Germany Review First Quarter 2021 Refinitiv Deals Intelligence

1 An LSEG business QUARTERLY HIGHLIGHTS GERMANY INVESTMENT BANKING ACTIVITY

HIGHLIGHTS

M&A FEES DOWN -24% M&A TOP FINANCIAL ADVISOR YTD JP Morgan ECM FEES UP 472% DCM FEES UP 59% ECM TOP BOOK RUNNER YTD & Co LOAN FEES DOWN -22% DCM TOP BOOK RUNNER YTD ANY INV. M&A DOWN -49% Deutsche TARGET M&A DOWN -58% M&A TOP TARGETED INDUSTRY ECM PROCEEDS UP 209% Retail

DCM PROCEEDS UP 21% DCM TOP ISSUING ECM TOP ISSUING Click on any of the above arrows to INDUSTRY INDUSTRY go straight to the analysis. Government and Retail Agencies

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2 An LSEG business REPORT SUMMARY

INVESTMENT BANKING FEES Investment Banking fees in Germany produced a combined total of US$1 billion in Q1, a 52% increase in value compared to the same period last year and the highest year-to-date total since 2006. Merger & Acquisition Fees totalled US$163.1 million, a 24% decrease compared to the same period in 2020 and a two-year low in M&A fees. German M&A fees made up 16% of overall German Investment banking fees, the lowest proportion of fees since 2000 where German M&A fees made up 7% in Q1. ECM underwriting fees which accounted for 30% of the German investment banking fee pool so far this year, totalled US$313 million, the highest total since 2000 and up 472% from the same time last year. DCM underwriting fees increased 59% to $467.3 million, from a year ago, the highest first quarter total on record. Syndicated lending fell 22% from last year to US$89.5 million. JP Morgan takes top spot in the German Investment banking fee league table with US$95.4 million in related fees or a 9.2% wallet share. takes second place, with 8.4% market share while takes third with 7% market share.

MERGERS & ACQUISITIONS Announced M&A with any German involvement totals US$29.5 billion in 2021 so far, a decline of 49% in value compared to the same period last year and the lowest total since 2017. Deal-making involving a German target fell 58% by value to US$18.4 billion with German target M&A failing to recover since the start of the new year. Domestic German M&A saw a increase from 2020 with US$9.8 billion in deal value, up 21% from the same period last year and a three-year high. Announced mid-market M&A with German involvement totals US$9.2 billion so far during 2021, representing a 20% increase compared to the same period in 2020. Healthcare was the best performing industry in the Mid-market with US$1.6 billion in deal value, an increase of 76%. This was closely followed by Financials and Industrials with US$1.5 billion and US$1.4 billion in deal value, respectively. JP Morgan, takes top stop in the any German involvement financial advisor league table, advising on US$8.1 billion worth of deals, or a 28% share of wallet. Skandinaviska Enskilda Banken (SEB) and Goldman Sachs follow in second and third positions, respectively.

EQUITY CAPITAL MARKETS German equity capital markets raised US$14.3 billion in Q1 2021, up 209% compared to the same time last year and the best start to the year since 2000. Initial public offerings raised US$6 billion, a positive sign for the German equity market and a three-year high for German IPOs in Q1. 38% of equity proceeds came from one of the largest IPOs in Europe this year with Vantage Towers IPO raising US$2.3 billion and Germany’s largest IPO since October 2018 where brake manufacturer Knorr-Bremse’s IPO raised US$4.4 billion. The largest deal of the quarter was the US$2.7 billion follow on offering from healthcare company Siemens Healthineer AG. Follow-on offerings saw a busy start to the year with the number of issues up 237% to US$8.2 billion, the highest total since 2004. The largest deal of the quarter was the follow-on offering from Healthcare company Siemens Healthineer AG raising US$2.7 billion near the end of Q1. Goldman Sachs take the top spot in the Germany ECM league table with US$1.2 billion in related proceeds, or a 9% market share. Deutsche Bank take second spot, with 8% market share, followed by Berenberg in third place with 7% market share.

