Russia: Investment Banking Review Full Year 2019 Refinitiv Deals Intelligence

1 QUARTERLY HIGHLIGHTS

HIGHLIGHTS

M&A FEES UP 151% M&A TOP FINANCIAL ADVISOR ECM FEES UP 808% VTB Capital DCM FEES UP 13% ECM TOP BOOK RUNNER & Co LOAN FEES DOWN -2% DCM TOP BOOK RUNNER ANY INV. M&A DOWN -5% VTB Capital TARGET M&A DOWN -5% M&A TOP TARGETED INDUSTRY ECM PROCEEDS UP 499% Industrials

DCM PROCEEDS UP 12% 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 Investment banking fees in reached an estimated US$347.7 million during 2019, 80% more than the value recorded during 2018 when fees sunk to the lowest level since 2002. The 2019 Russian investment banking fee total is 31% less than the decade average of US$501.2 million annually. Fees generated from completed M&A transactions increased 151% year-on-year to US$87.4 million. Equity capital markets fees totalled US$103.4 million, more than nine-times the value earned during 2018, while debt capital markets underwriting fees increased 13% to US$103.3 million. Syndicated lending fees declined 2% to a seventeen-year low of US$53.9 million. Both equity and debt capital markets underwriting fees each accounted for 30% of the overall Russian investment banking fee pool. Syndicated lending fees accounted for a 15% cut, while M&A advisory fees accounted for 25%, the highest share since 2015. VTB Capital earned the most investment banking fees in Russia during 2019, a total of US$74.0 million for a 21% share of the total fee pool.

MERGERS & ACQUISITIONS The value of announced M&A with any Russian involvement declined for the third consecutive year to US$19.3 billion during 2019, 5% less than the value recorded during 2018. Following a decline in cross-border transactions both into and out of Russia, the 2019 total for Russian involvement M&A was the lowest annual total in seventeen years. Russian inbound M&A declined 28% from 2018 to US$4.4 billion during 2019, while outbound deals fell 23% to US$890.4 million. Domestic deals increased 10% year-on-year to US$10.9 billion. Total Russian target M&A reached US$15.3 billion, down 5% year-on-year to the lowest level since 2002. Russian companies in the industrials sector were most targeted with deals in this industry totalling US$3.2 billion during 2019 and accounting for 21% of total Russian target M&A. The retail and telecoms sectors accounted for 16% and 13%, respectively. With advisory work on seventeen deals worth a combined US$4.5 billion, VTB Capital retained the top spot in the financial advisor ranking for deals with any Russian involvement during 2019. Citi followed closely in second place with US$4.4 billion.

EQUITY CAPITAL MARKETS Russian equity and equity-related issuance totalled US$2.9 billion during 2019, almost six-times the value during 2018. With US$2.5 billion, follow-on offerings account for 87% of activity, while a single initial public offering accounted for 9%. Russian recruitment company HeadHunter Group raised US$253 million when it listed on Nasdaq in May. Just eleven Russian IPOs have been recorded over the last five years, compared to twenty-three during the previous five years. Goldman Sachs led the Russian equity capital markets ranking during 2019, controlling 29% of the market by share, followed by VTB Capital with 16%.

DEBT CAPITAL MARKETS Debt issuance in Russia reached US$31.7 billion during 2019, 12% more than the value recorded in 2018. Despite the increase from last year, Russian bond issuance during 2019 is below the annual average of US$33.1 billion recorded over the last five years. Financial sector issuance accounted for just under one-third of all proceeds raised over during 2019, while government & agency bonds accounted for 27%. VTB Capital topped the Russian DCM underwriting league table during 2019, with a 44% market share, followed by Gazprombank (15%) and Sberbank (11%).

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INVESTMENT BANKING FEE VOLUMES TOP FEE PAYING INDUSTRIES

1,400 • Outer Rim: 2019 • Inner Rim: 2018 1,200

1,000 20% 800 22%

600 12% US$Million 30% 400 10%

200 7% 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 16%

13% 22% INVESTMENT BANKING FEES BY ASSET CLASS 12% 19% BONDS EQUITY LOANS MA 700

600 17%

500

400 Financials Industrials 300

Materials Government and Agencies US$Million 200 Energy and Power 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 TARGET M&A: TOP TARGETED INDUSTRIES 160,000 4,000 • Outer Rim: 2019 140,000 3,500 • Inner Rim: 2018

