Global Equity Capital Markets Review FULL YEAR 2020 | MANAGING UNDERWRITERS Global Equity Capital Markets Review Full Year 2020 | Managing Underwriters Global Deals Intelligence Global Initial Public Offerings GLOBAL EQUITY CAPITAL MARKETS ACTIVITY TOPS US$1 TRILLION $300 1,800 Equity capital markets activity totaled US$1.1 trillion during full year 2020, a 56% increase compared to a year ago and the strongest annual period for global equity capital markets activity since records began in 1,600 Thousands 1980. By number of issues, over 6,100 ECM offerings were brought to market during 2020, a 33% $250 increase compared to a year ago and an all-time record. Global capital raising totaled US$309.5 billion 1,400 during the fourth quarter, a 1% increase compared to the third quarter of the year and was the third consecutive quarter to surpass US$300 billion. Over 1,900 ECM deals priced during the fourth quarter, $200 1,200 breaking the previous record set during the third quarter of this year. 1,000 GLOBAL IPOs UP 25% DURING 2020 TO SIX-YEAR HIGH Global initial public offering activity, excluding SPACs, totaled US$222.3 billion during full year 2020, a $150 25% increase compared to last year and the strongest annual period for global IPOs since 2014. IPOs 800 on US exchanges increased 71% during the 2020, while China-domiciled IPOs totaled US$93.9 billion during the year, more than double 2019 levels and a ten-year high. During the fourth quarter of 2020, $100 600 global IPO activity totaled US$82.9 billion, the largest three-month period for global IPOs since the fourth quarter of 2010. 400 $50 OVER 4,000 SECONDARY OFFERINGS COME TO MARKET IN 2020: ALL-TIME RECORD 200 Global secondary offering activity totaled US$663.1 billion during full year 2020, a 72% increase compared to a year ago and the strongest annual period for capital raising since records began in 2009. $0 0 Secondary offerings totaled US$177.9 billion from 1,341 issues during the fourth quarter of 2020, the 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 largest quarter for secondary offerings, by number, since records began in 1980. Proceeds (US$bil) # of Issues CONVERTIBLE OFFERINGS UP 50%, BESTING ALL-TIME RECORD Global Equity & Equity-Related Volume Global convertible offerings totaled US$188.5 billion during full year 2020, accounting for 18% of global equity capital markets activity. Convertible offerings reached the highest levels since records began in $350 2,500 1980. Convertible offerings from companies in the Technology, Industrials and Healthcare sectors accounted for 52% of overall issuance during full year 2020. $300 2,000 UNITED STATES ISSUERS ACCOUNT FOR 34% OF GLOBAL ECM Issuers from the United States raised US$356.7 billion in the global equity capital markets during full year $250 2020, an increase of 74% compared with levels seen a year ago. As a percentage of global ECM, the United States accounted for 33% of overall issuance, up from the 30% recorded during full year 2019. 