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GLOBAL PROJECT FINANCE REVIEW MANAGING UNDERWRITERS First Nine Months 2013

First Nine Months 2013 MANAGING UNDERWRITERS

Global Project Finance Review Global Project Finance Up 3% I Americas Volume Up 23% I EMEA Volume Up 22% Project Finance Regional Breakdown

Global Deals Intelligence Global Project Finance for the first nine months of 2013 was recorded at US$147.5 billion, showing a slight uptick of 3% from the previous period. EMEA was the busiest market, accounting for 44.9% of global market activity.

EMEA based projects in the third quarter received just US$16.3 billion of funding split amongst 38 projects, a 33.6% decrease from the US$24.6 billion raised in the second quarter. Year to date EMEA volumes were up 21.6% on the same time last year, with the Oil & Gas and Transportation sectors accounting for 29.2% and 28.5% of volume, respectively. Asia Pacific and Japan volume reached US$46.3 billion in the first nine months, dropping 23.1% from the comparable period in 2012. The Petrochemical sector showed a 590.3% year-on-year increase, primarily driven by the US$5 billion Nghi Son Refinery project in Vietnam.

Global - Mandated Arrangers (X2)

Mandated Arranger State Bank of India Mitsubishi UFJ Financial Group China Development Bank Sumitomo Mitsui Finl Grp Inc Mizuho Financial Group Credit Agricole CIB Barclays HSBC Holdings PLC ING Deutsche Bank Axis Bank Ltd Standard Chartered PLC Societe Generale RBC Capital Markets National Australia Bank BNP Paribas SA Bank of America Merrill Lynch Natixis Commonwealth Bank of Australia CIBC World Markets Inc Goldman Sachs & Co ANZ Banking Group Korea Development Bank JP Morgan Credit Suisse Top Twenty Five Total Industry Total

Jan 1 - Sep 30

Proceeds per Mandated Arranger (US$m) Market Market 2013 2012 Rank Rank Sh Ch. Sh % Proceeds 1 11,092.5 2.3 ▲ 7.5 2 5.9 8,720.7 -0.1 ▼ 2 1 3 4.5 ▲ 7,700.0 5.2 38 4.4 0.5 ▲ 4 3 6,471.6 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

4 6 64 7 15 37 11 21 8 16 17 12 124* 36 14 32 98 24 5 51 33

Industry % Change over Same Period Last Year Industry % Change over Last Quarter * Tie

5,159.8 3,389.2 3,120.9 2,888.1 2,637.5 2,541.6 2,445.5 2,344.1 2,322.9 2,294.2 2,196.9 2,163.0 2,159.0 2,152.7 1,862.1 1,818.3 1,793.4 1,721.2 1,665.5 1,535.9 1,475.1 83,671.7 147,458.9 3.0% ▲ -38.9% ▼

3.5 2.3 2.1 2.0 1.8 1.7 1.7 1.6 1.6 1.6 1.5 1.5 1.5 1.5 1.3 1.2 1.2 1.2 1.1 1.0 1.0 56.9 100.0

0.3 0.0 1.8 -0.2 0.3 0.9 -0.2 0.4 -0.5 0.1 0.0 -0.3 1.4 0.7 -0.3 0.3 1.1 0.1 -1.5 0.5 0.1 12.2

▲ ‐ ▲ ▼ ▲ ▲ ▼ ▲ ▼ ▲ ‐ ▼ ▲ ▲ ▼ ▲ ▲ ▲ ▼ ▲ ▲ ▲

# of Deals per Arranger # of Market Change in Deals Sh % # of Deals -3 ▼ 22 5.6 74 18.7 3 ▲ 3 0.8 1 ▲ 65 16.4 18 ▲ 39 43 19 23 30 26 13 22 24 16 21 26 9 25 20 14 11 20 11 4 8 396

9.8 10.9 4.8 5.8 7.6 6.6 3.3 5.6 6.1 4.0 5.3 6.6 2.3 6.3 5.1 3.5 2.8 5.1 2.8 1.0 2.0

1 11 13 -1 8 17 4 13 -4 2 5 0 7 5 5 5 10 6 -8 1 2

▲ ▲ ▲ ▼ ▲ ▲ ▲ ▲ ▼ ▲ ▲ ‐ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▲

-5

-1.2% ▼ -3.0% ▼

$160 $140 Proceeds (US$b)

In the third quarter, Americas Project Finance experienced a 40.8% drop in proceeds compared to the second quarter, to just under US$10 billion compared to US$16.9 billion last quarter. Despite the drop off in volume, the strength of the second quarter drove Americas volumes in the first nine months up 22.7% compared with the same period last year.

$120 $100 $80 $60 $40 $20 $0 2009

2010 EMEA

2011 Americas

2012

Bookrunner State Bank of India China Development Bank Mitsubishi UFJ Financial Group Mizuho Financial Group Axis Bank Ltd Societe Generale Sumitomo Mitsui Finl Grp Inc Barclays Deutsche Bank ING Goldman Sachs & Co RBC Capital Markets Credit Agricole CIB Bank of America Merrill Lynch BNP Paribas SA Credit Suisse Cassa Depositi e Prestiti JP Morgan Korea Development Bank Standard Chartered PLC Natixis National Australia Bank UniCredit Scotiabank RBS Top Twenty Five Total Industry Total

Jan 1 - Sep 30

Proceeds per Bookrunner (US$m) Market 2013 2012 Rank Rank Sh % Proceeds 1 1 12.7 10,999.5 2 7,700.0 16 8.9 3 3 4,997.4 5.8 4 4 3,188.0 3.7 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

