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Global Review

FIRST HALF 2021 | , SPONSORS & CORPORATES Global Investment Banking Review First Half 2021 | Investment Banks, Sponsors & Corporates

Global Deals Intelligence Global Investment Banking Fees (US$bil)

GLOBAL INVESTMENT BANKING FEES SET FIRST HALF RECORD; Q2 FALLS 12% $140 Investment banking fees reached US$79.7 billion during the first half of 2021, posting a 26% increase compared to the first half of 2020 and the strongest opening six-month period for global IB fees since records began in 2000. Fees during the second quarter of 2021 totaled US$37.3 billion, a 12% decline $120 from the record-breaking first quarter of this year. The Americas contributed 55% of all fees generated globally with US$43.7 billion, a 33% uptick compared to 2020 levels and the highest percentage since 2013. Imputed fees in the EMEA region increased 20% to US$17.9 billion during first half of 2021, driven $100 by year-over-year gains in the United Kingdom and France. Powered by a 24% increase in North and Southeast , total IB fees in Asia-Pacific and hit US$18.2 billion with a 19% uptick compared to 2020. $80

RECORD CAPITAL MARKETS, M&A FEES; LOANS UP 17% Powered by record issuance across follow-ons, convertibles and IPOs, including SPACs, ECM $60 underwriting totaled a record US$25.3 billion during the first half of 2021, doubling first half 2020 levels. Despite a record level of high yield corporate bond offerings, DCM underwriting fees decreased 5% compared to the first half of 2020. Completed M&A advisory fees registered an 18% uptick compared to $40 a year ago with US$18.3 billion in fees globally, the strongest first half since records began in 2000. Syndicated lending activity reached US$13.1 billion, posting a 17% increase compared to a year ago. $20 TECH & FINANCIALS LEAD AS MOST SECTORS REGISTER GAINS; MEDIA FALLS 9% Fees from global Financials-related activity led all other sectors with US$27.1 billion, up 61% compared to $44.6 $36.6 $42.1 $50.1 $50.0 $45.1 $55.2 $57.2 $54.3 $63.1 $79.7 a year ago and accounting for 34% of all fees globally. Imputed fees from the Technology sector totaled $0 US$7.7 billion, an increase of 50% compared to a year ago while Industrials fees totaled US$7.4 billion, 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 down 3%. The Tech and Financial sectors registered the strongest double-digit percentage increases compared to a year ago, while Media & Entertainment sector fees totaled US$2.1 billion, down 9% from Global Investment Banking Fees - Macro Industry Composition first half 2020. 100%

BLACKSTONE GROUP AND TOP RANKINGS 90% Financial sponsors and their portfolio companies generated an estimated US$8.2 billion in fees during the first half of 2021, registering an increase of 59% compared to a year ago and the strongest first half on 80% record. Fees from exits and portfolio company activity contributed the largest portion of sponsor-related fees at US$5.9 billion, or 72% of the total fee pool. -related activities produced the next largest 70% portion of fees with US$1.4 billion during first half 2021. Blackstone Group took the top spot for financial sponsors with an estimated US$355.1 million in fees paid, a marked increase compared to a year ago. 60% Goldman Sachs was the top for sponsor-related fees, capturing 8.1% of the first half 2021 wallet, or US$716.9 million in fees. JP Morgan followed in second place, with a 7.5% share of the financial sponsor 50% wallet. 40% TOP FIVE BANKS INCREASE COLLECTIVE WALLET SHARE BY 1.5 POINTS IN H1’2021 JP Morgan maintained the top spot for investment banking fees earned during the first half of 2021 with 30% US$6.6 billion, maintaining its first half 2020 ranking and earning an industry-leading 8.3% share. Goldman Sachs remained in second place with an estimated 7.6% of global wallet share, an increase of 20% 1.0 wallet share point compared to a year ago. took the third spot with US$4.6 billion in fees, while BofA Securities and Citi rounded out the top five. Total wallet share captured by the top five 10% banks totaled 32% during first half 2021, up 1.5 percentage points compared to a year ago. 0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 M&A Equity Bonds Loans

www.refinitiv.com/dealsintelligence/ 1 Global Insights First Half 2021 | Investment Banks, Sponsors & Corporates

