Russia: Investment Banking Review Full Year 2020 Deals Intelligence

1 QUARTERLY HIGHLIGHTS

HIGHLIGHTS

M&A FEES DOWN -44% M&A TOP FINANCIAL ADVISOR YTD ECM FEES UP 77% VTB Capital DCM FEES UP 32% ECM TOP BOOK RUNNER YTD VTB Capital LOAN FEES DOWN -53% DCM TOP BOOK RUNNER YTD ANY INV. M&A UP 133% VTB Capital TARGET M&A UP 186% M&A TOP TARGETED INDUSTRY ECM PROCEEDS UP 131% Financials

DCM PROCEEDS UP 16% DCM TOP ISSUING ECM TOP ISSUING Click on any of the above arrows to INDUSTRY INDUSTRY go straight to the analysis. Energy and Power High Technology

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2 REPORT SUMMARY

INVESTMENT BANKING FEES Investment banking fees generated in reached an estimated US$416.7 million throughout 2020, up 3% compared to 2019 fuelled by increases in equity and debt capital markets. Fees generated from completed M&A transactions fell 44% from 2019 US$49.8 million and is the second-lowest total of completed M&A fees since 2005. Equity capital markets was the best performing asset class with a nine-year high of US$175 million in fees, an increase of 77% from 2019. Debt capital markets underwriting fees increased 32% to a seven-year high of US$141 million or a 32% increase from 2019. However, Syndicated lending fees plummeted falling by over a half to US$50 million, or a 53% decline from 2019. MERGERS & ACQUISITIONS In February, the Russian government announced that it would use the National Wealth Fund to purchase the central ’s stake in Sberbank. The US$33.9 billion transaction pushed M&A with any Russian involvement to a four-year high of $46.7 billion, more than double the value recorded in 2019. The number of deals announced through 2020 declined 17% to a fourteen-year low with only 774 deals. Russian Target M&A hit a seven-year high with US$45.8 billion in value or a 186% increase. The number of deals for Russian Target M&A fell to a thirteen-year low, illustrating the growth mainly coming from mega-deals. Russian inbound M&A increased by 13% to US$5 billion or a 13% increase, while outbound M&A declined by 28% to US$663 million. Outside of the Financials sector, the Materials sector contributed to 13% of Russia target M&A volumes and saw year on year growth of 242%. VTB Capital holds the top spot for the Any Russian Involvement M&A league table with an 8% market share and 13 deals worked on. Citi Bank and take second and third spot, respectively. VTB Capital also topped the Russian Target M&A league table, closely followed by Citi Bank and Credit Suisse.

EQUITY CAPITAL MARKETS Russian equity and equity-related issuance totalled US$7.7 billion through 2020, up 131% from 2019. Follow-ons contributed nearly 60% reaching US$4.5 billion in 2020, or a 52% increase. Russian internet company, , raised US$1.25 billion with its convertible bond offering in February, the largest offering of 2020. The largest IPO of 2020 was e- commerce company Ozon Holdings, raising US$990 million from its debut on Nasdaq. VTB Capital takes top spot in the Russian equity capital markets league table in 2020, with a 22% market share. and took second and third spot, respectively.

DEBT CAPITAL MARKETS Russian bond issuance totalled US$38 billion throughout 2020, a 16% increase from 2019. Investment Grade issuance increased 23% to help drive Russian debt capital markets to a three-year high. The Energy and Power sector contributed US$11 billion in proceeds while Financials also contributed US$10.8 billion. VTB Capital took first spot in the DCM underwriting league table in 2020, with a 33% market share. Bank and Sberbank follow in second and third positions, respectively.

