Russia Investment Banking Review First Nine Months 2019 Refinitiv Deals Intelligence

1 QUARTERLY HIGHLIGHTS

HIGHLIGHTS

M&A FEES UP 151% M&A TOP FINANCIAL ADVISOR YTD ECM FEES UP 461% Citi DCM FEES DOWN -12% ECM TOP BOOK RUNNER YTD & Co LOAN FEES DOWN -30% DCM TOP BOOK RUNNER YTD ANY INV. M&A DOWN -33% VTB Capital TARGET M&A DOWN -35% M&A TOP TARGETED INDUSTRY ECM PROCEEDS UP 301% Industrials

DCM PROCEEDS UP 1% DCM TOP ISSUING ECM TOP ISSUING Click on any of the above arrows to INDUSTRY INDUSTRY go straight to the analysis. Financials Materials

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2 REPORT SUMMARY

INVESTMENT BANKING FEES Russian investment banking fees reached an estimated US$239.5 million during the first nine months of 2019, 46% more than the value recorded during the same period in 2018. Fees generated from completed M&A transactions reached a five-year high of US$76.5 million, up 151% year-on-year, while equity capital markets fees hit a two-year high of US$63.7 million. Debt capital markets underwriting fees totalled US$65.4 million, down 12% from the first nine months of 2018 and a three-year low. Syndicated lending fees declined 30% year- on-year to a four-year low of US$33.9 million. Debt capital markets fees accounted for 27% of the overall Russian investment banking fee pool, down from 45% during the first nine months of 2018. Syndicated lending fees accounted for 14% while the share of completed M&A advisory fees increased to 32%, the highest level in five years. Equity capital markets underwriting fees accounted for 27%. VTB Capital earned the most investment banking fees in during the first nine months of 2019, a total of US$44.1 million for an 18% share of the total fee pool.

MERGERS & ACQUISITIONS The value of announced M&A transactions with any Russian involvement reached US$11.6 billion during the first nine months of 2019, a third less than the value recorded during the same period in 2018 and the second lowest year-to-date total in the last decade. Deals with a Russian target fell 35% year-on-year to US$8.5 billion as inbound deals declined 39% and domestic M&A dropped 32%. Russian outbound M&A reached just US$809.9 million, a 32% decline from last year. Deals in the industrial sector accounted for 22% of Russian target M&A by value, followed by High Technology with a 17% share. With advisory work on six deals worth a combined US$2.8 billion, Citi took the top spot in the financial advisor ranking for deals with any Russian involvement during the first nine months of 2019, up from 6th place at this time last year. followed in second position with US$2.6 billion.

EQUITY CAPITAL MARKETS Russian equity and equity-related issuance totalled US$1.9 billion during the first nine months of 2019, up from US$483.6 million during the same period in 2018. With US$1.7 billion, follow-on offerings account for 87% of activity, while a single initial public offering accounts for the remaining 13%. Russian recruitment company HeadHunter Group raised US$253 million when it listed on Nasdaq in May. Goldman Sachs led the Russian equity capital markets ranking during the first nine months of 2019, controlling 40% of the market by share, followed by VTB Capital with 18%.

DEBT CAPITAL MARKETS Debt issuance in Russia totalled US$22.9 billion during the first nine months of 2019, up 1% from the same period in 2018. Bonds issued by companies in the Financial sector accounted for 33% of issuance, while government & agency bonds accounted for 32%. VTB Capital topped the Russian DCM underwriting league table during the first nine months of 2019, with a 42% market share.

