DEALS INTELLIGENCE - FIRST NINE MONTHS 2017 MIDDLE EASTERN IB ANALYSIS

INVESTMENT BANKING FEES – Middle Eastern investment banking fees totalled an estimated US$669.2 million during the first nine months of 2017, 4% less than the value of fees recorded during the same period in 2016. Debt capital markets underwriting fees totalled US$193.8 million, up 118% year-on-year and the highest first nine months total in the region since our records began in 2000. Equity capital markets fees increased 48% to US$43.2 million. Fees generated from completed M&A transactions totalled US$145.9 million, a 23% decrease from last year and the lowest first nine month total since 2012. Syndicated lending fees declined 26% year-on-year to US$286.2 million. Debt capital markets fees accounted for 29% of the overall Middle Eastern investment banking fee pool, the highest first nine months share since 2001. Syndicated lending fees accounted for 43%, while completed M&A advisory fees and equity capital markets underwriting fees accounted for 22% and 6%, respectively. HSBC earned the most investment banking fees in the during the first nine months of 2017, a total of US$52.8 million for a 7.9% share of the total fee pool. topped the completed M&A fee rankings with 15.8% of advisory fees, while JP Morgan was first for DCM underwriting. ECM underwriting was lead by EFG Hermes with US$12.4 million in ECM fees, or a 28.7% share. Industrial and Commercial of China took the top spot in the Middle Eastern syndicated loans fee ranking.

MERGERS & ACQUISITIONS - The value of announced M&A transactions with any Middle Eastern involvement reached US$35.2 billion during the first nine months of 2017, 7% less than the value recorded during the first nine months of 2016. Driven by Tronox’s US$2.2 billion acquisition of a Saudi Arabian titanium dioxide business and Chinese stake acquisitions in Abu Dhabi’s giant onshore oil concession, inbound M&A stands at an all time high of US$7.3 billion, up 220% from this time last year. Domestic and inter-Middle Eastern M&A declined 70% year-on-year to US$6.2 billion, while outbound M&A activity dropped 31% to US$8.2 billion. Energy & Power deals accounted for 50.7% of Middle Eastern involvement M&A by value, while the Financial sector dominated by number of deals. With Investment Authority’s involvement, China CEFC Energy Co’s acquisition of Rosneft Oil Co is the biggest deal with Middle Eastern involvement so far this year. The Chinese company acquired a 14.2% stake of the Russian crude petroleum and natural gas producer. China International Capital and VTB Capital shared first place in the Q3 2017 announced any Middle Eastern involvement M&A league table. HSBC took third place.

EQUITY CAPITAL MARKETS - Middle Eastern equity and equity-related issuance totalled US$1.2 billion during the nine months of 2017, a 20% decline year-on-year and the lowest first nine months for issuance in the region since 2004. Eight initial public offerings raised US$694.4 million and accounted for 57% of the first nine months ECM activity in the region. Malath Coop Ins Co SJSC follow on offering raised US$101.3 million and stands out as the biggest deal for Q3 2017. National Bank of took first place in the Q3 2017 Middle Eastern ECM ranking with a 20.5% market share.

DEBT CAPITAL MARKETS – Bolstered by ’s US$12.4 billion international Islamic bond in September, Middle Eastern debt issuance reached US$84.1 billion during the first nine months of 2017, 82% more than the proceeds raised during the same period last year and by far the best annual start in the region since records began in 1980. Saudi Arabia was the most active nation in the Middle East accounting for 36.1% of activity by value, followed by the UAE with 15.9%. International Islamic debt issuance increased 44% year-on-year to reach US$41.4 billion so far during 2017. JP Morgan took the top spot in the Middle Eastern bond ranking during the first nine months of 2017 with a 14.5% share of the market, while HSBC took the top spot for Islamic DCM issuance with a 11.2% share.

