MENA Investment Banking Review Full Year 2019 Refinitiv Deals Intelligence

1 QUARTERLY HIGHLIGHTS

HIGHLIGHTS

M&A FEES UP 84% M&A TOP FINANCIAL ADVISOR YTD ECM FEES UP 95% HSBC Holdings PLC DCM FEES UP 10% ECM TOP BOOK RUNNER YTD EFG Hermes LOAN FEES DOWN -28% DCM TOP BOOK RUNNER YTD ANY INV. M&A UP 127% PLC TARGET M&A UP 232% M&A TOP TARGETED NATION ECM PROCEEDS UP 395%

DCM PROCEEDS UP 12% DCM TOP ISSUING ECM TOP ISSUING Click on any of the above arrows to NATION NATION go straight to the analysis. Saudi Arabia Saudi Arabia

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2 REPORT SUMMARY

INVESTMENT BANKING FEES Investment banking fees in the and reached an estimated US$1.2 billion during 2019, an annual total only exceeded once since our records began in 2000. Fees increased 12% compared to 2018, and marked the fourth consecutive annual increase in fees in the region. Double-digit gains were recorded across M&A advisory, equity and debt underwriting fees. Advisory fees earned from completed M&A transactions generated US$393.4 million, up 84% from 2018 and the highest annual total recorded in the region since our records began in 2000. Equity capital markets underwriting fees almost doubled to reach an 11-year high of US$188.4 million, while bond underwriting fees increased 10% to US$240.8 million. Syndicated lending fees fell 28% year-on-year to US$425.5 million. M&A advisory fees accounted for one-third of the overall MENA investment banking fee pool during 2019, the highest share in four years. Syndicated lending fees generated 34%, while debt and equity capital markets underwriting fees accounted for 19% and 15%, respectively. HSBC earned the most investment banking fees in the region during 2019, a total of US$112.0 million or a 9% share of the total fee pool.

MERGERS & ACQUISITIONS The value of announced M&A transactions with any MENA involvement reached US$130.1 billion during 2019, 127% more than the value recorded during 2018 and the highest annual total since 2007. Bolstered by Saudi Aramco’s agreement to buy a 70% stake in Saudi Basic Industries Corp from the kingdom’s wealth fund for $69.1 billion, deals involving a MENA target almost tripled in value to US$106.7 billion. The deal pushed domestic M&A in the region to an all-time high of US$90 billion. Inbound M&A, involving an acquiror from outside of the region, increased 11% year-on-year to a twelve-year high of US$16.7 billion, while outbound M&A declined 18% to US$14.2 billion. Deals in the energy & power sector accounted for 77% of MENA target M&A activity during 2019. Saudi Arabia was the most targeted nation, followed by the and Bahrain. HSBC topped the any MENA involvement announced M&A financial advisor league table during 2019 with a 67.3% share of the market, followed closely by JP Morgan with 67.2%.

EQUITY CAPITAL MARKETS State-owned oil giant Saudi Aramco listed on the Riyadh stock exchange in December, raising $25.6 billion in the largest initial public offering of all-time. The deal pushed MENA equity and equity-related issuance to a total of US$27.4 billion during 2019, almost five-times the value recorded during 2018 and the highest annual total in the region of all-time. A total of seven IPOs were recorded in the region during 2019, compared to fourteen during 2018 and the lowest annual tally since 2003. Eight follow-on offerings totaled US$693.4 million, the lowest combined value in the region since 2004. EFG Hermes topped the MENA ECM league table during 2019 with a 4.9% share of the market, followed closely by Sambacapital with 4.8%.

DEBT CAPITAL MARKETS MENA debt issuance totalled US$98.5 billion during 2019, up 12% from the value recorded during 2018 and the second highest annual total of all-time. Saudi Arabia and the United Arab Emirates were the most active issuer nations with US$32.9 billion and US$31.6 billion in bond proceeds, respectively. sold a triple-tranche bond to raise US$12.0 billion in March, the largest MENA bond sale of the year. Standard Chartered took the top spot in the MENA bond underwriter ranking during 2019 with US$11.2 billion of related proceeds, or an 11.4% market share.

