100.0 $5 250 Fineurop SpA 6* 8 5 0 - 0.0 0.0 20* - - 5.0 4* 100.0 Rothschild & Co 8* 3 4 -7 ▼ 0.0 0.0 20* - - 12.4 1 100.0 $4 200 IMAP 8* 12* 4 1 ▲ 66.6 63.1 10 825.0 ▲ 4.0 8 100.0 IMAP- Vitale & Co 8* - 4 4 ▲ 88.4 83.7 ------

$3 150 Deals of # Arkios Italy SpA 11* - 3 3 ▲ 0.0 0.0 20* - - 2.0 14* 100.0

DVRCapital SpA 11* 27* 3 2 ▲ 21.6 20.0 14 -93.6 ▼ 2.3 11 100.0 (US$b) Value Rank PricewaterhouseCoopers 13* 27* 2 1 ▲ 0.0 0.0 20* - - .3 45 100.0 $2 100 Unione di Banche Italiane Scpa 13* 27* 2 1 ▲ 5.9 5.6 19 - - 1.2 23 100.0 Alantra Partners SA 13* 6* 2 -4 ▼ 87.2 81.3 6 77.6 ▲ .7 38* 100.0 $1 50 Spada Partners 13* - 2 2 ▲ 0.0 0.0 20* - - 2.0 14* 100.0 Societe Generale 13* 27* 2 1 ▲ 0.0 0.0 20* - - 1.0 24* 100.0 $0 - Mediobanca 18* 9* 1 -3 ▼ 31.8 30.0 12* -95.9 ▼ 3.2 9 40.5 Bain & Co 18* 27* 1 0 - 0.0 0.0 20* - - 1.0 24* 100.0 Deutsche Bank 18* 27* 1 0 - 31.8 30.0 12* - - - - - Credito Emiliano 18* - 1 1 ▲ 0.0 0.0 20* - - 1.0 24* 100.0 US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals Ernst & Young LLP 18* 5 1 -6 ▼ 0.0 0.0 20* - - .2 46* 100.0 GBS Finanzas SA 18* - 1 1 ▲ 0.0 0.0 20* - - 0.5 41* 100.0 BBVA 18* - 1 1 ▲ 0.0 0.0 20* - - 2.7 10 100.0 Jones Lang LaSalle Inc 18* - 1 1 ▲ 0.0 0.0 20* - - 1.7 20* 100.0 Nomura 18* 27* 1 0 - 0.0 0.0 20* - - - - - Italian Mid-Market M&A up to US$500m by Target Industry Jan 1 - Mar 31 Mittel SpA 18* - 1 1 ▲ 0.0 0.0 20* - - - - - Cascadia Capital 18* - 1 1 ▲ 0.0 0.0 20* - - 0.5 41* 100.0 EnVent SpA 18* - 1 1 ▲ 150.0 140.0 3 - - 2.1 13 100.0 0.9% Global M&A 18* 21* 1 -1 ▼ 0.0 0.0 20* - - 0.5 41* 100.0 3.7% Financials Banca IMI (Intesa Sanpaolo) 18* 6* 1 -5 ▼ 8.2 7.5 17* -98.5 ▼ 4.1 7 100.0 4.0% Transcapital 18* - 1 1 ▲ 0.0 0.0 20* - - 1.0 24* 100.0 Santander 18* - 1 1 ▲ 0.0 0.0 20* - - 1.0 24* 100.0 Consumer Products and Services Hideal Partners 18* - 1 1 ▲ 0.0 0.0 20* - - 1.0 24* 100.0 5.9% Globalscope 18* 27* 1 0 - 0.0 0.0 20* - - 1.0 24* 100.0 25.8% High Technology Bank of America Merrill Lynch 18* 12* 1 -2 ▼ 117.9 110.0 4 -83.1 ▼ 0.9 34* 15.8 Clairfield International 18* 21* 1 -1 ▼ 8.2 7.5 17* - - 0.2 46* 100.0 6.9% Ethica Corporate Finance SpA 18* 12* 1 -2 ▼ 0.0 0.0 20* - - 1.0 24* 100.0 Real Estate CDI Global 18* - 1 1 ▲ 0.0 0.0 20* - - 1.0 24* 100.0 Equita SIM SpA 18* 12* 1 -2 ▼ 0.0 0.0 20* - - - - - UBS 18* 21* 1 -1 ▼ 0.0 0.0 20* - - 0.9 34* 100.0 Industrials Translink Corporate Finance 18* - 1 1 ▲ 11.6 11.0 15 - - 0.2 46* 100.0 7.0% GCA Corp 18* - 1 1 ▲ 0.0 0.0 20* - - 1.0 24* 100.0 Consumer Staples Oaklins (FKA M&A Intl Inc) 18* - 1 1 ▲ 0.0 0.0 20* - - 2.0 14* 100.0 Robert W Baird & Co Inc 18* - 1 1 ▲ 0.0 0.0 20* - - - - - VSL SpA 18* - 1 1 ▲ 9.6 8.9 16 - - - - - Energy and Power Kaleidos Srl 18* - 1 1 ▲ 67.3 62.4 9 - - 0.4 44 100.0 JP Morgan 18* 21* 1 -1 ▼ 0.0 0.0 20* - - 5.6 3 100.0 15.6% Industry Total 298 0 4,015.4 3,763.4 -33.1 133.6 77.0 Retail - ▼ 14.7% Materials

Healthcare 15.0%

*tie

Source: Thomson Reuters

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10 First Quarter 2017 │ Mid-Market M&A Up To US$500m │ Financial Advisors Spanish Involvement Mid-Market Rankings (MM8)

MM8 - Undisclosed Values & Values up to US$500m Jan 1 - Mar 31 Spanish Mid-Market M&A up to US$500m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor Imputed Fees (US$m) † 2017 2016 # of Change in Rank Value 2017 Rank Value Advisor 2017 ** Fee $9 400 Financial Advisor Rank Rank Deals # of Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%) Deloitte 1 2 10 0 - 13.0 12.0 19 -96.3 ▼ 6.7 4 100.0 $8 350 PricewaterhouseCoopers 2 1 9 -12 ▼ 0 0 20* - - 1.2 14 100.0 KPMG 3* 3 5 -4 ▼ 238.9 221.4 5 -7.5 ▼ .3 24 100.0 $7 BBVA 3* 6* 5 1 ▲ 323.9 304.1 4 -55.2 ▼ 2.5 9 100.0 300

Ernst & Young LLP 5* 4 3 -5 ▼ 0 0 20* - - .4 23 100.0 $6 Eurohold SL 5* 21* 3 2 ▲ 18.1 17.0 17 187.3 ▲ 1.4 13 100.0 250 Lazard 5* 10* 3 1 ▲ 445.0 416.9 2 72.3 ▲ 7.6 1 91.6 $5 Rothschild & Co 8* 21* 2 1 ▲ 0 0 20* - - 5.1 5 89.5 200 Norgestion 8* 10* 2 0 - 0 0 20* - - 2.0 11 100.0 BNP Paribas SA 8* 8* 2 -1 ▼ 124.1 116.0 11 -62.4 ▼ 7.1 3 55.0 $4 Santander 8* 8* 2 -1 ▼ 0 0 20* - - 2.8 7* 100.0 150 Deals of #

