Small Cap Financial Cover Page.ppt · First Nine Months 2011 │ Small-Cap M&A Up To US$50m │ Financial Advisors-20.5 0.0 3 2 1 23 -38 806.9 978.1 PricewaterhouseCoopers 13.5

SMALL CAP M&A REVIEWSMALL CAP M&A REVIEWFINANCIAL ADVISORS

First Nine Months 2011

European Involvement Small Cap Rankings (MM3a)

German Involvement Small Cap Rankings (MM6a)

Italian Involvement Small Cap Rankings (MM7a) 10

First Nine Months 2011 | Mergers & Acquisitions | Financial Advisors

Small Cap M&A ReviewTable of Contents

Worldwide Small Cap M&A Deals Intelligence

Worldwide Small Cap Rankings (MM1a)

US Target Small Cap Rankings (MM2a)

Small Cap M&A Matrix 3

Latin America Involvement Small Cap Rankings (MM17a)

1

2

4

5

UK Involvement Small Cap Rankings (MM4a)

French Involvement Small Cap Rankings (MM5a)

6

7

8

9

15

16

17

18

11

12

13

14

19

Spanish Involvement Small Cap Rankings (MM8a)

Benelux Involvement Small Cap Rankings (MM10a)

Hochinma Involvement Small Cap Rankings (MM13a)

Hong Kong Involvement Small Cap Rankings (MM12a)

Singapore Involvement Small Cap Rankings (MM14a)

Chinese Involvement Small Cap Rankings (MM20a)

22

Nordic Involvement Small Cap Rankings (MM9a)

Ranking Criteria Summary

Eastern Europe Involvement Small Cap Rankings (MM16a)

20

Indian Involvement Small Cap Rankings (MM21a) 21

Australia/New Zealand Involvement Small Cap Rankings (MM11a)

Japanese Involvement Small Cap Rankings (MM15a)

https://www.thomsonone.com

M&A Rankings For Mid-Market Deals Valued Up To US$500m Are Also Available

Announced Small-Cap M&A by Target Nation Up To US$50mRank 1/1/2011 - 09/30/2011 1/1/2010 - 09/30/2010

First Nine Months 2011DEALS VALUED UP TO US$50 MILLION

SMALL-CAP M&A REVIEW

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

Worldwide announced Small-Cap M&A deals valued up to $50 million totaled US$95.5 billion in the first three quartersof 2011 – a 1.0% decrease from the same period in 2010.

Estimated global fees generated from completed Small-Cap M&A activity equaled US$4.8 billion for the year,according to Thomson Reuters and Freeman Consulting.

The Asia-Pacific region (by target domicile) led the Small-Cap market, with US$41.0 billion of announced deal activity,a 42.9% market share.

The EMEA region (by target domicile) led the market in number of deals announced, with 10,318 deals for the year,38.3% of the 26,951 deals announced worldwide.

The Materials sector captured 15.9% of total announced Small-Cap value, followed by Industrials, which had a 13.0%share, and High Technology at 11.6%.

-

2,000

4,000

6,000

8,000

10,000

12,000

$0

$5

$10

$15

$20

$25

$30

$35

$40

# of

Dea

ls

Ran

k Va

lue

(US

$b)

1,5205,620.5

15,494.93,422.7

37,692.6

356

7,034412.6

13.8695

50

1,265▼-13.9

-18.4776428

-19.4

▼▲

▼

▼

▼

▼▲

▼

▼

▲

▲▲

▲8.561.6

-8.3

0.1

-4.0 ▼3.5

▼

▲48.1

▼

▼▼

▼

▲

44.6

▲

▲

31.2

123

167 529.9

156147 113

1,490.1

3,398.5160

376.6

16,300.1

532

3511,758.9321.4344.8

5,2557,99226,956.3

▼-0.927,82596,410.6▲▲

1,212.7

420330

159

966.6673.6

1,603.31,040.2

206.0

558.2

Rank ValueUS$m

# of Deals

Value Change

(%)Rank Value

US$m

377

# of Deals

Region/Nation

9412,320

630

38.0

172 -32.1

-0.8

3.6

-43.4

-29.9

-39.4

-14.5

26.523.8

110.5

-20.4

-22.8

-17.2

▼

▼

▲

43.8333

-33.1

IndiaHong Kong

3,682.6

3,261.84,407.9

5992,540.32,808.5

5,469.0

3,112.1

846

Indonesia

Japan

1,675.1 333

52

2,906.6

17,639.94,996.7

1,164.5

340

41,011.8

1,195.81,150.6

907.1861.5

6,712425.0

2,322

5,759.82,375.3 966

10,5761,611

9875,808.6

22,861.020,952.21,658

10,319

Canada

26,95226,981.4

1,503

8,0195,237United States of America

Europe

Argentina

United Kingdom

Brazil

▲

1,721.51,025.41,234.21,974.2

129288

748

519.4

16,870.55,396.6

WorldwideAmericas

510.5

Turkey

616589

732.2678.0

409382141

Poland

Germany 1,1242,004Russian Federation

1,482.41,279.1

433.6 156

Netherlands

695South Africa 659.9 149

536.4 387

Australia

Israel

ChinaSouth Korea

Africa/Middle East/Central Asia

225

Belgium 476.3 153

Finland

France

SpainSwedenItalyNorway

Peru 426.5 111 579.3 114 -26.4Chile

95,534.7

1,909.2

Mexico 359.6

1,462.8

Asia-Pacific (ex Central Asia)

▲Switzerland 443.7 298 358.4 240

506

204

46.0▲

▼3.0

-45.6

2,049

▲

8.8

Thailand 1,488.5 223 797.51,207 1,475

471

5,502.3

11.4 ▲

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

195 86.6 ▲Malaysia 1,629.7 442

$

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

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

15.9%

13.0%

11.6%

10.5%9.1%

8.9%

6.4%

6.4%

6.1%

6.1%

3.9% Materials

Industrials

High Technology

Financials

Real Estate

Energy and Power

Media and Entertainment

Consumer Products and Services

Consumer Staples

Healthcare

Retail

Telecommunications

Government and Agencies


1

▲▼▼

First Nine Months 2011 │ Small-Cap M&A Up To US$50m │ Financial Advisors

-20.50.0

321

2 3 -38▼ 806.9

978.1▼▼

PricewaterhouseCoopers 13.5

IMAP107 0

124.6362 4 65 0 ▼4 ▲ 105*

12318▼28

Bank of America Merrill Lynch 19* 2836.3-76 ▼

▲▼

19* 5-9 ▼

43 -74.0-49.6

43

8.0 67.9Lincoln International 18 18* 44 21.5

288.9 1653.5

-16.7 14.9 37Credit Suisse 17 11 50 -17 ▼ 9

23Sumitomo Mitsui Finl Grp Inc 14* 14* 53 ▼-6 ▼ 358.3 12

2 ▲ 545.5 5 -21.2 24.9250.3 22 -43.5 12.7 46

Nomura 14* 20 53 ▼

-46.7 100.9 6Mizuho Financial Group 14* 14* 53 ▼-6 ▼

-UBS 13 16 54 ▼-3 ▼ 252.4 21

-10 ▼ 373.7 10 -34.7 86.9127.1 42 -60.5 87.8 -

Morgan Stanley 11* 12 56 ▼

-33.5 106.9 4Houlihan Lokey 11* 9 56 ▼-22 ▼

23.6 25JP Morgan 10 18* 58 ▼5 154.2 31

165.9 1Clairfield International 9 17 61 ▲5 62 68.0

105.5 58 13 72 ▲11 ▲ 14 55.87 7 85 ▼-4 ▼ 15 -64.8309.1

▲ 482.4 7 -0.1 25.0 22▼100 405.7 2

M&A International 6 10 90 ▼168

707.7 4-39.6 146.3Rothschild 5 6 ▼-1

58*7.8112 10.6 50*994.2

▼-24.8102 -24

LazardGoldman Sachs & Co

Financial Advisor1KPMG 182

DealsRank1

Rank

Deloitte 3 2Ernst & Young LLP 4 4

-73145

-18

▼

43

315.4▲ 101.5▲

Change in 2010Rank Value per Advisor (US$m) Imputed Fees (US$m) †

Rank ValueExp (%)

** Fee2011 # of Rank Value

15.8 35Fees Rank

Advisor 2011

12 276.7

48.240.627.085.020.212.180.3

9.052.9

22.78.5

6.712.5

29.67.9

49.9

US$m# of Deals45.949.542*

-28.3

MM1a - Undisclosed Values & Values up to US$50m Jan 1 - Sep 30

Change (%)2011Rank

# of Deals per Advisor

Worldwide Small-Cap Rankings (MM1a)

Jan 1 - Sep 30Worldwide Small Cap M&A up to US$00m by Target Nation Region

$0 $20 $40 $60 $80 $100 $120 $140

2007

2008

2009

2010

2011

Rank Value (US$b)

*tie

Source: Thomson Reuters/Freeman Consulting

20.6255.7 19 6628.9 ▲ 2.7 118*China Renaissance Partners 50* 240* 18 15 ▲

Sandler O'Neill Partners 39*25

-30.4

▼-59.5

-25.413.0

82*

▼15▲ 38.7

▼ 4.4

26

45

16

Deutsche Bank AG 24 22*20

BDO International

35

937

Barclays Capital

▲32*

▼8

32 26* -10▲

3233

▲▲

44*

27.36.9

▲37.8

▼

44*359.721

-

11

84*

15.9 33*

32.914.6

95.3

▼

29 -236

3528*28*

26*

34

-5 ▼

116

15-7

37

3031

CIMB Group Sdn Bhd

Keefe Bruyette & Woods Inc

-8

34

DC Advisory Partners 27

Globalscope

-4.4385.6▼

58.5124.3

27▼

▼-54.8

11

-881

167.7▼

6712 ▲

5995.7

Citi

25* 8 -44 38▼

365.9106.6

10.5

-76.3 51.3▼16.4 32

0.5593.9

52

15.4 36▼

47.6 14▼▼▲ 3.751* 9

-22.7

94*

-54.0-72.6117.1

134.622.5

Leonardo & Co 35* 154*

▲Global M&A 35* 22* -1629

29

ING 38

3123 ▲ ▼36.5 205 16.9-53.1William Blair & Co 37 42* ▲4 58.0▲ 24.428 24

27256.8 1867.8 95 -27.9 22.6

1336

35

24

253-7

▲

▼

112*Moelis & Co 39* 51* 472* -79.73.624 ▲ ▼ 27.8

▲

14 ▲ 17▲ 36.8450.4▼23

Societe Generale 41* 112*Daiwa Securities Group Inc 41*

Rabobank NV 41* 69* 823 ▲ 18.1 32332

-71.5148.6

61* 116.0 51

23

44* 69*22

2222

RBS 171▲

7 ▲ 33164.6 29

Evercore Partners 44*

Optima Capital Ltd 44* 75*Generational Equity 48

44* 54*Stifel Financial Corp

▼362*

4.6▼

- 13.3

17158.1

-17 -34.6 8165*

Industry Total ▼26,952

0

52

30 682.7

-75.0449.2

8

▲

-89.1

21

44*Macquarie Group 31

35

Grant Thornton 22* 22* 41

GCA Savvian Group Corp

-9 ▼ 255.641

58*

RBC Capital Markets 25* 22*

BNP Paribas SA 22*61.6▼-53.495.0 69 -Jefferies & Co Inc 19* 32* 43 9 ▲

107.0 362.4 -65.0 ▼4 ▲ 105*Bank of America Merrill Lynch 19* 28

215.8

43

-4 ▼

28*

18 ▼

22

▲54* 20

▲

HSBC Holdings PLC 49 66*263.6Investec 50* 31

1972

-31.5

▼14.4

6.6▲

▲

▼ 6.0

2.9▼-18.024 111*

39*12.1 48

347.9

-52.1

48.4▼-28.0

** 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

4.3

14.4

▼-0.9

39*

3

20.54,761.995,534.7-873

79.896.3

40

41.4146.1

47.6

175.1

105*62.4

292*6484.5

12.219.423.864.410.3

-

▼

▼

▲

20

40

352.6204.9

10.4

24.1

38.4100.0

46.6


3.99.9

9.1

54.515.8

20.760.4

7.68.3

19.226.6

81.932.648.331.8

11.940.8

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

Worldwide Estimated Small Cap Investment Banking Fees by Quarter*

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

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

2007 2008 2009 2010 2011

Per

cent

age

of T

otal

Fee

s

Inve

stm

ent B

anki

ng F

ees

(US

$b)

Small Cap I.B. Fees ($50mil or less) % of Total Fees


2

Small-Cap Exit Multiple HeatmapYear To Date Average Rank Value/EBITDA - Up to 50x*

Small-Cap Premium HeatmapYear To Date Average Premium To 4 Week Stock Price - Up to 100%*