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INVESTMENT BANKING FEES VOLUMES TOP FEE PAYING INDUSTRIES TOP FEE PAYING COUNTRIES 1,600 • Outer Rim: 2019 1,400 • Inner Rim: 2018 8% 9% 1,200 5% 4% 1,000 12% 6% 5% 16% 24% 35% 26% 800 6% 37% 3%

US$ MillionUS$ 600 10% 14%

400

22% 24% 200 31% 11% 28% 5% 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 24% INVESTMENT BANKING FEES BY ASSET CLASS 35%

BONDS EQUITY LOANS MA 700 Energy and Power Saudi Arabia

600 Financials United Arab Emirates

500 Government and Agencies Bahrain

400 Materials Qatar

300 Industrials US$ MillionUS$ 200 Other Other

100

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

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

160,000 1,000 • Outer Rim: 2019 900 140,000 • Inner Rim: 2018 3% 2% 800 3%2% 120,000 7% 700 100,000 600 15% 16% 22% 80,000 500 29%

400 22% 6% US$ MillionUS$ 60,000 48% 300 9% 40,000 200 20,000 100 25% 67% 0 - 40% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 77%

TARGET M&A VOLUMES & NUMBER OF DEALS

120,000 600 Saudi Arabia Energy and Power 100,000 500 United Arab Emirates Financials Bahrain 80,000 400 High Technology Egypt Industrials 60,000 300

Telecommunications US$ MillionUS$ 40,000 200 Other Other

20,000 100

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

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INBOUND M&A DOMESTIC M&A OUTBOUND M&A Inbound M&A increased 11% from last year to Domestic M&A increased 425% from last year to Outbound M&A fell 18% from last year to US$14.2 US$16.7 billion during 2019 US$90.0 billion during 2019 billion during 2019

18,000 250 100,000 350 45,000 250

16,000 90,000 40,000 300 200 14,000 200 80,000 35,000 70,000 250 12,000 30,000 150 60,000 150 10,000 200 25,000 50,000 8,000 20,000 150 100

100 40,000 US$ Million

US$ Million US$ Million 6,000 15,000 30,000 100 10,000 4,000 50 20,000 50 50 2,000 10,000 5,000

0 - 0 - 0 - 12 13 14 15 16 17 18 19 12 13 14 15 16 17 18 19 12 13 14 15 16 17 18 19

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 States of United Arab United States of 5,239 United Arab 14,703 7,407 Saudi Arabia Saudi Arabia 70,795 America 4,311 Emirates America 71,538 Emirates

United Arab United Arab Egypt 1,051 Italy 3,240 8,496 9,002 2,155 Qatar 2,862 Emirates Emirates

Kuwait Saudi Arabia 596 Austria 2,430 Bahrain 7,725 8,799 India 1,924 Bahrain 2,841

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TARGET M&A VOLUMES BY DEAL SIZE

X < US$500 US$500m to US$1Bn US$1Bn to US$5Bn US$5Bn to US$10Bn X > US$10Bn 120,000

100,000

80,000

60,000

US$ MillionUS$ 40,000

20,000

0 07 08 09 10 11 12 13 14 15 16 17 18 19 TARGET MID-MARKET M&A VOLUMES X < US$500 X < US$500 16,000

14,000

12,000

10,000

8,000

6,000 US$ MillionUS$ 4,000

2,000

0 07 08 09 10 11 12 13 14 15 16 17 18 19

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ANY INVOLVEMENT M&A TOP DEALS 2019

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

69,104.1 Pending 3/27/2019 SABIC Saudi Arabia Energy and Power Saudi Arabian Oil Co Saudi Arabia Energy and Power

7,673.5 Pending 1/24/2019 Ahli United BSC Bahrain Financials Kuwait Finance House KSCP Kuwait Financials