120,000 3,000

100,000 2,500 21% 80,000 2,000 28% 11%

US$Million 60,000 1,500

40,000 1,000 37% 22% 20,000 500

0 - 16% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 8% 10% 2% TARGET M&A VOLUMES & NUMBER OF DEALS 20%

140,000 4,000 12% 13%

120,000 3,500

3,000 100,000 2,500 80,000 Industrials Materials 2,000 Retail High Technology 60,000

US$Million 1,500 Telecommunications Other 40,000 1,000

20,000 500

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 28% from last year, to Domestic M&A up 10%, to US10.9 billion during Outbound M&A down 23% from last year, to US$4.45 billion during 2019 2019 US$890.4 million during 2019

30 600 18 140 25 500 16 120 14 20 400 100 12 80 15 300 10 8 60

US$ US$ Billion 90 2,000 10 200 1,800 US$ Billion 6 80 40 70 1,600 4 5 100 20 1,400 2 60 1,200 0 - 0 - 50 12 13 14 15 16 17 18 19 1,000 12 13 14 15 16 17 18 19 40 800 INBOUND M&A VOLUMES US$ Billion 30 OUTBOUND M&A VOLUMES 600 TOP ACQUIRING NATIONS TOP TARGETED NATIONS 20 400 US$ Billion US$ Billion 10 200 $1.2 $0.8 South Africa 0 - Republic of Congo $0.0 12 13 14 15 16 17 18 19 $0.0

$1.1 $0.1 Cyprus China $0.3 $0.0

$0.7 $0.0 Germany United States of America $0.3 2019 2018 $0.4 2019 2018

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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 70,000

60,000

50,000

40,000

30,000 US$Million 20,000

10,000

0 07 08 09 10 11 12 13 14 15 16 17 18 19 YTD TARGET MID-MARKET M&A X < US$500 20,000 18,000 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 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

1,027.6 Pending 11/13/2019 T2 RTK Holding Russian Fed Telecommunications Rostelekom Russian Fed VTB Capital Citi

942.5 Completed 11/27/2019 TransContainer PJSC Russian Fed Industrials Delo-Tsentr OOO Russian Fed VTB Capital Mail.Ru Grp Ltd-Food- 805.6 Completed 7/25/2019 Sberbank Rossii PAO-Foodplex Russian Fed Retail Russian Fed Citi Tech & 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 JP Morgan Securities Plc Telco Solutions & Invests 734.0 Completed 11/25/2019 Preludium BV Ukraine Telecommunications Azerbaijan Raiffeisen Bank International LLC AG{RBI} 660.0 Pending 11/5/2019 Takeda Pharm-Pharm Portfolio Russian Fed Healthcare STADA Arzneimittel AG Germany Bofa Securities Inc Co Ltd

653.9 Pending 11/13/2019 T2 RTK Holding Russian Fed Telecommunications Rostelekom Russian Fed VTB Capital Citi

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

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ECM PROCEEDS TOP ISSUING INDUSTRIES

40,000

35,000 2019 Proceeds 2018 Proceeds 30,000

25,000 US$ Million 0 500 1,000 1,500 2,000 2,500 3,000 20,000 2,001 US$Million 15,000 Materials 0 10,000 253 Consumer Products and Services 5,000 0 250 0 Retail 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 0

226 ECM PROCEEDS BY ISSUE TYPE Financials 411 IPO Follow-On Convertible 165 25,000 Industrials 0

0 20,000 Other 2,484

15,000

10,000 US$Million

5,000

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

80,000

70,000

2019 Proceeds 2018 Proceeds 60,000

50,000 US$ Billion $10.2 40,000 Financials $8.6

US$Million 30,000 $8.4 Government and Agencies 20,000 $6.4

10,000 $4.0 Industrials $3.4 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 $3.8 Materials DCM PROCEEDS BY ISSUE TYPE $1.0

$2.9 Agency, Supranational, Sovereign Investment Grade Corporate Energy and Power MBS ABS $7.3 Federal Credit Agency High Yield Corporate 70,000 $2.4 Other 60,000 $1.4

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 10/30/2019 1,501.5 IA Fabrica ITSB OOO Financials Other Financials Russian Rouble Investment Grade Corporate 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

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INVESTMENT BANKING FEES LEAGUE TABLE

VTB Capital Gazprombank Sberbank CIB Credit Suisse Citi Goldman Sachs & Co JP Morgan Societe Generale ING 90

