An Acuris Company

A unique look at UK ECM activity in the first quarter of 2020.

April 2020 ECMi Report Q1 2020

perfectinfo.com Perfect Information ECMi Report Q1 2020 Introduction 2

Welcome to Perfect Information’s ECM Insight (“ECMi”) market analysis report for Q1 2020. This report takes a unique look at UK ECM activity and examines the factors that have shaped market behaviour during the period. The information contained within is based solely on UK markets, providing a more in-depth examination than similar reviews focused on EMEA. Pravin Patil Senior ECM Analyst This analysis provides a general overview of market activity during the period before delving into some of the more interesting and noteworthy trends that have developed. In particular, this report looks at IPOs, secondary offerings, sector trends and carries out a thorough investigation of underwriting and banking fees. We have provided our own UK centric league tables for banks, legal advisers, financial advisers, reporting accountants and financial PR firms, as sorted by volume and value.

perfectinfo.com Perfect Information ECMi Report Q1 2020 Contents 3

A unique look at UK ECM activity throughout the first quarter of 2020.

Edited by Pravin Patil, Senior ECM Analyst

ECM Insight & Report Methodology 04 Banks AIM 21 Overview 05 Legal Advisers 22 ECM Q1 2020 06 Legal Advisers AIM 23 Top 5 UK Deals & Top 5 AIM Deals 07 Financial Advisers 24 UK ECM Breakdown 08 Reporting Accountants 25 Total Volume & Total Value 09 Financial PR Firms 26 Top 5 IPOs & UK IPO Breakdown 10 Criteria 27 Sector Analysis 11 Contacts 28 Q1 2019 / Q1 2020 12 Q1 2019 / Q1 2020 AIM 13 Fees 14 Average Commission Breakdown 15 Average Discretionary Commission Breakdown 16 Average Commission 17 Fee Disclosure 18 League Tables 19 Banks 20

perfectinfo.com Perfect Information ECMi Report Q1 2020 ECM Insight & Report Methodology 4

ECM Insight Report Methodology

ECMi delivers fully verified ECM practice information to our This report sources its data from extracted and fully verified end users in minutes. Users can perform a detailed analysis information as published in prospectuses, admission of all completed and lapsed £20m+ primary and secondary documents, circulars, accounts and RIS notices. All graphs, deals on the London Stock Exchange’s markets since the 1st charts and tables contained within can be recreated by of January 2008, and extract salient information relating to anyone who has access to the ECMi database. The only over 400 data points. Since 1st January 2017, ECMi covers all external sources that have been used are referenced within the UK transactions above £5 million, with the dataset now going document and relate to historical share pricing and index and back to 1st January 2016. All of the data on which this report is transaction values. based is sourced from official transactional documentation that is instantly verifiable through ECMi’s database at the click of a button.

perfectinfo.com Perfect Information ECMi Report Q1 2020 Q1 2019 Overview 5

A general overview of market activity in the UK in Q1 2020.

Overview

perfectinfo.com Perfect Information ECMi Report Q1 2020 ECM Q1 2020 6 Highlights

Barclays topped their respective ECM Q1 2020 - Highlights League Tables for Volume and Value, after having missed the top 10 in Q1 2019. CMS Cameron McKenna Nabarro repeat their Q1 2019 success by topping League Tables for Volume.

Company Notes

Largest IPO Calisen plc £337.40 million - January Largest ECM Deal Hargreaves Lansdown plc £550 million ABB (sale) - February Top Sector Financials 29.03% of total ECM Deals Busiest Month January/March 34% of total ECM Deals each

Company Volume Highlights

Liberum Capital/Barclays Led the UK ECM Senior Bookrunner rankings FinnCap/Liberum Capital Led the UK ECM Senior Bookrunner rankings - AIM /CMS Cameron McKenna Nabarro Olswang Led the UK ECM Legal Adviser rankings Pinsent Masons Led the UK ECM Legal Adviser rankings - AIM Evercore/N M Rothschild & Sons Led the UK ECM Financial Adviser rankings Ernst & Young/KPMG/Deloitte/BDO/PricewaterhouseCoopers Led the UK ECM Reporting Accountant rankings Walbrook PR/Alma PR/Camarco/FTI Consulting/MHP Led the UK ECM Financial PR rankings Communications Company Value Highlights

Barclays Led the UK ECM Senior Bookrunner rankings Peel Hunt Led the UK ECM Senior Bookrunner rankings - AIM Freshfields Bruckhaus Deringer/ Led the UK ECM Legal Adviser rankings Led the UK ECM Legal Adviser rankings - AIM Evercore Led the UK ECM Financial Adviser rankings Ernst & Young Led the UK ECM Reporting Accountant rankings Tulchan Communications Led the UK ECM Financial PR rankings

perfectinfo.com Perfect Information ECMi Report Q1 2020 Top 5 Deals 7 Top 5 UK Deals & Top 5 AIM Deals

Two fundraisings were pulled in Top 5 Deals Q1 2020 (AVI Japan Opportunity Trust plc and Ninety One plc), the same number as in Q1 2019. (3% of total deals).