MIDDLE EASTERN IB FEE VOLUMES ($Mil)

Middle Eastern IB Fees Volumes

$1,600

First 9 months $1,400 Rest of Year

$1,200

$1,000

$800

Fees (US$ (US$ Fees mil) $600

$400

$200

$90 $57 $118 $107 $115 $411 $644 $1,031 $1,093 $441 $476 $313 $410 $650 $625 $528 $694 $669 $0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

First 9 Month Middle Eastern IB Fees by Product $1,200 45% 41% 40%

$1,000 35% 29%

$800 30%

23% 25% $600 19% 18% 20% 18% 17% 17%

13% 13% Fees (US$ (US$ Fees mil) $400 13% 15% 11% 11% 12% 9% 8% 10% $200 6%

4% 5% of Total% Middle Eastern IB Fee Pool

$0 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 M&A ECM DCM Syn Loans Bonds as a % of Total IB Fees

*Products Included: M&A (closed deals), ECM (IPO, Follow-On, Convertibles, Rights, Block Trades, ABB), DCM (ABS/MBS, High Grade and High Yield Bonds), Syndicated Loans

Source: Thomson Reuters

DEALS INTELLIGENCE - FIRST NINE MONTHS 2017 MIDDLE EASTERN IB ANALYSIS

MIDDLE EASTERN IB FEE RANKINGS Middle Eastern IB Fee League Tables ($Mil) First Nine Months 2017 First Nine Months 2016 Rk Manager Mkt Shr % Fees Rk Manager Mkt Shr % Fees 1 HSBC Holdings PLC 7.9% $ 52.80 1 HSBC Holdings PLC 4.7% $ 32.97 2 JP Morgan 6.6% $ 43.95 2 JP Morgan 4.6% $ 31.88 3 Citi 5.4% $ 35.86 3 Sumitomo Mitsui Finl Grp Inc 4.5% $ 31.38 4 Industrial & Comm Bank China 5.3% $ 35.45 4 Industrial & Comm Bank China 4.2% $ 29.33 5 Bank of China Ltd 4.6% $ 30.69 5 Mitsubishi UFJ Financial Group 3.5% $ 24.15 6 Credit Suisse 3.7% $ 24.96 6 Barclays 3.4% $ 23.76 7 PLC 3.7% $ 24.84 7 Rothschild & Co 2.9% $ 20.46 8 BNP Paribas SA 3.5% $ 23.14 8 BNP Paribas SA 2.9% $ 19.89 9 UBS 2.9% $ 19.62 9 National Bank of Abu Dhabi 2.4% $ 16.92 10 & Co 2.6% $ 17.47 10 Mizuho Financial Group 2.3% $ 16.12 Total 100.0% $ 669.12 Total 100.0% $ 694.29

Middle Eastern M&A Fee League Tables ($Mil) First Nine Months 2017 First Nine Months 2016 Rk Manager Mkt Shr % Fees Rk Manager Mkt Shr % Fees 1 Credit Suisse 15.8% $ 23.00 1 Rothschild & Co 10.9% $ 20.46 2 UBS 13.4% $ 19.62 2 Barclays 9.8% $ 18.39 3 JP Morgan 8.1% $ 11.84 3 JP Morgan 8.6% $ 16.16 4 HSBC Holdings PLC 7.7% $ 11.28 4 Goldman Sachs & Co 6.6% $ 12.38 5 Rothschild & Co 6.7% $ 9.74 5 Jefferies LLC 6.2% $ 11.67 6 Goldman Sachs & Co 4.2% $ 6.15 6 5.4% $ 10.11 7 Bank of America Merrill Lynch 4.0% $ 5.82 7 HSBC Holdings PLC 4.4% $ 8.28 8 Credit Agricole CIB 3.9% $ 5.75 8 4.2% $ 7.84 9 Citi 3.9% $ 5.74 9 BNP Paribas SA 3.7% $ 7.07 10 deNovo Corporate Advisors 3.6% $ 5.25 10 3.4% $ 6.33 Total 100.0% $ 145.92 Total 100.0% $ 188.49