Worldwide Investment Banking Fees - Regional Composition (US$mil) Product and Industry Distribution (US$mil)

Americas Europe, Middle East & Africa Asia-Pacific & Japan IB Fees Top 5 Banks by Fees & Share - First Half 2021 Region Fees ($mil) YoY ∆ Region Fees ($mil) YoY ∆ Region Fees ($mil) YoY ∆ Region Fees ($mil) YoY ∆ 2021 2020 YOY Δ Top 5 Bank #1 Bank #2 Bank #3 Bank #4 Bank #5 North America $ 42,187 32% ▲ UK & Ireland $ 5,366 41% ▲ Iberia 1,070 55% ▲ North Asia $ 12,508 24% ▲ South America 821 76% ▲ France & Benelux 3,958 8% ▲ Middle East 942 19% ▲ Japan 2,845 10% ▲ Global IB $79,691 $63,065 26% ▲ 32% JPM (8.3%) GS (7.6%) MS (5.7%) BOFA (5.6%) CITI (5.0%) Caribbean 485 58% ▲ Germania 2,863 -11% ▼ CIS 216 5% ▲ Australasia 1,300 1% ▲ Central America 178 2% ▲ Nordic 1,727 51% ▲ Africa 216 -32% ▼ Southeast Asia 1,027 24% ▲ Equity $25,256 $12,166 108% ▲ 39% GS (10.0%) MS (8.8%) JPM (7.6%) CITI (6.6%) BOFA (5.6%) Americas $ 43,671 33% ▲ Southern Europe 1,398 44% ▲ CEE 114 -26% ▼ South Asia 469 -6% ▼ IPO 14,430 3,462 317% ▲ 40% GS (10.8%) MS (8.6%) CITI (8.1%) JPM (7.6%) CS (5.1%) EMEA $ 17,870 20% ▲ APAC & Japan $ 18,150 19% ▲ Follow-On 8,870 6,827 30% ▲ 34% MS (8.8%) GS (8.2%) JPM (7.0%) BOFA (5.6%) CITI (3.8%) Convertible 1,956 1,877 4% ▲ 49% GS (11.8%) JPM (10.8%) MS (9.8%) BOFA (8.6%) CITI (8.0%) Global Bonds 23,034 24,223 -5% ▼ 25% JPM (7.2%) BOFA (5.6%) CITI (4.5%) GS (4.1%) MS (4.0%)

$79,691 fees By Product M&A 18,290 15,502 18% ▲ 33% GS (10.9%) JPM (8.3%) MS (6.0%) CITI (4.2%) BOFA (3.7%) 26% ▲ Loans 13,111 11,176 17% ▲ 32% JPM (11.6%) BOFA (8.3%) GS (4.3%) CITI (3.9%) CS (3.7%)

EMEA Financials $27,080 $16,787 61% ▲ 34% GS (8.6%) JPM (7.5%) CITI (6.4%) MS (5.8%) BOFA (5.7%) $17,870 fees High Tech 7,730 5,140 50% ▲ 42% GS (12.2%) JPM (10.4%) MS (9.3%) BOFA (6.3%) CITI (4.1%) 20% ▲ Industrials 7,387 7,602 -3% ▼ 27% JPM (7.4%) GS (6.1%) BOFA (5.0%) CITI (4.5%) MS (4.4%) Healthcare 6,595 5,575 18% ▲ 41% JPM (12.4%) GS (10.8%) MS (8.1%) BOFA (5.7%) JEFF (4.3%) Japan Energy & Power 6,085 5,498 11% ▲ 30% JPM (9.4%) GS (5.3%) BOFA (5.3%) MS (5.2%) CITI (5.2%) $2,845 fees Govt & Agencies 5,310 5,335 0% ▼ 18% BofCH (3.9%) ICBC (3.8%) CCB (3.7%) JPM (3.5%) AGBANK (3.2%) Americas 10% ▲ Materials 3,431 2,964 16% ▲ 24% JPM (5.5%) BOFA (5.4%) MS (5.4%) CITI (4.3%) GS (3.9%) $43,671 fees Consumer Products 3,338 2,625 27% ▲ 29% JPM (10.0%) GS (6.0%) BOFA (5.5%) MS (3.6%) BARC (3.5%) 33% ▲ Asia-Pacific By Sector $15,305 fees Real Estate 3,226 2,937 10% ▲ 25% BOFA (7.0%) JPM (6.8%) BofCH (4.1%) MS (4.0%) CITI (3.5%) 20% ▲ Retail 2,970 2,041 46% ▲ 38% JPM (10.6%) GS (9.5%) BOFA (8.0%) MS (4.9%) CITI (4.9%) Telecom 2,264 2,282 -1% ▼ 39% JPM (11.0%) BOFA (8.6%) GS (7.1%) CITI (6.4%) MS (6.0%) Consumer Staples 2,141 1,926 11% ▲ 25% CITI (6.4%) JPM (5.2%) MS (4.6%) GS (4.6%) BOFA (4.0%) Media & Ent 2,132 2,353 -9% ▼ 39% JPM (11.1%) GS (8.9%) MS (7.7%) BOFA (6.2%) DB (5.4%)

