An Acuris Company

A unique look at UK ECM activity in the first quarter of 2021.

April 2021 ECMi Report Q1 2021

perfectinfo.com Perfect Information ECMi Report Q1 2021 Introduction 2

Welcome to Perfect Information's ECM Insight (“ECMi”) market analysis report for Q1 2021. 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 Pravin Patil Senior ECM Analyst EMEA.

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 2021 Contents 3

A unique look at UK ECM activity throughout the first quarter of 2021.

Edited by Pravin Patil Senior ECM Analyst

ECM Insight & Report Methodology 04 Overview 05 ECM Q1 2021 Highlights 06 Top 5 Deals 07 UK ECM Breakdown 08 UK ECM Overview 09 Top 5 IPOs & UK IPO Breakdown 10 Sector Analysis 11 Q1 2020 / Q1 2021 12 Q1 2020 / Q1 2021 AIM 13 Fees 14 Average Commission Breakdown 15 Average Commission 16 Fee Disclosure 17 League Tables 18 Criteria 26 Contacts 27

perfectinfo.com Perfect Information ECMi Report Q1 2021 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 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 external sources that have been used are referenced within all UK transactions above £5 million, with the dataset now the document and relate to historical share pricing and index going back to 1st January 2016. All of the data on which this and transaction values. report is 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 2021 Q1 2021 Market Overview 5

A general overview of market activity in the UK in Q1 2021.

Overview

perfectinfo.com Perfect Information ECMi Report Q1 2021 Q1 2021 Market Overview 6 Highlights

J.P. Morgan Cazenove topped ECM Q1 2021 Highlights their respective League Tables for Volume and Value. finnCap and Canaccord Genuity repeat their Q1 2020 success by topping the AIM League Tables for Volume and Value respectively.

Notes

Largest IPO Deliveroo Holdings plc £1.5 billion - March Largest ECM Deal Deliveroo Holdings plc £1.5 billion - March Top Sector Financials 25.38% of total ECM Deals Busiest Month March 43.85% of total ECM Deals

Adviser Volume Highlights

J.P. Morgan Cazenove Led the UK ECM Senior Bookrunner rankings finnCap Led the UK ECM Senior Bookrunner rankings - AIM Led the UK ECM Legal Adviser rankings and Led the UK ECM Legal Adviser rankings - AIM and Nplus1 Singer Led the UK ECM Financial Adviser rankings BDO Led the UK ECM Reporting Accountant rankings FTI Consulting Led the UK ECM Financial PR rankings

Adviser Value Highlights

J.P. Morgan Cazenove Led the UK ECM Senior Bookrunner rankings Canaccord Genuity Led the UK ECM Senior Bookrunner rankings - AIM Freshfields Bruckhaus Deringer Led the UK ECM Legal Adviser rankings Travers Smith Led the UK ECM Legal Adviser rankings - AIM Lazard Led the UK ECM Financial Adviser rankings Deloitte Led the UK ECM Reporting Accountant rankings Finsbury Led the UK ECM Financial PR rankings

perfectinfo.com Perfect Information ECMi Report Q1 2021 Q1 2021 Market Overview 7 Top 5 Deals

There were no pulled deals in Top 5 Deals Q1 2021, compared to 6 in Q1 2020 and 2 in Q1 2019.

Deliveroo Holdings plc’s £1.5 billion IPO was the 7th biggest IPO on the LSE since 2008.

