A member of the Daiwa Group. Authorised and regulated by the Financial Conduct Authority. Registered office as stated. Registered in England No. 3067616

Debt Market Monitor Q3 2019

November 2019

Recent European debt advisory transactions

2

Advised the sponsor on an

acquisition financing

Value undisclosed

August 2018

Advised the company on a refinancing and recapitalisation

Value undisclosed

August 2018

Advised the company on a

refinancing

Value undisclosed

July 2018

Advised on a staple financing

Value undisclosed

December 2018

Advised elivie on a refinancing

EUR 360 million

November 2018

Advised the company on a

refinancing

GBP 146 million

August 2018

Project Siri

Advised the shareholders and

the company on its sale

process and lender education

Value undisclosed

September 2018

Advised a sponsor on an

acquisition financing

Value undisclosed

June 2018

Advised HQ Equita on the

acquisition financing of r2p and

Open Access

Value undisclosedJuly 2018

Advised Evernex on a refinancing

Value undisclosedJuly 2018

Advised a sponsor on an

acquisition financing

GBP 80 million

July 2018

Project Harrow

Advised a sponsor on an

acquisition financing

Value undisclosed

July 2018

Project Broadleaf

Advised the company on a

refinancing

Value undisclosed

January 2019

Advised the company on a

debt raise

Value undisclosed

January 2019

Project Pint

Advised a family office on a

refinancing

GBP 60 million

December 2018

Project Eclipse

Advised on a staple financing

Value undisclosed

March 2019

Advised the sponsor on an

acquisition financing

Value undisclosed

February 2019

Advised the company on a

debt raise

Value undisclosed

January 2019

Project River

Advised the company and

sponsor on an add-on

acquisition financing

Value undisclosed

January 2019

Advised the company on a

refinancing

Value undisclosed

April 2019

Project Façade

Advised the company on a

debt raise

Value undisclosed

March 2019

Advised the largest

shareholder

GBP 900 million

March 2019

Advised the sponsor on an

acquisition financing

Value undisclosed

July 2019

Project Trident

Advised on a staple financing

Value undisclosed

June 2019

Advised on a staple financing

Value undisclosed

May 2019

Advised Novum on the

recapitalisation of C.C Group

Value undisclosed

May 2019

Advised Ergon Capital on

acquisition financing

EUR 115 million

July 2019

Advised Uperio on its

refinancing

EUR 80 million

July 2019

Advised on staple financing

Value undisclosedJanuary 2019

Advised Interflora on its

refinancing

Value undisclosed

July 2019

Advised the on the debt

refinancing of Clover Capital

Valued at €50million

August 2019

Advisor on staple financing

Value undisclosed

September 2019

Advised on staple financing

Value undisclosed

September 2019

Advised ICG Infrastructure on

acquisition financing

Value undisclosed

Pending

Advised Naxicap on an

acquisition financing

Value undisclosed

Pending

Q3 2019 – Executive summary

The Spanish leveraged loan market continues to

grow, with several notable refinancing transactions

such as Parques Reunidos, Áreas, Cepsa or Pepe

Jeans, supported by large underwriting appetite

The top three Spanish banks continue to dominate

activity, remaining the main financing source

domestically. Debt funds are consolidating their

position in the market, with a growing presence in

sponsorless transactions

Highlights – Spain

DACH mid-cap leveraged lending activity

has improved q-o-q with 28 transactions in

Q3 19 vs. 21 in the prior quarter. However,

YTD volumes are down in comparison to

2018 and this is expected to remain the

case to the year-end

Direct lending funds continue to dominate,

sustaining their market leading position with

some senior banks beginning to deliberately

scale down business

Highlights – DACH

Increased competition between private debt

funds for top quality mid market assets has

led to a continued borrower-friendly

financing environment

Despite their declining market share,

French commercial banks still play a key

role in the lending space despite, notably by

offering competitive blended pricings on all

senior financings including private debt fund

structures

Highlights – France

Overall deal volume was down in Q3 reflecting the

natural summer slowdown, although still ahead of

the same period last year

In Q3, there has been a clear change in credit

appetite and increased caution as the market

anticipates that we are at or near the top of the

cycle. Brexit apathy and fatigue have been

overshadowed by more fundamental political and

economic concerns that could lead the economy

into recessionary conditions

Whilst resilient credits still achieved strong

multiples and looser terms, challenged credits

need more careful management. Those lenders

with the flexibility to price risk along the credit risk

curve have been the busiest

Highlights – UK

DC Advisory’s European Capital Advisory team explores the activity for Q3 2019 >

Highlights Europe

Debt Market Monitor Q3 2019: UK

4

Multi-banked LBOs and refinancings completed Q3 2019

Notes: The UK Debt Market Monitor shows senior and subordinated debt providers for bilateral and multi-banked loan-funded LBO / refinancings involving a UK target.

