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Sub-Saharan Investment Banking Review First Quarter 2020 Refinitiv Deals Intelligence

1 QUARTERLY HIGHLIGHTS

HIGHLIGHTS

M&A FEES DOWN -38% M&A TOP FINANCIAL ADVISOR YTD ECM FEES UP 216% JP Morgan

DCM FEES UP 20% ECM TOP BOOK RUNNER YTD LOAN FEES DOWN -47% & Co ANY INV. M&A DOWN -48% DCM TOP BOOK RUNNER YTD TARGET M&A DOWN -74% BofA Securities Inc

ECM PROCEEDS DOWN -32% Click on any of the above arrows to go straight to the analysis. DCM PROCEEDS UP 44%

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2 REPORT SUMMARY

INVESTMENT BANKING FEES Investment banking fees in Sub-Saharan Africa reached an estimated US$128.2 million during the first quarter of 2020, down 15% from last year’s strong start. Advisory fees earned from completed M&A transactions generated US$33.5 million, down 38% year-on-year, while syndicated lending fees declined 47% to US$35.7 million. Equity capital markets underwriting fees more than tripled to reach US$36.7 million, a first quarter total only exceeded twice since our records began in 2000. Bond underwriting fees increased 20% to US$22.3 million, again the third highest first quarter fee total since our records began. Almost one-quarter of fees in the region during the first quarter of 2020 were earned from government & agency deals. Almost two-thirds of all fees were generated in . JP Morgan earned the most investment banking fees in the region during the first quarter of 2020, a total of US$17.9 million or a 13.9% share of the total fee pool.

MERGERS & ACQUISITIONS The value of announced M&A transactions with any Sub-Saharan African involvement reached US$4.8 billion during the first three months of 2020, 48% less than the value recorded during the same period in 2019, and a four-year low. The number of deals declined 12% over the same period. Monthly M&A declined in value for two consecutive months, with March 2020 marking the lowest monthly M&A total since August 2009. Africatel Holdings’ US$1.0 billion sale of PT Ventures to Angolan Sonangol in January was the largest deal in the region during the first quarter of 2020. Deals with a Sub-Saharan African target declined 74% by value to a seventeen-year low of US$1.7 billion, as domestic M&A within the region declined 86% from last year and the combined value of inbound M&A deals failed to pass the $1 billion mark, a level achieved in all but four years since the turn of the century. The largest Sub-Saharan African deal of the quarter was announced at the beginning of January - MTN’s sale of its tower businesses in and Ghana to AT Sher Netherlands Cooperatief for US$523 million. Deals in the materials sector accounted for 39% of Sub-Saharan African target M&A activity during the first quarter of 2020. South Africa was the most targeted nation, followed by Uganda and Nigeria. Outbound M&A totalled US$1.8 billion during the first three months of 2020, 19% more than the value recorded at this time last year, despite a 27% decline in the number of deals. With advisory work on seven deals with a combined value of U$993.0 million, JP Morgan holds to the top spot in the financial advisor ranking for deals with any Sub-Saharan African involvement during the first quarter of 2020.

EQUITY CAPITAL MARKETS Sub-Saharan African equity and equity-related issuance totaled US$727.8 million during the first quarter of 2020, 32% less than the value recorded during the same period last year and a three-year low. The number of deals recorded also declined by one-third to the lowest first quarter tally since 2013. One initial public offering was recorded during the first quarter. Malawian telecoms company, Airtel Malawi, raised US$28.7 million on the Malawi Stock Exchange in February. Goldman Sachs took first place in the Sub-Saharan African ECM underwriting league table during the first quarter of 2020.

DEBT CAPITAL MARKETS The African Development raised $3 billion in a “Fight Covid-19” social bond at the end of March to help alleviate the economic and social impact the Coronavirus pandemic will have on livelihoods and economies in the region. With this deal, and Ghana’s US$3 billion Eurobond in February, Sub-Saharan African debt issuance totalled US$8.9 billion during the first quarter of 2020, up 44% from the value recorded during the same period in 2019, and the second-highest first quarter DCM total in the region of all-time. BofA Securities took the top spot in the Sub-Saharan African bond underwriter ranking during Q1 2020 with US$1.2 billion of related proceeds, or a 14% market share.

