League Tables Fy 2019 Fy 2019

AFRICA CAPITAL MARKETS LEAGUE TABLES FY 2019 FY 2019

MANAGER RANKINGS AFRICA CAPITAL MARKETS

The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array of deal types including loans, bonds, equity and M&A transactions; according to Bloomberg standards.

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DATA SUBMISSIONS AND QUERIES

Contact Phone Email Equities Dimitri Quemard +44 20 3525 4343 [email protected]

Fixed Income Pietro Stimamiglio +44 20 3525 2785 [email protected]

Loans Nadine Ali +44 20 3525 8782 [email protected]

Africa Bonds: Industry Breakdown

Africa Bonds 7%

19% Africa Bonds

67% FY 2019 FY 2018

Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Standard Bank of South Africa 1 11.151 4,766 78 5 6.882 4.269 JP Morgan 2 10.506 4,491 20 3 8.225 2.281 Government 67% Standard Chartered Bank 3 10.113 4,323 19 2 11.618 -1.505 Financials 19% Citi 4 9.314 3,981 18 1 13.561 -4.247 Materials 6% FirstRand Ltd 5 7.119 3,043 50 6 5.164 1.955 Others 7% Nedbank Ltd 6 6.982 2,984 56 8 4.340 2.642 Deutsche Bank 7 4.890 2,090 5 4 7.830 -2.940 BNP Paribas 8 4.356 1,862 8 7 4.377 -0.021 Africa Bonds: Manager Rankings History Absa Group Ltd 9 4.228 1,807 36 9 3.581 0.647 2019 2018 2017 Natixis 10 4.105 1,754 9 18 1.467 2.638 15 HSBC 11 3.287 1,405 7 11 2.961 0.326 Goldman Sachs 12 2.846 1,217 5 12 2.844 0.002 )

% 10 (

Industrial & Comm Bank of 13 2.340 1,000 2 10 3.116 -0.776 r a h S

China t e k r Investec 14 2.086 892 21 23 0.737 1.349 a 5 M BofA Securities 15 2.028 867 6 17 1.771 0.257 Barclays 16 1.662 710 13 14 2.530 -0.868 0 a n k ti d d c a n i t t Central Bank of Kenya 17 1.551 663 1 - - 1.551 ri g a C L L f r B d k A o n n h M d a a t re R b u P e t d o J rt rs e Morgan Stanley 18 1.404 600 3 15 2.108 -0.704 S a i N f h F o C k n rd a a Intesa Sanpaolo 19 1.312 561 2 19 1.396 -0.084 d B n rd a a t d S n One Capital 20 1.201 513 13 - - 1.201 ta S TOTAL 100% 42,743 277 100%

This table consists of debt & preferred securities issued by African issuers. This excludes bonds with warrants. There is a minimum threshold of 18 months for maturities and USD 20MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 1 Bloomberg Africa Capital Markets | FY 2019

Africa Equity, Equity Linked & Rights: Industry Breakdown Africa Equity, Equity Linked & Rights 8% 9% 33%

16% Africa Equity, Equity Linked & Rights

FY 2019 FY 2018 16% 19% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) JP Morgan 1 36.331 861 3 3 8.960 27.371 Investec 2 14.594 346 4 2 11.721 2.873 Materials 33% EFG-Hermes 3 11.429 271 3 11 3.560 7.869 Financials 19% Standard Bank of South Africa 4 10.336 245 3 1 16.398 -6.062 Industrials 16% Java Capital 5 6.472 153 3 5 4.686 1.786 Communications 16% Goldman Sachs 6 4.080 97 1 19 1.742 2.338 Consumer Staples 9% BofA Securities 7 3.097 73 1 10 4.022 -0.925 Others 8% Jefferies 7 3.097 73 1 22 0.906 2.191 Renaissance Capital Pty Ltd 7 3.097 73 1 17 1.935 1.162 CI Capital Investment Banking 10 1.532 36 1 - - 1.532 Africa Equity, Equity Linked & Rights: Manager Rankings HSBC 10 1.532 36 1 - - 1.532 History Banco de Investimento Global 12 1.095 26 1 - - 1.095 SA 2019 2018 2017 40 Caixa Banco de Investimento 12 1.095 26 1 - - 1.095 SA 30 ) %