Top 5 UK Deals

Rank Company Transaction Size Offer Type Announcement Date

1 Deliveroo Holdings plc GBP 1,499,999,997 IPO, placing, placing (sale) and public offer 08 March 2021 2 Dr. Martens plc GBP 1,489,250,148 IPO and placing (sale) 11 January 2021 3 Fix Price Group Ltd GBP 1,250,093,769 IPO and placing (sale) 15 February 2021 4 London Stock Exchange Group PLC GBP 745,221,906 ABB (sale) 18 March 2021 5 Moonpig Group plc GBP 540,370,530 IPO, placing and placing (sale) 12 January 2021

Top 5 AIM Deals

Rank Company Transaction Size Offer Type Announcement Date

1 Jet2 plc GBP 421,970,537 ABB and public offer 11 February 2021 2 Ceres Power Holdings plc GBP 180,916,348 ABB, subscription and public offer 17 March 2021 3 tinyBuild, Incorporated GBP 154,428,257 IPO, placing and placing (sale) 23 February 2021 4 Marlowe plc GBP 100,000,003 ABB 18 March 2021 5 Yellow Cake plc GBP 99,290,781 ABB and public offer 25 February 2021

perfectinfo.com Perfect Information ECMi Report Q1 2021 Q1 2021 Market Overview 8 UK ECM Breakdown

Total deal volume in Q1 2021 UK ECM Breakdown increased by 116.67% over Q1 2020, with total value increasing by 232.74%.

UK ECM Deals

Q1 2020 Q1 2021 % Change

Main Market AIM Main Market AIM Main Market AIM

Total Volume 26 34 61 69 134.62% 102.94% Total Value (£m) £3,874 £913 £13,595 £2,330 250.98% 155.36% Average (£m) £149 £27 £223 £34 49.60% 25.83% Median (£m) £58 £13 £110 £17 88.61% 35.10%

Volume/Value Breakdown

Q1 2020 Q1 2021

Main Market AIM Main Market AIM

Volume Breakdown 43.33% 56.67% 46.92% 53.08% Value Breakdown 80.93% 19.07% 85.37% 14.63%

perfectinfo.com Perfect Information ECMi Report Q1 2021 Q1 2021 Market Overview 9 ECM Overview

UK ECM Overview

ECM Deal Volume ECM Deal Value Q1 2020 / Q1 2021 Q1 2020 / Q1 2021

140 £18,000

£16,000 120

£14,000

100

£12,000

80 £10,000 (£m)

130 60 £8,000 £15,925 Total Volume Total Value

£6,000 40

60 £4,000

20 £4,786 £2,000

0 £0 Q1 2020 Q1 2021 Q1 2020 Q1 2021

perfectinfo.com Perfect Information ECMi Report Q1 2021 IPOs 10 Top 5 IPOs & UK IPO Breakdown

Q1 2021 saw an influx of IPOs with their Top 5 IPOs volumes increasing by 425% from Q1 2020 alongside total value increasing by 1,116%. & UK IPO Breakdown The £7,023 million raised in main market IPOs in Q1 2021 is 23.45% more than the entirety of all UK IPOs in 2020.

Top 5 IPOs

Rank Company Transaction Size Announcement Date

1 Deliveroo Holdings plc GBP 1,499,999,997 08 March 2021 2 Dr. Martens plc GBP 1,489,250,148 11 January 2021 3 Fix Price Group Ltd GBP 1,250,093,769 15 February 2021 4 Moonpig Group plc GBP 540,370,530 12 January 2021 5 Group plc GBP 473,280,622 01 March 2021

UK IPOs

Q1 2020 Q1 2021 % Change

Main Market AIM Main Market AIM Main Market AIM

Total Volume 2 2 13 8 550.00% 300.00% Total Value (£m) £440 £174 £7,023 £444 1494.68% 155.14% Average (£m) £220 £87 £540 £56 145.34% -36.22% Median (£m) £220 £87 £300 £54 36.24% -37.96%

Volume/Value Breakdown

Q1 2020 Q1 2021

Main Market AIM Main Market AIM

Volume Breakdown 50.00% 50.00% 61.90% 38.10% Value Breakdown 71.66% 28.32% 94.05% 5.95%

perfectinfo.com Perfect Information ECMi Report Q1 2021 Sector Analysis 11

Q1 2021 trends by industry.

