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SMALL CAP M&A REVIEW FINANCIAL ADVISORS First Half 2018 REUTERS / Pascal Rossignol

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  • SMALL CAP M&A REVIEW FINANCIAL ADVISORS First Half 2018

    REUTERS / Pascal Rossignol

    krizviClairfield

  • Source: Thomson Reuters

    *tie

    Source: Thomson Reuters

    15.8

    52*

    75.90

    -54

    Imputed Fees (US$m) †

    # of Deals per Advisor

    15

    Change (%)

    -24

    -13

    2

    362.4

    181.3

    395.3-47

    2

    Rank

    83.4

    -

    123.1

    36.4

    41.7

    12.2

    Fees

    -

    41.7

    -

    7.0

    -

    60.1

    71.3

    97.9

    100.0

    25.9

    100.0

    7.2

    81.9

    262*

    85.3

    -

    49.2

    54.5

    92.8

    100.0

    21.0

    118*

    -

    14

    198* 80.0

    12

    44.8

    100.0

    68.0

    11.1

    34

    15

    97.6

    46*

    -

    18.6

    81.5

    Worldwide Estimated Small Cap Investment Banking Fees by Quarter*

    -

    93.5

    - -

    1.0

    29.5

    8

    305*

    -

    8.6

    100.0

    22.9

    -

    -▼

    84

    7.061*

    30

    36.3

    4.4

    19.1

    59.1

    5.2

    31.7

    54.6

    18.1

    56.6

    65.0

    6.0

    43.5

    64.3

    -

    39

    -

    -29.5

    -32.3 ▼

    69.6 1.8

    10

    Exp (%)

    71*

    1

    50

    108.7

    9.1

    14.5

    42.2

    57.8

    52.9

    -34.2

    625.70

    100 ▼10

    -52.6

    -22.4

    274.5

    1

    272.0

    1

    140

    -1.0▼

    94

    96 24 330.3

    4

    Rothschild & Co

    Deloitte

    PricewaterhouseCoopers 3 2

    4

    12

    7

    4

    9Houlihan Lokey

    1

    Sumitomo Mitsui Finl Grp Inc

    2

    1KPMG

    6

    Mizuho Financial Group 9 11 70

    8 8 76IMAP

    9

    -

    -72.6

    556.4

    41.9

    10 68

    24*

    6415

    59 17 ▲

    20

    -

    ▲ -

    16

    42.9

    42.2

    -64.1

    27.2

    -58.4

    401.3

    Morgan Stanley

    14

    -94.3

    -

    115.8

    18 24*

    -78

    59Lazard

    14.2 ▲

    -5

    115.5

    25

    3

    38.0

    26.3

    -74.9

    22.2

    21-

    -

    -

    3.0

    -42.7

    -

    13

    -27.7

    -49.5

    -22.8

    -91.4

    -31.1

    -

    -54.0

    -

    16

    157.1

    Evercore Partners

    2721 67*Barclays

    23*

    23*

    44

    28*

    48*

    28*

    35

    33

    3541*

    75*

    33

    UniCredit

    55*

    Credit Suisse

    28

    24*

    38

    27 -1 ▼

    28

    31

    ▲10

    7

    -8

    12 268.9

    0.0 41.5

    ▼ -

    -46.284.1 2.3

    -

    Grant Thornton

    20,326

    45* 26

    Mitsubishi UFJ Financial Group 47 60* 25

    RSM Corporate Fin LLP 48*

    26

    35

    45*

    27

    KeyBanc Capital Markets Inc

    GCA Corp

    41*

    55*39*

    China Renaissance Partners

    RBC Capital Markets

    Baker Tilly International

    39*

    -12

    36

    37

    -16

    13

    28

    28

    Harris Williams & Co 60*

    72*

    14

    43*

    75*

    39*

    Macquarie Group

    39*

    43*

    Nomura

    ▲Plutus Consulting Co Ltd

    32

    30

    ▲29

    82,469.3

    ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

    -2,264

    † Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

    ▲ 12.0

    -

    26-

    2.7

    4.0 122*

    198*2.0

    7.1

    189*

    133.8

    -

    83.3

    https://www.thomsonone.com

    ▼-

    11

    4,368.1

    80.3

    - 22.0

    94*

    ▼ 175*

    -22.9

    -

    43.70

    44

    56.6

    100.0

    88.5

    22.1

    -

    75.6

    6.0

    -30.4

    0.0

    11

    ▲177.3

    14

    -53.3

    42

    0.0

    -

    129.0

    10.3

    ▼ -

    162.1

    20

    0.00

    -

    13.0

    19.7

    -90

    35

    4

    0

    36

    -5

    7

    36 ▼

    20

    280.5

    0.0

    -

    8

    22

    20

    -

    -9Generational Equity 18

    KBS Corporate Sales Ltd

    19

    27*

    45*

    4141*

    33*

    -8

    ▲8

    -21

    -25 ▼

    -11

    -91

    86

    77

    573

    6*

    6*

    MM1a - Undisclosed Values & Values up to US$50m

    11

    4

    33

    6

    Oaklins (FKA M&A Intl Inc)

    94*

    -23.1

    7

    --Raymond James Financial Inc

    William Blair & Co 36*

    11

    16

    53

    ▲▼ 87.0

    10

    7

    49

    50

    4

    -1

    43

    Clairfield International

    Ernst & Young LLP 5

    12*

    JP Morgan

    Industrial & Comm Bank China

    12*

    Goldman Sachs & Co

    20*

    Lincoln International 102.7

    72.7

    -2

    13

    15*

    55 137.4

    5416

    119

    10

    Rank Value per Advisor (US$m)

    2018

    -0.2351.8 ▼

    Rank

    Jan 1 - Jun 30

    First Half 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors

    Advisor2017 ** Fee

    Worldwide Small Cap M&A up to US$50m by Target Nation Region

    2016

    Financial Advisor

    Change in

    Deals

    # of

    55

    19

    17

    15* 17

    Rank

    Moelis & Co

    UBS

    Citi

    # of Deals

    40 12

    Piper Jaffray Cos

    Stifel/KBW

    29*

    25* 30*

    41

    38

    Kaede Group

    29*

    Benchmark International

    29*

    33*

    11

    25*

    27*

    27*

    3538*

    38* 38

    Jefferies LLC

    35

    Bank of America Merrill Lynch 29* -

    7

    533*

    Clearwater International

    BDO

    65*

    83.0

    8

    -41

    22

    88.0

    92.2

    -7 19

    ▲ 188.9 -45.5

    286.5 7

    -

    35.5

    -67.2

    27

    -

    -

    Rank Value

    10.8

    23.7

    41.4

    123.8

    -

    -58.9

    27.8

    150

    - - -

    2.0

    -

    19

    -

    47

    40

    37.0

    24

    - -

    -

    -76.6

    101.4-

    255.0

    17.1

    386.7 3

    -38.4

    9

    5

    18.8

    82.1

    -

    Rank Value

    -

    2

    US$m

    2016

    51

    6

    Worldwide Small-Cap Rankings (MM1a)

    114.90

    13

    0.0

    55

    Rank

    73.8

    -

    -

    6 ▲

    Global M&A 48* 30* 24 -15 ▼

    33* 24 -12 ▼

    -35.1 ▼

    83.8 - 53.8 ▲

    Cooperatieve Rabobank UA 48* 60* 24 5 ▲ 80.1

    12.2 - -86.0 ▼ 22.3 24 100.0

    10.0 - - - 14.1 42

    Industry Total

    $0 $10 $20 $30 $40 $50 $60 $70 $80 $90

    2012

    2013

    2014

    2015

    2016

    2017

    2018

    Rank Value (US$b)

    Africa/Middle East Americas Asia-Pacific Europe Japan

    0.0%

    5.0%

    10.0%

    15.0%

    20.0%

    25.0%

    30.0%

    35.0%

    40.0%

    $0.0

    $0.5

    $1.0

    $1.5

    $2.0

    $2.5

    $3.0

    $3.5

    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 2Q

    2011 2012 2013 2014 2015 2016 2017 2018

    Pe

    rce

    nta

    ge

    of To

    tal F

    ee

    s

    Investm

    ent B

    ankin

    g F

    ees (

    US

    $b)

    % of Total FeesSmall Cap I.B. Fees ($50mil or

    2

    http://banker.thomsonib.com/krizviClairfield

    krizviHighlight

  • *tie

    40* 64* 7 3 ▲ 70 78.423.4 - -48.6 ▼

    -7 6 ▲ -

    2.9

    -Daiwa Securities Group Inc 40* --

    - -

    -

    -

    100.0- -

    1,600.9

    -

    0.0

    7.0

    - -

    28.5 - - -

    -0.0 -

    0.0 -

    0.0 -

    -15.4

    Prairie Capital Advisors Inc 40* 31*

    Industry Total

    DA Davidson & Co Inc

    34.3

    1.8 115*

    72.0

    89*

    8.0

    7.0

    7

    0.00

    -1 ▼

    Macquarie Group 40*

    7 -5

    142*

    5,400

    69.6

    0.0

    Deutsche Bank 40*

    -25.2 75*

    ▼-27.8

    43

    58

    2.5

    -

    -

    - 31*

    27.5

    62*

    -

    -

    US Small-Cap M&A up to US$50m by Target Industry

    0.0 -

    -

    -

    100.0

    29

    -

    100.0

    -

    3

    -

    BMO Capital Markets

    0.0

    26*

    Rothschild & Co

    175.5

    42.68.0

    -

    -

    13.5-

    -

    19

    3.0

    -

    34

    6.3

    5

    5.8

    12.0

    3

    4.8

    24.0

    15.7

    42

    12.0

    13

    11

    10

    24*

    6

    24.7

    15

    7

    -

    ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

    16,155.7

    88.9

    100.0

    38.0

    -

    -

    6.8

    0.0 -

    21

    24.6

    5.2

    -

    15.0

    -

    -

    13.3

    -

    Chartwell Financial Advisory

    -

    0.0

    9.0

    Jan 1 - Jun 30

    The Braff Group

    -15

    5.0

    38*

    100.0

    https://www.thomsonone.com

    Source: Thomson Reuters

    12.0

    ▲40* 7 3

    7 0

    64*

    Signal Hill Capital Group LLC 40* 44* 7

    Centerview Partners LLC

    40* 44* 7

    40* 51*

    38*

    - -7 4

    445.530.0

    ▲6

    58* 6 1

    -2

    64*

    -1

    8

    0

    10

    36*

    35*

    Perella Weinberg Partners LP 50*

    Sandler O'Neill Partners

    KPMG

    Hovde Group LLC 32*

    89*8

    -

    75*

    35*Capstone Headwaters LLC

    † Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

    -6

    -13

    9

    9

    Petsky Prunier LLC

    51*

    -8

    3

    810

    15*

    11129* ▲

    Bank of America Merrill Lynch 32*

    SunTrust Banks

    94*

    29*

    10

    101.3

    146.7

    43.7

    -

    -25.0

    -

    -

    30.20

    0.0

    1 0.0 89*▲

    Global M&A

    0.0 -

    35*

    11

    32*

    AGC Partners

    25*

    Lazard 25*

    34

    29*

    29*

    35*

    Cascadia Capital

    IMAP

    57.9

    ▼-1

    1227*

    14 ▼

    0.0

    1521*

    11

    12

    -123*

    -2

    14

    2

    -

    -

    -16.9

    60

    UBS 27*

    0.0

    0.0

    37.0

    842* 615

    1

    -

    -

    -

    -

    -

    -

    -

    -

    35*

    35*

    122*

    5.0

    1.5

    38*

    45*

    12.0

    -105* ▼

    19

    29*

    1618*

    5

    Oaklins (FKA M&A Intl Inc)