3 BACK TO Sub-Saharan Africa HIGHLIGHTS INVESTMENT BANKING FEES PAGE

INVESTMENT BANKING FEES VOLUMES TOP FEE PAYING INDUSTRIES TOP FEE PAYING COUNTRIES

YTD Fees Rest of Year Fees 700 • Outer Rim: 2020 • Inner Rim: 2019 6% 600 6% 22% 24% 500 4% 9% 24% 22% 16% 400

300 5% 7% 0% US$Million 5% 200 14% 7% 22% 75% 100 9% 65% 20% 23% 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 15%

INVESTMENT BANKING FEES BY ASSET CLASS Government and Agencies Materials South Africa Ghana BONDS EQUITY LOANS MA Media and Entertainment Consumer Staples 100 Financials Other 90 Nigeria Other 80 70 60 50

40 US$Million 30 20 10 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 4 BACK TO Sub-Saharan Africa HIGHLIGHTS MERGERS & ACQUISITIONS PAGE

ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS TOP TARGETED INDUSTRIES TOP TARGETED COUNTRIES

YTD (US$ bil) Rest of Year (US$ bil) # Deals $80 250 • Outer Rim: 2020 • Inner Rim: 2019 $70 5% 3% 5% 200 3% $60 10% 6% 0% $50 11% 150 1% 39% 10% $40 11% 44% $30 100

$20 50 84% $10 88%

$0 - 32% 32% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 TARGET M&A VOLUMES & NUMBER OF DEALS

YTD (US$ bil) Rest of Year (US$ bil) # Deals

$60 200 Materials Healthcare South Africa

180 Telecommunications Consumer Staples Uganda Mauritius $50 160 Financials Other Nigeria Other 140 $40 120 $30 100 80 $20 60 40 $10 20 $0 - 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

5 BACK TO Sub-Saharan Africa HIGHLIGHTS MERGERS & ACQUISITIONS PAGE

ANY INVOLVEMENT M&A MONTHLY VOLUMES

Value (US$ bil) # Deals $40 120

$35 100

$30

80 $25

$20 60

$15 40

$10

20 $5

$0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

6 BACK TO Sub-Saharan Africa HIGHLIGHTS MERGERS & ACQUISITIONS PAGE

INBOUND M&A DOMESTIC M&A OUTBOUND M&A Inbound M&A increased 31% to US$867.5 million Domestic M&A declined 86% to US$787.1 million Outbound M&A increased 19% to US$1.8 billion during Q1 2020. during Q1 2020. during Q1 2020.

YTD (US$ bil) Rest of Year (US$ bil) # Deals YTD (US$ bil) Rest of Year (US$ bil) # Deals YTD (US$ bil) Rest of Year (US$ bil) # Deals $45 90 $20 120 $16 45 $18 $40 80 $14 40 100 $35 70 $16 35 $12 $14 $30 60 80 30 $12 $10 $25 50 25 $10 60 $8 $20 40 20 $8 $6 $15 30 40 15 $6 $4 $10 20 $4 10 20 $5 10 $2 $2 5 $0 - $0 - $0 - 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

INBOUND M&A VOLUMES DOMESTIC M&A VOLUMES OUTBOUND M&A VOLUMES TOP TARGETED / TOP ACQUIRING NATIONS TOP TARGETED / TOP ACQUIRING NATIONS TOP TARGETED / TOP ACQUIRING NATIONS

US$ Million US$ Million US$ Million US$ Million US$ Million US$ Million

United South South Uganda $523 States of $625 $626 $626 Portugal $1,000 Angola Africa Africa $1,000 America

South Namibia $104 China $104 Nigeria $161 Nigeria $161 Mongolia $434 $734 Africa

South United $103 $53 Botswana $0 Botswana $0 India $299 Nigeria Africa Kingdom $21

7 BACK TO Sub-Saharan Africa HIGHLIGHTS MERGERS & ACQUISITIONS PAGE

ANY INVOLVEMENT M&A TOP DEALS YTD

Value Acquiror Parent Status Rank Date Target Name Target Nation Target Industry Acquiror Name Target Financial Advisor Acquiror Financial Advisor ($Mil) Nation

1,000.0 Completed 1/24/2020 PT Ventures SGPS SA Portugal Telecommunications Sonangol Sociedade Nacional Angola

523.0 Completed 1/2/2020 Uganda Tower Interco BV Uganda Telecommunications AT Sher Netherlands United States JP Morgan

Centerview Partners UK LLP 470.0 Pending 2/12/2020 AngloGold Ashanti-SA Assets South Africa Materials Hrmny Gld Mining Co Ltd South Africa JP Morgan UBS Investment Bank of S. Africa