4,000.0 Completed 2/24/2019 ADNOC-Pipeline Assets Utd Arab Em Energy and Power Investor Group United States Financials

Abu Dhabi Commercial Bank 3,986.7 Completed 1/29/2019 Union National Bank PJSC Utd Arab Em Financials Utd Arab Em Financials PJSC

3,240.0 Completed 1/27/2019 Abu Dhabi Oil Refining Co Utd Arab Em Energy and Power Eni SpA Italy Energy and Power

3,158.3 Completed 4/8/2019 CEPSA Spain Energy and Power The Carlyle Group LP United States Financials

3,100.0 Completed 3/26/2019 Careem Networks FZ LLC Utd Arab Em High Technology Uber Technologies Inc United States High Technology

2,430.0 Completed 1/27/2019 Abu Dhabi Oil Refining Co Utd Arab Em Energy and Power OMV AG Austria Energy and Power

1,230.5 Completed 1/28/2019 Hyundai Oilbk Co Ltd South Korea Energy and Power Saudi Arabian Oil Co Saudi Arabia Energy and Power

1,079.0 Completed 7/1/2019 Topaz Energy & Marine Ltd Utd Arab Em Industrials DP World Ltd Utd Arab Em Industrials

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ECM PROCEEDS TOP ISSUING COUNTRIES

35,000 2019 Proceeds 2018 Proceeds YoY Proceeds Change (%) 30,000 2000% 30,000 1860% 25,000 25,000 1500%

20,000 20,000 1000%

15,000 15,000

US$ MillionUS$ 500% US$ MillionUS$ 10,000 10,000

0% 5,000 5,000 -69% -26%

0 0 -500% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 Saudi Arabia Egypt Kuwait ECM PROCEEDS BY ISSUE TYPE TOP ISSUING INDUSTRIES

2019 Proceeds 2018 Proceeds YoY Proceeds Change (%) IPO Follow-On Covertible 30,000 3000% 30,000 2639% 25,000 2500% 25,000 2000% 20,000 20,000 1500% 15,000 15,000

1000% US$ MillionUS$

US$ MillionUS$ 10,000 10,000 500%

5,000 43% 5,000 -73% -15% 0% 0%

0 -500% 0 Energy and Power Real Estate Financials Consumer Products High Technology 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 and Services

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DCM PROCEEDS TOP ISSUING COUNTRIES

120,000 2019 Proceeds 2018 Proceeds YoY Proceeds Change (%) 35,000 60%

100,000 50% 30,000 48% 48% 40% 80,000 25,000 30% 60,000 20,000 20%

US$ MillionUS$ 15,000 12% 40,000 MillionUS$ 10% 10,000 0% 20,000 -5% 5,000 -11% -10% 0 0 -20% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 Saudi Arabia United Arab Emirates Qatar Egypt Bahrain DCM PROCEEDS BY ISSUE TYPE TOP ISSUING INDUSTRIES

2019 Proceeds 2018 Proceeds YoY Proceeds Change (%) 120,000 High Yield Corporate 60,000 200% Federal Credit Agency 100,000 50,000 150% ABS 141% 80,000 MBS 40,000 100%

60,000 Investment Grade Corporate 30,000 50% US$ MillionUS$

Agency, Supranational, Sovereign MillionUS$ 12% 40,000 20,000 2% 0% 0%

20,000 10,000 -51% -50%

0 0 -100% Government and Financials Energy and Power Industrials Consumer Products 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 Agencies and Services

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ECM TOP DEALS 2019

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

12/5/2019 25,601.4 Saudi Arabian Oil Co Saudi Arabia Energy and Power Oil & Gas SAUDI IPO

5/9/2019 660.1 Arabian Centres Co Ltd Saudi Arabia Real Estate Non Residential TADAW IPO

7/17/2019 312.5 KIPCO Group Kuwait Financials Other Financials KUWAI Follow-On

Consumer Products and 5/14/2019 207.0 Maharah Human Resources Co Saudi Arabia Employment Services TADAW IPO Services

