Germany Review First Half 2021 Refinitiv Deals Intelligence

1 An LSEG business QUARTERLY HIGHLIGHTS GERMANY INVESTMENT BANKING ACTIVITY

HIGHLIGHTS

M&A FEES DOWN -11% M&A TOP FINANCIAL ADVISOR YTD ECM FEES UP 213% & Co

DCM FEES UP 7% ECM TOP BOOK RUNNER YTD Goldman Sachs & Co LOAN FEES DOWN -73% DCM TOP BOOK RUNNER YTD ANY INV. M&A UP 17% Deutsche TARGET M&A UP 34% M&A TOP TARGETED INDUSTRY ECM PROCEEDS UP 123% Real Estate

DCM PROCEEDS DOWN -5% DCM TOP ISSUING ECM TOP ISSUING Click on any of the above arrows to INDUSTRY INDUSTRY go straight to the analysis. Government and Retail Agencies

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2 An LSEG business REPORT SUMMARY

INVESTMENT BANKING FEES Investment banking fees in Germany produced US$1.9 billion in the first half of 2021, a 13% decrease in value compared to the same period last year. Despite the decline, it marks the second- highest year-to-date total since our records began in 2000. Merger & Acquisition fees totalled US$499.7 million, an 11% decrease compared to the same period last year and made up 25% of the overall fee pool. Equity capital market underwriting fees recorded US$466.5 million in fees, a 213% increase from the same period last year and the highest total since 2011. Debt capital market underwriting fees increased 7% to US$780 million, the highest total since 2005. Syndicated lending fell 73% compared to the same period last year with a total of US$220.1 million. The Financials sector had the busiest period in the first half of 2021 with US$313.7 million fees produced, equivalent to 16% of the total fees. takes the top spot in the German Investment banking fee league table with US$178.6 million in related fees, or a 9.1% share of wallet. JP Morgan takes second place, with an 8.7% market share, while Goldman Sachs takes third with a 5.4% market share.

MERGERS & ACQUISITIONS Announced M&A with any German Involvement totals US$101.1 billion in the first half of 2021, an increase of 17% in value compared to the same period last year and a three-year high. Deals involving a German target increased 34% from the same period last year to US$76 billion, representing a three-year high and a strong start to the year. Domestic M&A recorded its best start to the year with US$50.3 billion in deal value. The main driver was the mega-deal announced by Vonovia to acquire Deutsche Wohnen for $34.5 billion, the largest German M&A deal of the first half of 2021. Announced mid-market M&A with German involvement accounted for US20.1 billion in the first half of 2021, a 24% increase compared to the same period last year. The Technology industry made up nearly one-fifth of mid-market M&A activity followed by Real estate accounting for 13%. Goldman Sachs topped the any German involvement M&A league table advising on US$46.2 billion worth of deals. JP Morgan took the top spot in the German target M&A league table advising on US$37.9 billion worth of deals.

EQUITY CAPITAL MARKETS German equity capital markets raised US$25.4 billion in the first half of 2021, a 123% increase compared to the same period last year and the highest total since 2018. Initial public offerings raised 44% of total ECM proceeds US$11.3 billion, the highest total since 2000. Follow-on offerings recorded US$13.4 billion so far this year, a three-year high. The largest German ECM deal in the first half of 2021 was the US$2.7 billion follow-on offering from Siemens Healthineers. Retail was the best-performing industry totalling US$7 billion in proceeds or 27% of total equity activity. Goldman Sachs took the top spot in the German ECM league table with a 13% market share, followed by with a 9% market share.

DEBT CAPITAL MARKETS Debt Capital Markets issuance totalled US$256.8 billion in the first half of 2021, down 5% compared to the same period last year. US$95 billion was raised through Investment Grade corporate debt while US$15 billion was raised through High Yield corporate debt. Governments and agencies remained the top-performing industry raising US$136.3 billion in proceeds, over half the total DCM Issuance. The largest debt issuance of the year was Siemens bond offering worth US$9.9 billion. Deutsche Bank takes the top spot in the German DCM league table with US$24.3 billion in related proceeds or a 10% market share. and Commerzbank take second and third spots, respectively.

