MENA Investment Banking Review First Quarter 2021 Refinitiv Deals Intelligence

1 An LSEG business QUARTERLY HIGHLIGHTS MENA INVESTMENT BANKING ACTIVITY

HIGHLIGHTS

M&A FEES DOWN -74% M&A TOP FINANCIAL ADVISOR YTD ECM FEES DOWN -58% JP Morgan DCM FEES UP 64% ECM TOP BOOK RUNNER YTD Ubhar Capital SAOC LOAN FEES UP 76% DCM TOP BOOK RUNNER YTD ANY INV. M&A UP 19% PLC TARGET M&A UP 55% DCM TOP ISSUING ECM TOP ISSUING ECM PROCEEDS DOWN -67% NATION NATION DCM PROCEEDS UP 61% Saudi Arabia

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2 An LSEG business REPORT SUMMARY

INVESTMENT BANKING FEES Investment banking fees in the and reached an estimated US$218 million during the first quarter of 2021, up 5% from last year and a three-year high. Advisory fees earned from completed M&A transactions generated US$20.4 million, down 74% representing the second-lowest total in the last ten years. Equity capital markets underwriting fees fell by more than half compared to 2020, to US$7 million, the lowest total since 2011. Syndicated lending fees increased 76% to US$109.2 million, a three-year high in fees and the third- highest total since our records began in 2000. Bond underwriting fees also experienced an increase with US$81.3 million in fees, a 64% increase from the same period in 2020. Governments/agencies and financials accounted for 87% of total fees this quarter in MENA with 59% and 28% fees recorded, respectively. HSBC Holdings PLC earned the most investment banking fees in the region during the first quarter of 2021, a total of US$22.7 million or a 10.4% share of the total fee pool.

MERGERS & ACQUISITIONS Announced M&A transactions with any MENA involvement reach US$17.1 billion during the first three months of 2021, a 19% increase in value compared to the same period in 2020 and a record number of deals with 270, the highest start to a quarter. Target M&A increased 55% from last year to US$12.7 billion this quarter, the second-highest on record with only 2019 higher with Saudi Aramco and Saudi Basic Industries Corp deal of US$69.1 billion making up a large proportion. Outbound M&A delivered a positive start to the quarter representing US$3.9 billion in value and already overtaking 2020 full-year volumes. Domestic M&A experienced a 73% increase from last year with US$9.4 billion in deal value. The largest deal of the quarter in the MENA region was the acquisition of BP PLC-Block 61 based in from Pttep Mena Ltd for US$2.59 billion. was the most targeted nation with US$3 Billion In M&A activity, closely followed by Oman and . JP Morgan topped the any MENA M&A involvement financial advisor league table during the first quarter of 2021, advising on US$5.1 billion worth of deals and hold a 30% market share. In second place was Rothschild, while Citi take third spot.

EQUITY CAPITAL MARKETS MENA equity and equity-related issuance totalled US$267.7 million during the first quarter of 2021, a 67% decline in proceeds from 2020 and the lowest start to the year since 2011. US$124.7 million was raised through follow-on offerings, which equate to 46% of equity issuance in 2021 so far. Only one initial public offering was recorded during the first quarter of 2021 which was Alkhorayef Water & Power Tech’s offering in early March on the Tadawul Stock Exchange, raising US$144 million. Ubhar Capital SAOC took first place in the MENA ECM league table during the first quarter of 2021, with EFG Hermes and Banque Saudi Fransi joint in second place.

DEBT CAPITAL MARKETS MENA debt issuance totalled US$34.8 billion during the first quarter of 2021, up 61% from the same period in 2020 and the best start to a year since our record began in 1980. 48% of this total came from Investment grade issuance which totalled US$17 billion, the best start to a year since our records began in 1980. Saudi Arabia and the were the most active issuer nations with US$12.3 billion and 7.5 billion in bond proceeds, respectively. Saudi Arabia’s bond sale in January this year of US$4.9 billion was the largest MENA bond sale of the quarter. Standard Chartered took the top spot in the MENA DCM league table during Q1 2021 with US$4.5 billion of related proceeds, or a 13% market share.