Sector Analysis

perfectinfo.com Perfect Information ECMi Report Q1 2021 Q1 2021 Market Overview 12 Sector Analysis

Q1 2020 UK Sector Breakdown * Utilities - 0.00% Q1 2021 UK Sector Breakdown * Utilities - 0.00%

1.67% 6.67% 9.23% 10.77%

3.33%

25.00% 13.85% 18.33%

25.38%

3.33% 7.69%

10.00%

0.77% 5.38%

15.00%

9.23% 17.69% 16.67%

Oil & Gas Basic Materials Industrials Oil & Gas Basic Materials Industrials

Consumer Goods Health Care Consumer Services Consumer Goods Health Care Consumer Services

Telecommunications Financials Technology Telecommunications Financials Technology

perfectinfo.com Perfect Information ECMi Report Q1 2021 Q1 2021 Market Overview 13 Sector Analysis

Q1 2020 UK AIM Sector Breakdown * Utilities - 0.00% Q1 2021 UK AIM Sector Breakdown * Utilities - 0.00%

2.94% 8.82% 11.59% 14.49% 11.76% 2.94%

2.94% 10.14%

1.45%

11.76% 23.53% 20.29%

13.04%

8.70% 11.76% 23.53% 14.49% 5.80%

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

Telecommunications Financials Technology Telecommunications Financials Technology

perfectinfo.com Perfect Information ECMi Report Q1 2021 Fees 14

An overview of fee disclosure in Q1 2021.

Fees

perfectinfo.com Perfect Information ECMi Report Q1 2021 Fees 15 Avg Commission Breakdown

Average Commission Breakdown Share-based Payments 12 deals in Q1 2021, 10 of them on AIM, included a share-based payment.

Average Commission Breakdown by Offer Type Q1 2020 / Q1 2021

6.00%

5.50%

5.00%

4.00%

3.25%

3.00% 3.00% 2.75% 2.75% 2.76% 2.75% 2.64% 2.59%

2.14%

2.00%

1.10% 1.10% 1.00%

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

Q1 2020 Q1 2021

perfectinfo.com Perfect Information ECMi Report Q1 2021 Fees 16 Avg Commission

Average commission across all offer Average Commission types decreased by 13.53% to 2.62% of gross proceeds in Q1 2021.

Average Commission All Offer Types Q1 2020 / Q1 2021

3.50%

3.03% 3.00%

2.62%

2.50%

2.00%

1.50%

0.98% 1.00%

0.75%

0.50%

0.00% Average Commission Average Disc. Commission

Q1 2020 Q1 2021

perfectinfo.com Perfect Information ECMi Report Q1 2021 Fees 17 Fee Disclosure

The percentage of deals with no information on Fee Disclosure commissions payable has increased from 38.46% of deals in Q1 2020 to 51.28% of deals in Q1 2021. Naturally, fee disclosure is significantly higher when a prospectus or an admission document is published, yet, there is considerably lower disclosure on basic fees and corporate finance fees (20.83% and 50.00% decrease respectively) than Q1 2020.

Fee Disclosure Q1 2020 / Q1 2021

70.00%

61.54%

60.00%

50.00% 48.72%

40.00%

30.00%

20.51% 20.00% 15.38% 15.38%

10.00% 7.69%

0.00% Commission Disc. Commission Corporate Finance Fees

Q1 2020 Q1 2021 *Chart only applies to deals where a prospectus or admission document was published

perfectinfo.com Perfect Information ECMi Report Q1 2021 League Tables Q1 2021 18

UK centric league tables for banks, legal advisers, financial advisers, reporting accountants and financial PR firms, as sorted by volume and value for Q1 2021.

