Sub-Saharan Africa Review First Half 2019 Deals Intelligence

1 QUARTERLY HIGHLIGHTS

HIGHLIGHTS

M&A FEES UP 28% M&A TOP FINANCIAL ADVISOR YTD ECM FEES DOWN -70% Citi DCM FEES DOWN -24% ECM TOP BOOK RUNNER YTD Standard Group Ltd LOAN FEES DOWN -4% DCM TOP BOOK RUNNER YTD ANY INV. M&A UP 42% JP Morgan TARGET M&A UP 239% M&A TOP TARGETED NATION ECM PROCEEDS DOWN -66% South Africa

DCM PROCEEDS DOWN -46% DCM TOP ISSUING ECM TOP ISSUING Click on any of the above arrows to NATION NATION go straight to the analysis. Ghana South Africa

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2 REPORT SUMMARY

INVESTMENT BANKING FEES Sub-Saharan African investment banking fees reached an estimated US$227.3 million during the first six months of 2019, 19% less than the value recorded during the same period in 2018 and the lowest first half total in three years. Double-digit declines were recorded for both equity and debt capital markets underwriting fees with equity seeing the biggest decline, down 70% to US$20.9 million for the lowest first half total since 2003. Bond underwriting fees fell 24% to a three-year low of US$46.7 million. Syndicated lending fees fell 4% year-on- year to US$96.8 million, while advisory fees from completed M&A transactions increased 28% to US$63.0 million. Equity fees accounted for just 9% of the overall Sub-Saharan African investment banking fee pool during the first half of 2019, down from 25% last year and the lowest first half share since our records began in 2000. Syndicated lending and debt capital markets fees generated 43% and 20% respectively, while M&A advisory fees accounted for 28%. Group earned the most investment banking fees in Sub-Saharan Africa during the first half of 2019, a total of US$31.9 million or a 14% share of the total fee pool.

MERGERS & ACQUISITIONS The value of announced M&A transactions with any Sub-Saharan African involvement reached US$20.9 billion during the first six months of 2019, up 42% from the same period last year and the highest first half total since 2010. Deals involving a Sub-Saharan African target more than tripled in value to US$16.9 billion, driven by an US$8.8 billion offer for Anadarko Petroleum’s African assets by French energy giant Total SA. The deal pushed inbound M&A, involving an acquiror from outside of the region, up 186% year-on-year to US$10.1 billion. Intra-regional activity in Sub-Saharan Africa increased 368% to US$6.7 billion, while outbound M&A decreased 73% to a seven-year low of US$2.2 billion. Deals in the energy & power sector accounted for 55% of Sub-Saharan African target M&A activity in the region during the first half of 2019. South Africa was the most targeted nation, followed by Botswana and Nigeria. Citi topped the Any Sub-Saharan African Involvement Announced M&A Financial Advisor League Table during the first half of 2019 with a 30% share of the market.

EQUITY CAPITAL MARKETS Sub-Saharan African equity and equity-related issuance totaled US$1.3 billion during the first half of 2019, 66% less than the value recorded during the first six months of 2018. Fifteen follow-on offerings totaled US$1.26 billion and accounted for 98% of total ECM activity in the region by value, while two IPOs accounted for the remaining 2%. ICON Properties supplied the largest initial public offering in the region during the first half of 2019, raising US$20.4 million on the Malawi Stock Exchange in January. Skyway Aviation Handling Co raised US$6.2 million when it listed in Nigeria in April. Standard Bank Group topped the Sub-Saharan African ECM league table during the first half of 2019 with a 40% share of the market.

DEBT CAPITAL MARKETS Sub-Saharan African debt issuance totalled US$12.2 billion during the first six months of 2019, down 46% from the value recorded during the same period in 2018 and the lowest first half total since 2016. Ghana and Kenya were the most active issuer nations with US$3.0 billion and US$2.1 billion in bond proceeds, respectively. Ghana raised US$3.0 billion with its Eurobond issue in March, the largest bond offering in the region so far during 2019. JP Morgan took the top spot in the Sub-Saharan African bond ranking during the first half of 2019 with US$2.4 billion of related proceeds, or a 20% market share.

