Latin America Review First Quarter 2021 Refinitiv Deals Intelligence

1 QUARTERLY HIGHLIGHTS LATAM INVESTMENT BANKING ACTIVITY

HIGHLIGHTS

M&A FEES DOWN -3% M&A TOP FINANCIAL ADVISOR YTD ECM FEES UP 251% Banco BTG Pactual SA DCM FEES DOWN -13% ECM TOP BOOK RUNNER YTD Citi LOAN FEES UP 22% DCM TOP BOOK RUNNER YTD ANY INV. M&A UP 197% JP Morgan TARGET M&A UP 317% M&A TOP TARGETED NATION ECM PROCEEDS UP 12% Brazil

DCM PROCEEDS DOWN -6% DCM TOP ISSUING ECM TOP ISSUING Click on any of the above arrows to NATION NATION go straight to the analysis. Mexico Brazil

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2 An LSEG business REPORT SUMMARY

INVESTMENT BANKING FEES Investment banking fees in Latin America produced a combined total of US$804.9 million during the first quarter of 2021, up 47% and the strongest start to the first quarter in the region since 2007. Merger & Acquisition fees totalled US$185.4 million, down 3% from the same period last year. Equity underwriting fees marked the best start to the year in the region since our records began in 2000 with a total of US$392 million recorded in fees, a 251% increase from the same period last year. Debt underwriting fees declined 13% to US$174.3 million from the same period last year, while syndicated lending increased 22% to US$52.9 million. Citi earned the most investment banking fees in Latin America during the first quarter of 2021, a total of US$72.8 million, or a 9.0% share of the total fee pool. JP Morgan and come in second and third place, with 8.3% and 6.0% market share, respectively.

MERGERS & ACQUISITIONS Announced M&A with any Latin America involvement totals US$52.1 billion in the first quarter, a 197% increase and already at half of the full year total of 2020. Deals with a target in Latin America increased 317% from US$10.4 billion to US$43.6 billion in Q1 2021, a 3-year high. Latin America inbound M&A increased 409% to US$22 billion, while outbound M&A increased 79% to US$4.8 billion in Q1 2021. The largest deal of the quarter was Brazil’s Hapvida Participacoes agreement to merge their business with Notre Dame Intermedica for an estimated US$9.5 billion. Deal making in the Healthcare sector accounted for 25% of Latin America target M&A by value, followed by the real estate sector with a 21% market share. Brazil was the most targeted nation in Latin America with US$26.1 billion M&A deals worth of deals, an increase of 404% from the same period last year. Banco BTG Pactual SA leads in the any involvement league table advising on US$17.9 billion worth of deals, closely followed by JP Morgan and Itau Unibanco in second and third place, respectively.

EQUITY CAPITAL MARKETS Latin America equity and equity-related issuance totalled US$9.7 billion, during the first quarter of 2021, a 12% increase and the best start to the year since 2013. 48% of this total came from Latin America’s IPO Market with US$4.7 billion in proceeds raised, a 391% increase in IPO activity. The number of IPOs also experienced its best start to the quarter since 1980 with 18 IPOs in Latin America’s first quarter. Brazil was the top issuing nation with US$6.0 billion raised in ECM proceeds, followed by Mexico and Cayman Islands. Telecommunications raised the most from ECM issuance with US$2.8 billion in related proceeds, followed by Energy & Power and Financials. The largest issuance of the quarter was the US$2.6 billion convertible bond issuance from América Móvil through its Dutch subsidiary América Móvil B.V. in February. Citi leads Latin America ECM underwriting during the first quarter of 2021 with 13% market share, closely followed by Bank of America Securities with 12%.

DEBT CAPITAL MARKETS Latin America debt issuance totalled US$54.9 billion during the first quarter of 2021, a 6% decrease compared to a year ago. Agency and sovereign bond issuance in Latin America totalled US$27.4 billion, a 52% increase compared to the same period last year and the highest total since 2017. Mexico led Latin America’s DCM issuance with a total of US$13.0 billion in issuance, followed by Brazil with US$9.3 billion. Government and Agencies was the most active sector in Latin America with US$27.4 billion in issuance, or 50% of all DCM issuance in the first quarter. JP Morgan maintained top spot for DCM underwriting in Latin America with 15% market share, followed by Citi and Santander with 10% and 9% market share, respectively.