denotes a LBO

denotes a refinancing

/* denotes lender is solely the provider of super senior undrawn or term debt ('1st out') facilities alongside a debt fund

CL: Club deal; UW: Underwrite; Hybrid: Hybrid facility; Uni: Unitranche; Mezz: Mezzanine; PIK: PIK note; 1 O / 2 O: First out, second out; 1L / 2L: First Lien, Second Lien

Target Sponsor HS

BC

Natw

est

Barc

lays

Llo

yds

Santa

nder

AIB

SM

BC

Investe

c

Bank o

f Ir

ela

nd

Cre

dit A

gri

cole

Cly

desdale

Bank

Cre

dit S

uis

se

NIB

C

SV

B

ING

DN

B

Am

egy

AT

B

BN

P P

ari

bas

Butt

erf

ield

Iberi

aB

ank

Sie

mens

Unic

redit

Wells

Farg

o

IMI

Uls

ter

Bank

Com

merz

bank

RB

C

Are

s

Perm

ira

Alc

entr

a

Pem

bert

on

Bari

ngs

Apollo

Cre

scent

Fiv

e A

rrow

s

Aviv

a

Bain

Capital C

redit

M&

G

Apera

Bri

dgepoin

t

LG

T E

uro

pean C

apital

Ard

ian

Bla

ckR

ock

AIM

Co

CV

C

KK

R

Park

Square

ICG

Muzin

ich

Blu

eB

ay

GIC

Gold

man S

achs

Pri

coa

AIG

Alv

in P

art

ners

Deuts

che B

ank

Golu

b C

apital

Hayfin

Natu

re o

f d

eal

LB

O

EBITDA > £25m

PTSG Macquarie * Uni

Quotient Sciences Permira Uni

EBITDA < £25m

Bulgin Equistone Partners Uni

Cawood Scientific Waterland Private Equity Uni

Dental Care Group G Square Capital Uni

Farsound Aviation AGIC Capital * Uni

Hanson Wade Graphite Capital Uni

IFG Group Epiris * Uni

Kent Pharmaceuticals Duke Street * Uni

SRL Traffic Systems LDC * Uni

Re

fin

an

cin

g / R

ec

ap

EBITDA > £25m

HKA Global Bridgepoint Development Capital Uni

Independent Vetcare (IVC) EQT CL

Medivet Inflexion * Uni

RL360 Vitruvian Partners * CL

Silver Sea Bridgepoint CL

EBITDA < £25m

Alcumus Inflexion * 1 O / 2 O

Armitage Pet Care Rutland Partners * Uni

BigHand Bridgepoint Development Capital 1 O / 2 O

Commify HgCapital Uni

Cooper & Turner Watermill Group Uni

G3 Comms Apiary Capital Uni

Great Rail Journeys Duke Street Uni

IT Lab ECI Partners CL

Lowe Rental Perwyn Capital Uni

Microgen Financial Systems Silverfleet Capital * Uni

nGAGE Graphite Capital CL

Specialist Risk Investments Pollen Street Capital CL

The Leaders Roman's Group Bowmark Capital * Uni

Verdant Leisure Palatine Private Equity Uni

Vernacare Palatine Private Equity * Uni

Total Q3-19 14 12 0 3 3 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5 0 1 3 3 1 4 0 1 0 0 1 1 1 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0

LT

M #

of

deals

30

Total Q2-19 10 13 4 6 3 2 3 2 1 1 3 1 1 0 0 0 1 1 1 1 1 1 1 1 0 0 0 0 6 2 1 1 1 3 0 1 0 2 1 1 1 1 0 0 0 2 2 2 1 0 0 1 1 1 0 0 0 0 0 34