Citi 8* 10* 2 0 - 486.7 450.0 1 1495.7 ▲ 2.8 7* 38.9 (US$b) Value Rank $3 Banco Bradesco SA 13* - 1 1 ▲ 103.5 98.0 12 - - - - - 100 Houlihan Lokey 13* - 1 1 ▲ 0 0 20* - - - - - $2 Evercore Partners 13* - 1 1 ▲ 0 0 20* - - 1.6 12 100.0 GBS Finanzas SA 13* 10* 1 -1 ▼ 0 0 20* - - 1.0 15* 100.0 $1 50 Jones Lang LaSalle Inc 13* - 1 1 ▲ 175.3 165.0 7* - - - - - Morgan Stanley 13* - 1 1 ▲ 0 0 20* - - - - - $0 - ING 13* 21* 1 0 - 0 0 20* - - 1.0 15* 100.0 Stifel/KBW 13* - 1 1 ▲ 21.0 19.7 16 - - - - - UBS 13* - 1 1 ▲ 205.9 194.0 6 - - - - - Sagent Advisors Inc 13* - 1 1 ▲ 0 0 20* - - .7 22 100.0 US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals Credit Suisse 13* 21* 1 0 - 63.2 58.7 13* 107.2 ▲ .9 20 100.0 IREA Corporate Finance 13* 21* 1 0 - 16.3 15.4 18 - - .2 25 100.0 Optima Corporate SL 13* - 1 1 ▲ 0 0 20* - - - - - Macquarie Group 13* - 1 1 ▲ 63.2 58.7 13* - - 2.4 10 100.0 Spanish Mid-Market M&A up to US$500m by Target Industry Jan 1 - Mar 31 Strategies and Corp SAS 13* - 1 1 ▲ 175.3 165.0 7* - - - - - Grant Thornton 13* - 1 1 ▲ 142.2 135.0 9* - - - - - Montalban Atlas Capital 13* 6* 1 -3 ▼ 0 0 20* - - 1.0 15* 100.0 Jefferies LLC 13* - 1 1 ▲ 142.2 135.0 9* - - - - - Industrials Drake Star Partners 13* - 1 1 ▲ 28.0 26.4 15 - - - - - 5.3% Oaklins (FKA M&A Intl Inc) 13* 21* 1 0 - 0 0 20* - - .8 21 100.0 Real Estate Goldman Sachs & Co 13* - 1 1 ▲ 0 0 20* - - - - - 5.5% Societe Generale 13* - 1 1 ▲ 0 0 20* - - 1.0 15* 100.0 24.5% Healthcare Alantra Partners SA 13* 5 1 -5 ▼ 0 0 20* - - - - - JP Morgan 13* 21* 1 0 - 380.0 356.3 3 171.4 ▲ 7.2 2 35.6 Energy and Power Industry Total 254 -2 ▼ 5,716.5 5,340.5 46.6 ▲ 97.9 51.0 6.6% High Technology

Consumer Staples 7.6% Consumer Products and Services

Media and Entertainment

Financials 11.6% 23.3% Telecommunications

Retail

12.2% Materials

*tie

Source: Thomson Reuters

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11 First Quarter 2017 │ Mid-Market M&A Up To US$500m │ Financial Advisors Nordic Involvement Mid-Market Rankings (MM9)

MM9 - Undisclosed Values & Values up to US$500m Jan 1 - Mar 31 Nordic Mid-Market M&A up to US$500m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor Imputed Fees (US$m) † 2017 2016 # of Change in Rank Value 2017 Rank Value Advisor 2017 ** Fee $14 700 Financial Advisor Rank Rank Deals # of Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%) PricewaterhouseCoopers 1 2 11 3 ▲ 360.6 334.4 3* 386.0 ▲ 3.2 8 88.9 IMAP 2 6* 9 4 ▲ 0 0 - - - 5.2 4 100.0 $12 600 Globalscope 3 6* 7 2 ▲ 0 0 - - - 5.0 5 100.0 Clairfield International 4 9* 6 2 ▲ 30.6 28.5 21 - - 1.5 21 100.0 $10 500 SEB 5 9* 5 1 ▲ 483.0 454.7 1 100.2 ▲ 5.5 3 46.2

Carnegie 6* 13* 4 1 ▲ 80.7 76.1 19 -32.9 ▼ 2.3 17 100.0 Handelsbanken Capital Markets 6* 13* 4 1 ▲ 63.9 59.9 20 - - 2.9 13 100.0 $8 400 Morgan Stanley 8* 29* 3 2 ▲ 450.4 419.1 2 285.9 ▲ 3.0 9* 100.0 ABG Sundal Collier 8* 21* 3 1 ▲ 0 0 28* - - 2.4 15* 100.0

Cushman & Wakefield Inc 8* - 3 3 ▲ 127.5 119.0 13 - - 1.4 22 100.0 $6 300 Deals of # Newsec Corporate Finance AB 8* 21* 3 1 ▲ 23.8 22.3 22 -29.0 ▼ - - - Rank Value (US$b) Value Rank Capitalmind 8* 29* 3 2 ▲ 0 0 - - - 3.0 9* 100.0 $4 200 Citi 8* - 3 3 ▲ 106.6 100.0 16 - - 7.1 2 39.0 Rothschild & Co 14* 13* 2 -1 ▼ 0 0 28* - - 9.0 1 100.0 Danske Bank 14* 13* 2 -1 ▼ 329.5 311.0 7 191.1 ▲ .2 47* 100.0 $2 100 KPMG 14* 1 2 -8 ▼ 15.4 14.4 24 -95.7 ▼ .1 51* 100.0 Pangea Property Partners AB 14* 21* 2 0 - 20.1 18.9 23 -91.3 ▼ 2.4 15* 100.0 Lazard 14* 29* 2 1 ▲ 200.5 186.6 10 -17.7 ▼ 2.6 14 100.0 $0 - Jefferies LLC 14* 21* 2 0 - 200.0 189.3 11* 281.0 ▲ 2.0 18* 100.0 Industry Total 473 -45 ▼ 6,142.5 5,746.3 11.3 ▲ 151.4 53.6

US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals

Nordic Mid-Market M&A up to US$500m by Target Industry Jan 1 - Mar 31

2.5% 3.0% Real Estate

7.0% 21.0% High Technology

Industrials

8.1% Energy and Power

Financials

Materials 8.2% 13.2% Retail

Consumer Staples

10.4% Healthcare

12.5% Media and Entertainment

12.3% Consumer Products and Services

*tie

Source: Thomson Reuters

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12 First Quarter 2017 │ Mid-Market M&A Up To US$500m │ Financial Advisors Benelux Involvement Mid-Market Rankings (MM10)

MM10 - Undisclosed Values & Values up to US$500m Jan 1 - Mar 31 Benelux Mid-Market M&A up to US$500m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor Imputed Fees (US$m) † 2017 2016 # of Change in Rank Value 2017 Rank Value Advisor 2017 ** Fee $16 600 Financial Advisor Rank Rank Deals # of Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%) ING 1 4* 16 9 ▲ 63.7 60.0 24 112.3 ▲ 3.0 16* 63.8 $14 Rothschild & Co 2 3 11 3 ▲ 493.2 458.5 6 323.3 ▲ 52.9 1 78.6 500 IMAP 3* 21* 9 7 ▲ 26.5 25.0 - - - 8.5 7 100.0 $12

Lazard 3* 9* 9 4 ▲ 557.4 521.4 4 8.7 ▲ 14.0 4 36.8 Capitalmind 3* 16* 9 6 ▲ 0 0 - - - 9.0 5* 100.0 400