    20

    PJT Partners Inc

    35*

    -5

    21*

    -2 ▼

    48.0

    15Benchmark International 0.0

    15

    Citi

    Credit Suisse

    Robert W Baird & Co Inc

    31* 5

    - --

    17

    -

    -

    -

    89* -

    -

    -17.2

    -

    0.0

    0.0

    -

    7.8▼

    -

    0.00

    28.4 -

    12

    133.3

    19.8

    16

    37.5

    8*-

    24*

    20.0

    -

    -

    17.2

    -

    -

    16.0

    0.0

    - --

    24.7

    42.4

    -

    -

    -

    20

    0.0

    8 ▲

    42.0

    45.5

    -2

    -0.011*

    ▲4

    9

    14*

    Morgan Stanley

    27

    23* 24

    15*

    13

    22

    19

    JP Morgan 14* 11

    Duff & Phelps

    RBC Capital Markets 17

    KeyBanc Capital Markets Inc

    21

    18

    Lincoln International 14*

    Harris Williams & Co

    8*

    2218*

    22

    -

    -

    Evercore Partners 9*

    Barclays

    13*

    11*

    Jefferies LLC

    -

    9* 0.0 89* -

    3.0 -94.3

    -

    ▼▲

    -31.1

    -

    12.0 80*

    13

    240.1

    10*▲

    85

    1

    50.00

    9

    10

    13

    20 30Moelis & Co

    Stifel/KBW 7 7

    8

    5*

    4

    31

    Goldman Sachs & Co 5* 132

    6

    8*

    William Blair & Co ▲124 36

    Piper Jaffray Cos 35*

    Generational Equity 3 -841

    Financial Advisor

    2

    -12

    Raymond James Financial Inc

    # of Deals per Advisor

    2

    2017

    Change (%)

    Rank Value

    3

    60

    42

    Rank

    1

    MM2a - Undisclosed Values & Values up to US$50m

    Deals # of Deals

    Rank Value per Advisor (US$m)

    Jan 1 - Jun 30

    108.30

    2

    2018

    Rank Rank

    29

    32

    7

    ▲4144.3

    -

    1

    29

    21*

    21*

    21*

    Houlihan Lokey

    17

    13*

    38*

    32* 10

    64*

    26*

    15*

    -866

    -1

    27

    2018

    2

    -

    7

    # of Change in

    -73.4

    5 ▼

    Rank

    First Half 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors

    -

    Rank Value

    US Small-Cap M&A up to US$50m by Rank Value Range

    US Target Small-Cap Rankings (MM2a)

    US$m

    -39.9

    -

    2018

    55.7

    Fees

    69.5

    -30.8

    Imputed Fees (US$m) †

    Exp (%)

    -

    13.4

    42.2 23

    67.3

    78.6

    93.9

    58.024*

    24*

    -

    14

    37

    8.6

    22.9

    22.6

    7.0

    22 11.9

    35.6

    100.0

    11.7

    66.7

    24.7

    -

    4 68.0

    31.6

    -

    44.18*

    -

    100.0

    -88.3

    .8

    28.9

    1

    Advisor

    182.9

    -17.8

    36.3

    19.7

    36.1

    0.0

    59.7

    ** Fee

    50.0

    -

    9.0 100.0

    3.6

    27.0

    235*

    65.8

    5.3 4.8-

    12

    36* 8*

    -

    3

    100.03.3

    -

    -

    -

    31*

    -

    100.0

    44

    -

    -

    Stephens Inc 40* 44* 7 -1

    21*

    5

    3.1 61 19.5

    68.4

    16.9

    100.0

    100.0

    11.3

    -

    3.5 59 22.9

    Clairfield International 50* 94* 6 4 0.00 - - - - -

    Quarton International 50* 58* 6 1 ▲ 0.0 - - - 6.0 40*

    26.9%

    12.3%

    11.0% 9.4%

    9.4%

    7.9%

    7.1%

    4.4%

    4.3%

    3.3% 2.7% High Technology

    Real Estate

    Healthcare

    Media and Entertainment

    Consumer Products and Services

    Financials

    Industrials

    Retail

    Energy and Power

    Materials

    Consumer Staples

    Telecommunications

    -

    500

    1,000

    1,500

    2,000

    2,500

    3,000

    3,500

    $0

    $2

    $4

    $6

    $8

    $10

    $12

    # o

    f D

    eals

    Rank V

    alu

    e (

    US

    $b)

    US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals

    3

    http://banker.thomsonib.com/krizviHighlight

    krizviClairfield

  • *tie

    -0.0 11* - - - -

    - 1.0 17* 100.0

    Riza Capital Consultoria de 28* - 1 1 ▲

    100.0

    Capitalmind 28* - 1 1 ▲ 0.0 11* -

    0.0 11* - - 1.0 17*

    - - - -

    The Food Partners LLC 28* - 1 1 ▲

    -

    Translink Corporate Finance 28* - 1 1 ▲ 0.0 11* -

    0.0 11* - - - -

    100.033*

    17*

    17*

    0.0 11*

    ▼ 0.0 11* -

    -

    1.0

    11*

    -5

    34*

    Scotiabank 28* 21* 1 -1

    Banco Fator SA 28*

    KPMG 28* 4* 1

    0 -

    -

    -

    -

    -

    --

    - -

    0.1

    --

    Clairfield International 21*

    0.0

    7

    139.0

    -

    3.2

    -

    25.6

    -

    34.9

    Latin American Small-Cap M&A up to US$50m by Rank Value Range

    --

    2018

    US$m Change (%)

    ** FeeAdvisor

    11*

    2018Rank Value

    MM17a - Undisclosed Values & Values up to US$50m

    0.0

    1

    3

    1

    7

    2

    - 1

    100.01.0

    0.0

    -

    -

    -

    RGS Partners

    1

    Itau Unibanco 9

    21*

    Banco BTG Pactual SA 3

    5*

    34*

    1 17

    -4

    5

    4

    4

    1

    2

    34*

    -1

    6

    4

    5

    28.0

    5

    Rank Rank

    Jan 1 - Jun 30

    0.4

    36.8

    -

    -

    34.0

    -

    0.0

    48.2 -

    2.0

    5*

    11*

    -62.4

    3

    -

    -

    Rank Value per Advisor (US$m)

    Jan 1 - Jun 30

    First Half 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors

    11*

    -

    2.0-

    -

    Change in

    7*

    7

    9*

    Rank

    10

    11*

    -

    -

    11*

    Goodbody Corporate Finance

    Davy Corp plc

    Arab Banking Corporation

    34*

    14*

    -

    2.0

    -

    100.02*

    1

    11*

    0.1

    PricewaterhouseCoopers

    Goldman Sachs & Co

    Imputed Fees (US$m) †

    21*

    Credit Suisse 14*

    34* 3

    -98

    0.0

    48.2

    4

    4

    3

    3

    12*

    0

    4

    2.4

    1.6

    0.0

    -

    Rank Value

    0.0

    11*

    # of Deals per Advisor

    6

    0.0

    Morgan Stanley

    Oaklins (FKA M&A Intl Inc)

    7*

    1*

    11*0.0

    Deloitte

    4

    0.07*

    11

    12* 17*

    7* 1

    -24*

    # of 2018

    16.0

    1

    4

    Latin America Involvement Small-Cap Rankings (MM17a)

    Financial Advisor

    2017

    100.0

    9*

    30

    2*

    69.0

    9*

    -

    Citi

    INFUPA SA

    -

    Rothschild & Co

    26.8

    100.0

    -

    9*4

    5*

    12*

    Lazard

    12*

    5

    14*

    Rank

    7*

    3Ernst & Young LLP

    # of Deals

    Artica Participacoes e Assesso

    14*

    4

    12*

    7*

    15

    Deals

    14*

    -

    21* 1

    2

    3

    3

    3

    21*

    -

    2 2

    2 1

    3 3

    34*

    3

    1

    14*

    Industry Total

    JP Morgan 14* -

    Bank of America Merrill Lynch 21*

    HSBC Holdings PLC

    https://www.thomsonone.com

    -

    Source: Thomson Reuters

    -

    83.3

    -

    488

    34*21*

    21*

    -

    2 0 0.0

    11*

    11*

    2*

    -

    -

    2

    11*

    -

    0.0

    Latin American Small-Cap M&A up to US$50m by Target Industry

    100.0

    -

    -

    ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

    -

    33*

    -54.7 26*

    -

    100.0

    -

    -

    100.0

    -14.1

    11*

    † Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

    1

    0.0

    --

    - -

    -

    -

    -

    0.0

    2.0

    9 0.6

    11*

    11*

    11* - -

    - 4.0

    -

    -

    91.1

    -

    -

    4.0

    2.0

    -

    2.0

    -

    -

    -

    -

    -

    1*

    -92.4 ▼

    Fees

    -

    100.0

    - -

    -

    --

    11*

    11*

    - -

    2.0

    -

    -

    -

    -

    11*

    9* 100.0

    4.0

    3.0

    - -

    8.0

    9*

    44.4

    -

    4.1

    -

    -

    100.09*

    11*

    0.0

    0.0

    0.0

    0.0

    0.0

    -7

    1,750.0

    -

    12* 2 -1 ▼

    100.0

    100.0

    Exp (%)