1,500 $200 ASIA PACIFIC EQUITY CAPITAL MARKETS INCREASES 67%; EMEA ECM UP 32% Equity capital markets offerings from issuers in Asia Pacific totaled a record US$370.6 billion during full $150 1,000 year 2020, a 67% increase compared to 2019 levels. Offerings by China-domicile issuers, which accounted for 26% of full year 2020 ECM activity, increased 90% compared to a year ago. ECM offerings $100 from EMEA issuers registered a 32% increase compared to a year ago. 500 JAPAN ECM HITS TWO-YEAR HIGH $50 Japanese ECM offerings totaled US$39.3 billion during full year 2020, an 82% increase compared to a year ago and the strongest annul period for ECM issuance in Japan since 2018. $0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2015 2016 2017 2018 2019 2020 Proceeds (US$bil) # of Issues www.refinitiv.com/dealsintelligence 1 Global Insights Full Year 2020 | Equity Capital Markets | Managing Underwriters Global Equity Rankings by Proceeds - Last Ten Years Global Scorecard 1/1/2020 - 12/31/2020 1/1/2019 - 12/31/2019 YoY % 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Domicile Nation/Region Proceeds ($mil) # of Deals Proceeds ($mil) # of Deals Chg. ($) 1 Goldman Sachs & Co Global Equity& Equity-Related (C1) 1,073,789 6,142 687,223 4,635 56% ▲ United States (C1a) 360,332 1,063 207,105 807 74% ▲ 2 Morgan Asia Pacific ex Australia (C1b) 370,581 2,073 221,710 1,473 67% ▲ Stanley Australia (C1c) 36,518 1,033 23,565 752 55% ▲ EMEA - Europe, Middle East & Africa (C1d) 208,125 1,229 157,195 942 32% ▲ 3 JP Morgan Japan (C1e) 39,282 190 21,625 171 82% ▲ Latin America (C1f) 29,798 68 33,477 70 -11% ▼ Global Common Stock (C2) 885,335 5,623 561,534 4,237 58% ▲ 4 BofA Securities United States (C3) 271,103 903 157,834 696 72% ▲ Inc Asia Pacific ex Australia (C4a) 313,620 1,824 167,330 1,295 87% ▲ 5 Citi Australia (C4b) 36,000 1,024 23,190 739 55% ▲ EMEA - Europe, Middle East & Africa (C4c) 172,621 1,155 139,187 901 24% ▲ Japan (C4d) 37,478 180 20,615 163 82% ▲ 6 Credit Global IPOs (C5) 222,258 1,368 177,131 1,144 25% ▲ Suisse United States (C6) 67,454 162 41,766 123 62% ▲ Asia Pacific ex Australia (C7a) 110,595 817 66,447 680 66% ▲ Barclays 7 Australia (C7b) 3,271 68 1,387 42 136% ▲ EMEA - Europe, Middle East & Africa (C7c) 23,327 142 56,428 129 -59% ▼ Japan (C7d) ▼ 8 CITIC 3,490 95 4,025 91 -13% Latin America (C7e) 9,231 31 6,127 9 51% ▲ Global Convertible Offerings (C9) 188,454 519 125,689 398 50% ▲ 9 UBS United States (C9a) 89,228 160 49,270 111 81% ▲ Asia Pacific ex Australia (C9b) 56,961 249 54,380 178 5% ▲ Australia (C9c) 518 9 375 13 38% ▲ 10 China EMEA - Europe, Middle East & Africa (C9d) 35,505 74 18,009 41 97% ▲ International *League Table positions reflect consolidation within the banking sector. Rankings are as of the current quarter end in each Capital Co Japan (C9e) 1,804 10 1,010 8 79% ▲ calendar year. Global Block Trade Volumes Global Equity Capital Markets - Issue Type Composition $300 1200 $250 1000 $188.5 519 $200 800 1,368 Follow-On $150 600 $663.1 IPO 4,258 $222.3 $100 400 Convertible $50 200 $0 0 Outer Ring: Proceeds (US$bil) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Inner Ring: # Deals Proceeds (US$bil) # of Issues www.refinitiv.com/dealsintelligence 2 Global Rankings Full Year 2020 | Equity Capital Markets | Managing Underwriters Global Equity & Equity-Related (C1) YoY Change ($) 56% QoQ Change ($) 1% Global Common Stock (C2) YoY Change ($) 58% QoQ Change ($) -1% Global IPOs (C5) YoY Change ($) 25% QoQ Change ($) 5% Rank Rank Proceeds Market Mkt. Rank Rank Proceeds Market Mkt. Rank Rank Proceeds Market Mkt. Bookrunner 2020 2019 US$mil Share Sh. Chg # of Deals Bookrunner 2020 2019 US$mil Share Sh. Chg # of Deals Bookrunner 2020 2019 US$mil Share Sh. Chg # of Deals Goldman Sachs & Co 1 1 