237.2 Completed 3/10/2020 Net1 Applied Tech Korea Co South Korea High Technology Payletter Inc South Korea

237.0 Completed 1/23/2020 KSNET Inc South Korea Telecommunications Investor Group South Korea Financial Technology Partners

216.8 Pending 2/3/2020 Wagner Grp Ltd-Eq Asts Mongolia Industrials Barloworld Mongolia Ltd South Africa

216.8 Pending 2/3/2020 SGMS LLC Mongolia Industrials Barloworld Mongolia Ltd South Africa

191.5 Pending 1/31/2020 Indostar Capital Finance Ltd India Financials BCP V Multiple Hldg Pte Ltd Canada Co Ltd

185.0 Pending 1/10/2020 Paysense Svcs India Pvt Ltd India High Technology PayU Global BV South Africa

161.0 Pending 3/17/2020 Union Diagnostic Nigeria Healthcare Cedar Advisory Partners Ltd Nigeria

8 BACK TO Sub-Saharan Africa HIGHLIGHTS EQUITY CAPITAL MARKETS PAGE

ECM YTD PROCEEDS ECM MONTHLY PROCEEDS

YTD Proceeds Rest of Year Proceeds Proceeds (US$ mil) # Issues 12,000 3,000 12

10,000 2,500 10

8,000 2,000 8

6,000 1,500 6

US$Million US$Million 4,000 1,000 4

2,000 500 2

0 0 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2015 2016 2017 2018 2019 2020

ECM YTD PROCEEDS BY ISSUE TYPE TOP ISSUING COUNTRIES

YTD Proceeds YTDLY Proceeds IPO Follow-On Convertible 3,000 US$ Million 0 100 200 300 400 500 600 700 800

2,500 699 South Africa 756 2,000

29 1,500 Malawi

20 US$Million 1,000 0 Nigeria 500 292

0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

9 BACK TO Sub-Saharan Africa HIGHLIGHTS DEBT CAPITAL MARKETS PAGE

DCM YTD PROCEEDS TOP ISSUING COUNTRIES

YTD Proceeds Rest of Year Proceeds YTD Proceeds YTDLY Proceeds $40 US$ Billion

$35 $3.6 Ivory Coast $1.5 $30 $3.0 $25 Ghana $3.0 $20 $1.3 South Africa

US$Billion $15 $0.5

$10 $1.0 Gabon $0.6 $5 $0.0 $0 Benin 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 $0.6

DCM MONTHLY PROCEEDS TOP ISSUING INDUSTRIES

YTD Proceeds YTDLY Proceeds Proceeds (US$ bil) # Issues $9 12 US$ Billion

$8 $7.6 10 Government and Agencies $7 $5.0

$6 8 $1.3 $5 Retail 6 $0.0

$4 US$Billion $3 4 $0.0 Financials $2 $0.6 2 $1 $0.0 $0 0 Materials 2015 2016 2017 2018 2019 2020 $0.5

10 BACK TO Sub-Saharan Africa HIGHLIGHTS EQUITY & DEBT CAPITAL MARKETS TOP DEALS PAGE

ECM TOP DEALS 2020

Proceeds Primary Issue Date Issuer Domicile Industry Mid Industry Issue Type ($ mil) Exchange

2/13/2020 250.1 Fields Ltd South Africa Materials Metals & Mining Follow-On JOH

2/28/2020 154.5 Sibanye Stillwater Ltd South Africa Materials Metals & Mining Follow-On JOH

1/31/2020 127.2 The Foschini Group Ltd South Africa Retail Apparel Retailing Follow-On JOH

2/19/2020 108.3 Transaction Capital Ltd South Africa Financials Credit Institutions Follow-On JOH

2/11/2020 59.1 Property Fund Ltd South Africa Real Estate REITs Follow-On JOH

DCM TOP DEALS 2020

Proceeds Issue Date Issuer Domicile Industry Mid Industry Currency ($ mil)

3/27/2020 2,995.8 African Development Bank Ivory Coast Government and Agencies Supranational U.S. Dollar

2/4/2020 2,979.2 Ghana Ghana Government and Agencies National Government U.S. Dollar

1/15/2020 1,250.0 Prosus NV South Africa Retail Internet and Catalog Retailing U.S. Dollar

1/30/2020 1,000.0 Gabon Gabon Government and Agencies National Government U.S. Dollar

1/22/2020 267.3 African Development Bank Ivory Coast Government and Agencies Supranational Indian Rupee