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2013

Asia-Pacific & Japan

Global - Bookrunners (X3)

5 7 9 24 40 15 59 10 6 18 23 34 2 27 22 42 20 26 49

Industry % Change over Same Period Last Year Industry % Change over Last Quarter

1

Jan 1 - Sep 30 ]

$180

2,445.5 2,375.7 2,269.9 2,205.9 1,893.7 1,840.5 1,769.6 1,767.5 1,740.5 1,688.3 1,467.4 1,402.1 1,249.0 1,204.6 1,119.3 1,044.8 1,028.8 996.2 963.0 875.0 850.2 59,082.4 86,520.4 11.6% ▲ -45.0% ▼

2.8 2.8 2.6 2.6 2.2 2.1 2.1 2.0 2.0 2.0 1.7 1.6 1.4 1.4 1.3 1.2 1.2 1.2 1.1 1.0 1.0 68.4 100.0

Market Sh Ch. 5.3 ▲ 7.5 ▲ 1.2 ▲ -0.3 ▼ -0.9 -0.1 0.3 1.6 1.5 0.7 1.9 -0.1 -1.7 2.0 0.4 0.5 1.4 0.6 -4.1 0.2 0.1 0.6 -0.1 0.0 0.7 19.2

▼ ▼ ▲ ▲ ▲ ▲ ▲ ▼ ▼ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▲ ▲ ▼ ▲ ▲

# of Deals per Bookrunner # of Market Change in Deals Sh % # of Deals 18 7.1 -2 ▼ 3 1.2 1 ▲ 13.3 34 12 ▲ 5 ▲ 20 7.8 13 10 19 9 15 16 9 11 19 4 9 7 1 3 6 5 11 4 9 2 6 255

5.1 3.9 7.5 3.5 5.9 6.3 3.5 4.3 7.5 1.6 3.5 2.7 0.4 1.2 2.4 2.0 4.3 1.6 3.5 0.8 2.4

5 -5 9 6 10 10 8 5 5 4 1 4 1 1 -9 3 -3 2 0 -4 2

▲ ▼ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▼ ▲ ‐ ▼ ▲

-1

-0.4% ▼ -11.5% ▼

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First Nine Months | Project Finance | Managing Underwriters

Global Project Finance Scorecard: Global Project Finance Region Global Americas Central America South America North America Caribbean EMEA Africa/Middle East/Central Asia North Africa Sub-Saharan Africa Middle East Central Asia Europe Eastern Europe Western Europe Asia-Pacific Australasia Southeast Asia North Asia South Asia Japan

Top Global Project Finance Deals

1/1/2013-09/30/2013 Proceeds No. US$m Issues 147,458.9 396 34,912.9 87 5 843.9 15 5,091.5 28,925.0 66 52.5 1 149 66,249.1 29,875.1 42 8,262.3 27 13,912.8 12 7,700.0 3 36,374.0 9,232.1 27,141.9 43,504.5 12 452 9 12,452.9 10,379.8 5,002.9 15,668.9 2,792.5

107 10 97 138 31 45 12 50 22

1/1/2012-09/30/2012 Proceeds US$m 143,126.1 28,452.2 3,952.5 7,880.4 16,619.3 54,502.6 14,983.1 4,488.8 2,202.8 5,377.5 2,914.0 39,519.5 6,078.6 33,440.9 57,843.8 24 306 2 24,306.2 11,074.7 6,142.9 16,320.0 2,327.6

No. % Chge in Issues Proceeds 401 3.0 ▲ 22.7 ▲ 92 -78.6 ▼ 14 22 -35.4 ▼ 56 74.0 ▲ - 21.6 ▲ 165 24 99.4 ▲ 3 - 8 275.1 ▲ 11 158.7 ▲ 164.2 ▲ 2 141 13 128 133 26 19 23 65 11

-8.0 51.9 -18.8 -24.8 48 8 -48.8 -6.3 -18.6 -4.0 20.0

Closing Date 5/28/2013 6/4/2013 4/30/2013 5/22/2013 4/10/2013 6/16/2013 3/27/2013 1/29/2013 6/27/2013 3/25/2013

Borrower Sabine Pass Liquefaction LLC Nghi Son Refinery Asia Gas Pipeline Tata Steel Odisha Ltd EMAL Sadara Chemical Co Gebze-Orhangazi-Izmir Highway ONGC Petro-additions Ltd Thameslink Rail BreBeMi Toll Road

Jan 1 - Sep 30 Package Amt US$m 5,900.0 5,000.0 4,700.0 4,096.9 4,000.0 3,959.6 2,800.0 2,785.9 2,462.8 2,337.4

Project Finance Sector Power Oil & Gas Transportation Industry Petrochemicals Leisure & Property Water & Sewerage Telecommunications Mining Waste & Recycling Industry Total

No. Issues 207 42 72 11 7 34 10 1 12 5 401

Chg. in Mkt. Sh -1.3 ▼ -4.6 ▼ -4.8 ▼ 9.3 ▲ 4.1 ▲ -1.5 ▼ -0.6 ▼ ▲ 0.7 -1.7 ▼ 0.2 ▲

Oil & Gas Petrochemicals Oil & Gas Industry Industry Industry Transportation Petrochemicals Transportation Transportation

3% 2% 5%

45,389.2 31%

Sector Analysis 1/1/2012-09/30/2012 Mkt. Proceeds US$m Sh % 32.1 45,949.5 26.9 38,476.6 33,786.5 23.6 3,196.8 2.2 4,021.0 2.8 9,181.0 6.4 3,190.6 2.2 0.6 801.5 3,750.7 2.6 772.0 0.5 100.0 143,126.1

