GLOBAL PROJECT FINANCE REVIEWREUTERS / Mario Anzuoni

GLOBAL PROJECT FINANCE REVIEWMANAGING UNDERWRITERS

First Quarter 2015

]

First Quarter 2015

Global Deals Intelligence

Global Project Finance 8% Up I Power Sector Grew 3.5% I EMEA – Most Active Region

Global Project Finance ReviewMANAGING UNDERWRITERS

Global Project Finance in the first quarter of 2015 totaled US$48.4 billion from 127 transactions, up 8% from thesame period in 2014. The Power sector amounted to US19 billion from 73 deals, an increase of 3.5% from thecomparable period. Borealis Swedish Electricity’s US$5.2 billion is the largest Power deal completed in the firstquarter.

Down 18.1% from the previous year, Americas Project Finance Loans reached US$12.4 billion from 46 deals.Despite dropping 28% from 2014, United States was the most active nation with US$6.3 billion from 25 deals. TheUS$1.3 billion Los Ramones North Pipeline of Mexico is the largest deal closed in the first quarter.

EMEA Project Finance doubled in the first quarter of 2015, to post US$28.7 billion from 47 deals. Saudi Arabia asthe most active nation to record US$7.7 billion worth of deals, up 2300% from first quarter 2014. The RabighRefinery Project’s US$5.2 billion deal is the biggest deal from Saudi Arabia.

Asia Pacific and Japan volume reached US$7.5 billion in the first three months of 2015, down 22.8% from thecomparable period in 2014. Australia, the main driver of the region, signed US$3 billion worth of deals from 6facilities. Transportation was the busiest sector, it accounted for US$2.7 billion worth of loans from 12 deals.

Project Finance Regional Breakdown Jan 1 - Mar 31

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

2008 2009 2010 2011 2012 2013 2014 2015

Pro

ceed

s (U

S$b

)

EMEA Americas Asia-Pacific & Japan

# of Deals per Arranger

Top Twenty Four Total ▲14,250.5 61.7 10.1

-17.5%-37.7% ▼

Industry % Change over Same Period Last Year-57.7%

▼-26.5% -17.7%

Industry Total

Global - Mandated Arrangers (X2) Global - Bookrunners (X3)Jan 1 - Mar 31

Industry % Change over Last Quarter

Industry Total100.0

▼

93

Industry % Change over Last Quarter

-2748,424.4 100.0

-37.3%8.0%

127

Commonwealth Bank of Australia

Jan 1 - Mar 31

▼

43

▼▼

KeyBanc Capital Markets Inc552.3

25,444.4

▲0.91.2

0.5

▲1.2 0.7-

216.8

266.3266.0

1.11.21.2 -0.6

-0.1

279.7

1.2

2▲ 1

▲

2.2▼281.7289.8

61

338.934▲

1.1

309.7 1.3 1.01.4 -3.6 ▼314.2

▼1.3

3.2

7.571.5 1.1 ▲1.6 1.6

Bookrunner

Proceeds per Bookrunner (US$m)Market

▲

Korea Development Bank

111213

3 3.2▼▼

34

Change in 2015 Rank

MarketProceeds per Mandated Arranger (US$m)