11 BACK TO Sub-Saharan Africa HIGHLIGHTS INVESTMENT BANKING FEE LEAGUE TABLES PAGE

INVESTMENT BANKING FEES LEAGUE TABLE

JP Morgan Citi PLC PSG Capital (Pty) Ltd Bofa Securities Inc Goldman Sachs & Co KfW IPEX-Bank GmbH FirstRand Bank 25

20 13.9% 15 11.0%

10 8.1% 6.9%

Fees US$ Million FeesUS$ 6.4% 6.3% 5.4% 5.0% 5 4.5% 2.5%

0 0 1 2 3 4 5 6 7 8 9 10 11 Rank INVESTMENT BANKING FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY Q1 2020 Q1 2019 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 11 JP Morgan $ 17.9 444.1% 13.9% 11.8% 12 33.3% 2 2 Citi $ 14.1 -32.1% 11.0% -2.7% 5 -44.4% 3 4 Standard Chartered PLC $ 10.4 -13.4% 8.1% 0.2% 2 -71.4% 4 34 PSG Capital (Pty) Ltd $ 8.8 1028.8% 6.9% 6.4% 1 -66.7% 5 17 Bofa Securities Inc $ 8.2 318.8% 6.4% 5.1% 5 66.7% 6 45 Goldman Sachs & Co $ 8.1 1726.2% 6.3% 6.0% 4 300.0% 7 3 Morgan Stanley $ 7.0 -50.6% 5.4% -3.9% 2 0.0% 8 - KfW IPEX-Bank GmbH $ 6.4 - 5.0% - 1 - 9 12 FirstRand Bank $ 5.7 108.3% 4.5% 2.7% 2 - 10 79 Deutsche Bank $ 3.3 - 2.5% 2.5% 2 - TOTAL $ 128.2 -15.4% 53 -14.5%

12 BACK TO Sub-Saharan Africa HIGHLIGHTS INVESTMENT BANKING FEE LEAGUE TABLES PAGE

M&A FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY Q1 2020 Q1 2019 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 12 PSG Capital (Pty) Ltd $ 8.8 1028.8% 26.4% 24.9% 1 -66.7% 2 - JP Morgan $ 5.4 - 16.1% - 1 - 3 1 Citi $ 4.8 -72.2% 14.3% -17.6% 1 -75.0% 4 - Bofa Securities Inc $ 2.8 - 8.4% - 1 - 4 - Fenchurch Advisory Partners $ 2.8 - 8.4% - 1 - 6 - Financial Technology Partners $ 2.0 - 6.0% - 1 - 7 - Savio & Partners $ 1.3 - 3.9% - 2 - 8 19 QuestCo(Pty)Ltd $ 1.0 398.7% 3.0% 2.6% 1 0.0% 8 - Qinisele Resources (Pty) Ltd $ 1.0 - 3.0% - 1 - 10 20 BDO $ 0.9 784.1% 2.6% 2.4% 1 0.0% TOTAL $ 33.5 -37.8% 17 -29.2%

ECM FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY Q1 2020 Q1 2019 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 - JP Morgan $ 10.0 - 27.3% - 2 - 2 - Goldman Sachs & Co $ 7.3 - 20.0% - 3 - 3 - Citi $ 6.1 - 16.7% - 2 - 4 - Morgan Stanley $ 5.5 - 15.1% - 1 - 5 - BMO Capital Markets $ 2.4 - 6.5% - 1 - 6 2 Investec $ 1.6 -57.3% 4.4% -28.4% 1 -66.7% 7 - Serengeti Capital Markets Ltd $ 0.6 - 1.7% - 1 - 8 - Bofa Securities Inc $ 0.6 - 1.6% - 1 - 9 1 Standard Bank Group Ltd $ 0.5 -90.3% 1.5% -46.9% 1 -75.0% 10 - Cinda Intl Capital Ltd $ 0.5 - 1.3% - 1 - TOTAL $ 36.7 216.3% 8 -11.1%

