Latin America Review First Half 2021 Refinitiv Deals Intelligence

1 QUARTERLY HIGHLIGHTS LATAM INVESTMENT BANKING ACTIVITY

HIGHLIGHTS

M&A FEES UP 28% M&A TOP FINANCIAL ADVISOR YTD ECM FEES UP 187% JP Morgan DCM FEES UP 1% ECM TOP BOOK RUNNER YTD Itau Unibanco LOAN FEES UP 29% DCM TOP BOOK RUNNER YTD ANY INV. M&A UP 280% JP Morgan TARGET M&A UP 471% M&A TOP TARGETED NATION ECM PROCEEDS UP 58% Brazil

DCM PROCEEDS UP 0% DCM TOP ISSUING ECM TOP ISSUING Click on any of the above arrows to NATION NATION go straight to the analysis. Mexico Brazil

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2 An LSEG business REPORT SUMMARY

INVESTMENT BANKING FEES Investment banking fees in Latin America (LatAm) produced a combined total of US$1.4 billion during the first half of 2021, up 56% from last year and represents the strongest start in the region since 2011. Merger & Acquisition fees totalled US$376.3 million, up 28% from the same period last year and made up 25% of total fees in Latin America. Equity underwriting fees marked its second- best start to the year since our records began in 2000 with US$640.7 million recorded in fees, a 187% increase from the same period last year. Equity fees represented 43% of fees generated from the fee pool, the highest proportion since our records began. Bond underwriting fees remained flat with US$331.3 million in fees in the region, a 1% increase from the same period last year. Syndicated lending rose 29% to US$135 million making up 9% of fees in Latin America. JP Morgan earned the most investment banking fees overall during the first half of 2021, advising on US$157.2 million in fees, or a 10.6% share of the total fee pool. Citi and Itau Unibanco came second and third place, with 7.6% and 6.2% market share, respectively.

MERGERS & ACQUISITIONS Announced M&A with any Latin American involvement amounted to US$108.8 billion in the first half of 2021, overtaking last year’s full-year total and the best start since 2010. Latin American Target M&A increased 471% from the same period last year to US$84.2 billion also representing the highest figure since 2010. Inbound M&A totalled US$40.1 billion overtaking last year’s full-year total and represents an increase of 485%. The largest deal of the year so far was Brazil’s Hapvida Participacoes agreement to merge their business with Notre Dame Intermedica for an estimated US$9.5 billion. Energy & Power was the most targeted sector accounting for 24% of target M&A activity followed by healthcare activity accounting for 13%. Brazil remained the most targeted nation in Latin America with US$57.2 billion worth of M&A, equivalent to 68% of activity in the region. JP Morgan top the any LatAm involvement M&A league table advising on US$33 billion worth of deals, equivalent to 30% market share. In second place was Banco BTG Pactual SA with a 22% market share.

EQUITY CAPITAL MARKETS Latin American equity and equity-related issuance produced US$20.2 billion, during the first half of 2021, a 58% increase and the highest total since 2013. 48% of this total came from Follow-On issuances raising US$9.7 billion. IPO issuance also picked up with 38.7% of the total coming from IPOs, representing a total of US$7.8 billion. While no IPO’s in 2021 raised above US$1billion, a large number of companies decided to go public pushing the equity total up. 32 companies went public in the first half of 2021 in Latin America, the highest total since 2007. The largest equity deal of the quarter was the US$2.6 billion convertible bond issuance from América Móvil through its Dutch subsidiary América Móvil B.V. earlier this year. The Financials industry raised the most from ECM issuance with US$4.5 billion in related proceeds, followed closely by Energy and Power with US$4.2 billion. Itau Unibanco top the LatAm ECM league table with US$2.6 billion in related proceeds, or a 13% market share. BofA Securities and Citi bank finished second and third, respectively.

DEBT CAPITAL MARKETS Latin America debt issuance totalled US$110 billion during the first half of 2021, remaining flat compared to the same period last year. Agency, Supranational and sovereign bond issuance produced US$45.5 billion, up 4% from the same period last year and the highest total since records began in 1980. Investment-grade corporate debt totalled US$34.6 billion while high yield corporate raised US$2.8 billion. Mexico was the most active nation in Latin America with US$24.2 billion worth of debt proceeds. Governments and agencies were the most active industry in the region with US$45.5 billion in debt proceeds. JP Morgan maintained the top spot for DCM underwriting with 15% market share, followed by with 10% market share.