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

YTD Fees Rest of Year Fees • Outer Rim: YTD • Inner Rim: YTDLY 7,000

6,000 16% 27% 5,000 27% 29% 20% 4,000 7% 40% 40% 48% 5% 3,000 8% US$ Million US$ 8% 2,000 6% 13% 15% 8% 1,000 5% 7% 13% 17% 0 4% 18% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 8% 11%

INVESTMENT BANKING FEES BY ASSET CLASS

BONDS EQUITY LOANS MA Financials Materials Brazil Bermuda 1,200 Energy and Power Government and Agencies Mexico British Virgin 1,000 Islands(United Kingdom) Consumer Products and Other Services Cayman Islands 800 Other

600

US$ Million US$ 400

200

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22

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

YTD Volumes Rest of Year Volumes #Deals • Outer Rim: YTD 350,000 700 • Inner Rim: YTDLY

300,000 600 2%3% 250,000 500 16% 3% 25% 6% 200,000 400 12% 17% 150,000 300 5% 9% 2% US$Million 100,000 200 6% 1% 3% 8% 50% 50,000 100 7% 26% 0 - 67% 60% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 16% 17% 22%

TARGET M&A VOLUMES & NUMBER OF DEALS 17% YTD Volumes Rest of Year Volumes #Deals

300,000 600 Healthcare Retail Brazil Colombia 250,000 500 Real Estate Materials 200,000 400 Bermuda Peru

150,000 300 Energy and Power Other Chile Other

US$ US$ Million 100,000 200

50,000 100

0 - 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

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INBOUND M&A DOMESTIC M&A OUTBOUND M&A

Inbound M&A up 409% from YTD last year, accounting Domestic M&A up 252% from YTD last year, Outbound M&A up 79% from YTD last year, accounting for $22 Billion so far this year. accounting for $21.5 Billion so far this year. for $4.8 Billion so far this year.

YTD Volumes Rest of Year Volumes #Deals YTD Volumes Rest of Year Volumes #Deals YTD Volumes Rest of Year Volumes #Deals

120,000 300 200,000 300 40,000 100 250 80 100,000 250 150,000 30,000 80,000 200 200 60 20,000 60,000 150 100,000 150 40 100 10,000

40,000 100 50,000 US$ Million 20 US$ US$ Million

US$ US$ Million 50 20,000 50 0 - 0 - 0 - 10 11 12 13 14 15 16 17 18 19 20 21 10 11 12 13 14 15 16 17 18 19 20 21 10 11 12 13 14 15 16 17 18 19 20 21

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 0 10,000 20,000 0 5,000 10,000 0 10,000 20,000 30,000 0 10,000 20,000 30,000 0 1,000 2,000 3,000 0 1,000 2,000 3,000

United States 8,548 Brazil 21,034 Brazil 20,988 India 2,125 Bahamas 2,213 Bermuda 11,265 of America

Cayman Canada Peru 186 Peru 328 South Korea 1,175 1,905 Brazil 5,137 6,922 Islands

United Arab United Chile 2,311 1,650 Colombia 166 Chile 119 424 Bermuda 595 Emirates Kingdom

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TARGET M&A VOLUMES BY DEAL SIZE

X < US$500 US$500m to US$1Bn US$1Bn to US$5Bn US$5Bn to US$10Bn X > US$10Bn

90,000 80,000 70,000 60,000 50,000 40,000

US$Million 30,000 20,000 10,000 0 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

MID MARKET TARGET M&A VOLUMES YTD

X < US$500

16,000 14,000 12,000 10,000 8,000

6,000 US$Million 4,000 2,000 0 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

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ANY INVOLVEMENT M&A TOP DEALS YTD