Rabobank NV 6 2 7 -5 ▼ 294.3 278.1 12 13.1 ▲ 2.0 23* 100.0 $10 Citi 7 39* 6 5 ▲ 423.1 398.2 7 31.2 ▲ 7.4 9 47.4 Oaklins (FKA M&A Intl Inc) 8 16* 5 2 ▲ 0 0 - - - 5.0 11 100.0 $8 300 PricewaterhouseCoopers 9* 12* 4 0 - 164.6 154.5 19 80.5 ▲ .4 69* 44.4 # of Deals of # Ernst & Young LLP 9* 9* 4 -1 ▼ 0 0 - - - 1.1 32* 100.0 Morgan Stanley 9* 39* 4 3 ▲ 916.6 857.6 1 685.4 ▲ 4.0 13* 22.6 $6 Global M&A 9* 39* 4 3 ▲ 0 0 - - - 4.0 13* 100.0 (US$b) Value Rank 200 Goldman Sachs & Co 9* 39* 4 3 ▲ 34.3 32.5 29 -78.6 ▼ 4.4 12 30.3 $4 KPMG 14* 1 3 -12 ▼ 37.1 34.5 27* -54.5 ▼ 1.1 32* 100.0 Jones Lang LaSalle Inc 14* 21* 3 1 ▲ 544.9 508.4 5 38.2 ▲ 2.5 18 100.0 100 Bank of America Merrill Lynch 14* - 3 3 ▲ 748.5 708.1 3 - - 7.9 8 100.0 $2 Robert W Baird & Co Inc 14* 21* 3 1 ▲ 307.1 284.3 10 13.7 ▲ - - - RBS 18* 21* 2 0 - 318.9 300.6 9 - - 0.8 59* 100.0 $0 - Deutsche Bank 18* - 2 2 ▲ 279.3 257.0 13* - - 16.2 3 54.0 Barclays 18* 39* 2 1 ▲ 170.0 161.1 17* 70.5 ▲ 17.4 2 43.8 Mizuho Financial Group 18* - 2 2 ▲ 0 0 - - - 0.5 64* 100.0 Credit Suisse 18* - 2 2 ▲ 894.6 839.9 2 - - - - - US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals CBRE Holding SAS 18* 39* 2 1 ▲ 17.4 16.4 - - - 1.1 32* 100.0 GCA Corp 18* - 2 2 ▲ 170.0 161.1 17* - - - - - Alantra Partners SA 18* - 2 2 ▲ 31.4 29.3 - - - 0.3 71* 100.0 Jefferies LLC 18* - 2 2 ▲ 305.2 290.1 11 - - 0.7 61* 11.3 Benelux Mid-Market M&A up to US$500m by Target Industry Jan 1 - Mar 31 Societe Generale 18* - 2 2 ▲ 88.2 83.0 22 - - - - - Industry Total 420 -52 ▼ 10,491.6 9,835.3 72.3 ▲ 297.7 63.4

3.3% 2.6% Financials 3.3% 15.5% 3.9% Consumer Staples

4.1% Consumer Products and Services

Real Estate 5.2% Energy and Power 14.5% Industrials

9.4% Materials

Media and Entertainment

Retail

11.6% 14.3% High Technology Telecommunications

12.3% Healthcare

*tie

Source: Thomson Reuters

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13 First Quarter 2017 │ Mid-Market M&A Up To US$500m │ Financial Advisors Eastern Europe Involvement Mid-Market Rankings (MM16)

MM16 - Undisclosed Values & Values up to US$500m Jan 1 - Mar 31 Eastern European Mid-Market M&A up to US$500m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor Imputed Fees (US$m) † 2017 2016 # of Change in Rank Value 2017 Rank Value Advisor 2017 ** Fee $12 1,200 Financial Advisor Rank Rank Deals # of Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%) Rothschild & Co 1* 3 6 -1 ▼ 213.9 201.5 3 -6.8 ▼ 8.0 2* 24.8 Globalscope 1* 16* 6 5 ▲ 0 0 16* - - 4.0 5 100.0 $10 1,000 PricewaterhouseCoopers 3* 6* 3 0 - 74.3 70.0 10 -72.1 ▼ .1 34 100.0

IMAP 3* 2 3 -9 ▼ 0 0 16* - - 3.0 8 100.0 JP Morgan 3* 10* 3 1 ▲ 0 0 16* - - 1.6 13* 100.0 $8 800 Wielkopolski Bank Kredytowy 6* - 2 2 ▲ 102.1 96.5 9 - - - - - KPMG 6* 1 2 -12 ▼ 200.0 188.1 4* -51.7 ▼ - - -

Ernst & Young LLP 6* 5 2 -3 ▼ 0 0 16* - - 0.6 22* 100.0 $6 600 Morgan Stanley 6* 10* 2 0 - 433.9 411.9 1 31.4 ▲ 1.0 15* 6.0 Clairfield International 6* - 2 2 ▲ 30.1 28.0 11 - - - - - VTB Capital 6* 6* 2 -1 ▼ 200.0 188.1 4* 34.2 ▲ - - - Rank Value (US$b) Value Rank $4 400 of Deals # Bank Polska Kasa Opieki SA 12* - 1 1 ▲ 0 0 16* - - - - - Bain & Co 12* - 1 1 ▲ 0 0 16* - - - - - Danske Bank 12* 10* 1 -1 ▼ 10.9 10.0 14 -19.9 ▼ 0.2 33 100.0 BNP Paribas SA 12* 16* 1 0 - 0 0 16* - - 3.5 6 100.0 $2 200 Taiga Capital 12* - 1 1 ▲ 14.5 13.4 13 - - - - - Concentro Management AG 12* - 1 1 ▲ 0 0 16* - - 1.0 15* 100.0 KBC Group NV 12* 6* 1 -2 ▼ 0 0 16* - - 1.0 15* 100.0 $0 - Global M&A 12* - 1 1 ▲ 0 0 16* - - 0.5 25* 100.0 Singhi Advisors Ltd 12* - 1 1 ▲ 18.5 17.4 12 - - - - - Deloitte 12* 4 1 -5 ▼ 0 0 16* - - - - - UAB Summa Advisers 12* - 1 1 ▲ 0 0 16* - - - - - US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals SEB 12* 16* 1 0 - 123.9 115.0 6* -48.2 ▼ - - - Superia 12* 16* 1 0 - 123.9 115.0 6* - - - - - CFI 12* 10* 1 -1 ▼ 0 0 16* - - 1.0 15* 100.0 VGD Corporate Finance sro 12* - 1 1 ▲ 0 0 16* - - 1.0 15* 100.0 EE Mid-Market M&A up to US$500m by Target Industry Jan 1 - Mar 31 Equity Advisors Sp zoo sk 12* - 1 1 ▲ 9.9 9.2 15 - - - - - Dome Group 12* - 1 1 ▲ 229.3 215.0 2 - - - - - Lazard 12* 16* 1 0 - 0 0 16* - - 8.0 2* 36.5 UBS 12* - 1 1 ▲ 0 0 16* - - - - - Consumer Staples 2.5% 2.2% China Merchants Securities Co 12* - 1 1 ▲ 118.2 110.0 8 - - - - - 3.1% Industry Total 683 -308 ▼ 4,143.6 3,891.1 -24.2 ▼ 113.1 41.2 Materials 6.4% 19.9% Industrials