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

YTD Fees Rest of Year Fees • Outer Rim: YTD • Inner Rim: YTDLY 7,000

6,000 16% 5,000 28% 4,000 26% 33% 5% 38% 34% 3,000 44% 45%

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

2,500 Energy and Power High Technology Cayman Islands British Virgin Islands(United Kingdom)

Other 2,000 Materials Mexico Other

1,500

1,000 US$ US$ Million

500

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

YTD Volumes Rest of Year Volumes #Deals • Outer Rim: YTD 350,000 1,400 • Inner Rim: YTDLY

300,000 1,200 3%2% 24% 7% 250,000 1,000 11% 36% 17% 200,000 800 9% 10% 1% 150,000 600 5% 12% 48% US$ US$ Million 8% 100,000 400 64% 10% 3% 13% 5% 50,000 200 17% 68% 0 - 9% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 9% 9% TARGET M&A VOLUMES & NUMBER OF DEALS

YTD Volumes Rest of Year Volumes #Deals 300,000 1,200 Energy and Power Real Estate Brazil Chile 250,000 1,000

Healthcare Retail Bermuda Colombia 200,000 800

150,000 600 Materials Other Mexico Other

US$ US$ Million 100,000 400

50,000 200

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

Inbound M&A up 485% from YTD last year, accounting Domestic M&A up 460% from YTD last year, Outbound M&A up 366% from YTD last year, for $40.1 Billion so far this year. accounting for $44 Billion so far this year. accounting for $53.8 Billion so far this year.

Rest of Year Volumes YTD Volumes #Deals YTD Volumes Rest of Year Volumes #Deals Rest of Year Volumes YTD Volumes #Deals 200,000 600 120,000 600 200,000 800 500 100,000 500 150,000 150,000 600 80,000 400 400 60,000 300 100,000 300 100,000 400 40,000 200 200

50,000 50,000 200

US$ US$ Million US$ US$ Million US$ US$ Million 20,000 100 100 0 - 0 - 0 - 10 11 12 13 14 15 16 17 18 19 20 21 10 11 12 13 14 15 16 17 18 19 20 21 10 11 12 13 14 15 16 17 18 19 20 21

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 0 50,000 0 20,00040,00060,000 0 40,000 0 50,000 0 10,000 20,000 0 10,000 20,000

42,19 43,75 United States Brazil 41,858 Brazil Brazil 41,858 Brazil Brazil 15,371 18,840 6 0 of America

United States of Mexico 2,943 Chile 886 2,262 Bermuda 8,334 Canada 8,295 Mexico 721 America

Bahamas 2,694 Mexic 722 India 2,134 Mexico 7,250 Netherlands 3,584 o Chile 406

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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

140,000

120,000

100,000

80,000

60,000

US$ US$ Million 40,000

20,000

0 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 MID MARKET TARGET M&A VOLUMES YTD

X < US$500

30,000

25,000

20,000

15,000

US$ US$ Million 10,000

5,000

0 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

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ANY INVOLVEMENT M&A TOP DEALS YTD

Ranking Rank Target Acquiror Acquiror Status Target Name Target Industry Target Advisors Acquiror Name Acquiror Advisors Value ($Mil) Date Nation Nation Industry JP Morgan Securities LLC Banco BTG Pactual SA 9,577.3 Pending 27/02/2021 Notre Dame Intermedica Brazil Healthcare Banco JP Morgan SA Hapvida Participacoes II Brazil Financials Itau Unibanco SA Glbal Markets Brasil XP Investimentos Brookfield Property Brookfield Asset 6,497.6 Pending 04/01/2021 Bermuda Real Estate Canada Financials Partners Management

Petrobras-Sepia & Atapu Energy and Government and 6,453.0 Pending 09/04/2021 Brazil BR Partners Republic of Brazil Brazil Fields Power Agencies