IJG Securities 14 1.006 24 1 - - 1.006 (

e r a BMO Capital Markets 15 0.439 10 1 20 1.289 -0.850 h

S 20

t e k r

Eights Group Pty Ltd/The 16 0.295 7 1 - - 0.295 a M Peel Hunt LLP 17 0.208 5 2 - - 0.208 10 Tamesis Partners LLP 17 0.208 5 2 - - 0.208 0 n c s a l s Shard Capital Partners LLP 19 0.056 1 1 - - 0.056 a e e c ta h g t ri i c r s rm f p a o e e A a M v C S In -H th n ------P G u a a J F o v S a m E f J ld o o k G TOTAL 100% 2,369 21 100% n a B rd a d n ta S This table consists of equity, equity-linked & rights offerings that are issued by African issuers. This table excludes bonds with warrants, closed- end fund & investment trust issuers, credit linked notes, reverse convertibles and self-led offerings. The thresholds include 12 month minimum call, put & maturity periods. Note: Issuer country is determined by country of risk. Please see League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 2 Bloomberg Africa Capital Markets | FY 2019

Africa Borrower Loans: Industry Breakdown Africa Borrower Loans: Bookrunner 12% 28% 9%

Africa Borrower Loans (Bookrunner) 15%

FY 2019 FY 2018 20% 16% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) African Export-Import Bank 1 8.705 2,792 10 2 6.764 1.941 Mitsubishi UFJ Financial Group Inc 2 6.844 2,195 12 10 2.514 4.330 Materials 28% Standard Chartered Bank 3 6.417 2,058 13 1 7.726 -1.309 Government 20% Eastern and Southern African Trade and 4 5.471 1,754 3 18 1.817 3.654 Financials 16% Devel Energy 15% Banque Misr SAE 5 5.101 1,636 12 5 5.136 -0.035 Consumer Staples 9% Societe Generale 6 5.078 1,628 5 - - 5.078 Others 12% National Bank of Egypt 7 5.059 1,622 12 3 6.591 -1.532 Standard Bank of South Africa 8 4.926 1,580 6 13 2.331 2.595 BofA Securities 9 3.782 1,213 10 14 2.202 1.580 Africa Borrower Loans: Bookrunner Rankings History Sumitomo Mitsui Financial 10 3.607 1,157 8 21 1.690 1.917 First Abu Dhabi Bank PJSC 11 3.561 1,142 9 9 2.529 1.032 2019 2018 2017 10 ING Groep 12 3.475 1,114 5 45 0.551 2.924 Mizuho Financial 13 3.414 1,095 9 16 1.952 1.462 8 ) % ( HSBC 14 3.296 1,057 10 6 4.120 -0.824 e

r 6 a h S

BNP Paribas 15 3.151 1,010 4 15 2.010 1.141 t e

k 4 r

Citi 16 2.620 840 8 7 4.091 -1.471 a M

Nedbank Ltd 17 2.613 838 4 12 2.334 0.279 2 Mashreqbank PSC 18 2.171 696 6 11 2.470 -0.299 0 k c k l e n n n e E l Natixis 19 2.167 695 3 43 0.563 1.604 a I a v A ra B p B e S e t u D r n r o d d is e o r re n G p G e a M Absa Group Ltd 20 1.606 515 4 24 1.347 0.259 m l rt e te -I ia a e u e rt c h d q i o n ra n c p a C T a o x n rd B S E i a n TOTAL 100% 32,068 73 100% F d a n J n ic a F a fr ic U t A fr i S A h rn is e b th u u ts o i S This table consists of loans with borrowers that have a country of risk in the African region. This excludes bilateral loans. Please see League Table M d n a rn Standards and Guidelines for further details. te s a E

Bloomberg League Table Reports Page 3 Bloomberg Africa Capital Markets | FY 2019

Africa Borrower Loans: Industry Breakdown Africa Borrower Loans: Mandated Lead 12% 28% Arranger 9%