12/2/2019 109.3 Rameda Egypt Healthcare Pharmaceuticals EGYPT IPO

DCM TOP DEALS 2019

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

3/6/2019 11,983.8 State Of Qatar Qatar Government and Agencies Regional Government U.S. Dollar

4/9/2019 11,896.9 Saudi Arabian Oil Co Saudi Arabia Energy and Power Oil & Gas U.S. Dollar

9/23/2019 9,875.0 Goverment of Abu Dhabi Utd Arab Em Government and Agencies City Government U.S. Dollar

1/9/2019 7,414.6 Saudi Arabia Saudi Arabia Government and Agencies National Government U.S. Dollar

2/19/2019 4,000.0 Egypt Egypt Government and Agencies National Government U.S. Dollar

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INVESTMENT BANKING FEES LEAGUE TABLE

HSBC Holdings PLC JP Morgan & Co Citi Standard Chartered PLC Rothschild & Co Bank of America Merrill Lynch Credit Agricole CIB BNP Paribas SA 140

120 9.0%

100 7.8%

80

60 5.0% 4.4% 3.9% Fees US$ US$ Fees Million 3.6% 3.5% 40 3.4% 3.2% 3.2%

20

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 2019 2018 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 1 HSBC Holdings PLC $ 112.0 30.3% 9.0% 1.3% 76 28.8% 2 5 JP Morgan $ 97.3 109.8% 7.8% 3.6% 36 20.0% 3 4 Goldman Sachs & Co $ 61.9 27.2% 5.0% 0.6% 17 88.9% 4 3 Citi $ 55.1 -11.4% 4.4% -1.1% 44 2.3% 5 45 Morgan Stanley $ 48.8 811.5% 3.9% 3.4% 23 360.0% 6 2 Standard Chartered PLC $ 45.2 -28.9% 3.6% -2.1% 56 -35.6% 7 43 Rothschild & Co $ 43.4 692.1% 3.5% 3.0% 8 100.0% 8 20 Bank of America Merrill Lynch $ 42.4 206.0% 3.4% 2.2% 12 33.3% 9 6 Credit Agricole CIB $ 40.1 5.8% 3.2% -0.2% 26 -10.3% 10 8 BNP Paribas SA $ 39.5 20.1% 3.2% 0.2% 27 42.1% TOTAL $ 1,248.0 11.7% 336 -3.7%

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M&A FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY 2019 2018 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 15 JP Morgan $ 59.3 1278.7% 15.1% 13.1% 8 300.0% 2 3 HSBC Holdings PLC $ 53.2 194.1% 13.5% 5.0% 8 100.0% 3 12 Rothschild & Co $ 43.4 692.1% 11.0% 8.5% 8 100.0% 4 1 Goldman Sachs & Co $ 37.1 14.7% 9.4% -5.7% 5 25.0% 5 7 Bank of America Merrill Lynch $ 28.9 297.6% 7.4% 3.9% 6 100.0% 6 27 Morgan Stanley $ 25.6 1439.5% 6.5% 5.7% 5 400.0% 7 11 Moelis & Co $ 21.4 282.5% 5.4% 2.8% 3 -40.0% 8 47 Deloitte $ 12.9 2418.3% 3.3% 3.0% 3 0.0% 9 19 Credit Agricole CIB $ 11.8 202.2% 3.0% 1.2% 6 50.0% 10 9 Barclays $ 9.0 31.4% 2.3% -0.9% 2 0.0% TOTAL $ 393.4 84.4% 86 -7.5% ECM FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY 2019 2018 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 7 Emirates NBD PJSC $ 19.5 376.3% 10.4% 6.1% 1 -66.7% 2 6 Sambacapital $ 14.3 222.1% 7.6% 3.0% 3 200.0% 3 8 Citi $ 11.2 217.8% 5.9% 2.3% 3 50.0% 4 - Morgan Stanley $ 11.1 - 5.9% - 2 - 5 14 Goldman Sachs & Co $ 10.4 378.3% 5.5% 3.3% 3 200.0% 6 - $ 9.1 - 4.8% - 2 - 6 26 Natl Comml Bank Saudi Arabia $ 9.1 921.8% 4.8% 3.9% 2 100.0% 8 - HSBC Holdings PLC $ 8.7 - 4.6% - 2 - 9 12 JP Morgan $ 7.5 172.5% 4.0% 1.1% 1 0.0% 9 - Bank of America Merrill Lynch $ 7.5 - 4.0% - 1 - TOTAL $ 188.4 94.8% 14 -48.1%

