Asia Pacific ex Japan Review First Nine Months 2020 Refinitiv Deals Intelligence

1 QUARTERLY HIGHLIGHTS Asia Pacific, excluding Japan, First Nine Months 2020 Review

HIGHLIGHTS

M&A FEES DOWN -11% M&A TOP FINANCIAL ADVISOR YTD ECM FEES UP +93% International Capital Co DCM FEES UP +12% ECM TOP BOOK RUNNER YTD LOAN FEES DOWN -22% DCM TOP BOOK RUNNER YTD ANY INV. M&A UP +6% of China Ltd TARGET M&A UP +15% M&A TOP TARGETED NATION ECM PROCEEDS UP +74% China

DCM PROCEEDS UP +21% DCM TOP ISSUING ECM TOP ISSUING Click on any of the above arrows to go NATION NATION straight to the analysis. China China

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2 REPORT SUMMARY

INVESTMENT BANKING FEES Asia Pacific, excluding Japan, investment banking fees reached an estimated US$20.7 billion during the first nine months of 2020, up 20.6% from a year ago, the highest first nine months period since records began in 2000. Equity capital markets (ECM) fees hit record levels and totaled US$6.7 billion, after witnessing a 93.1% increase from the same period last year. Debt capital markets (DCM) underwriting fees amounted to US$10.1 billion, up 12.5% and surpassed the record period last year. Fees generated from completed M&A transactions fell to a six-year low and totaled US$2.0 billion, down 11.0% from the same period last year. Syndicated loan fees declined 21.7% from a year ago and reached US$2.0 billion. DCM fees accounted for 49% of the overall Asia Pacific investment banking fee pool, followed by ECM underwriting fees with 32%, and Completed M&A advisory fees with 10%. Syndicated loan fees represented 9% of the region’s investment banking fees. CITIC took the top position for overall investment banking fees in Asia Pacific, excluding Japan, in the first nine months of 2020, capturing 5.2% of the wallet share.

MERGERS & ACQUISITIONS The value of announced M&A deals involving Asia Pacific companies, excluding Japan, stood at US$679.6 billion during the first nine months of 2020, up 5.8% from a year ago, as deal making activity during the third quarter rebounded up 74.8% in value and 12.4% in deal numbers compared to the second quarter of 2020. The sequential growth in 3Q was not enough pull the number of deals announced this year, as it fell 9.5% from a year ago to a five-year low.

Majority of the deal making activity involving Asia Pacific targeted the Energy & Power sector which accounted for 18.7% market share worth US$127.0 billion, almost double in value from a year ago. Industrials and Financials followed behind and captured 12.7% and 11.7% market share, respectively.

Chinese state-owned China Oil & Gas Pipeline Network Corp (PipeChina) acquired the pipeline assets of PetroChina Co Ltd for an estimated US$49.1 billion. The deal is currently the largest on record involving Asia Pacific, surpassing the previous record holder - Cheung Kong’s US$45.4 billion acquisition of Hutchison Whampoa in 2015. It also topped China’s biggest M&A deal in history - the US$44.0 billion ChemChina- Syngenta transaction in 2016. Concurrently, as China consolidates oil and gas pipeline assets, PipeChina also acquired pipeline assets from .

3 REPORT SUMMARY

EQUITY CAPITAL MARKETS Asia Pacific, excluding Japan, equity and equity-related issuance saw a record high and raised a total of US$266.6 billion worth of proceeds during the first nine months of 2020, up 73.5% from a year ago, surpassing last year’s annual total by 8.4%. Asia also saw the busiest period as number of issuances grew 39.3% from a year ago. Initial public offerings (IPO) reached a decade-high as proceeds totaled US$71.3 billion, up 59.9% from the first nine months of last year, as number of IPOs grew 27.7%. This was driven by Chinese IPOs which accounted for 84% of the region’s IPO proceeds, and 43.9% of the IPO proceeds worldwide. Beijing- High Speed Railway raised US$4.4 billion via IPO in January, making it the biggest IPO globally so far this year. Follow-on offerings witnessed record issuance as proceeds grew 126.4% compared to a year ago, raising US$162.1 billion during the first nine months of this year. Semiconductor Manufacturing International Corp (SMIC) raised US$7.6 via secondary listing in Shanghai’s Star Market in July, making it the region’s largest ECM deal so far this year. Asia Pacific convertible bonds raised US$33.2 billion and fell 11.3% in proceeds after witnessing a record first nine months period in 2019.