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

YTD Fees Annual Fees • Outer Rim: YTD 600 • Inner Rim: YTDLY 6% 500 17% 13% 3% 400 7% 32% 15%

5% 300 15% 6%

US$Million 6% 200 9% 14% 5% 56% 63% 100 5% 8% 2% 0 27% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 8% 15% 20% INVESTMENT BAKING FEES BY ASSET CLASS

BONDS EQUITY LOANS MA 180 Financials Government and Agencies South Africa Ghana Kenya Mauritius Nigeria Other 160 Media and Entertainment Materials Energy and Power Other 140

120

100

80

US$Million 60

40

20

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

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

YTD Volumes Full Year Volumes #Deals • Outer Rim: YTD 70,000 500 • Inner Rim: YTDLY 5% 450 2% 3% 3% 2% 60,000 2% 1% 400 4% 2% 50,000 350 14% 300 40,000 26% 31% 250 6% 30,000

200 US$Million 3% 20,000 150 55% 55% 100 31% 10,000 7% 50 5% 0 - 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 90% TARGET M&A VOLUMES & NUMBER OF DEALS

YTD Volumes Full Year Volumes #Deals 60,000 400 Energy and Power Media and Entertainment South Africa Botswana Nigeria Consumer Staples Materials 350 Kenya Rwanda Other 50,000 Financials Other 300 40,000 250

30,000 200

US$Million 150 20,000 100 10,000 50

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

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

Inbound M&A down 186% from YTD last year to Domestic M&A is up 368% from YTD last year to Outbound M&A is down 73% from YTD last year to US$10.1 billion so far this year. US$6.7 billion so far this year. US$2.2 billion so far this year.

YTD Volumes Full Year Volumes #Deals YTD Volumes Full Year Volumes #Deals YTD Volumes Full Year Volumes #Deals 45,000 180 20,000 250 16,000 90 40,000 160 14,000 80 200 35,000 140 15,000 12,000 70 30,000 120 60 150 10,000 25,000 100 50 10,000 8,000 20,000 80 100 40

15,000 60 6,000 30

US$ MillionUS$ US$ MillionUS$ 5,000 MillionUS$ 4,000 10,000 40 50 20 5,000 20 2,000 10 0 - 0 - 0 - 12 13 14 15 16 17 18 19 12 13 14 15 16 17 18 19 12 13 14 15 16 17 18 19 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 5,000 10,000 15,000 0 5,000 10,000 0 2,000 4,000 6,000 0 2,000 4,000 6,000 0 500 1,000 1,500 0 1,000 2,000

Russian South Africa 9,568 France 8,813 South Africa 5,598 South Africa 5,601 Federation 1,160 South Africa 1,476

Kenya 245 Israel 405 Botswana 411 Nigeria 370 India 518 Mauritius 693

Rwanda 52 Spain 317 Nigeria 370 Zimbabwe 300 Turkey 165

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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 35,000

30,000

25,000

20,000

15,000 US$Million 10,000

5,000

0 07 08 09 10 11 12 13 14 15 16 17 18 19

TARGET MID-MARKET M&A VOLUMES

X < US$500 X < US$500 7,000

6,000

5,000

4,000

3,000 US$Million 2,000

1,000

0 07 08 09 10 11 12 13 14 15 16 17 18 19

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ANY INVOLVEMENT M&A TOP DEALS YTD

Ranking Rank Status Target Name Target Nation Target Industry Acquiror Name Acquiror Nation Acquiror Industry Value ($Mil) Date

8,800.0 Pending 5/5/2019 Anadarko Petro-African Assets South Africa Energy and Power Total SA France Energy and Power

Media and 5,089.2 Completed 2/27/2019 MultiChoice Group Ltd South Africa Shareholders South Africa Financials Entertainment

1,160.0 Completed 1/25/2019 Kekh eKommerts OOO Russian Fed High Technology OLX Global BV South Africa Retail