8.4% Real Estate

Telecommunications

Consumer Products and Services 8.9% 14.0% Financials

Media and Entertainment

Energy and Power 11.1%

11.9% High Technology

11.6% Retail

*tie

Source: Thomson Reuters

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14 First Quarter 2017 │ Mid-Market M&A Up To US$500m │ Financial Advisors Hochinma Involvement Mid-Market Rankings (MM13)

MM13 - Undisclosed Values & Values up to US$500m Jan 1 - Mar 31 Hochinma Mid-Market M&A up to US$500m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) Imputed Fees (US$m) † 2017 2016 # of Change in Rank Value 2017 Rank Value Advisor 2017 ** Fee $120 3,000 Financial Advisor Rank Rank Deals # of Deals US$m Rank Change (%) Fees Rank Exp. (%) Haitong Securities Co Ltd 1* 13* 15 6 ▲ 2,023.3 1 202.5 ▲ 2.7 19* 81.8 Gram Capital 1* 1 15 -16 ▼ 259.1 49 -58.4 ▼ 1.1 52* 84.6 $100 2,500 Somerley 3 17* 13 6 ▲ 1,305.2 2 27.5 ▲ 2.3 25 100.0 Veda Capital Ltd 4 31* 10 6 ▲ 498.9 20 596.8 ▲ 2.1 28* 100.0

CITIC 5 5* 9 -6 ▼ 311.2 38 -84.7 ▼ 1.9 32* 11.5 $80 2,000 Morgan Stanley 6 13* 8 -1 ▼ 145.1 77 -81.2 ▼ 12.8 2 40.0 Mercury Securities 7* 63* 7 5 ▲ 52.2 - 218.3 ▲ 1.2 46* 100.0 Industrial & Comm Bank China 7* 2 7 -23 ▼ 365.8 32 -82.9 ▼ 10.2 4* 27.3 CIMB Group Sdn Bhd 7* 10* 7 -3 ▼ 654.3 8 11.5 ▲ 1.6 38* 100.0 $60 1,500 China Renaissance Partners 7* 21* 7 1 ▲ 637.3 11 42.3 ▲ 10.4 3 78.8 China Securities Co Ltd 7* 8* 7 -5 ▼ 923.4 3 -55.5 ▼ 2.2 26* 75.9 Deals of #

Dakin Capital Ltd 7* - 7 7 ▲ 158.7 - - - 1.0 55* 100.0 (US$b) Value Rank $40 1,000 Optima Capital Ltd 13* - 6 6 ▲ 341.4 - - - 0.3 103* 100.0 Malayan Banking Bhd 13* 63* 6 4 ▲ 673.2 7 47.4 ▲ 0.2 114* 100.0 Red Sun Capital Ltd 13* - 6 6 ▲ 255.9 - - - 0.4 95* 100.0 $20 500 Goldman Sachs & Co 13* 21* 6 0 - 645.3 9 -15.5 ▼ 17.8 1 42.9 Lazard 13* 40* 6 3 ▲ 570.7 17 -29.0 ▼ 3.3 17 100.0 Shanghai Securities Co Ltd 18* - 5 5 ▲ 540.5 19 - - - - - $0 - Dongxing Securities 18* 63* 5 3 ▲ 483.5 22 341.6 ▲ 0.3 103* 100.0 Citi 18* 10* 5 -5 ▼ 230.5 56 -90.3 ▼ 0.6 77* 5.0 KPMG 21* 4 4 -13 ▼ 101.3 89 -92.7 ▼ 0.3 103* 100.0 Platinum Securities Co Ltd 21* 40* 4 1 ▲ 256.4 50 -62.7 ▼ 0.1 129* 100.0 US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals GF Securities 21* 16 4 -4 ▼ 433.7 26 -65.3 ▼ 0.5 86* 100.0 China Construction Bank 21* 17* 4 -3 ▼ 241.8 52 -75.5 ▼ 4.3 12* 100.0 Deutsche Bank 21* 31* 4 0 - 643.5 10 -32.5 ▼ 0.6 77* 10.0 Kingston Corporate Finance Ltd 21* 25* 4 -1 ▼ 40.9 - -82.3 ▼ 1.7 35* 100.0 Hochinma Mid-Market M&A up to US$500m by Target Industry Jan 1 - Mar 31 Altus Capital Ltd 21* - 4 4 ▲ 259.7 - - - 0.7 65* 100.0 Guotai Junan Securities 21* 31* 4 0 - 732.3 6 239.2 ▲ 0.5 86* 100.0 Credit Suisse 21* 40* 4 1 ▲ 193.0 - 153.3 ▲ 7.6 7 25.6 RHB 21* 40* 4 1 ▲ 388.8 28 -52.3 ▼ 0.7 65* 100.0 Financials Octal Capital Ltd 21* - 4 4 ▲ 203.9 - - - 1.5 41* 100.0 3.3% 2.2% China International Capital Co 32* 3 3 -17 ▼ 111.2 86 -94.3 ▼ 6.4 8 58.7 16.5% Industrials M and A Securities Sdn Berhad 32* - 3 3 ▲ 15.8 ------5.1% Affin Holdings Bhd 32* - 3 3 ▲ 101.1 ------High Technology PricewaterhouseCoopers 32* 7 3 -11 ▼ 328.1 - 5.7 ▲ 0.7 65* 100.0 Ernst & Young LLP 32* 8* 3 -9 ▼ 238.6 - -60.3 ▼ 0.1 129* 100.0 6.1% China Merchants Securities Co 32* 5* 3 -12 ▼ 427.4 27 -71.1 ▼ 2.2 26* 100.0 Real Estate Huatai Securities Co Ltd 32* 17* 3 -4 ▼ 387.8 29 -71.7 ▼ 0.7 65* 63.6 China Galaxy Securities Co 32* 17* 3 -4 ▼ 627.9 13 187.8 ▲ 0.7 65* 100.0 Materials INCU Corporate Finance Ltd 32* - 3 3 ▲ 271.4 - - - 1.2 46* 100.0 6.2% UBS 32* 21* 3 -3 ▼ 602.2 14* -26.6 ▼ 9.4 6 42.7 Energy and Power Sumitomo Mitsui Finl Grp Inc 32* 63* 3 1 ▲ 126.4 - 1705.7 ▲ 1.0 55* 100.0 15.6% Bank of America Merrill Lynch 32* 31* 3 -1 ▼ 845.6 4 -20.6 ▼ 5.5 10 20.6 Media and Entertainment Avendus Capital Pvt Ltd 32* 63* 3 1 ▲ 91.0 - 271.4 ▲ 1.4 44 100.0 7.5% Business Development Asia LLC 32* 40* 3 0 - 199.2 - - - 2.6 21* 100.0 Consumer Staples Rothschild & Co 32* 31* 3 -1 ▼ 228.8 - - - 10.2 4* 62.6 Hooray Capital Ltd 32* - 3 3 ▲ 73.1 ------Shenwan Hongyuan Securities Co 32* 13* 3 -6 ▼ 498.6 21 - - 0.0 145* - Healthcare Industry Total 2,031 -206 ▼ 72,977.7 -11.0 ▼ 495.0 62.4 Consumer Products and Services 11.0% 12.9% Telecommunications

12.0% Retail

*tie

Source: Thomson Reuters

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15 First Quarter 2017 │ Mid-Market M&A Up To US$500m │ Financial Advisors Hong Kong Involvement Mid-Market Rankings (MM12)