Top 5 UK Deals

Rank Company Transaction Size Offer Type Announcement Date

1 Hargreaves Lansdown plc GBP 550,000,000 ABB (sale) 06 February 2020 2 Aston Martin Lagonda Global Holdings plc GBP 535,803,468 Subscription and rights issue 31 January 2020 3 Wizz Air Holdings Plc GBP 499,999,996 ABB (sale) 03 February 2020 4 Premier Oil plc GBP 381,039,476 Rights issue and placing 07 January 2020 5 NMC Health plc GBP 374,400,000 ABB (sale) 07 January 2020

Top 5 AIM Deals

Rank Company Transaction Size Offer Type Announcement Date

1 Urban Logistics REIT plc GBP 136,097,241 Placing, public offer and open offer 10 February 2020 2 IG Design Group PLC GBP 120,000,005 ABB 20 January 2020 3 Warehouse REIT plc GBP 100,000,000 Placing, open offer, public offer and intermediaries offer 17 February 2020 4 Inspecs Group plc GBP 94,034,437 IPO, placing and placing (sale) 13 February 2020 5 FRP Advisory Group plc GBP 80,000,000 IPO, placing and placing (sale) 21 February 2020

perfectinfo.com Perfect Information ECMi Report Q1 2020 Top 5 Deals 8 UK ECM Breakdown

6.45% of all deals on the LSE in UK ECM Breakdown Q1 2020 derived from foreign issuers (£180 million), lower than the respective 10.77% in Q1 2019 (£303 million); a 40.39% decrease.

UK ECM Deals

Q1 2019 Q1 2020 % Change

Main Market AIM Main Market AIM Main Market AIM

Total Volume 28 37 28 34 0.00% -8.11% Total Value (£m) £7,978 £1,507 £4,716 £985 -40.89% -34.63% Average (£m) £285 £41 £168 £29 -40.89% -28.87% Median (£m) £136 £12 £101 £13 -25.31% 2.33%

Volume/Value Breakdown

Q1 2019 Q1 2020

Main Market AIM Main Market AIM

Volume Breakdown 43.08% 56.92% 45.16% 54.84% Value Breakdown 84.11% 15.89% 82.72% 17.28%

perfectinfo.com Perfect Information ECMi Report Q1 2020 Total Volume 9 & Total Value

Total Volume Total Value (£m)

70 £10,000

£9,500 60

£9,000

50 £8,500

£8,000 40 £9,485 £7,500 65 62

Total Volume Total 30 Total Value (£m) Value Total £7,000

£6,500 20

£6,000

10

£5,500 £5,700

0 £5,000 Q1 2019 Q1 2020 Q1 2019 Q1 2020

perfectinfo.com Perfect Information ECMi Report Q1 2020 Top 5 Deals 10 Top 5 IPOs & UK IPO Breakdown

IPOs in Q1 2020 increased by Top 5 IPOs 20% but total value decreased by 41.26%. Funds raised from & UK IPO Breakdown AIM IPOs increased to 16.05% of total IPO value.

Top 5 IPOs

Rank Company Transaction Size Announcement Date

1 Calisen plc GBP 337,401,077 09 January 2020 2 DRI Healthcare Plc GBP 269,749,518 12 February 2020 3 Cabot Square Alternatives PLC GBP 200,000,000 27 January 2020 4 Nippon Active Value Fund PLC GBP 103,000,000 07 January 2020 5 Inspecs Group plc GBP 94,034,437 13 February 2020

UK IPOs

Q1 2019 Q1 2020 % Change

Main Market AIM Main Market AIM Main Market AIM

Total Volume 4 1 4 2 0.00% 100.00% Total Value (£m) £1,825 £21 £910 £174 -50.13% 738.72% Average (£m) £456 £21 £228 £87 -50.13% 319.36% Median (£m) £256 £21 £235 £87 -8.25% 319.36%

Volume/Value Breakdown

Q1 2019 Q1 2020

Main Market AIM Main Market AIM

Volume Breakdown 80.00% 20.00% 66.67% 33.33% Value Breakdown 98.88% 1.12% 83.95% 16.05%

perfectinfo.com Perfect Information ECMi Report Q1 2020 Sector Analysis 11

Q1 2010 trends by industry.