3 An LSEG business BACK TO GERMANY HIGHLIGHTS INVESTMENT BANKING FEES PAGE

INVESTMENT BANKING FEES VOLUMES TOP FEE PAYING INDUSTRIES YTD Fees

2,500

2,000 • Outer Rim: YTD 16% • Inner Rim: YTDLY 1,500 Financials 11% 1,000 36% Government and

US$ US$ Million 11% Agencies 38% 500 15% Industrials 14% 0 Retail 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 ` 4% 22% Telecommunications INVESTMENT BANKING FEES BY ASSET CLASS 13% BONDS EQUITY LOANS MA 10% Other 10% 1,200

1,000

800

600

US$ US$ Million 400

200

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

4 An LSEG business BACK TO GERMANY HIGHLIGHTS MERGERS & ACQUISITIONS PAGE

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

YTD Volumes #Deals

250,000 2,500

11% Real Estate 200,000 2,000 • Outer Rim: YTD Retail 150,000 1,500 • Inner Rim: YTDLY 6% 9% 8% 2% 7% 100,000 1,000 7% Industrials

US$Million 7%

50,000 500 51% High Technology

0 - 10% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Energy and Power 67% TARGET M&A VOLUMES & NUMBER OF DEALS Other 15% YTD Volumes #Deals

120,000 1,400

100,000 1,200 1,000 80,000 800 60,000 600

US$ US$ Million 40,000 400

20,000 200

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

5 An LSEG business BACK TO GERMANY HIGHLIGHTS MERGERS & ACQUISITIONS PAGE

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

Inbound M&A down -38% from YTD last year, Domestic M&A up 221% from YTD last year, Outbound M&A down -34% from YTD last year, accounting for $25.4 Billion so far this year. accounting for $50.5 Billion so far this year. accounting for $14.8 Billion so far this year.

YTD Volumes #Deals YTD Volumes #Deals YTD Volumes #Deals

70,000 600 60,000 500 100,000 400 60,000 500 50,000 400 80,000 50,000 300 400 40,000 40,000 300 60,000 300 200 30,000 30,000 40,000 200

20,000 200 20,000 100 US$ Million US$

US$ US$ Million 20,000

100 US$ Million 10,000 10,000 100 0 - 0 - 12 13 14 15 16 17 18 19 20 21 12 13 14 15 16 17 18 19 20 21 0 - 12 13 14 15 16 17 18 19 20 21 INBOUND M&A VOLUMES OUTBOUND M&A VOLUMES TOP ACQUIRING NATIONS TOP TARGETED NATIONS

US$ Million US$ Million 0 10,000 20,000 30,000 0 5,000 10,000 15,000

11,637 4,259 United States of America United States of America 21,839 13,371

2,770 3,227 United Kingdom Poland 933 123

1,710 1,518 Austria Switzerland 9 0

2021 2020 2021 2020

6 An LSEG business BACK TO GERMANY HIGHLIGHTS MERGERS & ACQUISITIONS PAGE

ANY INVOLVEMENT MID-MARKET M&A VOLUMES TOP TARGETED INDUSTRIES

YTD Volumes #Deals 30,000 2,000 1,800 25,000 1,600 1,400 High Technology 20,000 19% 1,200

15,000 1,000 32% 20% 15% Real Estate 800

US$ US$ Million 10,000 • Outer Rim: YTD 600 • Inner Rim: YTDLY Healthcare 400 5,000 13% 16% 27% 200 Financials 0 - 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 10% 12% Industrials 12% 12% ANY INVOLVEMENT MID-MARKET M&A LEAGUE TABLE (US$MIL) Other 12% SHARE BANK NAME RANK VALUE (US$ MIL) RANK # DEALS (%) Deutsche Bank $ 919.6 1 4.6 3 Rothschild & Co $ 853.3 2 4.2 18 JP Morgan $ 850.4 3 4.2 7 Morgan Stanley $ 670.8 4 3.3 4 Goldman Sachs & Co $ 527.2 5 2.6 9 KPMG $ 518.1 6 2.6 21 PricewaterhouseCoopers $ 517.6 7 2.6 26 BNP Paribas SA $ 505.8 8 2.5 5 Harris Williams & Co $ 489.6 9 2.4 10 goetzpartners Corp Finance $ 428.6 10 2.1 7 Industry Total $ 20,187.2 100.0 1,432