MM12 - Undisclosed Values & Values up to US$500m Jan 1 - Mar 31 Hong Kong Mid-Market M&A up to US$500m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) Imputed Fees (US$m) † 2017 2016 # of Change in Rank Value 2017 Rank Value Advisor 2017 ** Fee $25 700 Financial Advisor Rank Rank Deals # of Deals US$m Rank Change (%) Fees Rank Exp. (%) Somerley 1 2* 12 7 ▲ 1,194.9 1 53.9 ▲ 2.3 8 100.0 Veda Capital Ltd 2* 7* 7 4 ▲ 365.8 8 586.3 ▲ 2.1 10 100.0 600 Haitong Securities Co Ltd 2* 4* 7 3 ▲ 546.2 6 377.0 ▲ 2.2 9 100.0 $20 Gram Capital 2* 4* 7 3 ▲ 259.1 16 497.0 ▲ 1.1 24 100.0 Optima Capital Ltd 5* - 6 6 ▲ 341.4 10 - - 0.3 53* 100.0 500 Dakin Capital Ltd 5* - 6 6 ▲ 76.2 - - - 1.0 25* 100.0

Red Sun Capital Ltd 5* - 6 6 ▲ 255.9 17 - - 0.4 47* 100.0 $15 China Construction Bank 8* 1 4 -2 ▼ 241.8 19 -58.6 ▼ 4.3 2* 100.0 400 Kingston Corporate Finance Ltd 8* 4* 4 0 - 40.9 59 -79.3 ▼ 1.7 12* 100.0 Altus Capital Ltd 8* - 4 4 ▲ 259.7 15 - - 0.5 41* 100.0 300 Octal Capital Ltd 8* - 4 4 ▲ 203.9 23 - - 1.5 16* 100.0 $10 Deals of #

Platinum Securities Co Ltd 12* 15* 3 1 ▲ 248.8 18 -59.0 ▼ - - - (US$b) Value Rank INCU Corporate Finance Ltd 12* - 3 3 ▲ 271.4 14 - - 1.2 20* 100.0 200 Hooray Capital Ltd 12* - 3 3 ▲ 73.1 ------Titan Financial Services Ltd 12* 15* 3 1 ▲ 76.0 - 110.5 ▲ 0.3 53* 100.0 $5 Goldman Sachs & Co 12* 36* 3 2 ▲ 581.7 4 - - 3.0 4 20.5 100 GF Securities 17* 15* 2 0 - 117.4 33 -58.7 ▼ - - - BNP Paribas SA 17* - 2 2 ▲ 551.6 5 - - 2.7 6 100.0 DBS Group Holdings 17* - 2 2 ▲ 602.2 2* - - 4.3 2* 100.0 $0 - Guotai Junan Securities 17* 36* 2 1 ▲ 78.8 - 2362.5 ▲ - - - Karl Thomson Holdings Ltd 17* - 2 2 ▲ 82.3 - - - 0.6 33* 100.0 VC Capital Ltd 17* - 2 2 ▲ 78.8 - - - 0 73* - RHB 17* - 2 2 ▲ 154.9 ------US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals Dongxing Securities 17* - 2 2 ▲ 46.2 - - - 0.3 53* 100.0 Citi 17* - 2 2 ▲ 40.5 - - - 0.6 33* 100.0 UBS 17* 7* 2 -1 ▼ 602.2 2* 254.2 ▲ 6.6 1 100.0 Hong Kong Mid-Market M&A up to US$500m by Target Industry Jan 1 - Mar 31 Akron Corp Finance Ltd 17* - 2 2 ▲ 69.2 ------F.E. Corporate Finance Advisor 17* - 2 2 ▲ 78.8 ------Alliance Capital Partners Ltd 17* 15* 2 0 - 309.6 11 221.8 ▲ 0.2 59* 100.0 Fortune Financial Capital Ltd 17* - 2 2 ▲ 100.5 - - - 1.2 20* 100.0 Lego Corporate Finance Ltd 17* - 2 2 ▲ 40.5 - - - 0.3 53* 100.0 2.8% Financials 4.7% Prosperity Capital Hldg Ltd 17* - 2 2 ▲ 51.5 - - - 0.6 33* 100.0 Real Estate Shinco Capital Ltd 17* - 2 2 ▲ 34.7 ------4.7% Zhaobangji Intl Capital Ltd 17* - 2 2 ▲ 220.8 20 - - 0.1 67* 100.0 22.5% BaoQiao Partners Capital Ltd 17* - 2 2 ▲ 70.4 - - - 0.1 67* 100.0 Media and Entertainment Industry Total 456 33 ▲ 19,231.7 21.0 ▲ 138.8 83.0 5.6% Industrials

Consumer Staples 6.0% Energy and Power

High Technology 6.5% Consumer Products and Services 15.9% Healthcare

Materials 8.8% Retail

Telecommunications 9.3% 12.3%

*tie

Source: Thomson Reuters

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16 First Quarter 2017 │ Mid-Market M&A Up To US$500m │ Financial Advisors Australia/New Zealand Involvement Mid-Market Rankings (MM11)

MM11 - Undisclosed Values & Values up to US$500m Jan 1 - Mar 31 Australia/New Zealand Mid-Market M&A up to US$500m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) Imputed Fees (US$m) † 2017 2016 # of Change in Rank Value 2017 Rank Value Advisor 2017 ** Fee $16 700 Financial Advisor Rank Rank Deals # of Deals US$m Rank Change (%) Fees Rank Exp. (%) Macquarie Group 1 1 9 -5 ▼ 938.5 1 -23.8 ▼ 9.2 2 53.2 $14 600 KPMG 2 4* 6 2 ▲ 80.9 17 34.8 ▲ .5 26* 100.0 Rothschild & Co 3* 6* 5 2 ▲ 276.0 8 69.7 ▲ 3.6 7 100.0

$12 UBS 3* 2* 5 -1 ▼ 444.7 5 -38.0 ▼ 5.2 4 100.0 500 Gresham Partners 5* - 3 3 ▲ 196.9 11 - - 1.0 20* 100.0

Houlihan Lokey 5* 19* 3 2 ▲ 46.2 21 -35.1 ▼ 3.3 8 100.0 $10 PricewaterhouseCoopers 5* 2* 3 -3 ▼ 0 23* - - .1 29* 100.0 400 Credit Suisse 5* 11* 3 1 ▲ 302.5 7 891.8 ▲ 11.4 1 100.0 Goldman Sachs & Co 5* 11* 3 1 ▲ 250.2 10 -57.8 ▼ 4.5 5 100.0 $8