15%

Africa Borrower Loans (Mandated Lead Arranger) 20% 16%

FY 2019 FY 2018 Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Materials 28% Standard Bank of South Africa 1 8.121 3,023 22 1 5.985 2.136 Government 20% African Export-Import Bank 2 6.768 2,519 12 3 5.097 1.671 Financials 16% Eastern and Southern African Trade and 3 4.597 1,711 3 71 0.301 4.296 Energy 15% Devel Consumer Staples 9% BNP Paribas 4 4.359 1,623 9 20 1.458 2.901 Others 12% Standard Chartered Bank 5 4.134 1,539 17 4 5.048 -0.914 Banque Misr SAE 6 3.801 1,415 13 6 3.789 0.012 Societe Generale 7 3.766 1,402 8 23 1.319 2.447 Africa Borrower Loans: Mandated Lead Arranger National Bank of Egypt 8 3.443 1,282 12 5 4.672 -1.229 Rankings History ING Groep 9 3.213 1,196 7 43 0.711 2.502 Mitsubishi UFJ Financial Group Inc 10 2.963 1,103 14 14 1.895 1.068 2019 2018 2017 10 BofA Securities 11 2.749 1,023 11 16 1.600 1.149 Absa Group Ltd 12 2.634 980 13 2 5.467 -2.833 8 ) % ( Mizuho Financial 13 2.507 933 10 13 1.950 0.557 e

r 6 a h S

Sumitomo Mitsui Financial 14 2.456 914 10 15 1.637 0.819 t e

k 4 r

Industrial & Comm Bank of China 15 2.455 914 12 21 1.361 1.094 a M

Nedbank Ltd 16 2.398 893 12 8 3.192 -0.794 2 Citi 17 2.222 827 10 9 2.901 -0.679 0 a k l s k c n e a n E FirstRand Ltd 18 2.072 771 9 7 3.663 -1.591 ri a v b a A f B e ri B S A t D a r h r d P d is t o n re u p a P e M First Abu Dhabi Bank PJSC 19 1.809 673 11 17 1.572 0.237 o m N rt e S -I e a u f rt d B h q o o ra C n k p T a n x n rd B Commercial International Bank of Egypt 20 1.567 583 9 10 2.561 -0.994 a E a a B c d n ri n rd a f a a ic A t d fr S n A rn TOTAL 100% 37,220 101 100% a e t th S u o S d n a rn te This table consists of loans with borrowers that have a country of risk in the African region. This excludes bilateral loans. Please see League Table s a E Standards and Guidelines for further details.

Bloomberg League Table Reports Page 4 Bloomberg Africa Capital Markets | FY 2019

Africa Borrower Loans: Industry Breakdown Africa Borrower Loans: Administrative Agent 12% 28% 9%

Africa Borrower Loans (Administrative Agent) 15%

FY 2019 FY 2018 20% 16% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Standard Chartered Bank 1 14.377 5,300 8 4 8.698 5.679 BNP Paribas 2 8.400 3,097 3 - - 8.400 Materials 28% National Bank of Egypt 3 8.139 3,000 9 2 10.497 -2.358 Government 20% BofA Securities 4 7.595 2,800 2 3 9.623 -2.028 Financials 16% Mitsubishi UFJ Financial Group Inc 5 6.782 2,500 2 27 0.843 5.939 Energy 15% Nedbank Ltd 6 6.558 2,417 7 14 2.859 3.699 Consumer Staples 9% Eastern and Southern African Trade and 7 6.101 2,249 2 20 1.433 4.668 Others 12% Devel First Abu Dhabi Bank PJSC 8 5.318 1,961 5 10 3.550 1.768 African Export-Import Bank 9 5.031 1,855 7 7 4.192 0.839 Africa Borrower Loans: Administrative Agent Rankings Standard Bank of South Africa 10 4.368 1,610 10 9 3.993 0.375 History Banque Misr SAE 11 2.853 1,052 9 32 0.398 2.455 FirstRand Ltd 12 2.488 917 4 5 5.133 -2.645 2019 2018 2017 15 Commerzbank 13 2.170 800 2 1 11.245 -9.075 Mizuho Financial 13 2.170 800 1 19 1.664 0.506 )

% 10 (

Ecobank Transnational Inc 15 2.158 795 2 - - 2.158 e r a h

BayernLB 16 1.628 600 1 23 1.032 0.596 S

t e k r Societe Generale 17 1.545 570 2 - - 1.545 a 5 M Commercial International Bank of Egypt 18 1.521 561 4 8 4.145 -2.624 ING Groep 19 1.099 405 3 22 1.398 -0.299 0 k s t s c d HSBC 20 1.085 400 1 13 2.884 -1.799 n a p e n t a b y ti I L B ri g ri p k a E u u n d P f c o a re o e r b e P k S G d TOTAL 100% 36,865 103 100% rt N n l e a B a fA ia N h B o c C l n a B a rd n n a o i d ti F n a J a F t N U S i This table consists of loans with borrowers that have a country of risk in the African region. This excludes bilateral loans. Please see League Table h is b u s Standards and Guidelines for further details. it M

