MENA Investment Banking Review First Half 2020 Refinitiv Deals Intelligence

1 QUARTERLY HIGHLIGHTS

HIGHLIGHTS

M&A FEES DOWN -7% M&A TOP FINANCIAL ADVISOR YTD ECM FEES DOWN -62%

DCM FEES UP 6% ECM TOP BOOK RUNNER YTD LOAN FEES DOWN -50% Riyadh Ltd, EFG Hermes, Jadwa Investment Co ANY INV. M&A DOWN -55% DCM TOP BOOK RUNNER YTD TARGET M&A DOWN -60% PLC

ECM PROCEEDS DOWN -58% Click on any of the above arrows to go straight to the analysis. DCM PROCEEDS UP 26%

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2 REPORT SUMMARY

INVESTMENT BANKING FEES Investment banking fees in the and reached an estimated US$522.1 million during the first half of 2020, down 25% from last year and a three-year low with declines recorded across equity underwriting, M&A advisory, and syndicated lending. Equity capital markets underwriting fees declined 62% to US$17.1 million, marking the lowest first half year total for equity fees in the region since 2009. Advisory fees earned from completed M&A transactions generated US$206.4 million, down 7% year-on-year, while syndicated lending fees fell 50% to a five-year low of US$137.7 million. Debt capital markets underwriting fees increased 6% year-on-year to US$161.0 million, the highest first half total since our records began in 2000. Government & Agency fees accounted for 36% of total investment banking fees earned in the region during the first half of 2020, up from 24% during the same period last year. generated the most fees in the region during the first six months of the year, a total of US$206.0 million accounting for 39%, followed by the with 29%. HSBC earned the most investment banking fees in the region during the first six months of 2020, a total of US$58.5 million or an 11.2% share of the total fee pool.

MERGERS & ACQUISITIONS The value of announced M&A transactions with any MENA involvement reached US$50.7 billion during the first six months of 2020, 55% less than the value recorded during the same period in 2019 which reached a record high with Saudi Aramco’s agreement to buy a stake in Saudi Basic Industries Corp for $69.1 billion. The number of deals declined 9% from last year to a three-year low. The value recorded during the first half of 2020 is the third highest first half total of all-time after 2019 (US$112.7b) and 2007 (US$58.5b). After merger activity fell to a seven-month low of US$1.9 billion in April, M&A increased in volume and in value for two consecutive months and reached US$27.5 billion in June as Saudi Arabia’s National Commercial Bank announced plans to acquire Samba Financial Group for US$15.6 billion and a consortium of investors agreed to buy ADNOC gas pipeline assets for US$10.1 billion. The deals are the largest to be announced in the region so far during 2020 and boosted the value of M&A in June to the second highest monthly total since our records began in the 1980s. Despite scoring the second highest first half total of all-time, domestic M&A registered a 72% decline from last year to US$24.0 billion, again due to the Aramco / Sabic deal. Inbound M&A, involving an acquiror from outside of the region, increased 13% to an all-time first half high of US$17.0 billion, while outbound M&A declined 12% to US4.8 billion. Deals in the financial sector accounted for 41% of MENA target M&A activity during the first half of 2020. Saudi Arabia was the most targeted nation, followed by The United Arab Emirates (25%) and (11%). Morgan Stanley topped the any MENA involvement announced M&A financial advisor league table during the first six months of 2020 with a 51% market share.

EQUITY CAPITAL MARKETS MENA equity and equity-related issuance totaled US$875.7 million during the first half of 2020, 58% less than the value recorded during the same period last year and the lowest first half total since 2004. Just two initial public offerings were recorded during the first six months of 2020. 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, while Emerald Real Estate Investment raised US$13.1 million on the Egyptian Stock Exchange in February. EFG Hermes, Jadwa Investment Co, and Riyadh Bank Ltd shared first place in the MENA ECM league table during the first half of 2020.

DEBT CAPITAL MARKETS MENA debt issuance reached an all-time first half high of US$69.5 billion during the first six months of 2020, up 26% from the value recorded during the same period in 2019. After a strong start, with over US$9 billion raised in both January and February, March issuance slowed to just US$571.9 million. US$51.8 billion was recorded during the second quarter of 2020, an all-time quarterly high in the region. The United Arab Emirates and Saudi Arabia were the most active issuer nations during the first half of 2020 with US$23.3 billion and US$19.1 billion in bond proceeds, respectively. Standard Chartered took the top spot in the MENA bond underwriter ranking during the first six months of 2020 with US$12.5 billion of related proceeds, or an 18% market share.