World North America

SouthAmerica Europe Mid East

& AfricaAsia

Pacific Japan 2011 up2011 down

Consumer Products and Services 11.812.6

26.921.0

-9.2

10.013.1

-8.5

12.510.4

Consumer Staples 6.39.0

7.9-

11.311.1

12.611.8

4.0-

11.411.7

Energy and Power 14.814.0

14.68.7

12.611.5

14.911.8

-8.1

10.311.1

26.811.0

12.512.6

Healthcare 19.410.2

--

13.811.0

15.113.1

High Technology 11.315.8

--

12.312.5

13.112.7

-6.7

12.612.6

Industrials 14.46.5

19.6-

11.710.6

17.110.7

7.013.1

11.212.1

Materials 16.07.2

9.77.4

12.410.0

9.215.0

-7.9

13.110.3

Media and Entertainment 12.710.5

-5.9

12.913.6

12.016.8

-3.5

15.415.5

Real Estate 18.424.2

9.57.7

14.221.0

11.129.8

20.4-

13.219.9

Retail 10.419 8

-8.911 2

6.88 9

21.0 8.713 9

6.513.5

14.56.2

7.36.4

8.26.5

10.911.6

8.55.9

7.18.1

3.910.6

13.218.6

9.19 3

2011 up2011 down 2010 2010

World North America

SouthAmerica Europe Mid East

& AfricaAsia

Pacific Japan

Consumer Products and Services 19.010.2

15.7-2.0

--

27.017.2

-16.3

16.53.7

17.913.3

Consumer Staples 9.619.0

35.828.6

38.9-

16.023.4

-0.7-

3.69.6

21.440.4

Energy and Power 13.512.7

19.320.3

-18.51.0

9.08.4

--

16.310.2

-7.37.4

Financials 18.410.9

44.015.4

--

25.67.8

25.433.3

7.511.9

13.0-1.5

Healthcare 18.517.0

30.329.3

--

21.420.4

--

3.810.8

39.47.2

High Technology 15.011.3

32.415.3

--

39.510.8

-19.2

6.79.5

21.112.8

Industrials 10.18.7

5.226.8

8.7-

10.814.6

1.5-16.7

12.14.5

7.09.9

Materials 10.715.4

6.616.0

16.4-

12.915.7

-16.6

12.514.7

17.619.9

Media and Entertainment 2.59.1

51.1-

-30.9

2.0-4.9

--

0.714.3

3.910.5

Real Estate 16.57 5

47.08 3

-11 1

0.915 2

12.8 5.98 7

29.34 3


Small-Cap M&A Matrix

19.8 -11.2 8.9 - 13.9

Telecommunications 10.08.6

--

11.38.9

3.47.3

2.9-

13.69.0

Average Industry Total 15.112.9

12.87.6

12.111.9

12.312.8

11.58.2

12.312.4

9.3

8.914.7

9.110.0

7.5 8.3 -11.1 15.2 - 8.7 -4.3

Retail 17.710.9

75.8-

--

12.838.4

--

14.2-6.6

17.312.5

Telecommunications 16.311.0

5.239.7

--

4.214.5

18.4-

17.23.6

58.23.8

6.918.6Average Industry Total 13.4

12.420.1

9.617.0

13.014.211.5

16.09.1

18.216.9

* Using the Valuation Heatmap you can analyse the average rank value to EBITDA and average premium to 4 week bid premium for each region against twelve macro industries for the M&A mid-market. The data refers to the year-to-date for figures in colour, red indicating a decline and green an increase, compared to the figures for year-to-date last year (ytdly) which are in black.


3

US Small-Cap M&A up to US$50m by Rank Value RangeMM2a - Undisclosed Values & Values up to US$50m

55.1


US Target Small-Cap Rankings (MM2a)

44.817.520.4

Rank Value

10.3

9.6

53.0

5.6

6.0

100.0

7.1

12.0

62 5

52.450.1

Rank ValueChange (%)

▲

5UBS

▲

16.6

Rank Fees Rank

▲▼-37.27

Jan 1 - Sep 30

15.9

78.7

Advisor 2011 ** Fee2011

13.7

Exp (%)

24*2

2213.2

23

136.6 6

Rank Value per Advisor (US$m) Imputed Fees (US$m) † # of Deals per AdvisorChange in 2011 2010 # of

Financial Advisor DealsRank Rank

Lazard 216* 30

# of Deals▼▲6 9.129

US$m

45.6

-15-5 ▼

120.7

2426

▼Keefe Bruyette & Woods Inc

-13Houlihan Lokey 46

2Goldman Sachs & Co 3 3

1

4*48.3

22.3

-6.2118.2 8

24 241.5 1216.4

314

▼

169.2▲- 59*

90.6 ▼2 ▲

10 -62.4

▲

2020

20

▲50

Sandler O'Neill Partners 6 36* 1423▲William Blair & Co 4* 17* 8

Lincoln International 7* 8* 02125.7▲352.6 1 359.7

38.7130* -

13.7 ▼-83.997- -0.0 52.6

10.5150.025.5

161515

▲

4Bank of America Merrill Lynch 7* 8* 021

131217*

0

-1

312

1717 4

Morgan Stanley 9* 20*

Stout Risius Ross Inc 17 17*

Generational Equity 15*Barclays CapitalMoelis & Co

Evercore Partners 18* 70*

RBC Capital Markets 9* 10*

JP Morgan 15* 23*

Stifel Financial Corp▲134.8 5 116.0-

40.2 3421

38.69* 23* 20 ▲681.2

-65.9▼

1819 1

57 ▲ 116.4 9 13.4

▼

924.0

▼

Jefferies & Co Inc 9*

1

13*14

4* -5▲ 0.0 -

-

13.3

7

23.81123.1

43*

▼-

-

22.5 70130*

-50.510

3.6

38

-

30.5

-87.7

-

100.098 4.9▼▲ 4.014 826.7

12

41.7

88.5

76.5-39.0 36*

▲89.4 ▲

7 5128 936* ▲1454.118* 27* 11▲

6 130 2 27GCA Savvian Group Corp 20*

500

1,000

1,500

2,000

2,500

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

# of

Dea

ls

Ran

k Va

lue

(US

$b)

*tie

▼ 16.1 15 28.832.8

Blackstone Group LP 40* 36* 6 -3 ▼ 15.0 88* -81.3▼ 3 197.9 ▲ 3.9 42

130* - - 2.2 54*

Stephens Inc 40* 36* 6 -3

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

42.5

143.0

8.8

15.8

100.0

45.5100.0

28.231.9

41.2

100.0100.0

4.236.7

6.5

56.330.6

26.537.5

100.0

5.7

49.6

31.7

74.2

62.5

96.7

6

5

47*

2

▲

-16

6

6 -

112.5

-


-73.6

0.0

29.8

0.0

20

29.5

71

50

23.4

85.0

24.0

130*

21.2▼5.915

-11.872.9

15.9▼32▲ 7.5128.936* ▲

43.214

▲ 176 130.2

-74.9

--- 4.3

33

27

6

27*13

-

▼

14.4

▲3.7

9

14Rothschild 23*

20*21420* 27*

M&A InternationalMacquarie Group

70* ▲9

GCA Savvian Group Corp 20*

▲27* 1

23* 47* 40*

11 -6 ▼

-15

10.4

7 ▲

19.215.7

131613 ▲

49.5 2471.5

Citi 23* 43* ▲PNC Financial Services Group

0.0626* 10* -9

39▲▼ 28

24*

BB&T Corp

6.5 32

26▼

19130* -1375*

-80.2-43.6

22.167 18

29 36*

▼▼

-115*

26* 27* 11Credit SuisseRobert W Baird & Co Inc 26*

-

20

11

13.913

10.5

Deutsche Bank AG

6*▼▲10 1 ▲

-68.54*

65-86.3

IMAP9

6.9▼9 ▼ 4.640.053.2

▼

--

Raymond James Financial Inc 30*

Pagemill Partners LLC 30* 20* -630*

Clairfield InternationalKPMG 34* 8

8

45*52 -69.0 .7 111*

3.4

Cain Brothers Co. 34* 23* -5 130*

3.47.6Signal Hill Capital Group LLC 34* 33*

30*

34

23.7

80*17.716.0

43*

5045*

▲

▲ 11.6 102*-40*

▼

3.5

100.0▲-44.8

0.0

▼

0.066

▼

▼▼

15.8

▼▼ -

▼ 2.6113-38

BMO Capital Markets 38* 42-6

16McGladrey Capital Markets 34* 22 ▼8

-1--

7 --130*

Wells Fargo & Co1.8-

- 6.640* 0.0DA Davidson & Co Inc

-6 31130*38* 51* 27 67*

35 -4-

1.8130*6Covington Associates 40* 06Regions Financial Corp 40* 33*

5.6-105▼58-

10.626.1

Piper Jaffray Cos 40* 27* -66 ▼Sagent Advisors Inc 40* 51* 1


Clayton Capital Partners 6 0.0CSG Partners LLC 40* 15* -11

5,237

1.8

-28.3 3.1

▼

- - 67*

35*-

43*

67*

-548*

- 3.60.0

Industry Total


-18

100.0

15.61,403.816,870.5▼ ▲

130*

18.5%

11.3%

11.0%

10.3%8.8%

8.7%

8.7%

8.4%

6.5%

3.3% 2.6%High Technology

Energy and Power

Healthcare

Real Estate

Financials


Industrials

Materials


Consumer Staples

Retail

Telecommunications


-$0




4


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

69.0

31.5100.0

28.324.9

15.2

▼

31.3

100.011

-

▼

2.1

31*-42.7 41*

24.810.9

114.0

▼.5

US$m Rank

20.0

6*67.0

34.8

8.8

18.9

5.3

42.4

9.6

420.4

100.0

32.2

6.6

10.5

6*

2 2

-

9

43 117

66 20.5

39.7

524.7

▲

▲

4

18* -

6 22.6▲0 -

50.0

Latin America Involvement Small-Cap Rankings (MM17a)

Exp (%)

-

22-

1.7

- 2.0

10

-

-82.4

13

▲

15

16

22

▼6

4.3

▼

7

14.1

7.632

2

Banco Votorantim19*

M&A International 10*Clairfield International

18*BNP Paribas SA

35*044 1 ▲

0-

39.04

0.0

15*3Goldman Sachs & Co

435*

▲65.7BR Partners 10*

6.3

Credit Suisse 4* 5 12-31.6

-17.5

-

5.5

35*18*

-

1233 3

2.9

▲

20*

Rank

4▲

0.0

▼

# of Deals

4

▲

74 ▲

▼

-2

11

5

5▲ 0.04

24.3

▲

-

▼

▼

-53.1-

1 2

-

▼

--54.8

50.027

35*

Jan 1 - Sep 30

-

Banco BTG Pactual SA -

40 0 11

-

-69.82668.8

-


8

# of

▼

-3 ▼

-3

Change in 2011 AdvisorDeals

▼-

Change (%)Rank4.0

Rank Value 2011

10

Rank Value

JP Morgan

13*0.0 35*

2010

11*

PricewaterhouseCoopers

19*

13* 5

3-1

6

-1

127*

515*

Banco Espirito Santo SA

10*Lazard10*

637*

10* 7*TD Securities Inc

10* 37*

6*6*

Banco Bradesco SA

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

3 92.037.0

INFUPA SA 18* 15*

Imputed Fees (US$m) † Rank Value per Advisor (US$m)2011

9.1

3.9

88.6

Fees

.8

** Fee

3

2.1-3

▼-85

3

0.0

151

2

-17.8 18*6.4

13.2

84.0

55▲

▼

25

Financial Advisor

▼ 3

-8

Rank

215

727*1Santander

Rothschild 7*6*6*4*

Itau Unibanco 2 4

10*Citi10*Global M&A

-

100

200

300

400

500

600

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

# of

Dea

ls

Ran

k Va

lue

(US

$b)

*tie

64*55*

.0- 2 2 ▲ 6.3 - -Jefferies & Co Inc 24*35*

- -

Caixa Geral de Depositos 24* 27* 2 0

29*19* 2 -1 ▼ 15.0 28 .1

24* - 2 2 ▲ 0.0

25.1

Fortman Cline Capital Markets 24* - 2 2 ▲ 52.0

6.7

-

UBS 24* 15* 2 -2 8

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

18.88.3

100.0

100.0

-

2.2 43.137.935.737.5

-100.0

17

31*

-81.1 ▼- -

-

418* -19*18*BNP Paribas SA

Deloitte 24*

Rabobank NV

▲▲


4 1 ▲

0.0

0

▼

▲

0.0

31.0 .2▼

-

55*

-1.0

-

23*1.5.1

1233.3 ▲

-

34*

35*35*

35*0.0

-

▲

0.00.0

▲▲ 0.0

40.035*35*

-11

Patria Investimentos 22* 19* 328

- - 1.5 23*1.14 ▲

--2

37* -Credit Agricole CIB 22* 37*

123

- 60*BBVA 24* - 22KPMG 24*

12.7RBC Capital Markets 24* 37* 12

3129 - - .917 -8.8

Broadspan Capital 24* 27* 02 - 1438.7 .65

-

-

.2

-35*

State Capital Financial Servic 24* - 22

--

2622.4

PC Capital

Industry Total 109 ▼ 19.5-2.71,280


4,587.4 303.1


34* 5.9100.0

.660*

0.0100.0

28.1%

16.5%

10.6%

10.3%

7.9%

6.9%

5.7%

3.9%

3.7%3.4% 2.9% Materials

Consumer Staples

Industrials

Energy and Power

Financials


Real Estate

Retail

High Technology

Healthcare


Telecommunications




5

72.5

94.884.6

42.1

82.3

48.9

22.3

47.6

15 3

-86.3

▼▼

-30.0

13.2 28

12.3

10.4

41.7

92.3

27.3

32 437.4

▼

▲27.4

▼

-1

▼

▲

68.0 2

JP Morgan 22*Globalscope

98

Deloitte

Credit Suisse 16*

12*

2715*

UBS 20 15*Lincoln International

9▼▼

-812 42 7 ▼

36.8 -46.662 3

51.87

22.532.6-53.1

-234*

9.0

19

46

46

26.0

-22.4

56.3-

22

29 16.943.6

-1129

▼▼

-37.7

-26.7

40.7

3

7838.8 28.62829 ▼

BNP Paribas SA 15 13 -7

Goldman Sachs & Co

174.936.516*

8

31

14.7 22*

17

8

▼

▼

▼-34

▼

16*10*

81*

28

▼

▲▲

1032 -42 73*

84

3536

12*

▼-2 86.6

-5

4.7-75.9

-52

2421

9

▲

41

17*

17*▲

715.9

32

151.5215.8

▼12

122.8

2.9 71

-52.7 14.3

50*5.3▲-28.2

36

▼19.1

38.2

5

5

13

10*9 45

4110 14

3346.7 248.1

▼

▲54.3 38.2

304.8M&A International

5112 536

LazardClairfield International

23

12* 4*30*

19

Leonardo & Co

7 8249.2

▲▲

1

-17

BDO International 11

6

IMAP6*

DC Advisory PartnersGrant Thornton

175.3176.3 124.3

14 ▲

Rank Value per Advisor

1


111.7

Deals Rank

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

Exp (%)2011


Imputed Fees (US$m) †

Rank ValueRank Value

Jan 1 - Sep 30

2011Change in ** Fee

77

# of 2011

KPMG

2010Rank


# of Deals

PricewaterhouseCoopers 8.3

Euro mil

12.42

FeesAdvisor

Rank1357.7

▼-23.2349.1

498.1 ▼Change (%)