    26.0

    0.0Banco Bradesco SA 21*

    -

    2 2

    Evercore Partners 28* 1 ▲ 0.0

    Greenhill & Co, LLC 21*

    ▲Cypress Associates 21* - 2 2

    Alantra Partners SA

    Alpax Inc 21*

    11* - -

    BBVA 28* 8* 1 -4 ▼ 42.3 3 96.7 ▲ 0.6 26* 100.0

    Mizuho Financial Group 28* - 1 1 ▲ 0.0 11* - - - - -

    BNP Paribas SA 28* 4* 1 -5 ▼ 0.0 11* - - - - -

    RBC Capital Markets 28* - 1 1 ▲ 0.0 11* - - 2.0 9* 100.0

    Nomura 28* - 1 1 ▲ 0.0 11* - - - - -

    IMAP 28* 8* 1 -4 ▼ 0.0 11* - - 1.0 17* 100.0

    Lincoln International 28* 21* 1 -1 ▼ 0.0 11* - - 1.0 17* 100.0

    IGC Partners 28* 34* 1 0 - 0.0 11* - - 1.0 17* 100.0

    Eurohold SL 28* - 1 1 ▲ 0.0 11* - - 1.0 17* 100.0

    Valence Group 28* - 1 1 ▲ 8.3 8 - - 0.2 32 100.0

    BR Partners 28* 8* 1 -4 ▼ 0.0 11* - - - - -

    LionTree Advisors LLC 28* - 1 1 ▲

    24.3%

    13.3%

    11.0% 10.9%

    8.6%

    8.1%

    8.1%

    7.5%

    4.4% 3.8% Materials

    Industrials

    Financials

    Real Estate

    High Technology

    Energy and Power

    Consumer Staples

    Retail

    Media and Entertainment

    Telecommunications

    -

    50

    100

    150

    200

    250

    300

    350

    400

    450

    500

    $0.0

    $0.5

    $1.0

    $1.5

    $2.0

    $2.5

    # o

    f D

    eals

    Ra

    nk V

    alu

    e (

    US

    $b

    )

    US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals

    5

    http://banker.thomsonib.com/krizviHighlight

    krizviClairfield

  • *tie

    ACXIT Capital Partners 51* 50* 10 -1 ▼ 0.0 0.0 - - - 9.0 30 100.0

    ▲ - - -

    CFI 47* 20* 11 -15 ▼

    ▼ 3.0 79* 13.5

    87.2- 4.1 62

    Credit Agricole CIB 51* 40 10 -6 ▼ 0.2 0.2 -

    10.2 - -

    -98.8

    Equita SIM SpA 51* 167* 10 8 ▲

    - - -

    78 100.0

    87.6 71.610 3 0.2 ▲

    95* 100.0-19.543.6 35

    45*

    William Blair & Co 40*

    9.6

    Liberum Capital 51* 47* 52.4

    - 125.1 ▲ 3.3

    41*

    55*

    Canaccord Genuity 51* 13

    Deutsche Bank

    56.998.2

    Rank Value per Advisor

    75*

    Jan 1 - Jun 30

    -16.0

    1

    -47

    -14.2

    European Small-Cap M&A up to US$50m by Target Industry

    Rank

    58.7

    211.2

    2018 2017

    10

    Numis

    -3

    4

    2 ▲

    55* 12

    13

    17

    15

    30*

    30*

    19

    21

    330*

    5

    23*

    23

    13 ▼

    -5

    8

    28

    24

    36*

    25

    10

    RSM Corporate Fin LLP

    PricewaterhouseCoopers

    213*

    25

    Grant Thornton

    UniCredit

    50

    11* 14

    Kon SpA 19*

    Goldman Sachs & Co

    Financial Advisor Rank

    Lincoln International 33

    4

    12

    7

    9

    54

    5

    Ernst & Young LLP

    Clairfield International

    2

    IMAP

    KBS Corporate Sales Ltd

    76

    3

    Clearwater International

    Oaklins (FKA M&A Intl Inc)

    Lazard

    8

    9

    10

    10

    Deloitte

    74

    109

    1

    -17

    6

    5

    Rank

    4

    1KPMG

    Rothschild & Co

    3

    13*

    11 -1110

    28

    -34

    11*

    39

    33

    15*

    # of Deals

    -57

    70

    103

    -24

    62.1

    121.0

    European Small-Cap M&A up to US$50m by Rank Value Range

    Deals

    # of Deals per Advisor

    MM3a - Undisclosed Values & Values up to US$50m

    Rank Value

    57

    # of Change in

    59

    -24

    17

    47

    115.5

    50.8

    115.3

    Euro mil

    European Involvement Small-Cap Rankings (MM3a)

    Jan 1 - Jun 30

    244.5

    0.0

    0.0

    8.3

    0.0

    0.0

    10.0

    7.2

    -

    6.0

    -

    2.0

    1.0

    15.4

    -89.8 ▼ 11.3

    30.0

    0.0

    -90.0

    -

    36.6

    -

    - -64.8▲

    0.0 0.0

    12.0

    -

    Citi

    Arma Partners LLP

    19

    138*

    13

    13

    Global M&A

    Credit Suisse 36* 14

    13

    33

    83.8

    -10

    -

    -

    45.4

    9.1

    17,400.5

    Source: Thomson Reuters

    15*

    22

    20

    4

    151.6

    23.7

    69.0

    -

    184.3

    3

    81.7

    -4

    -8

    137.4

    63.1

    205.3

    19.5

    171.8

    323.8

    ▼ ▼

    7 ▲

    76.3 -16.220

    5

    87.7

    93.2134.7

    40.2

    5.0113.6

    13.0

    0.0

    100.0-80 9

    162.1

    17

    -6

    1273.0▼

    23*

    55*

    19*

    17*

    17*

    ▼17*

    ▲24

    1

    23

    -10

    23

    36*

    27

    22

    3

    33*

    16

    23

    111*30*

    -

    88*

    28*

    26* 20*

    26*

    17*

    2

    3

    19

    19

    18

    17

    -2

    -3

    10

    61*

    -

    0

    2.0

    51*

    † Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

    23* 11

    Livingstone Partners

    47* 75*

    41*

    11

    69* 10 68.5

    ▼6,920

    61.0 49.3

    12.3

    Industry Total

    47*

    47*

    0.075*

    23*40*

    45*

    15 58.9

    57.9 47.2

    -

    -

    1145.9

    -

    8.0

    9.5

    --

    64.9

    2.0▲1470.9

    -

    9.8

    4.4

    20.0

    -3

    -1

    9.6

    48.3

    24.6

    43*

    36*

    -4

    16

    11

    15

    17

    17

    24.1

    9.7

    -7

    11

    -16

    ▲19

    15

    -14

    13

    Cambon Partners 36*

    96*

    40*

    36* 15

    -4

    40*

    Mediobanca

    30*

    40*

    35

    30*

    39

    Banca IMI (Intesa Sanpaolo)

    30*

    Natixis 30*

    Morgan Stanley

    Cooperatieve Rabobank UA

    26*

    Globalscope

    Alantra Partners SA

    29

    UBS

    25

    BNP Paribas SA

    Evercore Partners

    JP Morgan

    GCA Corp

    INFUPA SA

    HSBC Holdings PLC

    Macquarie Group

    Bank of America Merrill Lynch

    8*

    19*

    -

    38.1

    19*

    Capitalmind

    ING

    ▼-64.3

    54

    4.0

    39.2

    22.3

    269.7

    307.9

    33.7

    -

    13

    -

    -85.9

    ▼76

    1.3

    -7

    BDO

    5

    Barclays

    Benchmark International

    Baker Tilly International

    Houlihan Lokey

    Translink Corporate Finance

    23

    24

    17

    -8

    11.0

    11.4

    16

    83.4

    ▼12

    224.2

    -12

    83.0

    9

    11

    73.6

    -

    9.9

    -14

    ▼ -

    0.0

    106

    111*

    53.2

    13.9 100

    47.6

    1

    1010

    7

    67.8

    -

    134.5

    -

    -

    -

    -

    27

    152*

    -

    54.6

    -48.4

    -

    -63.1

    -

    -80.0

    3.9

    -

    24.2

    24.5

    -75.5

    -

    -

    49.2

    Rank

    1

    2

    2018

    First Half 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors

    141.7 6

    -59.2

    Rank Value

    US$m

    392.5

    -44.2

    Change (%) Fees

    0.0

    ** Fee

    Exp (%)

    Imputed Fees (US$m) †

    2018Advisor

    4

    42.9

    -

    0.0

    -

    ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

    39.4

    46.1

    12.0

    12.2

    -62.5

    -

    0.0

    23.0

    2.3

    23.0

    15.3

    31.7

    131.8

    -90.8

    -61.6 ▼

    10.0

    6.2

    -77.7

    -

    -

    57.1

    1.0

    4.0▼

    2.0

    13

    -

    6.9

    20

    4.0

    44*

    21*

    39

    59

    15*

    42

    19.3

    102*

    15.2

    4.3

    63*

    13.3

    9.6

    -18.6

    7

    79.6

    63*

    2.6

    94.1

    100.02.1

    31*

    100.0

    15.0

    21*

    1,693.3

    10.0

    2.4

    89.629

    20.6

    73.514

    49 27.5

    9.7

    83.9

    40.0

    80.0

    92.4

    100.0

    164*

    60*

    68.2

    28.4

    10.1

    100.0

    28.2

    4.7

    23

    102* 12.8

    34

    26*

    -1,494

    -

    -

    101

    11.3

    - -

    0.0

    -

    10.8

    155.1

    -65.0

    -

    -

    0.0

    39.1

    103.1

    0.0

    38.8

    0.0 0.0

    -11.414,405.4

    8

    -

    -

    -

    368.2

    -

    -

    -

    102*

    1.9

    17

    10

    164*

    4.6

    88.5

    100.0

    79.2

    8*

    100.0

    5.5

    12.0

    1.0 164*

    102*

    22.8

    19

    93

    12

    70.2

    41.8

    3.9

    41.7

    26*

    -

    63*

    100.0

    56

    41

    20.0

    52.9

    -

    100.0

    100.0

    8.0

    0.0

    24

    -

    0.0

    39.0

    0.0

    11.3

    37.7

    -

    -

    -

    85.1

    0.0

    25.7

    https://www.thomsonone.com

    100.0

    100.0

    100.0

    93.5

    76*

    93*

    97*

    100.0

    40*

    10.5

    2

    46.0

    25

    26* 52.4

    100.0

    10.0

    6.3

    98.8

    97.8

    -

    8.0

    4

    51*

    56.5

    5

    3

    150*

    120

    -50.3

    12.6

    12.0

    106.0128.2

    Cenkos Securities PLC 51* 69* 10 2 ▲

    16.2%

    14.5%

    13.1%

    10.2%

    8.6%

    8.1%

    8.0%

    5.9%

    5.6%

    4.4%

    3.2% 2.2% High Technology

    Industrials

    Real Estate

    Financials

    Healthcare

    Media and Entertainment

    Consumer Products and Services

    Materials

    Energy and Power

    Consumer Staples

    Retail

    Telecommunications

    -

    500

    1,000

    1,500

    2,000

    2,500

    3,000

    3,500

    4,000

    4,500

    5,000

    $0

    $2

    $4

    $6

    $8

    $10

    $12

    # o

    f D

    ea

    ls

    Ra

    nk V

    alu

    e (

    US

    $b

    )