Asia Pacific Financials saw the highest equity capital raising so far this year with US$41.5 billion, up 14.7% compared to the same period last year and captured 15.6% of the market share. High Technology, up 64.7% year-on-year, followed behind with 13.7% market share, then Healthcare rounded out the top three with 12.9% market share, after proceeds grew 182.2% from a year ago.

DEBT CAPITAL MARKETS Primary bond offerings from Asia Pacific-domiciled issuers hit an all-time high and raised US$2.4 trillion during the first nine months of 2020, up 20.7% from a year ago, and only 2.9% lower from last year’s annual record (US$2.5 trillion). China accounted for 75.2% of the region’s bond proceeds worth US$1.8 trillion, up 20.6% from the first nine months of 2019. South Korea and Australia bond issuance accounted for 6.4% and 6.1% market share, respectively. Asia Pacific investment grade bonds reached US$1.3 trillion, up 14.9% from the same period last year. Bond offerings from Government & Agencies captured 41.6% market share, and raised a record amount of proceeds worth US$1.0 trillion, a 34.9% increased from a year ago as number of issuances saw one of the busiest periods and grew 34.3% year-on-year. The Financials sector took second place with 34.0% market share, raising US$821.4 billion, up 11.0% from last year. Industrials rounded out the top three with 7.6% market share worth US$184.3 billion, a 22.6% growth from the same period last year.

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INVESTMENT BAKING FEES VOLUMES TOP FEE PAYING INDUSTRIES TOP FEE PAYING COUNTRIES YTD Fees 25,000 • Outer Rim: YTD • Inner Rim: YTDLY 20,000

9% 15,000 3% 25% 28% 4% 10,000 11% US$ Million US$ 24% 3% 30% 5% 5% 5,000 7% 8%

0 11% 9% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 65% INVESTMENT BAKING FEES BY ASSET CLASS 7% 6% 19% 10% 21% 71% BONDS EQUITY LOANS MA 25,000 8% 11% 20,000

Financials China Australia Hong Kong 15,000 Government and Agencies Industrials India South Korea Other High Technology

10,000 US$ Million US$

5,000

0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 5 BACK TO ASIA PACIFIC EX. JAPAN HIGHLIGHTS MERGERS & ACQUISITIONS PAGE

ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS TOP TARGET SECTOR TOP TARGET NATION (Any Involvement) (Target Asia) YTD Volumes #Deals

1,000 14,000 • Outer Rim: YTD 900 • Inner Rim: YTDLY 12,000 800 700 10,000 600 11% 8,000 19% 500 6,000 4% 400 10% 13% US$ Billion US$ 34% 300 4,000 6% 31% 200 14% 10% 2,000 100 0 - 13% 7% 50% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 9% 17% TARGET M&A VOLUMES & NUMBER OF DEALS 10% 6% 62% 10% 18% 12% YTD Volumes #Deals 12% 800 12,000 11% 700 11% 10,000 600 Energy and Power Industrials 8,000 China India Singapore 500 Financials Real Estate South Korea Australia Other 400 6,000 High Technology Other 300 US$ Billion US$ 4,000 200 2,000 100 0 - 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 6 BACK TO ASIA PACIFIC EX. JAPAN HIGHLIGHTS MERGERS & ACQUISITIONS PAGE

INBOUND M&A DOMESTIC / INTER-REGION M&A OUTBOUND M&A

YTD Volumes #Deals YTD Volumes #Deals YTD Volumes #Deals 140 1,600 700 9,000 200 1,200 8,000 120 600 1,000 1,200 7,000 100 500 150 6,000 800 80 400 5,000 800 100 600 60 300 4,000