218.3

▼-253 333.4 237.7▲

▼

▼

-1

645 58

1 1 1363

2

7932

Ernst & Young LLP 4 6*

Financial Advisor Rank

Rothschild 4*36 55.031 54.5

US$m12.0

482.6

20.0

-15.3

44

6.7▼

19.1

6

4▲

54.6

European Involvement Small-Cap Rankings (MM3a)

76.5

28.361.8 44.4

106.6

0.0 0.0

109.5152.639.3

93.7 65.751.5

141 5 102 0 -

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

$14

# of

Dea

ls

Ran

k Va

lue

(US

$b)

*tie

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

41.9

14.6

9.7

23.46.8

56.8

30.8

19.913.0

100.0

4.6

14

36.8 8 24.1

15.3

11

81.829

20 51.8-

▼

0

-

10

-90.8

21.5

8.7

15

11

13 00 -5

▼

▲45

37

14

31.532.2

▼13.022.5

11.9

140-8

50

▲

-▲

3313.7

▼

-89.0

▼555.0

101

1

-43.6

▼

234*

▼29

-33* 2 ▲

27

▼

18.1

10.7

450.4

12.5

▲

▲

10

5.3

33.2

286.0

-81.9

▼

1719

▼

220

10

179

1.36741.4

-8▲

23 ▼

339.5

13.4

-98.1 ▼

-71.5

110*

HSBC Holdings PLC

▼

31* 53*▼

1515

22 8 ▲ -63.2

Credit Agricole CIB 31*

Global M&A 21*

Mediobanca

29

Rabobank NVMorgan Stanley

30

Deutsche Bank AG

29

21

22

▲20

-9

6

24*

55*

-5

-16

-4 ▼

28 20

1322*36*

Bank of America Merrill Lynch 24* 55*

27

RBS 24*Societe Generale 21* 14

▼23

SEB Enskilda

34*45*

23

22

55*

Hawkpoint PartnersJefferies & Co Inc

30

Houlihan Lokey

UBS 20 15* -9

-76.3

11



27

▼

-54.4

-7

48

234* -25

-

12 -42.7 ▼

50*

▼

0.00.0

51.6

12.017.0

1.8

48.59

1548.3

-21.562.3

36.9

21.0

32

6.0

▼

339

▲16.0

33*

24*

34* 33*

21* 19

31*

18

39*13

46.2▼ 64.7

9

Citi 34*39* 13

ING

39 14.0--

13.9 6.6

4.8 54

143* -86.4

▼62

-2 ▼ 7.851.573.5 ▼-17.1

3.9 58

13

▲

Intesa SanPaolo 37* 47 12 34*▼19 -53.70 8.5Concentro Management AG 37* 48* 12 0.0▲

UniCredit 2139*

234*

6.2 43 11.0

-

▼

3.8

65*61

-86.7▼34 -23.3

▲18 74.9

Barclays Capital 41* 112* 10 6Baker Tilly International 39* 17 -2411

19.4

▲ 32

29.8▲

3.258 3.5

▲ -16 8.4

4.9

3.1

2.7

49.2

62*

66 -

20

6.08.5

-76.8

326.727.6

Merchant Securities Ltd 41* -BBVA 41* 55* 10 ▲

-87

100.0

▼

73*

2.3

▲

3.4

32.5 ▲

23.9

100.067*

Macquarie Group 41* 32 10 25.4▼53

24.7ABG Sundal Collier 41* 55* 10 1 ▲

Simmons & Co International 41* 126* 10 79-2 ▼ ▼98.3

▲181 -84.8

-24.269.7

▼

119.221

69.5

15.5

2,129.7

59 100.081*

Carnegie 47* 48* 9

Financiere Cambon 47* 55*Dow Schofield Watts LLP 47* 9

157 --Hurst Morrison Thomson 47* - ▲4

-94*

Industry Total -15711,752

9

-3.1

9

19,457.8

30.743.4

48.99.713.8

31.042.771.6

141.5 102.0

36.0

100.4

61.6

43.560.3

106.0148.66.69.4

49.8

41.8

94.5

27,344.2

74.7

38.4


67.2

30.4

36.2

66.0 47.3

0.00.0

45.219.828.1

105.1

0.0

92.1132.335.7

Nomura 47* 30* 9 -10 ▼ 0.0 0.0 234* - - 8.5 34* 7.4

14.9%

11.7%

11.1%

10.8%8.4%

8.1%

7.9%

7.8%

7.7%

5.7%3.7% 2.0% Industrials

Materials

High Technology

Financials

Consumer Staples

Energy and Power



Real Estate

Healthcare

Retail

Telecommunications

$0




6

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

87.036.0

50.0

33.3

100.0100.0

54.0

12.677.532.8

31.138.5

48.5

63.0

28.3

1 14KPMG

Goldman Sachs & Co 15*

53

# of



▲


Jan 1 - Sep 30

▲

UK Involvement Small-Cap Rankings (MM4a)

9

Exp (%)

12

2

90.0

13.83

** Fee

-117*

916

1

3

-4 ▼

88

▲

▲

15* 34*8.5

BNP Paribas SA

-9 ▼

73.38

▼

22 8117* -

-

--

-

71*

10 ▲ 40-4

20* 40*

-▲ 69.5

9

9

15* 2.526*40.3-1 ▼

▼

0.0

9▲▲

Dow Schofield Watts LLPLincoln International

4

8

1

33

19▲

15* 40*

20*M&A International

Merchant Securities Ltd

10

12* -10

29

▼113.3

DC Advisory Partners 12* 138

30.026.1

12*

1110*

Jefferies & Co Inc 10* 40*17*Hawkpoint Partners

610

14-11 10.0200 38.2 -

0.05

117*

JP Morgan 9 117*BDO International 21

▲

-5.4124.7199.8

8 21

▼5 -16.1-12 ▼

-5.7

-

▼

# of Deals

▲

Grant Thornton 2

Ernst & Young LLPDeloitte 5

Hurst Morrison Thomson 15*

Lazard 7*6

5

9 23

67

3

3328

Morgan Stanley


-

-

2.8

1.5▲

▲38*60*

-

119.2

▲

▲▲

3-53.2

--

23.92 36

3.2

14.0

2.7

7.9

4.0

23.918 46.5

▼

Rank

8

12

2.3

49.2

Fees

29

56.673.7

21.1

RankAdvisor 2011

▲

Change (%)

124

34*

1

147.0

9 313.02

12 6

42*


▲

2011

3.2

10.93.8 30

25

Rank Value

4.1 2844.426

34*

40

10

4

371

5.1

-

▲

3

6

30.441.8

61.6

9

▲ 354.8 222.3

1Financial Advisor

4

Rank

Rothschild 3PricewaterhouseCoopers

-2

DealsChange in

48.5

▲

▼

29.1

2 14.74

103.7

65.7117*

329.7Rank2011 2010

US$m GBP mRank Value

204.5119.6

166.2177.8 111.1

0.0105.9

193.5

0.0

0.0

25 0 15 8

53.3 33.4122.0 75.746.6

42.8

0.0 0.0 -

200

400

600

800

1,000

1,200

1,400

$0

$1

$2

$3

$4

$5

$6

# of

Dea

ls

Ran

k Va

lue

(US

$b)

*tie

-25.824.2

-424 -2 ▼

48.7-66.439.139.9

176* 23.1▲ .3

▼ .7

4 -7▼ ▼ 1.9 4943

14 -47.4 ▼46.2 28.7 34 18.2

▼

35.7 22 -14* 4 -9 ▼ 77.9 48.4

82*

Numis 40* 20* 4Seymour Pierce

▼ 1.6

ING

-30.8

40* 101* 4

17*10.1

90* 100.0

.91112.3

100.0

58* 14.7

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

74.233.319.9

11.7

58.8

10.9

4.5

16.052.9

40.8

57.663.5

80.0100.0

40* 29* 4 -3

2

27*

49.280.6 12

40*

40* 34*Altium Capital Limited

23*23*

Baker Tilly International

10Clairfield International 20* 63*

-

20* 4

40* 7Leonardo & Co

7IMAP

117* -

117* -Globalscope 23*

Zeus Capital Ltd

-

2,541

7

6

6

▲7-10

▲

3

-5

1 ▲▼

2.3

63

45

8

231.3 ▲-

-18 -17.3

-64 ▼74

▼

-85.65

3 -22.871*-238

20* 40*▼

8

▼

▼

1.513.0

117*

9.9

4.6

Deutsche Bank AG 27*

27*

27*

Nomura

UBS 40*

KBC Group NV

27*

23* 7Evercore Partners 27*

12

Bank of America Merrill Lynch 27*

20*

Morgan Stanley

71*

Houlihan Lokey

90*

3.4 33

23.3

▼ .6

1.0 69* 100.0.7

97* 100.0

-

196*

3.0

-366.1

6.8

▼

- -

.11.7 51* 14.8

36 7.115

2.7 38* 7.6

60*26

22

6

14.617

720.7 59.7

9

▲19

9.3

3.52.4

32

12.64110

16 10.2

6.142*

19.98.0

38.98.8-

13

▼

SEB Enskilda

Simmons & Co International 5

0.0-

▲

▲

610.7▲▼

117*17.1

15.5▼-3

0.00.00.00.00.0 117* -

117* -29* -1

Macquarie Group 27* 16 6-96

40*Credit Suisse

101* 6-6 ▼5 ▲

▼0.00.012.520.3

5.3 -57.58.5-

71* 6 43 ▲

71* 6

▲▲7 102.1CB Richard Ellis Group Inc 27* 63* 6 80.3-

RBS 36* 26* 54 ▲-3 ▼

Societe Generale-117* -

1 ▲ 117* -0.0

0.0 -▼

Citi 36* 51* 5▲57 48.5HSBC Holdings PLC 36*

36* 20* 5-326*-4

5▼

-5 ▼117* 9.3- - 4.3 27

48.3Investec 40* 20* 4 ▼13 -37.778.0-94.1

17 -

99-

80 -30.7

40* 34* 4

-1 ▼ 109*Daniel Stewart 40* 40* 4

15117*Kigyo Joho Partners 40* - 4 -

-2 ▼ 112 -95.9

71.3 44.3

▲

▼

58.0

Gleacher & Co Inc 40* - 44 ▲4 ▲ -

▼


11.1-17


786.9Industry Total ▲

25.0 15.8

38.1

0.00.017.6

127.541.867.1

0.00.0

29.1

1.72.7

0.00.0

10,310.6 6,388.4

24.7

0.0

24.5 15.1

27.50.00.0

0.00.017.027.4

23.5

2.13.4


40.464.7

Fairfax IS PLC 40* 34* 4 -2 ▼ 89.9 55.4 10 - --

2.0 47* 100.0Keefe Bruyette & Woods Inc 40* 71* 4 2 ▲ 117* - - - -0.0

14.3%

13.9%

10.6%

10.0%9.5%

9.0%

8.7%

7.1%

5.5%

5.3%4.5% High Technology

Industrials


Materials


Financials

Real Estate

Energy and Power

Healthcare

Consumer Staples

Retail

Telecommunications




7

100.0100.0

38.928.1

39 1376.9


7

▲

# of

6

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

French Involvement Small-Cap Rankings (MM5a)