    US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals

    6

    http://banker.thomsonib.com/krizviHighlight

    krizviClairfield

  • *tie

    Source: Thomson Reuters ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

    209* -

    1.4 68* 100.0

    41* 33.3

    0.0 45* - -

    0.0 0.0 45* - -

    9.5 6.9 45* -37.9 ▼

    0.0 45* -

    DC Advisory 45* 72* 4 2 ▲

    Duff & Phelps 45* 25* 4 -6 ▼

    SPARK Advisory Partners Ltd 45* 53* 4 1 ▲

    -HSBC Holdings PLC 45* 106* 4 3 ▲ 100.0

    0.0

    UniCredit 45* 106* 0.0 0.0 45*4 3 ▲

    0.0

    -- -

    10.4

    45* -

    45* -72.0

    20.3

    - -

    23*

    -

    RBC Capital Markets 45* 53* 4 1 ▲

    4 1 ▲

    Beaumont Cornish 45* 106* 4 3 - -

    4.0

    Hoodless Brennan & Partners

    0.0

    0.0

    † Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

    53*

    22.0

    -

    US$m

    0.0

    61.0

    -

    15.7 45*

    0.0

    -1

    7.5

    ▲3

    0.0

    UK Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30

    -

    1.6

    41*

    3

    21 50.6

    4

    3

    3

    ▲6

    5

    10.0

    27*

    6

    -

    6

    9.3

    29*

    27.2

    8

    29*33.1

    29*

    34*

    5

    6 38.8

    0.0

    46.1

    6

    0.0-9

    12.08 16.9

    45.5

    0.0

    15.4

    495.2

    27*

    29*0.0

    11.1

    29*

    19*

    19*

    19*

    19*

    5.0

    52.4 38.4

    7.0

    19*

    19*

    0.0

    13

    -6

    19*

    19*

    72* 10

    3

    11

    11

    10

    8

    12

    -22

    2

    10

    14

    -17

    1 ▲

    0.0

    23.6

    0.0

    0.05

    43.2 19*

    60.0

    16.7

    74.8

    125.1

    -

    -

    19*

    14

    15*

    15*

    15*

    15*

    72.8

    0.00.0

    ▲ 11*

    52.5

    21.5

    6

    7

    9101.0

    10

    48.3

    11*

    7.1

    72.9

    8

    40.4

    -11

    -12

    -10

    38.1▼

    29.0

    -8

    34.4

    -2 28.9

    9

    3

    -1

    17

    # of Deals Fees

    46.7

    0.0

    11*

    13.0 ▲

    117.3

    27.8

    0.0

    0.0

    -

    -75.5

    -

    83.4

    Rank Value per Advisor

    149.8

    23.7

    4.5

    23 ▼

    11

    2

    12.0

    1.8

    -

    0.3

    5

    2.6

    1.3

    -

    4.6

    9.0

    1.3

    -15

    Change in # of

    # of Deals per Advisor

    1

    8

    6

    61*

    Goldman Sachs & Co 15* 33*

    BDO

    Houlihan Lokey 11

    GCA Corp

    Bank of America Merrill Lynch

    15*

    39*

    53*Macquarie Group

    15*

    7

    25*

    15*

    -11

    14

    11

    1

    7

    13

    1320*

    11*

    11*

    8

    10 3

    Deloitte

    10

    9

    Ernst & Young LLP 11*

    Baker Tilly International

    PricewaterhouseCoopers

    20

    8

    Financial Advisor

    9

    24

    44

    59

    16

    Clearwater International

    Rothschild & Co ▲ 93.3

    MM4a - Undisclosed Values & Values up to US$50m

    2

    Rank Value

    Jan 1 - Jun 30

    2018

    Rank

    4

    13

    KPMG

    5

    KBS Corporate Sales Ltd

    4*

    15

    23

    6

    Deals

    2017

    Rank

    8.5

    7

    4*

    Grant Thornton

    RSM Corporate Fin LLP 11.9

    Benchmark International

    18

    ▲ 115.5

    -86.2

    4*

    3

    ▲ 0.0

    Change (%)

    ▲3

    GBP m

    Barclays

    Oaklins (FKA M&A Intl Inc)

    126.7 2

    ▲ 54.6

    -

    2018

    45*

    4*

    205.0

    0.0

    -

    -

    -

    -82.6

    -

    -71.4

    -

    -43.9

    106*

    41*

    -

    34

    71*

    -

    159.0

    -22.0

    4.0

    6*

    -

    -

    1.4

    176*

    54.2

    ** Fee

    Numis 19*

    12

    1

    47.1

    79*

    Imputed Fees (US$m) †

    2

    Cenkos Securities PLC

    Arma Partners LLP 72*

    28*

    Liberum Capital 19*

    19*

    IMAP

    20*

    8

    44*

    19*

    9

    -8

    -2

    8

    19

    -1

    Lincoln International 19*

    19*JP Morgan

    29*

    34*

    Canaccord Genuity

    29*

    Livingstone Partners

    BCMS Corporate Ltd

    29*

    Clairfield International

    53*

    Sentio Partners LLP

    -

    34*

    38*

    34*

    39*

    Morgan Stanley

    Alantra Partners SA

    29*

    https://www.thomsonone.com

    34*

    3 ▲William Blair & Co

    Viel & Cie Finances

    53*

    14

    Evercore Partners

    28*

    27*

    17

    Credit Suisse

    -

    38*

    Industry Total

    Dow Schofield Watts LLP

    Peel Hunt LLP

    Akur Ltd

    -

    Global M&A

    72*

    1,829

    -

    -

    1.0

    2.4

    2.8

    8.0

    9.0

    3.3

    -

    -

    22.3

    2.0

    -

    0.0

    -

    83.9

    100.0

    8*

    100.0

    100.0

    34.6

    35*

    68*

    23.0

    8.7

    First Half 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors

    Rank Value

    UK Involvement Small-Cap Rankings (MM4a)

    -35.2

    4

    2.0

    Advisor

    1

    2018

    167*

    65

    20

    100.0

    -

    -

    -

    0.4

    14*

    7.8

    8.2

    30

    2.3

    5.0 17*

    39*

    0.0

    71*

    -

    209*

    -

    100.0

    87.6

    8

    -1

    Rank

    0.0

    34*

    34*4

    27*

    0.0

    10.8

    0.0

    10

    10

    10

    10

    8

    0

    9

    -3

    22*

    15* 10

    31*

    Rank

    -41.4

    62.5

    -

    -72.4

    -

    -

    -

    -

    -

    -

    2.0

    -

    1.0

    28*

    11

    38

    10

    -

    23*

    -

    89.9

    21.6

    83.3

    100.0

    93.9

    12

    100.0

    30.8

    -

    100.0

    -

    1.0

    16

    -

    5.5

    79*

    4.0

    6*

    100.0

    23*

    17*

    21.0

    56.5

    79*

    100.0

    96.0

    UK Small-Cap M&A up to US$50m by Rank Value Range

    49.1

    Exp (%)

    89.7

    100.0

    -

    -24.6

    -19.5

    16.8

    169.7

    -

    -

    131.5

    162*

    -38*

    975.9

    2.0

    5.2

    100.0

    94.7

    -

    41*

    20.0

    12.9

    2.1

    100.0

    100.0

    100.0

    -

    107.8

    38*

    0.0

    -

    0.0

    -

    0.8

    5.0

    0.0

    -64.0

    -

    38*

    -

    38*

    27.7

    5

    38.5

    7.0

    0.0

    0.0

    38*

    0.0

    0.0

    8.0

    62.9

    6.0

    5.0

    52.6

    37.2

    14.0

    34*

    0.0

    1.1

    6,254.9

    433*

    5

    5

    29* 27

    33*

    39*

    5

    538*

    33*

    5

    31*

    38*

    5

    -1

    2

    -2

    4

    ▲ 38*

    ▲ 62.4

    -2 5.7

    -

    4.7 19

    38*

    14.5

    91.3

    -

    39.4

    100.0

    -

    -89.2

    25.0

    46.2 38*

    7.8

    35.2

    45*

    -401 4,558.6

    3.1

    0.6 100.0▲

    45*

    ▼-7.8 39.7

    Citi

    Moelis & Co

    Equita SIM SpA

    33*

    38*

    38*

    WH Ireland Ltd 100.0

    631.4

    1.4 68*

    100.0

    20.8%

    15.0%

    11.8%

    9.7%

    9.6%

    8.1%

    8.1%

    6.1%

    4.0%

    3.1% 2.2%

    Real Estate

    High Technology

    Financials

    Industrials

    Media and Entertainment

    Healthcare

    Consumer Products and Services

    Energy and Power

    Materials

    Retail

    Telecommunications

    Consumer Staples

    -

    200

    400

    600

    800

    1,000

    1,200

    1,400

    $0

    $1

    $1

    $2

    $2

    $3

    $3

    $4

    $4

    $5

    # o

    f D

    ea

    ls

    Ra

    nk V

    alu

    e (

    US

    $b

    )

    US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals

    7

    http://banker.thomsonib.com/krizviHighlight

    krizviClairfield

  • *tie

    Source: Thomson Reuters

    CM-CIC Conseil SAS 26* 55* 3 1 ▲ 20.8 17.0 16 - - 1.5 33* 100.0

    21*

    0.0

    RBC Capital Markets

    Deutsche Bank

    3Houlihan Lokey

    329*

    3

    34.2

    3

    13.9

    -324

    26*

    3

    26*

    26*

    26*

    2

    0.0

    26*

    88.9

    3*

    19

    Grant Thornton

    11.3

    0.5

    11.0

    0.0

    10

    -

    -

    -

    -

    -

    --

    Rank Value per Advisor

    -

    0.0

    0.0

    -

    -

    0.0

    108*

    -90.0

    -

    -29.0

    -

    -

    ▲9

    23*

    3

    82*

    -

    -

    -

    20.0

    -

    1

    DC Advisory 0.0 61.2

    -

    3

    100.0

    2.0

    † Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

    2,191.8

    0.0

    343.5

    -3 -

    0.0

    -

    -

    27.6

    -

    French Small-Cap M&A up to US$50m by Target Industry

    JP Morgan

    3

    Industry Total

    24.6

    HSBC Holdings PLC - -

    Jan 1 - Jun 30

    https://www.thomsonone.com

    0.6

    17*-

    108*

    96

    - -

    3.0

    17*

    21* 100.0

    100.0

    105*

    -

    2,651.5

    0.0

    -

    -

    -

    131.8

    -25.2

    8

    2

    -

    74.5

    128.2

    30.0

    7.3

    10*

    1.0

    5.0

    33*

    -

    3.0

    0.3

    -

    12

    -

    -

    - -37*

    0.8

    39*

    99

    -

    39*

    -

    -

    -

    - -

    37.8

    -

    -0.0

    -

    -

    -

    -

    37*

    -6

    -

    -

    -85.7

    9 -

    -

    -

    -

    -

    20

    11

    6.07.3

    0.2

    -

    -63.7

    -

    23

    50.2

    21.1

    -

    106.0

    69.0 3790.5

    34.8

    Rank Value

    3

    French Involvement Small-Cap Rankings (MM5a)

    Change (%)

    25.2

    Imputed Fees (US$m) †

    Exp (%)