Quarterly Time Series - Regional Composition (US$bil) Financial Sponsor-Related Fees and Composition

$45 $16 50%

$40 $14 45% $35 $12 $30 40% $10 $25

$8 35% $20

$15 $6 30%

$10 $4

25% $5 $2

$0 $3.1 $5.7 $4.7 $6.1 $8.1 $6.3 $4.6 $6.5 $6.2 $5.9 $5.2 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q $0 20% 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Americas EMEA Asia-Pacific Japan Sponsor Fees (US$bil) Exits (M&A & ECM) Portfolio Co

www.refinitiv.com/dealsintelligence/ 2 Global Rankings First Half 2021 | Investment Banks, Sponsors & Corporates

Investment Banks Corporate Fee Payers Rank Rank Total IB Fees 2021 Wallet Total IB Fees 2020 - 2021 Wallet Share Investment Bank 2021 2020 (US$mil) YOY ∆ Share YOY ∆ Bonds Equity Loans M&A Corporate Name 2021 FY2020 Top 3 Banks Top Bank Bonds Equity Loans M&A JP Morgan 1 1 6,624.0 37% 8.3% 0.7 Verizon Communications Inc 224.6 182.4 43.0% GS (17.5%) Goldman Sachs & Co 2 2 6,027.2 46% 7.6% 1.0 Cellnex Telecom SA 198.6 229.9 50.5% JPM (22.4%) Morgan Stanley 3 4 4,572.4 36% 5.7% 0.4 American Airlines Group Inc 133.5 124.6 42.2% CITI (18.5%) Bofa Securities Inc 4 3 4,469.9 17% 5.6% -0.4 Siemens AG 114.4 155.7 71.7% MS (29.4%) Citi 5 5 3,976.9 21% 5.0% -0.2 Bumble Inc 111.1 0.0 55.1% JPM (21.9%) 6 6 2,745.9 27% 3.4% 0.0 Shoals Technologies Group Inc 110.7 0.0 45.8% BOFA (24.2%) 7 7 2,486.4 29% 3.1% 0.1 SoftBank Group Corp 108.9 438.4 38.2% BARC (22.3%) 8 9 1,808.3 44% 2.3% 0.3 Coupang Inc 95.6 0.0 17.9% SANT (7.4%) Jefferies LLC 9 16 1,715.0 110% 2.2% 0.9 DuPont de Nemours Inc 94.1 71.4 60.8% CITI (37.3%) UBS 10 14 1,409.3 66% 1.8% 0.4 Kuaishou Technology Co Ltd 93.5 0.0 76.3% BOFA (65.0%) RBC Capital Markets 11 12 1,351.1 29% 1.7% 0.0 SAP SE 90.2 6.3 72.8% CITI (35.1%) & Co 12 8 1,327.3 4% 1.7% -0.4 Holdings Ltd 85.2 70.3 39.4% CS (21.6%) BNP Paribas SA 13 10 1,258.1 2% 1.6% -0.4 International Flavors & Fragra 80.0 3.5 75.0% JPM (27.9%) HSBC Holdings PLC 14 11 1,122.5 6% 1.4% -0.3 Post Group Corp 79.0 99.2 63.8% GS (23.9%) Mizuho Financial Group 15 13 1,046.8 3% 1.3% -0.3 Plug Power Inc 75.0 61.0 66.0% JPM (23.0%) CITIC 16 21 869.2 46% 1.1% 0.1 Tiffany & Co 75.0 0.0 41.3% JPM (14.4%) Ltd 17 17 807.8 2% 1.0% -0.2 Oscar Health Inc 74.5 0.0 43.4% MS (18.1%) Sumitomo Mitsui Finl Grp Inc 18 15 762.8 -10% 1.0% -0.4 Affirm Holdings Inc 74.2 0.0 91.9% JPM (30.9%) BMO Capital Markets 19 27 698.3 49% 0.9% 0.1 Twilio Inc 71.3 36.7 71.0% GS (33.0%) Nomura 20 28 672.3 51% 0.8% 0.1 Royal Caribbean Cruises Ltd 70.6 128.4 47.2% JPM (25.2%) Mitsubishi UFJ Financial Group 21 18 668.7 -15% 0.8% -0.4 Carnival Corp 68.8 293.4 46.0% ICBC (16.5%) Partners 22 19 648.3 -10% 0.8% -0.3 Broadcom Inc 67.7 78.6 67.5% GS (29.0%) TD Securities Inc 23 23 614.3 11% 0.8% -0.1 Chesapeake Energy Corp 67.2 36.1 66.0% JPM (30.7%) Credit Agricole CIB 24 20 572.1 -16% 0.7% -0.4 PetSmart Inc 66.6 5.3 68.7% CS (22.9%) Scotiabank 25 29 520.6 19% 0.7% 0.0 VICI Properties Inc 65.0 66.8 82.0% GS (33.0%) Industry Total 79,690.7 26% Industry Total 22,917.7 82,608.2 23.0% JPM (9.3%)