Advisor

100 0

17.464.9

100.0100.0

11.959.832.233.7

Change in

24.6

18.024.836.851*13

2011 2010

77

Rank

9

9*

19*

28.4

6

7

2

51*.72.5

15.521.7

-8

Deals

-10

111313

-4

-10▲6

14*

-3

.7

2011

121.4

1723

121*24

17*

12* 21*512*

19* 19*

Ernst & Young LLP

IMAP 19*Hawkpoint Partners


12*12*La Compagnie Financiere

RBS

12*

DC Advisory Partners 7 8

LazardLeonardo & Co 4*

4*43*3*

11

Lincoln International 9*11

Financiere Cambon 9*Credit Agricole CIB 6*

89*

7

57

-13

43*70*

543*67

-5

▲

Oddo et Cie 12*

KPMG 4*17.3

25*▲54.710▲

Rank Value# of Deals per Advisor Rank Value per Advisor

MM5a - Undisclosed Values & Values up to US$50m Jan 1 - Sep 30


▼

** FeeFinancial Advisor # of Deals Fees Rank Exp (%)Rank

2011

2 -5Rothschild 1 1 23 -8BNP Paribas SA 2

Rank

202

-57.64Societe Generale 3 14* 817

-87.1 ▼ 4

▼ 3▼1 450.4 ▲ 26.8

▼

▼ 3.7 1815 -▲ 4.5 13-

21*-▲

63* - 3.1 21*3.1

▼Clairfield International 8 12* -1-0

109

5.8 118 -34.4 ▼

▼27* -13.310

3.829 1280.0 ▲

▼ 6.551.6 35.7

20.0▼

-3

28.0 19.627.6▲

▲ 0.0 0.091.8

2.8

.34490.0 ▲

-▲ 2.6

6

70*

-8.1 ▼47* -93.4 ▼▼

▼ 62.5 45.010.5 7.6

1▼ 10.2UBS 12* 6*

46.1 32.40.0

Bryan Garnier & Co-

5 6 1270*25*2.5

6

0 0 0 0-1 ▼

▼-

-51.3 ▼40

32.3

32.5

-70*

▼

70*-

2

5 -14.5

32

Change (%)

36.516.6

25.9

US$m Euro mil70.9 50.6

12.0

86.3 60.1148.6

0.0

26.0

94.5 67.21.9

18.0

106.019.2 13.2

1.4

67.3

0.0 0.0

Rank Value

-

100

200

300

400

500

600

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6


# of

Dea

ls

Ran

k Va

lue

(US

$b)

*tie

39* 1.848* 100.0

35* 3 0 - 13.9 3250.0 ▲ 1.035* - 3 3 ▲ 39.1

45.1 7 20300.0 .0 142* 0.0-

Ohana & Co 35* - 3Groupe BPCE

-2 ▼

5

6

1.4 36 100.0

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

34* 100.0

37.9100.0100.0

1.514.9

100.0

4.925.0

100.0

100.0

1,475 374.5

5

3

19.2▲ 3,430.2Industry Total

70*6

4

5

▲12.715

4.0

-2

1▼

▲3

3 ▲-

2.1

27.927*

11.8100.0

14*

6.0

38

34*

31*7.1

119*

7*

57.9

31.3

1.1

2.41.5

.2

12.4 5

123*

.2

123*

.4

.9 46*

31*

123*

4 ▲▲ 70*

28.039.80.0

12

29*35*Caisse Fed du Cred Mut Cen Est

4Bank of America Merrill Lynch 29* 70*

-43

19* 29*17*

35*25*

-

22* -

29*

21*

IMAP 19*

▼

- 2.219.8

Credit Suisse

29*Aforge Finance SAGlobal M&A

-

22*

29*

Eight Advisory SAS

Goldman Sachs & CoGruppo Banca Leonardo

22*Bucephale Finance

Deloitte 22*

22*

Messis Finances SASU 22*

▲

▲

▲

3 ▲

-

5.6 1270* - -9-70* -0.0 7.72 ▲

0.0 0.0▼

-28.0 20.0

- --

- 5529*

-70*-

- 2.10.0

.2

▲

23.42.2

▼ 8.4-

33.92.9

-15 ▼ 21 -

5-15

0.0

-

21*-

5 ▲

5

29* 017* 4

▲M&A International 22* 0

35* 70* 23

4

29* 9* -8

-4

Mizuho Financial Group

42

0.00.0

Grant Thornton 29*

JP Morgan 4Morgan Stanley 29*

-0 -

46 -26 48.3

▲

Natixis 35* 25* 3Pax Corporate Finance

HSBC Holdings PLC 35*

35* 70* 2 70* -▲ 1.5-

- .8

31

--

-58 -71.4

56*

27*

▼-

52 -

-

70* -

38 -70*

24 - -1337

-



3.9

23.4

19.0

0.00.0

3.826.5

0.0

6.6

2.7

0.0

15.7

0.0

12.6

61.2

27.6

22.3

32.1

2,445.9

9.4

15.119.5

30.78.9

11.0


20.1

0.0

14.7%

14.1%

12.2%

12.1%8.4%

8.1%

7.6%

7.4%

6.0%

4.5%3.3% Industrials

High Technology

Financials

Consumer Staples

Healthcare


Retail


Real Estate

Materials

Energy and Power





8

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

58.865.7

100.0

100.0

71.713*

2.6

40

52.454.3

100.051.4

15.5

49.43

2.7

45.7

29.4

71.1

100.0

37.5

Jan 1 - Sep 30

German Involvement Small-Cap Rankings (MM6a)

-

-

** FeeImputed Fees (US$m) †

11.4 6

1.8

100.0

Deutsche Bank AG

equinet AG

Corporate Finance Partners CFPDeloitte 12*

8

717*

80.012 7

717*17*

729*

2*

0.0

8

0.0-1 ▼

9

12.8

4 ▲

27▲

31*

100.0

12

100.0

12* 8*24.5

26*12*

Exp (%)


# of Deals


4

8* 14*

-

Rank Value

33.5

▲

Bankhaus Hermann Lampe

Rank2011

4.4


1

-80.1▼

18*-▲

1 86

-

-

-6

10

Mummert & Company

23.1

-

0.0

▼

# of Deals per Advisor Rank Value per Advisor

FeesAdvisor2011 Rank Value

Rank Change (%)2010

Globalscope 1 18* 27

2011Financial Advisor DealsRank

# of

11* 9 ▲

Change in Rank

20 ▲

2* -7 ▼ ▼1812 11.0 8.5 -68.3 1.2 50*Concentro Management AG 3* 6* 1 ▲Ernst & Young LLP 3*

-31* - 4.8 15KPMG 5* 1 -10 ▼ 1.1 55UBS 5* 29* 11 8

1131*

0.0-

5* 4 11 -7

-31* -

31*0.0 -

Lincoln International▲

27.4 20.0

-0.0 31*0.0 -

17

8.1 9

4.25.6

0.0 0.0

31*0.0

8* 23*

1 ▲7

9DC Advisory Partners

0.0Leonardo & Co 8* 43* 9Global M&A

M&A International 8* 8* 9 47.7RBS 12*

12* ▼ 35.18 ▲

283.7 19*31* -

2.0

- 88

0.0-11

▼ 68.8

26*8

35*

- 4.7

259▼-22.5

.9-

Lazard

588.1 5.50.0 0.0

-▼20

5

43* 5 8.9

31* -3 0.0 0.0▲0.0

50*1.216*- 16

10▼

31* --

20* ▼ 7 128

4 ▲

47.8-2

1 3

-

--

31*18Rothschild 2

-

-

-▲

8

3 87.1-

31*

94 8

US$m Euro mil19.90.0

0.0

0.00.00.0

27.60.0

-

100

200

300

400

500

600

700

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4


# of

Dea

ls

Ran

k Va

lue

(US

$b)

*tieSource: Thomson Reuters/Freeman Consulting

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

7.22.8 25*Credit Suisse 38* 18* 3 -4 ▼ 638.53 0

BNP Paribas SA 38*1.2

- - 9.8@VISORY partners 0.0

43* 3 1 ▲ 0.0 31*0.0

31*

0.0 31* - - 2.0

1.3-31* -Societe Generale 28* - 4 4 ▲

1 ▲ -

0.0 0.0 31* -0.0

0.0 0.0

100.0

- 2.4 29* 20.2

100.028.4

50*

85.7

100.0

69.8

35.3

100.0

8.3

46.7

100.0

3 3 ▲Houlihan Lokey

22* 3

31*

5

Nomura

▲4Jefferies & Co Inc

28* 29* 4

UniCredit 20* 26*

38* -

Deutsche Bank AG

goetzpartners Corp Finance

Network Corporate Finance 28*

Rabobank NV

12.732.7

23.2

38*

2

3.2

9.867.660.6

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

100.0

100.0

32

▲

-118*

1.56

▲5

1.86 10▼20*7.9 21

▼ 7.1-5.6 -

28▲ 3.7

43*1.6

45*19*

-

-7- 10.8

31*9

58.2-3

-

121.2

6.0

-

11*- 2.3 33

- --

-83.155▼

0.0

0.0▲

5

-31* -

0.031*31* -

31*

▲

0.00.0

Nord/LB 28* 63*

63*43* 5

4 16* -15.82.1 340.00.0

28* 8* 4 -6 ▼ 22*-31* -0.0

35*-

0.0 2.0

Joh Berenberg Gossler & Co 28* 43* 2.4 29*▼

0.00.029* 4 1 ▲

Blue Corporate Finance 28* 63* 4 3 ▲1.4 48

-31* - 1.7 41*-

IMAP 28* 14* 4 -4 ▼ -27.139.3

3.6 2131* -0.00.0-

100.0-26* - 1.6 43*

28* 18* 4 -3 ▼

28* - 4 4 1.8Baker Tilly International

22* 100.0

33.5

4.0 18 78.435*

Clairfield International

29*

-

-49

0.0

8

1.5

3.2

0.0

0.0

-20.9 ▼- -

Macquarie Group -31* -

-29*

0.0Ferber & Co GmbH 38* 43* 3 1

2.411*-31*

0.0 --JP Morgan 038*38* 3

45*▲-

43*3

422*22*

Livingstone Partners

HSBC Holdings PLC 22* -14*

1.3

-0.0

▲

▲

▲

-94.8

31*

0.0

373.6245 31.4

1 6.00.0

Bank of America Merrill Lynch 22* 43* 35

Morgan Stanley

22* 23* 05

2,416.7▲1,652Industry Total

26.6

12.8

1,721.3

30.30.0

0.0

8.9

0.0

▲

0.0

2.6

23.9%

14.0%

12.5%9.4%

9.2%

6.7%

6.3%

5.6%

4.7%

3.6%2.7%

Industrials

High Technology

Real Estate

Materials

Financials


Consumer Staples


Healthcare

Telecommunications

Energy and Power

Retail




9

# of Deals7

2

1▲▼

EnVent SpA 6*

Global M&ADeloitte

▲

41.5Exp (%)

15.5

2.8

100.0

28.6

23.429.1

100.0

12 9

19.7

100.0100.0

15.8100.0

100.0

16.9

13

KPMG

Financial Advisor

Mediobanca

2* 32Lazard

Intesa SanPaolo

9Deals

14121212

Rothschild 1

2011

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

16.9

Italian Involvement Small-Cap Rankings (MM7a)

-58▼

12

0

5

Fees



# of

▼

Change in 2010

-

▼17.42▲

▲

59.5Rank

1048*.4

17*

423

27*

4 0

3

11

12

8*

6

13

21*

21*

18*

Bank of America Merrill Lynch 11* 30*

UBS 18*2

BBVAKlecha & Co 8*

Vitale & Associati SpA11*

3

JC Flowers & Co LLC11* 20*

20*

0313* 0

30*

8

13*

-3

2

Clairfield International

11*Societe Generale

Leonardo & Co 11*

CofitoBNP Paribas SA

11*▲

2

3-6

▼11 -10.5-

▼

-

-

▲

-▲

23

▲

▲

- 1.2-

▲-

.9

-

-

-6.0

▼ 4.82.3

13.0

25*

7▲ 25*

10.3

-

-

-

25*

25* -

-

▲

14

23.51.2 17* 100.0

0.0

5

13*8*20*

6*8*

530*

42.824.6

-53.7

1

5

44

▲0.0

25*

129.9

37.5

▼

▼-93

28.1 19.8

-5

Lincoln International 1

11*13*

30*

1

21

-

▼100.4

-25*

--87.3

25.3

5*

-79.4

211.6

4.3-12.7

17.134.1

71.6

4

▲

3

4

▼

2

-


2.0

25*

25*

2.23

-

18.4

15

-

-

-74.3

Change (%)

30.817*

-71.8

66.77

.9

25*

** Fee

8.5

.6

1.0

31.2

1.0

1▲

2011 Rank ValueRank

Jan 1 - Sep 30

Rank ValueRank Value per Advisor

25*25*

Rank Rank

18* -

6*2*2* 1

82.3


Advisor 2011

59.1

53.4 3

US$m Euro mil

0.0 0.0

40.8 28.80.0

0.0

0.0

0.0

0.0 0.0

4.5 3.20.0 0.00.0 0.014.9 10.5

0.00 0 0 00.0 -

50

100

150

200

250

300

350

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

# of

Dea

ls

Ran

k Va

lue

(US

$b)