League Tables

perfectinfo.com Perfect Information ECMi Report Q1 2021 League Tables 19 Banks

League Tables Banks

Banks by Volume (min. 5 deals) Top 20 Banks by Value

Ranking Q1 2021 Volume & Value Market Share Ranking Q1 2021 Volume & Value Market Share

Q1 2020 Q1 2021 Adviser Volume Value (£m) Q1 2020 Q1 2021 Change Q1 2020 Q1 2021 Adviser Value (£m) Volume Q1 2020 Q1 2021 Change

3 1 J.P. Morgan Cazenove 13 £1,743 3.85% 10.00% 6.15% 2 1 J.P. Morgan Cazenove £1,743 13 10.67% 10.94% 0.28%

8 2 Jefferies International 12 £1,398 2.31% 9.23% 6.92% 5 2 Jefferies International £1,398 12 6.58% 8.78% 2.20%

3 3 Numis Securities 11 £1,137 3.85% 8.46% 4.62% 1 3 Barclays £1,198 8 21.05% 7.52% -13.53%

18 3 Investec 11 £1,134 1.54% 8.46% 6.92% - 4 Bank of America Merrill Lynch £1,183 6 - 7.43% 7.43%

8 3 Peel Hunt 11 £465 2.31% 8.46% 6.15% 6 5 Numis Securities £1,137 11 4.30% 7.14% 2.84%

6 6 FinnCap 10 £195 3.08% 7.69% 4.62% 21 6 Investec £1,134 11 1.11% 7.12% 6.01%

- 7 Stifel Nicolaus Europe 9 £438 - 6.92% 6.92% 9 7 Goldman Sachs International £894 7 3.55% 5.62% 2.07%

8 7 Canaccord Genuity 9 £331 2.31% 6.92% 4.62% 4 8 Morgan Stanley £882 5 6.92% 5.54% -1.38%

8 7 Nplus1 Singer 9 £311 2.31% 6.92% 4.62% 8 9 Citigroup £674 5 3.79% 4.23% 0.45%

1 10 Barclays 8 £1,198 6.15% 6.15% 0.00% 13 10 HSBC £541 4 3.00% 3.40% 0.40%

18 10 Berenberg 8 £435 1.54% 6.15% 4.62% 14 11 Peel Hunt £465 11 2.48% 2.92% 0.44%

8 10 Cenkos Securities 8 £102 2.31% 6.15% 3.85% - 12 Stifel Nicolaus Europe £438 9 - 2.75% 2.75%

8 13 Goldman Sachs International 7 £894 2.31% 5.38% 3.08% 18 13 Berenberg £435 8 1.35% 2.73% 1.38%

2 13 Liberum Capital 7 £423 5.38% 5.38% 0.00% 11 14 Liberum Capital £423 7 3.09% 2.65% -0.44%

- 15 Bank of America Merrill Lynch 6 £1,183 - 4.62% 4.62% 28 15 RBC Europe £388 4 0.23% 2.43% 2.20%

- 15 WH Ireland 6 £112 - 4.62% 4.62% 19 16 Winterflood £369 1 1.19% 2.32% 1.12%

3 15 Shore Capital 6 £109 3.85% 4.62% 0.77% 10 17 Canaccord Genuity £331 9 3.53% 2.08% -1.45%

8 18 Morgan Stanley 5 £882 2.31% 3.85% 1.54% 16 18 Nplus1 Singer £311 9 1.77% 1.95% 0.19%

18 18 Citigroup 5 £674 1.54% 3.85% 2.31% - 19 VTB Capital £250 1 - 1.57% 1.57%

- 18 Turner Pope Investments 5 £39 - 3.85% 3.85% - 20 Kempen & Co. £249 2 - 1.56% 1.56%

perfectinfo.com Perfect Information ECMi Report Q1 2021 League Tables 20 Banks AIM

League Tables Banks AIM

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

Ranking Q1 2021 Volume & Value Market Share Ranking Q1 2021 Volume & Value Market Share

Q1 2020 Q1 2021 Adviser Volume Value (£m) Q1 2020 Q1 2021 Change Q1 2020 Q1 2021 Adviser Value (£m) Volume Q1 2020 Q1 2021 Change

1 1 FinnCap 9 £168 11.76% 13.04% 1.28% 1 1 Canaccord Genuity £328 8 13.59% 14.06% 0.48%

8 2 Canaccord Genuity 8 £328 5.88% 11.59% 5.71% 12 2 Berenberg £301 6 2.18% 12.91% 10.74%

