The spread with the non-listed M&A acquisitions is also increasing with the Argos index in Eurozone (private companies) reaching a new record of 10.3x EBITDA. It is clear that with such a spread, there is no illiquidity discount for the private equity market. For the other benchmark valuation indices, the Eurozone large caps (market capitalizations above 500m€) has increased to 9.9x EBITDA (9.1x in Q3 19), close to its level of Q2 19. The US Small Cap index is stable at 8.8x EBITDA (8.7x in Q3), in line with Eurozone small capitalizations. Nordics Small Cap index bounced back after two quarters with a decrease at 11.5x EBITDA (10.6x in Q3 19). During Q4 2019, main stock market indices went up. Geographically, French small caps valuation continues to decrease to a level of 7.6x EBITDA (7.9x in Q3), close to the level of end of 2018. Benelux is slightly up to 8.6x EBITDA. German small caps valuation increases to 9.2x (9.0x EBITDA in Q3). During Q4 19, major changes in representative index sectors valuation are the following: Health Care (+15%), Food & Beverage (+7%), Technology is stable and Personal Goods is down -3%.