Sector

Global Project Finance By Sector (US$m)

▼ ▲ ▼ ▼ ▼ ▼ ▼ ▼ ▲

7%

1/1/2013-09/30/2013 Proceeds Mkt. No. Issues US$m Sh % 45,389.2 30.8 226 43 32,943.8 22.3 27,760.2 18.8 51 17,010.0 11.5 18 6.9 10,229.6 7 7,197.1 4.9 23 8 2,356.2 1.6 5 1,948.0 1.3 1,338.0 0.9 7 1,072.2 0.7 6 147,458.9 100.0 396

Domicile Nation United States Vietnam Kazakhstan India Utd Arab Em Saudi Arabia Turkey India United Kingdom Italy

Power Oil & Gas Transportation

17,010.0 11%

Industry Petrochemicals Leisure & Property Water & Sewerage

27,760.2 19%

Telecommunications

32,943.8 22%

Mining

Note: 2013 League Tables are based on fully syndicated project finance volume.

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First Nine Months 2013 | Project Finance | Managing Underwriters

Americas Project Finance Year To Date Volume up 23% on 2012 I Q3 Volume Down 41% from Q2 Scorecard: Americas Project Finance

Top Americas Deals

1/1/2013-09/30/2013 Proceeds No. US$m Issues 34,912.9 87 28,925.0 66 23,838.9 49 5,086.0 17 5,091.5 15

Americas North America United States of America Canada South America Brazil Chile Central America Mexico Panama Caribbean

1,754.0 1,596.0 843.9 772.9 71.0 52.5

2 6 5 4 1 1

Sector Analysis

1/1/2012-09/30/2012 Proceeds No. US$m Issues 28,452.2 92 16,619.3 56 14,339.2 46 2,280.1 10 7,880.4 22 3,636.5 1,788.2 3,952.5 3,605.5 207.0 -

% Chge in Proceeds 22.7 ▲ 74.0 ▲ 66.2 ▲ 123.1 ▲ -35.4 ▼

9 6 14 12 1 -

-51.8 -10.7 -78.6 -78.6 -65.7 -

▼ ▼ ▼ ▼ ▼ -

Borrower Industry Power Oil & Gas Transportation Mining Telecommunications Petrochemicals Industry Total

1/1/2012-09/30/2012 Proceeds Mkt. No. US$m Sh % Issues 14,207.7 49.9 61 10,565.7 37.1 14 790.4 2.8 5 1,492.1 5.2 4 28,452.2 100.0 92

3/27/2013 2/25/2013 3/13/2013 7/2/2013

Jan 1 - Sep 30 Borrower

Sabine Pass Liquefaction LLC Equipower Acquisition Project CCFC Portfolio Refinancing Cernambi Norte MV26 BV La Frontera Generation LLC NorthWest Redwater Partnership

Package Amt US$(m) 5,900.0 1,305.0 1,200.0 1,170.0 1,150.0 1,138.8

Domicile Nation United States United States United States Brazil United States Canada

Sector Oil & Gas Power Power Oil & Gas Power Oil & Gas

Cochrane Coal-Fired Pacific Sharav and Meltern Star West Generation LLC Goreway Station Partnership

1,000.0 1,000.0 850.0 789.2

Chile United States United States Canada

Power Oil & Gas Power Power

Americas Project Finance Volume

Jan 1 - Sep 30 1/1/2013-09/30/2013 Proceeds Mkt. No. US$m Sh % Issues 19,308.8 55.3 60 11,476.0 32.9 12 1,674.5 4.8 6 740.0 2.1 2 586.3 1.7 1 550.0 1.6 1 34,912.9 100.0 87

Close Date 5/28/2013 5/17/2013 5/8/2013 3/29/2013 5/10/2013 8/30/2013

$18

60 US$(b)

Chg. in Mkt. Sh 5.4 ▲ -4.2 ▼ 2.0 ▲ -3.1 ▼ -

# of Issues

$16 50 $14

$12

Americas Project Finance By Sector (US$m)

40

Jan 1 - Sep 30 Proceeds (US$b)

160.0 , 0% Power

5%

Oil & Gas Transportation

11,476.0, 33%

19,308.8, 55%

Mining Telecommunications

30 $8

$6

# of Issues

$10 740.0 , 586.3 , 550.0 , 2% 417.3 , 1% 2% 2%

20

$4 10

Petrochemicals

$2

Leisure & Property Industry


3Q

2Q

1Q13

4Q

3Q

2Q

4Q

1Q12

3Q

2Q

1Q11

4Q

3Q

2Q

4Q

1Q10

3Q

2Q

1Q09

$0



Americas Project Finance Americas - Mandated Arrangers (X4)

Mandated Arranger Mitsubishi UFJ Financial Group Barclays Goldman Sachs & Co RBC Capital Markets Bank of America Merrill Lynch Deutsche Bank Sumitomo Mitsui Finl Grp Inc Credit Suisse JP Morgan Credit Agricole CIB Mizuho Financial Group Morgan Stanley CIBC World Markets Inc ING HSBC Holdings PLC Scotiabank BBVA Societe Generale Standard Chartered PLC BMO Capital Markets Santander Natixis Grupo Financiero Inbursa SA Industrial Bank of Korea Korea Exchange Bank Top Twenty Five Total Industry Total