Sh % Sh %Market

Sh Ch.# of

Deals2014 Rank

# of# of Deals

Change in MarketDeals # of Deals

# of Deals per BookrunnerMarket2015

Rank Sh %Proceeds Sh Ch.Sh %

-2.3 4.3

1420

8.8 1.8

4.0

-

39

Nord/LB

20

45

22

Citi

▼

1.56

5

3.9

4 3.12 1.6

646.4

Deutsche Bank

Manulife Financial Corp

651.4

8

State Bank of India

23Commerzbank AG

151.3

KfW IPEX-Bank GmbH

718.9 8▼ -3

-1

▲

▼

1.6

1,042.3993.9

16

787.72.1

24

Top Twenty Five Total2524SEB 20

8

Riyadh Bank Ltd

RBC Capital Markets

1.5731.3

1.5705.8

611.1

705.4

725.3 1.5

641.2637.1

18

23 -

75

19

17

58

21CIBC World Markets Inc

2715

National Australia Bank

30

1920

18

2233

-0.30.1

0.2700.6

1.3

Santander

1.4-0.4

1.51.5

BBVA

Deutsche Bank

13

Bank of America Merrill Lynch

15HSBC Holdings PLC 14

16

Korea Development Bank

UniCredit

RBSScotiabank

1,289.01

1112

1,176.1

14

8

▼

2.7

2.42.2 8

▼-4.5 100.2

7 BNP Paribas SA 885.38.7 6

-6-0.3

03.7

1-5

15 16.103.2

7.9

5 5.4▼5 3.8

▼

▼-634

2,042.7 ▲▲4.5 ‐

932.4Mizuho Financial Group

1

4

Mitsubishi UFJ Financial Group 21,177.12

4

2,411.6▲ 133Natixis

12.63.6

0.8 Santander▼

3.1 11.0-0.3

5.1▼994.7

▼14

16 38

▼10▼

5.5 -5.8▼ ▼

-210.8

‐

-1▲

4.3-5

15.0 ▲-5-1 4.3 2.4

27

191.1

Mandated Arranger1

2014 Rank

Mitsubishi UFJ Financial Group ▲

31,490.6

7.1

1,748.65.0

21.3

MarketProceeds

3,434.0 2.93Sumitomo Mitsui Finl Grp Inc

Credit Agricole CIB

2 2Mizuho Financial Group 11

4 75 4State Bank of India

512

10Societe Generale 6

KfW IPEX-Bank GmbHBNP Paribas SA

▲

1,303.211

-0.9 ▼

ING 10Natixis 9

29

▲7

2.7

1.1▲

2.2639.9 2.8

▲860.3

641.23.5 1.4

2.3▼

0.7

11

10BBVA

-6

35

Societe Generale

9

▼▼

-3 78Credit Agricole CIB ▼

‐042812.9 ▲

0.2‐

2.8 ▲ 2

▲ 6.3474.4

2.1

▲

5 3.9 -3

2‐02.22

18

14

▲▲4

2.1

045

4.3

436.3

2.2

-65.4

528.7 2.3▼

▲6.36.3

6.3 -11-5

8

▼

-1.90.1

▲

Sumitomo Mitsui Finl Grp Inc▼▼0.3

8

4.7 -2

▼ 3.94 3.15

▼ 6

▼

▼3

-0.2-7

▼

4.7▲ 3.1

-1.9

3.950.9

▼3.9

▼

6-34

▲

1.3 6

▲5

21.3

16

‐

▲

-0.1 ▼

5▲

▲

0.6

1.2

1.64.7 -1

0

-0.1583.0 1.2571.5

01.3

▼

Axis Bank Ltd

24

▲▲

-2

-1

‐

21

‐01

2.11.1-

-1.7491.6

7

4.3▲

5

▼

-3

-31

▼

5.4▼5

392.1▼

47

-7

18

1.91.712 -0.3

377.8

21

Rabobank NV

52.81.1

▼-1.1▼

3

Bank of America Merrill Lynch

-7

0.31.2586.1

1.2▼3.9-1.6

▼

-20

Industry % Change over Same Period Last Year

-1

23,120.5

▲

▼

▼

‐1.1

IDBI Bank Ltd

RBSGoldman Sachs & Co

17

19

3.2

3‐

0

-3

-10

▼

‐2.2

2 ▼▲2

-3

3 ▲▲

▼

5

0

4.33.2

12

2.2

-41.5%* Tie

Visit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables

y g y g

https://www.thomsonone.com1

2

Proceeds % Chge in Proceeds

Date

Global Project Finance By Sector (US$m)

1/1/2014 - 3/31/2014

3/25/2015

3,751.3

Closing

546.3

Sweden5,197.13/17/2015

▲

Saudi Arabia

1,900.0France

Saudi Arabia

NationPackage Amt

5,167.9

Borrower ProjectUS$m

US$m US$mNo.

41

2

10,489.2

Proceeds

6North America

49,878.2 11

Caribbean 87.747EMEA

30

Central America

IssuesRegion

111,486.5

South America

Americas

Africa/Middle East/Central Asia

1,219.2

136

Sub-Saharan AfricaMiddle East

Southeast Asia

Central Asia

17,449.7

1,561.7

7,728.2

260.0 50

28,547.1

470.063

2

1

Global 48,424.4

First Quarter 2014 | Project Finance | Managing Underwriters

Petrochemicals

1 758 6

8,056.5

Borealis Swedish Electricity

1,700.0

127

Los Ramones North Pipeline

44,819.0 8.0

19,993.3

-30.0

▼

3/17/2015

230.0-18.1

- - -

Rabigh Refinery Project33,058.2

49 2/19/20153/17/20152/27/20154,368.4

15,087.6

299.9

1,316.7▼▼

2,470.0▲

757

1,809.2XL Trains [Thameslink PPP]

Scorecard: Global Project Finance

46 APRR12,360.6Rabigh Refinery Project154

No.Issues

1/1/2015 - 3/31/2015

Petrochemicals

34 13,776.59,738.1

Europe 17,523.3

7,516.8Australasia

84 06

4

3,746.818,668.9

-95 2

200.0

26.748 -22.8

-14.1

43

10

Western Europe34

3,085.41

3,592.0

7

E.ON Regulated Energy Distn

30.01,614.1

▼6.5

▲-67.5

▲ 3/26/2015 Luxembourg Oil & Gas

▲

42.8

▲

▼

Eastern Europe

Asia-Pacific & Japan

▼

3/4/2015

2

▼

▲

Top Global Project Finance Deals Jan 1 - Mar 31

Mexico1,274.6

3/25/2015

Power

Power

Sector

Transportation

Australia

Spain

Water & Sewerage-

1,206.9

Transportation

Transportation

Power

Global Project Finance

United Kingdom

▲

1,293.9

Alpha Trains Emil Sarl

Germany

3/25/2015

-26.3 Innogy Nordsee 1SDP Finco Pty Ltd

1,223.1-8.1

▼

2 585 62,180.2

5%

1,357.93% Power

Water & Sewerage

305.0

South Asia

0.6 2

Leisure & Property

70.0 0.2

3Southeast Asia

535.0

7,820.3

6 2,585.67.9 5.3

1.1

16.2 3,800.7

2,180.2

Petrochemicals8

20

Mkt.Proceeds

1,758.6

Japan

North Asia 1,209.816

11

Project Finance Sector

2,905.3

84.0

Sh %

13

US$mNo.No.

1,126.92,179.8

4

-15.0

-95.23 240.5355.3

15

Oil & Gas

16,020.9

1/1/2014 - 3/31/2014Proceeds

35.8 Issues

73 Issues

1/1/2015 - 3/31/2015

Sh %

3

Transportation 10,376.0 23.2 81

4.5

2 3 11,031.3

413.9

IndustryMining

9

Waste & Recycling 48.8

2.8 2 1,357.9 0.9 1

1 0.4

100.0

Telecommunications

2.4 1,090.6

▼

▲▲

23

380.0▼-9.95 4,933.7 11.0

1.9

4.424.6 0.9 4

7 2.1

▲

Note: 2015 League Tables are based on fully syndicated project finance volume.