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INVESTMENT BAKING FEES VOLUMES TOP FEE PAYING INDUSTRIES

YTD Fees Annual Fees • Outer Rim: YTD 1,400 • Inner Rim: YTDLY

1,200

1,000 21% 800 30% 13% 600

US$Million 28% 400 12%

200

14% 0 14% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 19% 7% 14% INVESTMENT BAKING FEES BY ASSET CLASS 12% 16% BONDS EQUITY LOANS MA 500 450 400 Financials Industrials 350 Energy and Power Government and Agencies 300 250 Materials Other

200 US$Million 150 100 50 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

YTD Volumes Rest of Year Volumes #Deals • Outer Rim: YTD 160,000 3,000 • Inner Rim: YTDLY

140,000 2,500 120,000 2,000 100,000 22% 22% 4% 2% 80,000 1,500

US$Million 60,000 1,000 27% 40,000 43% 500 20,000 8%

0 - 17% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 2% 22% TARGET M&A VOLUMES & NUMBER OF DEALS 15%

YTD Volumes Rest of Year Volumes #Deals 16% 140,000 2,500

120,000 2,000 Industrials Materials 100,000 High Technology Real Estate 1,500 80,000 Retail Other 60,000

1,000 US$Million 40,000 500 20,000

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 down -39% from YTD last year, Domestic M&A down -32% from YTD last year, Outbound M&A down -32% from YTD last year, accounting for $3,369.8 Million so far this year. accounting for $5,175.9 Million so far this year. accounting for $809.9 Million so far this year.

YTD Volumes Rest of Year Volumes #Deals YTD Volumes Rest of Year Volumes #Deals YTD Volumes Rest of Year Volumes #Deals 30,000 450 90,000 1,600 20,000 100

400 80,000 1,400 18,000 90 25,000 70,000 16,000 80 350 1,200 14,000 70 20,000 300 60,000 1,000 12,000 60 250 50,000 15,000 800 10,000 50 200 40,000

8,000 40

US$Million US$Million

US$Million 600 10,000 150 30,000 6,000 30 400 100 20,000 4,000 20 5,000 200 50 10,000 2,000 10 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

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TARGET M&A VOLUMES BY DEAL SIZE

X < US$500 US$500m to US$1Bn US$1Bn to US$5Bn X > US$5Bn 45,000

40,000

35,000

30,000

25,000

20,000

US$Million 15,000

10,000

5,000

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

YTD TARGET MID-MARKET M&A

X < US$500 16,000

14,000

12,000

10,000

8,000

US$Million 6,000

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 YTD

Value Status Rank Date Target Name Target Nation Target Industry Acquiror Name Acquiror Nation Target Financial Advisor Acquiror Financial Advisor ($Mil) Guggenheim Securities LLC 1,971.4 Completed 1/7/2019 Luxoft Holding Inc Switzerland High Technology DXC Technology Co United States Credit Suisse Group of America Lynch

1,160.0 Completed 1/25/2019 Kekh eKommerts OOO Russian Fed High Technology OLX Global BV South Africa Deloitte & Touche Citi

Lukoil Upstream Congo Partners 800.0 Completed 6/6/2019 New Age M12 Hldg Ltd-Marine Rep of Congo Energy and Power Russian Fed Sau Bank of America Merrill Lynch

653.0 Completed 4/1/2019 Lenta Ltd Russian Fed Retail Severgroup OOO Russian Fed JP Morgan Global Markets Ltd

600.2 Completed 7/4/2019 PIK Group OJSC Russian Fed Industrials Bank VTB PAO Russian Fed VTB Capital

599.0 Completed 4/1/2019 Lenta Ltd Russian Fed Retail Severgroup OOO Russian Fed Credit Suisse Group Citigroup Global Markets Ltd

Consumer Products 555.6 Pending 6/22/2019 TransFin-M OJSC Russian Fed TFM-Garant AO Russian Fed and Services

543.7 Completed 2/14/2019 Novorossiysk Grain Plant PJSC Russian Fed Industrials Demetra 1 OOO Russian Fed

425.0 Completed 4/5/2019 Nitrokhimprom OOO Russian Fed Industrials SUEK JSC Cyprus

400.1 Completed 4/3/2019 Uralkali PJSC Russian Fed Materials Rinsoco Trading Co Ltd British Virgin

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ECM PROCEEDS TOP ISSUING INDUSTRIES YTD Proceeds Annual Proceeds 40,000 YTD Proceeds 35,000 1,800 1,600 30,000 1,400 25,000 1,200 20,000 1,000