DEBT CAPITAL MARKETS Debt issuance in Germany totals US$153.8 billion so far this year, a 21% increase compared to the same period last year. German High Yield corporate issuance reached its highest total on record with US$8.8 billion issued in Q1, an increase of 151% from the same period in 2020. Governments and agencies continue their dominance in the bond market accounting for 51% of DCM proceeds and 12% increase from the same period last year. The largest issuance of the quarter was Siemens bond offering of US$9.9 billion. Deutsche Bank take the top spot for the Germany DCM league table with US$13.6 billion in related proceeds and a 9% market share. Commerzbank & JP Morgan take second and third spot, respectively.

3 An LSEG business BACK TO GERMANY HIGHLIGHTS INVESTMENT BANKING FEES PAGE TOP FEE PAYING INDUSTRIES INVESTMENT BANKING FEES VOLUMES

YTD Fees 17%

1,200 30% Financials 21% 1,000 Government and 38% • Outer Rim: YTD Agencies 800 • Inner Rim: YTDLY 16% Industrials 17% 600 Retail

US$ US$ Million 400 6% 11% 5% 13% ` 200 13% High Technology 13% 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Other

INVESTMENT BANKING FEES BY ASSET CLASS YOY FEE GROWTH BONDS EQUITY LOANS MA

500 Retail 450 400 High Technology

350 Industrials 300 250 Government and Agencies 200 Financials US$ US$ Million 150 100 Other 50 0% 50% 100% 150% 200% 250% 300% 350% 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 YoY Growth

4 An LSEG business BACK TO GERMANY HIGHLIGHTS MERGERS & ACQUISITIONS PAGE TOP TARGETED INDUSTRIES ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS

YTD Volumes #Deals 11% Retail 90,000 1,200 6%3% 8% 6% 80,000 Industrials 1,000 6% 38% 70,000 • Outer Rim: YTD 8% High Technology 60,000 800 • Inner Rim: YTDLY 10% 50,000 600 40,000 Energy and Power 71%

US$ US$ Million 30,000 400 16% Real Estate 20,000 200 10,000 17% Other 0 - 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

TARGET M&A VOLUMES & NUMBER OF DEALS YOY GROWTH BY INDUSTRY

YTD Volumes #Deals Other 80,000 700

70,000 600 Real Estate 60,000 500 Energy and 50,000 Power 400 High 40,000 Technology 300 30,000

US$ US$ Million Industrials 200 20,000 10,000 100 Retail 0 - -200% -100% 0% 100% 200% 300% 400% 500% 600% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

5 An LSEG business BACK TO GERMANY HIGHLIGHTS MERGERS & ACQUISITIONS PAGE

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

Inbound M&A down -76% from YTD last year, Domestic M&A up 21% from YTD last year, accounting Outbound M&A down -50% from YTD last year, accounting for $8.6 Billion so far this year. for $9.8 Billion so far this year. accounting for $6.6 Billion so far this year.

YTD Volumes #Deals YTD Volumes #Deals YTD Volumes #Deals 40,000 300 50,000 300 25,000 200 250 30,000 40,000 20,000 150 200 200 15,000 20,000 150 30,000 100 10,000 100 20,000

US$ US$ Million 50 10,000 100 US$ Million 5,000 50 US$ Million 10,000 0 - 0 - 12 13 14 15 16 17 18 19 20 21 0 - 12 13 14 15 16 17 18 19 20 21 12 13 14 15 16 17 18 19 20 21 INBOUND M&A VOLUMES OUTBOUND M&A VOLUMES TOP ACQUIRING NATIONS TOP TARGETED NATIONS

US$ Million US$ Million 0 5,000 10,000 15,000 20,000 25,000 0 2,000 4,000 6,000 8,000 10,000

5,213 3,227 United States of America Poland 20,738 123 1,004 1,899 Switzerland United States of America 613 8,244 287 398 Belgium Italy 8 0