Jan 1 - Sep 30

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh % Sh Ch. 1 1 2,871.6 8.2 -2.8 ▼ 2 31 2,006.8 5.8 5.1 ▲ 3 34 1,707.6 4.9 4.3 ▲ 4 10 1,604.9 4.6 1.6 ▲ 5 1,532.6 4.4 4.4 ▲ 6 16 1,501.4 4.3 2.1 ▲ 7 3 1,421.5 4.1 -0.3 ▼ 8 11 1,340.1 3.8 0.9 ▲ 9 22* 1,204.6 3.5 2.2 ▲ 10 7 1,086.3 3.1 -0.4 ▼ 11 6 1,032.4 3.0 -0.5 ▼ 12 4 906.0 2.6 -1.7 ▼ 13 14 793.3 2.3 0.0 14 13 674.2 1.9 -0.4 ▼ 15 5 664.6 1.9 -2.3 ▼ 16 17 628.6 1.8 -0.3 ▼ 17 2 606.6 1.7 -3.2 ▼ 18 19 553.4 1.6 -0.1 ▼ 19 22* 523.4 1.5 0.2 ▲ 20 15 512.2 1.5 -0.8 ▼ 21 9 492.9 1.4 -1.6 ▼ 22 71 425.5 1.2 1.0 ▲ 23 417.4 1.2 1.2 ▲ 24* 415.0 1.2 1.2 ▲ 24* 415.0 1.2 1.2 ▲ 25,337.9 72.7 11.0 ▲ 34,912.9 100.0


22.7% -40.8%

▲ ▼

Americas - Bookrunners (X5)

# of Deals per Arranger # of Market Change in Deals Sh % # of Deals 29 33.3 -6 ▼ 9 10.3 7 ▲ 9 10.3 8 ▲ 11 12.6 3 ▲ 4 4.6 4 ▲ 14 16.1 9 ▲ 15 17.2 -1 ▼ 7 8.0 3 ▲ 3 3.4 2 ▲ 14 16.1 2 ▲ 7 8.0 -8 ▼ 5 5.7 0 6 6.9 1 ▲ 9 10.3 1 ▲ 5 5.7 -1 ▼ 3 3.4 -7 ▼ 9 10.3 -7 ▼ 5 5.7 2 ▲ 4 4.6 3 ▲ 4 4.6 -1 ▼ 8 9.2 -3 ▼ 5 5.7 4 ▲ 1 1.1 1 ▲ 1 1.1 1 ▲ 1 1.1 1 ▲ 87

Bookrunner Mitsubishi UFJ Financial Group Barclays Goldman Sachs & Co RBC Capital Markets Bank of America Merrill Lynch Credit Suisse Deutsche Bank JP Morgan ING Sumitomo Mitsui Finl Grp Inc Scotiabank Morgan Stanley Mizuho Financial Group Credit Agricole CIB CIBC World Markets Inc Societe Generale HSBC Holdings PLC BBVA Grupo Financiero Inbursa SA Standard Chartered PLC Nord/LB UBS Natixis Wells Fargo & Co Bayerische Landesbank Giro Top Twenty Five Total Bookrunner Total

-5

-5.4% ▼ -13.9% ▼

Jan 1 - Sep 30

Proceeds per Bookrunner (US$m) Market 2013 2012 Rank Rank Proceeds Sh % 1 1 2,724.4 9.0 2 8 2,205.9 7.3 3 24 1,769.6 5.8 4 14 1,587.6 5.2 5 1,513.3 5.0 6 7 1,402.1 4.6 7 30 1,306.5 4.3 8 17 1,204.6 4.0 9 16 1,061.9 3.5 10 6 972.8 3.2 11 19 875.0 2.9 12 4 848.5 2.8 13 9 826.3 2.7 14 3 709.5 2.3 15 10 619.7 2.0 16 15 577.5 1.9 17 2 492.8 1.6 18 12 421.1 1.4 19 417.4 1.4 20 367.8 1.2 21 365.9 1.2 22 350.8 1.2 23 308.2 1.0 24 298.3 1.0 25 291.1 1.0 23,518.6 77.5 30,333.9 100.0


63.2% -42.8%

▲ ▼

Market Sh Ch. -1.6 ▼ 3.3 ▲ 4.9 ▲ 2.3 ▲ 5.0 ▲ 0.2 ▲ 3.9 ▲ 1.6 ▲ 1.0 ▲ -1.2 ▼ 1.2 ▲ -2.4 ▼ -0.8 ▼ -5.7 ▼ -1.4 ▼ -0.9 ▼ -7.4 ▼ -1.8 ▼ 1.4 ▲ 1.2 ▲ 1.2 ▲ 1.2 ▲ 1.0 ▲ 1.0 ▲ 1.0 ▲ 8.2 ▲

# of Deals per Bookrunner # of Market Change in Deals Sh % # of Deals 23 32.9 10 ▲ 9 12.9 7 ▲ 9 12.9 8 ▲ 10 14.3 7 ▲ 3 4.3 3 ▲ 7 10.0 4 ▲ 10 14.3 8 ▲ 3 4.3 2 ▲ 8 11.4 5 ▲ 9 12.9 2 ▲ 2 2.9 -2 ▼ 4 5.7 1 ▲ 5 7.1 -2 ▼ 8 11.4 2 ▲ 4 5.7 0 4 5.7 2 ▲ 3 4.3 -2 ▼ 4 5.7 0 1 1.4 1 ▲ 2 2.9 2 ▲ 6 8.6 6 ▲ 2 2.9 2 ▲ 4 5.7 4 ▲ 2 2.9 2 ▲ 4 5.7 4 ▲ 70