3 BACK TO MENA HIGHLIGHTS INVESTMENT BANKING FEES PAGE

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

YTD Fees Rest of Year Fees • Outer Rim: 2020 1,600 • Inner Rim: 2019 1,400 10% 11%

1,200 5% 4% 13% 19% 1,000 24% 36% 7% 4% 30% 39% 12% 800 5% 600 US$ MillionUS$ 10% 6%

400 31% 7% 28% 200 13% 33% 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 29% 24%

INVESTMENT BANKING FEES BY ASSET CLASS Government and Agencies Industrials Saudi Arabia Egypt BONDS EQUITY LOANS MA Energy and Power High Technology United Arab Emirates 450 Financials Other Other 400 350 300 250 200

US$ MillionUS$ 150 100 50 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 VOLUMES & NUMBER OF DEALS TOP TARGETED INDUSTRIES TOP TARGETED COUNTRIES

YTD (US$ bil) Rest of Year (US$ bil) # Deals $160 500 • Outer Rim: 2020 • Inner Rim: 2019 2% 3% $140 450 10% 3% 8% 400 6% $120 5% 9% 350 14% 7% $100 41% 300 19% 46% $80 250

$60 200 11% 150 71% $40 38% 100 80% $20 50 25% $0 - 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 Financials Consumer Staples Saudi Arabia $120 350 Energy and Power Telecommunications United Arab Emirates Qatar 300 $100 Industrials Other Egypt Other 250 $80 200 $60 150 $40 100

$20 50

$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 US$69b Saudi Aramco / SABIC 100

$60

80 $50

$40 60

$30 40

$20

20 $10

$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 increased 13% to US$17.0 billion Domestic M&A declined 72% to US$24.0 billion Outbound M&A declined 12% to US$4.0 billion during 1H 2020. during 1H 2020. during 1H 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 $20 140 $100 250 $80 180

$18 $90 160 120 $70 $16 $80 200 140 $60 $14 100 $70 120 $12 $60 150 $50 80 100 $10 $50 $40 80 60 $40 100 $8 $30 60 $6 40 $30 $20 $4 $20 50 40 20 $2 $10 $10 20 $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$ Billion US$ Billion US$ Billion US$ Billion US$ Billion US$ Billion

United United United Arab Saudi $11.7 States of $11.5 Saudi Arabia $15.9 $18.3 States of $3.6 Saudi Arabia $3.3 Emirates Arabia America America

United Hong United Arab United Saudi Arabia $3.1 $3.0 $3.8 Arab $4.0 $0.5 Bahrain Kong Emirates Kingdom $0.7 Emirates

United Arab Oman $1.0 Mauritius $1.0 Egypt $2.8 Qatar $1.0 Bermuda $0.3 $0.4 Emirates

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ANY INVOLVEMENT M&A TOP DEALS YTD

Acquiror Parent Value ($Mil) Status Rank Date Target Name Target Nation Target Industry Acquiror Name Target Financial Advisor Acquiror Financial Advisor Nation National Commercial Bank 15,630.9 Pending 6/25/2020 Samba Financial Group SJSC Saudi Arabia Financials Saudi Arabia Morgan Stanley JP Morgan & Co Inc SJSC Bank of America Sec JAP First Abu Dhabi Bank PJSC Rothschild & Co 10,100.0 Pending 6/23/2020 ADNOC Gas Pipeline Assets LLC Utd Arab Em Energy and Power Investor Group United States Mizuho Securities Co Ltd Morgan Stanley Moelis & Co

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

PT Indofood CBP Sukses Somerley 2,998.0 Pending 5/22/2020 Pinehill Co Ltd Saudi Arabia Consumer Staples Hong Kong Makmur Global Markets Ltd 2,717.9 Completed 2/17/2020 DP World PLC Utd Arab Em Industrials Port & Free Zone World FZE Utd Arab Em Rothschild & Co Deutsche Bank Aktiengesellschaft Branch

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

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

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 6/30/2020 Jindal Shadeed Iron & Steel Oman Materials Templar Invests Ltd Mauritius Alpen Capital (ME) Ltd

713.7 Completed 5/16/2020 Boeing Co United States Industrials Public Investment Fund Saudi Arabia

8 BACK TO MENA HIGHLIGHTS EQUITY CAPITAL MARKETS PAGE

ECM YTD PROCEEDS TOP ISSUING COUNTRIES YTD Proceeds YTDLY Proceeds YTD Proceeds Rest of Year Proceeds $35 US$ Bllion