735.1 Completed 3/1/2019 SBI Life Co Ltd India Financials CA Emerald Investments United States Financials

404.8 Pending 2/4/2019 Clover Industries Ltd South Africa Consumer Staples Milco SA Proprietary Ltd Israel Financials

400.0 Completed 4/9/2019 Alexara Ret Pvt Ltd India Real Estate Investor Group Mauritius Financials

344.2 Pending 4/30/2019 Afam Electricity Generation Co Nigeria Energy and Power Transnatl Corp of Nigeria PLC Nigeria Financials

317.0 Pending 6/19/2019 Lafarge S Africa Hldg South Africa Materials Caricement BV Spain Materials

300.0 Pending 3/7/2019 Mscm Wirles Botswna Pty Ltd Botswana Telecommunications Econet Wireless Zimbabwe Ltd Zimbabwe Telecommunications

Media and 238.1 Completed 3/20/2019 Leisure Holding SA Luxembourg Amathus Public Ltd Cyprus Industrials Entertainment

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ECM PROCEEDS TOP ISSUING COUNTRIES

YTD Proceeds Annual Proceeds YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) 12,000 4,500 0% 0%

4,000 -10% 10,000 3,500 -20% 8,000 3,000 -30% 2,500 6,000 -40%

2,000 US$Million US$Million -50% 4,000 1,500 -60% 1,000 -61% 2,000 500 -70% -75% 0 0 -80% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 South Africa Nigeria Malawi ECM PROCEEDS BY ISSUE TYPE TOP ISSUING INDUSTRIES

IPO Follow-On Covertible YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) 5,000 700 9000% 8319% 4,500 8000% 600 4,000 7000% 3,500 500 6000% 5000% 3,000 400 2,500 4000% 300

2,000 3000%

US$Million US$Million 1,500 200 2000% 1,000 1000% 100 500 -27% 1% -67% -79% 0% 0 0 -1000% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 Materials Industrials Real Estate Healthcare Retail

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DCM PROCEEDS TOP ISSUING COUNTRIES

YTD Proceeds Annual Proceeds YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) 40,000 7,000 60% 50% 35,000 6,000 40%

30,000 20% 5,000 5% 25,000 0% 0% 4,000 20,000 -20%

3,000 US$Million

US$Million 15,000 -40% 2,000 -51% 10,000 -60%

5,000 1,000 -77% -80%

0 0 -100% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 Ghana Kenya South Africa Ivory Coast Gabon DCM PROCEEDS BY ISSUE TYPE TOP ISSUING INDUSTRIES

25,000 High Yield Corporate YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) 25,000 120% Federal Credit Agency 100% 20,000 94% ABS 20,000 80% 60% 15,000 MBS 15,000 40% Investment Grade Corporate 20% 10,000

US$Million Agency, Supranational, Sovereign 10,000 0% 0% US$Million -20% 5,000 5,000 -40% -60% -65% 0 0 -80% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 Government and Agencies Financials Materials

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ECM TOP DEALS YTD

Proceeds ($ Primary Issue Date Issue Type Issuer Nation Industry Mid Industry mil) Exchange Transportation & 3/27/2019 325.9 Follow-On KAP Industrial Holdings Ltd South Africa Industrials JOH Infrastructure Construction 3/11/2019 291.6 Follow-On Lafarge Africa PLC Nigeria Materials NIGER Materials

4/10/2019 121.4 Follow-On Sibanye Gold Ltd South Africa Materials Metals & Mining JOH

2/7/2019 105.9 Follow-On Clicks Group Ltd South Africa Retail Other Retailing JOH