*tie

1

1Fineurop SpA

Tamburi Investment Partners Sp-

24.0

100.0

100.0

21.6

-100.0100.0

12.90.0

2

2566

▲2 Italian Small-Cap M&A up to US$50m by Target Industry145.3▼Industry Total ▼

.0

.6

1.0

4.0

.0

34*59*

8*

27*

-20

-

1.1

- -

Rabobank NV 18*DC Advisory Partners

▲2

-


19

--

-


1

▲▲

18*

22

18* 30*2

18*

2

UBS 18*2

30* 2

PKF Italia SpA

18* -9 ▼

-

▲ 25*

24

0.0MID-CAPITAL

18*

25*30*2.4 1.8

2-

-

-

UniCredit 4Parsec Finance 18* -

2

2

▲ 44.6

▲

18* -

1,442.6 1,028.2

32.6

0.0 0.0

- -▲

.6

-

.5--

-

-

-

17 --

4

-30.6

2

10 -

59*

21*

27*

25*25*0.0 0.0

0.0 0.035.3 25.87.0 5.08.0 5.6

0.0

-1

† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.18.0%

15.1%

13.2%

11.3%

8.9%

8.0%

7.0%

6.2%

4.7%

4.4%3.2%

Industrials

Financials

Materials

Energy and Power

Consumer Staples

High Technology

Healthcare

Retail


Telecommunications





10

6.520.9

100.0100.0

32.4

50.0

15.626.8

31.2

100.038.5

18.3


▼

8.0

▲

-

18.3

62.7

8.2

** Fee

Deloitte 1

10*

Financial Advisor

KPMGDeutsche Bank AG

4*

20*

16*

BDO International

# of 2011

Mediobanca 8*

4*

3

12*4

- ▲

Advisor

3*

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

100 0

Spanish Involvement Small-Cap Rankings (MM8a)

20* -

30*

.6-

3

1.2 26*1 0

▲34*

▲

# of Deals

▼

22*

-21▼

2.02

-12.5

20*

1.51.9

15 -50.9

-▼

-25

55*


3*

-

12

34.437.5

Exp (%)2011

45.915 ▼


0.0

14

20*▼

6 ▲4

53

38*2.0

6.042.0

0.0▼

0.0-60.2

-76.8

38*

-.5

▲

-

6.4

55*

1.3

5

7

▼

2

16*

6.4▼13

11

-

-17.9

132.81RankRank Deals

3

Change in

1

-9

▼

▲

▲

1RBS

7

3

31*

16*7*Rothschild

31*

PricewaterhouseCoopersEurohold SL

31*

8*

10*

5*

22*

12*12*

8*

5*

DC Advisory Partners

BBVA

2

Ernst & Young LLP 8*

Lazard

Credit Suisse 16*

12*

218*Ahorro Corporacion Financiera2

Banco Espirito Santo SA

GBS Finanzas SA18*

M&A International3

N+112*12*

3

7*

3Societe Generale

71.8

-

▲

▲

2010

13*

-6

20*

5

6

3

2

22*

18*

1

3

3

2

-14Rank

1Euro mil Rank FeesChange (%)

-

--48.9

3.2

-

▼

Jan 1 - Sep 30

31*

.3

-64.0

--

-61.4

-21

107

852.5-74.9

-

.5

15.3▼

-58.1

-

2.1

4*

-

▼ 14

▲

20*0.0 0.0

0.0

20*1

0

31*

-3

44 1

▼

17.8▲

38.1

0 0 0 0

0.0 0.0 20*0.0 0.0


▼

-

Rank Value2011Rank Value per Advisor

20*--

20*

77.4 54.12 43.4 30.7

US$m

6 -95

16

18.7

56.9

▲

26.0

13.0

0.0 0.0

0.066.7 47.0

28.1 19.8

0.018.5 13.0

0.0 0.00.0 0.0

Rank Value

-

100

200

300

400

500

600

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

# of

Dea

ls

Ran

k Va

lue

(US

$b)

*tie

100.0

-

26.7

21.77.8

100.0

100.0

100.0

11.5

2

2

222

1

▲

▲

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

▲7781

0.0▲2 ▲ 22*1.50.0 0.0

19.1-20* -

20*

38*.555*

20* -.3

-33

Arcano 18* 16* -1 ▼-6 -ONE to ONE Capital Partners

-Klecha & Co 2 -20*

100.030*

38*

1.1 29 100.01.5 22*

1.2-

1026*

1.0

1-5-3

-0.0

-

.5

--

.9

-

-

-

2

▲

2 ▲

2

Industry Total 9

-

9

-

18* 7*10*

Socios Financieros SAGBS Finanzas SA

31*

218*

18* - 4.0

-

18*

18*

-

--

▲

2

0.0 0.0

▲

2

2

31*

-

-

Daiwa Securities Group Inc

31*

Goldman Sachs & CoCredit Agricole CIB 18*

18*

AZ CapitalUBS

Norgestion

18*

Global M&A

18*18*

216*

2

-1 ▼18*

0.0 0.0

▼▼

0.0 0.00.0 0.00.0 0.0

20*

17.5-34.6


▼


20* -20* -

---20*

20*20* -

0.0 0.00.0 0.0

0.0 0.043.0 30.0

36.6 26.0

154.01,586.7 1,130.6

15.1%

15.0%

12.6%

11.1%9.1%

8.1%

6.9%

6.7%

5.9%

4.4%3.3% Financials

Materials


Consumer Staples

Real Estate

Healthcare

Industrials


High Technology

Energy and Power

Retail

Telecommunications

$0.0




11

4100.0

28.3

9.2

100.020 9

11.826.3

11*

23.915.5

76

▲ 3.4113

46*

2.125* 63.0

20.1

1.2

7.2

1582.4

3.1

34

Financial Advisor

73.8

1.1

27.9

▼

10

KPMG

11

1

52.5

Change (%)2011 ** Fee

US$m Euro mil

2

# of Deals per Advisor# of

Deals

Rank Value per Advisor Imputed Fees (US$m) †

Rank2011 Rank Value

Nordic Involvement Small-Cap Rankings (MM9a)

32*4 293.2Exp (%)


Nordic Small-Cap M&A up to US$50m by Rank Value RangeJan 1 - Sep 30

81.0 56.9

16

8

5 ▲Ernst & Young LLPRank

Change in

21Rank

50*

6 ▲

▲ 4

-

1 41.5

▲ 3128*

-

6.6

.68.0

46*

-19*

2*

-

13.0

25*

.5

100.028.237.932.8

44*

6

6.1 7

DnB NOR BANK ASA

Rank


Advisor

2* 118

2011 2010# of Deals Fees

▼ 1.7▲ 19▲

30.1 21.4 -50.7PricewaterhouseCoopers 3 1 -5 2*▼ 98.3 71.417

▲ 98 664.3 4.253.5 37.4SEB Enskilda 5 6 -3 ▼

▲M&A International 4 16 10

74.9▲73.5 51.5

105.1 74.7ABG Sundal Collier2*

6▼

11 1109

▼69.7

0.0Carnegie 7 9* -2

▲IMAP 8* 2* -9 -

7 58.7 41.131.9 22.4Handelsbanken Capital Markets 8* 23* 58

▲Nordea 10* 23* 4 ▲Catella AB 10* 46* 6

2*First Securities AS 12* 17* 1 ▲ -9 -

26

▲JP Morgan 12* 46* 56Alpha Corporate Finance 14 23*

▲25 ▲

UBS 15* 46* 4 3 ▲ 8- 5.3CapMan Oyj 15* 46* -46* -3 ▲4Global M&A 15* 19* 4 -

- 1.7-2228.7 20.0Access Partners 15* 12 -4

0 -HLP Corporate Finance Oy 15*4 -

15* 46* 4 3

50*.5

46*

-0

▲▼ 0.0 0.0

14 4 9 9 33 1957 1

27.4 20.1

29.7

46* -115.7

-18

7 -

5 23.7

6 -23

-24.2 ▼ 2.7

25.2 18.0

-16.1

- - 8.0

98.30.0

50.0 35.00.0 0.0

63.5 47.30.0 0.00.0 0.0

Rank Value

-

100

200

300

400

500

600

700

800

$0 0

$0.5

$1.0

$1.5

$2.0

$2.5

# of

Dea

ls

Ran

k Va

lue

(US

$b)

*tie

100.039*26* - 2 2 -

46* 2 1 ▲ 38.4

1

27.6 16 -

0.0▲ 0.0 0.0 46*▲ 100.0

4.628.0

100.023.1

7.2

35*

16*69*

16*42*

100.0

21.013.9

100.0100.0

46* - - .6

30.4

-20.9

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

2

2

46* 0.0

2

-

44*

-

▼

-.9

RBSJefferies & Co Inc 23*

Simmons & Co International 26*

3

FIH Partners AS 26* 2

Remium Securities 26* 2Sparebank 1 SR-Bank

46*

Evli Bank Plc 23* 8

2- 3

26* 23*

3

1.4-.3

▲

5

31-

Thenberg & Kinde 26*

4

2

22.0

1

13* -5

2

28*1

.3

42*

44*

1.5

.769*

.7

10.6

-

100.010.3

100.015.8

46* --1

2

▼▼

-2 ▼ 17-11

27

.5 50*

2▼

▲

DnB NOR BANK ASA

Macquarie Group

15* 46* 4 3 ▲ 14.4 9.94 ▲Goldman Sachs & Co 15* - 4

▲Deloitte 15* 9* -7Fondsfinans AS 23* 46* 2 27.4▲

0.0 0.0

38 -15.31540.9 30.1

▼ 5.0 ▼

-▲ 10-9 1.6--▼ 46*

- 6.946* --0.0 0.0

3

Morgan Stanley 26* 19* 2-Rothschild 26* 23* -1

▼12 -38.1-38.5 2.0

Danske Markets 26* 7 ▼2-92.4 .6▼Mooreland Partners LLC 26* 37* 02 43*-

▲32 384.8Credit Suisse 26* 46* 1Pareto Securities 26* 46*

▼▲ -46* -

36*-

4.5HDR Partners 26* 46* 1

-26* -

-76.7▲2 ▲ 0.0 0.0 46*

46* - 1.5

1.0Lincoln International 26* 46* 2 1 ▲

.041 80.0 ▲

28*46* - 1.0 35*

-79* -

BDO International 26* 23* 2 -1 ▼ 44* 100.0

Arctic Securities ASA 26* 37* 2 0 ▼11.8 8.3

1,697

- -46* - -35 -57.9

26*

- - --

▲1

1.2

▲ -

-

1.943* -

.6

▼

32* 27.3

33 1957.146* -

UniCredit

-

0.0 0.03.6

48.5 36.0

2.4 1.7

42.9 30.92.4 1.816.0 11.1

0.0 0.00.0

0.0 0.035.4 25.0

0.0 0.0

0.0 0.06.4

0.0

2.7

2,956.2



236.469 ▲ -3.1 21.3


Industry Total 4,158.5

17.8%

12.9%

12.6%

11.1%

9.1%

8.4%

8.1%

7.0%

5.9%

4.3% 2.4%Industrials

Real Estate

High Technology

Energy and Power

Materials


Consumer Staples

Financials


Healthcare

Telecommunications

Retail

-$0.0




12

33*

Exp (%)59.0

9 3

** Fee

74.616.617.4

100.0

40.026.8

100.016.0

23.5

62.1100.0

41.4

38.1

66.786.5

RankAdvisor

Rank Value per AdvisorRank Value

US$m

31.1

Benelux Involvement Small-Cap Rankings (MM10a)

3.6

Change in

10

6

-1

10

5

32.442


# of

100.0

# of DealsDeals2010

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

19

2011

▲

11

Jan 1 - Sep 30

-

Fees

18

7

1 1

▲

▲4

10.423.5 17.2 34.30.0 0.0

▲

87

-8▼

▼

Clairfield International 2*

Credit Suisse 15*Lincoln International

Rothschild

BDO International 18* 5

KPMGFinancial Advisor

ING

5* 19*

14

JP Morgan 10*12Ernst & Young LLP

9

25*

15

2*

157*

13

Rank

13

3

7*

21

Rank

10-

Lazard 10*

2Rabobank NVLeonardo & Co

13*

8


▼

8

2116

18* 51*Bank of America Merrill Lynch

Deutsche Bank AG 18* 2

3-5

-125*15*

56

25*

13*25*

-15

2

6

9

11

3

5

▼

▲

▲

33*

7 33*

33*

▼

RBS 15*

10.6

▼ 2.3

11.5▼20

-

5.0

33*

▲

BlueMind Corporate Finance7 -72.8

Deloitte

13*

179

▼ 1.0 44*

- 5.1-

-17

127.4-- - 6

24

11*

109

4 -12.8

.817.62.5

25*

453*

-75.1

14.0

▼-1 ▼

▲11-3

▲

8 825*

351 48.2 ▲ 1.8

33*

224.9

-

▼-

▲

--

22

33*

13

2.3

10▲▲

-

3156

▼

▼

6 ▼-34.8 8.073.5

8▲ 10.9-5

45.8 31.751.5

-34.8

▼

-2 154.729.8 21.519.7

81.8▲ 283.6

▲

58.4

13 18.428.0

BNP Paribas SA 13 7


4M&A International 5*

42.415.8

29

13.8

0.0

PricewaterhouseCoopers 4

-51.217

59.2

0.0

Rank Change (%)

33*

-9.6

-

2 66.3

0.00 0 0 0

Euro mil28.0

2011

8 66.8▼

2011

37.7


11.90.0 0.00.0 0.0

0.09.0 6.941.9 29.50.0 0.0

0.0 0.0

Rank Value

100

200

300

400

500

600

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

# of

Dea

ls

Ran

k Va

lue

(US

$b)