154 127 44,819.0100.048,424.4Industry Total

Chg. in

▲PowerUS$m

957.8

502.530

1.1 10,764.0

39.3 19,027.022.2

1

▼

▲

Sector Analysis

-16.7

▼

Mkt. Sh3.5

▼

Mkt.

-25.0▲

15.1

▼

-1.0

-0.1 1 - - - -

▲

19,027.039%

10,764.022%

7,820.316%

3,800.78%

2,585.65%

5% Transportation

Petrochemicals

Oil & Gas

Water & Sewerage

Leisure & Property

Industry

Mining

Telecommunications

Waste & Recycling

https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables2

Panama -

1 163.6 1104.01 ▼

▼

11.9 1 - -

-36.4

-

290.5 3 1,800.0

2 230.0Mexico

ChileCentral America

1,474.6▲230.0 2

Caribbean

United States of AmericaUnited States of America 6,310.3

11 4,368.43,058.2South America1,417.9

North America

9 -18.0

3

7,728.2 30 10,489.225 8,760.7

-26.3

5 1,728.5Canada

Brazil 2,348.0 5 2,129.8

4149 -18.112,360.6 46 15,087.6

US$m Issues US$m IssuesAmericas

Scorecard: Americas Project Finance1/1/2015 - 3/31/2015

% Chge in Proceeds

Proceeds No.1/1/2014 - 3/31/2014

▼-30.0

Proceeds No. Nation

730.0

▼▼▼32 -28.0

Borrower Sector

380.0

US$(m)

550.0

United StatesPower

Package Amt

Brazil

BrazilPanda Temple Power I LLC

Uruguay 315.7 2 - --83.9PeruPeru

Project

United States595.0

3/17/2015

Jan 1 - Mar 31Top Americas Deals

Date

1/14/20153/24/2015

▲▼

10.2 3/25/2015 491.6

1/9/2015735.0

Los Ramones North Pipeline

Close

546.3

CanadaUnited StatesTerraForm Power Inc

PowerPower

United States

PowerPower

908.4

Footprint Power Salem Harbor

Creek Power Hydro

Itau Unibanco Holding SA410.8

IndustryPower

Power

MexicoBrazil

Raizen Cayman Ltd

1/16/2015 West Deptford Energy Station

1,274.6SPSL

United States1/28/2015

Power

3/10/20153/6/2015

400.0

1,486.5

3/31/2015 Kay Wind LLC

Americas Project Finance Volume

Oil & GasWater & Sewerage

Americas Project Finance Declined 18% I Los Ramones North Pipeline Largest Deal in the First Quarter

First Quarter 2015 | Project Finance | Managing Underwriters

Americas Project Finance

2 541.1 ▲

- -

3

87.7 2 - - - -

-Jamaica 62.7 1 - - -

6

-Trinidad and Tobago 25.0 1 - - - 80$40

- -

Mkt.

1 - - -

2,024.6

-735.0

61.9

-6.0 908.4

46.2 34 16.4 2,230.7

6,968.9

0.3

15.7Sh %

Proceeds Mkt.IssuesSh %

Chg. in Proceeds

Leisure & Property

4 7,648.8

Borrower Industry

1/1/2014 - 3/31/2014

12,360.5

1/1/2015 - 3/31/2015

31

34.6100.0

4.1

US$m

--

100.0100.0

14.8 10 -

-

Industry Total

▲-

1.6▲

No.Mkt. Sh

-

15,087.6

--12.3

6 -21.0

2

Industry 1

Jan 1 - Mar 31Sector Analysis

Oil & GasPower

7.4 Water & Sewerage

46 49

-3,788.0 25.1

US$m

1 -

No.Issues

▼Telecommunications 305.0 2.5 2 - -Transportation 504.1 2

▼- -

Mining 200.0 1.6 1 2,100.0 13.9

Americas Project Finance By Sector (US$m) Jan 1 - Mar 31

0

10

20

30

40

50

60

70

$0

$5

$10

$15

$20

$25

$30

$35

1Q10 2Q 3Q 4Q

1Q11 2Q 3Q 4Q

1Q12 2Q 3Q 4Q

1Q13 2Q 3Q 4Q

1Q14 2Q 3Q 4Q

1Q15

# of

Issu

es

Pro

ceed

s (U

S$b

)

7,648.8 62%

2,024.6 16%

908.4 7%

735.0 6%

504.1 4% Power

Oil & Gas

Water & Sewerage

Industry

Transportation

Telecommunications

Mining

Leisure & Property

Visit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables https://www.thomsonone.com3

# of Deals per Arranger

▲

2015 Rank

First Quarter 2015 | Project Finance | Managing Underwriters

Change in Proceeds per Bookrunner (US$m)

▼ ▲Rabobank NV

8.7

1,075.6

-8.7

0

Proceeds per Mandated Arranger (US$m)

-

▼

1

Jan 1 - Mar 31

Santander

# of Deals per Bookrunner

▼19.6

Market

10.9# of Deals

6.5

2014 Rank

20

1

23.9

▲

-

▲

-1

10.9

Mandated Arranger Bookrunner Proceeds2014 Rank

Americas Project Finance

Sh %MarketMarket Change in 2015

Rank Sh Ch.

26

Deals

0.4

-3# of Deals

100

25.05.2 ▲ 5.0

Market # of

-1.7 ▼Sh %

-2

0

-2

▼

▼1 ▲

1

▲

-3

-

Mitsubishi UFJ Financial GroupMizuho Financial Group 2 9

1

Natixis 4 143

0

97.0

717.9 5.8869.8 11

581.915.27

3Sh Ch.