Financial Sponsors Investment Banks - Financial Sponsor Fees Rank Rank Sponsor Fees 2021 Wallet Buyouts Acq Fin. Exits Rank Rank Sponsor Fees 2021 Wallet Buyouts Acq Fin. Exits Financial Sponsor 2021 2020 (US$mil) YOY ∆ Share YOY ∆ Portfolio Other Investment Bank 2021 2020 (US$mil) YOY ∆ Share YOY ∆ Portfolio Other Blackstone Group 1 4 355.1 131% 4.3% 1.3 Goldman Sachs & Co 1 1 716.9 79% 8.7% 1.0 Brookfield 2 5 258.7 111% 3.1% 0.8 JP Morgan 2 3 619.0 73% 7.5% 0.6 KKR & Co 3 3 250.2 2% 3.0% -1.7 Morgan Stanley 3 6 595.7 87% 7.2% 1.1 Bain Capital 4 10 240.4 142% 2.9% 1.0 Credit Suisse 4 5 554.1 69% 6.7% 0.4 Advent International Corp 5 20 230.5 >200% 2.8% 1.6 Bofa Securities Inc 5 4 472.4 36% 5.7% -0.9 Hellman & Friedman LLC 6 6 224.9 92% 2.7% 0.5 Barclays 6 7 406.2 98% 4.9% 1.0 Apollo Global Management 7 1 216.0 -27% 2.6% -3.1 Citi 7 2 360.5 -8% 4.4% -3.2 The Carlyle Group 8 2 176.3 -33% 2.1% -2.9 Jefferies LLC 8 9 305.6 92% 3.7% 0.6 EQT AB 9 17 147.1 116% 1.8% 0.5 UBS 9 12 221.0 97% 2.7% 0.5 CVC Advisers 10 19 123.6 98% 1.5% 0.3 Deutsche Bank 10 10 204.3 57% 2.5% 0.0 Apax Partners LLP 11 29 106.5 156% 1.3% 0.5 RBC Capital Markets 11 11 178.7 52% 2.2% -0.1 Permira Holdings Ltd 12 14 103.7 20% 1.3% -0.4 BNP Paribas SA 12 17 130.6 102% 1.6% 0.3 Clearlake Capital Group LP 13 71 98.8 >200% 1.2% 0.9 HSBC Holdings PLC 13 20 119.9 108% 1.5% 0.3 Vista Eq Partners Mgmt LLC 14 39 96.9 >200% 1.2% 0.6 14 14 115.9 13% 1.4% -0.6 Veritas Capital Fund Mgmt LLC 15 127 94.7 >200% 1.1% 1.0 Nomura 15 29 107.9 >200% 1.3% 0.7 Sycamore Partners LLC 16 - 89.6 >200% 1.1% 1.1 Wells Fargo & Co 16 19 94.5 49% 1.1% -0.1 Baring Private Eq Partners 17 54 85.8 >200% 1.0% 0.6 Rothschild & Co 17 13 89.7 -14% 1.1% -0.9 Dyal Capital Partners LP 18 28 84.5 95% 1.0% 0.2 BMO Capital Markets 18 16 81.5 25% 1.0% -0.3 Platinum Equity LLC 19 8 83.9 -21% 1.0% -1.0 19 15 80.4 -18% 1.0% -0.9 Leonard Green & Partners LP 20 80 81.7 >200% 1.0% 0.7 Moelis & Co 20 32 72.0 168% 0.9% 0.4 Industry Total 8,242.5 59% Industry Total 8,242.5 59%