Total Q1-19 14 9 5 1 5 4 0 1 2 1 0 0 0 2 1 0 0 0 0 0 0 0 0 0 1 1 0 0 5 4 1 2 1 1 1 3 2 1 2 0 0 0 1 1 0 0 0 0 1 0 0 0 0 0 1 1 1 1 0 38

Total Q4-18 11 11 7 5 4 6 2 1 1 2 0 2 2 0 1 2 0 0 0 0 0 0 0 0 0 0 1 1 4 3 5 1 2 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 30

Total LTM 49 45 16 15 15 12 6 4 4 4 3 3 3 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 20 9 8 7 7 6 5 4 3 3 3 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 133

Debt Market Monitor Q3 2019: France

5

Multi-banked LBOs and refinancings completed Q3 2019

Notes: The French Debt Market Monitor shows senior and subordinated debt providers for bilateral and multi-banked loan-funded LBO / refinancings involving a French target.

denotes a LBO

denotes a refinancing

/* denotes lender is solely the provider of undrawn facilities in a unitranche transaction

CL: Club deal; UW: Underwrite; Hybrid: Hybrid facility; Uni: Unitranche; Mezz: Mezzanine; PIK: PIK note; 1 O / 2 O: First out, second out

Target Sponsor LC

L

BN

P P

aribas

Socié

téG

énéra

le

CIC

CA

Régio

nale

s

Banqu

eP

opula

ire

Cais

se

d'E

parg

ne

Cre

dit M

utu

el

Ark

ea

Banqu

eP

ala

tin

e

HS

BC

CA

-CIB

Cre

dit d

u N

ord

Bank o

f Ir

ela

nd

ING

Natixi

s

KB

C

La B

anque

Posta

le

SM

BC

Idin

vest

CM

-CIC

Priva

te D

ebt

Lyx

or

Tik

ehau

CA

PZ

A /

Art

em

id

Bpifra

nce

Inve

stissem

ent

LG

T P

riva

te D

ebt

Barings

Cere

a

Ard

ian

Perm

ira

Bridgep

oin

t P

riva

te D

ebt

Pem

bert

on

Indig

o C

apital

Alc

entr

a

Scor

Inve

stm

en

t P

art

ners

Zencap

AM

Gold

man S

achs

BN

P P

aribas S

ME

Debt

Fund

Blu

eB

ay

Hayf

in

Part

ners

Axa

Inve

stm

ent

Manag

ers

CV

C

ICG

Natu

re o

f d

eal

LB

O

EBITDA < €25m

99 Group Capzanine CL

Amplitude Laser L-GAM Uni

CEGID Public Azulis Capital Uni

Ellisphère Andera Partners UW + Mezz

Epsa Raise CL

Eres IK Investment Partners Uni

Eurotab Tabletting LBO France Uni

Freeland Group IDI Uni

Haudecoeur Ergon Capital Partners CL

Ital Capzanine CL

Landanger 21 Invest Uni

Luneau Technology Caravelle CL

Moria Naxicap Uni

OMPT Transport New Alpha Uni

Pinard Emballages IK Investment Partners Uni

Polyplus Archimed CL

Sateco Equistone Uni

Schlemmer Industry Building Parts Galiena Uni

Snadec LFPI CL

Steliau B & Capital Uni

Swania Milestone CL

Syntylor / Blanchon Abenex CL

Vulcain Equistone Uni

Refi

nan

cin

g

EBITDA > €25m

Acolad Naxicap Uni

ECF Naxicap CL

l@D IK Investment Partners, Five Arrows Uni

Sicame Equistone CL

EBITDA < €25m

Acadomia IK Investment Partners Uni

Batiweb Omnes Capital Mezz

Bee2Link Bridgepoint Uni

Faucher Parquest CL

FDG CM-CIC CL

La Maison Bleue Towerbrook / BPI CL

Lescuyer Abenex / Ouest Croissance CL

Sotralu Bridgepoint Development Capital Uni

Total Q3-19 13 9 9 5 7 6 4 6 4 2 2 0 1 0 0 2 1 0 11 3 4 3 1 3 3 3 2 2 2 1 0 1 0 1 0 0 0 0 1 1 0 0 0 35

Total Q2-19 9 10 4 9 4 2 5 3 4 4 1 4 2 1 1 0 1 0 5 6 3 1 3 1 2 1 1 1 0 2 3 1 2 1 1 1 0 0 0 0 1 0 0

