Asia Pacific ex Japan Review First Quarter 2021 Refinitiv Deals Intelligence

1 an LSEG business QUARTERLY HIGHLIGHTS Asia Pacific, excluding Japan

HIGHLIGHTS

M&A FEES DOWN -11% M&A TOP FINANCIAL ADVISOR YTD ECM FEES UP +135% & Co DCM FEES DOWN -16% ECM TOP BOOK RUNNER YTD LOAN FEES UP +11% DCM TOP BOOK RUNNER YTD ANY INV. M&A UP +53% CITIC TARGET M&A UP +49% M&A TOP TARGETED NATION ECM PROCEEDS UP +134% China

DCM PROCEEDS DOWN -4% DCM TOP ISSUING ECM TOP ISSUING Click on any of the above arrows to go NATION NATION straight to the analysis. China China

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2 an LSEG business REPORT SUMMARY

INVESTMENT BANKING FEES Asia Pacific, excluding Japan, investment banking fees reached an estimated US$6.8 billion during the first quarter of 2021, an 18.4% increase from the comparative period last year, making it the highest start to a year since records began in 2000. Equity capital markets (ECM) fees totaled US$2.74 billion, up 134.7% from a year ago and the strongest first quarter period since records began in 2000. Debt capital markets (DCM) underwriting fees amounted to US$2.71 billion, a 16.0% decline from a record start last year, but still elevated compared to historical levels. Fees generated from completed M&A transactions fell to a six-year low and totaled US$578.9 million, down 10.7% from the same period last year. Syndicated loan fees grew 10.7% from a year ago and reached US$793.4 million.

ECM fees accounted for 40.1% of the overall Asia Pacific investment banking fee pool, followed by DCM underwriting fees with 39.8%, and Syndicated lending fees with 11.6%. Completed M&A advisory fees represented 8.5% of the region’s investment banking fees. CITIC took the top position for overall investment banking fees in Asia Pacific, excluding Japan, in the first quarter of 2021, capturing 5.5% of the wallet share.

MERGERS & ACQUISITIONS The value of announced M&A deals involving Asia Pacific companies, excluding Japan, totaled US$269.2 billion during the first quarter of 2021, a 52.9% increase in value from a year ago, making it the highest first quarter period since 2016. Number of announced deals reached a three-year high and grew 14.4% from the first quarter of last year.

Majority of the deal making activity involving Asia Pacific targeted the High Technology sector which accounted for 17.6% market share worth US$47.3 billion, more than a three-fold increase in value from a year ago. This is the highest first quarter period for Asian-involvement M&A activity targeting High Technology sector since records began in 1980. Energy & Power captured 15.2% market share worth US$41.0 billion, up 119.8% from a year ago. Industrials tied with Energy & Power also representing 15.2% market share worth US$41.0 billion, a 95.6% increase from the first quarter of last year. Goldman Sachs currently leads the any Asia Pacific, excluding Japan involvement announced M&A league table rankings so far this year, with 10.5% market share and US$28.4 billion in related deal value.

3 an LSEG business REPORT SUMMARY

EQUITY CAPITAL MARKETS Asia Pacific, excluding Japan, equity and equity-related issuance saw its strongest-ever start to a year, raising a total of US$109.6 billion during the first quarter of 2021, a 133.7% increase in proceeds from a year ago. Asian issuers are tapping the equity capital markets at a record pace with number of issuances witnessing the busiest-ever first quarter period with 817 deals, up 74.6% from the comparative period last year. Initial public offerings (IPO) witnessed the strongest start since records began in 1980 and raised US$38.7 billion in proceeds, up 139.1% from the first quarter last year, as number of IPOs grew 70.4% from a year ago. This was driven by Chinese IPOs which accounted for 67.8% of the region’s IPO proceeds, and 26.1% of the IPO proceeds worldwide. Kuaishou Technology Co Ltd raised US$6.2 billion via IPO in January, making it the largest ECM offering in Asia Pacific and globally during the first quarter of 2021. Follow-on offerings also saw a record start raising US$53.6 billion during the first quarter of this year, a 149.0% increase compared the same period last year. Asia Pacific convertible bonds grew 88.6% year-on-year with US$17.4 billion worth of proceeds, the highest first quarter period since 2019 (US$23.6 billion).