2.2 ▲1.0 ▲

Proceeds# ofMarket

2Sh %

MarketSh %Deals

13 658.4Sumitomo Mitsui Finl Grp Inc2.1

▲2.75.3▲ 5 10.94.7

4.0 2.250* 491.6 3.6 ▲ 110 383.1

3.13.1 ▼ 4

▼ 4

Manulife Financial Corp 5-0.3-1.87 4 377.3Bank of America Merrill Lynch

Citi 6

310.6 2.52.7

377.1333.9

2.0

25▲ 4Santander 8 15

90.73.1

Rabobank NV

-1.6 ▲ 3

2.5Credit Agricole CIB 10

11

BBVA▼ 5

465

▲ 1▲ 4

-1.6309.7

Caixa Economica Federal 12* - 302.8

15

2.22.5

2.58.7

302.817* 302.8

2.5

2.4▲ 12.5

2.5 0.6

1 2

Itau Unibanco ▲ 1

11 300.7Banco BTG Pactual SA 12*

12*-

24 285 5 2 3

▲-0.5 ▼ 4

KeyBanc Capital Markets Inc 16Societe Generale

▲ 3 6 5 1 ▼

▼

2

2.2

8.7

8.7

2.2

6.5Credit Agricole CIB

ING

2-2 ▼

4

-2

Bank of America Merrill Lynch 6

2

1Mitsubishi UFJ Financial Group

Natixis 5

8

13

641.2Mizuho Financial Group 3 5 613.5Manulife Financial Corp

458.8491.6

4.6

6.215.0 5.0

7.5 -32.4

-▲

▲ 0▲ 1 2.5

15.0

▼ 3 7.5 -3 ▼3▲ ▼

▲4 10.0 1-11.6 ▼6 392.1

0.4BNP Paribas SA 7 1 349.4 3.5

-0.84.0

▼▲ 3 7.5 -1-1▼

4 10.0▼▲

3 7.51

-3.33.3

Citi 93.13.1

4

Sumitomo Mitsui Finl Grp Inc

11 324.4

3309.7

3.2314.210

7.5▲11 17 308.62.9 -1.3

1.130 2.6

▼▼ 2 5.0 -3-

Goldman Sachs & Co 12 8 281.7KeyBanc Capital Markets Inc 13 24 216.8

0

▼▲2 5.0 -1 ▼2 -15.0

▲2.22.2 0.6

14*Scotiabank 14* 216.3

10 216.318

▲16 ▲4 10.0 -3 ▼

21 208 8

1.3

▼2.2Societe Generale

-1.20 9Societe Generale

Americas - Bookrunners (X5) Jan 1 - Mar 31Americas - Mandated Arrangers (X4)

Bookrunner Total

* Tie

2 5.0

1.7

▲25 34 155.6 1.6 1.2 ▲ 1

-3

▼9.2%Industry % Change over Last Quarter ▲

4612,360.5

-18.1%23.3%

-25.4%

3

▼▲

CoBank ACB

▼▼

-7

-5

-31.2

17 8 258.824 285.5 2.3

-1.6Goldman Sachs & Co 2.1KeyBanc Capital Markets Inc 16 ▲ 3 6.5 -1 ▼

▼ 2 4.3 ▼

▼ 4BNP Paribas SA 18 1 257.5 2.1

19 6 216.353 214.4

-8.9▼

▼ 4 8.7 1 ▲-2.0ING1.4

1.8 8.7

Deutsche Bank 2 197.821CoBank ACB 20 ▲ 3 6.5 2

1.5▼ 21.6 4.3

-1▲-5.1

1 2.2SunTrust Banks 26Credit Suisse 22 44 0.9

23 0.5

8,788.5

1.50.9

190.0

241.51.5-

186.93

436.1

1.56.5 36.5 -1

25180.6

2▲▲▲

71.3-4.3▲

0Top Twenty Five Total

▲

180.3Bayerische Landesbank GiroGeneral Electric Co

-▲16 -▲

▼

21 208.8

Industry % Change over Last Quarter-6.1%-6.1%

9,894.4 40

Societe Generale 0.9Societe Generale

▼

100.0

-14.9%Industry % Change over Same Period Last Year ▼ Industry % Change over Same Period Last Year

Industry Total

▲

Top Twenty Five Total 3.294.89,979.2

45.9% ▲ ▲

▲

25.5%

-7

-7100.0

17 3Deutsche Bank 17 3Deutsche Bank 197.8 2.0 -5.7 ▼ 2 5.0 ▼Credit Suisse 18* 26 190.0 1.9 1.2 ▲ 1 2.5 -1 ▼Macquarie Group 18* 23 190.0 1.9 0.7 ▲ 2 5.0 -1 ▼SunTrust Banks 20 22 186.9 1.9 0.7

3 7.5 3 ▲▲ 3 7.5 -1 ▼

1.8 1.51.8 ▲- 180.6 1.8

▲37 180.3 2 5.0 1 ▲1.8 1.7 ▲ 2 5.0 1 ▲

▲ 2 5.0 -2 ▼1.641 177.5

24 0.1BMO Capital Markets 23Morgan Stanley 19 159.3

General Electric Co 21Bayerische Landesbank Giro 22

https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables4

▼Austria 32.4 1 70.8 2 -54.2

Scorecard: EMEA Project Finance

Innogy Nordsee 1

PowerPetrochemicals

Jan 1 - Mar 31Package Amt

Top EMEA Deals

5,197.1

Project

3/25/2015

Power

SectorNation

BorrowerClose

Sweden

Transportation

Borealis Swedish ElectricityUS$mDate

France

Alpha Trains Emil SarlE.ON Regulated Energy Distn

Oil & GasLeisure & Property

Saudi ArabiaUnited Kingdom

Germany

Bilkent Hospital PPPSpain

Ghana3/30/2015

EMEA Project Finance by Sector

Yinson Offshore Cape Three

7

3/17/2015▲▲ Transportation

3/27/2015

2/27/20153/25/2015

XL Trains [Thameslink PPP]

