MENA Investment Banking Review First Quarter 2020 Refinitiv Deals Intelligence

1 QUARTERLY HIGHLIGHTS

HIGHLIGHTS

M&A FEES UP 266% M&A TOP FINANCIAL ADVISOR YTD ECM FEES UP 263% Barclays

DCM FEES DOWN -47% ECM TOP BOOK RUNNER YTD LOAN FEES UP 9% EFG Hermes, Jadwa Investment Co, Riyadh Ltd ANY INV. M&A DOWN -85% DCM TOP BOOK RUNNER YTD TARGET M&A DOWN -91% PLC

ECM PROCEEDS UP 338% Click on any of the above arrows to go straight to the analysis. DCM PROCEEDS DOWN -40%

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2 REPORT SUMMARY

INVESTMENT BANKING FEES Investment banking fees in the and reached an estimated US$188.8 million during the first quarter of 2020, up 11% from last year’s slow start, with triple-digit gains recorded across M&A advisory and equity underwriting fees. Advisory fees earned from completed M&A transactions generated US$58.4 million, up 266% year-on-year and the highest first quarter total since 2017. Equity capital markets underwriting fees more than tripled to reach US$15.9 million, while bond underwriting fees declined 47% to a four-year low of US$45.4 million. Syndicated lending fees increased 9% to US$69.1 million. The financial and industrial sectors each accounted for 25% of total investment banking fees earned in the region during the first quarter of 2020, and almost half of all fees were generated by companies located in the . Jefferies LLC earned the most investment banking fees in the region during the first quarter of 2020, a total of US$27.8 million or a 14.7% share of the total fee pool.

MERGERS & ACQUISITIONS The value of announced M&A transactions with any MENA involvement reached US$14.8 billion during the first three months of 2020, 85% less than the value recorded during the same period in 2019 which reached a record high with Saudi Aramco’s agreement to buy a 70% stake in Saudi Basic Industries Corp from the kingdom’s wealth fund for $69.1 billion. The number of deals has increased 4% over the same period. Monthly M&A has increased in value for the third consecutive month, with March 2020’s US$6.1 billion marking the highest monthly total in 11 months. At the beginning of March, Austrian oil company OMV announced that it would increase its stake in plastics maker Borealis in a deal worth $4.7 billion, the largest deal of the quarter. Although the second highest first quarter total in the last decade, domestic M&A registered a 92% decline from last year to US$6.9 billion, again due to the Aramco / Sabic deal. Inbound M&A, involving an acquiror from outside of the region, declined 88% to a four-year low of US$1.8 billion, while outbound M&A declined 53% to US$1.4 billion. Deals in the industrials sector accounted for 43% of MENA target M&A activity during the first quarter of 2020. The United Arab Emirates was the most targeted nation, followed by and . Barclays topped the any MENA involvement announced M&A financial advisor league table during the first quarter of 2020 with a 49% market share.

EQUITY CAPITAL MARKETS MENA equity and equity-related issuance totaled US$782.9 million during the first quarter of 2020, more than four-times the value recorded during the same period last year, despite a 50% decline in the number of deals. One initial public offering was recorded during the first quarter. Saudi Arabian private healthcare operator, Dr. Sulaiman Al Habib Medical Group, raised US$699.7 million on the Saudi Stock Exchange at the beginning of March. EFG Hermes, Jadwa Investment Co, and Riyadh Bank Ltd shared first place in the MENA ECM league table during the first quarter of 2020.

DEBT CAPITAL MARKETS MENA debt issuance totalled US$19.5 billion during the first quarter of 2020, down 40% from the value recorded during the same period in 2019, and a four-year low. After a strong start, with over US$9 billion raised in both January and February, March issuance slowed to just US$571.9 million, marking the lowest monthly total since August 2019. and Qatar were the most active issuer nations with US$9.9 billion and US$5.0 billion in bond proceeds, respectively. Saudi Arabia’s US$4.9 billion bond sale in January was both the largest MENA bond sale and the only government bond sale in the region during the first quarter of 2020. Standard Chartered took the top spot in the MENA bond underwriter ranking during Q1 2020 with US$5.6 billion of related proceeds, or a 29% market share.