US$ US$ Billion 3,000 400 US$ US$ Billion 40 400 200 US$ Billion 2,000 50 20 200 100 1,000 0 - 0 - 0 - 11 12 13 14 15 16 17 18 19 20 11 12 13 14 15 16 17 18 19 20 11 12 13 14 15 16 17 18 19 20 INBOUND M&A VOLUMES DOMESTIC / INTER-REGION M&A VOLUMES OUTBOUND M&A VOLUMES TOP TARGETED / TOP ACQUIRING NATIONS TOP TARGETED NATIONS TOP TARGETED / TOP ACQUIRING NATIONS US$ Billion US$ Billion US$ Billion US$ Billion US$ Billion 0 20 0 20 40 0 200 400 0 20 0 10

United United India 26.9 33.4 China 338.6 24.1 Australia 13.9 States States

Singapore 14.6 Japan 20.1 South Korea 34.6 Italy 4.1 China 9.4

United South Australia 9.9 Germany 4.3 India 3.2 9.1 31.5 Kingdom Korea

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ANY INVOLVEMENT M&A TOP DEALS YTD

Rank Value Acquiror Ultimate Acquiror Ultimate Status Rank Date Target Name Target Nation Target Industry Acquiror Name Acquiror Nation (US$Mil) Parent Name Parent Nation

PetroChina Co Ltd-Pipeline Energy and 49,143.7 Completed 7/23/2020 China China Oil & Gas Pipeline China China Oil & Gas Pipeline China assets Power

Nippon Paint Holdings Co 9,922.0 Pending 8/21/2020 Nipsea Pte Ltd Singapore Materials Nippon Paint Holdings Co Ltd Japan Japan Ltd

9,900.1 Pending 3/9/2020 Tesco Stores (Thailand) Ltd Thailand Retail Investor Group Thailand Investor Group Thailand

China Petroleum & Chemical Energy and 9,775.5 Pending 7/23/2020 China China Oil & Gas Pipeline China China Oil & Gas Pipeline China Corp-Pipeline assets Power

Sinopec Natural Gas Ltd Co- Energy and 9,467.0 Completed 7/23/2020 China China Oil & Gas Pipeline China China Oil & Gas Pipeline China Pipeline assets Power

7,998.9 Pending 1/22/2020 Capitaland Commercial Trust Singapore Real Estate Capitaland Mall Trust Singapore Capitaland Mall Trust Singapore

China Oil & Gas Pipeline Energy and 7,858.5 Pending 7/23/2020 China Investor Group China Investor Group China Network Corp Power

High 6,659.8 Completed 4/2/2020 58.com Inc China Quantum Bloom Grp Ltd China Quantum Bloom Grp Ltd China Technology Liaoning Zhongwang Group Co 6,579.7 Pending 3/21/2020 China Materials CRED Holding Co Ltd China CRED Holding Co Ltd China Ltd

Bank of Jinzhou Co Ltd-Certain China Cinda Asset Mgmt 6,354.1 Completed 4/3/2020 China Financials Beijing Chengfang Huida Entrp China China Credit & Other Assets Co Ltd

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ECM PROCEEDS TOP ISSUING COUNTRIES YTD Proceeds # of Issues YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) 300 2,500 200,000 120% 250 180,000 100% 2,000 94% 96% 160,000 88% 80% 200 140,000 1,500 120,000 60% 150 100,000 41% 40% 1,000 80,000 US$ Billion US$ 100 20% US$ Million US$ 60,000 0% 50 500 40,000 20,000 -22% -20% 0 - 0 -40% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 China India Australia Hong Kong South Korea ECM PROCEEDS BY ISSUE TYPE TOP ISSUING INDUSTRIES

YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) IPO Follow-On Convertible 45,000 200% 180 40,000 182% 185% 180% 160 35,000 157% 160% 140 30,000 140% 120% 120 25,000 100% 100 20,000 80%