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INVESTMENT BANKING FEES VOLUMES TOP FEE PAYING INDUSTRIES YTD Fees Rest of Year Fees

2,000 6% 1%1%4% Consumer Products and 1,800 Services 1,600 4%1% Consumer Staples 1,400 12% 1,200 29% 1,000 Energy and Power 43% 800 US$ US$ Million 600 Financials 26% 400 200 Government and Agencies 0 59% 14% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Other

INVESTMENT BANKING FEES BY ASSET CLASS

BONDS EQUITY LOANS MA • Outer Rim: YTD 250 • Inner Rim: YTDLY

200

150

100 US$ US$ Million

50

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

YTD Volumes Rest of Year Volumes #Deals

160,000 300 Egypt 140,000 250 24% 6% Oman 120,000 32% 200 100,000 12% Qatar 80,000 150 2%

60,000 11% Saudi Arabia US$ US$ Million 100 40,000 50 20,000 69% 1% 0 - 4% 21% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Other

TARGET M&A VOLUMES & NUMBER OF DEALS 18%

YTD Volumes Rest of Year Volumes #Deals • Outer Rim: YTD 120,000 250 • Inner Rim: YTDLY

100,000 200 80,000 150 60,000 100

US$ US$ Million 40,000

20,000 50

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 19% from YTD last year, accounting for Domestic M&A up 73% from YTD last year, accounting Outbound M&A up 186% from YTD last year, $3.2 Billion so far this year. for $9.4 Billion so far this year. accounting for $3.9 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

30,000 80 100,000 140 50,000 70 70 120 60 25,000 80,000 40,000 60 100 50 20,000 50 30,000 60,000 80 40 15,000 40 30 40,000 60 20,000

10,000 30 20

US$ Million US$ US$ Million US$ US$ Million US$ 20 40 10,000 20,000 10 5,000 10 20 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 OUTBOUND M&A VOLUMES OUTBOUND M&A VOLUMES TOP ACQUIRING NATIONS TOP TARGETED NATIONS TOP TARGETED NATIONS

US$ Million US$ Million US$ Million 0 1,000 2,000 3,000 0 500 1,000 1,500 2,000 0 1,000 2,000 3,000 4,000

Oman 2,590 Brazil 1,650 United Arab Emirates 3,749

United States of America 1,276 Egypt 354 Egypt 2,743

France 331 United Arab Emirates 220 Qatar 2,305

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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

Energy and Energy and 2,590.0 Completed 02/01/2021 BP PLC-Block 61,Oman Oman - Pttep Mena Ltd Thailand JP Morgan & Co Inc Power Power Al Khaliji Commercial JP Morgan JP Morgan & Co Inc 2,232.7 Pending 01/07/2021 Qatar Financials Masraf Al Rayan QSC Qatar Financials Qsc Barclays KPMG 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 991.6 Pending 03/02/2021 Emaar Malls PJSC Utd Arab Em Real Estate - Emaar Properties PJSC Utd Arab Em Real Estate 953.0 Completed 03/31/2021 Aldar Properties PJSC Utd Arab Em Real Estate - Sublime Coml Invest Llc Utd Arab Em Financials Shell Egypt NV-Wstn Energy and 926.0 Pending 03/09/2021 Egypt Citi Investor Group Egypt Financials Rothschild & Co Desert Power Energy and 900.0 Pending 02/02/2021 Abu Dhabi Energy Re Co Utd Arab Em - Abu Dhabi Pension Fund Utd Arab Em Financials Power Amoun Pharmaceutical Morgan Stanley Abu Dhabi Dvlpal Hldg Co 740.0 Pending 03/31/2021 Egypt Healthcare Utd Arab Em Financials Co SAE & Co PJSC ADES International Energy and Energy and EFG-Hermes UAE Ltd 516.0 Pending 03/08/2021 Utd Arab Em - Innovative Energy Hldg Ltd Utd Arab Em Holding PLC Power Power Moelis & Co

429.2 Pending 01/17/2021 BLOM Bank Egypt Egypt Financials CI Capital Holding Co SAE Arab Banking Corp Bsc Libya Financials HSBC Bank Middle East Ltd

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ECM PROCEEDS TOP ISSUING COUNTRIES

YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) YTD Proceeds Rest of Year Proceeds 800 0% 0% 0% 35,000 700 30,000 -20% 600 25,000 -40% 500 20,000 400 -60% 15,000 300