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INVESTMENT BANKING FEES VOLUMES TOP FEE PAYING INDUSTRIES

Full Year Volumes • Outer Rim: 2020 • Inner Rim: 2019 1,600 1,400 1,200 Annual fees (US$ Mil) by Industry 1,000 17% $108.87 800 26% High Technology 5% $19.79 600 19% US$ US$ Million 21% $71.40 400 Financials 10% $84.31 200 $70.39 Materials 0 $69.62 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 28% 17% $55.67 13% Industrials 10% 17% $39.12 $41.68 INVESTMENT BANKING FEES BY ASSET CLASS Energy and Power 17% $111.14 BONDS EQUITY LOANS MA 2020 2019 700

600 High Technology Industrials

500 Financials Energy and Power 400 Materials Other

300 US$ US$ Million 200

100

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

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

Full Year Volumes #Deals • Outer Rim: 2020 • Inner Rim: 2019 160,000 4,000 140,000 3,500 3% 120,000 3,000 3%2% 3% M&A Volumes by Industry (US$ Mil) 100,000 2,500 34,730.5 80,000 2,000 16% Financials 13% 2,514.2 60,000 1,500 31% US$ US$ Million 5,757.0 10% Materials 40,000 1,000 1,685.0 20,000 500 1,430.1 Industrials 0 - 23% 3,763.4 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 16% 4% 1,226.8 76% Energy & Power 608.4 1,100.5 TARGET M&A VOLUMES & NUMBER OF DEALS Retail 2,493.3 Full Year Volumes #Deals

140,000 4,000 2020 2019 Financials Energy and Power 120,000 3,500 3,000 100,000 Materials Retail 2,500 80,000 2,000 Industrials Other 60,000

1,500 US$ US$ Million 40,000 1,000 20,000 500 0 - 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

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INBOUND M&A DOMESTIC M&A OUTBOUND M&A

Inbound M&A is up 13% from last year, Domestic M&A is up 253% from last year, Outbound M&A is down 28% from last year, accounting for US$5 billion. accounting for US$40 billion. accounting for US$663 million.

Full Year Volumes #Deals Full Year Volumes #Deals Full Year Volumes #Deals 30,000 600 90,000 2,000 18,000 120 80,000 1,800 16,000 25,000 500 100 70,000 1,600 14,000 20,000 400 60,000 1,400 12,000 80 1,200 50,000 10,000 15,000 300 1,000 60 40,000 8,000 800

10,000 200 30,000 6,000 40

US$ MillionUS$ US$ MillionUS$ US$ MillionUS$ 600 20,000 4,000 5,000 100 400 20 10,000 200 2,000 0 - 0 - 0 - 12 13 14 15 16 17 18 19 20 12 13 14 15 16 17 18 19 20 12 13 14 15 16 17 18 19 20

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

US$ Million US$ Million 0 2,000 4,000 6,000 0 100 200 300 400

4,137 300 Cyprus Senegal 1,097 0

550 165 Norway Australia 0 0

United States of 98 59 Cyprus America 272 6

2020 2019 2020 2019

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ANY INVOLVEMENT MID-MARKET M&A VOLUMES TOP TARGETED INDUSTRIES

Full Year Volumes #Deals • Outer Rim: 2020 • Inner Rim: 2019 25,000 4,000

3,500 20,000 3,000 High Technology 21% 20% 15,000 2,500 5% Energy and Power 2,000 8%

10,000 1,500 US$ US$ Million 39% Materials 21% 1,000 9% 5,000 Retail 500 5% 20% 0 - 10% Industrials 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 22%

Other ANY INVOLVEMENT MID-MARKET M&A LEAGUE TABLE (US$MIL) 20%

RANK VALUE SHARE BANK NAME RANK # DEALS (US$ MIL) (%) VTB Capital $ 743.1 1 13.9 10 Rothschild & Co $ 300.0 2* 5.6 2 Jefferies LLC $ 300.0 2* 5.6 1 UBS $ 191.3 4 3.6 1 Ernst & Young LLP $ 93.7 5 1.8 1 Deloitte $ 87.0 6 1.6 1 Goldman Sachs & Co $ 34.8 7 0.7 2 KPMG $ 26.0 8 0.5 4 Morgan Stanley $ 20.0 9 0.4 1 Renaissance Capital Group $ 11.2 10* 0.2 1 Industry Total $ 5,353.7 100.0 764