$30 $0.8 Saudi Arabia $25 $0.9

$20 $0.1

$15 Morocco US$Billion $0.0 $10

$5 $0.0 Egypt $0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 $0.1

ECM YTD PROCEEDS BY ISSUE TYPE TOP ISSUING INDUSTRIES

IPO Follow-On Convertible YTD Proceeds YTDLY Proceeds $12 US$ Billion

$10 $0.7 Healthcare $8 $0.0

$6 $0.1 Real Estate US$Billion $4 $0.7

$2 $0.1 Consumer Staples $0 $0.1 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 YTDLY Proceeds YTD Proceeds Rest of Year Proceeds $120 US$ Billion $23.3 United Arab Emirates $100 $9.6

$19.1 $80 Saudi Arabia $21.7 $60 $16.8 Qatar

US$ BillionUS$ $15.9 $40

$5.0 Egypt $20 $6.6

$3.6 $0 Bahrain 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 $1.1

DCM MONTHLY PROCEEDS TOP ISSUING INDUSTRIES

YTD Proceeds YTDLY Proceeds Proceeds (US$ bil) # Issues

$35 25 US$ Billion

$30 $39.0 20 Government and Agencies $25.6 $25

15 $20 $28.0 Financials $16.8 $15

10 US$ BillionUS$ $10 $2.2 Energy and Power 5 $12.6 $5

$0 0 $0.4 Materials 2015 2016 2017 2018 2019 2020 $0.0

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ECM TOP DEALS 2020

Primary Issue Date Proceeds ($ mil) Issuer Domicile Industry Mid Industry Issue Type Exchange Healthcare Providers & 3/3/2020 699.7 Dr Sulaiman Al-Habib Med Svcs Saudi Arabia Healthcare IPO SAUDI Services (HMOs) 1/8/2020 83.2 Douja Promotion Group Addoha Morocco Real Estate Other Real Estate Follow-On CASA

6/18/2020 79.7 Saudi Fisheries Co SJSC Saudi Arabia Consumer Staples Agriculture & Livestock Follow-On SAUDI

2/23/2020 13.1 Emerald Real Estate Investmen Egypt Real Estate REITs IPO EGYPT

DCM TOP DEALS 2020

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

4/7/2020 9,988.1 Ministry of Finance Qatar Qatar Government and Agencies National Agency U.S. Dollar

4/15/2020 6,956.5 Saudi Arabia Saudi Arabia Government and Agencies National Government U.S. Dollar

4/8/2020 6,860.2 Goverment of Abu Dhabi Utd Arab Em Government and Agencies City Government U.S. Dollar

5/21/2020 5,000.0 Egypt Egypt Government and Agencies National Government U.S. Dollar

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

11 BACK TO MENA HIGHLIGHTS INVESTMENT BANKING FEE LEAGUE TABLES PAGE

INVESTMENT BANKING FEES LEAGUE TABLE

HSBC Holdings PLC JP Morgan Citi Standard Chartered PLC Morgan Stanley Jefferies LLC BNP Paribas SA First Abu Dhabi Bank PJSC Deutsche Bank & Co 70

60 11.2%

50 9.2% 40 7.0% 6.7% 30 5.6% 5.3%

Fees US$ US$ Fees Million 20 4.0% 4.0% 3.7% 3.4% 10

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 1H 2020 1H 2019 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 1 HSBC Holdings PLC $ 58.5 -24.4% 11.2% 0.1% 34 -22.7% 2 2 JP Morgan $ 48.2 -19.4% 9.2% 0.6% 21 61.5% 3 4 Citi $ 36.6 28.4% 7.0% 2.9% 24 9.1% 4 3 Standard Chartered PLC $ 35.0 11.4% 6.7% 2.2% 34 17.2% 5 6 Morgan Stanley $ 29.1 11.6% 5.6% 1.8% 4 -55.6% 6 53 Jefferies LLC $ 27.5 1039.1% 5.3% 4.9% 2 100.0% 7 10 BNP Paribas SA $ 20.8 1.7% 4.0% 1.0% 7 -50.0% 8 12 First Abu Dhabi Bank PJSC $ 20.7 12.7% 4.0% 1.3% 21 5.0% 9 16 Deutsche Bank $ 19.2 49.2% 3.7% 1.8% 10 0.0% 10 7 Goldman Sachs & Co $ 17.7 -30.1% 3.4% -0.3% 4 -20.0% TOTAL $ 522.1 -24.9% 147 -21.4%