BR Partners 5,363.5 Completed 01/03/2021 Sendas Distribuidora SA Brazil Retail Shareholders Brazil Financials JP Morgan Goldman Sachs International Consumer United Brookfield Business 5,000.0 Pending 27/06/2021 Modulaire Group Industrials Canada Products and Kingdom JP Morgan Partners Services STJ Advisors LLP Guggenheim Securities LLC Grupo Televisa-Media Media and Allen & Co Inc Univision Media and JP Morgan & Co Inc 4,800.0 Pending 13/04/2021 Mexico United States Assets Entertainment LionTree Advisors LLC Communications Entertainment Goldman Sachs & Co Morgan Stanley CEDAE-Block 1&4 Energy and Rothschild & Co 2,885.2 Pending 30/04/2021 Brazil - Investor Group Brazil Financials Concessions Power JP Morgan & Co Inc

2,877.7 Completed 09/02/2021 Vale SA Brazil Materials - PREVI Brazil Financials

Hygo Energy Transition Energy and Goldman Sachs & Co Energy and 2,510.4 Completed 13/01/2021 Brazil New Fortress Energy Inc United States Morgan Stanley Ltd Power Citi Power Lazard 2,288.6 Pending 08/02/2021 Biosev SA Brazil Materials BR Partners Raizen Energia SA Netherlands Materials Banco BTG Pactual SA

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ECM PROCEEDS TOP ISSUING COUNTRIES

YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) YTD Proceeds Rest of Year Proceeds # of Issues 18,000 80% 70,000 180 16,000 55% 60% 60,000 160 14,000 40% 140 50,000 12,000 20% 120 10,000 0% 0% 0% 0% 40,000 100 8,000 -20% 30,000 80

US$Million 6,000 -40% 60 US$ US$ Million 20,000 4,000 -60% 40 2,000 -80% 10,000 20 -88% 0 -100% 0 Brazil Mexico Uruguay Cayman Islands Bermuda 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

ECM PROCEEDS BY ISSUE TYPE TOP ISSUING INDUSTRIES

IPO Follow-On Convertible YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) 16,000 7,000 400000% 367667% 14,000 6,000 350000% 300000% 12,000 5,000 250000% 10,000 4,000 200000%

8,000 3,000 150000% US$ US$ Million 100000% 6,000 2,000 US$ US$ Million 50000% 4,000 1,000 100% -28% 0% 3438% 0% 2,000 0 -50000% Financials Energy and Power Telecommunications Healthcare Materials 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

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DCM PROCEEDS TOP ISSUING COUNTRIES

YTD Proceeds Rest of Year Proceeds # of Issues YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%)

500,000 1600 30,000 60% 450,000 1400 48% 51% 50% 400,000 25,000 1200 40% 350,000 20,000 30% 300,000 1000 20% 250,000 800 15,000 10% 200,000 600

US$ US$ Million 10,000 0% 150,000 US$ Million 400 -9% -8% -10% 100,000 5,000 50,000 200 -20% -20% 0 0 0 -30% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Mexico Brazil Chile Cayman Islands Peru

DCM PROCEEDS BY ISSUE TYPE TOP ISSUING INDUSTRIES

Agency, Supranational, Sovereign Investment Grade Corporate YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) MBS ABS Federal Credit Agency High Yield Corporate 50,000 40% 45,000 250,000 30% 40,000 28% 20% 200,000 35,000 30,000 11% 10% 150,000 25,000 4% 20,000 0% 100,000 US$ Million 15,000 -8% -10% US$Million 10,000 50,000 -20% 5,000 -26% 0 -30% 0 Government and Financials Energy and Materials Consumer 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Agencies Power Staples

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ECM TOP DEALS YTD

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

Telecommunications 23/02/2021 2,668.7 Convertible America Movil Bv Netherlands Telecommunications NONE Services

30/06/2021 2,286.1 Follow-On Petrobras Distribuidora SA Brazil Energy and Power Oil & Gas PAOLO

12/02/2021 924.7 IPO CSN Mineracao SA Brazil Materials Metals & Mining PAOLO

26/05/2021 920.5 Follow-On Rede D'Or Sao Luiz SA Brazil Healthcare Hospitals PAOLO

27/04/2021 798.6 IPO Caixa Seguridade Participacoes Brazil Financials Insurance PAOLO

DCM TOP DEALS YTD Proceeds Issue Date Issue Type Issuer Nation Industry Mid Industry Currency ($ mil)

Investment Grade 09/06/2021 6,000.0 Saudi Aramco Global Sukuk Ltd Cayman Islands Energy and Power Oil & Gas U.S. Dollar Corporate

Agency, Supranational, 03/03/2021 3,957.3 Peru Peru Government and Agencies National Government U.S. Dollar Sovereign