80 Million US$

15,000 65% 60% US$ Billion US$ 60 10,000 40% 40 5,000 15% 20% 20 0 0% Financials High Technology Healthcare Industrials Materials 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 9 BACK TO ASIA PACIFIC EX. JAPAN HIGHLIGHTS DEBT CAPITAL MARKETS PAGE

DCM PROCEEDS TOP ISSUING COUNTRIES YTD Proceeds # of Issues YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) 3,000 10,000 2,000,000 120% 9,000 1,800,000 2,500 99% 100% 8,000 1,600,000 7,000 80% 2,000 1,400,000 6,000 1,200,000 60% 1,500 5,000 1,000,000 40% 4,000 800,000

US$ Billion US$ 21% 21% 20% 1,000 Million US$ 3,000 600,000 -1% 0% 2,000 500 400,000 -20% 1,000 200,000 -25% 0 - 0 -40% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 China Australia South Korea Hong Kong India DCM PROCEEDS BY ISSUE TYPE TOP ISSUING INDUSTRIES 3,000 High Yield Corporate YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) Federal Credit Agency 1,200,000 40% 2,500 35% 35% ABS 1,000,000 30% 2,000 MBS 800,000 25% Investment Grade Corporate 23% 20% 1,500 Agency, Supranational, Sovereign 600,000 15%

US$ Billion US$ 11%

US$ Million US$ 11% 1,000 400,000 10% 5% 200,000 500 0% -1% 0 -5% 0 Government and Financials Industrials Real Estate Energy and 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 Agencies Power

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

7/6/2020 7,587.1 Follow-On Semiconductor Mnfg Intl Corp China High Technology Semiconductors SSES

6/3/2020 7,054.1 Follow-On Reliance Industries Ltd India Energy and Power Oil & Gas NATSE

Internet and Catalog 6/11/2020 4,459.1 Follow-On JD.com Inc China Retail HONGK Retailing

Transportation & 1/2/2020 4,404.5 IPO Beijing-Shanghai High Speed China Industrials SHANG Infrastructure

Transportation & 5/28/2020 3,762.8 Follow-On Singapore Airlines Ltd Singapore Industrials SINGP Infrastructure DCM TOP DEALS YTD Proceeds Issue Date Issue Type Issuer Nation Industry Mid Industry Currency (US$ mil)

Agency, Supranational, National Australian 9/23/2020 17,716.3 Australia Australia Government and Agencies Sovereign Government Dollar

Agency, Supranational, Australian 8/26/2020 15,096.9 Australian Office of Finl Mgmt Australia Government and Agencies Regional Agency Sovereign Dollar

Agency, Supranational, Australian 5/13/2020 12,231.9 Australian Office of Finl Mgmt Australia Government and Agencies Regional Agency Sovereign Dollar

Investment Grade Chinese 5/8/2020 12,017.2 Agricultural Ltd China Financials Corporate Yuan

Agency, Supranational, Australian 7/14/2020 11,708.4 Australian Office of Finl Mgmt Australia Government and Agencies Regional Agency Sovereign Dollar 11 BACK TO ASIA PACIFIC EX. JAPAN HIGHLIGHTS INVESTMENT BANKING FEE LEAGUE TABLES PAGE

INVESTMENT BANKING FEES LEAGUE TABLE CITIC Bank of China Ltd China International Capital Co Industrial & Comm Bank China Morgan Stanley UBS 1,400