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M&A FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY 1H 2020 1H 2019 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 1 JP Morgan $ 28.4 -36.4% 13.7% -6.4% 2 -50.0% 2 2 HSBC Holdings PLC $ 27.8 -35.2% 13.4% -5.9% 6 50.0% 3 6 Morgan Stanley $ 25.6 105.2% 12.4% 6.8% 1 -66.7% 4 - Jefferies LLC $ 24.5 - 11.9% - 1 - 5 3 Bofa Securities Inc $ 13.0 -49.1% 6.3% -5.2% 1 -80.0% 5 12 Citi $ 13.0 223.9% 6.3% 4.5% 2 0.0% 5 4 Goldman Sachs & Co $ 13.0 -14.2% 6.3% -0.6% 1 0.0% 8 10 Rothschild & Co $ 11.5 142.7% 5.5% 3.4% 1 -50.0% 9 16 Deutsche Bank $ 8.3 316.9% 4.0% 3.1% 1 0.0% 10 - Partners $ 6.1 - 2.9% - 1 - TOTAL $ 206.4 -6.7% 32 -39.6%

ECM FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY 1H 2020 1H 2019 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 - Riyadh Bank Ltd $ 5.0 - 29.4% - 1 - 1 - Jadwa Investment Co $ 5.0 - 29.4% - 1 - 1 3 EFG Hermes $ 5.0 93.3% 29.4% 23.6% 1 -50.0% 4 - Falcom $ 0.8 - 4.7% - 1 - 5 - BMCE Capital Conseil SA $ 0.4 - 2.5% - 1 - 5 - Attijari Bank $ 0.4 - 2.5% - 1 - 7 - Odin Investments SAE $ 0.4 - 2.1% - 1 - - - 0 ------0 ------0 ------TOTAL $ 17.1 -61.9% 4 -55.6%

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DCM FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY 1H 2020 1H 2019 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 1 Standard Chartered PLC $ 26.5 43.8% 16.4% 4.3% 28 7.7% 2 2 HSBC Holdings PLC $ 19.0 4.7% 11.8% -0.2% 21 -30.0% 3 3 Citi $ 14.4 -16.9% 8.9% -2.5% 15 15.4% 4 4 JP Morgan $ 12.7 -6.3% 7.9% -1.1% 15 114.3% 5 5 Credit Agricole CIB $ 9.9 0.0% 6.1% -0.4% 17 88.9% 6 9 BNP Paribas SA $ 7.6 19.4% 4.8% 0.5% 3 -57.1% 7 7 Deutsche Bank $ 7.6 -17.4% 4.7% -1.3% 7 0.0% 8 14 First Abu Dhabi Bank PJSC $ 6.9 214.4% 4.3% 2.8% 11 37.5% 9 8 Goldman Sachs & Co $ 4.8 -44.9% 3.0% -2.7% 3 0.0% 10 13 $ 4.4 18.4% 2.7% 0.3% 2 -33.3% TOTAL $ 161.0 6.1% 85 4.9%

LOANS FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY 1H 2020 1H 2019 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 2 First Abu Dhabi Bank PJSC $ 13.8 -14.7% 10.0% 4.2% 10 -16.7% 2 1 HSBC Holdings PLC $ 11.8 -28.1% 8.6% 2.6% 7 -30.0% 3 4 BNP Paribas SA $ 11.2 -7.4% 8.1% 3.8% 3 -40.0% 4 17 Citi $ 9.3 65.4% 6.7% 4.7% 7 16.7% 5 6 Societe Generale $ 8.9 -9.1% 6.5% 2.9% 2 -33.3% 6 14 Sumitomo Mitsui Finl Grp Inc $ 8.8 28.9% 6.4% 3.9% 4 100.0% 7 11 Credit Agricole CIB $ 7.8 1.7% 5.7% 2.9% 4 33.3% 8 46 JP Morgan $ 7.1 338.8% 5.2% 4.6% 4 100.0% 9 18 Mizuho Financial Group $ 6.8 26.7% 5.0% 3.0% 2 0.0% 10 8 Mitsubishi UFJ Financial Group $ 6.1 -35.3% 4.4% 1.0% 2 -50.0% TOTAL $ 137.7 -50.3% 26 -40.9%