2021 2020 2021 2020

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

YTD Volumes #Deals

16,000 1,200 14,000 1,000 17% 12,000 21% 800 10,000 Healthcare 15% 12% 8,000 600 7% Financials 6,000 • Outer Rim: YTD US$ US$ Million 400 4,000 • Inner Rim: YTDLY 17% Industrials 200 26% 18% 2,000 14% 0 - High Technology 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22% Real Estate ANY INVOLVEMENT MID-MARKET M&A LEAGUE TABLE (US$MIL) 15% 16% Other SHARE BANK NAME RANK VALUE (US$ MIL) RANK # DEALS (%) JP Morgan $ 552.1 1 6.0 5 KPMG $ 492.1 2 5.3 8 Moelis & Co $ 400.0 3 4.3 2 Morgan Stanley $ 398.1 4 4.3 1 Citi $ 317.1 5* 3.4 5 Rothschild & Co $ 317.1 5* 3.4 8 Nordea $ 301.9 7 3.3 1 Goldman Sachs & Co $ 286.0 8 3.1 6 BofA Securities Inc $ 231.3 9 2.5 1 Jefferies LLC $ 190.0 10 2.1 3 Industry Total $ 9,247.4 100.0 702 7 An LSEG business BACK TO GERMANY HIGHLIGHTS MERGERS & ACQUISITIONS PAGE

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

6,640.8 Pending 02/17/2021 Zalando SE Germany Retail SEB Shareholders Germany Financials Aviva PLC-Polish 2,940.9 Pending 03/26/2021 Poland Financials JP Morgan Allianz SE Germany Financials Goldman Sachs & Co Business JP Morgan Securities LLC 2,444.0 Pending 03/30/2021 Lilium GmbH Germany Industrials Citi Qell Acquisition Corp United States Financials Barclays Capital Inc Media and Goldman Sachs & Co 1,168.9 Pending 02/05/2021 SpotXchange Inc United States JP Morgan Magnite Inc United States High Technology Entertainment LUMA Partners LLC 1,145.2 Intended 03/30/2021 Scout24 AG Germany High Technology Scout24 AG Germany High Technology Goldman Sachs & Co Emerald Kalama Morgan Stanley 1,040.0 Pending 02/14/2021 United States Materials Lanxess AG Germany Materials JP Morgan & Co Inc Chemical LLC Jefferies & Co Inc Energy and Berenberg 885.8 Intended 02/15/2021 AKASOL AG Germany Blitz F21-842 AG United States Financials BofA Securities Inc Power PricewaterhouseCoopers Energy and Versicherungskammer 843.4 Pending 03/31/2021 Ferngas Salzgitter GmbH Germany Germany Financials Power Bayern Telecommunicati Goldman Sachs & Co Digital Infrastructure 786.8 Pending 01/21/2021 T-Mobile Infra BV Netherlands Netherlands Financials ons Citi Vehicle Global Markets Consumer Consumer Europe AG 675.3 Pending 03/15/2021 Mondial Relay SAS France Products and Rothschild & Co Inpost SA Luxembourg Products and goetzpartners Corporate Services Services Finance GmbH

8 An LSEG business BACK TO GERMANY HIGHLIGHTS EQUITY CAPITAL MARKETS PAGE

ECM PROCEEDS TOP ISSUING INDUSTRIES

YTD Proceeds Rest of Year Proceeds # of Issues YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) 60,000 180 4,500 90000% 160 50,000 4,000 77650% 80000% 140 3,500 70000% 40,000 120 3,000 60000% 100 2,500 50000% 30,000 80 2,000 40000%

1,500 30000% US$ US$ Million US$ US$ Million 20,000 60 1,000 20000% 40 10,000 500 10000% 20 0 64% 0% 0% 11% 58% 0% 0 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

IPO Follow-On Convertible

10,000 9,000 8,000 7,000 6,000 5,000 4,000 US$ US$ Million 3,000 2,000 1,000 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 INDUSTRIES

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

600,000 1,600 90,000 180% 164% 1,400 80,000 160% 500,000 140% 70,000 1,200 120% 400,000 1,000 60,000 100% 300,000 800 50,000 83% 80% 40,000 60% 600