Ranking Rank Target Acquiror Acquiror Status Target Name Target Industry Target Advisors Acquiror Name Acquiror Advisors Value ($Mil) Date Nation Nation Industry JP Morgan Securities LLC Banco BTG Pactual SA 9,577.3 Pending 02/27/2021 Notre Dame Intermedica Brazil Healthcare Hapvida Participacoes II Brazil Financials Banco JP Morgan SA Itau Unibanco SA Brookfield Property Brookfield Asset 6,497.6 Pending 01/04/2021 Bermuda Real Estate Canada Financials Partners Management BR Partners JP Morgan Banco Itau-BBA SA 5,363.5 Completed 03/01/2021 Sendas Distribuidora SA Brazil Retail Banco BTG Pactual SA Shareholders Brazil Financials BofA Securities Inc Banco Bradesco SA Santander Corp & Invest Bkg Hygo Energy Transition Energy and & Co Energy and 2,930.1 Pending 01/13/2021 Bermuda New Fortress Energy Inc United States Ltd Power Citi Power 2,877.7 Completed 02/09/2021 Vale SA Brazil Materials - PREVI Brazil Financials 2,109.8 Intended 01/11/2021 Vedanta Ltd India Materials - Vedanta Resources Ltd Bahamas Materials JP Morgan India Citi Petroleo Brasileiro SA- Energy and Mubadala Investment Co 1,650.0 Pending 02/08/2021 Brazil Rothschild & Co Utd Arab Em Financials RLAM Power PJSC Santander Corp & Invest Bkg Energy and 1,524.0 Pending 01/13/2021 Golar LNG Partners LP Bermuda Industrials Deutsche Bank Securities New Fortress Energy Inc United States Morgan Stanley Power

1,358.6 Pending 03/24/2021 Grupo BIG Brasil SA Brazil Retail - Atacadao SA France Retail Goldman Sachs & Co

BTG Pactual Us Capital LLC 1,321.0 Pending 03/31/2021 Procaps SAS Colombia Healthcare Greenhill & Co, LLC Union Acquisition Corp II United States Financials Cantor Fitzgerald Inc

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ECM PROCEEDS TOP ISSUING COUNTRIES

YTD Proceeds Rest of Year Proceeds YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%)

70,000 9,000 0% 0% 0% 8,000 -10% 60,000 -20% 7,000 -26% 50,000 6,000 -30% -40% 5,000 40,000 -50% 4,000 -60% -60% 30,000 3,000

US$ US$ Million -70%

US$ US$ Million 20,000 2,000 -80% 1,000 -90% -90% 10,000 0 -100% 0 Brazil Mexico Cayman Islands Bermuda British Virgin 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Islands(United Kingdom)

ECM PROCEEDS BY ISSUE TYPE TOP ISSUING INDUSTRIES

IPO Follow-On Convertible YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%)

9,000 6,000 400000% 367667% 8,000 350000% 5,000 7,000 300000% 4,000 250000% 6,000 200000% 5,000 3,000 150000%

4,000 2,000 100000% US$ Million US$

US$ US$ Million 3,000 50000% 1,000 2,000 0% -72% 341% 100% 0% 1,000 0 -50000% Telecommunications Energy and Power Financials Materials High Technology 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

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DCM PROCEEDS TOP ISSUING COUNTRIES

YTD Proceeds Rest of Year Proceeds YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%)

500,000 20,000 2500% 450,000 18,000 2158% 2000% 400,000 16,000 350,000 14,000 1500% 300,000 12,000 250,000 10,000 1000% 8,000 200,000 US$ US$ Million 6,000 500% US$ US$ Million 150,000 4,000 -24% -26% -16% 0% 0% 100,000 2,000 50,000 0 -500% 0 Mexico Brazil Peru Chile Venezuela 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 DCM PROCEEDS BY ISSUE TYPE TOP ISSUING INDUSTRIES

Agency, Supranational, Sovereign Investment Grade Corporate YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) MBS ABS 30,000 60% Federal Credit Agency High Yield Corporate 52% 25,000 40% 80,000 34% 70,000 20,000 20% 60,000 15,000 0%

50,000 10,000 -20% US$ Million US$ 40,000 -30% 5,000 -40% 30,000 -45%

US$ US$ Million -52% 20,000 0 -60% Government and Financials Energy and Materials Consumer 10,000 Agencies Power Staples 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

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ECM TOP DEALS YTD Proceeds Primary Issue Date Issue Type Issuer Nation Industry Mid Industry ($ mil) Exchange

Telecommunications 02/23/2021 2,668.7 Convertible America Movil Bv Netherlands Telecommunications NONE Services

02/12/2021 924.7 IPO CSN Mineracao SA Brazil Materials Metals & Mining PAOLO

01/21/2021 588.4 IPO Patria Investments Ltd Cayman Islands Financials Asset Management NASDQ

01/19/2021 512.3 Follow-On Light SA Brazil Energy and Power Power PAOLO

Computers & 02/09/2021 512.1 Follow-On Locaweb Servicos de Internet Brazil High Technology PAOLO Peripherals