RBC Capital Markets 10* 19* 2 1 ▲ 62.7 19 -23.5 ▼ 3.0 9 27.0 300 Deals of #

Bank of America Merrill Lynch 10* 19* 2 1 ▲ 251.4 9 -48.8 ▼ 2.7 10 36.5 (US$b) Value Rank $6 Miles Advisory Partners 10* 19* 2 1 ▲ 0 23* - - 2.6 11 100.0 Forsyth Barr 13* - 1 1 ▲ 0 23* - - - - - 200 Investec 13* 19* 1 0 - 73.3 18 904.1 ▲ 1.4 17 100.0 $4 Greenhill & Co, LLC 13* 19* 1 0 - 0 23* - - - - - Barclays 13* - 1 1 ▲ 170.8 12* - - 1.1 18* 19.3 $2 100 Deutsche Bank 13* 19* 1 0 - 461.3 2* 105.9 ▲ - - - Morgan Stanley 13* 11* 1 -1 ▼ 0 23* - - 2.4 12 33.8 Nomura 13* 6* 1 -2 ▼ 461.3 2* -36.8 ▼ - - - $0 - Innovation Advisors 13* - 1 1 ▲ 52.7 20 - - - - - Bancorp NZ Ltd 13* - 1 1 ▲ 0 23* - - 0.8 24* 100.0 Grant Samuel 13* 19* 1 0 - 0 23* - - 0.9 23 100.0 Citi 13* 6* 1 -2 ▼ 170.8 12* -40.7 ▼ 1.1 18* 100.0 US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals Greenstone Partners 13* 19* 1 0 - 0 23* - - 1.0 20* 100.0 Global M&A 13* - 1 1 ▲ 0 23* - - - - - Moelis & Co 13* 19* 1 0 - 134.8 14 - - 3.7 6 57.8 Aus/New Zealand Mid-Mkt M&A up to US$500m by Target Industry Jan 1 - Mar 31 Argonaut Ltd 13* - 1 1 ▲ 36.7 22 - - 0.1 29* 100.0 Kidder Williams Ltd 13* - 1 1 ▲ 345.6 6 - - - - - Baker Tilly International 13* - 1 1 ▲ 0 23* - - 0.1 29* 100.0 Accuracy SAS 13* - 1 1 ▲ 0 23* - - 0.1 29* 100.0 Clairfield International 13* 11* 1 -1 ▼ 0 23* - - 1.0 20* 100.0 4.1% Industrials RHT Capital Pte Ltd 13* - 1 1 ▲ 122.7 15 - - - - - 4.8% Luminis Partners Pty Ltd 13* - 1 1 ▲ 112.7 16 - - - - - 17.6% High Technology JP Morgan 13* 19* 1 0 - 0 23* - - - - - 5.0% Peter J. Solomon Co Ltd 13* - 1 1 ▲ 445.0 4 - - - - - Financials Highbury Partnership Pty Ltd 13* - 1 1 ▲ 0 23* - - - - - Lazard 13* 11* 1 -1 ▼ 0 23* - - - - - 5.4% Consumer Staples Industry Total 407 -11 ▼ 8,447.3 -9.1 ▼ 140.6 70.7 Real Estate

7.2% Materials 13.7% Consumer Products and Services

Energy and Power 8.7% Retail

Media and Entertainment 12.0%

10.2% Healthcare

10.5% Telecommunications

*tie

Source: Thomson Reuters

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17 First Quarter 2017 │ Mid-Market M&A Up To US$500m │ Financial Advisors Singapore Involvement Mid-Market Rankings (MM14)

MM14 - Undisclosed Values & Values up to US$500m Jan 1 - Mar 31 Singapore Mid-Market M&A up to US$500m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) Imputed Fees (US$m) † 2017 2016 # of Change in Rank Value 2017 Rank Value Advisor 2017 ** Fee $12 350 Financial Advisor Rank Rank Deals # of Deals US$m Rank Change (%) Fees Rank Exp. (%) Credit Suisse 1* 1 3 -3 ▼ 315.0 1 -69.5 ▼ 5.3 3 27.7 300 Morgan Stanley 1* 19* 3 2 ▲ 1.0 16 - - 9.2 1 40.0 $10 Oversea-Chinese Banking 3* - 2 2 ▲ 93.7 9 - - - - -

Standard Chartered PLC 3* - 2 2 ▲ 314.0 2 - - 0.2 20* 100.0 250 KPMG 3* 19* 2 1 ▲ 35.0 12* -87.7 ▼ 0.2 20* 100.0 $8 Provenance Capital Pte Ltd 3* - 2 2 ▲ 148.0 4 - - 0.1 24* 100.0 Global M&A 3* - 2 2 ▲ 0 18* - - 1.0 10* 100.0 200 RHB 3* 9* 2 0 - 105.8 7 -78.6 ▼ 0.7 16 100.0 $6 BDO 3* 4* 2 -1 ▼ 1.7 15 -95.9 ▼ 0.2 20* 100.0 Goldman Sachs & Co 3* 9* 2 0 - 0 18* - - 2.0 4* 100.0 150 of Deals #

Evercore Partners 11* 19* 1 0 - 153.0 3 - - - - - (US$b) Value Rank DBS Group Holdings 11* 19* 1 0 - 50.9 10* 734.4 ▲ 0.9 14* 100.0 $4 Mizuho Financial Group 11* - 1 1 ▲ 136.0 5* - - 1.3 8 100.0 100 Rothschild & Co 11* - 1 1 ▲ 0 18* - - - - - Signal Hill Capital Group LLC 11* - 1 1 ▲ 0 18* - - - - - $2 50 Asian Corporate Advisors Pte 11* 19* 1 0 - 50.9 10* 274.3 ▲ - - - Nomura 11* 9* 1 -1 ▼ 136.0 5* 28.7 ▲ 1.1 9 100.0 Moelis & Co 11* - 1 1 ▲ 0 18* - - 2.0 4* 100.0 $0 - Business Development Asia LLC 11* - 1 1 ▲ 0 18* - - - - - Avendus Capital Pvt Ltd 11* - 1 1 ▲ 35.0 12* - - 0.6 17 100.0 Hong Leong Financial Group Bhd 11* - 1 1 ▲ 100.1 8 - - - - - CIMB Group Sdn Bhd 11* 9* 1 -1 ▼ 0 18* - - - - - US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals Itau Unibanco 11* - 1 1 ▲ 0 18* - - 1.0 10* 100.0 Pickering Pacific Pte Ltd 11* - 1 1 ▲ 0 18* - - 1.0 10* 100.0 RHT Capital Pte Ltd 11* - 1 1 ▲ 0.7 17 - - 0 27 - MS Corporate Finance Pte Ltd 11* - 1 1 ▲ 34.3 14 - - - - - Singapore Mid-Market M&A up to US$500m by Target Industry Jan 1 - Mar 31 Lazard 11* - 1 1 ▲ 0 18* - - - - - Deloitte 11* 19* 1 0 - 0 18* - - 1.0 10* 100.0 JP Morgan 11* 4* 1 -2 ▼ 0 18* - - - - - Industry Total 196 -39 ▼ 5,766.9 -10.9 ▼ 77.2 35.0 3.3% Real Estate 4.1% Industrials 4.4% Media and Entertainment

8.2% 38.1% High Technology

Financials

Healthcare 8.3% Consumer Staples

Materials 8.4% Energy and Power

Consumer Products and Services 8.7% 14.1% Telecommunications

*tie

Source: Thomson Reuters

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18 First Quarter 2017 | Mid-Market M&A Up To US$500M | Financial Advisors

Japanese Involvement Mid-Market Rankings (MM15)