US$Million 15,000 800

US$Million 600 10,000 400 5,000 200 0 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 Materials Consumer Products and Industrials Services ECM PROCEEDS BY ISSUE TYPE

IPO Follow-On Convertible 18,000

16,000

14,000

12,000

10,000

8,000 US$Million 6,000

4,000

2,000

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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DCM PROCEEDS TOP ISSUING INDUSTRIES

YTD Proceeds Annual Proceeds YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) 80,000 8,000 60%

7,000 70,000 39% 40% 6,000 25% 27% 60,000 20%

50,000 5,000 6% 0% -4% 4,000 40,000 -20%

US$Million 3,000

US$Million 30,000 -40% 2,000 20,000 -58% 1,000 -60% 10,000 0 -80% 0 Financials Government and Industrials Energy and Materials Other 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 Agencies Power DCM PROCEEDS BY ISSUE TYPE

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

50,000

40,000

30,000

US$Million 20,000

10,000

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

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ECM TOP DEALS YTD

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

3/13/2019 552.8 MMC Norilsk Nickel PJSC Materials Metals & Mining Follow-On RTS

6/28/2019 400.1 NLMK Materials Metals & Mining Follow-On LONDN

4/4/2019 389.5 Polyus PJSC Materials Metals & Mining Follow-On MXRTS

7/10/2019 255.5 Polymetal International PLC Materials Metals & Mining Follow-On LONDN

5/8/2019 253.1 Headhunter Grp Plc Consumer Products and Services Employment Services IPO NASDQ

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

3/21/2019 3,879.0 Minfin Government and Agencies National Government Agency, Supranational, Sovereign U.S. Dollar

6/20/2019 2,641.8 Russian Federation Government and Agencies National Government Agency, Supranational, Sovereign U.S. Dollar

Emerging Market Corporate 7/18/2019 1,274.4 Sberbank Rossii PAO Financials Russian Rouble Investment Grade Corporate Emerging Market Corporate 2/6/2019 1,250.0 Gaz Capital SA Energy and Power Oil & Gas U.S. Dollar Investment Grade Corporate Emerging Market Corporate 6/5/2019 1,225.0 Sberbank Rossii PAO Financials Banks Russian Rouble Investment Grade Corporate

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INVESTMENT BANKING FEES LEAGUE TABLE

VTB Capital Gazprombank Credit Suisse Sberbank CIB Goldman Sachs & Co Citi JP Morgan Societe Generale ING 60

50

18.4% 40 14.6% 30 12.7% 10.9%

Fees US$ Million FeesUS$ 20 6.3% 6.3% 5.3% 10 3.0% 2.8% 2.2% 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 YTD 2019 YTD 2018 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 1 VTB Capital $ 44.1 20.2% 18.4% -3.9% 62 37.8% 2 5 Gazprombank $ 35.0 201.6% 14.6% 7.6% 19 -40.6% 3 18 Credit Suisse $ 30.5 1877.1% 12.7% 11.8% 5 66.7% 4 2 Sberbank CIB $ 26.2 43.2% 10.9% -0.2% 41 -28.1% 5 - Goldman Sachs & Co $ 15.1 - 6.3% - 4 - 6 10 Citi $ 15.1 329.0% 6.3% 4.2% 7 133.3% 7 4 JP Morgan $ 12.6 3.4% 5.3% -2.1% 12 50.0% 8 32 Morgan Stanley $ 7.2 923.1% 3.0% 2.6% 1 0.0% 9 8 Societe Generale $ 6.7 43.1% 2.8% -0.1% 10 42.9% 10 6 ING $ 5.2 -45.7% 2.2% -3.7% 8 0.0% TOTAL $ 239.5 45.7% 102 -26.1%

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M&A FEES LEAGUE TABLE (US$MIL)