+11

18.6% ▲ -18.8% ▼

* Tie




Europe, Middle East & Africa Project Finance EMEA Volume up 22% | Oil and Gas Projects Accounted for 29% of Funding

Scorecard: EMEA Project Finance

Sector Analysis Borrower Industry Oil & Gas Transportation Power Industry Leisure & Property Waste & Recycling Water & Sewerage Mining Industry Total

Top EMEA Deals 1/1/2012-09/30/2012 Proceeds No. US$m Issues 54,502.6 165 33,440.9 128 10,593.8 28 4,126.7 7 3,356.9 14 613.4 3 985.7 3 8,713.7 37 6,078.6 13 799.1 5 5,031.2 3 14,983.1 24 269.0 3 3,686.9 5 -

Close Date 4/30/2013 4/10/2013 6/16/2013 3/27/2013 6/27/2013 3/25/2013 9/11/2013 6/25/2013 9/17/2013 2/28/2013

% Chge in Proceeds 21.6 ▲ -18.8 ▼ 14.5 ▲ -20.6 ▼ -13.2 ▼ 329.0 ▲ 119.0 ▲ -77.4 ▼ 51.9 ▲ 632.0 ▲ - -74.5 ▼ 99.4 ▲ - 2,042.8 ▲ 56.2 ▲ - -

1/1/2012-09/30/2012 Proceeds Mkt. # of US$m Sh % Deals 11,229.7 20.6 15 15,797.6 29.0 24 17,223.6 31.6 94 2,231.5 4.1 6 2,100.2 3.9 15 638.3 1.2 3 1,164.9 2.1 2 1,498.0 2.8 4 54,502.5 100.0 165

Asia Gas Pipeline EMAL Sadara Chemical Co Gebze-Orhangazi-Izmir Highway Thameslink Rail BreBeMi Toll Road Bosphorus Bridge and Highway Brussels Airport Refinancing Perenco Petroleum Ltd Stansted Airport Acquisition

Package Amt US$m 4,700.0 4,000.0 3,959.6 2,800.0 2,462.8 2,337.4 2,300.0 2,159.1 1,954.5 1,819.2

Domicile Nation Kazakhstan Utd Arab Em Saudi Arabia Turkey United Kingdom Italy Turkey Belgium United Kingdom United Kingdom

Sector Oil & Gas Industry Industry Transportation Transportation Transportation Transportation Transportation Oil & Gas Transportation

EMEA Project Finance by Sector $25

$20

Jan 1 - Sep 30 1/1/2013-09/30/2013 Proceeds Mkt. # of US$m Sh % Deals 19,354.4 29.2 26 18,888.4 28.5 20 11,981.0 18.1 66 10,679.1 16.1 7 2,200.7 3.3 11 1,026.7 1.6 5 835.3 1.3 6 598.0 0.9 5 66,249.1 100.0 149

Jan 1 - Sep 30 Borrower

January 1, 2012 - September 30, 2012 January 1, 2013 - September 30, 2013

Chg. in Mkt. Sh 8.6 ▲ -0.5 ▼ -13.5 ▼ 12.0 ▲ -0.6 ▼ 0.4 ▲ -0.8 ▼ -1.9 ▼

$15 Proceeds (US$b)

EMEA Western Europe United Kingdom Germany Italy Netherlands Belgium France Eastern Europe Turkey Czech Republic Russian Federation Africa/Middle East/Central Asia Kazakhstan United Arab Emirates Saudi Arabia Nigeria

1/1/2013-09/30/2013 Proceeds No. US$m Issues 66,249.1 149 27,141.9 97 12,134.9 26 3,276.1 7 2,912.2 17 2,631.2 5 2,159.1 1 1,967.2 20 9,232.2 10 5,849.3 3 1,797.1 1 1,285.0 3 29,875.1 42 6,500.0 2 5,764.0 2 5,759.1 4 2,735.0 5

$10

$5

$0




Europe, Middle East & Africa Project Finance EMEA - Mandated Arrangers (X15)

Mandated Arranger China Development Bank Mitsubishi UFJ Financial Group Sumitomo Mitsui Finl Grp Inc BNP Paribas SA Mizuho Financial Group HSBC Holdings PLC ING Natixis Credit Agricole CIB Societe Generale Standard Chartered PLC UniCredit Cassa Depositi e Prestiti RBS Barclays KfW IPEX-Bank GmbH Standard Bank Group Ltd Deutsche Bank Turkiye Vakiflar Bankasi TAO Turkiye Is Bankasi AS Lloyds Bank Investec Citi Rand Merchant Bank Commonwealth Bank of Australia Top Twenty Five Total Industry Total

Jan 1 - Sep 30

Proceeds per Mandated Arranger (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh % Sh Ch. 1 7,700.0 11.6 11.6 ▲ 2 3 2,940.0 4.4 0.7 ▲ 3 7 2,900.7 4.4 1.2 ▲ 4 2 1,891.1 2.9 -0.9 ▼ 5 20 1,882.9 2.8 1.5 ▲ 6 11 1,742.2 2.6 0.0 7 10 1,714.2 2.6 -0.2 ▼ 8 14 1,612.4 2.4 0.4 ▲ 9 5 1,606.1 2.4 -1.0 ▼ 10 1 1,566.4 2.4 -1.9 ▼ 11 32 1,541.3 2.3 1.4 ▲ 12 9 1,402.4 2.1 -0.8 ▼ 13 58 1,285.2 1.9 1.6 ▲ 14 16 1,189.8 1.8 0.0 15 52 1,114.2 1.7 1.2 ▲ 16 12 1,101.3 1.7 -0.8 ▼ 17 47 976.9 1.5 1.0 ▲ 18 31 836.4 1.3 0.4 ▲ 19* 810.0 1.2 1.2 ▲ 19* 810.0 1.2 1.2 ▲ 21 8 773.1 1.2 -1.8 ▼ 22 655.7 1.0 1.0 ▲ 23 28 611.8 0.9 -0.1 ▼ 24 609.4 0.9 0.9 ▲ 25 27 579.3 0.9 -0.2 ▼ 39,852.8 60.1 17.6 ▲ 66,249.1 100.0