1,200 5.2% 1,000 4.8%

800 3.5% 600 3.0% 2.9% 2.5% 2.4% 2.4% 2.4% 2.4%

400 Fees US$ Million

200

0 0 1 2 3 4 5 6 7 8 9 10 11 Rank INVESTMENT BANKING FEES LEAGUE TABLE (US$MIL) FEES YOY SHARE YOY FEES #DEALS YOY 3Q 2020 3Q 2019 BANK NAME CHANGE SHARE (%) CHANGE #DEALS (US$Mil) CHANGE (%) (%) (%) 1 2 CITIC $ 1,074.2 29.6% 5.2% 0.4% 2312 61.8% 2 1 Bank of China Ltd $ 998.7 4.1% 4.8% -0.8% 2563 31.9% 3 11 China International Capital Co $ 727.8 86.9% 3.5% 1.2% 579 44.0% 4 3 Industrial & Comm Bank China $ 617.6 -11.2% 3.0% -1.1% 2212 20.9% 5 13 Morgan Stanley $ 596.1 66.4% 2.9% 0.8% 215 6.4% 6 16 Guotai Junan Securities $ 511.6 59.1% 2.5% 0.6% 1031 68.7% 7 5 China Construction Bank $ 501.3 6.9% 2.4% -0.3% 2254 33.9% 8 8 UBS $ 496.8 22.1% 2.4% 0.0% 279 9.0% 9 7 $ 494.5 21.1% 2.4% 0.0% 216 8.5% 10 10 & Co $ 491.7 23.5% 2.4% 0.1% 202 23.9% TOTAL $ 20,749.4 20.6% 19066 16.2%

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M&A FEES LEAGUE TABLE (US$MIL) FEES YOY SHARE YOY FEES #DEALS YOY 3Q 2020 3Q 2019 BANK NAME CHANGE SHARE (%) CHANGE #DEALS (US$Mil) CHANGE (%) (%) (%) 1 7 Morgan Stanley $ 170.9 91.8% 8.6% 4.6% 27 35.0% 2 2 Goldman Sachs & Co $ 131.4 -11.5% 6.6% 0.0% 35 0.0% 3 8 Credit Suisse $ 120.0 75.3% 6.0% 3.0% 25 38.9% 4 3 CITIC $ 107.1 -20.8% 5.4% -0.7% 60 -26.8% 5 5 Citi $ 104.8 9.3% 5.2% 1.0% 23 0.0% 6 11 China International Capital Co $ 103.0 105.9% 5.2% 2.9% 30 -11.8% 7 10 PRICEWATERHOUSECOOPERS $ 88.5 67.8% 4.4% 2.1% 84 -31.1% 8 6 JP Morgan $ 63.9 -28.8% 3.2% -0.8% 20 -13.0% 9 1 Industrial & Comm Bank China $ 58.7 -64.9% 2.9% -4.5% 61 -65.9% 10 4 UBS $ 56.0 -58.3% 2.8% -3.2% 18 -47.1% TOTAL $ 1,998.2 -11.0% 931 -31.0% ECM FEES LEAGUE TABLE (US$MIL) FEES YOY SHARE YOY FEES #DEALS YOY 3Q 2020 3Q 2019 BANK NAME CHANGE SHARE (%) CHANGE #DEALS (US$Mil) CHANGE (%) (%) (%) 1 7 China International Capital Co $ 431.7 217.1% 6.5% 2.5% 86 100.0% 2 1 CITIC $ 408.7 77.4% 6.1% -0.5% 101 74.1% 3 8 China Securities Co Ltd $ 361.0 177.4% 5.4% 1.6% 59 59.5% 4 2 Morgan Stanley $ 344.5 94.2% 5.2% 0.0% 88 51.7% 5 3 Goldman Sachs & Co $ 296.5 83.5% 4.5% -0.2% 87 74.0% 6 13 Co Ltd $ 264.6 245.3% 4.0% 1.8% 70 52.2% 7 6 UBS $ 261.2 84.3% 3.9% -0.2% 79 33.9% 8 10 Co Ltd $ 259.3 171.1% 3.9% 1.1% 55 175.0% 9 16 Guotai Junan Securities $ 222.2 220.3% 3.3% 1.3% 62 93.8% 10 4 JP Morgan $ 209.9 37.3% 3.2% -1.3% 64 25.5% TOTAL $ 6,661.6 93.1% 2169 35.9%