Sector Analysis

perfectinfo.com Perfect Information ECMi Report Q1 2020 Sector Analysis 12 Q1 2019 / Q1 2020

Q1 2019 UK Sector Breakdown Q1 2020 UK Sector Breakdown

7.69% 1.61% 6.45% 10.77% 3.23%

9.23%

29.03% 17.74%

13.85% 38.46%

3.08% 9.68% 3.23%

7.69%

14.52% 7.69% 14.52% 1.54%

Oil & Gas Basic Materials Industrials Oil & Gas Basic Materials Industrials Consumer Goods Health Care Consumer Services Consumer Goods Health Care Consumer Services

Utilities Financials Technology Telecommunications Financials Technology perfectinfo.com Perfect Information ECMi Report Q1 2020 Sector Analysis 13 Q1 2019 / Q1 2020 AIM

Q1 2019 UK AIM Sector Breakdown Q1 2020 UK AIM Sector Breakdown

2.94% 8.82% 13.51% 16.22% 14.71% 2.94%

8.11% 2.94%

23.53% 18.92% 11.76%

18.92%

2.70%

5.41% 20.59% 11.76% 5.41% 10.81%

Oil & Gas Basic Materials Industrials Oil & Gas Basic Materials Industrials Consumer Goods Health Care Consumer Services Consumer Goods Health Care Consumer Services

Utilities Financials Technology Telecommunications Financials Technology perfectinfo.com Perfect Information ECMi Report Q1 2020 Fees 14

An overview of fee disclosure in Q1 2020.

Fees

perfectinfo.com Perfect Information ECMi Report Q1 2019 Fees 15 Average Commission Breakdown

Average Commission Breakdown Share-based Payments Only two deals in Q1 2020, both on AIM, included a share-based payment (Asimilar Group Plc and Versarien plc), 1 more than in Q1 2019.

Average Commission Breakdown by Offer Type Q1 2019 / Q1 2020

6.00%

5.50%

5.00%

4.00%

3.00% 2.74% 2.75% 2.75% 2.75%

2.41%

2.00% 2.00% 1.75%

1.30% 1.30%

1.00%

0.00% Placing Firm Placing Placing and Open Offer Open Offer Retail Rights Issue

Q1 2019 Q1 2020 perfectinfo.com Perfect Information ECMi Report Q1 2019 Fees 16 Average Discretionary Commission Breakdown

Average Discretionary Commission Breakdown

Average Discretionary Commission Breakdown by Offer Type Q1 2019 / Q1 2020

1.20%

1.00% 1.00%

0.87%

0.80%

0.60%

0.40%

0.25%

0.20%

0.00% Placing Firm Placing Placing and Open Offer Open Offer Retail Rights Issue

Q1 2019 Q1 2020 perfectinfo.com Perfect Information ECMi Report Q1 2020 Fees 17 Average Commission

Average Commission Average Commission Average commission across all offer types increased by 3.72% to 2.51% of gross proceeds in Q1 2020, with a considerable rise in discretionary commission to 1%.

Average Commission All Offer Types

3.00%

2.51% 2.50% 2.42%

2.00%

1.50%

1.00% 1.00%

0.71%

0.50%

0.00% Average Commission Average Disc. Commisson

Q1 2019 Q1 2020 perfectinfo.com Perfect Information ECMi Report Q1 2020 Fees 18 Fee Disclosure

Fee Disclosure Fee Disclosure The percentage of deals with discretionary commissions no information on commissions and corporate finance fees payable has increased from (59.99% and 20.04% decrease 50% of deals in Q1 2019 to 60% respectively) than in Q1 2019. of deals in Q1 2020. There is also a significant fall in the use and/or disclosure of use of

Fee Disclosure *Chart only applies to deals where a prospectus or admission document was published

100%

90%

80%

70%

60%

50.00% 50%

40.00% 40%

30%

20% 16.67% 16.67% 13.33% 10% 6.67%

0% Commission Disc. Commission Corporate Finance Fees

Q1 2019 Q1 2020 perfectinfo.com Perfect Information ECMi Report Q1 2020 League Tables 19