3 2 Cenkos Securities 8 £102 8.82% 11.59% 2.77% 22 3 Jefferies International £211 1 0.44% 9.05% 8.62%

10 4 Berenberg 6 £301 2.94% 8.70% 5.75% 9 4 FinnCap £168 9 3.32% 7.21% 3.89%

- 5 Stifel Nicolaus Europe 5 £113 - 7.25% 7.25% 12 5 Investec £166 2 2.18% 7.13% 4.95%

10 5 Peel Hunt 5 £92 2.94% 7.25% 4.31% 7 6 Liberum Capital £145 4 8.12% 6.20% -1.92%

1 7 Liberum Capital 4 £145 11.76% 5.80% -5.97% - 7 Stifel Nicolaus Europe £113 5 - 4.84% 4.84%

- 7 WH Ireland 4 £44 - 5.80% 5.80% 2 8 Cenkos Securities £102 8 10.95% 4.36% -6.59%

- 7 Turner Pope Investments 4 £32 - 5.80% 5.80% 3 9 Peel Hunt £92 5 10.30% 3.93% -6.37%

3 7 Nplus1 Singer 4 £29 8.82% 5.80% -3.03% 23 10 Zeus Capital £87 2 0.30% 3.74% 3.44%

3 11 Shore Capital 3 £73 8.82% 4.35% -4.48% 6 11 Numis Securities £83 2 8.55% 3.55% -5.00%

10 11 SP Angel Corporate Finance 3 £16 2.94% 4.35% 1.41% 11 12 Shore Capital £73 3 2.20% 3.12% 0.92%

10 13 Investec 2 £166 2.94% 2.90% -0.04% 17 13 Cantor Fitzgerald £54 2 0.61% 2.33% 1.72%

10 13 Zeus Capital 2 £87 2.94% 2.90% -0.04% - 14 WH Ireland £44 4 - 1.87% 1.87%

3 13 Numis Securities 2 £83 8.82% 2.90% -5.92% - 15 Barclays £37 1 - 1.59% 1.59%

10 13 Cantor Fitzgerald 2 £54 2.94% 2.90% -0.04% - 16 Goldman Sachs International £33 1 - 1.43% 1.43%

3 13 Arden Partners 2 £21 8.82% 2.90% -5.92% - 17 William Blair & Company £33 1 - 1.43% 1.43%

8 13 Panmure Gordon & Co 2 £13 5.88% 2.90% -2.98% - 18 Turner Pope Investments £32 4 - 1.39% 1.39%

10 13 Tamesis Partners 2 £13 2.94% 2.90% -0.04% 5 19 Nplus1 Singer £29 4 9.27% 1.23% -8.03%

- 13 SI Capital 2 £13 - 2.90% 2.90% 10 20 Arden Partners £21 2 2.42% 0.88% -1.54%

- 13 Shard Capital Partners 2 £11 - 2.90% 2.90%

perfectinfo.com Perfect Information ECMi Report Q1 2021 League Tables 21 Legal Advisers

League Tables Legal Advisers

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

Ranking Q1 2021 Volume & Value Ranking Q1 2021 Volume & Value

Q1 2020 Q1 2021 Adviser Volume Value (£m) Q1 2020 Q1 2021 Adviser Value (£m) Volume