Bloomberg League Table Reports Page 5 Bloomberg Africa Capital Markets | FY 2019

Sub-Sahara Africa Bonds: Industry Breakdown Sub-Sahara Africa Bonds 10%

Sub-Sahara Africa Bonds 25% 58% FY 2019 FY 2018 Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Standard Bank of South Africa 1 14.664 4,766 78 3 8.187 6.477 Standard Chartered Bank 2 9.534 3,099 13 2 12.160 -2.626 Government 58% FirstRand Ltd 3 9.362 3,043 50 6 6.143 3.219 Financials 25% Nedbank Ltd 4 9.181 2,984 56 7 5.163 4.018 Materials 8% JP Morgan 5 8.657 2,814 13 5 7.244 1.413 Others 10% Citi 6 7.132 2,318 11 1 13.591 -6.459 Deutsche Bank 7 6.430 2,090 5 4 7.270 -0.840 Absa Group Ltd 8 5.560 1,807 36 8 4.260 1.300 Sub-Sahara Africa Bonds: Manager Rankings History Industrial & Comm Bank of 9 3.077 1,000 2 9 3.707 -0.630 China 2019 2018 2017 15 Investec 10 2.743 892 21 20 0.876 1.867 BofA Securities 11 2.666 867 6 14 2.106 0.560 )

% 10 (

Central Bank of Kenya 12 2.039 663 1 - - 2.039 e r a h S

BNP Paribas 13 1.921 624 2 10 3.546 -1.625 t e k r Morgan Stanley 14 1.846 600 3 30 0.351 1.495 a 5 M One Capital 15 1.579 513 13 - - 1.579 Barclays 16 1.334 434 12 13 3.009 -1.675 0 a k d d n ti c n t t a i HSBC 17 1.246 405 4 15 1.365 -0.119 ri a L L g C f B d k r A n n o h d a a M t re R b u e t d P o rt rs e J Credit Agricole CIB 18 1.112 362 4 23 0.789 0.323 S a i N f h F o C k n rd a a Natixis 19 0.782 254 2 16 1.361 -0.579 d B n rd a a t d S n Societe Generale 19 0.782 254 2 12 3.209 -2.427 ta S TOTAL 100% 32,504 266 100%

This table consists of debt securities issued by Sub-Sahara African issuers. This excludes bonds with warrants. There is a minimum threshold of 18 months for maturities, call or put periods, and USD 20MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 6 Bloomberg Africa Capital Markets | FY 2019

Sub-Sahara Africa Currency Bonds: Industry Breakdown

Sub-Sahara Africa Currency Bonds 7%

48% Sub-Sahara Africa Currency Bonds

38% FY 2019 FY 2018 Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Standard Bank of South Africa 1 19.916 2,911 70 1 16.932 2.984 Nedbank Ltd 2 14.650 2,142 58 2 16.825 -2.175 Financials 48% FirstRand Ltd 3 12.287 1,796 46 3 16.399 -4.112 Government 38% Absa Group Ltd 4 11.151 1,630 35 4 9.171 1.980 Consumer Discretionary 7% Investec 5 7.047 1,030 24 6 4.925 2.122 Others 7% JP Morgan 6 6.883 1,006 35 5 5.231 1.652 Central Bank of Kenya 7 4.534 663 1 - - 4.534 One Capital 8 3.511 513 13 - - 3.511 Sub-Sahara Africa Currency Bonds: Manager Rankings TD Securities 9 1.954 286 10 17 0.702 1.252 History Barclays 10 1.481 217 15 8 2.948 -1.467 HSBC 11 1.342 196 8 42 0.169 1.173 2019 2018 2017 35 Databank Financial Services 12 1.324 194 10 9 2.730 -1.406 30 Ltd ) % ( Fidelity Bank Ltd 12 1.324 194 10 7 3.232 -1.908 e r