*YOY comparison unless otherwise specified

www.refinitiv.com/dealsintelligence/ 3 Global Rankings First Half 2021 | Investment Banks, Sponsors & Corporates

Mergers & Acquisitions Equity Capital Markets Rank Rank Total IB Fees 2021 Wallet Americas EMEA Rank Rank Total IB Fees 2021 Wallet Americas EMEA Investment Bank 2021 2020 (US$mil) YOY ∆ Share YOY ∆ Asia-Pacific Japan Investment Bank 2021 2020 (US$mil) YOY ∆ Share YOY ∆ Asia-Pacific Japan Goldman Sachs & Co 1 1 1,985.8 54% 10.9% 2.5 Goldman Sachs & Co 1 1 2,521.7 90% 10.0% -0.9 JP Morgan 2 2 1,514.5 45% 8.3% 1.5 Morgan Stanley 2 2 2,211.7 100% 8.8% -0.3 Morgan Stanley 3 3 1,094.0 9% 6.0% -0.5 JP Morgan 3 3 1,927.5 76% 7.6% -1.4 Citi 4 4 774.0 2% 4.2% -0.7 Citi 4 5 1,671.4 134% 6.6% 0.7 Bofa Securities Inc 5 5 685.0 -1% 3.7% -0.7 Bofa Securities Inc 5 4 1,402.5 61% 5.6% -1.6 Credit Suisse 6 8 613.0 22% 3.4% 0.1 Credit Suisse 6 6 976.0 83% 3.9% -0.5 Evercore Partners 7 6 513.0 -16% 2.8% -1.1 Jefferies LLC 7 7 885.7 190% 3.5% 1.0 Lazard 8 7 486.4 -14% 2.7% -1.0 Barclays 8 9 773.8 156% 3.1% 0.6 Rothschild & Co 9 10 467.2 25% 2.6% 0.1 UBS 9 8 631.0 107% 2.5% 0.0 LLC 10 9 412.6 -17% 2.3% -0.9 Deutsche Bank 10 15 508.0 234% 2.0% 0.8 Jefferies LLC 11 14 401.4 33% 2.2% 0.2 Cantor Fitzgerald LP 11 31 449.2 598% 1.8% 1.2 Barclays 12 12 400.5 15% 2.2% 0.0 CITIC 12 17 399.6 220% 1.6% 0.6 Moelis & Co 13 15 387.9 53% 2.1% 0.5 RBC Capital Markets 13 16 315.8 147% 1.3% 0.2 Houlihan Lokey 14 11 306.4 -15% 1.7% -0.6 Cowen & Co 14 10 288.5 40% 1.1% -0.6 UBS 15 17 306.0 75% 1.7% 0.5 China International Capital Co 15 11 288.4 55% 1.1% -0.4 Deutsche Bank 16 16 242.9 30% 1.3% 0.1 /KBW 16 23 270.3 194% 1.1% 0.3 RBC Capital Markets 17 20 208.3 39% 1.1% 0.2 Canaccord Genuity Grp Inc 17 21 245.9 150% 1.0% 0.2 Nomura 18 21 205.6 46% 1.1% 0.2 Co Ltd 18 25 242.4 191% 1.0% 0.3 19 43 194.3 207% 1.1% 0.7 BMO Capital Markets 19 27 225.3 179% 0.9% 0.2 Perella Weinberg Partners LP 20 29 191.4 99% 1.0% 0.4 HC Wainwright & Co Inc 20 41 210.3 300% 0.8% 0.4 Industry Total 18,289.8 18% Industry Total 25,256.0 108%