48.80.0 33* 2.00.0 - -

-

28*.9 529.6 6.9

32* 35* 2

-- 2 2 0.028 -

39*Banque Degroof 32* 19* 2 -3Intesa SanPaolo 32*

-

0.0

0.02

1.1▲ 0.0 0.0

-0.00.0 0.0

32* - 2 20.0

-

44*33*

- 1.0100.0100.0

-

.7

33*

33*33*

--

27.0

33*.6 56*

-

▼

0

-122

▲

▼

4

2

-

▼

0

100.09.3

-100.0

23.413.6

12.2

-100.0

100.014.124.1

100.069.8

100.0

31.0

100.03.5

13.4100.0100.0

17.1

100.0-

Standard Unlu

William Blair & Co

32* --

UBSStifel Financial Corp

31

2

-74.30.0 0.036.2

35*

2

2

25*

33*

32*

-3.8

- -

0.0

32*

▼▲

2

Ambit Corporate Finance

32*

Global M&A

5

1.2

--

18 -

-

9

14

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

-

---

-

--

-

▲

-

1.4

-

-

-

-66.1

.1

3

2

5

4

4

PhiDelphi Corporate Finance BV 2

17*

4

3

Nordea 32* -

-

232*

First Dutch Capital BV

-

32* 25*

33*- 3.5 20

2

▲

4

33*

33*

▲ 31.5 1116.4

0.0

32* -14.3

-

-15 ▼

32*

6 ▼

2DBS Group HoldingsCatella AB

King & Co International32*DTZ Debenham Thorpe Ltd

Morgan Stanley

32*

28*28*

35*

3

Macquarie Group

28*

▲

1

19*Citi

35*0.0

2.1-

-

6.6

-

▼ -

32*

1

Goldman Sachs & CoNIBC NV

51*28* 1

-Gruppo Banca Leonardo

2

Industry Total

0.0

2

▲

4.0

▲

1,136

2 -1

39

3

4

▲

-

▲

4

3

2

-3

▲

▼

▲

▼

▲

2

-2

-4

3

51*

23*

Kempen and Co NV

23*IMAP

51*

-

-

▼25

-

33*

-

33*

33* -

-▼

DC Advisory Partners 18*

18* 51*

23*

12

Bank of America Merrill Lynch13*18*Globalscope -2

35*

51*

55

33*

4 27

- 8.8

-33*

-

-

▲

1.0

10▲ 34.7

44*28*

1.1

22*

-

-

36

55

62*38

.5-


2▲

5.8

▲

544*

-

1.193*

11*

-

15

39*

39*

22*

11*

218.8

-33*

33*

- 3.1

2

▲

Barclays Capital 23*

Credit Agricole CIB 23*

379.5

27.4

3

-

16

33*

2.0

-

-

2.61.0

6.02.6

-

-

0.0 0.0

24.50.0

19.80.00.0 0.0

0.0

0.0 0.0

0.0

0.0 0.0

13.0 9.20.0 0.0

23.0

32.4

0.00.0 0.0

0.0 0.0

44.546.663.7

22.7

25.0

2,832.3 2,010.8 25.1


18.6%

13.2%

10.7%

8.7%8.2%

8.0%

8.0%

7.0%

6.8%

6.5%3.5% Industrials

Consumer Staples

Financials

Materials

Real Estate

Energy and Power

Healthcare

Retail


High Technology


Telecommunications

-$0.0




13

8

Imputed Fees (US$m) † # of Deals per Advisor

6.45.2

29*9

-33.3

11.225.6

19.713*

17.4100.0

75.012

26*27.2

100.0

100.067.6

Rank22 56.0

Exp (%)** Fee

Jan 1 - Sep 30

41.7

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

3- 18.3100.0

10 6

1.5 19*

13*

13*

--

13*

▲

15

8*7.14.5-

14.2

0.0

-1.2 23

5

38.1

Financial Advisor▲


▲ 199.2

Advisor2010Fees

2011

21

Rank1

# of DealsKPMG

▼


6*

14

-11

Change in

5

Rothschild

RB Partners

8*▲

3 ▲JP Morgan

ING 6*

▼

10*

16*

21*0.0

3

45*

33

IMAP 3 8

14*

10*Bank of America Merrill Lynch

6* 8*

16*

Rank2011

Sberbank

6*

-1

M&A International10*Morgan Stanley

Deutsche Bank AG

4

-1

▼▲

▼

4512*

4

5▼

▲5 -1

-

3

# of

Raiffeisen Bank International

2

5-3

-107Clairfield InternationalPricewaterhouseCoopers

-1

12*

3

10* 45*

-

Deals

16*

10

4

65

4

-

4

21*

8.4

-

4.0

5


2

16.6

2.2

-

1.010*24*

55*

13*

.5

.0

9.3

2.2

2.5

1.41

4.8

-

-

Eastern Europe Involvement Small-Cap Rankings (MM16a)

2011

1

-

.6

- -

-

-

-

43*.2-

19*

▼

-

4

-

013*

31

0.0

-2-

0.0 13*

0.0

-

-

-

-

13*0.0 0.0

0.0

0.00.0

10.00.0▲

▼

-14* 13*Credit SuisseStandard Unlu 14*

Ernst & Young LLP

-2

-

▼▼

▼1.5▲ 13*4 0

34

▼ 0.0 0.0

▲

14* - 33PRAGMA Corporate Finance

0.0

0.0 0.0

14*

14*

10*Goldman Sachs & Co 14* 12* 23Daruma Corporate Finance

-80.8

RankRank Value

13* -6

Change (%)

-

13* -7*

13* -

-13*

13* --

-

13* -

13*

13*

0.0 0.0

37.7 28.00.0 0.0

US$m Euro mil

0 0

11.8 8.50.0 0.010.5 7.6

0.0

0.00.0

0.0 0.00.0

0.0 0.00 0

Rank Value

200

400

600

800

1,000

1,200

1,400

1,600

1,800

$0 0

$0.5

$1.0

$1.5

$2.0

$2.5

# of

Dea

ls

Ran

k Va

lue

(US

$b)

*tie

33.3

11.7

0.0

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

-

10.6

63.6-2

12-11

2-

-

34.8

2

22*

222Latum Investment Banking -

22*

▲-13* -

15*6

-

-

2.0-

-

▼ -

2 ▼5.6

-

13* --78.6

22*

2

2

4.0 10*Goldman Sachs & Co 14* 12* -23DC Advisory Partners 14*

-- 33 55*▲

13* -.013*

Lazard 22* 21* -12 -▼ -0.0 0.0UniCredit 22* 3Troika Dialog 45*

▲

▼

Itau Unibanco 22* -13*Deloitte 22* 6* -5 ▼

SEB Enskilda 22* 45* 13* -1.2

-

-43*

-

43*26*

.2- -

13*

▲ .613* -

▲

0.00.00.0

0.030.8Barclays Capital

100.0

2 2.0 15*100.0▲ -

-514 ▼ 238.8▼4,142.6 2,943.83,060 19.3-9.8Industry Total



0.0 0.0

0.0 0.0

0.0

13*0.0

25.4

0.0 0.0

0.0

0.0


0.0 0.0

19.0%

13.7%

12.7%

12.3%

10.9%

9.9%

6.4%

4.5%

4.1%2.8%

2.1%Materials

Industrials

Consumer Staples

Energy and Power


Financials


Real Estate

Telecommunications

Healthcare

Retail

High Technology

-$0.0




14

22.280.561.5

8 6

51.616.3

6.2

100.037.0

-

2.427.4

20.647.840.748.4

1.1

2943.5

30*

19

20*

13.94.1

Jan 1 - Sep 30

2011 ** FeeExp (%)

Rank Value 2011 AdvisorRank Value

36*

Rank Value per Advisor (US$m)

109

Change in

15*

Change (%)

▼

▼

17

2010

China International Capital Co

12

▲

12*

4


1 36*

1212 1.6 30*

2011Rank

Optima Capital Ltd

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

# of Deals Fees Rank


US$m

# of Deals per Advisor# of

Financial Advisor


Hochinma Involvement Small-Cap Rankings (MM13a)

Rank RankDeals▼▲ 164.613* 822

1.7▲

5 -31.5

▼1

-4.9327.1191.0 4

CIMB Group Sdn Bhd 2* 3M&A International 2* 9* 20

120 1.677.1

Ernst & Young LLP 4 1 -7

▲

1.0 40*1918

▼ -53.32.7

▼155.9255.7

6China Renaissance Partners 5 59* 15 ▲ 2

-413PricewaterhouseCoopers 6 9* 1

6* ▼28 -72.3

▼97.2▲ 72.2 ▼ 1.1

Guangdong Securities 8* 2 -102.418 -33.8Investec 7

-4▼▼

33*228.7 3 -36.8 ▼ 1.58OSK Holdings Bhd

52*▲ .7Haitong Securities Co Ltd 8* 32* 68* 9*

4* -6-2 ▼

▼ 1.1- .4

1211

Avendus Capital Pvt Ltd 12* 112* 10 2.9-7 -11

36*11 -0.2AMMB Holdings Bhd 8*

▲76*17*

9 -

24*17 -56.8 ▼ 2.0Somerley Ltd 14* 4* -810112* 9 619.310

▼16 232.1

China Securities Co Ltd 14* 41* 6104.3

0.0Yes Bank Ltd 14*

▲▲

- -130* -▲

-

BNP Paribas SA 17* 19* -19KPMG 17* 6* -8 ▼

▼ 68.757*-41.6 .6

▼ 6.285.0 24

46*13 - - .8

▼6*30 -65.2

Deloitte 19 17* -3China Construction Bank 20* 59* 4

87 ▲

▼ 119.046 4 ▲

63.0

14▲

6628.9 ▲

279.5118.4124.4132.0139.497.9

52*747 673 3

138.9 -27.8

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

$0

$2

$4

$6

$8

$10

$12

# of

Dea

ls

Ran

k Va

lue

(US

$b)

*tie

310*

27,721.8

▲▲

130*38 4.541.2

-▲

8.054.8

55

59* 21

10.018.2

7.76.3

25.0

11.0

100.0

33.3100.0

20.43.7

19.119.6

8.615.4

100.0

6

6

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

0.0

64

5

5

4,327

23*

23*

7

K&N Kenanga Holdings BerhadRothschild -3 ▼

80* 4 ▲

.9

41.5 ▲60 -26.4

23*

7

23.7

UBS

5


56.422*

43*

-53.5


31*

HSBC Holdings PLC

31*5

-60.647.7

49.0

61

-41*

Industry Total

31*31*

Clairfield International 31* 59*5

Goldman Sachs & CoJP Morgan

INCU Corporate Finance Ltd

-4 ▼

32*Morgan Stanley

CitiRHB

31*▲

11.3

28*

112*

22*

2.3-33.5

25▼

31*31* 32*31* 33

23*

22

Credit Suisse 23*Bank of America Merrill Lynch

Deutsche Bank AGShenyin & Wanguo Securities

-11 ▼ 193

9.9▲23.7 6.9

16.9

4.5 10*.9 43*.1

.8 46*

2

87*

117*

Nomura 23* 80* 6

-14.0

106*

- 0.0 130*6*

China Construction Bank 20* 59* 47 ▲.6

46.4 ▲Kotak Mahindra Bank Ltd 20* 15* -6 ▼ 57*15 -19.0115.0

China Merchants Securities Co 23* 22* -3 ▼-130.5- 7

6GCA Savvian Group Corp 20*

▼.5 67*

38.162.7 32

.7 52*

▼▲ ▼35.7 65 -34.3

36.2 641.5 33*

96.3- 113.5-

22.5 ▲ 7.3 423* 59* ▼25.7 81 -30.0

424.7

▲

▲78.7

32* 06

4

37.6▼

41* 5 1 ▲

▲6

5

80*

6*

▼-1-2

4 ▲

193.5▼55.7 36

▼

100.0.8 46*59.0-1 ▼ ▲13.0 103

446.2

2.12 ▲ ▼22.8 84 -3.0

.3

-59 ▼


409.0▲

▲▼

10 -

52*.747 673.3

3.4

19.2%

14.8%

11.0%

10.5%

9.4%

7.2%

6.3%

5.9%

5.8%

4.4%3.8% Materials

Industrials

Financials

Real Estate

High Technology

Energy and Power

Healthcare

Consumer Staples



Retail

Telecommunications

$0




15

100.0-

10.4

42.9100.0

85 7

-19.4

17.4

100.0

100.0100.0100.0

-

40.7


96.5 ▼ 2.4

Financial Advisor

-4

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

13.9

Hong Kong Involvement Small-Cap Rankings (MM12a)

10*▼


1.1

6

44

4*

12*

3

4


Deals# of

26.740.037.5

5

▼

15*

22*6

-11.1

-60.5

.8


.4

52*47.6

2010

350.0

12*

-6.7

▼

24

27 6

27

12.4

30

35.4

-

88.6

▼

2238.3254 5

.6▲ 1640.9▼3

15*Ample Capital Ltd 15* 6 73Nuada Ltd 3

3 12Altus Capital Ltd 15*

Veda Capital Ltd15*15* -1

47*Deutsche Bank AG

Bridge Partners Capital Ltd 8* 18*PricewaterhouseCoopers

Haitong Securities Co Ltd 8* 10 ▼-24

▲

▼ 0.0 56*

▲▼▲ 21.0

▲ 33.3

.0

26

11 11.4

▼

▲

-34.3

45

▲59.9 8 92.0

1353.022*.6

1.1

13

37*

-

193.5.2

-▼

.8-

6

-▲

.8▲▲

-

-

-2.3

15*

15*-

41*

55*

04

4

-56.7

120.61

1

48*

8*

Asian Capital (Corp Fin) Ltd 8*

26*12*47*

15* 11

CIMB Group Sdn Bhd

Nomura

Rank ValueChange (%)