Middle Eastern ECM Fee League Tables ($Mil) First Nine Months 2017 First Nine Months 2016 Rk Manager Mkt Shr % Fees Rk Manager Mkt Shr % Fees 1 EFG Hermes 28.7% $ 12.39 1 Sambacapital 44.5% $ 12.96 2 Citi 14.2% $ 6.14 2 Emirates NBD PJSC 15.2% $ 4.44 3 PKF International Limited 8.4% $ 3.63 3 Banque Saudi Fransi 12.0% $ 3.50 4 National Development Bank 8.4% $ 3.62 4 EFG Hermes 10.2% $ 2.96 5 EFG-Hermes UAE Ltd 6.7% $ 2.88 5 Arqaam Capital Ltd 7.2% $ 2.10 5 Emirates NBD PJSC 6.7% $ 2.88 6 Akanar Partners 5.6% $ 1.64 7 Saudi Investment Bank SJSC 6.1% $ 2.62 7 Riyadh Bank Ltd 3.8% $ 1.12 8 National Bank of Kuwait SAK 5.7% $ 2.46 8 Qatar Intl Islamic Bank 1.0% $ 0.28 9 Falcom 4.3% $ 1.87 9 Sigma Securities 0.5% $ 0.14 10 Banque Saudi Fransi 4.2% $ 1.80 10 Ahli Bank SAOG 0.0% $ - Total 100.0% $ 43.21 Total 100.0% $ 29.14

Middle Eastern DCM Fee League Tables ($Mil) First Nine Months 2017 First Nine Months 2016 Rk Manager Mkt Shr % Fees Rk Manager Mkt Shr % Fees 1 JP Morgan 14.4% $ 27.84 1 HSBC Holdings PLC 8.7% $ 7.73 2 HSBC Holdings PLC 13.1% $ 25.42 2 JP Morgan 6.4% $ 5.65 3 Citi 10.1% $ 19.51 3 National Bank of Abu Dhabi 6.0% $ 5.37 4 Standard Chartered PLC 7.1% $ 13.71 4 Citi 5.9% $ 5.27 5 BNP Paribas SA 6.5% $ 12.69 5 Bank of America Merrill Lynch 5.5% $ 4.91 6 Gulf International Bank 4.5% $ 8.72 6 Mitsubishi UFJ Financial Group 5.0% $ 4.45 7 Deutsche Bank 4.2% $ 8.07 7 Standard Chartered PLC 4.7% $ 4.15 8 Goldman Sachs & Co 3.8% $ 7.43 8 Barclays 3.9% $ 3.51 9 3.1% $ 5.99 9 Mizuho Financial Group 3.9% $ 3.46 10 Mitsubishi UFJ Financial Group 2.2% $ 4.33 10 KAMCO Investment Co KSCP 3.4% $ 3.06 Total 100.0% $ 193.77 Total 100.0% $ 88.89

Middle Eastern Syn Loan Fee League Tables ($Mil) First Nine Months 2017 First Nine Months 2016 Rk Manager Mkt Shr % Fees Rk Manager Mkt Shr % Fees 1 Industrial & Comm Bank China 11.9% $ 33.97 1 Sumitomo Mitsui Finl Grp Inc 7.6% $ 29.51 2 Bank of China Ltd 10.7% $ 30.69 2 Industrial & Comm Bank China 7.6% $ 29.33 3 HSBC Holdings PLC 5.6% $ 16.10 3 Mitsubishi UFJ Financial Group 5.1% $ 19.69 4 China Development Bank 4.9% $ 13.91 4 HSBC Holdings PLC 4.4% $ 16.95 5 Mitsubishi UFJ Financial Group 4.2% $ 11.97 5 Mizuho Financial Group 3.3% $ 12.67 6 Standard Chartered PLC 3.3% $ 9.41 6 BNP Paribas SA 2.9% $ 11.40 7 Credit Agricole CIB 3.2% $ 9.17 7 National Bank of Abu Dhabi 2.7% $ 10.32 8 BNP Paribas SA 3.0% $ 8.45 8 JP Morgan 2.6% $ 10.07 9 Natixis 2.3% $ 6.67 9 Societe Generale 2.6% $ 9.95 10 National Bank of Abu Dhabi 2.2% $ 6.20 10 ING 2.5% $ 9.89 Total 100.0% $ 286.21 Total 100.0% $ 387.77 DEALS INTELLIGENCE - FIRST NINE MONTHS 2017 MIDDLE EASTERN M&A ANALYSIS