a 20 h S

IC Securities Ghana Ltd 12 1.324 194 10 10 2.712 -1.388 t e k r BofA Securities 15 1.197 175 4 - - 1.197 a M 10 RBC Capital Markets 16 0.916 134 6 25 0.568 0.348 Deutsche Bank 17 0.848 124 7 - - 0.848 0 a d d d c n c t t t e a Standard Chartered Bank 18 0.745 109 3 18 0.692 0.053 ri L L L t g f k d p s r A n n u e o h a a o v M t b R r In u d t G P Onelife Capital Advisors Ltd 19 0.621 91 1 - - 0.621 o e rs a J S N i s f F b o A k n E.Sun Commercial Bank 20 0.609 89 6 41 0.233 0.376 a B rd a d n TOTAL 100% 14,618 365 100% ta S

This table consists of debt securities denominated in Sub-Sahara African currencies. This excludes bonds with warrants. There is a minimum threshold of 18 months for maturities, call, or put periods, and USD 20MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 7 Bloomberg Africa Capital Markets | FY 2019

Sub-Sahara Equity , Equity Linked & Rights: Industry Sub-Sahara Equity , Equity Linked & Rights Breakdown 3%

18% Sub-Sahara Equity , Equity Linked & Rights 38%

FY 2019 FY 2018 18% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 18% JP Morgan 1 41.496 861 3 3 8.234 33.262 Investec 2 14.919 309 3 2 14.578 0.341 Materials 38% Standard Bank of South Africa 3 11.806 245 3 1 17.485 -5.679 Industrials 18% Java Capital 4 7.392 153 3 5 5.828 1.564 Communications 18% Goldman Sachs 5 4.660 97 1 15 2.167 2.493 Financials 18% BofA Securities 6 3.537 73 1 9 5.002 -1.465 Consumer Staples 5% EFG-Hermes 6 3.537 73 1 - - 3.537 Others 3% Jefferies 6 3.537 73 1 - - 3.537 Renaissance Capital Pty Ltd 6 3.537 73 1 12 2.406 1.131 Banco de Investimento Global 10 1.251 26 1 - - 1.251 Sub-Sahara Equity , Equity Linked & Rights: Manager SA Rankings History Caixa Banco de Investimento 10 1.251 26 1 - - 1.251 SA 2019 2018 2017 IJG Securities 12 1.149 24 1 - - 1.149 45 40 PSG Group Ltd 13 0.535 11 1 4 7.161 -6.626 )

% 30 BMO Capital Markets 14 0.502 10 1 16 1.603 -1.101 (

e r a Eights Group Pty Ltd/The 15 0.337 7 1 - - 0.337 h S

e 20 k r

Peel Hunt LLP 16 0.238 5 2 - - 0.238 a M Tamesis Partners LLP 16 0.238 5 2 - - 0.238 10 Shard Capital Partners LLP 18 0.078 2 2 - - 0.078 0 n c a l s s s s d ------a e c ta h e e e t g t ri i c ti ri L r s f p a ri rm e y o e A a S u e ff t M v h C c H e P In t a n e - J l ------P u v a S G ta J o a m F i S J d fA E p f l o a o o C k G B e TOTAL 100% 2,074 20 100% n c a n a B s rd is a a d n n e ta R S This table consists of equity, equity-linked & rights offerings, issued by Sub-Saharan issuers. This excludes bonds with warrants, closed-end fund & investment trust issuers, credit linked notes, reverse convertibles, and self-led offerings. The thresholds include 12 month minimum call, put & maturity periods. Please see League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 8 Bloomberg Africa Capital Markets | FY 2019

Sub-Sahara Africa Borrower Loans: Industry Breakdown Sub-Sahara Africa Borrower Loans: 13%

Bookrunner 9% 33%

10%

16% Sub-Sahara Africa Borrower Loans (Bookrunner) 19%

FY 2019 FY 2018 Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Materials 33% African Export-Import Bank 1 10.979 2,792 10 2 9.548 1.431 Financials 19% Mitsubishi UFJ Financial Group Inc 2 8.631 2,195 12 5 3.703 4.928 Government 16% Standard Chartered Bank 3 8.093 2,058 13 1 11.067 -2.974 Energy 10% Eastern and Southern African Trade and 4 6.900 1,754 3 11 2.676 4.224 Consumer Staples 9% Devel Others 13% Societe Generale 5 6.404 1,628 5 - - 6.404 Standard Bank of South Africa 6 6.213 1,580 6 7 3.432 2.781 BofA Securities 7 4.770 1,213 10 8 3.242 1.528 Sub-Sahara Africa Borrower Loans: Bookrunner Rankings Sumitomo Mitsui Financial 8 4.549 1,157 8 14 2.490 2.059 History ING Groep 9 4.383 1,114 5 34 0.812 3.571 Mizuho Financial 10 4.306 1,095 9 10 2.874 1.432 2019 2018 2017 15 BNP Paribas 11 3.974 1,010 4 9 2.960 1.014 Citi 12 3.305 840 8 4 4.844 -1.539 )