Agency, Supranational, 18/02/2021 3,535.0 Corporacion Andina de Fomento Venezuela Government and Agencies Supranational U.S. Dollar Sovereign Agency, Supranational, 06/04/2021 3,254.9 Mexico Mexico Government and Agencies National Government U.S. Dollar Sovereign Agency, Supranational, 14/01/2021 3,129.2 Mexico Mexico Government and Agencies National Government EURO Sovereign

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INVESTMENT BANKING FEES LEAGUE TABLE

JP Morgan Citi Itau Unibanco Goldman Sachs & Co Bofa Securities Inc Banco BTG Pactual SA Santander Corp & Invest Bkg Morgan Stanley Banco Bradesco SA 200

150 10.6%

7.6% 100 6.2% 5.8% 5.6% 5.4% 4.8% 4.2%

50 3.7% 3.5% Fees US$ US$ FeesMillion

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 2021 2020 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 5 JP Morgan $ 157.2 166.2% 10.6% 4.4% 78 36.8% 2 3 Citi $ 113.3 75.0% 7.6% 0.8% 83 56.6% 3 6 Itau Unibanco $ 92.1 80.2% 6.2% 0.8% 83 62.7% 4 4 Goldman Sachs & Co $ 85.6 40.7% 5.8% -0.6% 46 4.5% 5 1 Bofa Securities Inc $ 83.5 10.3% 5.6% -2.4% 62 12.7% 6 10 Banco BTG Pactual SA $ 80.5 184.9% 5.4% 2.4% 73 102.8% 7 7 Santander Corp & Invest Bkg $ 70.5 58.7% 4.8% 0.1% 90 12.5% 8 2 Morgan Stanley $ 62.3 -6.9% 4.2% -2.9% 46 39.4% 9 11 Deutsche Bank $ 55.3 109.3% 3.7% 0.9% 18 -37.9% 10 9 Banco Bradesco SA $ 51.3 71.7% 3.5% 0.3% 40 48.1% TOTAL $ 1,484.2 56.4% 616 27.3%

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M&A FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY 2021 2020 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 19 JP Morgan $ 69.8 1689.8% 18.6% 17.2% 9 350.0% 2 15 Goldman Sachs & Co $ 31.1 441.3% 8.3% 6.3% 6 50.0% 3 10 Banco BTG Pactual SA $ 25.5 235.0% 6.8% 4.2% 22 100.0% 4 23 Banco Bradesco SA $ 22.5 606.8% 6.0% 4.9% 14 366.7% 5 40 Moelis & Co $ 19.6 1471.9% 5.2% 4.8% 4 100.0% 6 20 Rothschild & Co $ 17.8 361.0% 4.7% 3.4% 5 0.0% 7 8 Itau Unibanco $ 16.4 11.6% 4.4% -0.6% 12 9.1% 8 31 BR Partners $ 16.0 647.2% 4.3% 3.5% 6 50.0% 9 13 Vinci Partners $ 15.3 119.0% 4.1% 1.7% 16 77.8% 10 11 Deutsche Bank $ 15.2 104.6% 4.0% 1.5% 2 100.0% TOTAL $ 376.3 28.2% 162 32.8% ECM FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY 2021 2020 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 12 Citi $ 75.8 881.0% 11.8% 8.4% 17 750.0% 2 4 Itau Unibanco $ 67.1 221.0% 10.5% 1.1% 30 200.0% 3 7 JP Morgan $ 49.8 257.3% 7.8% 1.5% 15 150.0% 4 5 Banco BTG Pactual SA $ 49.4 195.8% 7.7% 0.2% 29 163.6% 5 6 Bofa Securities Inc $ 45.9 211.4% 7.2% 0.6% 14 133.3% 6 1 Morgan Stanley $ 40.6 12.5% 6.3% -9.8% 15 87.5% 7 14 UBS $ 37.7 1543.9% 5.9% 4.9% 10 400.0% 8 21 Jefferies LLC $ 34.7 2946.6% 5.4% 4.9% 3 200.0% 9 8 Santander Corp & Invest Bkg $ 28.5 190.5% 4.4% 0.1% 15 150.0% 10 2 Goldman Sachs & Co $ 27.2 0.7% 4.2% -7.8% 10 42.9% TOTAL $ 640.7 186.5% 77 108.1%