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ANY INVOLVEMENT M&A TOP DEALS 2020

Ranking Rank Target Acquiror Acquiror Status Target Name Target Industry Target Advisors Acquiror Name Acquiror Advisors Value ($Mil) Date Nation Nation Industry

Russian National Wealth 33,853.2 Completed 02/13/2020 Sberbank Rossii PAO Russian Fed Financials Russian Fed Financials Fund VTB Capital 1,579.4 Completed 02/06/2020 EN+ GROUP IPJSC Russian Fed Materials EN+ GROUP IPJSC Russian Fed Materials Citi Credit Suisse Group 1,261.9 Completed 04/22/2020 Elgaugol JSC Russian Fed Materials A-Property OOO Cyprus Real Estate 982.3 Completed 01/15/2020 TransContainer PJSC Russian Fed Industrials VTB Capital Delo-Tsentr OOO Russian Fed Industrials 766.9 Completed 09/21/2020 Highland Gold Mining Ltd Russian Fed Materials Fortiana Holdings Ltd Cyprus Financials VTB Capital 609.3 Completed 06/23/2020 Yandex.Market BV Russian Fed Retail Yandex NV Russian Fed High Technology Goldman Sachs & Co Natsional'nyi bank TRAST 606.6 Completed 12/29/2020 Bank VTB PAO Russian Fed Financials Russian Fed Financials PAO 593.9 Completed 12/02/2020 Elgaugol JSC Russian Fed Materials A-Property OOO Cyprus Real Estate 572.5 Completed 07/31/2020 Highland Gold Mining Ltd Russian Fed Materials Citi Fortiana Holdings Ltd Cyprus Financials VTB Capital Energy and Energy and 550.0 Completed 12/11/2020 KrasGeoNATs OOO Russian Fed Equinor ASA Norway Power Power

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ECM PROCEEDS TOP ISSUING INDUSTRIES Full Year Proceeds # Deals

40,000 50 2020 Proceeds 2019 Proceeds YoY Proceeds Change (%) 35,000 45 40 3,000 1000% 30,000 35 870% 2,500 800% 25,000 30 20,000 25 2,000 600% 15,000 20 1,500 400% US$ US$ Million 15

10,000 1,000 200% US$ US$ Million 10 73% 5,000 500 0% 0% 0% 5 -8% -50% 0 0 -200% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 High Materials Industrials Media and Retail Other Technology Entertainment ECM PROCEEDS BY ISSUE TYPE

IPO Follow-On Convertible

25,000

20,000

15,000

10,000 US$ US$ Million

5,000

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

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DCM PROCEEDS TOP ISSUING INDUSTRIES Full Year Proceeds # Deals 2020 Proceeds 2019 Proceeds YoY Proceeds Change (%) 80,000 250.0 14,000 281% 300% 70,000 12,000 250% 200.0 10,000 200% 60,000 8,000 150% 50,000 150.0 6,000 100% 4,000 50% 40,000 US$ Million 2,000 6% 16% 0% -5% -21% -19%

30,000 100.0 0 -50% US$ US$ Million 20,000 50.0 10,000 0 - 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 DCM PROCEEDS BY ISSUE TYPE

Agency, Supranational, Sovereign Investment Grade Corporate MBS ABS 60,000 Federal Credit Agency High Yield Corporate

50,000

40,000

30,000

US$ US$ Million 20,000

10,000

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

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ECM TOP DEALS 2020 Proceeds Primary Issue Date Issue Type Issuer Nation Industry Mid Industry ($ mil) Exchange

Internet Software & 02/25/2020 1,250.0 Convertible Yandex NV Russian Fed High Technology ISE Services

Transportation & 10/26/2020 1,049.4 Follow-On Russian Fed Industrials MOSCW Infrastructure

11/23/2020 990.0 IPO Ozon Holdings PLC Russian Fed High Technology E-commerce / B2B NASDQ

Transportation & 10/07/2020 549.9 IPO Sovcomflot PAO Russian Fed Industrials MOSCW Infrastructure