High Technology sector accounted for 22.6% market share of Asia Pacific’s ECM proceeds, raising US$24.7 billion, a seven-fold increase from a year ago. Industrials and Healthcare captured 16.1% and 13.1% market share, respectively. Morgan Stanley currently leads Asia Pacific’s ECM underwriting rankings, with a 7.1% market share and US$7.8 billion in related proceeds.

DEBT CAPITAL MARKETS Primary bond offerings from Asia Pacific-domiciled issuers raised US$658.6 billion during the first quarter of 2021, down 3.9% in proceeds after witnessing a record start last year, but still the second highest-ever first quarter period. China accounted for 70.9% of the region’s bond proceeds worth US$466.7 billion, down 8.9% from a year ago. South Korea accounted for 9.6% market share as proceeds grew 43.5% year-on-year to US$63.4 billion. Australia followed behind with 4.4% market share, raising US$28.7 billion, down 15.8% from a year ago. Asia Pacific investment grade bonds hit all- time high, raising US$431.1 billion and surpassing the record set during the first quarter of 2020 by 7.4%. The Financials sector accounted for 41.2% of the region’s bond proceeds and amounted to US$271.5 billion, up 5.1% from the first quarter of last year. Bond offerings from Government & Agencies captured 29.7% market share, and reached US$195.5 billion, down 20.7% from a year ago. CITIC leads the Asia Pacific-issued bonds underwriting so far this year, with related proceeds of US$38.5 billion from 399 eligible bond offerings and accounted for 5.9% of the market share.

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INVESTMENT BANKING FEES VOLUME TOP FEE PAYING INDUSTRIES TOP FEE PAYING COUNTRIES YTD Fees US$Bil 8,000 • Outer Rim: YTD 7,000 • Inner Rim: YTDLY

6,000

5,000 8% 3% 4,000 23% 6% 31% 9%

US$ Million US$ 3,000 5% 28% 28% 2,000 6% 4% 5% 1,000 7% 7% 0 9% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 14% 70% INVESTMENT BANKING FEES BY ASSET CLASS 4% 20% BONDS EQUITY LOANS MA 8% 11% 70% 8,000 11% 13% 7,000

6,000

5,000 Financials Government and Agencies China Australia Hong Kong 4,000 Industrials High Technology South Korea India Other Real Estate Other

US$ Million US$ 3,000

2,000

1,000

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ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS TOP TARGET SECTOR TOP TARGET NATION (Any Involvement) (Target Asia) YTD Volumes #Deals

300 4,500 • Outer Rim: YTD 4,000 • Inner Rim: YTDLY 250 3,500

200 3,000 7% 2,500 18% 150 8% 2,000 27% 8% US$ Billion US$ 100 1,500 21% 11% 1,000 9% 50 500 46% 44% 0 - 12% 15% 8% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 54% TARGET M&A VOLUMES & NUMBER OF DEALS 9% 11% 8% 12% 4% YTD Volumes #Deals 14% 15% 250 4,000 15% 11% 13% 3,500 200 3,000 High Technology Energy and Power China India Australia 150 2,500 Industrials Materials Financials Other South Korea Hong Kong Other 2,000

100 1,500 US$ Billion US$ 1,000 50 500 0 - 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 6 an LSEG business BACK TO ASIA PACIFIC EX. JAPAN HIGHLIGHTS MERGERS & ACQUISITIONS PAGE

INBOUND M&A DOMESTIC / INTER-REGION M&A OUTBOUND M&A

YTD Volumes #Deals YTD Volumes #Deals YTD Volumes #Deals 45 450 180 3,000 120 400 40 400 160 350 2,500 100 35 350 140 300 30 300 120 2,000 80 250 25 250 100 1,500 60 200 20 200 80 150 60 1,000 40

15 150 US$ Billion

US$ US$ Billion US$ US$ Billion 10 100 40 100 500 20 5 50 20 50 0 - 0 - 0 - 12 13 14 15 16 17 18 19 20 21 12 13 14 15 16 17 18 19 20 21 12 13 14 15 16 17 18 19 20 21 INBOUND M&A VOLUMES DOMESTIC / INTER-REGION M&A VOLUMES OUTBOUND M&A VOLUMES TOP TARGETED / TOP ACQUIRING NATIONS TOP TARGETED NATIONS TOP TARGETED / TOP ACQUIRING NATIONS US$ Billion US$ Billion US$ Billion US$ Billion US$ Billion 0 10 0 20 0 100 0 10 20 0 10