UK centric league tables for banks, legal advisers, financial advisers, reporting accountants and financial PR firms, as sorted by volume and value for Q1 2020. League Tables

perfectinfo.com Perfect Information ECMi Report Q1 2020 League Tables 20 Banks

League Tables Banks

Banks by Volume (min. 3 deals) Top 20 Banks by Value

Ranking Q1 2020 Volume & Value Market Share Ranking Q1 2019 Volume & Value Market Share

Q1 Q1 Company Name Volume Value (£m) Q1 2019 Q1 2020 Change Q1 Q1 Adviser Value (£m) Volume Q1 2019 Q1 2020 Change 2019 2020 2019 2020

20 1 Barclays 7 £948 3.13% 11.86% 8.74% 11 1 Barclays £948 7 2.54% 16.72% 14.18%

8 1 Liberum Capital 7 £148 4.69% 11.86% 7.18% 3 2 Jefferies International £629 4 7.66% 11.10% 3.45%

5 3 Numis Securities 6 £341 6.25% 10.17% 3.92% 6 3 J.P. Morgan Cazenove £510 5 3.71% 9.00% 5.29%

20 4 J.P. Morgan Cazenove 5 £510 3.13% 8.47% 5.35% - 4 Deutsche Bank £399 4 - 7.04% 7.04%

8 4 Shore Capital 5 £145 4.69% 8.47% 3.79% 17 5 Numis Securities £341 6 1.80% 6.01% 4.21%

2 6 Jefferies International 4 £629 7.81% 6.78% -1.03% 1 6 Morgan Stanley £331 3 23.85% 5.84% -18.02%

- 6 Deutsche Bank 4 £399 - 6.78% 6.78% 38 7 Cantor Fitzgerald £237 3 0.10% 4.18% 4.08%

1 6 Peel Hunt 4 £219 12.50% 6.78% -5.72% 9 8 Peel Hunt £219 4 2.70% 3.86% 1.16%

5 6 FinnCap 4 £30 6.25% 6.78% 0.53% 25 9 Credit Suisse £199 3 0.53% 3.51% 2.98%

5 10 Morgan Stanley 3 £331 6.25% 5.08% -1.17% 7 10 RBC Europe £191 1 3.36% 3.36% 0.00%

20 10 Cantor Fitzgerald 3 £237 3.13% 5.08% 1.96% 10 11 Citigroup £181 2 2.67% 3.20% 0.52%

29 10 Credit Suisse 3 £199 1.56% 5.08% 3.52% 15 12 Canaccord Genuity £175 3 1.92% 3.10% 1.17%

2 10 Canaccord Genuity 3 £175 7.81% 5.08% -2.73% 2 13 Goldman Sachs International £170 3 17.80% 2.99% -14.81%

8 10 Goldman Sachs International 3 £170 4.69% 5.08% 0.40% 13 14 Liberum Capital £148 7 2.19% 2.61% 0.42%

- 10 HSBC 3 £144 - 5.08% 5.08% 20 15 Shore Capital £145 5 0.74% 2.55% 1.81%

8 10 Cenkos Securities 3 £100 4.69% 5.08% 0.40% - 16 HSBC £144 3 - 2.53% 2.53%

8 10 Nplus1 Singer 3 £85 4.69% 5.08% 0.40% 23 17 Cenkos Securities £100 3 0.61% 1.76% 1.15%

8 10 Arden Partners 3 £22 4.69% 5.08% 0.40% 28 18 Nplus1 Singer £85 3 0.38% 1.49% 1.12%

31 19 Panmure Gordon & Co £74 2 0.25% 1.30% 1.05%

24 20 Berenberg £71 2 0.55% 1.26% 0.71%

perfectinfo.com Perfect Information ECMi Report Q1 2020 League Tables 21 Banks AIM

League Tables Banks AIM

Banks by Volume (min. 2 deals) Top 20 Banks by Value

Ranking Q1 2020 Volume & Value Market Share Ranking Q1 2020 Volume & Value Market Share

Q1 Q1 Adviser Volume Value (£m) Q1 2019 Q1 2020 Change Q1 Q1 Adviser Value (£m) Volume Q1 2019 Q1 2020 Change 2019 2020 2019 2020

17 1 Liberum Capital 4 £74 2.78% 12.50% 9.72% 1 1 Peel Hunt £194 2 2.05% 3.50% 1.45%

3 1 FinnCap 4 £30 8.33% 12.50% 4.17% 13 2 Canaccord Genuity £124 2 0.33% 2.24% 1.91%