US$ US$ Million 200,000 40%

US$ US$ Million 30,000 400 20% 100,000 20,000 12% 4% 200 0% 0% 10,000 -14% -20% 0 0 -40% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Government Financials Industrials High Materials Other and Agencies Technology DCM PROCEEDS BY ISSUE TYPE Agency, Supranational, Sovereign Investment Grade Corporate MBS ABS Federal Credit Agency High Yield Corporate 120,000

100,000

80,000

60,000

US$ US$ Million 40,000

20,000

0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

10 An LSEG business BACK TO GERMANY HIGHLIGHTS EQUITY & DEBT CAPITAL MARKETS TOP DEALS PAGE

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

Healthcare Equipment 03/25/2021 2,749.6 Follow-On Siemens Healthineers AG Germany Healthcare XETRA & Supplies

03/17/2021 2,395.6 IPO Vantage Towers AG Germany Telecommunications Wireless FRANK

02/02/2021 2,207.1 IPO AUTO1 Group SE Germany Retail Automotive Retailing FRANK

Internet and Catalog 01/06/2021 1,536.3 Follow-On Delivery Hero SE Germany Retail FRANK Retailing

Automobiles & 03/12/2021 1,366.3 Follow-On Daimler AG Germany Industrials FRANK Components

DCM TOP DEALS YTD

Proceeds Issue Date Issue Type Issuer Nation Industry Mid Industry Currency ($ mil) Investment Grade 03/02/2021 9,989.3 Siemens NV Netherlands High Technology Electronics U.S. Dollar Corporate Agency, Supranational, 01/05/2021 6,380.3 KfW Bankengruppe Germany Government and Agencies National Agency EURO Sovereign Agency, Supranational, 03/02/2021 6,185.3 KfW Bankengruppe Germany Government and Agencies National Agency EURO Sovereign Agency, Supranational, 01/12/2021 4,999.3 KfW Bankengruppe Germany Government and Agencies National Agency U.S. Dollar Sovereign Agency, Supranational, 02/24/2021 4,987.0 KfW Bankengruppe Germany Government and Agencies National Agency U.S. Dollar Sovereign

11 An LSEG business BACK TO GERMANY HIGHLIGHTS INVESTMENT BANKING FEE LEAGUE TABLES PAGE

INVESTMENT BANKING FEES LEAGUE TABLE

JP Morgan Deutsche Bank Morgan Stanley Citi Bofa Securities Inc UBS Goldman Sachs & Co Barclays Commerzbank AG

120

100 9.2% 8.4% 80 7.0% 60 6.3% 5.0% 4.4% 40 4.3% 3.9% 3.9% 3.6%

Fees US$ US$ FeesMillion 20 0 0 1 2 3 4 5 6 7 8 9 10 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 2 JP Morgan $ 95.4 127.6% 9.2% 3.0% 44 37.5% 2 1 Deutsche Bank $ 86.5 58.0% 8.4% 0.3% 61 13.0% 3 5 Morgan Stanley $ 72.5 135.4% 7.0% 2.5% 20 17.6% 4 7 Citi $ 65.3 119.9% 6.3% 1.9% 30 76.5% 5 10 Bofa Securities Inc $ 51.5 122.9% 5.0% 1.6% 25 4.2% 6 29 UBS $ 45.3 714.2% 4.4% 3.6% 16 300.0% 7 3 UniCredit $ 41.3 8.8% 4.0% -1.6% 49 -7.5% 8 4 Goldman Sachs & Co $ 40.7 22.8% 3.9% -1.0% 20 53.8% 9 8 Barclays $ 40.4 51.1% 3.9% 0.0% 36 -14.3% 10 6 Commerzbank AG $ 37.7 24.9% 3.6% -0.8% 54 -15.6% TOTAL $ 1,033.1 52.7% 494 25.1%