United Australia 11.7 21.2 China 108.2 United States 16.5 Singapore 12.5 States

India 8.0 Canada 2.7 India 15.8 Spain 6.7 China 9.9

South 4.0 Bahamas 2.1 South Korea 13.2 United Korea 5.8 Australia 9.5 Kingdom

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ANY INVOLVEMENT M&A TOP DEALS YTD

Rank Value Acquiror Ultimate Acquiror Ultimate Status Rank Date Target Name Target Nation Target Industry Acquiror Name Acquiror Nation (US$Mil) Parent Name Parent Nation

Xinjiang Tianshan Cement 9,123.7 Pending 3/2/2021 South Cement Co Ltd China Materials Xinjiang Tianshan Cement Co China China Co Media and 6,244.3 Pending 3/22/2021 Crown Resorts Ltd Australia Blackstone Group Inc United States Blackstone Group Inc United States Entertainment

Industry Super Holdings 5,894.9 Intended 1/26/2021 Naturgy Energy Group SA Spain Energy and Power Global InfraCo O (2) Sarl Luxembourg Australia Pty Jardine Matheson Holdings 5,527.7 Pending 3/8/2021 Jardine Strategic Holdings Ltd Hong Kong Financials Jardine Matheson Holdings Ltd Hong Kong Hong Kong Ltd Dewan Housing Finance Corp 4,711.1 Pending 1/15/2021 India Financials Piramal Capital & Housing Fin India Piramal Enterprises Ltd India Ltd

Koninklijke Philips NV- 4,370.4 Pending 3/25/2021 Netherlands Retail Hillhouse Capital Group China Hillhouse Capital Group China Domestic Appliances business China United Cement Group Xinjiang Tianshan Cement 4,161.9 Pending 3/2/2021 China Materials Xinjiang Tianshan Cement Co China China Corp Ltd Co

3,586.1 Pending 2/24/2021 Renew Power Pvt Ltd India Energy and Power RMG Acquisition Corp II United States Rmg Sponsor Ii Llc United States

Tus Environmental Science & Henan Investment Group 3,510.3 Pending 1/23/2021 China Energy and Power City Dvlp Envi Co Ltd China China Technology Development Co Ltd

3,479.9 Pending 2/8/2021 Vocus Group Ltd Australia Investor Group Australia Investor Group Australia Telecommunications

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ECM PROCEEDS TOP ISSUING COUNTRIES Proceeds US$Bil # of Issues YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) 120 900 80,000 2500% 800 100 70,000 700 1971% 2000% 60,000 80 600 50,000 500 1500% 60 400 40,000 1000%

US$ Billion US$ 40 300 30,000 US$ Million US$ 200 20,000 20 500% 100 10,000 143% 161% 0 - 0 13% 59% 0% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 China South Korea India Australia Hong Kong ECM PROCEEDS BY ISSUE TYPE TOP ISSUING INDUSTRIES

YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) IPO Follow-On Convertible 30,000 700% 60 25,000 593% 600% 50 500% 20,000 40 400% 15,000 30 300%

US$ Million US$ 10,000 201% 200% US$ Billion US$ 20 163% 5,000 121% 98% 100% 10 0 0% High Technology Industrials Healthcare Financials Materials 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 9 an LSEG business BACK TO ASIA PACIFIC EX. JAPAN HIGHLIGHTS DEBT CAPITAL MARKETS PAGE

DCM PROCEEDS TOP ISSUING COUNTRIES Proceeds US$Bil # of Issues YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) 800 3,000 600,000 50% 700 44% 2,500 500,000 40% 600 30% 2,000 400,000 500 20% 400 1,500 300,000 10%