13 BACK TO Sub-Saharan Africa HIGHLIGHTS INVESTMENT BANKING FEE LEAGUE TABLES PAGE

DCM FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY Q1 2020 Q1 2019 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 - Deutsche Bank $ 3.3 - 14.6% - 2 - 2 6 Citi $ 3.2 149.2% 14.4% 7.5% 2 -33.3% 3 - Barclays $ 2.6 - 11.6% - 4 - 4 1 JP Morgan $ 2.4 -21.5% 10.9% -5.7% 9 12.5% 5 - Industrial & Comm Bank China $ 2.2 - 9.7% - 2 - 6 3 Bofa Securities Inc $ 2.1 19.8% 9.6% 0.0% 2 0.0% 7 2 Standard Chartered PLC $ 1.4 -33.9% 6.4% -5.2% 1 -50.0% 7 4 Morgan Stanley $ 1.4 6.7% 6.4% -0.8% 1 0.0% 9 8 Credit Agricole CIB $ 1.2 51.2% 5.6% 1.2% 3 50.0% 10 14 $ 0.8 119.4% 3.4% 1.5% 1 0.0% TOTAL $ 22.3 19.7% 23 27.8%

LOANS FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY Q1 2020 Q1 2019 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 2 Standard Chartered PLC $ 9.0 -2.6% 25.2% 11.5% 1 -75.0% 2 - KfW IPEX-Bank GmbH $ 6.4 - 17.8% - 1 - 3 7 FirstRand Bank $ 5.7 108.3% 16.0% 12.0% 2 - 4 - $ 3.1 - 8.6% - 1 - 4 6 Sumitomo Mitsui Finl Grp Inc $ 3.1 -7.1% 8.6% 3.7% 1 -66.7% 6 28 Bofa Securities Inc $ 2.7 1399.1% 7.5% 7.2% 1 0.0% 7 28 MashreqBank PSC $ 1.6 811.9% 4.6% 4.3% 1 0.0% 8 28 ING $ 0.9 397.6% 2.5% 2.2% 0 -100.0% 8 21 Credit Agricole CIB $ 0.9 47.5% 2.5% 1.6% 0 -100.0% 10 3 Eastern and Southern African $ 0.7 -89.3% 2.0% -8.0% 0 -100.0% TOTAL $ 35.7 -47.0% 5 -54.5%

14 BACK TO Sub-Saharan Africa HIGHLIGHTS INVESTMENT BANKING LEAGUE TABLES PAGE

ANY INVOLVEMENT M&A LEAGUE TABLE (US$MIL)

RANK VALUE RANK VALUE YOY SHARE YOY #DEALS YOY Q1 2020 Q1 2019 BANK NAME SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 - JP Morgan $ 993.0 - 21% - 7 - 2* - UBS $ 470.0 - 10% - 5 - 2* 29* Standard Bank Group Ltd $ 470.0 - 10% - 5 0% 2* - LLC $ 470.0 - 10% - 5 - 5 - Nomura $ 342.3 - 7% - 3 - 6 - Financial Technology Partners $ 237.0 - 5% - 1 - 7 5* FirstRand Bank $ 69.9 -83% 2% -66% 1 0% 8 - SP Angel & Co $ 50.0 - 1% - 1 - 9 22 PSG Capital (Pty) Ltd $ 46.5 933% 1% 900% 2 0% 10 15 PricewaterhouseCoopers $ 37.4 -2% 1% 100% 2 100% 11* - Mettle Corporate Finance $ 32.5 - 1% - 1 - TOTAL $ 4,832.0 -48% 100.0% - 162 -12%

TARGET M&A LEAGUE TABLE (US$MIL)

RANK VALUE RANK VALUE YOY SHARE YOY #DEALS YOY Q1 2020 Q1 2019 BANK NAME SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 - JP Morgan $ 993.0 - 60% - 6 - 2* 19* Standard Bank Group Ltd $ 470.0 - 28% - 5 0% 2* - UBS $ 470.0 - 28% - 5 - 2* - Centerview Partners LLC $ 470.0 - 28% - 5 - 5 3* FirstRand Bank $ 69.9 -83% 4% -33% 1 0% 6 - SP Angel & Co $ 50.0 - 3% - 1 - 7 11 PSG Capital (Pty) Ltd $ 46.5 933% 3% 2700% 2 0% 8 - PricewaterhouseCoopers $ 37.4 - 2% - 2 - 9* - Mettle Corporate Finance $ 32.5 - 2% - 1 - 9* 17 QuestCo(Pty)Ltd $ 32.5 2067% 2% - 2 100% 11 15* Alantra Partners SA $ 20.6 724% 1% - 1 0% 12 - Numis $ 14.8 - 1% - 1 - TOTAL $ 1,654.6 -74% 100.0% - 107 -20%

15 BACK TO Sub-Saharan Africa HIGHLIGHTS INVESTMENT BANKING LEAGUE TABLES PAGE

ECM LEAGUE TABLE (US$MIL)