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DCM FEES LEAGUE TABLE (US$MIL) FEES YOY SHARE YOY FEES #DEALS YOY 3Q 2020 3Q 2019 BANK NAME CHANGE SHARE (%) CHANGE #DEALS (US$Mil) CHANGE (%) (%) (%) 1 1 Bank of China Ltd $ 592.3 0.9% 5.9% -0.7% 2298 34.5% 2 3 CITIC $ 527.7 21.3% 5.2% 0.4% 2134 66.5% 3 2 Industrial & Comm Bank China $ 482.6 9.3% 4.8% -0.1% 2117 31.2% 4 4 China Construction Bank $ 413.4 10.9% 4.1% -0.1% 2198 34.1% 5 5 Co Ltd $ 362.8 8.7% 3.6% -0.1% 1838 36.0% 6 6 Agricultural Bank of China $ 347.1 19.7% 3.4% 0.2% 1723 47.6% 7 7 CSC Financial Co Ltd $ 305.1 20.7% 3.0% 0.2% 1168 80.2% 8 9 Guotai Junan Securities $ 264.8 10.9% 2.6% 0.0% 947 70.9% 9 12 Co Ltd $ 231.8 18.1% 2.3% 0.1% 1612 47.5% 10 13 $ 227.2 18.3% 2.2% 0.1% 1222 34.6% TOTAL $ 10,120.7 12.5% 15099 20.9% LOANS FEES LEAGUE TABLE (US$MIL) FEES YOY SHARE YOY FEES #DEALS YOY 3Q 2020 3Q 2019 BANK NAME CHANGE SHARE (%) CHANGE #DEALS (US$Mil) CHANGE (%) (%) (%) 1 1 Bank of China Ltd $ 371.7 14.7% 18.9% 6.0% 248 18.7% 2 2 HSBC Holdings PLC $ 98.8 -51.3% 5.0% -3.0% 65 -16.7% 3 6 DBS Group Holdings $ 80.7 -4.4% 4.1% 0.7% 47 -4.1% 4 7 ANZ Banking Group $ 75.0 -4.9% 3.8% 0.7% 48 -25.0% 5 8 China Construction Bank $ 71.7 -8.8% 3.6% 0.5% 37 60.9% 6 11 Sumitomo Mitsui Finl Grp Inc $ 66.2 -3.6% 3.4% 0.6% 52 13.0% 7 5 PLC $ 59.3 -32.1% 3.0% -0.5% 48 -27.3% 8 9 Industrial & Comm Bank China $ 56.3 -23.7% 2.9% -0.1% 19 -13.6% 9 19 China Merchants Bank $ 51.3 26.0% 2.6% 1.0% 23 27.8% 10 21 Commonwealth Bank of Australia $ 49.6 36.9% 2.5% 1.1% 25 4.2% TOTAL $ 1,968.9 -21.7% 867 -11.0%

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ANY INVOLVEMENT M&A LEAGUE TABLE (US$MIL) RANK VALUE RANK VALUE SHARE YOY #DEALS YOY 3Q 2020 3Q 2019 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 21 China International Capital Co $ 109,341.4 752% 16% 705% 52 -2% 2 2 Goldman Sachs & Co $ 88,682.4 62% 13% 54% 50 6% 3 12 UBS $ 75,200.2 286% 11% 270% 37 0% 4 3 Morgan Stanley $ 62,506.7 26% 9% 19% 35 -39% 5 14 China Securities Co Ltd $ 51,833.0 184% 8% 171% 12 -14% 6 6 JP Morgan $ 44,439.1 7% 7% 0% 36 6% 7 38 Guotai Junan Securities $ 30,722.9 629% 5% 543% 27 13% 8 1 BofA Securities Inc $ 27,945.6 -53% 4% -56% 35 -5% 9 19 HSBC Holdings PLC $ 24,608.4 70% 4% 57% 19 -17% 10 8 Credit Suisse $ 22,375.5 -33% 3% -37% 22 -35% - - TOTAL $ 679,611.0 6% 0.0% 0.0% 10806 -10% TARGET M&A LEAGUE TABLE (US$MIL) RANK VALUE RANK VALUE SHARE YOY #DEALS YOY 3Q 2020 3Q 2019 BANK NAME YOY CHANGE SHARE (%) #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 15 China International Capital Co $ 108,721.6 792% 18% 678% 51 0% 2 8 Goldman Sachs & Co $ 80,482.5 391% 13% 326% 39 11% 3 11 UBS $ 75,101.4 414% 12% 343% 36 29% 4 5 China Securities Co Ltd $ 51,833.0 184% 9% 143% 12 -14% 5 2 Morgan Stanley $ 49,965.8 104% 8% 78% 26 -35% 6 6 JP Morgan $ 39,342.2 121% 7% 91% 28 56% 7 32 Guotai Junan Securities $ 30,722.9 629% 5% 538% 27 13% 8 22 HSBC Holdings PLC $ 24,148.4 199% 4% 167% 15 -6% 9 7 BofA Securities Inc $ 21,861.7 27% 4% 9% 19 6% 10 4 Credit Suisse $ 21,420.3 4% 4% -10% 20 -23% - - TOTAL $ 607,735.7 15% 0.0% 0.0% 9875 -9%