21.6% ▲ -33.7% ▼

EMEA - Bookrunners (X16)

# of Deals per Arranger # of Market Change in Deals Sh % # of Deals 3 2.0 3 ▲ 26 17.4 11 ▲ 32 21.5 17 ▲ 22 14.8 2 ▲ 14 9.4 9 ▲ 14 9.4 2 ▲ 19 12.8 5 ▲ 18 12.1 -1 ▼ 25 16.8 8 ▲ 17 11.4 -7 ▼ 14 9.4 11 ▲ 20 13.4 0 2 1.3 1 ▲ 11 7.4 -2 ▼ 10 6.7 6 ▲ 12 8.1 -5 ▼ 7 4.7 5 ▲ 9 6.0 5 ▲ 2 1.3 2 ▲ 2 1.3 2 ▲ 8 5.4 -6 ▼ 5 3.4 5 ▲ 8 5.4 4 ▲ 7 4.7 7 ▲ 6 4.0 3 ▲ 149

Bookrunner China Development Bank Societe Generale BNP Paribas SA Cassa Depositi e Prestiti UniCredit Credit Agricole CIB ING Natixis RBS Standard Chartered PLC Mizuho Financial Group Deutsche Bank KfW IPEX-Bank GmbH Mitsubishi UFJ Financial Group Sumitomo Mitsui Finl Grp Inc Banca IMI (Intesa Sanpaolo) Centrobanca BMPS Lloyds Bank Citi RBC Capital Markets Santander Societe Federale de Participat Nord/LB DNB ASA Top Twenty Five Total Industry Total

-16

-9.7% ▼ -20.8% ▼

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh % Sh Ch. 1 7,700.0 28.0 28.0 ▲ 2 1 1,798.2 6.5 -1.3 ▼ 3 6 1,376.6 5.0 1.3 ▲ 4 1,249.0 4.5 4.5 ▲ 5 4 963.0 3.5 -0.3 ▼ 6 2 856.0 3.1 -3.2 ▼ 7 9 778.6 2.8 0.1 ▲ 8 5 720.6 2.6 -1.2 ▼ 9 24 712.1 2.6 1.8 ▲ 10 677.0 2.5 2.5 ▲ 11 642.9 2.3 2.3 ▲ 12 13 412.3 1.5 -0.6 ▼ 13 45 389.4 1.4 1.2 ▲ 14 3 346.6 1.3 -3.3 ▼ 15 19 339.4 1.2 -0.1 ▼ 16 49 296.5 1.1 0.9 ▲ 17 278.5 1.0 1.0 ▲ 18 272.1 1.0 1.0 ▲ 19 10* 249.1 0.9 -1.7 ▼ 20 20* 233.3 0.9 -0.3 ▼ 21* 7 179.9 0.7 -3.0 ▼ 21* 16* 179.9 0.7 -1.2 ▼ 21* 179.9 0.7 0.7 ▲ 24 42 176.1 0.6 0.4 ▲ 25 20* 170.2 0.6 -0.6 ▼ 21,177.2 77.0 32.9 ▲ 27,505.6 100.0


* Tie

Jan 1 - Sep 30

25.2% ▲ -50.4% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh % # of Deals 3 3.8 3 ▲ 6 7.5 -7 ▼ 7 8.8 1 ▲ 1 1.3 1 ▲ 9 11.3 1 ▲ 10 12.5 2 ▲ 8 10.0 5 ▲ 7 8.8 -7 ▼ 4 5.0 1 ▲ 3 3.8 3 ▲ 3 3.8 3 ▲ 4 5.0 1 ▲ 2 2.5 1 ▲ 3 3.8 -1 ▼ 4 5.0 2 ▲ 2 2.5 1 ▲ 2 2.5 2 ▲ 1 1.3 1 ▲ 2 2.5 0 3 3.8 1 ▲ 1 1.3 -1 ▼ 1 1.3 0 1 1.3 1 ▲ 7 8.8 5 ▲ 3 3.8 1 ▲ 80

-14

-14.9% ▼ -42.3% ▼

* Tie




Asia Pacific (inc. Australia & Japan) Project Finance Asia Pacific & Japan Lowest Since 2009 | Petrochemicals Up 590% Scorecard: Asia Pacific (inc. Australia & Japan)

Asia-Pacific (ex. Japan) Australasia Australia Southeast Asia

1/1/2013-09/30/2013 Proceeds No. US$m Issues 138 43,504.5 12,452.9 31 12,435.2 30 10,379.8 45

Top Asia Pacific & Japan Project Finance Deals Closing Date 6/4/2013 5/22/2013 1/29/2013 6/5/2013 5/31/2013

1/1/2012-09/30/2012 Proceeds No. % Chge in US$m Issues Proceeds -24.8 ▼ 57,843.8 133 -48.8 ▼ 24,306.2 26 -48.0 ▼ 23 23,924.5 11,074.7 19 -6.3 ▼