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

YTD Fees Rest of Year Fees 1,600 • Outer Rim: 2020 • Inner Rim: 2019 1,400 12% 16% 1,200 25% 6% 17% 12% 1,000 26% 22% 8% 7% 800 7% 16% 47%

US$Million 600 1% 8% 5% 400 20% 13%

200 48% 25% 25% 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 13% 20%

INVESTMENT BANKING FEES BY ASSET CLASS Financials High Technology United Arab Emirates Bahrain BONDS EQUITY LOANS MA Industrials Healthcare Saudi Arabia Egypt 250 Government and Agencies Other Qatar Other

200

150

100 US$Million

50

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

YTD (US$ bil) Rest of Year (US$ bil) # Deals $160 300 • Outer Rim: 2020 • Inner Rim: 2019 $140 5% 1%1% 250 6% 2% $120 11% 7% 3% 200 8% $100 19%

$80 150 43% 12% $60 51% 100 $40 50 34% $20 95% 72%

$0 - 27% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 TARGET M&A VOLUMES & NUMBER OF DEALS

YTD (US$ bil) Rest of Year (US$ bil) # Deals

$120 160 Industrials High Technology United Arab Emirates

140 Telecommunications Real Estate Egypt Saudi Arabia $100 120 Materials Other Qatar Other $80 100

$60 80

60 $40 40 $20 20

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

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ANY INVOLVEMENT M&A MONTHLY VOLUMES

Value (US$ bil) # Deals $80 120

$70 100 US$69b Saudi Aramco / SABIC

$60

80 $50

$40 60

$30 40

$20

20 $10

$0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

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INBOUND M&A DOMESTIC M&A OUTBOUND M&A Inbound M&A declined 88% to US$1.8 billion during Domestic M&A declined 92% to US$6.9 billion Outbound M&A declined 53% to US$1.4 billion Q1 2020. during Q1 2020. during Q1 2020.

YTD (US$ bil) Rest of Year (US$ bil) # Deals YTD (US$ bil) Rest of Year (US$ bil) # Deals YTD (US$ bil) Rest of Year (US$ bil) # Deals $20 80 $100 120 $80 100 $90 $18 70 $70 90 100 $16 $80 80 60 $60 $14 $70 70 80 $12 50 $60 $50 60 $10 40 $50 60 $40 50 $40 $8 30 $30 40 40 $6 $30 30 20 $20 $4 $20 20 20 10 $2 $10 $10 10 $0 - $0 - $0 - 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

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 United United United United Arab $1,316 States of $1,381 Arab $3,090 Arab $3,091 States of $823 Bahrain $521 Emirates America Emirates Emirates America

United Saudi Egypt $448 Unknown $214 Egypt $2,474 $2,543 Bermuda $300 Arab Arabia $352 Emirates

Bahrain $65 India $130 Qatar $1,000 Qatar $1,000 Belgium $98 Qatar $303

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ANY INVOLVEMENT M&A TOP DEALS YTD

Value Acquiror Parent Status Rank Date Target Name Target Nation Target Industry Acquiror Name Target Financial Advisor Acquiror Financial Advisor ($Mil) Nation

4,680.0 Pending 3/6/2020 Borealis AG Austria Materials OMV AG Austria Barclays

Citigroup Global Markets Ltd 2,717.9 Pending 2/17/2020 DP World PLC Utd Arab Em Industrials Port & Free Zone World Fze Utd Arab Em Rothschild & Co Aktiengesellschaft Branch

2,392.0 Pending 1/29/2020 Vodafone Egypt Telecommun SAE Egypt Telecommunications Saudi Telecom Co Sjsc Saudi Arabia Citi Barclays

1,000.0 Pending 2/3/2020 Etihad Airways-Com Air Por(38) Utd Arab Em Industrials Altavair LP United States

1,000.0 Pending 3/8/2020 Qatar Fertilizer Co PSC Qatar Materials Qatar Petroleum Corp Qatar

300.0 Completed 2/11/2020 Fidelis Holdings Ltd Bermuda Financials Investor Group Utd Arab Em Partners

272.3 Completed 2/11/2020 Residential And Coml Ppty(2) Utd Arab Em Real Estate ESIC - Sole Prop LLC Utd Arab Em

232.2 Completed 2/18/2020 Fawry Bkg & Payment Tech Svcs Egypt High Technology Investor Group United States

225.0 Completed 1/15/2020 Califia Farms LP United States Consumer Staples Qatar Investment Authority Qatar Barclays PLC

190.6 Completed 1/20/2020 Shangri-La Asia Ltd- Utd Arab Em Media and Entertainment Undisclosed Acquiror Unknown

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ECM YTD PROCEEDS ECM MONTHLY PROCEEDS US$29.6 bln with YTD Proceeds Rest of Year Proceeds Aramco IPO Proceeds (US$ mil) # Issues 35,000 3,000 6