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ECM LEAGUE TABLE (US$MIL) PROCEEDS SHARE YOY PROCEEDS #DEALS YOY 3Q 2020 3Q 2019 BANK NAME YOY SHARE (%) CHANGE #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 3 Morgan Stanley $ 21,288.9 119% 8% 27% 88 52% 2 2 CITIC $ 16,875.0 60% 6% -9% 100 85% 3 5 China International Capital Co $ 15,877.1 94% 6% 13% 82 82% 4 1 Goldman Sachs & Co $ 15,557.8 40% 6% -19% 84 79% 5 7 China Securities Co Ltd $ 13,459.8 136% 5% 38% 58 57% 6 4 UBS $ 12,678.0 53% 5% -11% 77 33% 7 6 JP Morgan $ 12,506.0 62% 5% -6% 63 24% 8 9 Citi $ 11,065.3 100% 4% 17% 64 33% 9 8 BofA Securities Inc $ 9,115.2 61% 3% -8% 50 85% 10 10 Credit Suisse $ 8,054.5 52% 3% -14% 58 18% TOTAL $ 266,618.7 74% 2118 39% DCM LEAGUE TABLE (US$MIL) PROCEEDS SHARE YOY PROCEEDS #DEALS YOY 3Q 2020 3Q 2019 BANK NAME YOY SHARE (%) CHANGE #DEALS (US$ Mil) CHANGE (%) CHANGE (%) (%) 1 1 Bank of China Ltd $ 140,105.0 -1% 6% -18% 1871 29% 2 2 Industrial & Comm Bank China $ 131,419.6 6% 5% -13% 1743 30% 3 5 CITIC $ 122,829.8 39% 5% 16% 1622 63% 4 3 China Construction Bank $ 116,859.0 10% 5% -9% 1799 34% 5 4 Bank of Communications Co Ltd $ 98,510.2 3% 4% -15% 1485 28% 6 6 Agricultural Bank of China $ 93,279.9 15% 4% -5% 1424 49% 7 7 CSC Financial Co Ltd $ 80,538.1 36% 3% 10% 1031 91% 8 8 Industrial Bank Co Ltd $ 61,578.9 23% 3% 4% 1001 38% 9 9 Guotai Junan Securities $ 55,883.2 33% 2% 10% 805 65% 10 10 China Merchants Bank $ 49,557.1 23% 2% 5% 696 31% TOTAL $ 2,415,853.1 21% 8926 15%

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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 5204 l [email protected] proceeds (total issue amount multiplied by the issue price) unless otherwise stated. Full credit is given to the book Saiem Jalil | +44 (0) 207 542 2865 | [email protected] runner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement.

ASIA Elaine Tan l +632 8459 1567 l [email protected] While Refinitiv has used reasonable endeavours to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Refinitiv nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Refinitiv disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Refinitiv has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

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