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DCM FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY 2019 2018 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 1 Standard Chartered PLC $ 27.0 -21.7% 11.2% -4.5% 48 -32.4% 2 2 HSBC Holdings PLC $ 25.9 12.7% 10.7% 0.3% 51 21.4% 3 4 JP Morgan $ 24.3 93.3% 10.1% 4.4% 22 10.0% 4 3 Citi $ 24.1 39.7% 10.0% 2.1% 24 -4.0% 5 5 $ 12.9 11.1% 5.4% 0.1% 17 70.0% 6 23 Goldman Sachs & Co $ 12.0 506.3% 5.0% 4.1% 8 166.7% 7 10 BNP Paribas SA $ 11.3 110.2% 4.7% 2.2% 14 16.7% 8 8 Credit Agricole CIB $ 10.7 45.3% 4.4% 1.1% 13 -18.8% 9 - Natl Comml Bank Saudi Arabia $ 9.8 - 4.1% - 2 - 10 7 First Abu Dhabi Bank PJSC $ 9.6 25.1% 4.0% 0.5% 26 52.9% TOTAL $ 240.8 9.7% 149 12.0%

LOANS FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY 2019 2018 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 1 HSBC Holdings PLC $ 24.3 -46.0% 5.7% -1.9% 15 15.4% 2 2 Standard Chartered PLC $ 18.1 -37.4% 4.3% -0.7% 8 -50.0% 3 19 Arab Banking Corporation $ 16.6 90.6% 3.9% 2.4% 10 0.0% 4 10 First Abu Dhabi Bank PJSC $ 15.9 -28.9% 3.7% -0.1% 18 -25.0% 5 7 BNP Paribas SA $ 15.7 -35.1% 3.7% -0.4% 6 20.0% 6 8 Mitsubishi UFJ Financial Group $ 14.0 -41.6% 3.3% -0.8% 4 -63.6% 7 4 Credit Agricole CIB $ 13.6 -48.8% 3.2% -1.3% 6 -33.3% 8 11 Citi $ 13.0 -36.1% 3.0% -0.4% 12 9.1% 9 6 Sumitomo Mitsui Finl Grp Inc $ 12.6 -48.2% 3.0% -1.2% 5 -66.7% 10 20 $ 11.9 53.5% 2.8% 1.5% 6 0.0% TOTAL $ 425.5 -27.6% 87 -9.4%

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

RANK VALUE RANK VALUE YOY SHARE YOY #DEALS YOY 2019 2018 BANK NAME SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 2 HSBC Holdings PLC $ 87,601.9 645% 67% 227% 15 67% 2 4 JP Morgan $ 87,504.0 1179% 67% 460% 16 -6% 3 1 Goldman Sachs & Co $ 83,740.6 532% 64% 179% 10 25% 4 11 Citi $ 80,367.3 3653% 62% 1570% 15 114% 5 3 Morgan Stanley $ 75,373.4 606% 58% 210% 10 -9% 6 14 Bank of America Merrill Lynch $ 75,173.6 6792% 58% 2942% 10 0% 7 23 Moelis & Co $ 10,460.0 1802% 8% 700% 5 67% 8 12 Credit Suisse $ 8,115.6 286% 6% 68% 4 -43% 9 15 Barclays $ 4,772.4 381% 4% 118% 4 0% 10 5 Rothschild & Co $ 4,745.7 -13% 4% -61% 9 -36% TOTAL $ 130,131.4 127% 710 -3%