M&A FUNDAMENTALS Announced Any Middle Eastern Involvement M&A Volumes Announced Any Middle Eastern Involvement M&A Financial Advisor Ranking $140 700 Value, Rest of Year Q3 2017 Q3 2016 Financial Advisor Value ($ mln) Mkt. Shr. # of deals Value Q3 Rank Rank $120 # Deals Q3 600 1* - China International Capital Co 9,100.0 25.8 1

$100 500 1* 29 VTB Capital 9,100.0 25.8 1

3 15 HSBC Holdings PLC 5,938.3 16.9 5 $80 400 4 48* Citi 3,801.1 10.8 5 5 48* 3,000.0 8.5 5 $60 300 6 3 JP Morgan 2,784.7 7.9 7

7 7 Lazard 2,410.6 6.9 4 Number of Number Deals

$40 200 8 1 Credit Suisse 2,215.0 6.3 1 Rank ValueRank (US$ bln) 9 4 Goldman Sachs & Co 2,116.0 6.0 5

10 - LLC 2,100.0 6.0 2

$20 100

11 17* Credit Agricole CIB 1,703.6 4.8 2

4.0 3.6 8.6 4.3 44.4 35.3 92.1 56.1 35.9 41.6 26.9 27.4 31.1 27.8 31.6 38.0 35.2 $0 5.3 0 Industry Total 35,215.5 100.0 403 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17

Announced Middle Eastern Target M&A Volumes $45 450 Value, Rest of Year $40 Value Q3 400 Announced Any Middle Eastern Involvement M&A by Target Macro Industry # Deals Q3 Mkt. No. Q3 2016 Value $35 350 Target Macro Industry Q3 2017 Value (US$mil) Share Deals (US$mil) $30 300 Energy and Power 17,843.3 50.7 38 1,694.0 Materials 5,216.8 14.8 27 294.4 $25 250 Financials 4,833.9 13.7 74 16,828.9 Industrials 2,357.8 6.7 67 2,843.0 $20 200 Real Estate 1,307.0 3.7 26 4,221.8 Telecommunications 1,128.1 3.2 10 516.7

$15 150 of Number Deals Retail 846.2 2.4 17 442.1

Rank ValueRank (US$ bln) Consumer Products and Services 460.9 1.3 41 285.3 $10 100

High Technology 440.3 1.3 32 4,563.0

Media and Entertainment 392.9 1.1 31 2,060.5

$5 50

Healthcare 211.2 0.6 19 496.9

20.0 22.7 1.2 5.1 1.6 3.5 13.0 20.4 22.5 5.8 15.0 7.8 15.3 10.5 13.0 13.5 2.8 $0 2.3 0 Consumer Staples 177.1 0.5 21 3,723.0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 Industry Total 35,215.5 100.0 403 37,969.7

ANNOUNCED MIDDLE EASTERN M&A DEAL FLOW

Rank Value in US$ billions (YoY % Change)

Inbound Outbound US$7.3 bln (+220%) US$8.1 bln (-31%)

Inbound M&A - Most Acquisitive Nations Outbound M&A - Most Acquisitive Nations

USA 40% UAE 28%

China 38% Saudi Arabia 28%

France 11% Kuwait 16%

Outbound M&A - Most Targeted Nations Inbound M&A - Most Targeted Nations Inter-Middle Eastern USA UAE 60% 62% M&A Saudi Arabia 37% Thailand 11% US$6.2 bln (-70%) Iran 1% 10%