164.6

12*

18* 4

10 ▲

Kingston Corporate Finance Ltd▲

02

8* -

3

-3

48*

Sun Hung Kai & Co Ltd-

▲ 10*

79

50.7

▼▲

57.7

22*▼

37.6 2.2

184.2

59.0

35.7

-

▲

▲

36

2.0

1.0▲

6 ▼-54.7

1.92*

# of Deals2011

7*

14

-54.5-8 ▼

-13 14▼

▲

164.6

75.7

37*

31*12.5

36.2

.3

39.8

2*

7 12* 5

3 ▼-1

Investec11

22

2011 ** Fee2011Fees

-10.0Optima Capital Ltd


Rank Exp (%)Change in Advisor

RankUS$mRank Value

Rank

Jan 1 - Sep 30

Rank1 4*

11

5 26

▼

7*

M&A International 2*

89

1INCU Corporate Finance Ltd

Somerley Ltd

BNP Paribas SA

26*

Guangdong Securities 4 1

-

50

100

150

200

250

300

350

400

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

# of

Dea

ls

Ran

k Va

lue

(US

$b)

*tie

7,328.6



100.0

3.216.116.5

78.4100.0

-3.3

100.041.2

-24.3

85.7

2

2

118.4

100.0

2▲

2

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

2

3

7 ▲ 9.1

2

3

34.6

HSBC Holdings PLC 47*Deloitte

870

1

-

02

26*26*

23*

2

2

0

-

41*

1*

.1

0

22

12 .20

1*

▼

41*

Goldman Sachs & Co

23*

23*

19*19*

▼

▲ .7-

22*.6

4.012*

50*

.2-

1.0

-

▲ .7

-

4.0

▼

-

▲

▲

56*

12.9▲

-

29

56*-

0.0 --14.0

-

23*0.0

4455.3

-RBS

23* -

226*

-26*

0Yu Ming Investment Management

Bank of America Merrill Lynch 23* 26*Mansion House Securities 23*

Morgan Stanley 23*

▼

▲38.8

- 7.7 -87.7

▼

23473.2

47▲154.0

-27.6

55*- -15 42.7

18

Shenyin & Wanguo Securities 23* - 2 11.338.1China Merchants Securities Co

2-118*

Oriental Patron Asia Ltd 23* 47*23*

Chanceton Capital Partners Ltd 15*JP Morgan 15* 26*

26*1

-▲50*.1

153.51054.5

1 ▲ 40.7

1 58.3▲

Ample Capital Ltd 15* 6 -73

21

41*

13

-

50.0

- -

- - .0

.252*

23.4

-0.0

-

56*

Industry Total


20.1%

14.7%

11.9%

11.4%

7.4%

6.7%

6.3%

5.4%

5.3%

5.1%

4.3%Financials

Materials

Real Estate

Industrials

High Technology

Energy and Power


Retail


Consumer Staples

Healthcare

Telecommunications

$0.0




16

100.0

4.14 3

11.0

100.07.01.5

43.530.0

26.37.7

11.5

7.5

80.8

2011 # of

12

2010

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

33.3100.0

15.0

2

▲

▲

Change in

▲

Credit Suisse 18* 811


Australia/New Zealand Involvement Small-Cap Rankings (MM11a)

▲

Deals

11

2

58.8

▲ 2.520.1

.3

- .3.3


Grant Thornton22*

12*Pottinger 12*


Lazard 18* 35*

Moelis & Co

24# of Deals

1 ▲▼ 3 1 10-4 ▼

6

3.4

-14*

12*

Gresham Partners

1322* 1

▼ 5

1

Jan 1 - Sep 30

38.5 11 - 5.0▼50*

.8-44.7 .3

18

44*

-

▼

-

44*

44*

-

0.0

▲23 51.8 .3

1.3

52* -

.1

18* 14*0 -3

44*3.6 ▼43 -79.7

2

3 44*3.4 -▲

▼2 -144*

174.6

▲ 65*-44*25.2

Daniel Stewart 12* - 3Grant Samuel 12* 22* 3

31

Ernst & Young LLP 12* 4 3 -7 65.2

Cameron Partners Ltd 8*4 22*24.4 -24* -Clairfield International 8* 9* 0 -

▲ 0.022* 244

-52*

5Morgan Stanley 8* - 4 ▲Deutsche Bank AG 8* 9*

3.6-64.7 8.00 - 0.64

47.535 836.8 ▲12 75.2

668.8108.4 1JP Morgan 7 9* 1 ▲

▲Goldman Sachs & Co 35*11 433.0 ▲15 352.1

5*13.7

▲

▲UBS 5* 22* 9 ▲

613.83-26.8▲

2.2 47.819.544.6 ▼

▲PricewaterhouseCoopers 2 2* 3 2

19*49.6 1.0KPMG 43 5* 5

22 172.2

▼13

2* -7 60.6

▲ 127Macquarie Group

13Deloitte 1 1 2 ▲Fees

AdvisorRank ValueRank Value

2.1728.4

2011

222.0Rank Rank US$m Rank


Rank** Fee2011


419.7

Change (%)

31.732.4

Exp (%)

1710 -6 840 0

16

Financial Advisor

35.1

-

100

200

300

400

500

600

700

800

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

# of

Dea

ls

Ran

k Va

lue

(US

$b)

*tie

-440

4.323.1

▼.8 100.0

Australia/New Zealand Small-Cap M&A up to US$50m by Target Industry

22*

17.1

Simmons & Co International 18* - 2 ▲-

2 34* - -- 100.0Keefe Bruyette & Woods Inc 18* - 22 44.0▲

▲

19*- 27*.6Flagstaff Partners Pty Ltd 18* 35* 12 79.6▲

22BDO International 18* 14*

Credit Suisse 18 8 ▼ 3.1 10.3 44*-1

-4 ▼

8 1.0

▼

322.3Industry Total 1,256 18.9


6,312.6 ▼

1577.84 -

10

12.9


3215.1-6.840.0

-8.9


34.4%

12.3%

10.6%

9.3%

6.1%

6.0%

4.4%

4.1%

4.1%

3.6%3.3% Materials

Energy and Power

Industrials

Financials


High Technology


Retail

Real Estate

Healthcare

Consumer Staples

Telecommunications




17

** Fee

15.40.0

100 0

-

Deals

7

20*

10

DMG & Partners Securities Pte 6

Ernst & Young LLP-

10*

2*


Kim Eng Holdings Ltd 6*

BNP Paribas SA 8*Oversea-Chinese Banking 8*

12M&A InternationalFinancial Advisor

2011 2010Rank Rank

1CIMB Group Sdn Bhd

6152.0

Provenance Capital Pte Ltd 5

100.0

315*

40.0

Exp (%)Rank

2*

Somerley Ltd

11

114* ▼Mizuho Financial Group 13* 1

Houlihan Lokey ▲

1

14* - 29*

33.3

-

1.4

-

8*

1.0

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

-0.0

100.0

100.0100.0

100.0

7

6.3

34*

.1

Jan 1 - Sep 30


61.9

▲

Singapore Involvement Small-Cap Rankings (MM14a)

12.0

5


52.32

Change in US$m# of Deals

100.03

# of

5.6

4

3*

5

▲▼ 70.4

1

-

6*

5

-39.0 8

19

-22*

153.5 1

10

▲

-

▲142.1

-

31.9

▼

-1 ▼

-66.1 4

7

▼▲

-24

--

.7

.3

-

- -

-

100.0

.4

.7

-2.1 1

.728.9

8*1.3

2011Rank Change (%) Fees

1.5

Rank Value

21

2011

▼

Rank Value

87.0.3

0.6

▼.9

14

68.0

18.9▲

14

38*53.3

▲ 4

0.0

33

1

27*

▲

0.6

▲▲

5

114* -

-

-

3*

10*

13*

8*

14*

22 12

-12

11

15*Religare Capital Markets LtdDaiwa Securities Group Inc 8* 20* ▲ 5.2

▲

22

8*

12

DBS Group Holdings8*SAC Capital Private Ltd 20*

24

▲

Guangdong Securities29*▲

1 --

-▲ 4.0

KPMG 0.0

OSK Holdings Bhd 14* - 111 0.0

-

-14*Deutsche Bank AG 14* - 1

--6 ▼ 20*

▲ .0 34*--

-.229*

20*20 0 29*

Advisor

44.470.0

2-15

-▼

-

-

▼

-

▲




.06

-

-95.227*

-94.9

-156.9

-27.5

-38.4

29*

2

-

50

100

150

200

250

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

# of

Dea

ls

Ran

k Va

lue

(US

$b)

*tie

- - --

JP Morgan 14* 7* 1 -3 ▼ 0.0 29* -- 0.0 29* - - -

5.2 22* - - .1Macquarie Group 14* 20* 1 0

1.4Bank of America Merrill Lynch 14* 20* 1 0 -

-1 ▼ 10.4 17* - -

20.0

100.06.3

-100.0

-100.0

100.0

-100.0

100.0100.0

3.6-

100.0-

-

-

-15*

.2 20*

▲

▲

- 1.7

29* 1.0--

20*

-

10

Citi

1

11

1Optima Capital Ltd

Goldman Sachs & Co 14* 13* 1

Growin Partners Inc

Grant Samuel

14*

14*

14*Moelis & Co

Tudor Pickering & Co LLC1

14*

▲

Alvarez & Marsal 14*

1 ▲14* -

UBSING

15

▲-1

Stirling Coleman Capital Ltd

14* ▼1

-

1-1

-1

1

14*Mizuho Financial Group 13* 1

1-

▲14*

▲-

14*.3

29*- .1- - 20*.2

-5.8 200.0

20*-20* 01

29*

14.6-0.0 29* - --

15*-▼ ▲

-

.3179.3--0.0

50.5014* 1Collins Stewart Tullett 32.4 914* 13* 1

10.4 17* -37.3

0.0

15*

-25 - .1

-Yes Bank Ltd 14* - 1 ▲29*

0.0 29*1-

▼

0

0.0

11

1

▲

0.021.5

3.0

11

1

▲

29.0

11

1

0.0 29*

-0.0 29*0.0 29* -

▲

CW Downer & Co 14* - 11 -0.0 29* -Avendus Capital Pvt Ltd 14* - 11 ▲

-

.2

.2-▼

-

- ---

-.6

-29* 2.0

.011

.0-0.0 29* -26 - -

1134* -

-

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

10.1100.0

-

20*-

.2

20*

29*

20*-

-1110.8

RHB 14* 20*BMR Advisors 14*

-

-- 12*

100.029*▲ -.5

-▲

.2-

16-

-

China Renaissance Partners 29*

▲

14*

Capital Advantage Co Ltd 14*Hong Leong Financial Group Bhd 14*

- 1

14* 1HSBC Holdings PLC 14* 13* -1

11

▲29*-

19.3Simmons & Co International 14* - 11Gleacher & Co Inc

13 -

-

.2

--.3

-43.3

0.012

-

- -

20*---

▲

34*20*

2

▲

628 9.1 86.43,321.8


Industry Total 12 ▲ ▲


21.4


20.6%

16.7%

11.9%11.2%

6.9%

6.7%

6.6%

5.0%

4.5%

4.0%3.1% 2.7%

Industrials

Materials

Real Estate

Financials

Energy and Power

Healthcare

High Technology

Consumer Staples



Telecommunications

Retail

$0.0




18

1.6

▼

4

27.1

1.71.1

29.67.3

23.349.0▲

31.4

▼ 4.4

15

13.027.9

63.5 10

12.7-16.7 ▼

Rank Change (%) Fees▼

AdvisorUS$m

2011 Rank ValueExp (%)Rank

19.041.7

100.0

100.0

100 0

100.0

6

6

-20.7

Rank Value

9.6

** Fee

KPMG

23

232120

Daiwa Securities Group IncNomura 3

4 5GCA Savvian Group Corp 5 9

1*

▼11.0

.5

1 6

2011

1.01.0

▼

14.9

# of Deals per Advisor Imputed Fees (US$m) †


Deals2011 Change in

# of Deals# of

Financial Advisor Rank Rank

Japanese Small-Cap M&A up to US$50m by Rank Value RangeJan 1 - Sep 30

Japanese Involvement Small-Cap Rankings (MM15a)

-14.8


-6

250.3 3 -43.52

31*▼

8 ▲ ▲204.9237.0 4 35.4

6

▼6

7110.2 22-60.9

Deloitte 78 2 ▲

Mitsubishi UFJ Morgan Stanley 8* - 0 -17Frontier Management Inc 8* 7 -617

4 -13

203.5▼- 16.4

2.4205.5

-9.118

Mitsubishi UFJ Financial Group 10 6 -1115

1--86.2 12

▼ 2.9.8

2.9 80*58.6 15

-97.45.0Ernst & Young LLP 11* 14* 412 ▲

▼ 78.447.1

Plutus Consulting Co Ltd 11* 14* 4 ▲▲ 39*

Development Bank of Japan Inc 13 10 -3912 30.7

100.0▲ 2.7

1.2112.6 924.6 29

13

.8PricewaterhouseCoopers 14 12* -281.0▲13.9

▼▼ 30-60.4

103.2 11▼

Tokai Tokyo Financial Holdings 15* 45* 46

-AER Corp 15* 14*AGS Consulting Co Ltd 15* 20* 0

673.1

▲-99.4 ▼16.914

-2▲▼

34*▲Kigyo Joho Partners 15* -Amidas Partners Inc 15* 33* 36

-▼

6 ▲ 0.0 93*-86.385*1.6

▲5Shinsei Bank

12

20* 33* 255.6

34*23*

34*50*

39*

23*

- ▼

▼1* 53


1* -6 ▼1*

53-6

1 -22.9

-

130.3 90*71.8

10.8

10204.6

0 0 93*

Mizuho Financial Group

485.2Sumitomo Mitsui Finl Grp Inc

040358.3

3

2010

-

100

200

300

400

500

600

700

800

900

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

# of

Dea

ls

Ran

k Va

lue

(US

$b)