MM15 - Undisclosed Values & Values up to US$500m Jan 1 - Mar 31 Japanese Mid-Market M&A up to US$500m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) Imputed Fees (US$m) † $18 1,000 2017 2016 # of Change in Rank Value 2017 Rank Value Advisor 2017 ** Fee Change in Rank Financial Advisor Rank Rank Deals # of Deals US$m Rank Change (%) Fees Rank Exp. (%) $16 900 Sumitomo Mitsui Finl Grp Inc 1 2 41 3 ▲ 1,036.1 3 173.3 ▲ 27.5 1 75.1 Mizuho Financial Group 2 1 33 -11 ▼ 554.0 6 -73.5 ▼ 20.6 4* 91.6 800 Daiwa Securities Group Inc 3 5 26 7 ▲ 1,832.5 1 213.2 ▲ 13.3 9 88.7 $14 Nomura 4 3 17 -10 ▼ 1,469.8 2 -28.0 ▼ 25.6 2 68.6 700 Plutus Consulting Co Ltd 5* 6 12 -1 ▼ 405.9 9* 137.1 ▲ 2.0 28* 18.9 $12

Kaede Group 5* 15* 12 7 ▲ 11.0 - 1275.0 ▲ 3.4 21 100.0 600 GCA Corp 7 10* 11 0 - 405.9 9* -25.4 ▼ 2.5 25 0.5 $10 Mitsubishi UFJ Financial Group 8 6* 10 -6 ▼ 50.6 4 -59.4 ▼ 65.3 17* 40.3 500 PricewaterhouseCoopers 9 6* 8 -8 ▼ 560.6 4 375.1 ▲ 1.7 31* 81.0 $8 Mitsubishi UFJ Morgan Stanley 10* - 7 -14 ▼ 309.9 5 -42.9 ▼ 5.6 12 - 400 of Deals # Ernst & Young LLP 10* 28* 7 5 ▲ 367.9 11 91875.0 ▲ .5 52* 100.0 $6 AGS Consulting Co Ltd 12* 13* 6 0 - 159.9 21 707.6 ▲ 1.1 36* 100.0 300

Maxus Corporate Advisory Inc 12* 10* 6 -5 ▼ 0 - - - .8 48 100.0 (US$b) Value Rank $4 Morgan Stanley 14* 12 4 -5 ▼ 558.3 5 -40.2 ▼ 5.6 12 14.0 200 es Networks Co Ltd 14* - 4 4 ▲ 2.4 - - - .5 52* 100.0 Citi 14* 28* 4 2 ▲ 87.5 25 - - 4.4 16 19.0 $2 100 Growin Partners Inc 14* 21* 4 1 ▲ 24.0 - 160.9 ▲ 2.6 24 100.0 Deloitte 14* 8 4 -10 ▼ 245.0 15 -16.0 ▼ 1.5 33 100.0 $0 - IMAP 19* 38* 3 2 ▲ 7.3 - - - 1.0 38* 100.0 Frontier Management Inc 19* 38* 3 2 ▲ 3.5 - - - 0.1 64* 100.0 YAMADA & Partners 19* 21* 3 0 - 11.0 38* -80.3 ▼ 0.1 64* 2.2 Sumitomo Mitsui Trust Holdings 19* 21* 3 0 - 80.5 - 3559.1 ▲ 4.9 14 44.5 US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals ING 23* 38* 2 1 ▲ 0 ------Lincoln International 23* 38* 2 1 ▲ 0 - - - 4.6 15 100.0 Global M&A 23* - 2 2 ▲ 0 - - - 1.0 38* 100.0 Tokyo Financial Advisers 23* 21* 2 -1 ▼ 2.7 - -74.3 ▼ 0.1 64* 100.0 Japanese Mid-Market M&A up to US$500m by Target Industry Jan 1 - Mar 31 Sangyo Sosei Advisory Inc 23* 38* 2 1 ▲ 31.1 ------Azone Partners 23* - 2 2 ▲ 71.8 - - - .5 52* 100.0 HSBC Holdings PLC 23* 38* 2 1 ▲ 200.0 17 36.7 ▲ 1.2 35 100.0 CLARIS CAPITAL 23* 18* 2 -2 ▼ 0 - - - 3.0 22* 100.0 Real Estate Alantra Partners SA 23* 38* 2 1 ▲ 0 - - - 1.0 38* 100.0 5.8% Stewart McLaren & Co 23* - 2 2 ▲ 83.3 ------Industrials JP Morgan 23* 28* 2 0 - 209.9 16 - - 7.1 10 9.1 5.9% 21.4% Industry Total 780 -144 13,185.3 -0.2 362.1 47.9 ▼ ▼ High Technology

6.7% Financials

Energy and Power

6.7% Materials Consumer Products and Services 14.9% Media and Entertainment 7.0% Retail

Consumer Staples 8.3% 12.6% Healthcare 8.3% Telecommunications

*tie

Source: Thomson Reuters

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19 First Quarter 2017| Mid-Market M&A Up To US$500M | Financial Advisors Chinese Involvement Mid-Market Rankings (MM20)

MM20 - Undisclosed Values & Values up to US$500m Jan 1 - Mar 31 Chinese Mid-Market M&A up to US$500m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) Imputed Fees (US$m) † $100 2,500 2017 2016 # of Change in Rank Value 2017 Rank Value Advisor 2017 ** Fee Change in Rank Financial Advisor Rank Rank Deals # of Deals US$m Rank Change (%) Fees Rank Exp. (%) $90 Gram Capital 1 1* 14 -14 ▼ 220.5 44 -62.1 ▼ 0.8 35* 88.9 Haitong Securities Co Ltd 2 9* 10 2 ▲ 1,629.6 1 157.0 ▲ 1.7 20* 73.9 $80 2,000 CITIC 3 4* 9 -6 ▼ 311.2 31 -84.7 ▼ 1.9 18 11.5

Veda Capital Ltd 4* 59* 7 6 ▲ 277.2 - 1414.8 ▲ 1.1 30* 100.0 $70 China Renaissance Partners 4* 16* 7 1 ▲ 637.3 8 42.3 ▲ 10.4 3 78.8 China Securities Co Ltd 4* 6 7 -5 ▼ 923.4 3 -55.5 ▼ 2.2 17 75.9 $60 1,500 Somerley 4* 19* 7 2 ▲ 1,024.0 2 30.6 ▲ 1.7 20* 100.0 Industrial & Comm Bank China 8* 1* 6 -22 ▼ 365.8 27 -77.8 ▼ 10.2 4 27.3 $50 Morgan Stanley 8* 11* 6 -1 ▼ 145.1 60 -79.9 ▼ 12.8 1 42.1 Goldman Sachs & Co 8* 40* 6 4 ▲ 645.3 6 211.7 ▲ 11.9 2 68.8 $40 1,000 of Deals # Shanghai Securities Co Ltd 11* - 5 5 ▲ 540.5 15 - - - - - Rank Value (US$b) RankValue Red Sun Capital Ltd 11* - 5 5 ▲ 253.0 - - - 0.4 54* 100.0 $30 GF Securities 13* 9* 4 -4 ▼ 433.7 23 -65.3 ▼ 0.5 48* 100.0 China Construction Bank 13* 11* 4 -3 ▼ 241.8 42 -75.5 ▼ 3.9 10 100.0 $20 500 Deutsche Bank 13* 23* 4 0 - 643.5 7 -32.5 ▼ 0.6 42* 10.0 Guotai Junan Securities 13* 23* 4 0 - 732.3 5 239.2 ▲ 0.5 48* 100.0 $10 Optima Capital Ltd 13* - 4 4 ▲ 203.9 - - - 0.3 62* 100.0 China International Capital Co 18* 3 3 -17 ▼ 111.2 67 -94.3 ▼ 6.4 5 58.7 $0 - Huatai Securities Co Ltd 18* 11* 3 -4 ▼ 387.8 25 -71.7 ▼ 0.7 37* 63.6 Altus Capital Ltd 18* - 3 3 ▲ 205.5 - - - 0.5 48* 100.0 Credit Suisse 18* 29* 3 0 - 152.1 - 99.6 ▲ 2.6 15* 10.5 Dongxing Securities 18* 40* 3 1 ▲ 437.2 22 299.3 ▲ - - - US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals Bank of America Merrill Lynch 18* 40* 3 1 ▲ 845.6 4 77.5 ▲ 3.7 12* 14.8 Shenwan Hongyuan Securities Co 18* 8 3 -6 ▼ 498.6 16 -48.4 ▼ 0 86* - China Merchants Securities Co 18* 4* 3 -12 ▼ 427.4 24 -71.1 ▼ 1.3 24* 100.0 Industry Total 1,279 -213 ▼ 57,690.5 -14.9 ▼ 295.7 54.9 Chinese Mid-Market M&A up to US$500m by Target Industry Jan 1 - Mar 31