12 An LSEG business BACK TO GERMANY HIGHLIGHTS INVESTMENT BANKING FEE LEAGUE TABLES PAGE

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 - UBS $ 22.4 - 13.8% - 2 - 2 7 Citi $ 18.9 100.1% 11.6% 7.2% 2 100.0% 3 12 Bofa Securities Inc $ 16.8 217.8% 10.3% 7.8% 1 -66.7% 4 54 PricewaterhouseCoopers $ 15.9 5206.7% 9.8% 9.6% 5 66.7% 5 10 Morgan Stanley $ 15.3 116.9% 9.4% 6.1% 1 0.0% 6 18 Sonntag Corporate Finance GmbH $ 9.0 125.0% 5.5% 3.6% 9 125.0% 7 27 BNP Paribas SA $ 6.1 205.2% 3.7% 2.8% 3 200.0% 8 39 Concentro Management AG $ 5.0 400.0% 3.1% 2.6% 5 400.0% 9 39 goetzpartners Corp Finance $ 4.0 300.0% 2.5% 2.0% 4 300.0% 10 18 Carlsquare GmbH $ 3.1 -21.4% 1.9% 0.1% 4 0.0% TOTAL $ 163.1 -23.5% 82 -28.1% 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 1 JP Morgan $ 49.5 323.6% 15.8% -5.5% 4 33.3% 2 2 Morgan Stanley $ 48.1 327.4% 15.3% -5.2% 4 33.3% 3 6 Citi $ 22.8 755.6% 7.3% 2.4% 4 100.0% 4 13 Jefferies LLC $ 19.7 8269.6% 6.3% 5.9% 3 200.0% 5 10 Bofa Securities Inc $ 19.7 718.4% 6.3% 1.9% 2 100.0% 6 13 Deutsche Bank $ 19.5 8191.2% 6.2% 5.8% 4 300.0% 7 6 HSBC Holdings PLC $ 13.8 417.9% 4.4% -0.5% 3 50.0% 8 3 Goldman Sachs & Co $ 13.8 121.3% 4.4% -7.0% 2 100.0% 9 5 UBS $ 11.5 169.9% 3.7% -4.1% 3 50.0% 10 6 Barclays $ 10.8 306.1% 3.5% -1.4% 2 0.0% TOTAL $ 313.2 472.1% 26 136.4% 13 An LSEG business BACK TO GERMANY HIGHLIGHTS INVESTMENT BANKING FEE LEAGUE TABLES PAGE

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 Deutsche Bank $ 62.8 95.6% 13.4% 2.5% 53 35.9% 2 3 JP Morgan $ 28.8 40.5% 6.2% -0.8% 36 44.0% 3 2 UniCredit $ 25.9 11.0% 5.6% -2.4% 38 -5.0% 4 24 Goldman Sachs & Co $ 23.7 568.3% 5.1% 3.9% 15 150.0% 5 4 Commerzbank AG $ 21.9 23.5% 4.7% -1.3% 36 -26.5% 6 9 BNP Paribas SA $ 18.9 83.3% 4.1% 0.5% 25 92.3% 7 5 Barclays $ 18.1 6.9% 3.9% -1.9% 32 -11.1% 8 6 HSBC Holdings PLC $ 16.0 1.7% 3.4% -1.9% 32 10.3% 9 7 Citi $ 15.6 22.8% 3.3% -1.0% 21 90.9% 10 14 TD Securities Inc $ 14.8 128.0% 3.2% 1.0% 19 18.8% TOTAL $ 467.3 58.8% 365 56.7%

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 7 JP Morgan $ 17.1 225.3% 19.1% 14.5% 4 33.3% 2 4 Barclays $ 11.4 61.3% 12.8% 6.6% 2 -50.0% 3 2 Commerzbank AG $ 8.9 -22.1% 9.9% -0.1% 12 -14.3% 4 8 Citi $ 8.0 64.1% 8.9% 4.6% 3 0.0% 5 3 UniCredit $ 5.6 -35.2% 6.2% -1.3% 6 -40.0% 6 23 KfW IPEX-Bank GmbH $ 3.9 154.0% 4.3% 3.0% 3 200.0% 7 16 BNP Paribas SA $ 3.6 39.0% 4.0% 1.7% 3 - 8 11 ING $ 2.6 -35.4% 2.9% -0.6% 3 50.0% 9 26 Societe Generale $ 2.6 139.9% 2.9% 1.9% 2 100.0% 10 15 Bofa Securities Inc $ 2.2 -21.2% 2.4% 0.0% 3 50.0% TOTAL $ 89.6 -21.6% 21 -43.2% 14 An LSEG business BACK TO GERMANY HIGHLIGHTS INVESTMENT BANKING LEAGUE TABLES PAGE