3/26/20153/25/2015

1,316.7

969.2

Luxembourg

Turkey

2/19/2015EMEA

Rabigh Refinery Project

3/17/20153,751.35,167.9

1,809.21,900.0

APRR28,547.1

1,206.9

Petrochemicals

First Quarter 2015 | Project Finance | Managing Underwriters

EMEA Doubles at US$28.5 billion I Saudi Arabia up 2300%

Power

Europe, Middle East & Africa Project Finance

Rabigh Refinery Project Saudi Arabia

Transportation1,223.1

780.0

1/1/2015 - 3/31/2015% Chge in Proceeds

Proceeds No. Proceeds No.US$m Issues US$m Issues

47 19,993.3 57 42.8 ▲Western Europe 17,449.8 34 13,776.5 43 ▲26.7

Sweden 4,843.5 1 2,736.6 2 77.0

3,551.3 10 1,810.7 8 96.14 832.2 14 363.8

▲Spain

▲France 3,859.9

6.2 ▲Germany 1,993.2United Kingdom

3 648.2 3 207.5

-Luxembourg 1,223.1 - -1

Eastern Europe 1 219 2

1,539.9 5 1,449.5 4-

1

1 -

▼2 3 746 8 67 5

1/1/2014 - 3/31/2014

5 219.8 3Republic of Ireland - - -

-20.1 ▼Italy 175.773.1

-Belgium 67.7 1 159.3 1 -57.5

-92.2

▼Finland 51.4 1 - - -

▼495.8Netherlands 38.6 1

$10

Waste & Recycling 48.8 0.2 1 - -

-Zimbabwe 43.7 1 - - - -Burkina Faso 75.0 1 - - -Jordan 129.0 1 - - - -

Turkey 969.2

57 100.0

383.3

47

335.0

-

19,993.3

2 - -

2.2

2,633.7-

-12.0

-▼

4 Mining

-

13.2

622.9Industry2

1,443.0

Petrochemicals1,620.2

-Water & Sewerage

1.2 1.3 0.40.9

1/1/2015 - 3/31/2015

10 5.1

Industry Total 28,547.1

▲

2 7,975.1 39.9 -

-34.8

183.4

Mkt. ShUS$m Sh %5,067.7

▼

100.0

780.9 3.9 4 1.2

Oil & Gas

246.16

2

1

▲

12 15.2 3,036.5▲

1.81

11.423.6

▲

6

Jan 1 - Mar 31

7.7 ▲

# ofDeals

25

7

US$mChg. in

▲

# ofProceeds

24.8 2

Power

7,067.9

23

Leisure & Property 5.7

Borrower Industry

Sector Analysis

25.4 Deals

9,445.3

Mkt.Sh %

1/1/2014 - 3/31/2014Mkt.Proceeds

26.6 33.1

Transportation 7,580.8

Eastern Europe 1,219.2

- -1 24.0 1 3,938.3

-2,470.0

Saudi Arabia 7,690.8

▼2 3,746.8 -67.5

1 -9,878.2

- -Ghana

▲

Georgia 250.07 299.9 ▲

Kazakhstan 260.0

3 320.0 1▼

Nigeria 663.0 1 - -1780.0 1

- -

1,500.02,303.4

-48.0

-150.0

1 -Oman 236.7 2

11Africa/Middle East/Central Asia

1 57.8 ▲

$0$1$2$3$4$5$6$7$8$9

$

Power

Transportation

Petrochemicals

Leisure & Property

Oil & G

as

Industry

Water &

Sewerage

Mining

Proc

eeds

(US$

b)

January 1, 2015 - March 31, 2015January 1, 2104 - March 31, 2014

Visit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables https://www.thomsonone.com

5

-5▼

3 ▲

Credit Agricole CIB

# of Deals2014 Rank

Market# of # of

Jan 1 - Mar 31

2015 Rank

2.7

Proceeds per Bookrunner (US$m)

Sh Ch.

EMEA - Bookrunners (X16)EMEA - Mandated Arrangers (X15)

1,685.5

MarketSh % Sh Ch. BookrunnerDeals

6.1Proceeds

Change in

3Societe Generale

1

4

1,329.442Mitsubishi UFJ Financial GroupSumitomo Mitsui Finl Grp Inc

15Mandated Arranger

2014 Rank

2015 Rank

MarketSh %

Jan 1 - Mar 31

Proceeds-

First Quarter 2015 | Project Finance | Managing Underwriters

# of Deals per Arranger

3 ▲# of Deals

Market

17.0

Proceeds per Mandated Arranger (US$m)