80 21.3% 70 19.7% 60

50

40 9.8% 9.3% Fees US$ Million FeesUS$ 30 7.0% 20 4.7% 4.4% 10 2.4% 2.1% 2.1% 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 VTB Capital $ 74.0 55.0% 21.3% -3.5% 108 63.6% 2 5 Gazprombank $ 68.4 413.1% 19.7% 12.7% 36 -12.2% 3 2 Sberbank CIB $ 34.1 69.7% 9.8% -0.6% 63 -12.5% 4 21 Credit Suisse $ 32.3 1989.9% 9.3% 8.5% 7 133.3% 5 10 Citi $ 24.3 529.3% 7.0% 5.0% 12 300.0% 6 46 Goldman Sachs & Co $ 16.4 3973.7% 4.7% 4.5% 5 400.0% 7 3 JP Morgan $ 15.2 8.9% 4.4% -2.9% 19 58.3% 8 8 Societe Generale $ 8.5 61.8% 2.4% -0.3% 16 77.8% 9 6 ING $ 7.3 -29.3% 2.1% -3.3% 12 20.0% 10 36 Morgan Stanley $ 7.2 923.1% 2.1% 1.7% 1 0.0% TOTAL $ 347.7 80.4% 172 -3.4%

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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 - Credit Suisse $ 25.0 - 28.6% - 2 - 2 4 Citi $ 19.2 557.0% 22.0% 13.6% 6 500.0% 3 - Sberbank CIB $ 15.1 - 17.2% - 7 - 4 2 VTB Capital $ 14.7 78.9% 16.8% -6.7% 12 140.0% 5 1 JP Morgan $ 6.9 -24.7% 7.9% -18.5% 2 0.0% 6 14 Renaissance Capital Group $ 2.9 404.8% 3.3% 1.7% 2 100.0% 7 - Taiga Capital $ 1.0 - 1.1% - 1 - 7 10 Gazprombank $ 1.0 19.5% 1.1% -1.3% 1 -50.0% 9 - Credit Agricole CIB $ 0.7 - 0.7% - 1 - 10 15 Rothschild & Co $ 0.6 16.3% 0.7% -0.8% 1 0.0% TOTAL $ 87.4 150.9% 33 26.9% 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 5 Gazprombank $ 46.5 6031.6% 45.1% 38.5% 5 - 2 - Goldman Sachs & Co $ 16.0 - 15.6% - 4 - 3 1 VTB Capital $ 8.0 103.0% 7.8% -27.0% 7 250.0% 4 - Morgan Stanley $ 7.2 - 7.0% - 1 - 5 - Credit Suisse $ 6.6 - 6.4% - 4 - 6 - Citi $ 4.2 - 4.1% - 3 - 7 3 JP Morgan $ 3.8 118.4% 3.6% -11.5% 4 300.0% 8 - UBS $ 3.6 - 3.5% - 3 - 9 3 Sberbank CIB $ 3.4 97.8% 3.3% -11.9% 3 200.0% 10 - /KBW $ 1.0 - 1.0% - 1 - TOTAL $ 103.0 808.1% 16 433.3%

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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 VTB Capital $ 51.4 44.3% 49.7% 10.8% 89 50.8% 2 2 Sberbank CIB $ 13.2 -17.5% 12.7% -4.7% 50 -27.5% 3 3 Gazprombank $ 12.4 16.1% 12.0% 0.3% 25 -26.5% 4 7 JP Morgan $ 4.2 37.1% 4.1% 0.7% 11 22.2% 5 19 Credit Bank of $ 3.1 608.6% 3.0% 2.5% 17 466.7% 6 23 Alfa Bank $ 3.0 969.4% 2.9% 2.6% 5 400.0% 7 12 Societe Generale $ 2.0 97.9% 1.9% 0.8% 10 66.7% 8 4 Sovco Holding BV $ 1.4 -61.5% 1.4% -2.7% 14 -17.6% 9 22 ING $ 1.2 311.8% 1.2% 0.9% 4 100.0% 10 25 Regions Financial Corp $ 1.2 450.8% 1.1% 0.9% 3 200.0% TOTAL $ 103.3 12.9% 106 -18.5% 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 12 Gazprombank $ 8.5 709.5% 15.7% 13.8% 5 0.0% 2 4 Societe Generale $ 6.6 53.4% 12.2% 4.4% 6 100.0% 3 2 ING $ 6.1 -39.3% 11.4% -7.0% 8 0.0% 4 5 Credit Agricole CIB $ 5.1 96.2% 9.5% 4.8% 4 33.3% 5 3 $ 4.5 -0.7% 8.3% 0.1% 6 100.0% 6 8 $ 3.3 78.4% 6.2% 2.8% 2 0.0% 7 30 Banca IMI (Intesa Sanpaolo) $ 2.8 1480.6% 5.2% 4.9% 1 - 8 7 Sberbank CIB $ 2.5 2.4% 4.6% 0.2% 3 50.0% 9 9 Commerzbank AG $ 1.9 4.0% 3.5% 0.2% 4 300.0% 10 23 Bank of China Ltd $ 1.5 343.3% 2.8% 2.2% 1 - TOTAL $ 53.9 -1.9% 17 -10.5%