2 1 Travers Smith 10 £1,902 1 1 Freshfields Bruckhaus Deringer £3,815 4

4 2 Gowling WLG 7 £721 1 2 £3,153 5

2 2 CMS Cameron McKenna Nabarro Olswang 7 £469 7 3 Travers Smith £1,902 10

1 4 Pinsent Masons 6 £329 - 4 Latham & Watkins £1,851 2

4 4 Osborne Clarke 6 £124 - 5 Proskauer Rose £1,500 1

11 6 Linklaters 5 £3,153 - 6 Skadden, Arps, Slate, Meagher & Flom £1,250 1

11 6 Norton Rose Fulbright 5 £1,185 - 6 White & Case £1,250 1

11 8 Freshfields Bruckhaus Deringer 4 £3,815 10 8 Norton Rose Fulbright £1,185 5

8 8 4 £537 20 9 £840 3

4 8 4 £39 - 10 Ashurst £725 3

11 11 Hogan Lovells 3 £840 3 11 Gowling WLG £721 7

- 11 Ashurst 3 £725 - 12 Freehills £604 3

- 11 3 £604 - 13 Allen & Overy £540 1

- 11 Memery Crystal 3 £174 9 14 Stephenson Harwood £537 4

- 15 Latham & Watkins 2 £1,851 - 15 Gibson, Dunn & Crutcher £473 1

- 15 Dickson Minto 2 £360 4 16 CMS Cameron McKenna Nabarro Olswang £469 7

11 15 Reed Smith 2 £225 - 17 Dickson Minto £360 2

11 15 Gateley 2 £54 16 18 Pinsent Masons £329 6

11 15 2 £28 25 19 £300 1

11 15 BDB Pitmans 2 £25 30 20 Reed Smith £225 2

- 15 Fladgate 2 £25

- 15 Haynes and Boone 2 £22

- 15 Freeths 2 £16

- 15 2 £15

perfectinfo.com Perfect Information ECMi Report Q1 2021 League Tables 22 Legal Advisers AIM

League Tables Legal Advisers AIM

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

Ranking Q1 2021 Volume & Value Ranking Q1 2021 Volume & Value

Q1 2020 Q1 2021 Adviser Volume Value (£m) Q1 2020 Q1 2021 Adviser Value (£m) Volume

1 1 Pinsent Masons 6 £329 1 1 Travers Smith £487 3

2 1 Osborne Clarke 6 £124 9 2 Pinsent Masons £329 6

9 3 CMS Cameron McKenna Nabarro Olswang 4 £176 10 3 CMS Cameron McKenna Nabarro Olswang £176 4

2 4 Travers Smith 3 £487 - 4 Memery Crystal £167 2

2 4 Fieldfisher 3 £26 12 5 Osborne Clarke £124 6

- 6 Memery Crystal 2 £167 - 6 Beyond Corporate £68 1

9 6 Gateley 2 £54 17 6 Bird & Bird £68 1

9 6 Gowling WLG 2 £45 15 8 Charles Russell Speechlys £55 1

9 6 Dentons 2 £28 - 8 Peachey £55 1

9 6 BDB Pitmans 2 £25 24 10 Gateley £54 2

- 6 Haynes and Boone 2 £22 3 11 Gowling WLG £45 2

- 6 Freeths 2 £16 - 12 Brown Rudnick £31 1

- 6 Squire Patton Boggs 2 £15 - 12 K&L Gates £31 1

- 14 Covington & Burling £29 1

2 14 Stephenson Harwood £29 1

8 16 Dentons £28 2

20 17 Reed Smith £27 1

11 18 Fieldfisher £26 3

24 19 BDB Pitmans £25 2

- 20 Haynes and Boone £22 2

perfectinfo.com Perfect Information ECMi Report Q1 2021 League Tables 23 Financial Advisers

League Tables Financial Advisers

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

Ranking Q1 2021 Volume & Value Ranking Q1 2021 Volume & Value

Q1 2020 Q1 2021 Adviser Volume Value (£m) Q1 2020 Q1 2021 Adviser Value (£m) Volume