Debt Capital Markets Syndicated Loans Rank Rank Total IB Fees 2021 Wallet Americas EMEA Rank Rank Total IB Fees 2021 Wallet Americas EMEA Investment Bank 2021 2020 (US$mil) YOY ∆ Share YOY ∆ Asia-Pacific Japan Investment Bank 2021 2020 (US$mil) YOY ∆ Share YOY ∆ Asia-Pacific Japan JP Morgan 1 1 1,655.9 -10% 7.2% -0.4 JP Morgan 1 1 1,526.2 83% 11.6% 4.2 Bofa Securities Inc 2 2 1,298.3 -15% 5.6% -0.7 Bofa Securities Inc 2 2 1,084.1 50% 8.3% 1.8 Citi 3 3 1,026.8 -22% 4.5% -1.0 Goldman Sachs & Co 3 3 565.8 10% 4.3% -0.3 Goldman Sachs & Co 4 4 953.9 -4% 4.1% 0.0 Citi 4 4 504.8 0% 3.9% -0.7 Morgan Stanley 5 5 913.5 -6% 4.0% -0.1 Credit Suisse 5 9 485.5 21% 3.7% 0.1 Barclays 6 6 843.2 -9% 3.7% -0.2 Barclays 6 10 468.8 31% 3.6% 0.4 Deutsche Bank 7 9 735.3 5% 3.2% 0.3 Bank of China Ltd 7 11 418.1 18% 3.2% 0.0 Credit Suisse 8 8 671.4 -7% 2.9% -0.1 Wells Fargo & Co 8 14 406.4 51% 3.1% 0.7 Wells Fargo & Co 9 7 627.5 -23% 2.7% -0.6 Mizuho Financial Group 9 6 392.9 -16% 3.0% -1.2 BNP Paribas SA 10 10 618.8 4% 2.7% 0.2 Mitsubishi UFJ Financial Group 10 7 374.9 -8% 2.9% -0.8 HSBC Holdings PLC 11 11 567.4 -3% 2.5% 0.1 Morgan Stanley 11 12 353.2 27% 2.7% 0.2 RBC Capital Markets 12 12 514.2 -7% 2.2% -0.1 BNP Paribas SA 12 8 336.0 -17% 2.6% -1.1 Mizuho Financial Group 13 14 417.1 3% 1.8% 0.1 Sumitomo Mitsui Finl Grp Inc 13 5 324.6 -32% 2.5% -1.8 CITIC 14 16 388.3 10% 1.7% 0.2 Deutsche Bank 14 17 322.1 52% 2.5% 0.6 Bank of China Ltd 15 13 359.8 -16% 1.6% -0.2 RBC Capital Markets 15 16 312.8 45% 2.4% 0.5 Credit Agricole CIB 16 17 335.6 -4% 1.5% 0.0 HSBC Holdings PLC 16 13 268.7 -3% 2.0% -0.4 UBS 17 21 327.1 13% 1.4% 0.2 Jefferies LLC 17 20 247.4 92% 1.9% 0.7 Industrial & Comm Bank China 18 15 307.5 -13% 1.3% -0.1 BMO Capital Markets 18 23 230.3 88% 1.8% 0.7 TD Securities Inc 19 18 290.6 -16% 1.3% -0.2 Scotiabank 19 22 200.0 60% 1.5% 0.4 20 20 272.6 -7% 1.2% 0.0 Credit Agricole CIB 20 15 172.2 -34% 1.3% -1.0 Industry Total 23,034.0 -5% Industry Total 13,110.9 17%