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

Agency, Supranational, 03/03/2021 3,957.3 Peru Peru Government and Agencies National Government U.S. Dollar Sovereign

Agency, Supranational, 01/14/2021 3,129.2 Mexico Mexico Government and Agencies National Government EURO Sovereign

Agency, Supranational, 01/04/2021 3,000.0 Mexico Mexico Government and Agencies National Government U.S. Dollar Sovereign Agency, Supranational, 01/20/2021 2,581.5 Republica de Panama Panama Government and Agencies National Government U.S. Dollar Sovereign Agency, Supranational, 01/13/2021 2,547.2 Dominican Republic Dominican Rep Government and Agencies National Government U.S. Dollar Sovereign

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INVESTMENT BANKING FEES LEAGUE TABLE

Citi JP Morgan Deutsche Bank Banco BTG Pactual SA Itau Unibanco Goldman Sachs & Co Santander Corp & Invest Bkg Bofa Securities Inc Jefferies LLC Banco Bradesco SA

90 80 9.0% 70 8.3% 60 50 6.0% 5.7% 5.6% 5.4% 40 5.3% 5.0% 30 3.6% 3.4%

Fees US$ US$ FeesMillion 20 10 0 0 1 2 3 4 5 6 7 8 9 10 11 Rank INVESTMENT BANKING FEES LEAGUE TABLE (US$MIL) FEES FEES YOY SHARE YOY #DEALS YOY 2021 2020 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 3 Citi $ 72.8 88.1% 9.0% 2.0% 40 42.9% 2 4 JP Morgan $ 67.0 96.3% 8.3% 2.1% 44 29.4% 3 9 Deutsche Bank $ 48.4 116.7% 6.0% 1.9% 9 -50.0% 4 11 Banco BTG Pactual SA $ 46.2 156.4% 5.7% 2.4% 35 66.7% 5 6 Itau Unibanco $ 44.8 46.8% 5.6% 0.0% 35 25.0% 6 5 Goldman Sachs & Co $ 43.9 43.4% 5.4% -0.1% 23 -23.3% 7 8 Santander Corp & Invest Bkg $ 42.9 76.3% 5.3% 0.9% 48 92.0% 8 1 Bofa Securities Inc $ 39.9 -11.2% 5.0% -3.3% 23 -28.1% 9 52 Jefferies LLC $ 28.9 2441.6% 3.6% 3.4% 4 300.0% 10 10 Banco Bradesco SA $ 27.7 42.0% 3.4% -0.1% 16 0.0% TOTAL $ 804.9 47.4% 285 10.9%

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M&A FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY 2021 2020 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 18 Goldman Sachs & Co $ 21.6 543.2% 11.7% 9.9% 3 50.0% 2 32 Moelis & Co $ 18.4 1376.5% 9.9% 9.3% 2 0.0% 3 38 BR Partners $ 16.4 8911.1% 8.8% 8.7% 5 400.0% 4 20 Banco Bradesco SA $ 15.6 437.7% 8.4% 6.9% 6 200.0% 5 9 Banco BTG Pactual SA $ 15.0 106.8% 8.1% 4.3% 12 20.0% 6 16 Rothschild & Co $ 12.3 229.4% 6.7% 4.7% 2 -50.0% 7 14 JP Morgan $ 12.3 214.2% 6.6% 4.6% 2 0.0% 8 6 Deutsche Bank $ 11.3 11.7% 6.1% 0.8% 1 0.0% 9 2 Bofa Securities Inc $ 9.9 -45.4% 5.3% -4.1% 5 66.7% 10 10 Itau Unibanco $ 9.5 34.8% 5.1% 1.5% 8 33.3% TOTAL $ 185.5 -3.3% 61 -19.7% ECM FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY 2021 2020 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 16 Citi $ 58.4 4394.0% 14.9% 13.7% 11 1000.0% 2 2 Itau Unibanco $ 30.6 87.5% 7.8% -6.8% 12 71.4% 3 10 JP Morgan $ 29.4 429.8% 7.5% 2.5% 7 75.0% 4 4 Banco BTG Pactual SA $ 28.6 244.9% 7.3% -0.1% 16 220.0% 5 17 Jefferies LLC $ 27.9 2353.7% 7.1% 6.1% 2 100.0% 6 - Deutsche Bank $ 25.5 - 6.5% - 3 - 7 6 Bofa Securities Inc $ 22.5 209.7% 5.8% -0.8% 4 100.0% 8 14 Santander Corp & Invest Bkg $ 20.3 978.6% 5.2% 3.5% 11 1000.0% 9 12 UBS $ 20.1 774.5% 5.1% 3.1% 3 50.0% 10 - Barclays $ 16.5 - 4.2% - 2 - TOTAL $ 392.0 251.2% 47 147.4%