300 US$ Billion US$ 1,000 Million US$ 200,000 4% 0% 200 500 100,000 -9% -10% 100 -11% -16% 0 - 0 -20% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 China South Korea Australia Hong Kong India DCM PROCEEDS BY ISSUE TYPE TOP ISSUING INDUSTRIES 800 High Yield Corporate YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) 700 Federal Credit Agency 300,000 60% 51% 50% 600 ABS 250,000 40% MBS 500 200,000 30% Investment Grade Corporate 20% 400 Agency, Supranational, Sovereign 150,000 8% 10% 5% US$ Billion US$ 300 US$ Million US$ 100,000 0% 200 -10% 50,000 -16% -21% -20% 100 0 -30% 0 Financials Government and Industrials Real Estate Energy and 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Agencies Power

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ECM TOP DEALS YTD Proceeds Primary Issue Date Issue Type Issuer Nation Industry Mid Industry (US$ mil) Exchange

1/29/2021 6,230.0 IPO Kuaishou Technology Co Ltd China High Technology Software HONGK

Internet and Catalog 3/10/2021 4,550.0 IPO Coupang Inc South Korea Retail NYSE Retailing

Automobiles & 1/20/2021 3,860.4 Follow-On BYD Co Ltd China Industrials HONGK Components

1/21/2021 3,096.2 Convertible of Shanghai Co Ltd China Financials SHANG

Internet Software & 3/17/2021 3,082.9 Follow-On Baidu Inc China High Technology HONGK Services DCM TOP DEALS YTD Proceeds Issue Date Issue Type Issuer Nation Industry Mid Industry Currency (US$ mil)

Investment Grade Chinese 3/19/2021 9,220.8 Shanghai Pudong Dvlp Bk China Financials Banks Corporate Yuan

Agency, Supranational, National Chinese 3/3/2021 7,731.0 Peoples Republic of China China Government and Agencies Sovereign Government Yuan

Investment Grade Chinese 3/18/2021 6,148.7 China Everbright Bank Co Ltd China Financials Banks Corporate Yuan

Investment Grade Internet and Catalog 2/4/2021 4,989.7 Alibaba Group Holding Ltd China Retail U.S. Dollar Corporate Retailing

Investment Grade Chinese 1/14/2021 4,634.2 Ind & Coml Bk of China Ltd China Financials Banks Corporate Yuan

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INVESTMENT BANKING FEES LEAGUE TABLE CITIC Bank of China Ltd Morgan Stanley China International Capital Co JP Morgan Goldman Sachs & Co Co Ltd Citi Industrial & Comm Bank China Agricultural Bank of China 450 400 5.5% 350 5.2% 300 250 3.3% 3.2% 200 3.0% 2.9% 2.8% 2.8% 2.7% 2.5% 150 Fees US$ Million 100 50 0 0 1 2 3 4 5 6 7 8 9 10 11 Rank INVESTMENT BANKING FEES LEAGUE TABLE (US$MIL) FEES YOY SHARE YOY 1Q 2021 1Q 2020 BANK NAME FEES (US$Mil) SHARE (%) CHANGE (%) CHANGE (%)

1 2 CITIC $ 375.5 29.2% 5.5% 0.5% 2 1 Bank of China Ltd $ 354.7 3.5% 5.2% -0.7% 3 8 Morgan Stanley $ 224.9 51.4% 3.3% 0.7% 4 6 China International Capital Co $ 215.6 27.5% 3.2% 0.2% 5 16 JP Morgan $ 201.3 108.6% 3.0% 1.3% 6 17 Goldman Sachs & Co $ 199.9 136.8% 2.9% 1.5% 7 18 Haitong Securities Co Ltd $ 188.5 132.5% 2.8% 1.4% 8 15 Citi $ 187.9 94.1% 2.8% 1.1% 9 4 Industrial & Comm Bank China $ 184.4 -2.5% 2.7% -0.6% 10 12 Agricultural Bank of China $ 170.4 59.8% 2.5% 0.6% TOTAL $ 6,820.6 18.4%

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M&A FEES LEAGUE TABLE (US$MIL) FEES YOY SHARE YOY 1Q 2021 1Q 2020 BANK NAME FEES (US$Mil) SHARE (%) CHANGE (%) CHANGE (%)