30,000 2,500 5

25,000 2,000 4 20,000 1,500 3

15,000

US$Million US$Million 1,000 2 10,000

5,000 500 1

0 0 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2015 2016 2017 2018 2019 2020

ECM YTD PROCEEDS BY ISSUE TYPE TOP ISSUING COUNTRIES

YTD Proceeds YTDLY Proceeds IPO Follow-On Convertible 4,500 US$ Million 0 100 200 300 400 500 600 700 800 4,000 700 3,500 Saudi Arabia 58 3,000

2,500 83 Morocco 2,000

21 US$Million 1,500 0 1,000 Egypt 500 100

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

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DCM YTD PROCEEDS TOP ISSUING COUNTRIES

YTD Proceeds Rest of Year Proceeds YTD Proceeds YTDLY Proceeds $120 US$ Billion

$9.9 $100 Saudi Arabia $8.2 $80 $5.0 Qatar

$60 $15.0 US$Billion $40 $3.3 United Arab Emirates $4.0 $20

$1.3 Bahrain $0 $1.1 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

DCM MONTHLY PROCEEDS TOP ISSUING INDUSTRIES

YTD Proceeds YTDLY Proceeds Proceeds (US$ bil) # Issues 35,000 25 US$ Billion

30,000 $14.0 20 Financials 25,000 $8.9

15 20,000 $4.9 15,000

10 Government and Agencies US$Billion $23.4 10,000 5 5,000 $0.6 Energy and Power 0 0 $0.0 2015 2016 2017 2018 2019 2020

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ECM TOP DEALS 2020

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

3/3/2020 699.7 Dr Sulaiman Al-Habib Med Svcs Saudi Arabia Healthcare Healthcare Providers & Services (HMOs) IPO SAUDI

1/8/2020 83.2 Douja Promotion Group Addoha Morocco Real Estate Other Real Estate Follow-On CASA

DCM TOP DEALS 2020

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

1/21/2020 4,936.7 Saudi Arabia Saudi Arabia Government and Agencies National Government U.S. Dollar

2/4/2020 2,000.0 QNB Finance Ltd Qatar Financials Other Financials U.S. Dollar

2/19/2020 2,000.0 IDB Trust Services Ltd Saudi Arabia Financials Other Financials U.S. Dollar

2/18/2020 1,500.0 Riyad Sukuk Ltd Saudi Arabia Financials Other Financials U.S. Dollar

2/5/2020 998.0 QNB Finance Ltd Qatar Financials Other Financials U.S. Dollar

11 BACK TO MENA HIGHLIGHTS INVESTMENT BANKING FEE LEAGUE TABLES PAGE

INVESTMENT BANKING FEES LEAGUE TABLE

Jefferies LLC HSBC Holdings PLC Standard Chartered PLC Citi First Abu Dhabi Bank PJSC JP Morgan Deutsche Bank Credit Agricole CIB Evercore Partners Emirates NBD PJSC 35

30 14.7% 25

20 10.5%

15 6.6% 6.3% Fees US$ Million FeesUS$ 10 5.6% 4.4% 4.1% 3.4% 5 3.2% 2.9%

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 Q1 2020 Q1 2019 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 - Jefferies LLC $ 27.8 - 14.7% - 2 - 2 1 HSBC Holdings PLC $ 19.7 14.2% 10.5% 0.3% 15 -31.8% 3 2 Standard Chartered PLC $ 12.5 -6.1% 6.6% -1.2% 13 -27.8% 4 3 Citi $ 11.8 3.7% 6.3% -0.4% 11 57.1% 5 8 First Abu Dhabi Bank PJSC $ 10.6 66.3% 5.6% 1.9% 9 -10.0% 6 7 JP Morgan $ 8.3 19.9% 4.4% 0.3% 9 80.0% 7 5 Deutsche Bank $ 7.7 -11.2% 4.1% -1.0% 6 100.0% 8 4 Credit Agricole CIB $ 6.5 -40.4% 3.4% -3.0% 13 30.0% 9 - Evercore Partners $ 6.1 - 3.2% - 1 - 10 25 Emirates NBD PJSC $ 5.5 181.1% 2.9% 1.8% 6 -25.0% TOTAL $ 188.8 11.0% 86 4.9%