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DCM FEES LEAGUE TABLE (US$MIL) FEES FEES YOY SHARE YOY #DEALS YOY 2021 2020 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 1 JP Morgan $ 24.4 9.8% 14.0% 2.8% 32 28.0% 2 14 Santander Corp & Invest Bkg $ 12.9 110.1% 7.4% 4.3% 31 93.8% 3 5 Citi $ 11.7 -9.4% 6.7% 0.2% 26 30.0% 4 7 Deutsche Bank $ 11.7 26.1% 6.7% 2.1% 5 -61.5% 5 13 Barclays $ 11.2 81.6% 6.4% 3.3% 9 28.6% 6 3 Goldman Sachs & Co $ 9.6 -43.4% 5.5% -3.0% 15 -31.8% 7 11 $ 9.2 28.1% 5.3% 1.7% 9 0.0% 8 6 Morgan Stanley $ 7.4 -23.1% 4.2% -0.6% 13 18.2% 9 4 BNP Paribas SA $ 7.3 -47.3% 4.2% -2.8% 13 44.4% 10 2 Bofa Securities Inc $ 6.9 -64.3% 3.9% -5.7% 13 -50.0% TOTAL $ 174.4 -12.5% 149 18.3% LOANS FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY 2021 2020 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%) 1 15 PLC $ 5.4 506.5% 10.2% 8.2% 1 -50.0% 2 - ANZ Banking Group $ 5.2 - 9.8% - 2 - 3 37 United Overseas Bank Ltd $ 4.7 2634.6% 8.9% 8.5% 1 - 4 8 Santander Corp & Invest Bkg $ 4.2 128.9% 7.9% 3.7% 2 0.0% 5 26 Cooperatieve UA $ 3.2 664.8% 6.1% 5.2% 3 200.0% 6 7 BNP Paribas SA $ 2.8 38.4% 5.3% 0.6% 5 -16.7% 7 5 Citi $ 2.6 -11.3% 5.0% -1.9% 3 50.0% 8 14 Scotiabank $ 1.9 67.9% 3.5% 1.0% 4 0.0% 9 - CIMB Group Holdings Bhd $ 1.8 - 3.4% - 1 - 10 36 $ 1.7 734.4% 3.2% 2.7% 3 200.0% TOTAL $ 53.0 22.0% 28 -22.2%

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

RANK VALUE RANK VALUE SHARE YOY #DEALS YOY 2021 2020 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 31 Banco BTG Pactual SA $ 17,999.1 13413% 35% 4213% 15 67% 2 5 JP Morgan $ 17,988.3 1083% 35% 297% 7 133% 3 9 Itau Unibanco $ 16,994.5 1484% 33% 434% 10 -29% 4 28 Citi $ 14,797.7 7229% 28% 2267% 5 150% 5 - XP Investimentos $ 10,012.6 - 19% - 4 - 6 18 Santander Corp & Invest Bkg $ 8,013.5 1788% 15% 542% 6 0% 7 15 Lazard $ 6,497.6 988% 13% 268% 2 -60% 8 8 Banco Bradesco SA $ 6,146.1 457% 12% 87% 6 0% 9 4 BofA Securities Inc $ 5,834.7 258% 11% 20% 5 67% 10 6 BR Partners $ 5,416.3 258% 10% 21% 3 -50% TOTAL $ 52,150.5 197% 431 14%

TARGET M&A LEAGUE TABLE (US$MIL) RANK VALUE RANK VALUE SHARE YOY #DEALS YOY 2021 2020 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 18 Banco BTG Pactual SA $ 17,999.1 13413% 41% 3077% 14 56% 2 3 Itau Unibanco $ 16,994.5 1484% 39% 279% 10 -29% 3 5 JP Morgan $ 16,813.7 1576% 39% 302% 6 200% 4 15 Citi $ 14,797.7 7229% 34% 1684% 5 150% 5 - XP Investimentos $ 10,012.6 - 23% - 4 - 6 9 Santander Corp & Invest Bkg $ 8,013.5 1788% 18% 349% 6 0% 7 20 Lazard $ 6,497.6 8022% 15% 1763% 2 -50% 8 2 Banco Bradesco SA $ 6,146.1 457% 14% 33% 6 0% 9 4 BofA Securities Inc $ 5,834.7 468% 13% 37% 5 150% 10 1 BR Partners $ 5,416.3 258% 12% -14% 3 -50% TOTAL $ 43,618.5 317% 332 14%