▲ ▼-285.9

4.7 0.32

▼6 12.8

3.8

▲Sh %

Market

7.7

▼

▲▲

Market

3.9 Societe Generale▲

Europe, Middle East & Africa Project Finance

930.453 -0.71,080.5

14.9 -37

14.97

Deals0

Change in # of Deals per Bookrunner

Sh %

KfW IPEX-Bank GmbH 5988.3

1.7 14.93.3173.5 0.3 7

▼BNP Paribas SA 6 1 918.6 -2.93.2 ▼6 12.8 -25 10.6 4

RBS 8.5 0 -

▲▲12.8 3

▲60 2.7Mizuho Financial Group 7UniCredit 8 38 700.6

777.1

650.22.5 2.0

9▲

0.9 ▲2.3642

ING 11* 2 571.5 2.0

22Riyadh Bank Ltd 10 - 583.0 2.0 4.3▲ 2

4 8.5 -42.0 -0.9

-2.5 ▼2.0

-1

2

SEB 11* 7 571.527* 543.4Scotiabank 13 3 6.4

4 8.5▼

2 4.31.6 1.60.7 ▲

▲1.9

Saudi British Bank 14 - 447.4Deutsche Bank 15 12 436.9 -1.1 ▼

▼▼ 21.5 2 4.3 -1

Nati is 16 14 412 0 3 6 41 4 0 9

Natixis

2

Mitsubishi UFJ Financial GroupBNP Paribas SA

Deutsche Bank

BBVA

▲

▼▲

KfW IPEX-Bank GmbH

HSH Nordbank▼▲

▼

2* 1

2*2*

Commerzbank AG

-

Saudi British Bank

21*

Credit Agricole CIB 2* 4

14 -

2* 12

8RBS 9 21*

30Santander

UniCredit

4.3535.9 5.41 8 604.1 2.32* -

▼3.8▲▲

1 3.8 0

-

5.4 ▼▼▲ 15.4 3.3

1

5.4-3535.9-11

1 3.8-2.3535.9 3.4

3.8 -3535.95.3 ▲5.4535.9 3.8 0

2 7.77.7

▼11

-5.4535.9266.0 2.7 ▲2.7

0.0

1 ▲2

▼1 3.8▲

11 26 192.3

▲

-521

1.52.0 ▲

Nord/LB 12 24 183.7 1.9

110 - 197.52.0

▲3.8

208.7 2.1 1.0

▲2.0

▲ 3 11.51.1 ▲ 4 15.4 3

1▲

1 ▲▼1 3.8 -110 167.9 1.7 -0.6

▲▼

99.9 1.0▲

0 5 ▲

3.81.0 10.770.0

51 40.7 ▲1 3.8 1

0 5 ▲11 3 816Bank Muscat SAOG 15 -

13

* Tie

* Tie

▼ ▲1

-17.5% ▼

▼▼ -2Natixis 16 14 412.0 3 6.41.4 -0.912 4.3

2 4.3 -3Credit Mutuel SA 17

1.3 -1.71.3 ▲

▼1.456 397.2

1.3HSBC Holdings PLC 18 6 373.0Commerzbank AG 19 - 371.1 2 4.3 2

341.8

▲1.2 1.2

1.3 ▲▲▲ 2 4.3

1.1 0.8

Banque Saudi Fransi 20 - 347.5-0.2Santander 21 23

Banca IMI (Intesa Sanpaolo) 22 4423 54* 279.6Banco de Sabadell

BBVA 24 4.3▲34 277.2 1.0

313.4

Industry % Change over Same Period Last Year 42.8% ▲

Top Twenty Four TotalIndustry Total

15,327.1

1.0 0.82

▲

▼1.2

53.8

▲4▼ -1

1

Banca IMI (Intesa Sanpaolo)

▲10.9

1▼-10.3 2

-10

HSH Nordbank▲

▲▲4.3

Standard Bank Group Ltd

2

28,547.1

Industry % Change over Last Quarter 27.4% ▲ ▼-44.7%

100.0 47

2 4.3

8.5

0.5 ▲51.4- 0.5110.4

▲11 3.8

27.5

0.418 - 43.7 ▲

▲

▲-

1 ▲

0.5 0.5 ▲3.8

▲1 3.8

Unione di Banche Italiane Scpa 19 - 26.5 1 3.80.3 0.3 ▲

1617 - 45.5

100.05,380.7 54.4Top Twenty One Total

-8

Industry % Change over Same Period Last Year -25.6% ▼ -23.5% ▼

Industry Total

Industry % Change over Last Quarter -11.8% ▼ -54.4% ▼

269,874.8

0.0 0.0Triodos Bank NV 20 - 6.6 0.1 0.1

1 ▲3.8 1 ▲1

1 3.8BMPS 21 - 1.5

https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables

6

1,758.6 4 ▼-95.2

--

1,126.9 15 -15.0 ▼

South Asia 2,179.8 131China

957.8 1113 2,905.3 -25.016

▼

Jan 1 - Mar 31Top Asia Pacific & Japan Project Finance Deals

- - -16

2 -155.33

568.6South Korea 641.2

▼2,905.3

India 2,179.8-25.0

North Asia 1,209.8 3 355.32

Laos 84.0 1240.5 ▲

- - - -

▼▼▼

-14.1-13.8

-22.848

Southeast Asia 84.0 1

Australasia 3,085.4 6 3,592.0 109

Issues US$m

Australia 3,085.4 6 3,579.7

34 9,738.1Asia-Pacific & Japan 7,516.8

Scorecard: Asia Pacific (inc. Australia & Japan)1/1/2015-3/31/2015

% Chge in Proceeds

Proceeds No.US$m

No.Issues

Project

483.5

Hills Motorway Management Ltd

Pacifico Energy Hosoe GK

1,293.9

575.2

Transportation

China

First Quarter 2015 | Project Finance | Managing Underwriters

Asia Pacific (inc. Australia & Japan) Project FinanceAsia Pacific & Japan Down 23% I Transportation Sector at US$2.7 billion I Australia – Busiest Market

Borrower SectorClosingDateProceeds

TransportationWater & Sewerage

Package AmtUS$m

Power Transportation

AustraliaAustralia

Nation

815.1

Australia568.6

India

South Korea Leisure & PropertyPower

293.6Japan

Jan 1 - Mar 31

Project Nation Breakdown

266.3 India

Japan

2/6/2015

1/1/2015 3/31/2015

PetrochemicalsTransportation

Bharat Oman Refineries Ltd India

3/13/20151/1/2015

3/16/2015

752.4

3/16/2015

SDP Finco Pty LtdConnectEast Finance Pty Ltd

CLP Guangxi Fangchenggang3/12/2015

2/25/20153/30/20153/10/2015

3/4/2015

1/1/2014-3/31/2014

Nandi Economic Corridor Transportation279.7

Chungjin Project Co Ltd

289.1Yedeshi Aurangabad Tollway

IndiaDA Tollroads Pvt Ltd

Sector Analysis1/1/2014 3/31/2014

$4

3.2

36.5 Mkt. Sh

Mkt.