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M&A FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY Q1 2020 Q1 2019 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 - Jefferies LLC $ 24.8 - 42.5% - 1 - 2 - HSBC Holdings PLC $ 11.1 - 19.1% - 4 - 3 - Evercore Partners $ 6.1 - 10.4% - 1 - 4 - Barclays $ 3.8 - 6.4% - 1 - 5 - JP Morgan $ 2.8 - 4.8% - 1 - 6 - BNP Paribas SA $ 2.0 - 3.4% - 1 - 6 - Guggenheim Securities LLC $ 2.0 - 3.4% - 1 - 8 - $ 1.7 - 3.0% - 1 - 9 7 Ernst & Young LLP $ 1.1 63.2% 1.9% -2.3% 2 -50.0% 10 - Saudi Kuwaiti Fin House SSC $ 1.0 - 1.7% - 1 - TOTAL $ 58.4 266.1% 16 23.1%

ECM FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY Q1 2020 Q1 2019 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 - Jadwa Investment Co $ 5.0 - 31.6% - 1 - 1 - Riyadh Bank Ltd $ 5.0 - 31.6% - 1 - 1 2 EFG Hermes $ 5.0 399.2% 31.6% 8.6% 1 0.0% 4 - Attijari Bank $ 0.4 - 2.7% - 1 - 4 - BMCE Capital Conseil SA $ 0.4 - 2.7% - 1 - - - 0 ------0 ------0 ------0 ------0 ------TOTAL $ 15.9 263.3% 2 -60.0%

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DCM FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY Q1 2020 Q1 2019 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 1 Standard Chartered PLC $ 9.0 -22.9% 19.8% 6.3% 11 -31.3% 2 2 Citi $ 4.2 -54.0% 9.3% -1.3% 7 40.0% 3 34 $ 3.4 2173.6% 7.5% 7.3% 2 0.0% 4 4 HSBC Holdings PLC $ 2.9 -67.1% 6.3% -3.8% 6 -64.7% 5 11 $ 2.9 -13.1% 6.3% 2.5% 1 -50.0% 6 6 JP Morgan $ 2.5 -63.6% 5.5% -2.5% 7 40.0% 7 3 Credit Agricole CIB $ 2.3 -75.2% 5.0% -5.6% 11 37.5% 8 - NH Investment & Securities Co $ 1.7 - 3.8% - 3 - 9 18 Societe Generale $ 1.3 149.1% 2.9% 2.3% 5 150.0% 10 19 Nomura $ 1.2 120.1% 2.6% 1.9% 4 100.0% TOTAL $ 45.4 -47.3% 50 13.6%

LOANS FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY Q1 2020 Q1 2019 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 2 First Abu Dhabi Bank PJSC $ 9.6 69.7% 13.9% 5.0% 6 -14.3% 2 8 Citi $ 7.6 235.7% 11.0% 7.5% 4 100.0% 3 - Deutsche Bank $ 6.8 - 9.8% - 1 - 4 1 HSBC Holdings PLC $ 5.7 -32.7% 8.3% -5.1% 5 0.0% 5 19 Emirates NBD PJSC $ 4.4 271.0% 6.3% 4.5% 2 -60.0% 6 11 Credit Agricole CIB $ 4.2 137.9% 6.1% 3.3% 2 0.0% 7 12 Standard Chartered PLC $ 3.5 113.8% 5.1% 2.5% 2 0.0% 8 10 Samba Financial Group $ 3.0 46.9% 4.3% 1.1% 0 -100.0% 9 - Jefferies LLC $ 3.0 - 4.3% - 1 - 10 - JP Morgan $ 3.0 - 4.3% - 1 - TOTAL $ 69.1 8.7% 18 -10.0%