09/17/2020 443.6 Follow-On PLC Russian Fed Materials Metals & Mining LONDN

DCM TOP DEALS 2020

Proceeds Issue Date Issue Type Issuer Nation Industry Mid Industry Currency ($ mil) Emerging Market 10/13/2020 2,574.4 Gaz Finance PLC United Kingdom Energy and Power Oil & Gas U.S. Dollar Corporate Emerging Market Corporate Russian 12/21/2020 2,567.9 IA Fabrica ITSB OOO Russian Fed Financials Other Financials Investment Grade Rouble Corporate Agency, Supranational, 11/12/2020 2,360.8 Minfin Russian Fed Government and Agencies National Government EURO Sovereign Emerging Market Corporate 02/18/2020 2,000.0 Gaz Finance PLC United Kingdom Energy and Power Oil & Gas U.S. Dollar Investment Grade Corporate Emerging Market Corporate 04/28/2020 1,500.0 Securities Bv Netherlands Energy and Power Petrochemicals U.S. Dollar Investment Grade 11 Corporate BACK TO RUSSIA HIGHLIGHTS INVESTMENT BANKING FEE LEAGUE TABLES PAGE

INVESTMENT BANKING FEES LEAGUE TABLE

VTB Capital Goldman Sachs & Co Morgan Stanley Citi Sberbank CIB Gazprombank JP Morgan UBS Bofa Securities Inc Credit Bank of

120

100 22.1% 80

60 13.2% 11.9%

40 Fees Million Fees US$ 7.0% 6.5% 20 5.1% 4.… 3.4% 2.0% 2.0% 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 2020 2019 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 1 VTB Capital $ 92.3 19.7% 22.1% 3.0% 210 87.5% 2 7 Goldman Sachs & Co $ 54.9 261.7% 13.2% 9.4% 10 150.0% 3 12 Morgan Stanley $ 49.7 589.0% 11.9% 10.1% 8 700.0% 4 5 Citi $ 29.0 14.7% 7.0% 0.7% 18 28.6% 5 3 Sberbank CIB $ 27.1 -23.0% 6.5% -2.2% 85 37.1% 6 2 Gazprombank $ 21.3 -69.9% 5.1% -12.5% 57 50.0% 7 6 JP Morgan $ 16.3 7.3% 3.9% 0.1% 15 -28.6% 8 16 UBS $ 14.3 222.4% 3.4% 2.3% 7 40.0% 9 30 Bofa Securities Inc $ 8.3 309.2% 2.0% 1.5% 5 25.0% 10 23 Credit Bank of Moscow $ 8.2 196.7% 2.0% 1.3% 27 68.8% TOTAL $ 416.7 3.4% 283 59.0%

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M&A FEES LEAGUE TABLE (US$MIL)

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

1 4 VTB Capital $ 25.2 61.3% 50.5% 32.9% 13 8.3% 2 2 Citi $ 13.6 -29.2% 27.4% 5.6% 6 0.0% 3 - Goldman Sachs & Co $ 2.4 - 4.8% - 2 - 4 1 Credit Suisse $ 2.0 -91.5% 4.1% -22.8% 1 -50.0% 5 10 Rothschild & Co $ 2.0 226.5% 4.0% 3.3% 1 0.0% 6 5 JP Morgan $ 1.0 -85.6% 2.0% -5.8% 1 -50.0% 6 - IMAP $ 1.0 - 2.0% - 1 - 6 - Renaissance Financial Secs $ 1.0 - 2.0% - 1 - 6 - CrestPrecise CIS LLC $ 1.0 - 2.0% - 1 - 10 - Morgan Stanley $ 0.3 - 0.6% - 1 - TOTAL $ 49.8 -43.7% 23 -32.4%

ECM FEES LEAGUE TABLE (US$MIL)