TARGET M&A LEAGUE TABLE (US$MIL)

RANK VALUE RANK VALUE YOY SHARE YOY #DEALS YOY 2019 2018 BANK NAME SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 1 HSBC Holdings PLC $ 83,708.6 972% 79% 223% 8 33% 2 3 Goldman Sachs & Co $ 82,447.6 1247% 77% 305% 6 100% 3 2 JP Morgan $ 81,138.3 1086% 76% 257% 10 -9% 4 8 Citi $ 77,998.7 10148% 73% 2946% 8 167% 5 7 Bank of America Merrill Lynch $ 74,003.6 9449% 69% 2792% 6 20% 6 5 Morgan Stanley $ 72,508.1 3027% 68% 844% 5 0% 7 10 Moelis & Co $ 10,085.0 1734% 10% 459% 4 100% 8 40* Credit Suisse $ 7,673.5 - 7% - 3 200% 9 16 Barclays $ 4,272.4 1307% 4% 300% 2 0% 10 - $ 3,240.0 - 3% - 1 - 11 17 Jefferies LLC $ 3,100.0 1368% 3% 314% 1 0% TOTAL $ 106,696.2 232% 441 -5%

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ECM LEAGUE TABLE (US$MIL)

PROCEEDS PROCEEDS YOY SHARE YOY #DEALS YOY 2019 2018 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 1 EFG Hermes $ 1,336.6 8% 5% -78% 5 0% 2 6 Sambacapital $ 1,304.4 499% 5% 23% 3 200% 3* 13 Goldman Sachs & Co $ 1,105.0 1163% 4% 150% 3 200% 3* 12 Citi $ 1,105.0 874% 4% 90% 3 50% 5* 25* Natl Comml Bank Saudi Arabia $ 1,097.4 3053% 4% 567% 2 100% 5* - Morgan Stanley $ 1,097.4 - 4% - 2 - 5* - Credit Suisse $ 1,097.4 - 4% - 2 - 8 25* Banque Saudi Fransi $ 1,081.7 3008% 4% 550% 2 100% 9 - HSBC Holdings PLC $ 1,060.5 - 4% - 2 - 10* 25* Riyadh Bank Ltd $ 1,024.1 2843% 4% 517% 1 0% TOTAL $ 27,429.6 395% 15 -48%

DCM LEAGUE TABLE (US$MIL)

PROCEEDS PROCEEDS YOY SHARE YOY #DEALS YOY 2019 2018 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 1 Standard Chartered PLC $ 11,203.8 -13% 11% -22% 46 -28% 2 2 HSBC Holdings PLC $ 10,609.5 -6% 11% -16% 42 2% 3 4 JP Morgan $ 10,345.5 85% 11% 64% 22 10% 4 3 Citi $ 10,050.3 41% 10% 24% 24 -14% 5 10 BNP Paribas SA $ 5,967.9 170% 6% 144% 13 8% 6 16 Goldman Sachs & Co $ 5,001.5 262% 5% 219% 8 167% 7 7 First Abu Dhabi Bank PJSC $ 4,885.9 86% 5% 67% 27 50% 8 5 Deutsche Bank $ 4,709.5 11% 5% 0% 16 78% 9 8 Credit Agricole CIB $ 3,991.9 52% 4% 37% 11 -21% 10 59 Natl Comml Bank Saudi Arabia $ 3,465.7 2568% 4% 1650% 2 100% TOTAL $ 98,532.0 12% 118 0%

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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 Peter Miao I +1 646 223 6338 I [email protected] 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 EMEA proceeds (total issue amount multiplied by the issue price) unless otherwise stated. Full credit is given to the book Lucille Jones l +44 207 542 4372 l [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 l +63 (2) 459 1567 l [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 CLICK BELOW TO SIGN UP FOR OUR NEWSLETTERS, PURCHASE for or by any person in connection with this document. CUSTOMIZED DATA OR FOLLOW US ON SOCIAL MEDIA:

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