▼

1

2

# of

1 2

Deals US$m

14.8256.4

Chg. in Proceeds

230.6

8.5 3 ▼▲

7.4

Sh % Deals# of

▲40.9

2.6

▼-15.2

3.83

Industry Total 7,516.8 100.0 48 9,738.1

525.4825.5309.7

100.0333.2

1/1/2015-3/31/2015

25.7 16

▲

-0.9

2.4

-4.134

Water & Sewerage

12 US$m Sh %

1,932.93,551.5

1

3,984.4

10.0

25

Petrochemicals 752.417.2 1,293.9

Oil & Gas 2

12

Proceeds

Leisure & Property 7.0 4.4

Power35.6

Borrower IndustryMkt.

Transportation 2,679.0

1/1/2014-3/31/2014

$0

$1

$2

$3

Pro

ceed

s (U

S$b

)

January 1, 2015 - March 31, 2015January 1, 2014 - March 31, 2014

https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables7

▲ 1 3 7 1 ▲▼ 1 3.7 -1 ▼

15 26 9 0 8 0 8ICICI Bank Ltd 14 4 51.7 1.5 -6.1

66.6 2.0 2.0 ▲ 1 3.712 - 68.1 2.0 2.0 ▲ 1 3.7 1

11.8 -2 ▼3 ▼8.8 -54

6.9 2 5.98

▲

▲Resona Holdings Inc 13 -

Mitsubishi UFJ Financial Group 2 6 878.78.515

11.7641.2

State Bank of India 1,303.2

2015 Rank # of DealsMandated Arranger Proceeds

Market2015 Rank

Market

Asia Pacific & Japan- Bookrunners (X28)Jan 1 - Mar 31

Proceeds per Mandated Arranger (US$m) # of Deals per ArrangerMarket

DealsMarket# of2014

Rank Sh %Sh %

2

Bookrunner-20.6

23.5

Proceeds# of Market

Proceeds per Bookrunner (US$m)

Jan 1 - Mar 31

Change in

Asia Pacific & Japan- Mandated Arrangers (X30)

# of Deals per Bookrunner

First Quarter 2015 | Project Finance | Managing Underwriters

-

1# of Deals

19.1 -Sh Ch.

-9.8State Bank of India0

▼14.2 18.57.4

5101 474.4▼-2

641.2▲

0.91 1Sh % Sh Ch. Deals

2014 Rank

Sumitomo Mitsui Finl Grp Inc 423.87

Change in

-0.71.6

5.6▲▼

17.3

Commonwealth Bank of Australia 4 83Korea Development Bank

5.1

6.0450.4

National Australia Bank 6*

9 141

5 3▲0.5

382.36*

13.7

1.92.9

266.3 3.5 ▲3.4 ▲

Westpac Banking 10382.3

05.1 3 8.82.5 ▲-3

3.4Mizuho Financial Group -2.5 5

8.83

IDBI Bank Ltd 8 39 279.7

220.5 2.9▼253.6

2.9CIBC World Markets Inc 11 20* 1.7RBC Capital Markets 2.9

14.7 -75.9 0

2 5.9 2▲▲

Industrial & Comm Bank China 13* 189.5- 1▲2.5Agricultural Bank of China 13* - 189.5