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

1 2 Goldman Sachs & Co $ 51.9 249.8% 29.7% 14.7% 6 100.0% 2 3 Morgan Stanley $ 49.4 584.7% 28.2% 20.9% 7 600.0% 3 4 VTB Capital $ 21.2 211.0% 12.1% 5.2% 8 33.3% 4 7 UBS $ 13.0 262.1% 7.4% 3.8% 4 33.3% 5 6 Citi $ 11.3 131.6% 6.4% 1.5% 5 25.0% 6 11 Bofa Securities Inc $ 7.9 721.8% 4.5% 3.5% 3 200.0% 7 9 Sberbank CIB $ 6.7 204.7% 3.8% 1.6% 4 100.0% 8 8 JP Morgan $ 6.6 156.3% 3.8% 1.2% 3 0.0% 9 5 Credit Suisse $ 5.4 -17.5% 3.1% -3.5% 4 0.0% 10 - Alfa Bank $ 1.0 - 0.6% - 2 - TOTAL $ 175.0 76.6% 21 31.3%

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DCM FEES LEAGUE TABLE (US$MIL)

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

1 1 VTB Capital $ 44.5 -14.7% 31.5% -17.3% 188 102.2% 2 3 Sberbank CIB $ 19.4 66.2% 13.8% 2.8% 80 60.0% 3 2 Gazprombank $ 16.5 19.6% 11.7% -1.2% 52 85.7% 4 4 JP Morgan $ 8.8 57.1% 6.2% 1.0% 11 -21.4% 5 5 Credit Bank of Moscow $ 8.2 196.7% 5.8% 3.2% 27 68.8% 6 7 Sovco Holding BV $ 7.0 255.7% 5.0% 3.1% 41 173.3% 7 15 OAO Russian Agricultural Bank $ 3.8 354.2% 2.7% 1.9% 11 1000.0% 8 11 Citi $ 3.7 212.8% 2.6% 1.5% 6 50.0% 9 16 $ 3.5 333.5% 2.5% 1.7% 6 50.0% 10 19 Credit Agricole CIB $ 3.4 431.4% 2.4% 1.8% 1 -50.0% TOTAL $ 141.1 32.1% 224 103.6%

LOANS FEES LEAGUE TABLE (US$MIL)

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

1 3 ING $ 4.9 -48.4% 9.7% 0.9% 5 -37.5% 2 1 Gazprombank $ 4.8 -55.6% 9.5% -0.5% 5 0.0% 3 5 Credit Agricole CIB $ 4.1 -51.8% 8.1% 0.2% 3 -25.0% 4 12 Mitsubishi UFJ Financial Group $ 4.0 45.2% 7.9% 5.4% 2 - 5 9 Bank of China Ltd $ 3.6 -14.8% 7.0% 3.2% 2 100.0% 6 4 UniCredit $ 3.4 -62.7% 6.7% -1.7% 3 -50.0% 7 15 Mizuho Financial Group $ 3.0 24.0% 5.9% 3.7% 2 - 8 11 Commerzbank AG $ 2.8 -5.7% 5.6% 2.8% 2 -50.0% 9 7 IMI - Intesa Sanpaolo $ 2.7 -56.6% 5.3% -0.4% 3 200.0% 10 6 $ 2.4 -61.9% 4.8% -1.1% 1 -50.0% TOTAL $ 50.8 -53.2% 15 -16.7%

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ANY INVOLVEMENT M&A LEAGUE TABLE (US$MIL) RANK VALUE RANK VALUE SHARE YOY #DEALS YOY 2020 2019 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 2 VTB Capital $ 3,877.3 -23% 8% -67% 13 -32% 2 1 Citi $ 2,152.0 -63% 5% -84% 3 -73% 3 4 Credit Suisse $ 1,579.4 -45% 3% -76% 1 -67% 4 14 Goldman Sachs & Co $ 644.1 186% 1% 27% 3 200% 5* 15 Rothschild & Co $ 300.0 73% 1% -33% 2 100% 5* - Jefferies LLC $ 300.0 - 1% - 1 - 7 - UBS $ 191.3 - 0% - 1 - 8 10 Ernst & Young LLP $ 93.7 -86% 0% -94% 1 -50% 9 8 Deloitte $ 87.0 -93% 0% -97% 1 -50% 10 20* KPMG $ 26.0 - 0% - 4 300% TOTAL $ 46,729.8 133% 774 -17%