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ECM LEAGUE TABLE (US$MIL) PROCEEDS PROCEEDS SHARE YOY #DEALS YOY 2021 2020 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) (%) 1 8 Citi $ 1,297.8 100% 13% 79% 8 700% 2 7 BofA Securities Inc $ 1,153.5 66% 12% 49% 4 100% 3 9 Itau Unibanco $ 1,018.8 118% 11% 94% 14 100% 4 - Barclays $ 889.6 - 9% - 1 - 5 10 Banco BTG Pactual SA $ 867.1 192% 9% 162% 16 220% 6 12 Santander Corp & Invest Bkg $ 809.3 860% 8% 730% 12 1100% 7 3 XP Investimentos $ 592.8 -31% 6% -38% 11 120% 8 5 Goldman Sachs & Co $ 523.2 -33% 5% -40% 5 25% 9 1 Morgan Stanley $ 513.1 -69% 5% -73% 8 33% 10 11 JP Morgan $ 506.9 102% 5% 79% 7 75% TOTAL $ 9,720.4 12% 31 94% DCM LEAGUE TABLE (US$MIL) PROCEEDS PROCEEDS SHARE YOY #DEALS YOY 2021 2020 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) (%) 1 1 JP Morgan $ 8,351.3 10% 15% 18% 31 29% 2 6 Citi $ 5,277.9 72% 10% 85% 22 29% 3 13 Santander Corp & Invest Bkg $ 4,809.8 122% 9% 138% 28 115% 4 10 Morgan Stanley $ 4,360.3 75% 8% 84% 13 30% 5 3 Goldman Sachs & Co $ 3,755.9 -24% 7% -19% 15 -29% 6 2 BofA Securities Inc $ 3,059.6 -43% 6% -38% 13 -46% 7 4 BNP Paribas SA $ 2,793.2 -41% 5% -36% 12 33% 8 9 BBVA $ 2,582.1 1% 5% 7% 13 18% 9 8 HSBC Holdings PLC $ 2,547.3 -1% 5% 5% 9 29% 10 14 Barclays $ 2,377.6 39% 4% 48% 8 14% TOTAL $ 54,973.5 -6% 99 -16%

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This includes IPOs, follow-on offerings, accelerated book builds and banking, investment, wealth, customer and third-party risk, and enterprise data solutions. and block trades (with certain restrictions) and convertible bonds. Convertible Bonds with a minimum life of less than 360 For more information, go to www.refinitiv.com. days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or first call/put option. ABOUT DEALS INTELLIGENCE Refinitiv Deals Intelligence, a part of LSEG's Data & Analytics division, brings up to the minute market DEBT CAPITAL MARKETS intelligence to the deal making community and the financial media through a variety of research The Refinitiv Debt Capital Markets database covers underwritten debt with an issue size of over US$1 million, that reports including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals matures in at least 360 days from settlement. It includes all internationally offered underwritten debt transactions in all Snapshots and our industry-leading quarterly reviews highlighting trends in M&A and Capital Markets. currencies, Domestic issuance, Preferred Securities, High Yield and Emerging Market transactions that are offered in US For more insights, go to www.refinitiv.com/dealsintelligence 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 proceeds (total issue amount multiplied by the issue price) unless otherwise stated. Full credit is given to the book CONTACT INFORMATION 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. AMERICAS Matt Toole | [email protected] | +1 646 223 7212 While Refinitiv has used reasonable endeavours to ensure that the information provided in this document is accurate and EMEA up to date as at the time of issue, neither Refinitiv nor its third party content providers shall be liable for any errors, Lucille Jones | [email protected] | +44 (0) 204 530 2000 inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or Saiem Jalil | [email protected] | +44 (0) 204 530 2000 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 ASIA law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and Elaine Tan | [email protected] | +63 (2) 8459 1567 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 for or by any person in connection with this document.

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