US$ US$ Million -79% -80% US$ US$ Million 10,000 200 -100% -100% -100% 5,000 100

0 0 -120% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Saudi Arabia Oman United Arab Morocco Egypt Emirates ECM PROCEEDS BY ISSUE TYPE

IPO Follow-On Convertible

4,500 4,000 3,500 3,000 2,500 2,000

US$ Million US$ 1,500 1,000 500 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 INDUSTRIES YTD Proceeds Rest of Year Proceeds YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) 140,000 20,000 250% 18,000 220% 120,000 200% 16,000 100,000 14,000 150% 80,000 12,000 100% 10,000

60,000 8,000 50% US$ Million US$ US$ US$ Million 6,000 7% 0% 0% 0% 40,000 4,000 -50% 20,000 2,000 -70% 0 -100% 0 Financials Government and Real Estate Industrials Energy and Power 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Agencies

TOP ISSUING COUNTRIES DCM PROCEEDS BY ISSUE TYPE Agency, Supranational, Sovereign Investment Grade Corporate YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%) MBS ABS 45,000 80% Federal Credit Agency High Yield Corporate 72% 40,000 60% 25,000 35,000 40% 30,000 20% 20,000 25,000 0% 15,000 20,000 -20%

US$ Million US$ 15,000 -36% -40% 10,000 10,000 -60%

US$ Million US$ -61% 5,000 -80% 5,000 -81% -82% 0 -100% Saudi Arabia United Arab Oman Qatar Egypt 0 Emirates 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 Building/Construction 03/01/2021 144.0 IPO Alkhorayef Water & Power Tech Saudi Arabia Industrials TADAW & Engineering

03/15/2021 78.7 Follow-On Ahli Bank SAOG Oman Financials MSM

01/22/2021 46.0 Follow-On Borr Drilling Ltd Utd Arab Em Energy and Power Oil & Gas OSLO

DCM TOP DEALS YTD

Proceeds Issue Date Issue Type Issuer Nation Industry Mid Industry Currency ($ mil)

Agency, Supranational, 01/26/2021 4,975.4 Ministry of Finance Saudi Arabia Government and Agencies National Agency U.S. Dollar Sovereign

Agency, Supranational, 02/08/2021 3,750.0 Egypt Egypt Government and Agencies National Government U.S. Dollar Sovereign

Agency, Supranational, 01/14/2021 3,227.3 Ministry of Finance Oman Oman Government and Agencies National Government U.S. Dollar Sovereign Emerging Market Corporate 03/24/2021 2,500.0 IsDB Trust Services No.2 SARL Luxembourg Financials Other Financials U.S. Dollar Investment Grade Corporate Agency, Supranational, 01/20/2021 2,000.0 Ministry Of Fin And Natl Econ Bahrain Government and Agencies National Agency U.S. Dollar Sovereign

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INVESTMENT BANKING FEES LEAGUE TABLE

HSBC Holdings PLC Standard Chartered PLC Citi JP Morgan Emirates NBD PJSC First Abu Dhabi Bank PJSC Arab Banking Corporation Gulf International Bank MashreqBank PSC 30

25 10.4% 20

15 7.1% 6.3% 10 5.1% 3.6% 3.6% Fees US$ MillionUS$ Fees 3.3% 3.0% 3.0% 5 2.7%

0 0 1 2 3 4 5 6 7 8 9 10 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 2 HSBC Holdings PLC $ 22.7 18.5% 10.4% 1.2% 26 44.4% 2 3 Standard Chartered PLC $ 15.5 -6.6% 7.1% -0.9% 23 -11.5% 3 8 Citi $ 13.7 125.8% 6.3% 3.4% 17 41.7% 4 6 JP Morgan $ 11.2 58.1% 5.1% 1.7% 19 72.7% 5 16 Credit Suisse $ 7.8 144.6% 3.6% 2.0% 7 250.0% 6 15 Emirates NBD PJSC $ 7.8 131.2% 3.6% 2.0% 8 0.0% 7 5 First Abu Dhabi Bank PJSC $ 7.2 -20.8% 3.3% -1.1% 12 -7.7% 8 47 Arab Banking Corporation $ 6.6 572.6% 3.0% 2.5% 4 33.3% 9 53 Gulf International Bank $ 6.4 900.0% 3.0% 2.6% 2 -33.3% 10 38 MashreqBank PSC $ 5.8 384.2% 2.7% 2.1% 2 -33.3% TOTAL $ 218.1 4.9% 90 -23.7%