% 10 ( Nedbank Ltd 13 3.296 838 4 6 3.438 -0.142 e r a h S

Natixis 14 2.733 695 3 - - 2.733 t e k r Absa Group Ltd 15 2.025 515 4 17 1.983 0.042 a 5 M Mashreqbank PSC 16 1.755 446 5 29 1.177 0.578 HSBC 17 1.601 407 8 32 1.058 0.543 0 l k c k e le a Rabobank 18 1.259 320 2 - - 1.259 n In n v a ic a a e r fr B p B D e A rt u d n o ro e d e th p G r n G u l te a e o First Abu Dhabi Bank PJSC 19 1.069 272 6 33 1.023 0.046 Im a r e t t- i a d ie S r c h a c f o n C r o o p a T k x in rd n S n State Bank of India 20 0.963 245 7 54 0.178 0.785 E F a a a d c B n J n ri a F a f rd ic U t A a fr i S d A h rn n TOTAL 100% 25,427 47 100% is e a b th t u u S ts o i S M d n a rn te This table consists of loans with borrowers that have a country of risk in the Sub-Saharan African region. This excludes bilateral loans. Please see s a E League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 9 Bloomberg Africa Capital Markets | FY 2019

Sub-Sahara Africa Borrower Loans: Industry Breakdown Sub-Sahara Africa Borrower Loans: Mandated 13%

Lead Arranger 9% 33%

10%

16% Sub-Sahara Africa Borrower Loans (Mandated Lead Arranger) 19%

FY 2019 FY 2018 Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Materials 33% Standard Bank of South Africa 1 10.040 3,023 22 1 8.233 1.807 Financials 19% African Export-Import Bank 2 8.367 2,519 12 4 6.691 1.676 Government 16% Eastern and Southern African Trade and 3 5.684 1,711 3 57 0.415 5.269 Energy 10% Devel Consumer Staples 9% BNP Paribas 4 5.389 1,623 9 13 2.005 3.384 Others 13% Standard Chartered Bank 5 5.111 1,539 17 3 6.751 -1.640 Societe Generale 6 4.434 1,335 7 22 1.280 3.154 ING Groep 7 3.973 1,196 7 31 0.978 2.995 Sub-Sahara Africa Borrower Loans: Mandated Lead Mitsubishi UFJ Financial Group Inc 8 3.663 1,103 14 10 2.607 1.056 Arranger Rankings History BofA Securities 9 3.399 1,023 11 12 2.201 1.198 Absa Group Ltd 10 3.256 980 13 2 7.521 -4.265 2019 2018 2017 15 Mizuho Financial 11 3.100 933 10 9 2.683 0.417 Sumitomo Mitsui Financial 12 3.036 914 10 11 2.252 0.784 )

% 10 ( Industrial & Comm Bank of China 13 3.035 914 12 14 1.872 1.163 e r a h S

Nedbank Ltd 14 2.965 893 12 6 4.390 -1.425 t e k r Citi 15 2.748 827 10 7 3.282 -0.534 a 5 M FirstRand Ltd 16 2.562 771 9 5 5.039 -2.477 Bank of China 17 1.398 421 9 19 1.364 0.034 0 l a k e s k le Natixis 18 1.334 402 5 32 0.963 0.371 ic n v a n a fr a e ib a r A B D r B e rt a d n th o d P e e u p n r G o a P te e Commerzbank 19 1.192 359 9 16 1.466 -0.274 Im e N r t S t- d B a ie f r a h c o o r C o k p T n x n rd S Korea Development Bank 20 1.107 333 1 42 0.696 0.411 a E a a B c d n ri n rd a f a a ic A t d fr S n A rn TOTAL 100% 30,106 70 100% a e t th S u o S d n a rn te This table consists of loans with borrowers that have a country of risk in the Sub-Saharan African region. This excludes bilateral loans. Please see s a E League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 10 Bloomberg Africa Capital Markets | FY 2019

