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 ▼ Visit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables https://www.thomsonone.com 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.