3/11/2019 95.9 Follow-On Sanlam Ltd South Africa Financials Other Financials JOH

DCM TOP DEALS YTD

Proceeds Issue Date Issue Type Issuer Nation Industry Mid Industry Currency ($ mil) Agency, Supranational, 3/19/2019 2,999.6 Ghana Ghana Government and Agencies National Government U.S. Dollar Sovereign Agency, Supranational, 5/15/2019 2,100.0 Republic of Kenya Kenya Government and Agencies National Government U.S. Dollar Sovereign Agency, Supranational, 3/14/2019 1,124.0 African Development Bank Ivory Coast Government and Agencies Supranational EURO Sovereign Investment Grade 5/8/2019 1,000.0 Gold Fields Ltd South Africa Materials Metals & Mining U.S. Dollar Corporate Emerging Market Corporate 4/10/2019 645.2 Africa Finance Corp Nigeria Financials Other Financials U.S. Dollar Investment Grade Corporate

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INVESTMENT BANKING FEES LEAGUE TABLE

Standard Bank Group Ltd PLC Citi JP Morgan Eastern and Southern African Bank of America Lynch Deloitte Centerview Partners LLC 40

35 14.0% 30

25

20 8.1% 7.9% 15 6.2% 5.6%

Fees US$ Million FeesUS$ 10 3.6% 3.0% 2.7% 2.7% 5 2.2%

0 0 1 2 3 4 5 6 7 8 9 10 11 -5 Rank INVESTMENT BANKING FEES LEAGUE TABLE (US$MIL) FEES FEES YOY SHARE YOY #DEALS YOY 1H 2019 1H 2018 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 2 Standard Bank Group Ltd $ 31.9 8.4% 14.0% 3.5% 13 -18.8% 2 5 Standard Chartered PLC $ 18.3 35.8% 8.1% 3.2% 12 0.0% 3 6 Citi $ 18.1 67.7% 7.9% 4.1% 10 -9.1% 4 20 Morgan Stanley $ 14.1 382.4% 6.2% 5.2% 2 -33.3% 5 3 JP Morgan $ 12.6 -46.3% 5.6% -2.9% 14 -12.5% 6 29 Eastern and Southern African $ 8.1 397.9% 3.6% 3.0% 1 - 7 11 Bank of America Merrill Lynch $ 6.8 -24.4% 3.0% -0.2% 7 -30.0% 8 31 Deloitte $ 6.2 285.7% 2.7% 2.1% 1 -50.0% 9 7 Investec $ 6.1 -34.8% 2.7% -0.7% 5 -37.5% 10 - Centerview Partners LLC $ 5.0 - 2.2% - 1 - TOTAL $ 227.3 -18.8% 90 -31.3%

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M&A FEES LEAGUE TABLE (US$MIL) FEES FEES YOY SHARE YOY #DEALS YOY 1H 2019 1H 2018 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 12 Morgan Stanley $ 12.8 1177.2% 20.3% 18.2% 1 0.0% 2 - Citi $ 12.7 - 20.2% - 4 - 3 10 Deloitte $ 6.2 285.7% 9.8% 6.5% 1 -50.0% 4 - Centerview Partners LLC $ 5.0 - 7.9% - 1 - 5 - Moelis & Co $ 2.9 - 4.6% - 1 - 6 11 Standard Bank Group Ltd $ 2.8 85.8% 4.4% 1.4% 3 200.0% 7 4 UBS $ 2.7 -34.0% 4.3% -4.0% 1 -66.7% 7 - HSBC Holdings PLC $ 2.7 - 4.3% - 1 - 9 25 $ 2.2 - 3.5% 3.5% 1 -50.0% 10 - StratLink LLC $ 2.0 - 3.2% - 2 - TOTAL $ 63.0 28.1% 29 -12.1%

ECM FEES LEAGUE TABLE (US$MIL) FEES FEES YOY SHARE YOY #DEALS YOY 1H 2019 1H 2018 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 1 Standard Bank Group Ltd $ 5.7 -62.4% 27.3% 5.3% 5 -37.5% 2 2 JP Morgan $ 4.9 -66.0% 23.5% 2.5% 2 -33.3% 3 3 Investec $ 3.8 -51.6% 18.3% 6.8% 3 -25.0% 4 6 Java Capital (Proprietary) Ltd $ 2.8 20.1% 13.4% 10.0% 2 0.0% 5 28 $ 1.6 461.9% 7.5% 7.1% 1 - 6 22 Nedbank Capital $ 0.4 2.5% 1.9% 1.4% 1 0.0% 7 5 PSG Capital (Pty) Ltd $ 0.3 -90.4% 1.5% -3.2% 1 0.0% 8 - The Eights Group Pty Ltd $ 0.3 - 1.3% - 1 - 9 - Shore Capital Group $ 0.2 - 0.8% - 1 - 10 17 Canaccord Genuity $ 0.2 -76.4% 0.8% -0.2% 1 0.0% TOTAL $ 20.9 -69.6% 18 -30.8%