LT

M #

of

deals 27

Total Q1-19 8 8 8 10 4 3 2 3 1 3 2 0 1 2 2 0 0 1 3 8 1 2 2 2 0 0 2 2 1 0 1 1 0 0 0 0 1 1 0 0 0 1 0 24

Total Q4-18 13 9 10 6 4 7 4 2 5 2 1 1 0 0 0 0 0 0 6 3 2 1 1 0 0 1 0 0 1 1 0 0 1 0 1 1 1 1 0 0 0 0 1 26

Total LTM 43 36 31 30 19 18 15 14 14 11 6 5 4 3 3 2 2 1 25 20 10 7 7 6 5 5 5 5 4 4 4 3 3 2 2 2 2 2 1 1 1 1 1 112

Debt Market Monitor Q3 2019: DACH

6

Multi-banked LBOs and refinancings completed Q3 2019

Notes: The DACH Debt Market Monitor shows senior and subordinated debt providers for bilateral and multi-banked loan-funded LBO / refinancings involving a DACH target.

denotes a LBO

denotes a refinancing

/* denotes lender is solely the provider of undrawn facilities in a unitranche transaction

CL: Club deal; UW: Underwrite; Hybrid: Hybrid facility; Uni: Unitranche; Mezz: Mezzanine; PIK: PIK note; 1 O / 2 O: First out, second out

Target Sponsor OLB

Com

merz

bank

Bere

nberg

SE

B

Nord

LB

Unic

redit

LB

BW

DZ

Bank

RB

I

IKB

HS

BC

Cre

dit S

uis

se

Deuts

che B

ank

Bayern

LB

UB

S

Spark

asse

Bank o

f Ir

ela

nd

NIB

C

SM

BC

ApoB

ank

Gold

man S

achs

Mig

ros

Ham

burg

Com

merc

ial

Bank

Investe

c

Natixis

Banco S

anta

nder

Postb

ank

National B

ank

NK

BM

BN

P P

ari

bas

Bank P

ekao

ING

AB

N A

mro

Blu

eB

ay

Perm

ira D

ebt M

anagers

Ard

ian

Cre

scent

Are

s

Pem

bert

on

Apera

idin

vest

Bari

ngs

Pro

ventu

s

CV

C

Herm

es

Alc

entr

a

Bain

Capital C

redit

Bla

ckro

ck

Kart

esia

Apollo

Muzin

ich

Oth

ers

Natu

re o

f d

eal

LB

O

EBITDA > €25m

United Initiators Equistone CL

Schleich Partners Group UW

EBITDA < €25m

Soehngen Gruppe Steadfast Capital CL

InterEurope AG Elvaston UW

Bike24 Riverside Uni

Cartonplast DBAG 1 O / 2 O

]init[ EMERAM Uni

TOOLPORT Riverside * Uni

pro optik Paragon Partners Uni

Berge & Meer, Boomerang Reisen GENUI GmbH Uni

SEMA Via Equity Uni

Avantgarde EMH UW

DUO PLAST Paragon Partners CL

LAP Laser IK Investment CL

GfS Maxburg UW

Gebhardt-Stahl Bencis CL

BUK Steadfast Capital CL

Koop Steadfast Capital CL

Vitronet DBAG CL

Refi

nan

cin

g

EBITDA > €25m

Oberberg Trilantic Europe Uni

EBITDA < €25m

Pfaudler DBAG CL

3b Scientific J.H. Whitney Uni

Schuelerhilfe Oakley Capital CL

Coeo Waterland CL

Utimaco EQT CL

Onlineprinters Bregal * Uni

BBS Automation EQT CL

Pharmalex Auctus CL

Total Q3-19 6 2 4 4 3 6 2 2 3 1 2 1 1 1 0 2 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 0 3 2 1 2 0 0 1 1 0 1 1 1 1 1 0 0 0 0 0

LT

M #

of

deals

28

Total Q2-19 6 3 2 3 2 1 2 1 0 2 0 3 2 0 2 1 1 0 0 1 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 1 1 1 0 0 21

Total Q1-19 0 2 3 1 2 1 2 2 0 0 0 0 0 1 0 0 0 0 0 0 0 0 2 0 0 0 0 0 0 1 1 0 0 2 3 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 4 16