3 3 Cenkos Securities 3 £100 8.33% 9.38% 1.04% 11 3 Cenkos Securities £100 3 0.61% 1.80% 1.19%

17 3 Nplus1 Singer 3 £85 2.78% 9.38% 6.60% 27 4 Nplus1 Singer £85 3 0.03% 1.53% 1.49%

9 3 Numis Securities 3 £78 5.56% 9.38% 3.82% 6 5 Numis Securities £78 3 1.09% 1.41% 0.31%

3 3 Arden Partners 3 £22 8.33% 9.38% 1.04% - 6 Deutsche Bank £77 1 - 1.40% 1.40%

3 3 Shore Capital 3 £20 8.33% 9.38% 1.04% 25 7 Liberum Capital £74 4 0.07% 1.34% 1.27%

1 8 Peel Hunt 2 £194 16.67% 6.25% -10.42% 14 8 Panmure Gordon & Co £74 2 0.25% 1.33% 1.08%

2 8 Canaccord Genuity 2 £124 11.11% 6.25% -4.86% 17 9 FinnCap £30 4 0.19% 0.55% 0.36%

3 8 Panmure Gordon & Co 2 £74 8.33% 6.25% -2.08% 16 10 Arden Partners £22 3 0.23% 0.40% 0.17%

- 8 Peterhouse Corporate Finance 2 £7 - 6.25% 6.25% 8 11 Shore Capital £20 3 0.74% 0.36% -0.38%

15 12 Berenberg £20 1 0.24% 0.36% 0.12%

2 12 Investec £20 1 1.90% 0.36% -1.54%

- 14 Bryan Garnier & Co £11 1 - 0.20% 0.20%

- 15 SP Angel Corporate Finance £8 1 - 0.15% 0.15%

- 16 Peterhouse Corporate Finance £7 2 - 0.12% 0.12%

23 17 Cantor Fitzgerald £6 1 0.10% 0.10% 0.00%

- 18 Beech Hill Securities £5 1 - 0.10% 0.10%

3 19 Jefferies International £4 1 1.57% 0.07% -1.50%

- 20 Cairn Financial Adviser £4 1 - 0.07% 0.07%

perfectinfo.com Perfect Information ECMi Report Q1 2020 League Tables 22 Legal Advisers

League Tables Legal Advisers

Legal Advisers by Volume (min. 2 deals) Top 20 Legal Advisers by Value

Ranking Q1 2020 Volume & Value Market Share Ranking Q1 2020 Volume & Value Market Share

Q1 Q1 Adviser Volume Value (£m) Q1 2019 Q1 2020 Change Q1 Q1 Adviser Value (£m) Volume Q1 2019 Q1 2020 Change 2019 2020 2019 2020

1 1 CMS Cameron McKenna Nabarro Olswang 5 £485 7.69% 8.06% 0.37% 17 1 Freshfields Bruckhaus Deringer £536 1 0.57% 9.40% 8.83%

9 1 Pinsent Masons 5 £53 3.08% 8.06% 4.99% 3 1 Linklaters £536 1 10.29% 9.40% -0.89%

18 3 4 £510 1.54% 6.45% 4.91% 14 3 Travers Smith £510 4 1.05% 8.94% 7.89%

4 4 Stephenson Harwood 3 £350 4.62% 4.84% 0.22% 7 4 CMS Cameron McKenna Nabarro Olswang £485 5 3.40% 8.50% 5.11%

3 4 3 £42 6.15% 4.84% -1.32% 4 5 Freehills £470 2 5.40% 8.24% 2.84%

9 6 2 £470 3.08% 3.23% 0.15% 11 6 Stephenson Harwood £350 3 1.80% 6.14% 4.35%

1 6 Gowling WLG 2 £143 7.69% 3.23% -4.47% - 7 Simpson Thacher & Bartlett £337 1 - 5.92% 5.92%

18 6 Reed Smith 2 £108 1.54% 3.23% 1.69% 2 7 £337 1 17.80% 5.92% -11.88%

18 6 2 £26 1.54% 3.23% 1.69% 10 9 Gowling WLG £143 2 1.93% 2.51% 0.58%

9 6 DAC Beachcroft 2 £15 3.08% 3.23% 0.15% - 10 Mayer Brown International £120 1 - 2.11% 2.11%