ANY MIDDLE EASTERN INVOLVEMENT M&A: TOP DEALS

Value Date Target Name Target Nation Sector Acquiror Name Status Target Advisors Acquiror Advisors (mil) VTB Capital 9,100.0 8-Sep-17 Rosneft Oil Co Russian Fed Energy and Power China CEFC Energy Co Ltd Pending - China International Capital Co Credit Suisse 2,215.0 21-Feb-17 Natl Titanium-Titanium Dioxide Saudi Arabia Materials Tronox Ltd Pending HSBC Holdings PLC JP Morgan 2,200.0 6-Mar-17 Motiva Enterprises LLC United States Energy and Power Saudi Refining Inc Completed Citi - Morgan Stanley 2,100.0 17-Apr-17 Williams Olefins LLC United States Materials NOVA Chemicals Corp Completed HSBC Securities (USA) Inc Centerview Partners LLC 1,769.8 19-Feb-17 Abu Dhabi Co-Oil Onshore Conce Utd Arab Em Energy and Power CNPC Pending - - 1,750.0 31-Mar-17 Mubadala Capital-N Amer Pte United States Financials Ardian SAS Completed - - JP Morgan 1,536.0 12-Sep-17 Banque Saudi Fransi Saudi Arabia Financials KHC Co Completed Goldman Sachs & Co Credit Agricole CIB Morgan Stanley 900.0 31-Jan-17 Thai Energy Co Ltd Thailand Energy and Power KUFPEC Thailand Hldg Pte Ltd Pending Rothschild & Co Lazard 888.0 20-Feb-17 Abu Dhabi Co-Oil Onshore Conce Utd Arab Em Energy and Power China CEFC Energy Co Ltd Completed - - 846.9 10-Aug-17 Mobile Telecommun Co KSCP Kuwait Telecommunications Telecommunications Co Completed Citi Credit Suisse DEALS INTELLIGENCE - FIRST NINE MONTHS 2017 MIDDLE EASTERN ECM ANALYSIS

ECM FUNDAMENTALS

Middle Eastern ECM - Q3 Volumes Middle Eastern ECM - Quarterly Volumes $35 70 $7.0 14 Proceeds (US$ bln) Proceeds (US$ bln)

# Issues # Issues $30 60 $6.0 12

$25 50 $5.0 10

$20 40 $4.0 8

$15 30 $3.0 6

$10 20 $2.0 4

$5 10 $1.0 2

3.3 1.1 1.0 0.5 3.3 2.5 0.6 1.9 0.9 0.8 0.6 0.9 2.4 1.9 6.2 2.8 2.6 0.2 0.3 0.6 0.9 0.0 0.5 0.5 0.2 0.2 0.0 3.0 0.6 0.4 6.8 9.5 10.6 28.8 2.6 2.9 3.6 6.3 3.6 5.2 5.5 1.5 1.2 0.3

$0 0 $0.0 0

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

Q2 11 Q2 13 Q3 16 Q4 Q3 11 Q3 11 Q4 12 Q1 12 Q2 12 Q3 12 Q4 13 Q1 13 Q2 13 Q4 14 Q1 14 Q2 14 Q3 14 Q4 15 Q1 15 Q2 15 Q3 15 Q4 16 Q1 16 Q2 16 Q3 17 Q1 17 Q2 17 Q3

Middle Eastern ECM - Q3 2017 Most Active Issuing Nations Middle Eastern ECM - Q3 2017 Most Active sectors

Consumer Products $388 $414 and Services

Kuwait $366 Energy and Power $244

Saudi Arabia $231 Financials $236

Qatar $138 Industrials $178

Other $129 Other $79

(US$ mil) (US$ mil)

TOP ECM BOOKRUNNERS

MIDDLE EASTERN ECM RANKING Rank Bookrunner Value ($ mln) Mkt. Shr. # of deals 1 National Bank of Kuwait SAK 245.6 20.5 1 2 EFG Hermes 230.4 19.2 3 3 Citi 181.8 15.1 2 4 PKF International Limited 138.2 11.5 1 5 Saudi Investment Bank SJSC 101.3 8.4 1 6 Falcom Financial Services 68.0 5.7 1 7 Banque Saudi Fransi 61.2 5.1 1 8* Emirates NBD PJSC 52.5 4.4 1 8* EFG-Hermes UAE Ltd 52.5 4.4 1 10 ABG Sundal Collier 39.5 3.3 1 Industry Total 1,200.9 100.0 12