TARGET M&A LEAGUE TABLE (US$MIL) RANK VALUE RANK VALUE SHARE YOY #DEALS YOY 2020 2019 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 2 VTB Capital $ 3,877.3 -22% 9% -72% 13 -19% 2 1 Citi $ 2,152.0 -63% 5% -87% 3 -73% 3 7 Credit Suisse $ 1,579.4 79% 3% -38% 1 -50% 4 12 Goldman Sachs & Co $ 644.1 186% 1% 0% 3 200% 5 - UBS $ 191.3 - 0% - 1 - 6 8* Ernst & Young LLP $ 93.7 -86% 0% -95% 1 0% 7 16* KPMG $ 26.0 - 0% - 3 200% 8 - Morgan Stanley $ 20.0 - 0% - 1 - 9* - Renaissance Financial Secs $ - - 0% - 1 - 9* 16* PricewaterhouseCoopers $ - - 0% - 1 -67% TOTAL $ 45,868.9 186% 728 -16%

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ECM LEAGUE TABLE (US$MIL) PROCEEDS PROCEEDS SHARE YOY #DEALS YOY 2020 2019 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 2 VTB Capital $ 1,704.8 264% 22% 57% 8 14% 2 6 Morgan Stanley $ 1,384.5 418% 18% 124% 7 133% 3 1 Goldman Sachs & Co $ 1,312.5 57% 17% -32% 7 40% 4 5 UBS $ 688.9 154% 9% 10% 4 0% 5 4 Citi $ 686.2 95% 9% -15% 5 25% 6 11 BofA Securities Inc $ 553.6 1212% 7% 454% 2 100% 7 8 JP Morgan $ 494.8 176% 6% 19% 3 -25% 8 7 Sberbank CIB $ 361.5 40% 5% -39% 4 0% 9 14 Renaissance Capital Group $ 325.0 938% 4% 367% 1 0% 10 3 Credit Suisse $ 111.9 -69% 2% -86% 3 -25% TOTAL $ 7,738.4 131% 22 38%

DCM LEAGUE TABLE (US$MIL) PROCEEDS PROCEEDS SHARE YOY #DEALS YOY 2020 2019 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 1 VTB Capital $ 12,621.7 -13% 33% -25% 98 20% 2 2 Gazprombank $ 5,336.3 8% 14% -6% 52 100% 3 3 Sberbank CIB $ 5,142.6 40% 14% 21% 79 58% 4 4 JP Morgan $ 2,454.1 53% 7% 33% 11 -21% 5 5 Credit Bank of Moscow $ 2,045.7 101% 5% 74% 27 69% 6 11 Sovco Holding BV $ 1,726.4 276% 5% 229% 41 193% 7 14 UniCredit $ 1,212.3 205% 3% 167% 6 50% 8 8 Citi $ 890.5 55% 2% 28% 6 20% 9 6 Societe Generale $ 819.8 -12% 2% -24% 8 -33% 10 15 OAO Russian Agricultural Bank $ 725.0 128% 2% 90% 11 1000% TOTAL $ 37,979.6 16% 133 32%

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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| +1 646 223 7212 | [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 | +44 (0) 207 542 4372 | [email protected] proceeds (total issue amount multiplied by the issue price) unless otherwise stated. Full credit is given to the book Saiem Jalil | +44 (0) 207 542 2865 | [email protected] runner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement. ASIA Elaine Tan | +64 459 1567 | [email protected] While Refinitiv has used reasonable endeavours to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Refinitiv nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Refinitiv disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Refinitiv has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. CLICK BELOW TO SIGN UP FOR OUR NEWSLETTERS, PURCHASE CUSTOMIZED DATA OR FOLLOW US ON SOCIAL MEDIA:

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