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 1 JP Morgan $ 8,145.8 -78% 28% -58% 9 -10% 2 - SEB $ 6,640.8 - 23% - 1 - 3 3 Goldman Sachs & Co $ 6,327.6 -81% 22% -63% 10 0% 4 9 Citi $ 4,223.1 -57% 14% -16% 8 100% 5 35 Barclays $ 2,444.0 884% 8% 1975% 2 100% 6 20 Jefferies LLC $ 1,800.0 119% 6% 336% 5 67% 7 15 Morgan Stanley $ 1,438.1 -60% 5% -21% 2 -71% 8 - LUMA Partners LLC $ 1,168.9 - 4% - 1 - 9 8 BofA Securities Inc $ 1,117.1 -89% 4% -78% 2 -67% 10 2 Rothschild & Co $ 992.3 -97% 3% -94% 9 -25% TOTAL $ 29,500.9 -49% 715 6% 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 - SEB $ 6,640.8 - 36% - 1 - 2 8 Citi $ 2,761.1 -72% 15% -33% 4 0% 3 1 JP Morgan $ 2,626.7 -91% 14% -79% 3 -67% 4 28 Barclays $ 2,444.0 884% 13% 2117% 1 0% 5 4 Goldman Sachs & Co $ 1,145.2 -96% 6% -90% 4 -56% 6* - Berenberg $ 885.8 - 5% - 1 - 6* 30 PricewaterhouseCoopers $ 885.8 556% 5% 1500% 4 -50% 6* 16 BofA Securities Inc $ 885.8 -60% 5% -6% 1 -75% 9 19 Jefferies LLC $ 600.0 -27% 3% 74% 3 0% 10 3 Rothschild & Co $ 317.1 -99% 2% -97% 6 -25% TOTAL $ 18,450.2 -58% 496 6%

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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 4 Goldman Sachs & Co $ 1,249.1 219% 9% 4% 3 200% 2 - Deutsche Bank $ 1,210.9 - 8% - 5 - 3 11 Berenberg $ 1,065.2 776% 7% 185% 6 500% 4 2 JP Morgan $ 1,007.0 63% 7% -47% 4 33% 5 5* HSBC Holdings PLC $ 980.9 166% 7% -14% 4 100% 6 3 UBS $ 963.0 78% 7% -43% 5 150% 7 5* UniCredit $ 842.3 128% 6% -25% 2 0% 8 5* BNP Paribas SA $ 815.3 121% 6% -28% 3 50% 9 1 Morgan Stanley $ 767.2 1% 5% -67% 3 0% 10 5* Barclays $ 752.6 104% 5% -33% 4 100% TOTAL $ 14,347.0 209% 24 140% DCM LEAGUE TABLE (US$MIL) PROCEEDS PROCEEDS SHARE YOY #DEALS YOY 2021 2020 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 2 Deutsche Bank $ 13,656.6 30% 9% 9% 51 34% 2 6 Commerzbank AG $ 9,882.2 26% 6% 5% 36 -10% 3 3 JP Morgan $ 9,415.7 1% 6% -16% 36 44% 4 1 UniCredit $ 8,003.5 -35% 5% -46% 37 -8% 5 5 HSBC Holdings PLC $ 7,222.9 -16% 5% -30% 31 11% 6 4 Barclays $ 7,163.6 -20% 5% -33% 31 -9% 7 8 Citi $ 6,931.4 30% 5% 7% 21 91% 8 11 BNP Paribas SA $ 6,852.4 87% 5% 55% 25 108% 9 17* TD Securities Inc $ 6,469.7 167% 4% 121% 18 13% 10 7 BofA Securities Inc $ 5,362.2 -10% 4% -26% 19 19% TOTAL $ 153,858.1 21% 288 40%

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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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