TOP MIDDLE EASTERN ECM

Proceeds Issue Date Issuer Nation Sector Exchange Bookrunners ($ mil) Type Consumer Products 245.6 23-Mar-17 Human Soft Holding Co KSC Kuwait FO Kuwait NBKCAPITAL and Services EFG Hermes 243.5 9-May-17 ADES International Holding Ltd Utd Arab Em Energy and Power IPO Global Markets Ltd 138.1 4-Feb-17 Investment Holding Group Qatar Industrials IPO Qatar Exch PKF International Limited Consumer Products Citi 120.2 9-Apr-17 Human Soft Holding Co KSC Kuwait FO Kuwait and Services EFG Hermes EFG-Hermes UAE Ltd 105.0 5-Mar-17 ENBD REIT CEIC Ltd Utd Arab Em Financials IPO NasdqDubai Emirates NBD Capital Ltd 101.3 11-Sep-17 Malath Coop Ins Co SJSC Saudi Arabia Financials FO Saudi Exch Alistithmar Capital

68.0 22-May-17 Al Aseel Co Ltd Saudi Arabia Consumer Staples IPO Saudi Exch Falcom Financial Services

61.2 9-Aug-17 Zahrat Al Waha for Trading Co Saudi Arabia Materials IPO Tadawul Saudi Fransi Capital DEALS INTELLIGENCE - FIRST NINE MONTHS 2017 MIDDLE EASTERN DCM ANALYSIS

DCM FUNDAMENTALS

Middle Eastern DCM - Quarterly Volumes $90 Middle Eastern DCM - Q3 Volumes 100 $35 45

$80 90 40 $30 $70 80 35 70 $25 $60 30 60 $50 $20 25 50 $40 $15 20 40 $30 15 30 $10

$20 20 10

$5

$10 10 5

10.5 84.2 3.6 5.3 3.5 2.6 5.2 14.0 22.8 18.6 23.5 22.1 15.1 25.2 31.7 33.4 26.2 46.3

9.0 8.6 5.9 7.2 5.7 6.1 3.4 8.7 6.0 5.9 7.3 6.8 4.5 6.7 1.9 7.3 5.3 8.9

31.8 15.4 15.2 10.5 13.5 12.4 13.4 19.3 17.6 32.2 31.5 28.9 23.5 $0 - $0 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 10 11 12 13 14 15 16 17

Proceeds (US$ bln) # of Issues Proceeds ($ bln) # of Issues

Middle Eastern DCM - 2017 Most Active Issuing Nations Middle Eastern DCM - 2017 Most Active Sectors

Saudi Arabia $30,396 United Arab Emirates $13,406 $50,389 $25,958 Kuwait $10,494 $7,904 $4,490 Oman $7,474 (US$ mil) $2,100 (US$ mil) Qatar $5,173 $1,225 Other $9,314 Government and Agencies Financials Energy and Power Industrials Other

International Islamic DCM Volumes - Q3 Volumes International Islamic DCM Volumes - Quarterly Volumes $45 100 $25 40

$40 Proceeds (US$ bln) 90 Proceeds (US$ bln) 35

# of Issues 80 $20 # of Issues $35 30 70 $30 25 60 $15 $25 50 20 $20 40 $10 15 $15 30 10

$10 20 $5

$5 10 5

0.3 5.9 1.5 1.6 2.6 4.8 5.2 16.1 18.5 17.1 10.8 15.1 29.1 21.0 28.8 22.8 28.9 41.5 $0 - $0 - 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 08 09 10 11 12 13 14 15 16 17