- 1 Investec 3 £539 - 1 Lazard £1,489 1

- 1 Nplus1 Singer 3 £313 4 2 N M Rothschild & Sons £569 2

1 3 N M Rothschild & Sons 2 £569 - 3 Investec £539 3

- 3 Akur 2 £498 - 4 Akur £498 2

3 3 Jefferies International 2 £308 - 5 Nplus1 Singer £313 3

- 3 Stifel Nicolaus Europe 2 £213 3 6 Jefferies International £308 2

- 3 Strand Hanson 2 £25 1 7 Evercore £300 1

- 8 Stifel Nicolaus Europe £213 2

- 9 Kempen & Co. £198 1

- 10 Goldman Sachs International £100 1

- 11 Bacchus Capital Advisers £99 1

- 12 Moelis & Company £96 1

- 13 Willis Re Securities £55 1

- 14 Lincoln International £48 1

8 15 RBC Europe £47 1

- 16 VTB Capital £38 1

- 17 J.P. Morgan Cazenove £37 1

- 18 Strand Hanson £25 2

9 19 Tamesis Partners £20 1

- 20 Swedbank £13 1

perfectinfo.com Perfect Information ECMi Report Q1 2021 League Tables 24 Reporting Accountants

League Tables Reporting Accountants

Reporting Accountants by Volume Top 20 Reporting Accountants by Value

Ranking Q1 2021 Volume & Value Ranking Q1 2021 Volume & Value

Q1 2020 Q1 2021 Adviser Volume Value (£m) Q1 2020 Q1 2021 Adviser Value (£m) Volume

4 1 BDO 9 £1,178 - 1 Deloitte £2,211 4

2 2 KPMG 7 £1,819 1 2 Ernst & Young £2,034 3

- 3 Deloitte 4 £2,211 2 3 KPMG £1,819 7

2 4 Ernst & Young 3 £2,034 3 4 BDO £1,178 9

1 4 PricewaterhouseCoopers 3 £1,089 4 5 PricewaterhouseCoopers £1,089 3

4 4 PKF 3 £32 7 6 Grant Thornton £154 1

4 7 RSM International 2 £93 5 7 RSM International £93 2

- 7 Crowe Clark Whitehill 2 £16 - 8 Nexia Smith & Williamson £48 1

4 9 Grant Thornton 1 £154 6 9 PKF £32 3

- 9 Nexia Smith & Williamson 1 £48 - 10 Crowe Clark Whitehill £16 2

- 9 Saffery Champness 1 £14 - 11 Saffery Champness £14 1

perfectinfo.com Perfect Information ECMi Report Q1 2021 League Tables 25 Financial PR Firms

League Tables Financial PR Firms

Financial PR Firms by Volume (min. 2 deals) Top 20 Financial PR Firms by Value

Ranking Q1 2021 Volume & Value Ranking Q1 2021 Volume & Value

Q1 2020 Q1 2021 Adviser Volume Value (£m) Q1 2020 Q1 2021 Adviser Value (£m) Volume

5 1 FTI Consulting 12 £544 3 1 Finsbury £3,470 4

1 2 Camarco 8 £763 - 2 EM Advisors £1,250 1

6 3 Tulchan Communications 6 £1,010 1 3 Tulchan Communications £1,010 6

1 4 MHP Communications 5 £916 5 4 MHP Communications £916 5

- 4 Maitland 5 £869 - 5 Maitland £869 5

- 4 Buchanan Communications 5 £611 4 6 Powerscourt £824 3

11 7 Finsbury 4 £3,470 6 7 Camarco £763 8

- 7 St Brides Partners 4 £45 2 8 Brunswick £637 2

6 9 Powerscourt 3 £824 - 9 Buchanan Communications £611 5

6 9 Yellow Jersey 3 £176 7 10 FTI Consulting £544 12

- 9 Hudson Sandler 3 £114 - 11 KL Communications £300 1

1 9 Alma PR 3 £97 9 11 Montfort Communications £300 1

11 9 Consilium Strategic Communications 3 £87 14 13 Citigate Dewe Rogerson £227 1

6 9 Instinctif Partners 3 £78 - 14 Weber Shandwick £200 1

1 9 Walbrook PR 3 £67 - 15 Headland £198 1

- 9 Tancredi Intelligent Communication 3 £62 - 16 Madano Partnership £181 1

- 9 Blytheweigh 3 £37 13 17 Yellow Jersey £176 3

11 18 Brunswick 2 £637 20 18 TB Cardew £160 1

- 18 Vigo Communications 2 £95 - 19 Hudson Sandler £114 3

11 18 Tavistock Communications 2 £55 8 20 Alma PR £97 3 - 18 Novella Communications 2 £52