6 10 £120 1 3.68% 2.11% -1.58%

15 12 Reed Smith £108 2 0.81% 1.90% 1.10%

12 13 Mills & Reeve £103 1 1.18% 1.81% 0.63%

23 14 DLA Piper £103 1 0.14% 1.81% 1.66%

19 15 £94 1 0.47% 1.65% 1.18%

29 16 Bryan Cave Leighton Paisner £80 1 0.06% 1.40% 1.34%

- 16 £80 1 - 1.40% 1.40%

25 18 Pinsent Masons £53 5 0.12% 0.93% 0.80%

16 19 Fieldfisher £42 3 0.73% 0.73% 0.00%

22 20 Eversheds Sutherland £26 2 0.22% 0.46% 0.24%

perfectinfo.com Perfect Information ECMi Report Q1 2020 League Tables 23 Legal Advisers AIM

League Tables Legal Advisers AIM

Legal Advisers by Volume Top 20 Legal Advisers by Value

Ranking Q1 2020 Volume & Value Market Share Ranking Q1 2020 Volume & Value Market Share

Q1 Q1 Adviser Volume Value (£m) Q1 2019 Q1 2020 Change Q1 Q1 Adviser Value (£m) Volume Q1 2019 Q1 2020 Change 2019 2020 2019 2020

4 1 Pinsent Masons 4 £48 5.41% 11.76% 6.36% 13 1 Stephenson Harwood £150 2 0.12% 2.70% 2.58%

1 2 Fieldfisher 3 £42 10.81% 8.82% -1.99% 1 2 CMS Cameron McKenna Nabarro Olswang £143 2 2.99% 2.57% -0.42%

7 3 Stephenson Harwood 2 £150 2.70% 5.88% 3.18% - 3 Travers Smith £137 2 - 2.46% 2.46%

2 3 CMS Cameron McKenna Nabarro Olswang 2 £143 8.11% 5.88% -2.23% 3 4 Gowling WLG £136 1 1.05% 2.45% 1.39%

- 3 Travers Smith 2 £137 - 5.88% 5.88% - 5 Mayer Brown International £120 1 - 2.16% 2.16%

7 3 Reed Smith 2 £108 2.70% 5.88% 3.18% 17 5 Norton Rose Fulbright £120 1 0.09% 2.16% 2.06%

7 3 Eversheds Sutherland 2 £26 2.70% 5.88% 3.18% 4 7 Reed Smith £108 2 0.81% 1.95% 1.14%

4 3 DAC Beachcroft 2 £15 5.41% 5.88% 0.48% - 8 Macfarlanes £94 1 - 1.69% 1.69%

7 9 Gowling WLG 1 £136 2.70% 2.94% 0.24% - 9 Bryan Cave Leighton Paisner £80 1 - 1.44% 1.44%

7 9 Norton Rose Fulbright 1 £120 2.70% 2.94% 0.24% - 9 Dentons £80 1 - 1.44% 1.44%

- 9 Mayer Brown International 1 £120 - 2.94% 2.94% 12 11 Pinsent Masons £48 4 0.12% 0.86% 0.74%

- 9 Macfarlanes 1 £94 - 2.94% 2.94% 5 12 Fieldfisher £42 3 0.73% 0.75% 0.02%

- 9 Bryan Cave Leighton Paisner 1 £80 - 2.94% 2.94% 8 13 Eversheds Sutherland £26 2 0.22% 0.47% 0.25%

- 9 Dentons 1 £80 - 2.94% 2.94% - 14 £22 1 - 0.40% 0.40%

- 9 Addleshaw Goddard 1 £22 - 2.94% 2.94% 7 15 DAC Beachcroft £15 2 0.31% 0.28% -0.04%

- 9 1 £15 - 2.94% 2.94% - 16 Taylor Wessing £15 1 - 0.27% 0.27%

- 9 Bird & Bird 1 £15 - 2.94% 2.94% - 16 Bird & Bird £15 1 - 0.27% 0.27%

7 9 Ince Gordon Dadds 1 £14 2.70% 2.94% 0.24% 13 18 Ince Gordon Dadds £14 1 0.12% 0.25% 0.13%

7 9 1 £10 2.70% 2.94% 0.24% 19 19 Osborne Clarke £10 1 0.06% 0.17% 0.11%

7 9 Walker Morris 1 £6 2.70% 2.94% 0.24% 18 20 Walker Morris £6 1 0.06% 0.11% 0.05%

- 9 BDB Pitmans 1 £6 - 2.94% 2.94%

- 9 Gateley 1 £6 - 2.94% 2.94%

- 9 Shepherd & Wedderburn 1 £5 - 2.94% 2.94%

perfectinfo.com Perfect Information ECMi Report Q1 2020 League Tables 24 Financial Advisers