107,289 10.0 0.4 527 Goldman Sachs & Co 1 2 84,080 9.5 0.1 422 Goldman Sachs & Co 1 3 13,862 6.2 1.0 89 Morgan Stanley 2 2 102,334 9.5 0.6 481 Morgan Stanley 2 1 81,792 9.2 -0.3 390 Morgan Stanley 2 1 12,483 5.6 0.0 100 JP Morgan 3 3 91,055 8.5 0.5 532 JP Morgan 3 3 67,418 7.6 -0.5 410 JP Morgan 3 2 11,497 5.2 -0.3 79 BofA Securities Inc 4 4 76,783 7.2 1.4 457 BofA Securities Inc 4 5 58,950 6.7 1.3 365 BofA Securities Inc 4 4 10,946 4.9 -0.2 92 Citi 5 5 61,229 5.7 0.1 349 Citi 5 4 51,239 5.8 0.0 289 China International Capital Co 5 9 8,937 4.0 1.3 59 Credit Suisse 6 6 42,388 4.0 0.0 280 Credit Suisse 6 6 37,375 4.2 0.4 244 CITIC 6 8 8,348 3.8 1.1 57 Barclays 7 8 29,736 2.8 0.0 197 UBS 7 7 24,205 2.7 -0.9 168 Credit Suisse 7 6 8,183 3.7 0.0 68 CITIC 8 9 27,856 2.6 0.2 166 Barclays 8 8 23,114 2.6 0.1 155 Citi 8 5 7,760 3.5 -0.9 66 UBS 9 7 27,723 2.6 -0.7 191 CITIC 9 11 22,308 2.5 0.7 132 China Securities Co Ltd 9 17 7,729 3.5 2.3 42 China International Capital Co 10 10 22,803 2.1 -0.1 122 China International Capital Co 10 9 20,976 2.4 0.4 112 Jefferies LLC 10 16 6,289 2.8 1.4 59 China Securities Co Ltd 11 17 19,246 1.8 0.7 89 Jefferies LLC 11 13 16,200 1.8 0.2 205 UBS 11 7 5,311 2.4 -0.4 41 Jefferies LLC 12 13 18,766 1.8 0.3 221 HSBC Holdings PLC 12 12 15,323 1.7 0.0 96 Haitong Securities Co Ltd 12 23 4,980 2.2 1.2 70 HSBC Holdings PLC 13 11 18,764 1.8 0.0 120 China Securities Co Ltd 13 21 14,982 1.7 1.0 66 Barclays 13 10 4,454 2.0 -0.6 31 Guotai Junan Securities 14 20 14,840 1.4 0.6 82 Huatai Securities Co Ltd 14 37 11,485 1.3 0.8 72 Huatai Securities Co Ltd 14 34 3,840 1.7 1.0 36 BNP Paribas SA 15 15 14,398 1.3 -0.2 104 Deutsche Bank 15 14 10,013 1.1 -0.5 76 Guotai Junan Securities 15 27 3,080 1.4 0.6 42 Huatai Securities Co Ltd 16 18 13,453 1.3 0.4 79 BNP Paribas SA 16 15 9,656 1.1 0.0 70 China Merchants Securities Co 16 15 2,623 1.2 -0.2 28 Deutsche Bank 17 14 11,724 1.1 -0.4 94 Mizuho Financial Group 17 19 8,763 1.0 0.2 76 RBC Capital Markets 17 13 2,562 1.2 -0.9 26 Mizuho Financial Group 18 23 10,189 1.0 0.3 93 Haitong Securities Co Ltd 18 30 8,413 1.0 0.5 99 Cowen & Co 18 33 2,489 1.1 0.4 33 RBC Capital Markets 19 12 9,672 0.9 -0.9 108 Cowen & Co 19 22 8,078 0.9 0.2 125 Sinolink Securities Co Ltd 19 81 2,413 1.1 0.9 20 Wells Fargo & Co 20 16 9,464 0.9 -0.3 93 RBC Capital Markets 20 10 7,963 0.9 -1.1 91 HSBC Holdings PLC 20 12 2,320 1.0 -1.3 15 Haitong Securities Co Ltd 21 21 9,120 0.9 0.1 106 Nomura 21 16 7,243 0.8 -0.2 58 Deutsche Bank 21 11 2,315 1.0 -1.6 18 Cowen & Co 22 29 8,207 0.8 0.2 128 Evercore Partners 22 41 6,463 0.7 0.3 71 China Merchants Bank 22 30 2,283 1.0 0.3 39 Nomura 23 19 7,743 0.7 -0.2 62 Sumitomo Mitsui Finl Grp Inc 23 18 6,314 0.7 -0.2 51 Evercore Partners 23 50 1,791 0.8 0.3 24 China Merchants Securities Co 24 24 7,370 0.7 0.0 47 China Merchants Securities Co 24 24 6,301 0.7 0.1 42 Mizuho Financial Group 24 22 1,761 0.8 -0.2 27 Evercore Partners 25 40 7,236 0.7 0.3 77 Guotai Junan Securities 25 31 6,101 0.7 0.2 62 Minsheng Securities Co Ltd 25 75 1,680 0.8 0.5 22 Industry Total 1,073,789 100.0 6,142 Industry Total 885,335 100.0 5,623 Industry Total 222,258 100.0 1,368 Latin America Equity & Global Secondary Offerings (C8) YoY Change ($) 72% QoQ Change ($) -4% Global Convertibles (C9) YoY Change ($) 50% QoQ Change ($) 15% Equity Related (C1f) YoY Change ($) -11% QoQ Change ($) -21% Rank Rank Proceeds Market Mkt.