1 2 Morgan Stanley $ 62.4 7.6% 10.8% 1.8% 2 65 Bofa Securities Inc $ 60.8 4009.0% 10.5% 10.3% 3 10 JP Morgan $ 49.9 187.0% 8.6% 5.9% 4 - $ 32.5 - 5.6% - 5 5 Industrial & Comm Bank China $ 30.4 10.9% 5.3% 1.0% 6 13 Goldman Sachs & Co $ 28.6 115.2% 4.9% 2.9% 7 8 $ 21.3 -9.2% 3.7% 0.1% 8 1 CITIC $ 18.8 -68.2% 3.2% -5.9% 9 3 PricewaterhouseCoopers $ 17.9 -54.3% 3.1% -3.0% 10 17 Moelis & Co $ 16.9 64.9% 2.9% 1.3% TOTAL $ 578.9 -10.7%

ECM FEES LEAGUE TABLE (US$MIL) FEES YOY SHARE YOY 1Q 2021 1Q 2020 BANK NAME FEES (US$Mil) SHARE (%) CHANGE (%) CHANGE (%)

1 5 CITIC $ 165.8 221.1% 6.1% 1.6% 2 6 Goldman Sachs & Co $ 158.6 210.6% 5.8% 1.4% 3 1 China International Capital Co $ 138.2 38.7% 5.1% -3.5% 4 27 Haitong Securities Co Ltd $ 132.1 1266.0% 4.8% 4.0% 5 2 Morgan Stanley $ 125.2 81.7% 4.6% -1.3% 6 9 Citi $ 121.1 236.1% 4.4% 1.3% 7 28 Co Ltd $ 94.1 939.7% 3.4% 2.7% 8 7 JP Morgan $ 90.0 113.3% 3.3% -0.3% 9 3 $ 89.6 39.2% 3.3% -2.2% 10 8 UBS $ 85.7 130.3% 3.1% -0.1% TOTAL $ 2,735.9 134.7%

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DCM FEES LEAGUE TABLE (US$MIL) FEES YOY SHARE YOY 1Q 2021 1Q 2020 BANK NAME FEES (US$Mil) SHARE (%) CHANGE (%) CHANGE (%)

1 2 CITIC $ 170.3 0.9% 6.3% 1.0% 2 1 Bank of China Ltd $ 124.5 -38.0% 4.6% -1.6% 3 3 Industrial & Comm Bank China $ 107.5 -23.4% 4.0% -0.4% 4 4 China Construction Bank $ 93.7 -27.9% 3.5% -0.6% 5 6 China Securities Co Ltd $ 91.8 -17.8% 3.4% -0.1% 6 8 Agricultural Bank of China $ 85.0 -1.8% 3.1% 0.5% 7 11 $ 80.5 8.4% 3.0% 0.7% 8 5 Bank of Communications Co Ltd $ 78.1 -32.2% 2.9% -0.7% 9 13 HSBC Holdings PLC $ 69.0 1.6% 2.5% 0.4% 10 9 Industrial Bank Co Ltd $ 66.9 -15.9% 2.5% 0.0% TOTAL $ 2,712.4 -16.0%

LOANS FEES LEAGUE TABLE (US$MIL) FEES YOY SHARE YOY 1Q 2021 1Q 2020 BANK NAME FEES (US$Mil) SHARE (%) CHANGE (%) CHANGE (%)

1 1 Bank of China Ltd $ 212.7 53.9% 26.8% 7.5% 2 10 Agricultural Bank of China $ 76.9 288.5% 9.7% 6.9% 3 42 China Development Bank $ 39.1 1062.6% 4.9% 4.5% 4 3 HSBC Holdings PLC $ 28.9 5.8% 3.6% -0.2% 5 8 State Bank of India $ 24.8 15.5% 3.1% 0.1% 6 16 Bank of Communications Co Ltd $ 23.0 86.5% 2.9% 1.2% 7 9 Industrial & Comm Bank China $ 21.7 2.7% 2.7% -0.2% 8 19 CITIC $ 20.7 86.9% 2.6% 1.1% 9 5 China Merchants Bank $ 18.4 -28.5% 2.3% -1.3% 10 4 China Construction Bank $ 16.8 -37.7% 2.1% -1.6% TOTAL $ 793.4 10.7%