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DCM FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY 2021 2020 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 1 JP Morgan $ 36.2 -3.3% 10.9% -0.5% 50 16.3% 2 2 Bofa Securities Inc $ 26.0 -14.3% 7.8% -1.4% 38 -5.0% 3 3 Citi $ 25.8 -5.4% 7.8% -0.6% 58 45.0% 4 4 Goldman Sachs & Co $ 23.6 -5.3% 7.1% -0.5% 29 -6.5% 5 11 Santander Corp & Invest Bkg $ 19.1 41.3% 5.8% 1.6% 59 -1.7% 6 8 HSBC Holdings PLC $ 17.4 17.9% 5.3% 0.7% 24 41.2% 7 10 Morgan Stanley $ 16.3 17.4% 4.9% 0.7% 27 58.8% 8 7 Deutsche Bank $ 13.4 -13.1% 4.0% -0.7% 11 -54.2% 9 12 $ 12.2 22.5% 3.7% 0.6% 13 -7.1% 10 14 Barclays $ 12.1 54.8% 3.6% 1.3% 11 22.2% TOTAL $ 331.3 1.4% 299 14.6% LOANS FEES LEAGUE TABLE (US$MIL) FEES FEES YOY SHARE YOY #DEALS YOY 2021 2020 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 3 Santander Corp & Invest Bkg $ 13.4 137.2% 9.8% 4.5% 8 33.3% 2 - CITIC $ 11.8 - 8.7% - 1 - 3 2 Scotiabank $ 10.2 50.1% 7.5% 1.1% 17 54.5% 4 4 BBVA $ 8.4 50.8% 6.2% 0.9% 22 120.0% 5 15 Sumitomo Mitsui Finl Grp Inc $ 5.9 109.8% 4.4% 1.7% 12 140.0% 6 7 BNP Paribas SA $ 5.6 37.6% 4.1% 0.3% 10 11.1% 7 18 PLC $ 5.2 247.5% 3.8% 2.4% 1 -66.7% 8 73 ANZ Banking Group $ 5.0 6286.7% 3.7% 3.6% 2 - 9 12 HSBC Holdings PLC $ 4.8 41.9% 3.6% 0.3% 7 133.3% 10 47 United Overseas Bank Ltd $ 4.8 735.3% 3.6% 3.0% 1 - TOTAL $ 135.8 29.1% 78 21.9%

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ANY INVOLVEMENT M&A LEAGUE TABLE (US$MIL) RANK VALUE RANK VALUE SHARE YOY #DEALS YOY 2021 2020 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 7 JP Morgan $ 33,022.8 1880% 30% 424% 17 183% 2 16 Banco BTG Pactual SA $ 24,406.9 2623% 22% 623% 37 118% 3 12 Itau Unibanco $ 18,009.0 1578% 17% 349% 20 33% 4 44 Goldman Sachs & Co $ 17,726.3 21920% 16% 5333% 13 333% 5 8 BR Partners $ 15,234.8 824% 14% 146% 8 -11% 6 34 Citi $ 15,139.8 7399% 14% 1886% 9 350% 7 19 Lazard $ 12,842.6 1836% 12% 413% 9 29% 8 3 Morgan Stanley $ 11,832.0 321% 11% 11% 9 -10% 9 20 Santander Corp & Invest Bkg $ 10,317.4 1529% 10% 332% 16 45% 10 - XP Investimentos $ 10,012.6 - 9% - 5 - TOTAL $ 108,817.1 278% 998 43% TARGET M&A LEAGUE TABLE (US$MIL) RANK VALUE RANK VALUE SHARE YOY #DEALS YOY 2021 2020 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 2 JP Morgan $ 27,197.8 2265% 32% 319% 13 160% 2 7 Banco BTG Pactual SA $ 24,406.9 3732% 29% 574% 36 125% 3 5 Itau Unibanco $ 18,009.0 1578% 21% 197% 20 33% 4 1 BR Partners $ 15,234.8 824% 18% 63% 8 -11% 5 17 Citi $ 15,139.8 7399% 18% 1186% 9 350% 6 20 Lazard $ 12,842.6 8690% 15% 1430% 8 33% 7 41* Goldman Sachs & Co $ 10,540.5 - 13% - 8 300% 8 8 Santander Corp & Invest Bkg $ 10,317.4 1529% 12% 186% 16 45% 9 - XP Investimentos $ 10,012.6 - 12% - 5 - 10 3 Banco Bradesco SA $ 8,843.6 702% 11% 42% 19 138% TOTAL $ 84,232.0 466% 789 48%