Sub-Sahara Africa Borrower Loans: Industry Breakdown Sub-Sahara Africa Borrower Loans: 13%

Administrative Agent 9% 33%

10%

16% Sub-Sahara Africa Borrower Loans (Administrative Agent) 19%

FY 2019 FY 2018 Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Materials 33% Standard Chartered Bank 1 17.755 5,300 8 3 11.679 6.076 Financials 19% BNP Paribas 2 10.373 3,097 3 - - 10.373 Government 16% BofA Securities 3 9.380 2,800 2 2 12.920 -3.540 Energy 10% Mitsubishi UFJ Financial Group Inc 4 8.375 2,500 2 20 1.132 7.243 Consumer Staples 9% Nedbank Ltd 5 8.098 2,417 7 10 3.838 4.260 Others 13% Eastern and Southern African Trade and 6 7.535 2,249 2 14 1.924 5.611 Devel African Export-Import Bank 7 6.213 1,855 7 6 5.628 0.585 Sub-Sahara Africa Borrower Loans: Administrative Agent Standard Bank of South Africa 8 5.394 1,610 10 7 5.360 0.034 Rankings History FirstRand Ltd 9 3.073 917 4 4 6.891 -3.818 Commerzbank 10 2.680 800 2 1 15.098 -12.418 2019 2018 2017 20 Mizuho Financial 10 2.680 800 1 13 2.234 0.446

Ecobank Transnational Inc 12 2.665 795 2 - - 2.665 15 ) % ( BayernLB 13 2.010 600 1 17 1.385 0.625 e r a h

S 10

First Abu Dhabi Bank PJSC 14 1.979 591 2 22 0.894 1.085 t e k r

Societe Generale 15 1.908 570 2 - - 1.908 a M ING Groep 16 1.357 405 3 16 1.877 -0.520 5 Mashreqbank PSC 17 1.199 358 1 25 0.634 0.565 0 k s s c d l n a e n t e Barclays 18 1.187 354 1 26 0.590 0.597 a b ti I L v B ri ri p k e a u u n D d P c o a d re e r b n e P S G d a Credit Agricole CIB 19 1.005 300 1 - - 1.005 rt N l e a A ia N e h B f c d o n ra C B a T rd n a i n Abu Dhabi Commercial Bank 20 0.670 200 1 27 0.298 0.372 d F a n J ic a F fr t U A S i h rn TOTAL 100% 29,851 73 100% is e b th u u ts o i S M d n a rn te This table consists of loans with borrowers that have a country of risk in the Sub-Saharan African region. This excludes bilateral loans. Please see s a E League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 11 Bloomberg Africa Capital Markets | FY 2019

South Africa Bonds: Industry Breakdown South Africa Bonds 12%

11% South Africa Bonds 58% FY 2019 FY 2018 14% Mkt Volume (ZAR Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Nedbank Ltd 1 24.059 36,100 73 1 27.474 -3.415 Standard Bank of South 2 23.160 34,752 57 3 17.891 5.269 Financials 58% Africa Government 14% FirstRand Ltd 3 18.527 27,801 55 2 23.512 -4.985 Consumer Discretionary 11% Absa Group Ltd 4 16.073 24,118 39 4 13.686 2.387 Communications 5% Investec 5 10.989 16,489 29 5 8.859 2.130 Others 12% One Capital 6 5.032 7,550 14 13 0.426 4.606 Onelife Capital Advisors Ltd 7 0.900 1,350 1 - - 0.900 Transnet Ltd 8 0.433 650 3 - - 0.433 South Africa Bonds: Manager Rankings History Java Capital 9 0.280 420 3 - - 0.280 Super Group Ltd/South 10 0.233 350 1 - - 0.233 2019 2018 2017 40 Africa Basis Points Capital 11 0.118 176 1 8 1.052 -0.934 30 ) % (

Grindrod Bank Ltd 12 0.083 125 1 - - 0.083 e r a h

RHO Capital Pty Ltd 13 0.067 100 1 - - 0.067 S 20

t e k r

Credit Agricole CIB 14 0.047 70 1 - - 0.047 a M ------10 ------0 d a d d c l ------t c t t e ta L ri L L t i k f d p s p n A n u e a a h a o v C b t R r In e d u t G n ------e o rs a N S i s O f F b o A k n ------a B rd a d ------n ta S TOTAL 100% 150,052 267 100%