PROCEEDS PROCEEDS YOY SHARE YOY #DEALS YOY Q1 2020 Q1 2019 BANK NAME SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 - Goldman Sachs & Co $ 181.3 - 25% - 2 - 2* - BMO Capital Markets $ 125.0 - 17% - 1 - 2* - JP Morgan $ 125.0 - 17% - 1 - 4* - Citi $ 77.2 - 11% - 1 - 4* - BofA Securities Inc $ 77.2 - 11% - 1 - 6 2 Investec $ 59.1 -81% 8% -72% 1 -67% 7 1 Standard Bank Group Ltd $ 54.2 -90% 7% -85% 1 -80% 8 - Industrial & Comm Bank China $ 28.7 - 4% - 1 ------TOTAL $ 727.8 -32% 100.0% - 6 -33%

DCM LEAGUE TABLE (US$MIL)

PROCEEDS PROCEEDS YOY SHARE YOY #DEALS YOY Q1 2020 Q1 2019 BANK NAME SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 2 BofA Securities Inc $ 1,195.0 36% 14% -6% 2 0% 2 1 JP Morgan $ 1,080.5 -10% 12% -37% 8 60% 3 8 Citi $ 1,015.8 306% 12% 180% 2 0% 4 - Industrial & Comm Bank China $ 929.2 - 11% - 2 - 5 12 Credit Agricole CIB $ 905.1 1286% 10% 827% 3 50% 6 - Deutsche Bank $ 750.0 - 9% - 2 - 7* - TD Securities Inc $ 599.2 - 7% - 1 - 7* 7 Goldman Sachs & Co $ 599.2 113% 7% 48% 1 0% 9* 4 Standard Chartered PLC $ 595.9 -10% 7% -38% 1 -50% 9* 5* Morgan Stanley $ 595.9 -1% 7% -31% 1 0% TOTAL $ 8,860.5 44% 100.0% - 15 36%

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ABOUT REFINITIV MERGERS & ACQUISITIONS Refinitiv, formerly the Financial & Risk business of Thomson Reuters, is one of the world’s largest The Refinitiv Mergers & Acquisitions database tracks changes in economic ownership at ultimate parent level in going providers of financial markets data and infrastructure. Serving more than 40,000 institutions in over 190 business concerns. All deals involving a purchase of at least a 5% stake, or 3% with a value of at least US$1 million are countries, we provide information, insights, and technology that drive innovation and performance in tracked, subject to criteria. League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, global markets. Our 160-year Reuters heritage of integrity enables customers to make critical decisions minority stake purchases and debt restructurings. League tables, commentary, and charts citing announced activity are with confidence, while our unique open platform, best-in-class data, and cutting-edge technology bring based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional greater opportunity to our customers. By advancing our customers, we drive progress for the entire transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction. financial community. For more information, go to www.refinitiv.com. EQUITY CAPITAL MARKETS The Refinitiv Equity Capital Markets database covers domestic and international placements of equity offerings in addition ABOUT DEALS INTELLIGENCE to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated book builds Deals Intelligence, a part of Refinitiv Investing & Advisory division, brings up to the minute market and block trades (with certain restrictions) and convertible bonds. Convertible Bonds with a minimum life of less than 360 intelligence to the deal making community and the financial media through a variety of research reports days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals Snapshots and our first call/put option. industry-leading quarterly reviews highlighting trends in M&A and Capital Markets. DEBT CAPITAL MARKETS CONTACT INFORMATION The Refinitiv Debt Capital Markets database covers underwritten debt with an issue size of over US$1 million, that AMERICAS matures in at least 360 days from settlement. It includes all internationally offered underwritten debt transactions in all Matt Toole I +1 646 223 7212 I [email protected] currencies, Domestic issuance, Preferred Securities, High Yield and Emerging Market transactions that are offered in US and Globally, Asset Backed Securities, Mortgage Backed Securities, Collateralized Debt Obligations (CDOs), MTN EMEA takedowns and Certificate of Deposits, except in UK. Primary offerings only. All league tables are based on deal Lucille Jones l +44 207 542 4372 l [email protected] proceeds (total issue amount multiplied by the issue price) unless otherwise stated. Full credit is given to the book runner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US ASIA dollar denominated transactions are converted to the US dollar equivalent at the time of announcement. Elaine Tan l +63 (2) 459 1567 l [email protected]

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