League Tables Financial Advisers

Financial Advisers by Volume Top 9 Financial Advisers by Value

Ranking Q1 2020 Volume & Value Market Share Ranking Q1 2020 Volume & Value Market Share

Q1 Q1 Adviser Volume Value (£m) Q1 2019 Q1 2020 Change Q1 Q1 Adviser Value (£m) Volume Q1 2019 Q1 2020 Change 2019 2020 2019 2020

3 1 Evercore 2 £589 1.54% 3.23% 1.69% 16 1 Evercore £589 2 0.05% 10.34% 10.29%

3 1 N M Rothschild & Sons 2 £219 1.54% 3.23% 1.69% 2 2 Morgan Stanley £536 1 6.34% 9.40% 3.06%

3 3 Morgan Stanley 1 £536 1.54% 1.61% 0.07% 7 3 RBC Europe £381 1 1.38% 6.68% 5.31%

3 3 RBC Europe 1 £381 1.54% 1.61% 0.07% 4 4 Jefferies International £300 1 4.01% 5.26% 1.25%

1 3 Jefferies International 1 £300 3.08% 1.61% -1.46% 2 5 N M Rothschild & Sons £219 2 6.34% 3.84% -2.50%

- 3 Kinmont 1 £136 - 1.61% 1.61% - 6 Kinmont £136 1 - 2.39% 2.39%

- 3 Shore Capital 1 £103 - 1.61% 1.61% - 7 Shore Capital £103 1 - 1.81% 1.81%

- 3 Numis Securities 1 £43 - 1.61% 1.61% - 8 Numis Securities £43 1 - 0.75% 0.75%

- 3 Liberum Capital 1 £7 - 1.61% 1.61% - 9 Liberum Capital £7 1 - 0.12% 0.12%

perfectinfo.com Perfect Information ECMi Report Q1 2020 League Tables 25 Reporting Accountants

League Tables Reporting Accountants

Reporting Accountants by Volume (min. 2 deals) Top 5 Reporting Accountants by Value

Ranking Q1 2020 Volume & Value Market Share Ranking Q1 2020 Volume & Value Market Share

Q1 Q1 Company Name Volume Value (£m) Q1 Q1 Change Q1 Q1 Company Name Value (£m) Volume Q1 Q1 Change 2019 2020 2019 2020 2019 2020 2019 2020

4 1 Ernst & Young 2 £630 3.08% 3.23% 0.15% 5 1 Ernst & Young £630 2 0.20% 11.05% 10.84%

4 1 BDO 2 £500 3.08% 3.23% 0.15% 4 2 BDO £500 2 3.11% 8.77% 5.66%

1 1 Deloitte 2 £370 9.23% 3.23% -6.00% 3 3 Deloitte £370 2 11.06% 6.49% -4.58%

2 1 KPMG 2 £344 6.15% 3.23% -2.93% 1 4 KPMG £344 2 20.40% 6.04% -14.36%

2 1 PricewaterhouseCoopers 2 £138 6.15% 3.23% -2.93% 2 5 PricewaterhouseCoopers £138 2 17.42% 2.41% -15.00%

perfectinfo.com Perfect Information ECMi Report Q1 2020 League Tables 26 Financial PR Firms

League Tables Financial PR Firms

Financial PR Firms by Volume Top 20 Financial PR Firms by Value

Ranking Q1 2020 Volume & Value Market Share Ranking Q1 2020 Volume & Value Market Share

Q1 Q1 Company Name Volume Value (£m) Q1 Q1 Change Q1 Q1 Company Name Value (£m) Volume Q1 Q1 Change 2019 2020 2019 2020 2019 2020 2019 2020

6 1 Camarco 4 £582 3.08% 6.45% 3.37% 4 1 Tulchan Communications £850 2 4.92% 14.91% 9.99%

1 1 FTI Consulting 4 £245 10.77% 6.45% -4.32% 1 2 Finsbury £607 2 13.84% 10.65% -3.19%

6 1 MHP Communications 4 £243 3.08% 6.45% 3.37% 14 3 Camarco £582 4 0.32% 10.21% 9.89%

13 1 Alma PR 4 £140 1.54% 6.45% 4.91% - 4 Brunswick £536 1 - 9.40% 9.40%

13 1 Walbrook PR 4 £43 1.54% 6.45% 4.91% - 5 Powerscourt £294 2 - 5.15% 5.15%

3 6 Tulchan Communications 2 £850 4.62% 3.23% -1.39% 3 6 FTI Consulting £245 4 9.27% 4.30% -4.97%