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ANY INVOLVEMENT M&A LEAGUE TABLE (US$MIL) RANK VALUE RANK VALUE SHARE YOY #DEALS YOY 1Q 2021 1Q 2020 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 2 Goldman Sachs & Co $ 28,367.5 52% 11% -1% 24 167% 2 1 JP Morgan $ 27,497.0 29% 10% -16% 15 7% 3 4 Morgan Stanley $ 23,273.4 84% 9% 19% 19 217% 4 16 CITIC $ 21,843.2 363% 8% 200% 21 -28% 5 12 China International Capital Co $ 20,994.5 216% 8% 105% 12 33% 6 10 Citi $ 16,803.9 114% 6% 38% 13 8% 7 7 Credit Suisse $ 15,890.5 39% 6% -9% 9 0% 8 6 HSBC Holdings PLC $ 14,244.0 25% 5% -18% 11 10% 9 24 BofA Securities Inc $ 11,603.8 264% 4% 139% 15 50% 10 3 UBS $ 11,017.6 -18% 4% -46% 9 -10% - - TOTAL $ 269,244.6 53% 0.0% 0.0% 3722 14% TARGET M&A LEAGUE TABLE (US$MIL) RANK VALUE RANK VALUE SHARE YOY #DEALS YOY 1Q 2021 1Q 2020 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 13 CITIC $ 21,843.2 363% 10% 213% 21 -28% 2 12 China International Capital Co $ 20,794.5 246% 10% 132% 11 38% 3 2 Goldman Sachs & Co $ 16,393.9 12% 8% -25% 17 143% 4 1 JP Morgan $ 14,583.4 -30% 7% -53% 10 0% 5 15 Morgan Stanley $ 12,805.6 261% 6% 146% 13 550% 6 3 UBS $ 11,017.6 -18% 5% -44% 9 -10% 7 4 HSBC Holdings PLC $ 10,823.7 -5% 5% -36% 6 -14% 8 64 BofA Securities Inc $ 7,656.6 5436% 4% 3400% 8 100% 9 - Evercore Partners $ 6,769.5 - 3% - 2 - 10 - Robey Warshaw LLP $ 5,527.7 - 3% - 1 - - - TOTAL $ 218,099.9 49% 0.0% 0.0% 3384 16%

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ECM LEAGUE TABLE (US$MIL) PROCEEDS SHARE YOY PROCEEDS #DEALS YOY 1Q 2021 1Q 2020 BANK NAME YOY SHARE (%) CHANGE #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 1 Morgan Stanley $ 7,827.0 104% 7% -13% 28 87% 2 2 China International Capital Co $ 7,587.7 107% 7% -12% 35 67% 3 5 Goldman Sachs & Co $ 6,683.6 206% 6% 30% 26 73% 4 4 CITIC $ 6,449.3 130% 6% -2% 33 175% 5 14 Guotai Junan Securities $ 6,117.0 672% 6% 229% 19 27% 6 10 Citi $ 5,516.5 260% 5% 52% 26 189% 7 6 UBS $ 4,868.2 131% 4% -2% 24 60% 8 24 Haitong Securities Co Ltd $ 3,943.4 751% 4% 260% 34 143% 9 17 Huatai Securities Co Ltd $ 3,399.6 497% 3% 158% 20 400% 10 12 Credit Suisse $ 3,019.0 231% 3% 40% 19 171% TOTAL $ 109,610.5 134% 817 75% DCM LEAGUE TABLE (US$MIL) PROCEEDS SHARE YOY PROCEEDS #DEALS YOY 1Q 2021 1Q 2020 BANK NAME YOY SHARE (%) CHANGE #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 3 CITIC $ 38,535.8 5% 6% 9% 399 -20% 2 1 Bank of China Ltd $ 32,204.8 -24% 5% -21% 270 -53% 3 2 Industrial & Comm Bank China $ 30,606.7 -20% 5% -16% 229 -56% 4 4 China Construction Bank $ 26,745.3 -21% 4% -18% 247 -54% 5 6 China Securities Co Ltd $ 24,871.9 -7% 4% -3% 259 -23% 6 7 Agricultural Bank of China $ 24,024.0 5% 4% 12% 189 -51% 7 5 Bank of Communications Co Ltd $ 20,650.3 -30% 3% -28% 204 -55% 8 8 Industrial Bank Co Ltd $ 17,194.9 -21% 3% -19% 199 -35% 9 10 Guotai Junan Securities $ 16,511.1 19% 3% 25% 199 -15% 10 15 China International Capital Co $ 16,289.8 77% 3% 92% 164 56% TOTAL $ 658,635.3 -4% 2513 -10%

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