End-Year 2018 Middle-Market Survey End-Year 2018 Middle-Market Survey FILL OUT TO ENTER THE RAFFLE TO WINONE OF TWO $50 STARBUCKS GIFT CARDS OK Question Title * 1. Have you encountered an increase in strategic buyer activity relative to that of financial buyers? Yes No OK Question Title * 2. Have you noticed an uptick in institutional investors bypassing traditional PE fund managers and investing directly into deals? Yes No OK Question Title * 3. What have been the key factors behind increased valuations over the last year? (check all that apply) Strong access to inexpensive capital Favorable consumer confidence Strong U.S. dollar Strong appetite to utilize high levels of leverage Greater competition OK Question Title * 4. What effect will the mid-term elections have on middle-market private equity? Very positive Positive None Negative Very negative OK Question Title * 5. What is your outlook for middle market firms’ ability to raise new capital in 2019? Very positive Positive None Negative Very negative OK Question Title * 6. What effect will the Trump Administrations changes in tariffs have on portfolio company operating results? Very positive earnings growth Positive earnings growth None Negative earnings growth Very negative earnings growth OK Question Title * 7. How would you characterize the level of quality deal flow in 2018? Improvement from 2017 Same as 2017 Downgrade from 2017 Not applicable OK Question Title * 8. What is your prediction for the deal-making environment in 2019? More difficult than in 2018 Less difficult than in 2018 Similar to 2018 OK Question Title * 9. Have you noticed large PE firms moving into the middle market and if so, what has been the effect? Yes, and it has been detrimental to middle-market firms’ ability to compete Yes, and it has been beneficial for middle-market firms Yes, though it hasn’t affected our ability to compete for deals No, I haven’t noticed large PE firms moving downstream into the middle markets OK Question Title * 10. With which regions have you seen the most activity in 2018? (check all that apply) New England Mid-Atlantic Southeast Texas Great Plains Midwest Rocky Mountain area Northwest Southwest California Alaska Hawaii Asia South America OK Question Title * 11. In which categories have you seen increased dealmaking activity during 2018? (check all that apply) Technology/Media/Telecoms Retail/Consumer Goods Natural resources Financial services Healthcare Transport/Logistics Manufacturing Other (please specify) OK Question Title * 12. Do you foresee a recession or economic downturn occurring? 2019-2020 2021-2022 2023-2024 I don't see any indications of a recession occurring in the next 5 years. OK Question Title * 13. In which industry do you principally work? PE I-Banker Lender Service Provider Corporate LP Media VC Family Office Independent Sponsor Other (please specify) OK Question Title * 14. What is your greatest concern for the middle market in 2019? OK Question Title * 15. Are you currently an ACG New York Member? Yes No I am a member of another ACG chapter OK Question Title * 16. FILL OUT TO ENTER THE RAFFLE TO WIN ONE OF TWO $50 STARBUCKS GIFT CARDS Name Email Address OK DONE