This table consists of debt securities denominated in South African Rand, with market type "Domestic" or "Domestic MTN". This excludes bonds with warrants and credit linked notes. There is a minimum threshold of 12 months for maturities, call or put periods, and ZAR 200MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 12 Bloomberg – League Tables Criteria

General Guidelines

Credit is based on the total amount of the offering sold to the public. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless full, explicit breakdown of bookrunning is provided by an involved party. Regional and local tables are identified based on factors such as currency, market of issuer and/or country of risk/incorporation.

Fixed Income

All transactions must have a maturity/call/put option of minimum 18 months. Make-whole call and provisional call/put are exempted from this rule. Note: Criteria may vary for some local and/or regional tables. USD denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-USD denominated 144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche. Self- led transactions are included. New money portions of exchange offers are eligible for credit.

Exclusions: Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, self-led under USD 50 million. Note: Criteria may vary for some local and/or regional tables.

Equities-Linked

Equity-linked transactions: Convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/ puttable in 12 months or longer are included. Make-whole call, provisional call and provisional put are exempted from this rule. Convertible bonds with attached warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can be converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there cannot be separate book building for the warrant and the bond.

Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in an underlying fund or investment trust, pre-IPO convertible instruments, certain lower hierarchy titles, i.e. Jr Bookrunner.

Equities

Equity market transactions: Initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights offerings.

Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain lower hierarchy titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional tables.

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service. Bloomberg – League Tables Criteria

Loans

Includes executed syndicated loans transactions. Full credit is awarded to the banks satisfying the highest of the titles. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers. Credit is allocated to amended or amended and restated transactions, where each modification is 100% at the lender’s option and not as a result of events already built into the original credit agreement. Credit is awarded for the following structural changes only: maturity extensions of three months or more, incremental basis for increased in deal size, reduction in pricing, full release of security.

Exclusions: Bilateral transactions, transactions with a maturity of less than three months, loans withdrawn prior to signing, amended or restated securitizations, receivable and guarantee facilities, loan pacts, and standalone guarantee facilities/letters of credit.

US Municipals

Standard published tables will award deal credit based on true economic credit as reported by the issuer or the bookrunner. In absence of reported economic credit, 100% will be assigned to the bookrunner.

Dollar value of credit will be assigned based on the percentage allocation reported for economic credit (or designated by the user in a custom table) and applied against the total par value of the bonds issued. Zero coupon bonds (CABS) or intermediate appreciation bonds (convertible CABs) will be included at the market value (accreted value) on the interest accrual date. All debt issued by municipal issuers will be eligible for league credit. Taxable and tax-exempt debt is eligible for league credit unless a table includes specific tax type criteria. “Tax-exempt” is defined as federally tax- exempt and includes bonds subject to AMT and bonds designated as Bank Qualified.

Each table has five potential display formats. “Economic Credit” displays rankings based on true economic credit allocations of applicable deals. “Left Lead” assigns 100% credit to the bookrunner and 0% to all other syndicate participants. “Deal Count” displays rankings based on deal quantity rather than aggregate economic credit amounts. "Participation (100%)" displays rankings based on allocating 100% to each syndicate participant. "Financial Advisor" assigns credit evenly divided between all participating financial advisors. "Bond Counsel" assigns credit evenly divided between all participating bond counsels. US Municipals tables included in the “Global Capital Markets” and “Americas Capital Markets” publications are ranked according to true economic credit.

A “deal” refers to the aggregate series within an issuance led by a particular underwriter or syndicate. For example: a $50 million issuance is split into three series- a $10 million Series A, a $20 million Series B, and a $20 million Series C. Bank 1 is the underwriter of Series A & B, while Bank 2 is the underwriter of Series C. Bank 1 would have one “deal” worth $30 million, and Bank 2 would have one “deal” worth $20 million.

Exclusions: Derivatives, private placements, variable rate preferred securities, and remarketings are excluded from municipal league table eligibility. The full version of Bloomberg’s League table Standards & Guidelines can be accessed and subscribed to on the Reports tab on LEAG.