7 An LSEG business BACK TO GERMANY HIGHLIGHTS MERGERS & ACQUISITIONS PAGE

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 Deutsche Bank Morgan Stanley Goldman Sachs & Co BofA Securities Inc 34,540.5 Pending 24/05/2021 Deutsche Wohnen SE Germany Real Estate JP Morgan Vonovia SE Germany Real Estate Perella Weinberg Partners LP UBS Investment Bank Societe Generale SA VICTORIAPARTNERS GmbH 6,640.8 Completed 17/02/2021 Zalando SE Germany Retail SEB Shareholders Germany Financials Aviva PLC-Polish 2,940.9 Pending 26/03/2021 Poland Financials JP Morgan Allianz SE Germany Financials Goldman Sachs & Co Business Energy and Government and 2,589.4 Pending 27/04/2021 Stromnetz Berlin GmbH Germany Bundesland Berlin Germany Power Agencies SIGNA Sports United Moelis & Co 2,475.0 Pending 11/06/2021 Germany Retail Citi Yucaipa Acquisition Corp United States Financials GmbH Jefferies & Co Inc JP Morgan Securities LLC 2,444.0 Pending 30/03/2021 Lilium GmbH Germany Industrials Citi Qell Acquisition Corp United States Financials Barclays Capital Inc Lehigh Hanson Inc-West Martin Marietta Materials JP Morgan & Co Inc 2,300.0 Pending 24/05/2021 United States Materials Morgan Stanley United States Materials Region Inc Goldman Sachs & Co 1,657.6 Pending 03/05/2021 OSRAM Licht AG Germany Industrials ams Offer GmbH Austria Financials UBS Investment Bank Constellation LLC Goldman Sachs Bank Europe 1,335.1 Pending 02/06/2021 United States Healthcare MorphoSys AG Germany Healthcare Pharmaceuticals PJT Partners LP SE BNP Paribas SA Summit Ppty-German European Ppty Invs United 1,218.9 Pending 31/05/2021 Germany Real Estate VICTORIAPARTNERS GmbH Financials Rothschild & Co Coml Portfo Special Kingdom PricewaterhouseCoopers

8 An LSEG business BACK TO GERMANY HIGHLIGHTS EQUITY CAPITAL MARKETS PAGE

ECM PROCEEDS TOP ISSUING INDUSTRIES

YTD Proceeds Rest of Year Proceeds # of Issues YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) 60,000 180 8,000 3000% 160 50,000 140 7,000 2494% 2500% 40,000 120 6,000 2000% 100 5,000 30,000 1500% 80 4,000 1000%

US$ US$ Million 20,000 60 3,000 US$ US$ Million 500% 40 2,000 328% 10,000 89% 20 1,000 0% -30% 67% 0% 0 0 -500% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

ECM PROCEEDS BY ISSUE TYPE

IPO Follow-On Convertible

30,000

25,000

20,000

15,000

US$ US$ Million 10,000

5,000

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

9 An LSEG business BACK TO GERMANY HIGHLIGHTS DEBT CAPITAL MARKETS PAGE

DCM PROCEEDS TOP ISSUING INDUSTRIES

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

600,000 1,600 160,000 300% 1,400 140,000 500,000 245% 250% 1,200 120,000 200% 400,000 1,000 100,000 150% 300,000 800 80,000 100%

600 60,000 US$ US$ Million US$ US$ Million 200,000 50% 400 40,000 100,000 200 20,000 -5% 1% -11% 0% -26% -25% 0 0 -50% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Government Financials Industrials High Real Estate Other and Agencies Technology DCM PROCEEDS BY ISSUE TYPE

Agency, Supranational, Sovereign Investment Grade Corporate MBS ABS 250,000 Federal Credit Agency High Yield Corporate

200,000

150,000

100,000 US$ US$ Million

50,000

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 Issu