    1

    Rank

    Rank Value

    0.4

    6.3

    -

    5.0

    1.0

    1.0

    47.5

    0.2

    7.2

    0.2

    1.2

    -

    4

    5

    11 ▼

    -

    -98.8

    -48.3

    41.6

    --

    4

    4

    1

    ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

    9

    37.3

    7

    6

    3.0

    11 4

    -6

    5

    82*19*

    15*

    26*

    55*

    IMAP

    BDO

    Banque Degroof Petercam SA

    Capitalmind

    10*

    1,055

    4

    Lincoln International

    2018

    1

    3*

    KPMG

    6

    7*

    3*

    Clairfield International

    Lazard 81.7

    Advisor

    US$m

    -7

    2 192

    6

    1

    4

    29*

    ▼-5

    Change in

    -3

    -2

    15

    15

    5

    12*

    3

    4

    10

    15

    5

    6

    Rank

    Deals

    36.8

    42

    100.0

    3

    0.0

    0.0

    0.0

    -1

    82*

    0.0

    4

    5

    0

    -

    40.0

    0.0

    -0.0

    -16

    5 0.0

    -

    -9

    -

    0

    2

    0.0

    Arma Partners LLP 19*

    Deloitte

    -

    82*

    Oaklins (FKA M&A Intl Inc)

    Mediobanca

    Baker Tilly International

    19*

    1

    19*

    -

    34

    19*

    19*

    41*

    19*

    4

    4

    French Small-Cap M&A up to US$50m by Rank Value Range

    15* 10*

    9

    15*

    Natixis

    Rothschild & Co

    Financial Advisor

    MM5a - Undisclosed Values & Values up to US$50m

    19*

    # of

    19*

    # of Deals per Advisor

    -6

    Rank

    2017

    7*

    PricewaterhouseCoopers

    Cambon Partners

    13*Societe Generale 7*

    13*

    12

    10*

    15*

    15*

    23*

    7

    Credit Agricole CIB

    Invest Corporate Finance SAS

    BNP Paribas SA 7*

    UBS

    10*

    6

    Clearwater International

    6

    19*

    15*

    Ernst & Young LLP

    15*

    6.0

    8

    -

    100.0

    97*

    100*

    35*

    2018

    100.0

    68.2

    124*

    12

    11.4

    76.9

    Rank

    100.0

    100.0

    17.9

    25.2

    6.6

    87.8

    100.0

    100.0

    4.2

    100.0

    10*

    100.0

    Jan 1 - Jun 30

    13.5

    ** Fee

    67.4

    100.0

    41.7

    -

    4

    17*

    9

    39*

    100.0

    45.0

    29.1

    100.0

    0.0

    41.6

    19*

    2.0

    14

    -8

    -6

    9

    -3

    4

    2

    0.0

    100.0

    37*

    2

    5

    Fees

    2.0

    2018

    1.5

    First Half 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors

    -

    0.0

    45.2

    0.0

    0.2

    Oloryn Partners 26*

    2.3

    -7

    -6

    8.0

    Euro mil

    1

    # of Deals

    1

    0.0

    0.0

    0.0

    0.0

    7

    14.0

    9.8

    49.5

    0.0

    17.1

    30.0

    0.0

    -0.7

    0.0

    0.0

    24.7%

    14.8%

    10.0% 9.2%

    8.5%

    7.8%

    7.3%

    5.4%

    4.7%

    3.9% High Technology

    Healthcare

    Industrials

    Media and Entertainment

    Real Estate

    Consumer Products and Services

    Financials

    Consumer Staples

    Materials

    Energy and Power

    Retail

    -

    100

    200

    300

    400

    500

    600

    700

    800

    900

    1,000

    $0.0

    $0.2

    $0.4

    $0.6

    $0.8

    $1.0

    $1.2

    $1.4

    $1.6

    $1.8

    $2.0

    # o

    f D

    eals

    Ra

    nk V

    alu

    e (

    US

    $b

    )

    US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals

    8

    http://banker.thomsonib.com/krizviHighlight

    krizviClairfield

  • *tie

    Source: Thomson Reuters ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m 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.

    Clearwater International 27* 9* 3 -6 ▼ 44.8 38.0 1* - - 1.0 41* 100.0

    Proventis Partners 27* 61* 3 2 ▲ 0.0 0.0 25* - - 2.0 24* 100.0

    Drake Star Partners 27* 61* 3 2 ▲ 24.0 20.1 16 - - 1.4 39 100.0

    JLL Capital Markets 27* 61* 3 2 ▲ 0.0 0.0 25* - - 3.0 13* 73.2

    Sonntag Corporate Finance GmbH 27* - 3 3 ▲ 0.0 0.0 25*

    5

    - - 2.0 24* 100.0

    25*

    100.0

    0.0 0.0

    - -

    13*25*

    0.0

    - 3.0

    30.4 25.4

    24* 100.0

    13*

    13*

    100.0

    100.0

    0.0

    --

    -

    - 2.0

    -

    - 3.0

    25*

    - -

    -

    25*

    12 - -

    -

    -

    -

    0.0 -

    25*

    0.0

    -

    -25*

    4

    Saxenhammer & Co Corporate

    20*

    61*

    25*

    13*

    -10

    ▲ 0.0

    0.0

    Fees

    8.0

    25*

    Commerzbank AG

    10*

    Citi

    20*

    361*

    9*

    -

    0.0

    4

    0.0 0.0

    25*

    0.0

    ▲ 0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    30.0

    0

    Change in

    11.6

    0.0

    0.0

    4 0

    -

    -

    24*

    4.0

    100.0-

    4

    100.0

    -

    100.0

    0.0

    0.0 25*▼

    20.0

    2.0

    1.1

    -59.5

    2018

    41*

    41*

    Jan 1 - Jun 30

    42.3

    1.2

    2.2

    2.2

    41*

    ** Fee

    2

    Jan 1 - Jun 30

    3*

    90*

    3.0

    100.0

    4.0

    0.0

    - 0.0

    0.0

    4

    25*

    Rank Value per Advisor

    17

    Rank

    -

    -

    -

    German Small-Cap M&A up to US$50m by Target Industry

    2.0

    8.0

    Exp (%)

    21*

    1

    - -

    Rank Value

    44.0

    Euro mil

    -

    -

    -

    10*

    -

    -

    -

    25*

    25*

    -18.1

    21*

    -

    10*

    -

    -

    100.0

    -16.5

    25*

    11

    25* -

    -

    -

    25*

    25*

    0.0

    -

    34.0

    18

    -

    13*

    https://www.thomsonone.com

    Oaklins (FKA M&A Intl Inc)

    Quarton International

    -3

    13*

    13*

    William Blair & Co 13*

    16*

    Clairfield International

    Deutsche Bank

    10.8

    -▲

    0.0

    0.0

    Globalscope

    16*

    6

    5 2

    -

    -

    -

    0.0

    0.0 -

    -

    -

    -25*

    -

    -

    -

    25*

    -

    --

    -97.2

    -

    -

    -

    25*

    25* -

    -

    -25*

    13

    5.0

    4.0

    8*

    7*

    30.0

    27.3

    10.0

    0.0 0.0

    0.0

    0.0

    0.0

    0.0

    0.9

    0.0

    -

    -

    8*

    0.0

    0.0

    25*

    -

    8*

    19

    -

    23.3

    9.1

    23

    -

    -

    25*

    0.0

    8.0

    15.0

    1.3

    36.1

    7

    8

    6

    6

    0

    3

    -10

    17

    7*

    Rank

    13*

    21*

    25*

    UniCredit 4*

    2* 6

    Financial Advisor

    1

    Lincoln International

    Rank

    2*

    16*

    ACXIT Capital Partners

    Deloitte

    PricewaterhouseCoopers

    KPMG

    Ernst & Young LLP

    MM6a - Undisclosed Values & Values up to US$50m

    Rothschild & Co

    -3

    -8

    US$m

    # of

    # of Deals per Advisor

    2017

    16*

    11

    12

    2

    27.8

    10*

    15

    Deals

    16*

    0.0

    37.0

    8

    4

    37*

    GCA Corp

    First Half 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors

    Alantra Partners SA

    10*

    Falkensteg GmbH

    -

    47*

    Cooperatieve Rabobank UA

    37*

    9*

    25*

    Concentro Management AG

    5

    -

    0.0

    4*

    10

    12

    0

    1

    48

    0.0

    6

    7*

    16*

    16* 5

    7

    5

    4

    21* ▼

    0.1

    1.0

    0.0

    98*

    3.0

    2.5 20

    1.0

    1.0

    41*

    2

    Centuros GmbH

    -1Global M&A

    goetzpartners Corp Finance

    27*

    100.0

    2018

    20*

    20*

    2

    27*

    -7

    3

    27.8

    85*

    67.5

    100.0

    100.0

    -

    - --

    245.8

    24*

    21*

    100.0

    0.4

    -

    2.2

    45.1

    87 100.0

    100.0

    100.0

    100.0

    100.0

    100.0

    3*

    100.0

    10*

    3* 100.0

    100.0

    2018Advisor

    40

    German Involvement Small-Cap Rankings (MM6a)

    Rank

    3*

    100.0

    German Small-Cap M&A up to US$50m by Rank Value Range

    52.4

    1.0

    Change (%)

    Imputed Fees (US$m) †

    100.0

    100.025*

    47*

    20*

    85.712.0

    1,350.4

    20*

    -5

    # of Deals

    -3

    2

    2

    4

    2

    5

    7

    8

    0.0

    -5

    -3

    6

    2

    1

    24.6

    4

    -

    3

    4

    -13

    Capitalmind

    Macquarie Group

    Arma Partners LLP 27*

    37.0

    25* -

    -

    0.0 -

    8.5

    0.0

    Houlihan Lokey

    20*

    Baker Tilly International

    16*

    11

    -2

    61*

    3

    1,640.0

    1

    -

    Rank Value

    -

    8.0

    25*

    9.0

    0.8

    Raymond James Financial Inc

    Industry Total 1,000

    27*

    3

    25* 3

    Morgan Stanley 27* 61*

    3

    27* 61*

    -153

    Livingstone Partners

    27* 5IMAP 3

    3

    Ebner Stolz

    27*

    27* 13*

    3

    21*

    -1

    0.0

    ▼ 15

    28.5%

    23.6%

    11.3%

    8.2%

    7.0%

    5.9%

    5.0%

    3.1%

    2.7% 2.7% High Technology

    Industrials

    Real Estate

    Healthcare

    Financials

    Materials

    Energy and Power

    Retail

    Consumer Staples

    Media and Entertainment

    Consumer Products and Services

    -

    100

    200

    300

    400

    500

    600

    700

    $0.0

    $0.2

    $0.4

    $0.6

    $0.8

    $1.0

    $1.2

    $1.4

    # o

    f D

    ea

    ls

    Rank V

    alu

    e (

    US

    $b)