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

1 - Credit Suisse $ 25.6 - 33.4% - 2 - 2 - Sberbank CIB $ 14.7 - 19.2% - 5 - 3 4 Citi $ 12.5 327.7% 16.4% 6.8% 4 300.0% 4 2 VTB Capital $ 9.0 14.4% 11.7% -14.0% 8 100.0% 5 1 JP Morgan $ 6.9 -20.3% 9.1% -19.5% 2 100.0% 6 - Renaissance Capital Group $ 2.9 - 3.8% - 2 - 7 3 IMAP $ 2.0 -41.7% 2.6% -8.7% 1 -66.7% 8 - Taiga Capital $ 1.0 - 1.3% - 1 - 8 9 Gazprombank $ 1.0 19.5% 1.3% -1.4% 1 -50.0% 10 13 Rothschild & Co $ 0.6 16.3% 0.8% -0.9% 1 0.0% TOTAL $ 76.5 151.4% 24 26.3% ECM FEES LEAGUE TABLE (US$MIL)

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

1 5 Gazprombank $ 23.2 2956.1% 36.4% 29.7% 2 - 2 - Goldman Sachs & Co $ 14.8 - 23.2% - 3 - 3 - Morgan Stanley $ 7.2 - 11.3% - 1 - 4 1 VTB Capital $ 5.4 37.8% 8.5% -26.3% 4 100.0% 5 - Credit Suisse $ 4.2 - 6.6% - 2 - 6 3 Sberbank CIB $ 2.2 25.3% 3.4% -11.8% 2 100.0% 7 3 JP Morgan $ 2.1 21.0% 3.3% -11.9% 2 100.0% 8 - Citi $ 1.8 - 2.9% - 1 - 9 - /KBW $ 1.0 - 1.6% - 1 - 10 - Bank of America Merrill Lynch $ 1.0 - 1.5% - 1 - TOTAL $ 63.7 461.4% 8 166.7%

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DCM FEES LEAGUE TABLE (US$MIL)

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

1 1 VTB Capital $ 29.7 19.4% 45.5% 11.8% 50 28.2% 2 3 Gazprombank $ 10.2 13.9% 15.6% 3.5% 15 -42.3% 3 2 Sberbank CIB $ 8.0 -43.4% 12.3% -6.9% 32 -40.7% 4 9 JP Morgan $ 3.3 87.4% 5.1% 2.7% 7 16.7% 5 31 Credit Bank of $ 2.0 2403.8% 3.0% 2.9% 9 - 6 13 Societe Generale $ 1.5 79.4% 2.3% 1.2% 6 50.0% 7 20 Alfa Bank $ 1.1 292.9% 1.7% 1.3% 2 100.0% 8 23 Regions Financial Corp $ 1.0 391.5% 1.6% 1.3% 3 200.0% 9 4 Brokerskaia Kompaniya Region $ 1.0 -69.6% 1.6% -3.0% 2 -80.0% 10 6 OAO Russian Agricultural Bank $ 0.8 -74.2% 1.3% -3.1% 1 -85.7% TOTAL $ 65.4 -11.7% 61 -39.0% LOANS FEES LEAGUE TABLE (US$MIL)

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

1 4 Societe Generale $ 5.2 35.2% 15.4% 7.5% 4 33.3% 2 2 ING $ 4.8 -48.8% 14.2% -5.1% 7 0.0% 3 6 Credit Agricole CIB $ 3.8 65.7% 11.2% 6.5% 3 0.0% 4 3 $ 3.2 -24.4% 9.3% 0.7% 4 33.3% 5 10 $ 2.4 117.9% 7.1% 4.8% 1 0.0% 6 7 Commerzbank AG $ 1.7 -6.7% 5.0% 1.3% 3 200.0% 7 33 Banca IMI (Intesa Sanpaolo) $ 1.5 1215.1% 4.3% 4.1% 1 - 8 5 Sberbank CIB $ 1.3 -44.2% 4.0% -1.0% 2 0.0% 9 34 Alfa Bank $ 1.0 2554.1% 2.9% 2.8% 1 0.0% 10 14 Nordea $ 0.9 5.5% 2.8% 0.9% 1 - TOTAL $ 33.9 -30.2% 9 -43.8%