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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 - Canaccord Genuity Grp Inc $ 3.2 - 15.4% - 1 - 2 2 HSBC Holdings PLC $ 2.6 -76.5% 12.8% -1.2% 1 -75.0% 3 21 PricewaterhouseCoopers $ 1.9 185.3% 9.1% 8.3% 3 0.0% 4 - UBS $ 1.7 - 8.2% - 1 - 5 - HC Securities & Investment SAE $ 1.3 - 6.4% - 2 - 6 - QInvest LLC $ 1.3 - 6.4% - 1 - 7 - Piper Sandler & Co $ 1.0 - 4.9% - 1 - 7 - GCG $ 1.0 - 4.9% - 1 - 7 - Elite Consultants $ 1.0 - 4.9% - 1 - 7 - $ 1.0 - 4.9% - 1 - TOTAL $ 20.5 -74.4% 15 -53.1% 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 - Banque Saudi Fransi $ 1.9 - 26.7% - 1 - 1 1 EFG Hermes $ 1.9 -62.6% 26.7% -3.5% 1 0.0% 3 - Clarksons Platou Securities AS $ 0.8 - 11.7% - 1 - 3 - Sparebank 1 SMN $ 0.8 - 11.7% - 1 - 3 - Fearnley Fonds A/S $ 0.8 - 11.7% - 1 - 6 - Ubhar Capital SAOC $ 0.8 - 11.4% - 1 - - - 0 0 - 0 - 0 - - - 0 0 - 0 - 0 - - - 0 0 - 0 - 0 - - - 0 0 - 0 - 0 - TOTAL $ 7.0 -57.7% 3 -25.0%

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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 2 HSBC Holdings PLC $ 11.0 151.5% 13.5% 4.7% 21 162.5% 2 1 Standard Chartered PLC $ 9.8 0.5% 12.1% -7.6% 21 0.0% 3 3 Citi $ 8.4 121.0% 10.3% 2.6% 15 114.3% 4 6 JP Morgan $ 8.2 224.7% 10.1% 5.0% 17 142.9% 5 5 Credit Suisse $ 6.7 134.8% 8.3% 2.5% 7 600.0% 6 - Goldman Sachs & Co $ 5.1 - 6.2% - 7 - 7 10 First Abu Dhabi Bank PJSC $ 3.3 167.0% 4.1% 1.6% 8 60.0% 8 13 BNP Paribas SA $ 2.8 135.5% 3.4% 1.0% 4 300.0% 9 12 National Commercial Bank SJSC $ 2.2 85.7% 2.7% 0.3% 3 200.0% 10 42 $ 2.1 1450.9% 2.5% 2.3% 4 300.0% TOTAL $ 81.4 64.3% 55 -9.8% 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 3 HSBC Holdings PLC $ 9.1 148.9% 8.3% 2.4% 4 -33.3% 2 8 Emirates NBD PJSC $ 6.0 175.2% 5.5% 2.0% 0 -100.0% 3 2 Standard Chartered PLC $ 5.7 -16.7% 5.2% -5.9% 2 -60.0% 4 6 Citi $ 5.3 133.8% 4.9% 1.2% 2 -60.0% 5 24 MashreqBank PSC $ 5.3 742.7% 4.9% 3.8% 1 0.0% 6 29 Gulf International Bank $ 4.8 1206.9% 4.4% 3.8% 0 -100.0% 7 - European Arab Bank Ltd $ 4.8 - 4.3% - 0 - 7 54 National Bank of Oman Ltd $ 4.8 9215.5% 4.3% 4.3% 0 - 7 21 Arab Banking Corporation $ 4.8 386.5% 4.3% 2.8% 0 -100.0% 7 49 Bank Dhofar SAOG $ 4.8 1706.4% 4.3% 3.9% 0 -100.0% TOTAL $ 109.3 76.3% 17 -19.0% 13 An LSEG business MENA BACK TO HIGHLIGHTS INVESTMENT BANKING LEAGUE TABLES PAGE