*tie

100.0

20.0

100.0

12.1

9.410.2

0.7100.0

100.0

10.126.7

100.0

100.0

4

33

4

55

5

Japanese Small-Cap M&A up to US$50m by Target Industry100.0

- 4.0

72.7▼

1.6-▲

ABeam M&A Consulting Ltd 20* 45*Kotak Mahindra Bank Ltd 20* -

5.2

46.7-8

31*17 2.2Growin Partners Inc 20* 24* 0

100.03 ▲ ▲ 1.1

- 44*▼1.6 23*16 -3.7 ▼

-37.432 .6

▲ 4.6Mirai Consulting Inc 20* 20* -15 ▼

-27.0Corporate Advisers 20* 33* 25

Shinsei Bank55

20* 33* 2-

UBS 20* 27*Deutsche Bank AG 27* 20*

2.3-.1

-2 ▼1 ▲

▲

47.3

4Asahi Zeirishi Hojin 27* 62* 3 ▲ .8 39*Capital Strategy Consulting 27* 33* 4

▲

4.1▼ 281.4

1 ▲ 6.2 65*1 ▲ 21.5 38

▼Bank of America Merrill Lynch 27* 33*TFP Consulting Group Co Ltd 31* 27*Hibiya Kansa Hojin 31* - 33

3 -1

16.9

▼9.8 55* -

▼12.6▲

49 -57.4

TSUJI&PARTNERS Inc 31* - 3 ▲-4Citi 31* 18* ▼

16

-

- .6.2▼

.4

96*

75*75*66*

7

8*

75*23*

44*

.2

1,691Industry Total -187 241.7▼

45 -78.1

-77.5-49.3

93* -

71

0.0 93*115.0

0.0 93* -

-

18 108.2

22.9

0.040.8

0.0


-19.7▼ 5,584.1-


93*


17.9%

15.3%

15.2%

10.4%

7.4%

6.7%

6.3%

5.6%

5.3%

4.2%3.9%

Industrials

High Technology

Materials

Retail

Real Estate



Financials

Consumer Staples

Energy and Power

Healthcare

Telecommunications

$




19


Chinese Involvement Small-Cap Rankings (MM20a)

MM20a - Undisclosed Values & Values up to US$50m Jan 1 - Sep 30 Chinese Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor Imputed Fees (US$m) †

2011 2010 # of Change in 2011 Rank ValueExp (%)

Advisor 2011 ** FeeFinancial Advisor Rank Rank Deals # of Deals

1 25* 18 15 ▲RankFeesRank Change (%)

- -China International Capital Co 2 1 11 -2China Renaissance Partners

▼ 3 1434.92.7 10 20.61

25*▲ .4 2.4Haitong Securities Co Ltd 3* - 10 10

▲7 364.5 ▲ .0 59*▲

- -0.0

China Securities Co Ltd 3* 14* 10 6Guangdong Securities 5* 14* 7 3 ▲ 2

61* -14.1 ▲ 1.0

- -16* 100.0

- - .7 19 8.6China Construction Bank 5* 32* 7 5 ▲PricewaterhouseCoopers 5* 7 7 -1 ▼

1516 -72.3 ▼ .2 36*

Somerley Ltd 8* 4* 6 -3 ▼ 50.014.344.7

54.7China Merchants Securities Co 8* 4* 6 -3 ▼

7.721*11 -19.9

- - .0▼ .4 25*

46

59* 0.0CIMB Group Sdn Bhd 8* 11* 6 0 -

11Shenyin & Wanguo Securities 11* 44* 5 4 ▲

9 -30.5- - .1 46*

46*▼ .1

15.625.0

Credit Suisse 11* 4* 5 -4 ▼Rothschild 11* 25* 5 2 ▲ 24

4 28.2- - 2.0▲ 2.4

12* 21.7- - .3 30* 21.4M&A International 11* 14* 5 1 ▲

25*CITIC 15* 14* 4 0 -▲

21*13 -53.2 ▼ .4

100.028.647.6

China eCapital Corp 15* 44* 4 3Barclays Capital 17* - 3 3 ▲

71.761*10 104.4

- - 6.0▲ 1.6 15

5

2 100.0BNP Paribas SA 17* 11* 3 -3 ▼

36*Karl Thomson Holdings Ltd 17* - 3 3 ▲

61* -1372.3 ▲ - -

9- 3.8

22 2-

Central China Securities 17* 44* 3 2 ▲ 61* 2

Rank ValueUS$m255.7132.078.50.0

157.246.4

38.157.011.396.336.2

55.2

38.1

0.00.095.70 0 -

100

200

300

400

500

600

700

800

900

1,000

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

# of

Dea

ls

Ran

k Va

lue

(US

$b)


36* 22.2Central China Securities 17* 44* 3 2 ▲UBS 17* 32* 3 1 ▲ 61*

61* -- - 9.3

- .21 27.6

- - .1 46* 50.0Bank of China Ltd 17* 44* 3 2 ▲ 338 -51.0 ▼ -17* 32* 3 1 ▲ 58.3

Anglo Chinese Corp Finance 17* 3 3 -7 ▼Chanceton Capital Partners Ltd

▲ .2 36* 10.0-

18* 15.2-

Investec 25* 25* 2 -1 0.8▼ -38 - - .259 -- -

25* 2 2 -9 ▼-

15.4-Kingston Corporate Finance Ltd 25* - 2 2

KPMG-▲ 52 -

36

36*17.8

-25* - 2 2 ▲0 -

-59.6 ▼ -- -

.1

5.122.0Guotai Junan Securities

8.3 Chinese Small-Cap M&A up to US$50m by Target IndustryPiper Jaffray Cos 25* 32* 2 46*BMO Capital Markets 25* 44* 2 1

-

61*34 -

-25* 14* 2 -2 ▼

▲ 4.0 5*-

32.54- 4.2 26.9

-

22*Soochow Securities Co Ltd 25* - 2 2

61* -Citi32 40.5 ▲ - -▲

100.0-

Nuada Ltd 25* - 2 2 ▲Minsheng Securities 25* 25* 2 -1 ▼ 41

25* -58.8-48.8 ▼ .0

▼ .559* -

-57.3 ▼ .2 36* 100.0Business Development Asia LLC 25* 44* 2 1 ▲-TC Capital 25* - 2 2 ▲

▲

5043 - - -

9.0

34.6 100.0-14.0

Mansion House Securities 25* - 2 2Optima Capital Ltd 25* 8* 2 -5 ▼

4.558

25* 29.1-96.8 ▼ .0

▲ .2 36*

61*

59* 0.0Kim Eng Holdings Ltd 25* - 2 2 ▲

36*Macquarie Group 25* 44* 2 1 ▲

61* -- - 4.0 5*

46*- .1

100.0100.0

INCU Corporate Finance Ltd 25* - 2 2 ▲Bridge Partners Capital Ltd 25* 44* 2 1 ▲ 14

44 -- - -

- .2- -

- - 4.0 5* 16.5Goldman Sachs & Co 25* 44* 2 1 ▲MID-CAPITAL 25* - 2 2 ▲

61*61* - - 1.0 16*

Westpac Banking 25* - 2 2 ▲ 25* 100.0100.00.0

JP Morgan 25* - 2 2 ▲ 376 -

-13.0 ▼ .5- .4

22* 29.4Jefferies & Co Inc 25* 44* 2 1 ▲ 9.712*- 2.061* -

▲ 154.9 24.7


18,975.1 10.6 ▲Industry Total 2,553 262


34.615.0

0.0

0.00.0

42.5

25.1

1.30.00.013.747.4

85.618.00.0

23.30.00.026.0

21.0%

14.8%

11.3%

10.5%

8.6%

7.3%

6.1%

5.9%

5.2%

4.2%3.3% Materials

Industrials

Real Estate

High Technology

Energy and Power

Financials

Healthcare


Consumer Staples


Retail

Telecommunications

$0




20

▼ 2 7 8 21 3Lazard 19* 2 2 ▲ 31 2 14 26 927 -89.5 ▼ 2.9 4* 24.6

22* 11.4State Bank of India 19* 22* 2 0 - 6.5

▲ 52.9 9 - - .5- 2.4 9 100.0

HSBC Holdings PLC 13* 31* 3 2BMR Advisors 13* 2 3 -12 ▼ 7.0 26 -

12 173.3 ▲ .6 18* 100.011* 9.7

Singhi Advisors Ltd 13* 10* 3 -1 ▼ 39.9▲ 13.0 23 38.3 ▲ 2.0

- .1 44* 7.7Citi 13* - 3 3Ambit Corporate Finance 13* 8* 3 -2 ▼ 0.0 33* -

28 -87.1 ▼ 4.0 2* 13.722* 50.0

Morgan Stanley 13* 10* 3 -1 ▼ 5.7▼ 54.8 8 - - .5

▼ .2 35* 100.0Deloitte 9* 4 4 -7Challenge Consultancy Services 9* 14* 4 1 ▲ 19.1 21 -28.7

6 84.4 ▲ 1.2 14 30.87 100.0

Religare Capital Markets Ltd 9* 10* 4 0 - 95.7▼ 47.8 10 143.9 ▲ 2.8

▲ .8 16* 100.0IMAP 9* 7 4 -2Clairfield International 8 14* 5 2 ▲ 22.8 17 79.5

3 - - .4 30* 100.018* 15.4

GCA Savvian Group Corp 7 - 6 6 ▲ 130.5▼ 115.0 4 - - .6

▲ .5 22* 55.6Kotak Mahindra Bank Ltd 5* 3 7 -6KPMG 5* 14* 7 4 ▲ 67.2 7 163.5

15 -48.9 ▼ .6 18* 100.010 100.0

PricewaterhouseCoopers 4 8* 8 3 ▲ 27.5▲ 104.3 5 399.0 ▲ 2.1

▲ 2.9 4* 27.4Yes Bank Ltd 3 31* 10 9Avendus Capital Pvt Ltd 2 31* 11 10 ▲ 139.4 2 75.3

1 -18.5 ▼ 1.0 15 55.6Rank Exp (%)

Ernst & Young LLP 1 1 19 -6 ▼ 155.9Financial Advisor Rank Rank Deals # of Deals US$m Rank Change (%) Fees

Rank Value 2011 Rank Value Advisor 2011 ** Fee# of Deals per Advisor Rank Value per Advisor Imputed Fees (US$m) †

2011 2010 # of Change in

MM21a - Undisclosed Values & Values up to US$50m Jan 1 - Sep 30 Indian Small-Cap M&A up to US$50m by Rank Value Range


Indian Involvement Small-Cap Rankings (MM21a)

-

50

100

150

200

250

300

350

400

450

$0

$0

$0

$1

$1

$1

$1

$1

$2

$2

$2

# of

Dea

ls

Ran

k Va

lue

(US

$b)

*tie

108.2 23.8-18.3Industry Total 762 -192 ▼ 3,164.9 ▼



30* 1.5

Indian Small-Cap M&A up to US$50m by Target Industry▲ 19.5 20 - - .4

- .2 35* 100.0Bank of America Merrill Lynch 19* - 2 2Aarayaa Cross Border Advisors 19* 14* 2 -1 ▼ 0.0 33* -

11 - - .2 35* 100.022* 10.0

MAPE Advisory Group 19* - 2 2 ▲ 40.0▼ 21.7 19 - - .5

- .1 44* 0.7Enam Securities 19* 5 2 -6UBS 19* 31* 2 1 ▲ 0.0 33* -

24 - - .4 30* 100.022* 100.0

ICICI Bank Ltd 19* 6 2 -5 ▼ 11.3▲ 0.0 33* - - .5

▼ 2.7 8 21.3DBS Group Holdings 19* 31* 2 1Lazard 19* - 2 2 ▲ 31.2 14 -26.9

21.2%

19.8%

11.0%10.3%

7.8%

7.3%

6.2%

5.1%

4.9%4.0% 2.1% Materials

Industrials

High Technology

Healthcare


Consumer Staples

Financials

Real Estate


Energy and Power

Retail

Telecommunications

$0




21

-

-

-

-

-Asia-PacificJason PacannuayanTel: +632 858 7262E-mail: [email protected]

Japan -Akemi MamiyaTel: +813 5218 6576


AmericasJason Wotman A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.

If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:

Tel: +1 646 223 8415

Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation.

E-mail: [email protected]

Ranking Criteria Summary

Announced league tables include all deals that were announced between January 1, 2011 and September 30, 2011 and of which Thomson Reuters was made aware. All current data and previous year's data is as of 12:00pm EDT on October 10, 2011.

League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.

Europe, Middle East & AfricaRedina DodaTel: +44 (0) 207 542 3558

Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms.

E-mail: [email protected] and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction agreed to or, in the absence of an agreement, the value of the highest offer.

Tel: +813 5218 6576

-E-mail: [email protected]

League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

© 2011 Thomson Reuters. All rights reserved.

Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.


22

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Small Cap Financial Cover Page.ppt · First Nine Months 2011 │ Small-Cap M&A Up To US$50m │ Financial Advisors-20.5 0.0 3 2 1 23 -38 806.9 978.1 PricewaterhouseCoopers 13.5

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