Vietnam Singapore North Asia South Korea Macau Hong Kong South Asia

5,250.0 2,291.2 5,002.9 2,397.8 1,399.5 1,205.6 15,668.9

2 3 12 10 1 1 50

7,518.4 6,142.9 4,145.8 100.0 16,320.0

4 23 17 1 65

India Japan

15,668.9 2,792.5

50 22

16,193.5 2,327.6

64 11

-69.5 -18.6 -42.2 1,105.6 -4.0

▼ ▼ ▼ ▲ ▼

3/21/2013 9/5/2013 1/28/2013 4/28/2013 3/25/2013

-3.2 ▼ 20.0 ▲

Jan 1 - Sep 30

Nghi Son Refinery Tata Steel Odisha Ltd ONGC Petro-additions Ltd Senoko Energy Pte Ltd NSW Ports Finance Co Pty Ltd

Package Amt US$m 5,000.0 4,096.9 2,785.9 2,081.2 1,933.3

Domicile Nation Vietnam India India Singapore Australia

Petrochemicals Industry Petrochemicals Power Transportation

Stella SICEEP Finance Pty Ltd SDP Finco Pty Ltd Studio City Co Ltd China Energy Aspiration LNG Hinduja National Power Corp

1,669.4 1,501.4 1,399.5 1,205.6 1,102.3

Australia Australia Macau Hong Kong India

Leisure & Property Water & Sewerage Leisure & Property Oil & Gas Power

Borrower

Sector

Domicile Nation Breakdown $20

Borrower Industry Power Petrochemicals Transportation Industry Leisure & Property Oil & Gas Water & Sewerage Industry Total

Jan 1 - Sep 30 1/1/2013-09/30/2013 Mkt. Proceeds # of US$m Sh % Deals 14,099.4 30.5 100 9,679.6 20.9 6 7,197.3 15.6 25 6,170.9 13.3 10 9.9 4,579.1 8 4.6 2,113.5 5 2 1,520.9 3.3 46,296.9 100.0 160

1/1/2012-09/30/2012 # of Proceeds Mkt. Sh % Deals US$m 14,518.2 52 24.1 1,402.3 5 2.3 17,198.5 28.6 43 470.3 0.8 3 10.7 6,448.5 16 16,681.2 27.7 13 1,756.8 2.9 5 60,171.4 100.0 144

Chg. in Mkt. Sh 6.4 ▲ 18.6 ▲ -13.0 ▼ 12.5 ▲ -0.8 ▼ -23.1 ▼ 0.4 ▲

$18

January 1, 2012 - September 30, 2012

$16

January 1, 2013 - September 30, 2013

$14 Proceeds (US$b)

Sector Analysis

$12 $10 $8 $6 $4 $2 $0




Asia Pacific (inc. Australia & Japan) Project Finance Asia Pacific & Japan- Mandated Arrangers (X30)

Mandated Arranger State Bank of India Mitsubishi UFJ Financial Group Axis Bank Ltd Mizuho Financial Group Sumitomo Mitsui Finl Grp Inc National Australia Bank ANZ Banking Group DBS Group Holdings Korea Development Bank Commonwealth Bank of Australia Westpac Banking Oversea-Chinese Banking Industrial & Comm Bank China Credit Agricole CIB CIBC World Markets Inc Kasikornbank PCL IDFC Ltd Woori Financial Group IDBI Bank Ltd HSBC Holdings PLC Bank of China Ltd ICICI Bank Ltd Malayan Banking Bhd Yes Bank Ltd Development Bank of Japan Inc Top Twenty Five Total Industry Total

Proceeds per Mandated Arranger (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh % Sh Ch. 11,092.5 1 1 24.0 11.7 ▲ 2 2 2,909.2 6.3 0.6 ▲ 6 2,445.5 5.3 0.8 ▲ 3 4 4 2,244.5 4.9 0.1 ▲ 5 7 2,149.4 4.6 0.3 ▲ 6 8 1,775.6 3.8 0.8 ▲ 7 11 1,545.9 3.3 0.6 ▲ 8 13 1,415.0 3.1 0.6 ▲ 9 3 1,362.1 2.9 -2.4 ▼ 10 10 1,282.8 2.8 0.0 1,210.1 2.6 11 12 0.0 9 12 837.1 1.8 -1.1 ▼ 1.1 ▲ 1.8 13 32 812.4 14 31 696.8 1.5 0.8 ▲ 15 33 677 9 677.9 15 1.5 09 ▲ 0.9 1.5 1.4 ▲ 16 61 670.5 17 5 612.7 1.3 -3.3 ▼ 579.4 1.3 ▲ 64 18 1.3 19 15 558.1 1.2 -1.0 ▼ 20 23 481.2 1.0 0.1 ▲ 21 21 479.2 1.0 -0.2 ▼ 22 14 453.0 1.0 -1.5 ▼ 23 16 409.4 0.9 -1.1 ▼ 334.3 0.7 0.1 ▲ 24 34 326.8 -0.6 ▼ 0.7 25 20 80.8 37,361.4 10.0 ▲ 46,296.9 100.0


-23.1% -43.7%

▼ ▼

Jan 1 - Sep 30

Asia Pacific & Japan- Bookrunners (X28)