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

RANK VALUE RANK VALUE YOY SHARE YOY #DEALS YOY 1H 2020 1H 2019 BANK NAME SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 6 Morgan Stanley $ 25,809.2 -65% 51% -22% 3 -50% 2 2 JP Morgan $ 15,630.9 -82% 31% -59% 3 -73% 3 11 Rothschild & Co $ 12,848.8 260% 25% 691% 4 -33% 4* - Mizuho Financial Group $ 10,100.0 - 20% - 1 - 4* 7 Moelis & Co $ 10,100.0 0% 20% 121% 1 -75% 4* - First Abu Dhabi Bank PJSC $ 10,100.0 - 20% - 1 - 4* 5 BofA Securities Inc $ 10,100.0 -87% 20% -70% 1 -83% 8 9 Barclays $ 7,297.0 71% 14% 279% 3 0% 9 35* Deutsche Bank $ 5,715.9 - 11% - 2 0% 10 - Somerley $ 2,998.0 - 6% - 1 - TOTAL $ 50,695.6 -55% 100.0% - 346 -9%

TARGET M&A LEAGUE TABLE (US$MIL)

RANK VALUE RANK VALUE YOY SHARE YOY #DEALS YOY 1H 2020 1H 2019 BANK NAME SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 6 Morgan Stanley $ 25,730.9 -65% 63% -12% 2 -33% 2 3 JP Morgan $ 15,630.9 -81% 38% -52% 2 -78% 3 15 Rothschild & Co $ 12,817.9 2989% 31% 7725% 3 50% 4* - Mizuho Financial Group $ 10,100.0 - 25% - 1 - 4* 7 Moelis & Co $ 10,100.0 0% 25% 147% 1 -75% 4* - First Abu Dhabi Bank PJSC $ 10,100.0 - 25% - 1 - 4* 5 BofA Securities Inc $ 10,100.0 -86% 25% -66% 1 -67% 8 - Deutsche Bank $ 5,715.9 - 14% - 2 - 9 - Somerley $ 2,998.0 - 7% - 1 - 10 4 Citi $ 2,717.9 -97% 7% -91% 2 -71% TOTAL $ 40,975.8 -60% 100.0% - 247 -1%

15 BACK TO MENA HIGHLIGHTS INVESTMENT BANKING LEAGUE TABLES PAGE

ECM LEAGUE TABLE (US$MIL) PROCEEDS PROCEEDS YOY SHARE YOY #DEALS YOY 1H 2020 1H 2019 BANK NAME SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1* - Riyadh Bank Ltd $ 233.2 - 27% - 1 - 1* 3 EFG Hermes $ 233.2 35% 27% 220% 1 -50% 1* - Jadwa Investment Co $ 233.2 - 27% - 1 - 4 - Falcom Financial Services $ 79.7 - 9% - 1 - 5* - Attijari Bank $ 41.6 - 5% - 1 - 5* - BMCE Capital Conseil SA $ 41.6 - 5% - 1 - 7 - Odin Investments SAE $ 13.1 - 2% - 1 - - 1 Kuwait Financial Centre ------2 Sambacapital ------4* National Commercial Bank SJSC ------TOTAL $ 875.7 -58% 100.0% - 4 -50%

DCM LEAGUE TABLE (US$MIL) PROCEEDS PROCEEDS YOY SHARE YOY #DEALS YOY 1H 2020 1H 2019 BANK NAME SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 1 Standard Chartered PLC $ 12,546.6 75% 18% 39% 28 27% 2 2 HSBC Holdings PLC $ 9,165.6 40% 13% 11% 21 5% 3 3 Citi $ 7,265.4 22% 11% -3% 15 36% 4 4 JP Morgan $ 5,057.1 2% 7% -19% 15 114% 5 5 Credit Agricole CIB $ 3,891.9 5% 6% -16% 13 63% 6 14 First Abu Dhabi Bank PJSC $ 3,302.2 338% 5% 243% 11 57% 7 6 Deutsche Bank $ 2,779.0 -22% 4% -38% 6 -14% 8 9 BNP Paribas SA $ 2,760.3 12% 4% -11% 3 -50% 9 8 Goldman Sachs & Co $ 2,506.3 -19% 4% -36% 2 -33% 10 10 Morgan Stanley $ 2,024.9 -5% 3% -26% 3 -25% TOTAL $ 69,516.1 26% 100.0% - 70 13%

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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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