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ECM LEAGUE TABLE (US$MIL) PROCEEDS PROCEEDS SHARE YOY #DEALS YOY 2021 2020 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) (%) 1 9 Itau Unibanco $ 2,622.3 242% 13% 117% 34 240% 2 4 BofA Securities Inc $ 2,310.5 129% 11% 44% 15 200% 3 7 Citi $ 2,008.6 132% 10% 46% 14 367% 4 10 Banco BTG Pactual SA $ 1,776.1 224% 9% 105% 32 256% 5 1 Morgan Stanley $ 1,537.2 -30% 8% -56% 17 143% 6 11 JP Morgan $ 1,499.7 237% 7% 111% 16 167% 7 5 XP Investimentos $ 1,229.4 25% 6% -21% 19 217% 8 12 Santander Corp & Invest Bkg $ 1,182.5 205% 6% 97% 16 220% 9 2 Goldman Sachs & Co $ 1,159.4 -23% 6% -52% 10 43% 10 3 Banco Bradesco SA $ 1,069.0 -20% 5% -49% 18 64% TOTAL $ 20,200.0 58% 61 118% DCM LEAGUE TABLE (US$MIL) PROCEEDS PROCEEDS SHARE YOY #DEALS YOY 2021 2020 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) (%) 1 1 JP Morgan $ 12,717.6 -7% 12% -6% 52 24% 2 4 Goldman Sachs & Co $ 10,993.1 27% 10% 27% 31 3% 3 3 BofA Securities Inc $ 9,772.6 8% 9% 7% 39 3% 4 2 Citi $ 9,406.3 -8% 9% -8% 49 36% 5 7 Santander Corp & Invest Bkg $ 7,726.3 26% 7% 25% 57 46% 6 12 Morgan Stanley $ 6,983.1 79% 6% 78% 28 75% 7 9 HSBC Holdings PLC $ 6,543.1 12% 6% 13% 22 38% 8 13 BBVA $ 4,199.0 28% 4% 27% 31 3% 9 8 BNP Paribas SA $ 3,370.0 -44% 3% -44% 17 13% 10 6 Itau Unibanco $ 3,122.7 -54% 3% -55% 40 33% TOTAL $ 110,016.2 0% 225 1%

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By combining a unique open platform based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional with best-in-class data and expertise, we connect people to choice and opportunity – driving transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction. performance, innovation and growth for our customers and partners. EQUITY CAPITAL MARKETS Now, as part of LSEG we are underpinned by the strength and stability of a more than 300-year-old The Refinitiv Equity Capital Markets database covers domestic and international placements of equity offerings in addition organisation, broadening our capacity to positively impact the financial community — be it in trading to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated book builds and banking, investment, wealth, customer and third-party risk, and enterprise data solutions. and block trades (with certain restrictions) and convertible bonds. Convertible Bonds with a minimum life of less than 360 For more information, go to www.refinitiv.com. days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or first call/put option. ABOUT DEALS INTELLIGENCE Refinitiv Deals Intelligence, a part of LSEG's Data & Analytics division, brings up to the minute market DEBT CAPITAL MARKETS intelligence to the deal making community and the financial media through a variety of research The Refinitiv Debt Capital Markets database covers underwritten debt with an issue size of over US$1 million, that reports including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals matures in at least 360 days from settlement. It includes all internationally offered underwritten debt transactions in all Snapshots and our industry-leading quarterly reviews highlighting trends in M&A and Capital Markets. currencies, Domestic issuance, Preferred Securities, High Yield and Emerging Market transactions that are offered in US For more insights, go to www.refinitiv.com/dealsintelligence 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 book CONTACT INFORMATION 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. AMERICAS Matt Toole | [email protected] | +1 646 223 7212 While Refinitiv has used reasonable endeavours to ensure that the information provided in this document is accurate and EMEA up to date as at the time of issue, neither Refinitiv nor its third party content providers shall be liable for any errors, Lucille Jones | [email protected] | +44 (0) 204 530 2000 inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or Saiem Jalil | [email protected] | +44 (0) 204 530 2000 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 ASIA law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and Elaine Tan | [email protected] | +63 (2) 8459 1567 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.

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