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DCM FEES LEAGUE TABLE (US$MIL) FEES FEES YOY SHARE YOY #DEALS YOY 1H 2019 1H 2018 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 3 JP Morgan $ 7.3 6.2% 15.7% 4.5% 11 22.2% 2 4 Standard Chartered PLC $ 6.0 -5.3% 12.8% 2.5% 6 20.0% 3 14 Bank of America Merrill Lynch $ 5.6 306.8% 12.0% 9.7% 5 150.0% 4 1 Citi $ 2.8 -65.7% 6.0% -7.3% 4 -42.9% 5 - Mitsubishi UFJ Financial Group $ 2.0 - 4.4% - 3 - 6 - Standard Bank PLC $ 1.9 - 4.0% - 3 - 7 9 BNP Paribas SA $ 1.5 -49.5% 3.1% -1.6% 3 -50.0% 8 16 Standard Bank Group Ltd $ 1.3 41.4% 2.9% 1.3% 1 -50.0% 8 - Morgan Stanley $ 1.3 - 2.9% - 1 - 10 25 RBC Capital Markets $ 1.3 376.4% 2.7% 2.3% 1 0.0% TOTAL $ 46.7 -23.9% 25 -51.9%

LOANS FEES LEAGUE TABLE (US$MIL) FEES FEES YOY SHARE YOY #DEALS YOY 1H 2019 1H 2018 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 2 Standard Bank Group Ltd $ 22.1 86.0% 22.8% 11.0% 4 -20.0% 2 4 Standard Chartered PLC $ 11.1 54.8% 11.5% 4.4% 5 -28.6% 3 16 Eastern and Southern African $ 8.1 397.9% 8.4% 6.7% 1 - 4 38 Sumitomo Mitsui Finl Grp Inc $ 4.2 793.8% 4.4% 3.9% 4 100.0% 5 10 Societe Generale $ 4.2 79.3% 4.4% 2.0% 3 200.0% 6 3 Old Mutual PLC $ 3.8 -50.0% 3.9% -3.6% 0 -100.0% 7 1 Rand $ 3.7 -75.9% 3.9% -11.5% 0 -100.0% 8 5 Barclays $ 3.7 -45.0% 3.8% -2.9% 0 -100.0% 9 6 Industrial & Comm Bank China $ 2.9 -55.8% 3.0% -3.5% 1 -50.0% 10 22 Mizuho Financial Group $ 2.7 145.0% 2.8% 1.7% 3 0.0% TOTAL $ 96.8 -3.9% 18 -10.0%

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

RANK VALUE RANK VALUE SHARE YOY #DEALS YOY 1H 2019 1H 2018 BANK NAME SHARE (%) #DEALS (US$ Mil) YOY CHANGE (%) CHANGE (%) CHANGE (%) 1 6 Citi $ 6,348.4 1898% 30% 1282% 8 700% 2 40* Morgan Stanley $ 5,089.2 - 24% - 2 0% 3* 1 Rand Merchant Bank $ 404.9 -4% 2% -34% 1 -80% 3* - HSBC Holdings PLC $ 404.9 - 2% - 3 - 5 - Axis Bank Ltd $ 146.4 - 1% - 2 - 6* - ICICI Bank Ltd $ 132.1 - 1% - 1 - 6* - $ 132.1 - 1% - 1 - 6* - CFI $ 132.1 - 1% - 1 - 9 - Java Capital (Proprietary) Ltd $ 125.6 - 1% - 1 - 10 20 Investec $ 116.7 41% 1% 0% 3 0% TOTAL $ 20,885.7 42% 315 -12%