6 6 Finsbury 2 £607 3.08% 3.23% 0.15% 12 7 MHP Communications £243 4 1.12% 4.26% 3.15%

- 6 Powerscourt 2 £294 - 3.23% 3.23% 9 8 Buchanan Communications £208 2 2.11% 3.64% 1.53%

6 6 Buchanan Communications 2 £208 3.08% 3.23% 0.15% 23 9 Alma PR £140 4 0.11% 2.46% 2.36%

2 6 Instinctif Partners 2 £27 6.15% 3.23% -2.93% - 10 Montfort Communications £136 1 - 2.39% 2.39%

- 6 Houston 2 £19 - 3.23% 3.23% 13 11 Tavistock Communications £103 1 0.68% 1.81% 1.13%

- 12 Brunswick 1 £536 - 1.61% 1.61% 17 12 Walbrook PR £43 4 0.22% 0.76% 0.54%

- 12 Montfort Communications 1 £136 - 1.61% 1.61% 11 13 Instinctif Partners £27 2 1.30% 0.47% -0.83%

3 12 Tavistock Communications 1 £103 4.62% 1.61% -3.00% 27 14 Citigate Dewe Rogerson £22 1 0.05% 0.39% 0.33%

13 12 Citigate Dewe Rogerson 1 £22 1.54% 1.61% 0.07% - 15 Houston £19 2 - 0.33% 0.33%

13 12 Consilium Strategic Communications 1 £14 1.54% 1.61% 0.07% 20 16 Portland communications £14 1 0.12% 0.25% 0.12%

13 12 Portland communications 1 £14 1.54% 1.61% 0.07% 22 17 Consilium Strategic Communications £14 1 0.11% 0.25% 0.13%

3 12 Belvedere Communications 1 £11 4.62% 1.61% -3.00% 15 18 Belvedere Communications £11 1 0.25% 0.19% -0.05%

- 12 Hawthorn Advisors 1 £10 - 1.61% 1.61% - 19 Hawthorn Advisors £10 1 - 0.18% 0.18%

- 12 TB Cardew 1 £7 - 1.61% 1.61% - 20 TB Cardew £7 1 - 0.12% 0.12%

13 12 Yellow Jersey 1 £6 1.54% 1.61% 0.07%

perfectinfo.com Perfect Information ECMi Report Q1 2020 Criteria 27

Criteria

The minimum deal size for a transaction to be included in this report is the last deal update, if said update only referred to a delay in the £5 million. deal timetable.

All figures contained within the document are accurate as of 1st April Only formal, bank-led transactions with bookrunners are eligible for 2020. Any amendments to transaction sizes and advisory roles after this rankings. date have not been recorded. Tables and graphs in this report do not include pulled/lapsed The dataset only includes offerings made within the UK, and listed on transactions. a London market. A Russian company that issues shares on the MICEX and then admits GDRs to the main market to be issued from time to Transactions not denominated in Pound Sterling have been converted time against the deposit of shares will not be included. An offering of to Pound Sterling using the Bank of England’s exchange rate on the day GDRs of £5m+ within the UK will. prior to the announcement of the deal.

The announcement of the transaction must have been made between All sector information is aligned to Industry Classification Benchmark 01 January 2020 and 31 March 2020. If a deal was announced during (ICB) sector classifications. this period then it is irrelevant that it was completed outside of the timeframe or is still pending completion.

Primary transactions are defined as the issue or sale of shares on a market where the company was previously not listed. This includes placings of new and existing shares, reverse takeovers, and retail offers. IPOs are those primary transactions listed above, excluding vendor placings and reverse takeovers. In order to be classified as an IPO, the deal must involve the issue/sale of shares in exchange for cash.

Secondary transactions are defined as the issue or sale of shares on a market where the company is already listed. This includes the above offer types as well as open offers and rights issues.

Transactions are deemed cancelled either after an announcement from the issuer/advising bank that the deal will not be proceeding at this time, or in the case of IPOs, when two months have elapsed since perfectinfo.com Perfect Information ECMi Report Q1 2020 Contacts 28

Contacts

ECM Insight

Senior ECM Analyst Head of Equity and Content Operation and Project Manager Architecture Pravin Patil Simon Hancock Sam Taylor [email protected] [email protected] [email protected] +44 (0) 203 741 1171 +44 (0) 203 741 1170 ECM Analyst Commercial Managing Director Jui Prabhu [email protected] Raouf Fria [email protected] +44 (0) 203 741 1169

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Perfect Information is an Acuris company

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