# of Deals per Arranger # of Market Change in Deals Sh % # of Deals 22 13.8 -3 ▼ 19 11.9 -2 ▼ 13 8.1 4 ▲ 18 11.3 0 18 11.3 2 ▲ 3 ▲ 17 10.6 ▲ 18 11.3 4 ▲ 6 10 6.3 -6 ▼ 9 5.6 ▲ 14 8.8 2 13 8.1 1 ▲ 7 4.4 -1 ▼ 5.0 6 8 ▲ 2.5 1 ▲ 4 5 31 3.1 2 ▲ 24 21 15.0 ▲ ▼ 3.8 -15 6 0 0.6 1 -1 ▼ 4 2.5 -2 ▼ 2.5 4 0 4 2.5 1 ▲ 7 4.4 0 3 1.9 3 1 ▲ 1.9 2 -2 ▼ 1.3 160

Bookrunner State Bank of India Axis Bank Ltd Mitsubishi UFJ Financial Group Mizuho Financial Group Korea Development Bank National Australia Bank Sumitomo Mitsui Finl Grp Inc Kasikornbank PCL Woori Financial Group IDBI Bank Ltd Yes Bank Ltd Sumitomo Mitsui Trust Holdings ICICI Bank Ltd KB Financial Group Inc NongHyup Financial Group Inc Development Bank of Japan Inc ANZ Banking Group Deutsche Bank UBS Industrial & Comm Bank China Citi Credit Agricole CIB Bank of China Ltd Bank of America Merrill Lynch Industrial Bank of Korea Top Twenty Five Total Industry Total

16

11.1% ▲ 22.0% ▲

Jan 1 - Sep 30

Proceeds per Bookrunner (US$m) Market 2013 2012 Rank Rank Proceeds Sh % 1 10,999.5 1 38.4 3 2,445.5 8.5 2 3 16 1,926.4 6.7 4 4 1,718.8 6.0 5 2 1,119.3 3.9 6 18 996.2 3.5 11* 7 957.8 3.3 8 34 741.9 2.6 9 35 579.4 2.0 10 7 558.1 2.0 11 32 526.9 1.8 12 497.5 1.7 13 6 453.0 1.6 14 324.0 1.1 15 239 2 239.2 08 0.8 16 25 205.8 0.7 17 9 0.6 175.2 18* 174.9 0.6 18* 174.9 0.6 18* 0.6 174.9 18* 0.6 174.9 18* 174.9 0.6 18* 29 174.9 0.6 174.9 0.6 18* 25 88.9 0.3 25,777.7 89.7 28,681.0 100.0


-22.4% -43.2%

▼ ▼

Market Sh Ch. 22.9 ▲ 0.8 ▲ 5.1 ▲ -0.7 ▼ -7.2 ▼ 2.2 ▲ 1.5 ▲ 2.5 ▲ 1.9 ▲ -1.2 ▼ 1.6 ▲ 1.7 ▲ -2.1 ▼ 1.1 ▲ 08 ▲ 0.8 0.4 ▲ -1.5 ▼ 0.6 ▲ 0.6 ▲ 0.6 ▲ 0.6 ▲ 0.6 ▲ 0.3 ▲ 0.6 ▲ 0.3 ▲ 34.0 ▲

# of Deals per Bookrunner # of Market Change in Sh % # of Deals Deals 18 17.1 -2 ▼ ▲ 13 12.4 +5 8 7.6 +3 ▲ 12 11.4 +4 ▲ -8 6 5.7 ▼ 4 3.8 +2 ▲ 6 5.7 +5 ▲ 23 21.9 +20 ▲ 1 1.0 0 4 3.8 0 4 3.8 +3 ▲ 1 1.0 +1 ▲ 7 6.7 +2 ▲ 1 1.0 +1 ▲ 2 1 9 +2 1.9 ▲ 1 1.0 0 ▼ 2 1.9 -1 1.0 +1 ▲ 1 1 1.0 +1 ▲ 1 1.0 +1 ▲ 1 1.0 +1 ▲ 1 1.0 +1 ▲ 1.0 0 1 1.0 +1 1 ▲ 1 1.0 +1 ▲ 105

+2

1.9% ▲ 24.1% ▲

* Tie



First Nine Months | Project Finance | Managing Underwriters

Project Finance Criteria Summary

If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact:

Americas Stephen Case Tel: +1 646-223-8424 E-mail: [email protected] Europe Stephen Sotere Angelides Tel: +44 207 542 1991 E-mail: [email protected] Asia Pacific: Carina Causon Tel: +632 858 7221 E-mail: [email protected]

- Database coverage includes all loan transactions that have reached General close between January 1, 2012 and September 30, 2013 of which Thomson Reuters has been made aware. All current data and previous year's data is as of 9:00am EDT on October 16, 2013. - League tables include limited recourse project finance, non-recourse project finance, and project finance loans and exclude loans with a maturity of less than 90 days from financial close. - Bilateral, self-arranged, commercial and unknown loans are excluded from league tables as well as loans with a maturity of less than 90 days. - All league tables are based on deal proceeds unless otherwise specified. - Regional league tables are based on Domicile Nation. - Bookrunner league tables will give full credit to the bookrunner, equal if joint. In cases of consolidation, credit will be given to the surviving/parent firm - Mandated Arranger league tables will give equal credit to the Non-Americas mandated arranger and equal credit to the Americas Tier 1 agent. In cases of consolidation, credit will be givien to the surviving/parent firm - Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing. - All league table volumes and rankings are based on general close date instead.

Japan Ai Hashimoto Tel: +813 6441 1155 E-mail: [email protected] While Thomson Reuters 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 Thomson Reuters 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, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or 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 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. Thomson Reuters 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. © 2013 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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