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

RANK VALUE RANK VALUE YOY SHARE YOY #DEALS YOY Q1 2020 Q1 2019 BANK NAME SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 9 Barclays $ 7,297.0 71% 49% 1076% 3 50% 2* 23* Deutsche Bank $ 2,717.9 - 18% - 1 0% 2* 23* Rothschild & Co $ 2,717.9 - 18% - 2 100% 2* 4 Citi $ 2,717.9 -97% 18% -76% 2 -50% 5 18 Evercore Partners $ 300.0 0% 2% 567% 1 0% 6 - PricewaterhouseCoopers $ 148.9 - 1% - 3 - 7 - FTI Consulting Inc $ 97.7 - 1% - 1 - 8 6 Morgan Stanley $ 78.3 -100% 1% -99% 1 -67% 9 19 Ernst & Young LLP $ 65.0 -49% 0% 300% 5 -29% 10* 23* $ - - 0% - 1 0% 10* - IMAP $ - - 0% - 1 - TOTAL $ 14,786.7 -85% 100.0% - 180 4%

TARGET M&A LEAGUE TABLE (US$MIL)

RANK VALUE RANK VALUE YOY SHARE YOY #DEALS YOY Q1 2020 Q1 2019 BANK NAME SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1* - Deutsche Bank $ 2,717.9 - 31% - 1 - 1* 21* Rothschild & Co $ 2,717.9 - 31% - 2 100% 1* 4 Citi $ 2,717.9 -97% 31% -61% 2 -50% 4 9 Barclays $ 2,392.0 -44% 27% 523% 1 -50% 5 - PricewaterhouseCoopers $ 148.9 - 2% - 2 - 6 17 Ernst & Young LLP $ 65.0 -49% 1% 700% 5 -29% 7* - IMAP $ - - 0% - 1 - 7* - Deloitte $ - - 0% - 1 - 7* 15 Emirates NBD PJSC $ - -100% 0% -100% 1 0% 7* - deNovo Corporate Advisors $ - - 0% - 1 - 7* - WEPEAK Financial Consulting Co $ - - 0% - 1 - 7* 3 JP Morgan $ - -100% 0% -100% 1 -83% TOTAL $ 8,719.8 -91% 100.0% - 126 7%

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ECM LEAGUE TABLE (US$MIL)

PROCEEDS PROCEEDS YOY SHARE YOY #DEALS YOY Q1 2020 Q1 2019 BANK NAME SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1* 1 EFG Hermes $ 233.2 136% 30% -46% 1 0% 1* - Jadwa Investment Co $ 233.2 - 30% - 1 - 1* - Riyadh Bank Ltd $ 233.2 - 30% - 1 - 4* - Attijari Bank $ 41.6 - 5% - 1 - 4* - BMCE Capital Conseil SA $ 41.6 - 5% - 1 - - 2 Banque Saudi Fransi ------3 CDG Capital Bourse ------4 Ostoul Sec Brkg Sae ------TOTAL $ 782.9 338% 100.0% - 2 -50%

DCM LEAGUE TABLE (US$MIL)

PROCEEDS PROCEEDS YOY SHARE YOY #DEALS YOY Q1 2020 Q1 2019 BANK NAME SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 1 Standard Chartered PLC $ 5,578.5 28% 29% 112% 11 -15% 2 5 Citi $ 2,469.3 -21% 13% 31% 7 40% 3 26* Morgan Stanley $ 2,245.6 2146% 12% 3733% 2 0% 4 3 HSBC Holdings PLC $ 1,218.9 -64% 6% -39% 7 -30% 5 2 Credit Agricole CIB $ 743.4 -78% 4% -64% 6 -14% 6 - NH Investment & Securities Co $ 571.9 - 3% - 3 - 7 20 Societe Generale $ 544.1 227% 3% 460% 4 100% 8 6 JP Morgan $ 532.3 -81% 3% -69% 7 40% 9 15 First Abu Dhabi Bank PJSC $ 523.7 45% 3% 145% 3 0% 10 11 Credit Suisse $ 461.0 -62% 2% -35% 1 -50% TOTAL $ 19,483.7 -40% 100.0% - 39 26%

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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 and Globally, Asset Backed Securities, Mortgage Backed Securities, Collateralized Debt Obligations (CDOs), MTN EMEA takedowns and Certificate of Deposits, except in UK. Primary offerings only. All league tables are based on deal Lucille Jones l +44 207 542 4372 l [email protected] proceeds (total issue amount multiplied by the issue price) unless otherwise stated. Full credit is given to the book runner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US ASIA dollar denominated transactions are converted to the US dollar equivalent at the time of announcement. Elaine Tan l +63 (2) 459 1567 l [email protected]

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