TOP DCM BOOKRUNNERS 2017 MIDDLE EASTERN DCM RANKING 2017 INTERNATIONAL ISLAMIC DCM RANKING Rank Financial Advisor Value ($ mln) Mkt. Shr. # of deals Rank Financial Advisor Value ($ mln) Mkt. Shr. # of deals 1 JP Morgan 12,233.4 14.5 25 1 HSBC Holdings PLC 4,632.1 11.2 18 2 HSBC Holdings PLC 11,487.9 13.7 35 2 CIMB Group Holdings Bhd 4,538.0 11.0 33 3 Citi 8,440.2 10.0 23 3 Malayan Banking Bhd 3,680.8 8.9 30 4 Standard Chartered PLC 5,909.0 7.0 25 4 Standard Chartered PLC 2,413.1 5.8 12 5 BNP Paribas SA 4,574.6 5.4 8 5 Citi 2,278.5 5.5 6 6 Gulf International Bank 4,296.8 5.1 6 6 Deutsche Bank 2,170.7 5.2 3 7 Deutsche Bank 3,859.2 4.6 5 7 JP Morgan 2,153.5 5.2 5 8 Goldman Sachs & Co 3,583.8 4.3 6 8 AMMB Holdings Bhd 1,912.5 4.6 20 9 Natixis 2,422.1 2.9 6 9 BNP Paribas SA 1,670.0 4.0 2 10 Morgan Stanley 2,300.0 2.7 1 10 RHB 1,662.4 4.0 17 - Industry Total 84,161.7 100.0 77 - Industry Total 41,461.8 100.0 87 TOP MIDDLE EASTERN & ISLAMIC DEBT ISSUES Proceeds Date Issuer Nation Sector Currency ($ mil)

12,394 27-Sep-17 Saudi Arabia Saudi Arabia National Gov't US

9,000 12-Apr-17 KSA Sukuk Ltd Cayman Islands National Gov't US

8,000 13-Mar-17 Kuwait Kuwait National Gov't US

4,974 1-Mar-17 Ministry of Finance Oman Oman National Gov't US

4,000 24-Jan-17 Egypt Egypt National Gov't US

3,158 24-May-17 Egypt Egypt National Gov't US

3,000 5-Apr-17 ARAMCO Saudi Arabia Natural Resource SR

3,000 20-Mar-17 Lebanon National Gov't US

2,300 21-Jul-17 DAE Funding LLC United States Mtg Securities US

2,150 14-Sep-17 Bahrain Bahrain National Gov't US DEALS INTELLIGENCE - FIRST NINE MONTHS 2017 MIDDLE EASTERN IB ANALYSIS

CONTACTS

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Thomson Reuters Deals Intelligence, a part of Thomson Reuters Banking & Research division, brings up to the minute market intelligence to our clients and the financial media through a variety of research reports including Daily Deals Insight, weekly Investment Banking Scorecard, and our industry-leading quarterly reviews highlighting trends in M&A and Capital Markets. For more information, go to: http://dmi.thomsonreuters.com

@dealintel

Contact Information:

Americas: Matthew Toole I [email protected] Peter Miao I [email protected] EMEA: Lucille Jones I [email protected] Gonzalo Ponce Pestana I [email protected] Asia: Elaine Tan I [email protected]

GLOSSARY

*ME / Middle East - includes the following countries: Bahrain, Egypt, Iraq, Iran, , Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates and Yemen

*ISLAMIC FINANCE - Islamic Finance transactions are deals that prohibit the receiving of interest payments. Trade financing for these transactions is obtained through the purchase of inventory that will be resold at a pre-determined price on a future date (or "Murabaha").

* FEES- fees are calculated using an algorithm where spreads or fees are not disclosed.

* M&A- The Thomson Reuters Mergers & Acquisitions database tracks changes in economic ownership at ultimate parent level in going 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 tracked, subject to criteria. League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings. League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

* ECM- The Thomson Reuters Equity Capital Markets database covers domestic and international placements of equity offerings in addition to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated bookbuilds and block trades (with certain restrictions) and convertible bonds. Convertible Bonds with a minimum life of less than 360 days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or first call/put option.

* DCM- The Thomson Reuters Debt Capital Markets database covers underwritten debt with an issue size of over US$1 million, that matures in at least 360 days from settlement. It includes all internationally offered underwritten debt transactions in all 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 takedowns and Certificate of Deposits, except in UK. Primary offerings only. All league tables are based on deal proceeds (total issue amount multiplied by the issue price) unless otherwise stated. Full credit is given to the bookrunner, 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.

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters 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. Thomson Reuters 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. Thomson Reuters 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.