TARGET M&A LEAGUE TABLE (US$MIL)

RANK VALUE RANK VALUE SHARE YOY #DEALS YOY 1H 2019 1H 2018 BANK NAME SHARE (%) #DEALS (US$ Mil) YOY CHANGE (%) CHANGE (%) CHANGE (%) 1 - Citi $ 5,188.4 - 31% - 6 - 2 29* Morgan Stanley $ 5,089.2 - 30% - 1 -50% 3* 2 Rand Merchant Bank $ 404.9 25% 2% -63% 1 -75% 3* - HSBC Holdings PLC $ 404.9 - 2% - 3 - 5 - Java Capital (Proprietary) Ltd $ 125.6 - 1% - 1 - 6 - Stirling Coleman Capital Ltd $ 104.4 - 1% - 1 - 7 - Viel & Cie Finances $ 68.0 - 0% - 2 - 8 - Theodore Partners $ 50.1 - 0% - 1 - 9 - Nedbank Capital $ 42.1 - 0% - 1 - 10 - Duff & Phelps $ 21.0 - 0% - 1 - TOTAL $ 16,850.3 239% 220 -17%

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ECM LEAGUE TABLE (US$MIL)

PROCEEDS PROCEEDS YOY SHARE YOY #DEALS YOY 1H 2019 1H 2018 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 1 Standard Bank Group Ltd $ 519.3 -45% 40% 59% 5 -38% 2 2 Investec $ 309.7 -53% 24% 37% 3 -25% 3 - Chapel Hill Denham Group $ 145.8 - 11% - 1 - 4 3 JP Morgan $ 121.4 -70% 9% -13% 1 -67% 5 9 Java Capital (Proprietary) Ltd $ 101.8 20% 8% 243% 2 0% 6 15* Nedbank Capital $ 40.5 96% 3% 417% 1 0% 7 20 PSG Capital (Pty) Ltd $ 11.1 18% 1% 200% 1 0% 8* - BNP Paribas SA $ 6.9 - 1% - 1 - 8* - The Eights Group Pty Ltd $ 6.9 - 1% - 1 - 10* - Shore Capital Group $ 6.5 - 1% - 1 - 10* 18 Canaccord Genuity $ 6.5 -50% 1% 25% 1 0% TOTAL $ 1,288.7 -66% 17 -26% DCM LEAGUE TABLE (US$MIL)

PROCEEDS PROCEEDS YOY SHARE YOY #DEALS YOY 1H 2019 1H 2018 BANK NAME SHARE (%) #DEALS (US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)

1 4 JP Morgan $ 2,411.8 21% 20% 128% 9 -10% 2 2 Standard Chartered PLC $ 1,920.8 -28% 16% 34% 6 20% 3 9 Bank of America Merrill Lynch $ 1,276.6 42% 11% 163% 5 150% 4 7 BNP Paribas SA $ 957.3 -14% 8% 61% 3 -50% 5* 15 Standard Bank Group Ltd $ 599.9 30% 5% 145% 1 -50% 5* - Morgan Stanley $ 599.9 - 5% - 1 - 7 1 Citi $ 499.9 -85% 4% -72% 4 -33% 8 - Mitsubishi UFJ Financial Group $ 378.6 - 3% - 3 - 9* 10 $ 301.2 -63% 3% -31% 2 -50% 9* 6 Societe Generale $ 301.2 -77% 3% -57% 2 -50% TOTAL $ 12,168.2 -46% 22 -35%

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ABOUT REFINITIV MERGERS & ACQUISITIONS Refinitiv, formerly the Financial & Risk business of , 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 Peter Miao I +1 646 223 6338 I [email protected] 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 EMEA proceeds (total issue amount multiplied by the issue price) unless otherwise stated. Full credit is given to the book Lucille Jones l +44 207 542 4372 l [email protected] runner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US Gonzalo Ponce Pestana l +44 207 542 0223 l [email protected] dollar denominated transactions are converted to the US dollar equivalent at the time of announcement.

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