- 18 Luther Pendragon 2 £19

- 18 SisterSmith 2 £17

perfectinfo.com Perfect Information ECMi Report Q1 2021 Criteria 26

Criteria

The minimum deal size for a transaction to be included in this report is £5 Where a transaction has more than one bookrunning manager, the deal million. value will be split equally between the number of bookrunners disclosed. All will receive full credit (in terms of volume) for participating. For all All figures contained within the document are accurate as of 2nd April other league tables, the full deal value is allotted to each adviser 2021. Any amendments to transaction sizes and advisory roles after this involved. date have not been recorded. Only legal advisers to the company and the banks as to English law have The dataset only includes offerings made within the UK, and listed on a been recorded. 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 time Deals are assigned to banks based on who managed the bookrunning against the deposit of shares will not be included. An offering of GDRs of process. Co-managers or other junior syndicate members do not receive £5m+ within the UK will. credit for deals where there are lead or joint bookrunners disclosed. For this reason, only capital raisings are included in the league tables (no The announcement of the transaction must have been made between 01 debt for equity swaps, reverse takeovers or vendor placings). January 2021 and 31 March 2021. If a deal was announced during this period then it is irrelevant that it was completed outside of the timeframe Many deals, generally where no formal offer document is printed, do not or is still pending completion. disclose one or both legal advisers. We have attempted to gather as much missing information as possible by contacting the issuers and Primary transactions are defined as the issue or sale of shares on a financial PR firms, and consulting banks’ and law firms’ websites, however market where the company was previously not listed. This includes this was not possible for all deals completed in Q1 2021. This should be placings of new and existing shares, reverse takeovers, and retail offers. remembered when analysing the tables. IPOs are those primary transactions listed above, excluding vendor placings and reverse takeovers. In order to be classified as an IPO, the In order to calculate the total transaction size, we use the total number of deal must involve the issue/sale of shares in exchange for cash. new shares issued/sold times the issue price, (including any partial or full exercise of an over-allotment or similar option). 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 SFS and HGS deals are treated as a part of the Main Market data. types as well as open offers and rights issues.

Only formal, bank-led transactions with bookrunners are eligible for rankings.

Tables and graphs in this report do not include pulled/lapsed transactions.

Transactions not denominated in have been converted to Pound Sterling using the Bank of ’s exchange rate on the day prior to the announcement of the deal.

All sector information is aligned to Industry Classification Benchmark (ICB) sector classifications.

perfectinfo.com Perfect Information ECMi Report Q1 2021 Contacts 27

Contacts

ECM Insight Head of Equity and Content Architecture Senior ECM Analyst Simon Hancock Pravin Patil [email protected] [email protected] +44 (0) 203 741 1171

ECM Analyst Managing Director Jui Prabhu Raouf Fria [email protected] [email protected] +44 (0) 203 741 1169

perfectinfo.com Perfect Information ECMi Report Q1 2021 28

Perfect Information is an Acuris company

Established in 1991 and headquartered in London, Perfect Information, a member EMEA Americas Asia of the global media group, Acuris, is a provider of analysis and insight on the 10 Queen Street Place 1501 Broadway 8th Floor 16/F Grand Millennium global quoted company population. Perfect Information serves the business London EC4R 1BE New York, NY 10036 Plaza 181 Queen’s Road information needs of over 70,000 contracted users within the global financial, USA Central Hong Kong legal and professional services communities. Products include Filings Expert, +44 203 741 1000 +1 212 686 5606 + 852 2158 9790 Debt Expert, Statutory Data, M&A Insight and ECM Insight.

For more information about Perfect Information and ECM Insight, please visit www.perfectinfo.com/product_ecmi.asp or contact us at [email protected] or on +44 (0)20 7892 4299

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