Industrials 2.2% 2.1% 5.2% 16.0% High Technology

Financials 5.7% Materials

Real Estate 6.3% Energy and Power 14.9% Consumer Staples 6.9% Media and Entertainment

Healthcare

11.4% Telecommunications 14.9% Consumer Products and Services

12.5% Retail *tie

Source: Thomson Reuters

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20 First Quarter 2017 | Mid-Market M&A Up to US$500m | Financial Advisors

Indian Involvement Mid-Market Rankings (MM21)

MM21 - Undisclosed Values & Values up to US$500m Jan 1 - Mar 31 Indian Mid-Market M&A up to US$500m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) Imputed Fees (US$m) † $10 450 2017 2016 # of Change in Rank Value 2017 Rank Value Advisor 2017 ** Fee Change in Rank Financial Advisor Rank Rank Deals # of Deals US$m Rank Change (%) Fees Rank Exp. (%) $9 400 Ernst & Young LLP 1* 1 3 -7 ▼ 238.6 2* -43.3 ▼ - - - Avendus Capital Pvt Ltd 1* 7* 3 1 ▲ 91.0 12 2175.0 ▲ 1.4 14 100.0 $8 Lazard 1* - 3 3 ▲ 0 - - - 0.6 23* 100.0 350

KPMG 4* 3 2 -4 ▼ 44.8 15 -93.5 ▼ 0.2 31* 100.0 $7 Kotak Mahindra Bank Ltd 4* 12* 2 1 ▲ 62.1 14 -11.5 ▼ 1.7 13 100.0 300 Sumitomo Mitsui Finl Grp Inc 4* - 2 2 ▲ 126.4 9 - - - - - $6 Translink Corporate Finance 4* 12* 2 1 ▲ 19.1 20* - - 3.6 4 100.0 250 Jefferies LLC 4* 12* 2 1 ▲ 386.7 1 - - 2.0 8* 100.0 $5 Deloitte 4* 7* 2 0 - 0 27* - - 2.0 8* 100.0 200 Rothschild & Co 4* - 2 2 ▲ 228.8 4 - - 5.7 2 64.0 $4 of Deals # Cain Brothers Co. 11* - 1 1 ▲ 95.0 11 - - 0.5 26* 100.0

Rank Value (US$b) Value Rank 150 Systematix Corporate Services 11* - 1 1 ▲ 2.0 25 - - - - - $3 PricewaterhouseCoopers 11* 2 1 -7 ▼ 200.0 6* 283.1 ▲ 0.6 23* 100.0 100 Standard Chartered PLC 11* - 1 1 ▲ 238.6 2* - - 4.3 3 100.0 $2 Signal Hill Capital Group LLC 11* - 1 1 ▲ 0 ------UBS 11* 12* 1 0 - 0 27* - - 2.1 6* 100.0 $1 50 Ambit Corporate Finance 11* 12* 1 0 - 30.0 17* - - - - - ICICI Bank Ltd 11* 12* 1 0 - 17.7 23 - - 0.2 31* 100.0 $0 - Morgan Stanley 11* 12* 1 0 - 0 27* - - - - - Axis Bank Ltd 11* 4 1 -4 ▼ 37.2 16 -81.0 ▼ 0.6 23* 100.0 Business Development Asia LLC 11* 12* 1 0 - 0 27* - - 0.5 26* 100.0 Singhi Advisors Ltd 11* - 1 1 ▲ 18.5 22 - - - - - US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals Globalscope 11* - 1 1 ▲ 25.0 19 - - 0.1 35 100.0 Citi 11* 5* 1 -2 ▼ 0 27* - - - - - Amidas Partners Inc 11* - 1 1 ▲ 0 - - - 1.0 18* 100.0 Unitus Labs 11* - 1 1 ▲ 99.1 10 - - - - - Indian Mid-Market M&A up to US$500m by Target Industry Jan 1 - Mar 31 Edelweiss Financial Svcs Ltd 11* - 1 1 ▲ 74.9 13 - - 0.7 22 100.0 HSBC Holdings PLC 11* - 1 1 ▲ 200.0 6* - - 1.2 16 100.0 Grant Thornton 11* - 1 1 ▲ 142.2 8 - - - - - Benchmark International 11* - 1 1 ▲ 0 - - - 1.0 18* 100.0 Allen & Co Inc 11* - 1 1 ▲ 220.0 5 - - - - - 2.1% Mark Corp Advisors Pvt Ltd 11* - 1 1 ▲ 0.7 ------5.0% Energy and Power Wodehouse Capital Advisors 11* - 1 1 ▲ 0 - - - 1.0 18* 100.0 17.6% Financials CapitalSquare Advisors Pvt Ltd 11* - 1 1 ▲ 0 ------5.8% GCA Corp 11* 12* 1 0 - 7.1 24 - - - - - Daiwa Securities Group Inc 11* - 1 1 ▲ 30.0 17* - - - - - Industrials Drake Star Partners 11* - 1 1 ▲ 0 - - - 1.0 18* 100.0 Positron Consulting Svcs Pvt 11* - 1 1 ▲ 19.1 20* - - 0.3 30 100.0 6.2% High Technology Sparrow Business Solutions LLP 11* - 1 1 ▲ 0 - - - 0.2 31* 100.0 Industry Total 393 12 ▲ 5,629.5 -1.3 ▼ 108.3 79.7 Materials 6.3% Healthcare 14.2% Real Estate

8.5% Consumer Products and Services

Media and Entertainment

Telecommunications 13.2% 9.8% Consumer Staples

10.4% Retail *tie

Source: Thomson Reuters

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21 First Quarter 2017 | Mid-Market M&A Up To US$500m | Financial Advisors Ranking Criteria Summary

- Announced league tables include all deals that were announced between January 1, 2017 and March 31, 2017 and of which Thomson Reuters was made aware. All current data and previous year's data is as of 6:00pm EST on April 10, 2017. If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact: - League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.

Americas - 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. Robert Levine Tel: +1 646 223 5682 E-mail: [email protected] - Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms. Europe, Middle East & Africa Ewelina Jarecka Tel: +44 (0) 207 542 2246 E-mail: [email protected] - 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 Asia-Pacific 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 Catherina Guinto-Roldan value of the highest offer. Tel: +81 3 6441-1142 E-mail: [email protected] - 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. Japan Kaori Motohashi (Ishida) Tel: +813 6441 1338 E-mail: [email protected] - 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.

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22 Thomson Reuters Solutions for the Deal Making Community

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