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 6 JP Morgan $ 5,102.6 351% 30% 276% 4 300% 2 2* Rothschild & Co $ 2,683.3 -30% 16% -42% 5 67% 3 2* Citi $ 2,576.0 -33% 15% -44% 2 0% 4* 1 Barclays $ 2,232.7 -61% 13% -68% 1 -75% 4* 15 KPMG $ 2,232.7 28524% 13% 12900% 3 200% 6 11* Morgan Stanley $ 1,731.6 2111% 10% 1920% 2 100% 7 - Santander Corp & Invest Bkg $ 1,650.0 - 10% - 1 - 8 - Goldman Sachs & Co $ 740.0 - 4% - 1 - 9 16* HSBC Holdings PLC $ 709.2 - 4% - 2 100% 10* 14 EFG Hermes $ 516.0 3666% 3% 2900% 3 50% TOTAL $ 17,169.3 19% 270 38% 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 5 JP Morgan $ 5,102.6 351% 40% 191% 3 200% 2* 6 Barclays $ 2,232.7 152% 18% 63% 1 0% 2* 9 KPMG $ 2,232.7 28524% 18% 17500% 1 0% 4 - Morgan Stanley $ 1,731.6 - 14% - 2 - 5 1* Rothschild & Co $ 1,033.3 -73% 8% -83% 4 33% 6 1* Citi $ 926.0 -76% 7% -84% 1 -50% 7 - Goldman Sachs & Co $ 740.0 - 6% - 1 - 8 10* HSBC Holdings PLC $ 709.2 - 6% - 2 100% 9* 8 EFG Hermes $ 516.0 3666% 4% 1950% 3 50% 9* 10* Moelis & Co $ 516.0 - 4% - 1 0% TOTAL $ 12,708.6 55% 196 43%

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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 - Ubhar Capital SAOC $ 78.7 - 29% - 1 - 2* 1* EFG Hermes $ 72.0 -69% 27% -7% 1 0% 2* - Banque Saudi Fransi $ 72.0 - 27% - 1 - 4* - Sparebank 1 SMN $ 15.3 - 6% - 1 - 4* - Clarksons Platou Securities AS $ 15.3 - 6% - 1 - 4* - Fearnley Fonds A/S $ 15.3 - 6% - 1 - - 1* Jadwa Investment Co 0 -100% - - - - - 1* Riyadh Bank Ltd 0 -100% - - - - - 4* Attijari Bank 0 -100% - - - - - 4* BMCE Capital Conseil SA 0 -100% - - - - TOTAL $ 268.7 -67% 3 -25% 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 Standard Chartered PLC $ 4,526.7 -28% 13% -55% 20 18% 2 2 HSBC Holdings PLC $ 4,038.7 59% 12% -1% 17 89% 3 3 Citi $ 3,996.7 94% 12% 21% 15 114% 4 9 JP Morgan $ 3,479.7 554% 10% 300% 16 129% 5 - Goldman Sachs & Co $ 2,348.8 - 7% - 7 - 6 6 First Abu Dhabi Bank PJSC $ 1,347.9 103% 4% 26% 7 40% 7 - BNP Paribas SA $ 1,285.4 - 4% - 4 - 8 14 Barclays $ 1,029.4 198% 3% 88% 7 250% 9 18* Natixis $ 969.3 239% 3% 115% 4 300% 10 36* National Commercial Bank SJSC $ 960.8 1631% 3% 833% 3 200% TOTAL $ 34,882.2 61% 41 -9%

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ABOUT REFINITIV MERGERS & ACQUISITIONS Refinitiv, an LSEG ( Stock Exchange Group) business, is one of the world’s largest providers The Refinitiv Mergers & Acquisitions database tracks changes in economic ownership at ultimate parent level in going of financial markets data and infrastructure. With $6.25 billion in revenue, over 40,000 customers and 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 400,000 end users across 190 countries, Refinitiv is powering participants across the global financial tracked, subject to criteria. League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, marketplace. We provide information, insights, and technology that enable customers to execute minority stake purchases and debt restructurings. League tables, commentary, and charts citing announced activity are critical investing, trading and risk decisions with confidence. By combining a unique open platform based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional with best-in-class data and expertise, we connect people to choice and opportunity – driving transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction. performance, innovation and growth for our customers and partners. EQUITY CAPITAL MARKETS Now, as part of LSEG we are underpinned by the strength and stability of a more than 300-year-old The Refinitiv Equity Capital Markets database covers domestic and international placements of equity offerings in addition organisation, broadening our capacity to positively impact the financial community — be it in trading to domestic and international equity-related transactions. 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. 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