    US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals

    9

    http://banker.thomsonib.com/krizviHighlight

    krizviClairfield

  • *tie

    Source: Thomson Reuters

    -0.0 20* - - - -

    - - -

    JP Morgan 28* 30* 1 -1 ▼ 0.0

    ▼ 0.0 0.0 20* - -

    - - - - -

    GCA Corp 28* 20* 1 -2

    -

    Cooperatieve Rabobank UA 28* - 1 1 ▲ 0.0 0.0 20*

    0.0 20* - - - -

    1.0 21* 100.0

    Societe Generale 28* 20* 1 -2 ▼ 0.0

    ▲ 0.0 0.0 20* - -

    - - - - -

    Finint Corporate Advisors Srl 28* - 1 1

    100.0

    Goldman Sachs & Co 28* 30* 1 -1 ▼ 0.0 0.0 20*

    14.7 12 - - 0.3 47*

    - - -

    Lucciola & Partners Srl 28* - 1 1 ▲ 18.1

    ▲ 0.0 0.0 20* - -

    - - 1.0 21* 100.0

    Mit Fin Spa 28* - 1 1

    100.0

    Krall & Co Inc 28* - 1 1 ▲ 0.0 0.0 20*

    0.0 20* - - 1.0 21*

    1.0 21* 100.0

    Brera Advisory Spa 28* 17* 1 -3 ▼ 0.0

    ▲ 0.0 0.0 20* - -

    - - - - -

    CVM Capital Value Mgmt GmbH 28* - 1 1

    100.0

    Alantra Partners SA 28* 20* 1 -2 ▼ 0.0 0.0 20*

    27.2 8* - - 0.4 44*

    1.0 21* 100.0

    London Bridge Capital 28* - 1 1 ▲ 33.6

    ▼ 0.0 0.0 20* - -

    - - - - -

    Spada Partners 28* 14* 1 -4

    100.0

    Long Term Partners SpA 28* - 1 1 ▲ 0.0 0.0 20*

    0.0 20* - - 1.0 21*

    1.0 21* 52.6

    Arma Partners LLP 28* - 1 1 ▲ 0.0

    ▼ 0.0 0.0 20* - -

    - - 0.4 44* 100.0

    Ethica Corporate Finance SpA 28* 30* 1 -1

    -

    finnCap Ltd 28* - 1 1 ▲ 33.6 27.2 8*

    0.0 20* - - - -

    - - -

    Credit Agricole CIB 28* - 1 1 ▲ 0.0

    ▲ 14.8 12.5 13 - -

    - - - - -

    CoveView Advisors 28* - 1 1

    -

    Bank of America Merrill Lynch 28* 41* 1 0 - 0.0 0.0 20*

    0.0 20* - - - -

    1.0 21* 100.0

    AT Kearney Corporate Finance 28* - 1 1 ▲ 0.0

    ▲ 0.0 0.0 20* - -

    - - - - -

    Petsky Prunier LLC 28* - 1 1

    Credit Suisse 28* 11* 1 -5 ▼ 0.0 0.0 20* - - 1.0 21* 100.0

    MANGOLD FONDKOMISSION AB 28* - 1 1 ▲ 8.6 7.0 17 - - 0.2 51* 100.0

    Cambon Partners 28* - 1 1 ▲ 0.0 0.0 20* - - 1.0 21* 100.0

    Natixis 28* 41* 1 0 - 0.0

    10.7 9.01- -ICCREA 28*

    1 0 -

    -

    1,443.2 1,196.1

    2

    Fees

    39.0

    0.0

    0.0

    22.8

    MM7a - Undisclosed Values & Values up to US$50m

    US$m

    Jan 1 - Jun 30

    1

    20*

    27.5

    45.4

    Rank Value

    1.6

    7.0

    0.5

    155.1

    -

    3

    Euro mil Change (%)

    Rank Value

    96.7

    First Half 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors

    0.0 -

    Advisor ** Fee

    254.1

    Rank

    Italian Small-Cap M&A up to US$50m by Rank Value Range

    Italian Involvement Small-Cap Rankings (MM7a)

    -

    2

    0.0

    0.0

    -

    0.0

    0.0

    42.1

    -

    6.2 -66.818

    10.2 15

    -

    -

    -

    -

    -

    ▲ 19

    -

    7*

    8.5

    ▲ 21*

    1

    1.0

    23.0

    18

    -

    -

    1.9

    -

    0.0

    -

    -

    -

    14

    20*

    20*

    20*

    35.7 2168.4

    -

    11.0

    -▲

    0.2

    -

    2.0

    1.0

    100.0

    - --

    -

    21*

    166.2

    HSBC Holdings PLC

    19*

    28*

    -29

    Houlihan Lokey 28* 41*

    1

    12

    -

    20*

    -

    -

    - -

    0.0

    6*

    19*

    -

    20*

    -

    20*

    19

    -

    4*

    2

    0.0

    2

    -Banca Popolare Emilia Romagna

    2

    0.01 ▲ 20*0.0

    16

    1.0

    - -

    -24.6

    -

    1.0

    14*

    Italian Small-Cap M&A up to US$50m by Target Industry

    100.0

    https://www.thomsonone.com

    1.0

    -

    21*

    1

    14*-

    Jan 1 - Jun 30

    8*

    Equita SIM SpA

    Ernst & Young LLP

    2

    2018

    3

    Mediobanca

    4*

    KPMG

    4*

    10

    Lazard

    Kon SpA

    Financial Advisor

    10

    Rank Value per Advisor

    8* 1

    7

    1

    2

    8

    -4

    36.6

    -

    0.0

    0.0

    ▼ 12.8

    20*

    7.4

    20*

    Rank

    1.0

    ▲ 4

    11

    # of Deals

    2.3

    -

    -

    -

    20*

    0.0

    12.3

    0.0

    2.0

    2

    5▲

    3

    Banca IMI (Intesa Sanpaolo)

    7

    6

    Rothschild & Co

    UniCredit

    4.1

    -

    -

    0.3

    3.0

    4.0

    23.0

    2

    20*

    20

    6

    17*

    4*

    23

    13

    0.0

    57.6

    --

    -

    -

    -63.7

    20*

    100.0

    -

    876.3

    2.0

    20*

    † Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

    4.0

    4.0

    47*

    -

    7*

    -

    4

    6

    7*

    43

    14*

    54*

    -

    0.1

    100.0

    100.0

    43.4

    27.8

    40.0

    28.0

    100.0

    54.8

    Exp (%)

    12.5

    87.2

    100.0

    100.0

    34.0

    85.7

    51*

    10*

    -

    ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

    39.2

    -

    100.021*

    Imputed Fees (US$m) †

    2018

    1.7

    Deals

    13*

    8*

    12

    13

    10

    41*

    9

    2

    2

    10

    4

    30*

    -

    14*

    -

    30*

    13*

    2017

    Rank

    Clairfield International

    Fineurop SpA

    11*

    4

    13*

    4

    7

    20*

    17*

    19*

    Cassiopea Partners

    13*

    Marketing Management Group Inc

    11*

    IMAP

    19*

    11*

    BNP Paribas SA 13*

    4

    19*Klecha & Co

    Oaklins (FKA M&A Intl Inc)

    Leonardo & Co

    Deloitte

    AGS Consulting Co Ltd 19*

    New Deal Advisors SpA 19*

    13*

    Arkios Italy SpA

    Globalscope

    19*

    0.0

    0.0

    ▲ 0.0

    0.0

    0.0

    0.0

    117.2

    # of Deals per Advisor

    # of

    0.0

    4

    11

    -1

    -1

    -2

    1

    9

    1 -

    21

    14*

    9

    1

    5.2

    Change in

    0

    -9

    3

    -5

    2

    -1

    616

    8*

    2

    2

    -

    20*

    0

    -

    0

    Lincoln International

    2

    2 1

    37.845.2

    29.8

    27.2

    -

    0.0

    4

    -1

    -

    100.0

    -6*

    20* -

    0.0

    8*

    5

    0.0

    0.0

    20*

    33.6

    43.1

    0.0

    47.1

    100.0

    100.0

    100.019* ▲

    2

    36.641*

    0.0

    Industry Total

    -

    100.0

    21*

    20

    -

    -

    -

    100.0

    30.0

    20*

    1.4

    0.0

    21*

    0.0 20*

    2018

    0.0

    9

    Unione di Banche Italiane Scpa

    -

    Rank

    PricewaterhouseCoopers

    8*

    3

    30.5%

    24.9%

    16.0%

    9.0%

    6.6%

    4.9%

    2.8% 2.7% 2.6% Industrials

    High Technology

    Financials

    Media and Entertainment

    Healthcare

    Retail

    Real Estate

    Consumer Products and Services

    Energy and Power

    -

    50

    100

    150

    200

    250

    300

    350

    400

    $0.0

    $0.2

    $0.4

    $0.6

    $0.8

    $1.0

    $1.2

    # o

    f D

    eals

    Rank V

    alu

    e (

    US

    $b)

    US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals

    10

    http://banker.thomsonib.com/krizviHighlight

    krizviClairfield

  • *tie

    Source: Thomson Reuters

    - - -- 0.0 0.0 9* - -

    - - - - -

    Bank of America Merrill Lynch 23* 32* 1 0

    100.0

    Societe Generale 23* 18* 1 -2 ▼ 0.0 0.0 9*

    0.0 9* - - 1.0 18*

    1.0 18* 100.0

    Fidentiis Equities SV SA 23* - 1 1 ▲ 0.0

    ▲ 0.0 0.0 9* - -

    - - 1.0 18* 100.0

    Translink Corporate Finance 23* - 1 1

    100.0

    Quarton International 23* - 1 1 ▲ 0.0 0.0 9*

    0.0 9* - - 1.0 18*

    1.0 18* 100.0

    Retail Partners Europe Ltd 23* - 1 1 ▲ 0.0

    ▲ 0.0 0.0 9* - -

    - - - - -

    KBS Corporate Sales Ltd 23* - 1 1

    69.0

    HSBC Holdings PLC 23* - 1 1 ▲ 0.0 0.0 9*

    0.0 9* - - 2.0 8*

    1.0 18* 100.0

    Lazard 23* 24* 1 -1 ▼ 0.0

    ▲ 0.0 0.0 9* - -

    - - - - -

    IMAP Lynx 23* - 1 1

    100.0

    Globalscope 23* - 1 1 ▲ 0.0 0.0 9*

    0.0 9* - - 1.0 18*

    - - -

    Ferber & Co GmbH 23* - 1 1 ▲ 0.0

    ▼ 0.0 0.0 9* - -

    - - - - -

    Citi 23* 10* 1 -4

    -

    Global M&A 23* 32* 1 0 - 0.0 0.0 9*

    0.0 9* - - - -

    - - -

    UniCredit 23* - 1 1 ▲ 0.0

    ▼ 0.0 0.0 9* - -

    - - - - -

    Norgestion 23* 10* 1 -4

    BBVA 23* 6 1 -8 ▼ 0.0 0.0 9*

    1.8

    - -

    1.0 18* 100.0

    - - --

    0.0 0.0 9* - -

    -

    0.0 0.0 9* - -

    0.0

    1 -2

    BNP Paribas SA

    0.0 9* -

    9* -0.0

    GBS Finanzas SA 118*

    2

    Houlihan Lokey 23* 24* 1

    16*

    23* 10* 1 -4

    0.0

    2

    Morgan Stanley 23*

    ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

    7

    0.0▲ -

    0.6▲

    18*

    -

    -

    -

    - 8*

    1.0

    Jan 1 - Jun 30

    16*

    1 0.0

    1

    23* 1-

    -

    23*

    1

    Spanish Small-Cap M&A up to US$50m by Target Industry-2▼

    68.5

    2 ▲

    --

    0

    -

    -1

    https://www.thomsonone.com

    24*

    Nomura

    Danske Bank

    IMAP

    RSM Corporate Fin LLP

    23*

    Barclays

    † Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

    INFUPA SA

    23*

    Evercore Partners

    Greenhill & Co, LLC

    2

    2 -1

    16* 32*

    DNB ASA

    16* -

    Deutsche Bank

    16*

    2

    Banco de Sabadell 23*

    16*

    16* -

    -

    24* 1

    Goldman Sachs & Co 9*

    2

    3

    1

    Alantra Partners SA 9*

    24*

    Deloitte

    24

    # of

    Ernst & Young LLP

    Rank # of Deals

    8*

    2

    16

    4

    22

    3

    7

    # of Deals per Advisor

    9*

    6

    2017Rank Value

    Exp (%)US$m Euro mil

    Spanish Small-Cap M&A up to US$50m by Rank Value Range

    34.0

    3.0 42.9

    ** Fee

    Change (%)