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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 1 VTB Capital $ 4,483.2 9% 23% 15% 17 143% 2 6 Citi $ 4,412.7 267% 23% 286% 9 200% 3 11 Bank of America Merrill Lynch $ 3,656.5 4127% 19% 4625% 4 33% 4 - Credit Suisse $ 2,570.4 - 13% - 2 - 5 - Guggenheim Securities LLC $ 1,971.5 - 10% - 1 - 6 4 JP Morgan $ 1,616.6 -12% 8% -7% 3 50% 7 2 Sberbank CIB $ 1,227.3 -56% 6% -53% 7 600% 8 10 Deloitte $ 1,160.0 867% 6% 900% 2 -33% 9 - Evercore Partners $ 800.0 - 4% - 1 - 10 - Nomura $ 660.0 - 3% - 1 - TOTAL $ 19,320.7 -5% 901 -14%

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 VTB Capital $ 4,413.9 9% 29% 14% 14 133% 2 5 Citi $ 4,412.7 267% 29% 284% 9 200% 3 - Sberbank CIB $ 1,227.3 - 8% - 7 - 4 9 Deloitte $ 1,160.0 867% 8% 850% 2 0% 5 10 Bank of America Merrill Lynch $ 885.0 923% 6% 1060% 2 -33% 6 3 JP Morgan $ 882.6 -52% 6% -49% 2 0% 7 - Nomura $ 660.0 - 4% - 1 - 8 - Credit Suisse $ 599.0 - 4% - 1 - 9 13 Renaissance Capital Group $ 456.2 1157% 3% 1400% 2 100% 10 6 Goldman Sachs & Co $ 296.5 -43% 2% -41% 2 0% TOTAL $ 15,313.0 -5% 834 -16%

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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 - Goldman Sachs & Co $ 838.0 - 29% - 5 - 2 1 VTB Capital $ 467.8 137% 16.2% -60% 7 250% 3 - Credit Suisse $ 360.2 - 12.4% - 4 - 4 - Citi $ 351.8 - 12.2% - 4 - 5 - UBS $ 196.1 - 6.8% - 3 - 6 3* Sberbank CIB $ 182.5 119% 6.3% -63% 3 200% 7 3* JP Morgan $ 179.0 115% 6.2% -64% 4 300% 8 - Gazprombank $ 134.5 - 4.7% - 3 - 9* - Morgan Stanley $ 42.2 - 1.5% - 1 - 9* - Bank of America Merrill Lynch $ 42.2 - 1.5% - 1 - TOTAL $ 2,894.9 499% 14 367%

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 VTB Capital $ 14,018.8 34% 44.3% 20% 79 49% 2 3 Gazprombank $ 4,813.6 30% 15.2% 16% 25 -26% 3 2 Sberbank CIB $ 3,557.9 -19% 11.2% -28% 49 0% 4 7 JP Morgan $ 1,494.6 42% 4.7% 27% 13 44% 5 20 Credit Bank of Moscow $ 1,120.7 918% 3.5% 775% 17 467% 6 16 Societe Generale $ 823.9 249% 2.6% 225% 11 120% 7 29 Alfa Bank $ 517.5 1291% 1.6% 1500% 5 400% 8 5 Brokerskaia Kompaniya Region $ 479.0 -58% 1.5% -63% 4 -67% 9 21 Citi $ 466.7 342% 1.5% 275% 4 100% 10 6 Sovco Holding BV $ 458.6 -58% 1.5% -62% 14 -13% TOTAL $ 31,661.8 12% 98 96%

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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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