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

RANK VALUE RANK VALUE YOY SHARE YOY #DEALS YOY YTD 2019 YTD 2018 BANK NAME SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 6 Citi $ 2,756.8 129% 24% 239% 6 100% 2 - Credit Suisse $ 2,570.4 - 22% - 2 - 3* - Guggenheim Securities LLC $ 1,971.5 - 17% - 1 - 3* 15* Bank of America Merrill Lynch $ 1,971.5 - 17% - 1 -50% 5 2 Sberbank CIB $ 1,227.3 -56% 11% -34% 5 400% 6 10 Deloitte $ 1,160.0 867% 10% 1329% 2 0% 7 4 JP Morgan $ 882.6 -49% 8% -25% 2 100% 8 1 VTB Capital $ 632.7 -78% 5% -67% 8 100% 9 - Renaissance Capital Group $ 456.2 - 4% - 2 - 10 8 Scotiabank $ 283.0 42% 2% 100% 1 0% TOTAL $ 11,630.2 -33% 637 -19%

TARGET M&A LEAGUE TABLE (US$MIL)

RANK VALUE RANK VALUE YOY SHARE YOY #DEALS YOY YTD 2019 YTD 2018 BANK NAME SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 5 Citi $ 2,756.8 129% 32% 251% 6 100% 2 - Sberbank CIB $ 1,227.3 - 14% - 5 - 3 9 Deloitte $ 1,160.0 867% 14% 1411% 2 100% 4 3 JP Morgan $ 882.6 -49% 10% -23% 2 100% 5 1 VTB Capital $ 632.7 -77% 7% -65% 8 167% 6 - Credit Suisse $ 599.0 - 7% - 1 - 7 - Renaissance Capital Group $ 456.2 - 5% - 2 - 8 7 Scotiabank $ 283.0 42% 3% 120% 1 0% 9 8 Rothschild & Co $ 173.3 33% 2% 100% 1 -50% 10 6 Goldman Sachs & Co $ 71.5 -86% 1% -80% 1 -50% TOTAL $ 8,545.7 -35% 593 -20%

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ECM LEAGUE TABLE (US$MIL)

PROCEEDS PROCEEDS YOY SHARE YOY #DEALS YOY YTD 2019 YTD 2018 BANK NAME SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 - Goldman Sachs & Co $ 775.7 - 40% - 4 - 2 1 VTB Capital $ 348.8 77% 18% -56% 4 100% 3 - Credit Suisse $ 226.4 - 11.7% - 2 - 4 - Citi $ 184.3 - 9.5% - 1 - 5 3* JP Morgan $ 122.4 47% 6.3% -63% 2 100% 6 3* Sberbank CIB $ 120.1 44% 6.2% -64% 2 100% 7 - Gazprombank $ 77.9 - 4% - 1 - 8* - Morgan Stanley $ 42.2 - 2.2% - 1 - 8* - Bank of America Merrill Lynch $ 42.2 - 2.2% - 1 ------TOTAL $ 1,939.9 301% 6 100% DCM LEAGUE TABLE (US$MIL)

PROCEEDS PROCEEDS YOY SHARE YOY #DEALS YOY YTD 2019 YTD 2018 BANK NAME SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 1 VTB Capital $ 9,546.8 31% 41.7% 30% 48 33% 2 3 Gazprombank $ 4,164.3 35% 18.2% 34% 15 -42% 3 2 Sberbank CIB $ 2,544.2 -38% 11.1% -39% 32 -18% 4 9 JP Morgan $ 1,152.3 110% 5% 108% 8 33% 5 - Credit Bank of Moscow $ 725.8 - 3.2% - 9 - 6 17 Societe Generale $ 678.2 320% 3% 329% 7 133% 7 5 Brokerskaia Kompaniya Region $ 430.1 -59% 1.9% -60% 2 -80% 8 19 Citi $ 416.7 295% 1.8% 260% 3 50% 9 21* Regions Financial Corp $ 397.6 457% 1.7% 467% 3 200% 10 10 UniCredit $ 347.0 -10% 1.5% -12% 3 -50% TOTAL $ 22,876.1 1% 61 79%

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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 5204 l [email protected] runner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US Gonzalo Ponce Pestana l +44 207 542 0223 l [email protected] 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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