*YOY comparison unless otherwise specified

www.refinitiv.com/dealsintelligence/ 4 Regional Rankings First Half 2021 | Investment Banks, Sponsors & Corporates

Americas Europe, Middle East & Africa Rank Rank Total IB Fees 2021 Wallet Rank Rank Total IB Fees 2021 Wallet Investment Bank 2021 2020 (US$mil) YOY ∆ Share YOY ∆ Bonds Equity Loans M&A Investment Bank 2021 2020 (US$mil) YOY ∆ Share YOY ∆ Bonds Equity Loans M&A JP Morgan 1 1 4,780.9 36% 10.9% 0.3 JP Morgan 1 1 1,378.9 759% 7.7% -6.5 Goldman Sachs & Co 2 3 4,323.9 56% 9.9% 1.5 Goldman Sachs & Co 2 7 1,163.6 2652% 6.5% 2.8 Bofa Securities Inc 3 2 3,386.4 16% 7.8% -1.2 Citi 3 2 973.8 1102% 5.4% -1.7 Morgan Stanley 4 5 3,024.9 34% 6.9% 0.0 Morgan Stanley 4 6 817.2 1492% 4.6% 0.0 Citi 5 4 2,545.1 9% 5.8% -1.3 BNP Paribas SA 5 10 750.7 2106% 4.2% 1.2 Credit Suisse 6 8 2,011.8 69% 4.6% 1.0 Barclays 6 13 732.0 2789% 4.1% 1.9 Barclays 7 6 1,677.2 37% 3.8% 0.1 Bofa Securities Inc 7 8 683.7 1584% 3.8% 0.2 Jefferies LLC 8 10 1,351.7 105% 3.1% 1.1 Deutsche Bank 8 12 550.2 1568% 3.1% 0.2 Wells Fargo & Co 9 7 1,250.9 3% 2.9% -0.8 HSBC Holdings PLC 9 4 522.8 706% 2.9% -2.8 RBC Capital Markets 10 9 1,135.1 32% 2.6% 0.0 Credit Suisse 10 5 462.8 780% 2.6% -2.1 Deutsche Bank 11 11 1,093.0 71% 2.5% 0.6 Credit Agricole CIB 11 16 381.8 1763% 2.1% 0.3 UBS 12 24 712.5 143% 1.6% 0.7 UBS 12 58 379.7 16484% 2.1% 1.9 BMO Capital Markets 13 15 652.6 50% 1.5% 0.2 Societe Generale 13 14 331.2 1269% 1.9% -0.3 Evercore Partners 14 12 555.7 -9% 1.3% -0.6 Jefferies LLC 14 11 303.7 820% 1.7% -1.2 TD Securities Inc 15 13 519.4 12% 1.2% -0.2 Rothschild & Co 15 17 296.4 2068% 1.7% 0.4 Scotiabank 16 16 464.1 13% 1.1% -0.2 16 138 282.5 67979% 1.6% 1.5 Cantor Fitzgerald LP 17 50 463.7 473% 1.1% 0.8 Santander Corp & Invest Bkg 17 119 208.2 37351% 1.2% 1.1 Stifel/KBW 18 30 411.0 94% 0.9% 0.3 ING 18 37 198.3 4360% 1.1% 0.7 Truist Financial Corp 19 22 385.7 20% 0.9% -0.1 19 54 189.2 7840% 1.1% 0.8 CIBC World Markets Inc 20 28 382.1 53% 0.9% 0.1 Lazard 20 40 184.7 4417% 1.0% 0.7 Americas Total 43,671.0 33% EMEA Total 17,869.5 20%