Total Q4-18 2 7 4 3 4 2 2 1 2 2 2 0 1 2 2 0 1 2 2 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 3 1 2 2 0 1 1 0 0 0 0 0 0 0 0 0 5 27

Total LTM 14 14 13 11 11 10 8 6 5 5 4 4 4 4 4 3 3 3 3 2 2 2 2 1 1 1 1 1 1 1 1 1 1 6 5 5 3 3 3 2 2 2 1 1 1 1 1 1 1 1 1 9 92

Debt Market Monitor Q3 2019: Spain

7

Multi-banked LBOs and refinancings completed Q3 2019

Notes: The Spanish Debt Market Monitor shows senior and subordinated debt providers for bilateral and multi-banked loan-funded LBO / refinancings involving a Spanish target denotes a LBO denotes a refinancingCL: Club deal; UW: Underwrite; Hybrid: Hybrid facility; Uni: Unitranche; Mezz: Mezzanine; PIK: PIK note; 1 O / 2 O: First out, second out

Target Sponsor Sa

nta

nd

er

BB

VA

Ca

ixa

Ba

nk

Ba

nkia

Sa

ba

de

ll

Ba

nkin

ter

BN

P P

ari

ba

s

ING

Cré

dit A

gri

co

le

Ba

nca

Ma

rch

HS

BC

Citig

rou

p

So

cié

té G

én

éra

le

Ba

nk o

f Ir

ela

nd

De

uts

ch

e B

an

k

Mo

rga

n S

tan

ley

Ra

bo

ba

nk

Un

iCre

dit

Ca

jam

ar

Ba

rcla

ys

Ba

nk o

f A

me

rica

ML

Ca

ja R

ura

l d

e N

ava

rra

Ta

rgo

Ba

nk

Ab

an

ca

Ca

jas R

ura

les

EB

N

Ibe

rca

ja

Na

tixis

JP

Mo

rga

n

Miz

uh

o

Ba

nco

Pic

hin

ch

a

Ers

te B

an

k

Un

ica

ja

Institu

to C

ata

lan

de

Fin

an

za

s

Lib

erb

an

k

Ba

nca

Mo

ra

Inte

sa

Mu

tua

Ma

dri

leñ

a

Ba

nco

Co

op

. E

sp

añ

ol

Me

dio

ba

nca

Go

ldm

an

Sa

ch

s

Na

tio

na

l W

estm

inste

r B

an

k

Fir

st A

bu

Dh

ab

i B

an

k

Mitsu

bis

hi U

FJ

Ba

nca

IM

I

HS

H N

ord

ba

nk

Ku

txa

ba

nk

LG

T

Ka

rte

sia

Oq

ue

nd

o

Idin

ve

st

Mu

zin

ich

Pe

mb

ert

on

Ala

ntr

a (

Alte

ralia

)

Ba

in C

ap

ita

l

Ch

eyn

e C

ap

ita

l

MV

Cre

dit

ICG

Tik

eh

au

Na

ture

of d

ea

l

LB

O

EBITDA > € 25m

Parques Reunidos EQT, CFA, GBL CL

Áreas PAI Partners CL

EBITDA < € 25m

Sanicen Corpfin CL

Redext HIG CL

IPD ProA Capital CL

Pastas Gallo ProA Capital CL

Agrupapulpí Magnum CL

Elmubas Portobello CL

Sineldent Nazca Uni

Preving Artá Capital CL

Refi

na

nc

ing

/ R

ec

ap

EBITDA > € 25m

Cepsa Carlyle CL

Itevelesa Hayfin CL

Pepe Jeans M1 + LCapital CL

Europastry MCH CL

EBITDA < € 25m

ADL Bionatur Black Toro Uni

Alcaliber GHO Uni

Maxam Rhone Capital CL

Tienda Animal Miura CL

Citri&Co Miura CL

Acquabella MBO Partenaires Uni

Total Q3-19 10 13 9 11 6 4 3 3 1 4 2 2 1 0 2 2 2 1 2 1 1 0 2 2 2 1 1 1 1 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0

LT

M #

of

de

als 20

Total Q2-19 10 7 7 3 2 5 4 2 2 0 2 3 3 3 1 1 1 2 0 1 1 1 0 0 0 1 1 1 0 2 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 1 1 0 1 0 1 1 1 0 0 0 0 15