13*2.52 5Bank of China Ltd

▲2 02.5 1

12.92.9 1

-2.9

Deutsche Bank▼

▲

Development Bank of Japan IncIDFC Ltd

-▲ Commonwealth Bank of Australia

Bank of India

6

9 38 13

Sumitomo Mitsui Finl Grp Inc 7HDFC Bank Ltd

Axis Bank LtdIDBI Bank Ltd

431.2

5 14

3 5

6

Mitsubishi UFJ Financial Group ▼7.6 ▲ 4 14.8

20 -

▲16.1

▼Mizuho Financial Group 4 2 318.8 9.5 -414.8

9 266.3

-2-2.1 4▼

04.7

12.9

279.7

220.1

▲ 1 3.78.4 7.818.0

3.72.1▲ 3.7

-3.7 0

-▼

-1

▲6.6

128.7 3.8 2.8▲ 1

-6.6 ▼ 3.71

11 70.6 ▲- 2.1

123.410 - 73.3 2.2 2.2 1

2.1

▼3.7▲

3.71 ▲

1 3.7 ▲1

1 ▲

0

▼

▲ 7

Market

5.9

Sh %0

00

0

--

-201

-

▲

4

33* ▲

Korea Development Bank

Axis Bank Ltd

-2.5

12

2 91

2219.3

189 5

Asia Pacific (inc. Australia & Japan) Project Finance

10

* Tie

1 3.7 1 ▲1 3.7 1 ▲0.3 ▲

Senshu Ikeda Holdings Inc 16* - 11.3 0.3 0.3 ▲

▲ 1 3.7 1 ▲Bank of Kyoto Ltd 16* - 11.3 0.3

15 - 26.9 0.8 0.8

Asia Pacific & Japan Project Finance By Sector (US$m) Jan 1 - Mar 31

13 2.5Bank of China Ltd 2.0▼-4.6 1 -7

1▲161.7 2.2 2.21.7 1

Deutsche Bank 22

5.999.520Development Bank of Japan Inc

0.9

- 1.321

1.3 22.9

70.6▼

2.91▼1.6 -4.2

73.322 1.0

0.9- 66.6

-0.1-

1

123.4

0.92.9▲ 1

10.9

2.9▲

100.0

2.90.896.6

▼ 1

2.9

2.9 ▼2.9

- Bank of India

▲2-3

1-▲

100.03,351.3

▼-18.2%

-5

-15.6%

27

▼

▲

-32.0%

-14

Top Sixteen Total 3,263.6

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

Industry Total

▼-69.0%

-

▲

0▲1

1

0

0

▼- 26.990.5

2 161.733

2.2

Industry % Change over Same Period Last Year

16*▲

128.7 1.2

Industry % Change over Last Quarter▼

19

ANZ Banking Group

23*

7,516.8Top Twenty Four Total

24* 16

5

-

Resona Holdings Inc 23

-63.8%

Citi

Industry Total

-22.8%

28.9

-29.2%-29.2%

▼▼

▲

1816*

0

HSBC Holdings PLC

IDFC Ltd

24* -0.1

HDFC Bank Ltd

Credit Agricole CIB

▼

▼

7,270.334

157.5

2.91189.5

-0.6 2.9

▲

▲

57.5

36

Scotiabank 0.8 ▼-1

267936%

1932.926%

1293.917%

752.410%

525.47%

333.24%

Transportation

Power

Water & Sewerage

Petrochemicals

Leisure & Property

Oil & Gas

Visit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables https://www.thomsonone.com8

-

-

-

-

-

-

-

First Quarter 2015 | Project Finance | Managing Underwriters

Project Finance Criteria Summary

If you would like to participate in the submissionprocess, receive quarterly press releases, orhave questions about league table criteria pleasecontact:

Europe

Americas

E-mail: salvatore.reres@thomsonreuters.comTel: +1 646 223 8455Salvatore Reres

Bookrunner league tables will give full credit to the bookrunner, equal if joint. In cases of consolidation, credit will be given to the surviving/parentfirmEwelina Jarecka

Database coverage includes all loan transactions that have reached General close between January 1, 2015 and March 31, 2015 of whichThomson Reuters has been made aware. All current data and previous year's data is as of 2:00pm EDT on April 1, 2015.

League tables include limited recourse project finance, non-recourse project finance, and project finance loans and exclude loans with amaturity of less than 90 days from financial close.

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 Project Nation.

Tel: +44 207 542 2246

Asia Pacific:

E-mail: ewelina.jarecka@thomsonreuters.com Mandated Arranger league tables will give equal credit to the Non-Americas mandated arranger and equal credit to the Americas Tier 1 agent. Incases of consolidation, credit will be givien to the surviving/parent firm

-

-

JapanMegumi KonoTel: +813 6441 1155E-mail: megumi.kono@thomsonreuters.com

Tel: +632 459 1566Carina Causon

E-mail: carina.causon@thomsonreuters.com All league table volumes and rankings are based on general close date instead.

Asia Pacific: Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.

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 thirdparty 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 partycontent 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 theextent 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. ThomsonReuters 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.

© 2015 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 relevantthird party.

https://www.thomsonone.com9

© 2015 Thomson Reuters..Thomson Reuters and the Kinesis logo are trademarks of Thomson Reuters.

FOR INFORMATION PROFESSIONALSSDC Platinum is the world’s foremost financial transactions database, covering new issues, M&A, syndicated loans, private equity, project finance, poison pills, and more.

Solution for:• Market Analysis & Trends (Geography, Sector,

Asset Class, Deal Type, Deal Size, etc.)• Deal Origination (Debt Maturity Analysis,

Company Lifecycle including Private Equity)• Pitch Creation (Firm Credentials,

Representative Acquirors)• M&A Targeting (Active Strategic/Sponsor

Acquirors, Target Company Screener)• Negotiation (T&C Benchmarking)

FOR INVESTMENT BANKERSThomson Reuters Eikon is the most intuitive and comprehensive way of staying informed. With natural-language search, you can quickly find global information, news, charts and analytics. Company and industry views provide top-level summaries, and then detailed information is just a click away. Identify new opportunities and gain deep understanding of markets, industries, companies and events.

Thomson Reuters Eikon also includes an Add-In for Microsoft® Office to help you increase your efficiency. From screening and targeting to comparables analysis, building league tables, valuing a company and

developing a client pitch book, you can do all this without leaving Microsoft Office. Search and autosuggest features in Excel make model-building easier.

Solution for:• Managing Client Relationships• Deal Origination• New Issues Pre-Marketing/Roadshows• Financial Modeling• Customized League Tables• Simple Deals screening• Valuation analysis and comparable

deal screening• On-brand pitch book creation

FOR STRATEGY AND PLANNING TEAMSThomson Reuters Deals Business Intelligence enables you to slice and dice our renowned Deals and Fees data to create ad hoc reports, analyze market trends, benchmark your performance and identify opportunities – all within a tool built into your workflow in Excel®, saving you valuable time and giving you a competitive edge.

Solution for:• Conducting market analysis and

identifying trends• Benchmarking your performance and

monitoring competitors• Targeting clients by wallet size and

banking relationship• Allocating resources more effectively by

evaluating and analyzing lost deals

Send us a sales enquiry at: financial.thomsonreuters.com/salesRead more about our products at: financial.thomsonreuters.com/products

To purchase individual Thomson Reuters Deals or League Table reports, please contact our Thomson Reuters On Demand group:

Web: http://financial.thomsonreuters.com/ondemandEmail: trondemand@thomsonreuters.com

Access unique analysis for free anytime using Thomson Reuters Deals Intelligence website and receive regular updates, delivered direct to your inbox.

Go to: dmi.thomsonreuters.com/dealsintelligence

Thomson Reuters Solutions for the Deal Making Community

10