    4

    4.2

    Fees

    54.4

    84.2

    42.0

    2018

    -

    3

    3

    3

    10*

    8*

    4

    1

    3

    15*

    18*

    32*

    20.5

    0.7

    0.0

    5

    3

    0

    2 ▲

    4

    0.0

    0.0

    0.0

    1

    -

    -2

    ▼-1

    0.0

    7*

    5

    Oaklins (FKA M&A Intl Inc)

    9*Clearwater International

    9*

    Clairfield International

    UBS

    9*

    9*

    Lincoln International

    Rothschild & Co

    KPMG

    CFI

    4

    7*

    9*

    Santander Global Corporate Bnk

    -5

    0.0

    0.03

    51.1

    Spanish Involvement Small-Cap Rankings (MM8a)

    Advisor

    2

    Rank

    391.4 ▲

    17-67.1

    38▲

    1.2▼

    2

    -

    -

    -

    -

    -

    16.5

    1

    Rank

    27.0

    2

    -

    -

    9*

    5

    36.73

    -

    -

    -

    9* -

    -

    -42.7

    -

    1

    41.4

    3*

    -

    100.0

    85.7

    Imputed Fees (US$m) †

    -

    100.0

    -

    100.0

    3*

    13* 23.7

    100.0

    8*

    100.0

    0.0

    100.03.0

    100.0

    100.0

    43.5

    -

    - -

    -

    0.0

    9*

    - -

    100.018*

    0.0 13*

    15

    -

    100.0

    -

    1.0

    92.3

    1.8

    9*

    -

    9*

    - -

    2.0

    -

    --

    1.0

    -

    -

    -

    18*

    -

    0.0

    3.0

    -

    -

    9*

    1.5

    9*

    -

    2.4

    0.0

    1 30

    2017

    Rank Value per Advisor

    Eurohold SL

    Rank

    PricewaterhouseCoopers

    3

    Financial Advisor

    62.9

    Change in

    24.1

    -

    -

    2.0

    0.0

    6.1

    2.0

    -

    0.0

    -181

    100.0

    69.08*

    -10

    Deals

    3

    MM8a - Undisclosed Values & Values up to US$50m

    6

    Rank Value

    -13

    8

    1

    -

    0.0

    0.0

    -

    -

    -

    0.0

    0.0

    0.0

    0.2

    -

    24*

    0.0

    9*0.0

    -

    7

    -0.0

    -

    -

    2.0

    -

    -

    -

    -

    -

    -

    18*

    -

    37.1

    0.0

    0.0

    0.0

    0.0 9*

    9*

    9*

    0.0

    44.6

    7

    ▲ 0.0

    2018

    28.0

    First Half 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors

    10

    0.0

    0.3

    18*

    2

    0.0

    9* -

    9*

    -

    Industry Total 509

    0.0

    0.0

    9* -

    0.0

    873.8

    -9*0.0

    -

    32* 1

    2

    32* 1 0

    0.7

    8*

    3*

    31.0

    -

    9*

    Jan 1 - Jun 30

    -

    -

    -96.1

    9*

    -

    0 -

    2

    2

    0

    32*

    -61 1,054.8

    17.4%

    14.1%

    11.9%

    11.4%

    9.1%

    8.8%

    7.6%

    5.9%

    4.9%

    3.7% 2.9% 2.3%

    Healthcare

    Real Estate

    Financials

    Industrials

    Materials

    High Technology

    Consumer Products and Services

    Energy and Power

    Retail

    Telecommunications

    Consumer Staples

    Media and Entertainment

    -

    50

    100

    150

    200

    250

    300

    350

    $0.0

    $0.2

    $0.4

    $0.6

    $0.8

    $1.0

    $1.2

    # o

    f D

    eals

    Rank V

    alu

    e (

    US

    $b)

    US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals

    11

    http://banker.thomsonib.com/krizviHighlight

    krizviClairfield

  • *tie

    Source: Thomson Reuters

    - -0.0 0.0 24* - - -Goldman Sachs & Co 21* 25* 3 0 -

    1 204.5 ▲ 0.8 59* 30.8

    9* 100.0

    Handelsbanken Capital Markets 21* 11* 3 -5 ▼ 74.3 61.3

    0.0 0.0 24* - - 3.0UB Capital Oy 21* - 3 3 ▲

    Credit Suisse 21* 22* 3 -1 ▼ 33.9 27.5 10 121.6 ▲ - - -

    Grant Thornton 21* 25* 3 0 - 0.0 0.0 24* - - 0.3 62* 100.0

    KBS Corporate Sales Ltd 21* - 3 3 ▲ 6.1 5.2 20 - - 2.2 12 100.0

    Valentum Partners AB 21* 34* 3 1 ▲ 0.0 0.0 24* - - 3.0 9* 100.0

    -24*

    ▼-1051,021

    34*

    34*

    10

    8

    -

    Change (%)

    -

    -

    -

    24*

    24*

    -

    -

    ** Fee

    Rank

    -

    Nordic Small-Cap M&A up to US$50m by Target Industry

    https://www.thomsonone.com

    25*

    13*

    JP Morgan

    Advium Corporate Finance

    13*

    Clearwater International

    21*

    13*

    Lazard

    13*

    Global M&A 3

    Citi

    4

    Morgan Stanley

    13* 48*

    25*

    48*13*

    7*

    10* 5

    5

    DNB ASA

    ABG Sundal Collier 13* 15* 4

    MM9a - Undisclosed Values & Values up to US$50m

    202*

    Deloitte 10* 17*

    Rothschild & Co 69

    5

    Nordic Small-Cap M&A up to US$50m by Rank Value Range

    Oaklins (FKA M&A Intl Inc)

    Carnegie 8 13*

    SEB 13*

    Danske Bank 10* 5

    22*

    4

    4

    24*

    Nordic Involvement Small-Cap Rankings (MM9a)

    100.0

    1.3

    2.0

    0.3

    -

    28*

    -

    8.0

    8

    -

    4

    -

    2

    30.0

    0.0

    0.0

    -

    13*

    -

    Jan 1 - Jun 30

    13*

    -

    100.0

    51.6

    189.8

    50.0

    -

    100.0

    2*

    -

    6.0

    1.0

    180.2

    54.7

    ▼ 100.0

    66.7

    33.6

    8.0

    0.0

    38.5

    0.0

    0.0

    44.92,500.2 -12.1

    1

    0.0

    40.1

    0.0

    0.0

    0.0

    -5

    0.0

    -12

    1

    -2

    0.0

    0.0

    0.0

    24*

    24*

    24*

    24*

    0.0

    13.4

    0.0

    0.0

    7

    66.0

    16.4

    0.0

    97 11*

    0.0

    2

    -0.0 24*

    US$m

    16

    31.5

    1

    ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

    Industry Total 2,068.3 ▼

    -

    ▲14

    2017

    0

    3

    4

    4

    4

    13*

    -0

    -3

    3

    IMAP

    KPMG

    7*

    2 ▲

    -2

    ▲1

    6

    Rank Deals

    4* 4

    Rank

    100.0

    1.3

    Euro mil

    2018

    35.3

    # of Deals

    Rank Value

    1

    ▼ 9 ▼-54.8

    2018

    100.0

    1

    23

    1.2

    # of

    18 1.4

    Rank

    2▲

    -4

    0.0

    Exp (%)

    Change in Advisor

    100.0

    17.0

    28.7

    Clairfield International

    PricewaterhouseCoopers

    12

    -3

    4*

    3 1725*

    14

    414

    80.8

    -

    36.1

    4.0

    24*

    162.1

    14

    2018

    27

    First Half 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors

    Fees

    24.9

    Rank Value

    Jan 1 - Jun 30

    Rank Value per Advisor

    Financial Advisor

    24*

    -

    Translink Corporate Finance

    Ernst & Young LLP

    -1

    -

    2.0

    -

    -

    -

    8

    -

    4

    6.3

    57.4

    62*

    -

    -

    - -

    -

    64.6

    -

    158.4

    2*

    -

    -

    -

    -

    3.0

    -

    -

    6

    -

    24*

    -54.9

    3

    5

    -

    -

    -

    -

    -

    -

    5

    7.0

    100.0

    -

    36.1

    Imputed Fees (US$m) †

    9*

    -

    -

    -

    24*

    4

    57.7 49.1

    66.6

    0.0

    54.0

    # of Deals per Advisor

    0.0

    20.3

    -4

    2*

    † Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

    6

    70.6

    35.8

    16.4%

    13.7%

    13.3%

    12.1%

    9.3%

    9.1%

    7.2%

    5.7%

    5.7%

    3.8% 3.7% Industrials

    Consumer Products and Services

    High Technology

    Real Estate

    Healthcare

    Media and Entertainment

    Telecommunications

    Energy and Power

    Materials

    Retail

    Consumer Staples

    -

    100

    200

    300

    400

    500

    600

    700

    800

    $0.0

    $0.2

    $0.4

    $0.6

    $0.8

    $1.0

    $1.2

    $1.4

    $1.6

    $1.8

    # o

    f D

    eals

    Ra

    nk V

    alu

    e (

    US

    $b

    )