Asia-Pacific Japan Rank Rank Total IB Fees 2021 Wallet Rank Rank Total IB Fees 2021 Wallet Investment Bank 2021 2020 (US$mil) YOY ∆ Share YOY ∆ Bonds Equity Loans M&A Investment Bank 2021 2020 (US$mil) YOY ∆ Share YOY ∆ Bonds Equity Loans M&A CITIC 1 2 853.4 43% 5.6% 0.9 Mizuho Financial Group 1 36 510.6 603% 17.9% 17.4 Bank of China Ltd 2 1 762.7 5% 5.0% -0.7 Sumitomo Mitsui Finl Grp Inc 2 31 387.2 325% 13.6% 12.9 Morgan Stanley 3 5 483.8 36% 3.2% 0.4 Nomura 3 30 370.1 284% 13.0% 12.3 China International Capital Co 4 6 460.1 31% 3.0% 0.3 Morgan Stanley 4 8 246.6 -52% 8.7% 5.0 Goldman Sachs & Co 5 14 449.3 86% 2.9% 1.0 Mitsubishi UFJ Financial Group 5 33 193.8 120% 6.8% 6.2 JP Morgan 6 12 420.6 63% 2.7% 0.7 Inc 6 96 193.0 1127% 6.8% 6.7 Industrial & Comm Bank China 7 3 417.8 -4% 2.7% -0.7 Goldman Sachs & Co 7 1 90.4 -91% 3.2% -4.2 China Securities Co Ltd 8 4 408.2 7% 2.7% -0.3 Citi 8 5 89.7 -85% 3.2% -1.0 Haitong Securities Co Ltd 9 17 376.4 63% 2.5% 0.6 Bofa Securities Inc 9 7 78.3 -86% 2.8% -1.3 Citi 10 13 368.3 45% 2.4% 0.4 JP Morgan 10 2 43.6 -95% 1.5% -4.5 Co Ltd 11 18 364.1 58% 2.4% 0.6 Barclays 11 4 30.9 -95% 1.1% -3.2 Agricultural Bank of China 12 11 363.5 41% 2.4% 0.3 Credit Suisse 12 6 30.1 -95% 1.1% -3.1 China Construction Bank 13 7 342.2 0% 2.2% -0.4 SBI Holdings Inc 13 690 29.3 ####### 1.0% 1.0 Bofa Securities Inc 14 20 321.4 59% 2.1% 0.5 Plutus Consulting Co Ltd 14 - 28.0 - 1.0% 1.0 15 15 319.0 32% 2.1% 0.2 Deloitte 15 43 25.2 -51% 0.9% 0.5 UBS 16 10 308.5 7% 2.0% -0.3 Sumitomo Mitsui Trust Holdings 16 173 22.2 373% 0.8% 0.7 HSBC Holdings PLC 17 16 301.7 30% 2.0% 0.1 17 86 17.4 -19% 0.6% 0.5 Co Ltd 18 9 296.1 -6% 1.9% -0.5 Credit Agricole CIB 18 11 17.0 -96% 0.6% -2.5 Credit Suisse 19 8 241.1 -25% 1.6% -1.0 BNP Paribas SA 19 3 16.6 -98% 0.6% -4.5 20 19 201.8 -3% 1.3% -0.3 Yamada Consulting Group Co Ltd 20 - 16.1 - 0.6% 0.6 Asia-Pacific Total 15,304.9 20% Japan Total 2,845.3 10%

*YOY comparison unless otherwise specified

www.refinitiv.com/dealsintelligence/ 5 Global Investment Banking Review First Half 2021 | Investment Banks, Sponsors & Corporates

CONTACT US: All data is as of 12:00pm ET on July 2, 2021 and sourced via Deals Business Intelligence.

AMERICAS: Volumes based on Refinitiv's industry-leading Deals content (M&A, Equity, Bonds and Loans) and algorithm for imputing investment banking fees. a Matthew Toole Date periods referred to within based on the effective date for M&A, the issue date for Equity and Bonds and the closing date for Loans. [email protected] Geographies and sectors are based on the nation of headquarters and macro industry of the deal participant's parent. EMEA:a a Lucille Jones Deals Intelligence, a part of Refinitiv's Trading & Banking Solutions division, brings up to the minute market intelligence to our clients and the financial media [email protected] through a variety of research reports including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals Snapshots and our industry-leading quarterly reviews highlighting trends in M&A and Capital Markets. Saiem Jalil [email protected] While Refinitiv has used reasonable endeavors 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, ASIA-PACIFIC : 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 a Elaine Tan 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 [email protected] 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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