Total Q1-19 7 3 3 3 3 2 2 2 2 2 1 0 0 2 1 1 0 1 1 1 1 2 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 1 1 0 0 1 1 1 0 14

Total Q4-18 2 2 1 0 1 0 1 1 2 0 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 0 0 0 0 1 6

Total LTM 29 25 20 17 12 11 10 8 7 6 6 5 5 5 4 4 4 4 3 3 3 3 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 2 2 2 2 1 1 1 1 1 55

Debt Market Monitor Q3 2019: Benelux

8

Multi-banked LBOs and refinancings completed Q3 2019

Notes: The Benelux Debt Market Monitor shows senior and subordinated debt providers for bilateral and multi-banked loan-funded LBO / refinancings involving a Benelux target.

denotes a LBO

denotes a refinancing

/* denotes lender is solely the provider of undrawn facilities in a unitranche transaction

CL: Club deal; UW: Underwrite; Hybrid: Hybrid facility; Uni: Unitranche; Mezz: Mezzanine; PIK: PIK note; 1 O / 2 O: First out, second out; 1L / 2L: First Lien, Second Lien

Target Sponsor AB

N A

mro

ING

Rab

ob

an

k

Co

mm

erz

ba

nk

Deu

tsch

e B

an

k

Ba

nk o

f Ir

ela

nd

Inve

ste

c

Natixis

NIB

C

HS

BC

Je

ffe

rie

s

Unic

red

it

AP

G

DN

B

SC

OR

Va

rma

AX

A

BN

P P

ari

ba

s

Na

twe

st

SM

BC

Llo

yd

s

Ba

ye

risch

eL

an

de

sb

an

k

CA

-CIB

JP

M

KB

C

Neu

fliz

e

So

cie

te G

en

era

le

Are

s

CV

C

Hayfin

Pe

mb

ert

on

Ba

rin

gs

Rob

eco

Pe

rmir

a

Sie

me

ns

Cap

ita

l F

ou

r

Idin

ve

st P

art

ne

rs

KK

R

Tik

eh

au

Idin

ve

st

Cre

sce

nt

HP

S

Pa

rtn

ers

Gro

up

Aim

Co

Natu

re o

f d

ea

l

LB

O

EBITDA > €25m

Eichholtz Gilde Buy-Out Partners CL

EBITDA < €25m

EPCO THI Investments CL

HSO Carlyle Uni

Light & Living BlueGem Uni

Sucsez Five Arrows Principal Investments Uni

Viroclinics Summit Uni

Xindao Gilde Buy-Out Partners Uni

Refi

EBITDA > €25m

Esdec Solar Group Gilde Buy-Out Partners UW

EBITDA < €25m

Intero First Reserve Uni

Total Q3-19 2 2 2 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 2 1 1 0 1 1 1 1 1 0 0 0 0 0 0

LT

M #

of

de

als

9

Total Q2-19 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1

Total Q1-19 2 1 0 2 1 1 2 1 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 1 1 1 1 1 0 8

Total Q4-18 3 4 3 1 2 0 0 1 2 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 2 0 0 0 2 0 0 0 0 0 0 0 0 0 0 1 12

Total LTM 7 7 5 4 3 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 30

Pan-European sector contacts

9

Capital Advisory

Jonathan TrowerT: +44 (0) 20 7856 0912E: jonathan.trower@dcadvisory.com

Ciara O'NeillT: +44 (0) 20 7856 0925E: ciara.oneill@dcadvisory.com

Nicolas CofflardT: +33 1 42 12 49 64E: nicolas.cofflard@dcadvisory.com

Frank JungT: +49 (0) 69 9720 0431E: frank.jung@dcadvisory.com

Daniel GeblerT: +49 (0) 69 9720 0429E: daniel.gebler@dcadvisory.com

Justin HollandT: +44 (0) 20 7856 0944E: justin.holland@dcadvisory.com

Giuliano Guarino

T: +39 335 7863 957E: giuliano.guarino@dcadvisory.com

Joaquin Gonzalo

T: +34 (0) 91 5241 124E: joaquín.gonzalo@dcadvisory.com

Manuel Zulueta

T: +34 (0) 91 5241 124E: manuel.zulueta@dcadvisory.com

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