    US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals

    12

    http://banker.thomsonib.com/krizviHighlight

    krizviClairfield

  • *tie

    25* - - 1.0 38* 100.0

    19* 100.0

    GCA Corp 30* 30* 3 1 ▲ 0.0 0.0

    0.0 0.0 25* - - 2.0Banque Degroof Petercam SA 30* 30* 3 1 ▲

    25* - - - - -

    - -

    Jefferies LLC 30* - 3 3 ▲ 0.0 0.0

    0.0 0.0 25* - - -Bank of America Merrill Lynch 30* - 3 3 ▲

    25* - - 2.0 19* 100.0Livingstone Partners 30* - 3 3 ▲ 0.0 0.0

    0.0

    33.9

    0.0

    - - -

    -

    - 1.0

    -

    38* 100.0

    35

    25*

    - -

    -

    - -

    - - 3.0

    25* -

    0.0

    0.0

    0.0

    25*

    0.0 0.0 25*

    8*

    1.0-0.0

    -

    0.0

    0.0

    - 1.8

    6.0

    38* 100.0

    25* -

    19* 6.1

    0.2 85* 1.1

    61.9

    2.2

    6.0 8*

    - -

    72.3

    5.518

    --

    0.0 0.0 - -

    5.2 4.2 22

    BNP Paribas SA 30* 55* 3 2 ▲

    BBVA 30* - 3 3 ▲

    Deutsche Bank 30* 55* 3 2 ▲

    Goldman Sachs & Co 21* 18* 4 -1 ▼

    William Blair & Co 21* 30* 4 2 ▲

    Alantra Partners SA 21* 23* 4 1 ▲

    Macquarie Group 21* 30* 4 2 ▲

    Credit Suisse 21* 30* 4 2 ▲

    Citi 21* 23* 4 1

    Morgan Stanley 21* 55* 3

    4

    7

    2 7

    8

    23*

    Deals

    30* 4

    10*

    7*

    9*

    -

    10

    - -

    Benelux Small-Cap M&A up to US$50m by Rank Value Range

    100.0

    25*

    Jan 1 - Jun 30

    -

    18

    3.0

    - -

    25*

    25* -

    -

    -77.2 ▼

    -

    16*

    12.0

    -

    100.0

    -

    UBS 20

    † Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

    4

    Jan 1 - Jun 30

    0.0

    Benelux Small-Cap M&A up to US$50m by Target Industry

    100.0

    https://www.thomsonone.com

    47.6

    5

    1

    -4

    10

    7

    9

    7*

    9*

    9

    12

    # of Deals

    4

    17

    20

    -2

    13

    8

    10

    9

    -

    25*

    -

    97.7

    527.5

    Rank Value

    6

    2

    # of Deals per Advisor

    Rank

    10

    6

    # of

    -15

    -2

    10 6*

    100.0

    18.2

    3

    20.5

    Change in

    -9

    25.7

    100.0

    100.0

    ** Fee

    100.0

    52.4

    Imputed Fees (US$m) †

    28.8

    Rank

    3 60.6

    Rank Value per Advisor

    Benelux Involvement Small-Cap Rankings (MM10a)

    --

    11

    -

    86.4

    0.8

    6*25*0.0

    -

    -

    -

    -

    -

    0.0

    -0.0

    4.8

    2018

    Euro mil

    21*

    7

    0.0

    5.7

    1*

    -16

    4

    8

    5

    0.0

    0.0

    25*

    -

    0.0

    11

    15*

    Source: Thomson Reuters

    -4

    1

    -1

    2017

    ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

    21.9

    14.0

    25*

    20

    0.0

    13.7

    6 4

    201*

    Oaklins (FKA M&A Intl Inc) 3

    Cooperatieve Rabobank UA

    MM10a - Undisclosed Values & Values up to US$50m

    US$m

    3 ▼

    PricewaterhouseCoopers 10*

    ING

    Financial Advisor

    4*

    4*

    4*

    Lazard

    8*

    8*

    4*

    Lincoln International 14*

    14*

    JP Morgan

    RBS

    Baker Tilly International 10*

    Globalscope

    IMAP 14*

    14*

    18*

    Clairfield International

    55*

    21*

    -

    6

    30*

    Houlihan Lokey 21* 55*

    Barclays

    5

    0.0

    -4

    0.0

    3

    8

    0.0

    24.7

    10*

    0.0

    24.7

    11.3

    Deloitte

    Kon SpA

    Ernst & Young LLP

    BDO

    KPMG

    Rothschild & Co

    20.0

    -73.3

    16

    0.0

    Change (%)

    0.0

    11.2

    -

    -

    -76.0

    4

    0.0

    0.0

    11.4

    0.0

    9.3

    0.0

    25*

    25*

    0.0

    25*

    8

    25*

    0.0 -

    8.0

    10.0

    0.0

    0.0

    15

    25*

    0.0

    16.5

    17.6

    0.0

    2

    25*

    25*0.0 -

    -

    0.1

    17.0

    Fees

    7.0

    -

    2018

    25*

    6

    First Half 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors

    13.00.0

    2018

    -

    -68.2

    -

    -

    -54.4

    -

    1.5 36

    1.1

    -

    - -

    Rank

    -

    100.0

    Exp (%)

    100.0

    100.0

    40.3

    100.0

    37

    75*

    1

    740.9

    0.8

    Advisor

    -

    8*

    4

    90*

    -

    6.0

    7.0

    5

    -

    100.0

    75*

    -

    5.4

    -

    -

    -13.4

    Rank Value

    Industry Total 851

    -11

    Rank

    -99

    -

    100.0

    0.0 0.0 25*

    0.0

    - 2.0

    252.7

    - 2.0

    1* -

    19* 15.5

    38.8

    Capitalmind

    1,642.82,000.5

    18* 11 6 -5 ▼

    16*

    18.5%

    14.4%

    14.1%

    10.2%

    8.0%

    7.8%

    7.0%

    6.8%

    5.0%

    4.6% 2.5% Industrials

    Real Estate

    High Technology

    Consumer Products and Services

    Financials

    Media and Entertainment

    Materials

    Retail

    Healthcare

    Consumer Staples

    Energy and Power

    Telecommunications

    -

    100

    200

    300

    400

    500

    600

    $0.0

    $0.2

    $0.4

    $0.6

    $0.8

    $1.0

    $1.2

    $1.4

    $1.6

    $1.8

    # o

    f D

    eals

    Ra

    nk V

    alu

    e (

    US

    $b

    )

    US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals

    13

    http://banker.thomsonib.com/krizviHighlight

    krizviClairfield

  • *tie

    Source: Thomson Reuters

    - - -- 0.0 0.0 17* - -

    - - - - -

    JP Morgan 11* 14* 2 0

    - -

    Lazard 11* 19* 2 1 ▲ 0.0 0.0

    0.0 0.0 17* - - -Goldman Sachs & Co 11* - 2 2 ▲

    1,040 -508

    97.9

    21* 100.0

    2.0 5*2 ▲

    54.9

    LionTree Advisors LLC 11* - 2

    2

    Industry Total

    2

    HSBC Holdings PLC 11* - 2

    Eastern European Small-Cap M&A up to US$50m by Rank Value Range

    9.0

    -

    -

    17*

    -

    17*

    -

    1

    ** Fee

    11.0

    7

    0.0

    47.2

    -

    0.0

    -

    17*

    -

    CMT Advisory Sp zoo 11* -

    - -

    ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

    0.0

    MM16a - Undisclosed Values & Values up to US$50m

    10*

    Deals

    23*

    Euro mil

    -

    # of Deals

    -

    -2

    Eastern European Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30

    -

    -

    8.7

    7*

    -

    2

    47.2

    2

    0.0

    0.0

    Eastern Europe Involvement Small-Cap Rankings (MM16a)

    Fees

    Clairfield International 11*

    -

    Rank

    21.5

    -24.5

    -

    -

    -

    -

    2*

    17*

    17*

    17*

    0.0

    Rank Value

    11

    11*

    2

    0.0

    57.9

    ▲Citi

    Advisor

    1.0

    - -

    0.7

    -

    1,470.4

    -

    -

    17*

    -

    -

    -

    -

    -

    -

    0.7

    1,784.6

    100.0

    100.0-

    17*

    -

    https://www.thomsonone.com

    -15

    -4

    6

    1

    3

    9

    3

    5

    7*

    3

    3

    14*

    -

    # of Deals per Advisor

    RankFinancial Advisor Rank

    IMAP

    2018 2017

    4

    -152

    # of

    -9

    0.0

    4

    -1

    0

    57.9

    10

    3

    6

    42.4

    57.9

    41.349.5

    25.5

    49.5

    0.0

    47.2

    52.2

    2

    Akis Bagimsiz Denetim ve

    Morgan Stanley

    -

    UBS

    -

    2

    2

    2

    -

    11*

    -

    1*

    Globalscope

    10*

    19*

    1

    3

    7*

    Blackwood Capital Pty Ltd

    Rothschild & Co

    Credit Suisse

    11*

    5*

    5*

    Barclays

    7*CFI

    11*

    7*

    11*

    Equity Advisors Sp zoo sk

    Mediobanca

    7*

    1*

    KPMG

    4

    11*

    Oaklins (FKA M&A Intl Inc)

    Deloitte

    3

    0.0

    2018

    7.0

    8.7

    0.0

    33.9

    13.3

    Rank Value per Advisor

    10.4

    10

    14 -

    -64.5

    15

    17*

    0.0

    60.9

    5

    2*

    17*

    0.0

    2*

    0.0

    0.0

    1

    -

    -

    100.0

    100.0

    0.3

    33.2

    1.0

    -

    -

    0.5

    -

    First Half 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors

    -

    -

    21*

    -

    -

    100.0

    100.0

    -

    100.0

    -

    100.0

    -

    -

    -

    -

    100.0

    2018

    -

    7*

    -

    Rank

    25

    -

    -

    Change (%)

    -

    0.0

    0.0

    27.5

    Rank Value

    US$m

    Jan 1 - Jun 30

    Exp (%)

    4- 3.0

    † Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

    -

    -

    -

    -

    40.3 ▲ -

    -

    0.0

    2

    2

    2

    -5

    3

    3

    4

    2

    Change in

    -

    -

    2075.0

    -

    -

    -

    -

    10 -

    Imputed Fees (US$m) †

    2

    2

    17.7%

    17.1%

    15.7% 11.2%

    9.2%

    7.2%

    7.0%

    4.3%

    4.0%

    3.1%

    Financials

    Materials

    Industrials

    Media and Entertainment

    Energy and Power

    Real Estate

    Consumer Staples

    Consumer Products and Services

    High Technology

    Healthcare

    Retail

    Telecommunications

    -

    200

    400

    600

    800

    1,000

    1,200

    1,400

    1,600

    $0.0

    $0.5

    $1.0

    $1.5

    $2.0

    $2.5

    # o

    f D

    eals

    Ra

    nk V

    alu

    e (

    US

    $b

    )

    US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals

    14

    http://banker.thomsonib.com/krizviHighlight

    krizviClairfield

    Small Cap Financial Cover Page 1H 2018Small Cap Financial Table of ContentsSCFAThomson Reuters Deals Back Page 2018