3Q2013 Global Project Finance Review

GLOBAL PROJECT FINANCE REVIEWMANAGING UNDERWRITERSMANAGING UNDERWRITERS

First Nine Months 2013

]

Project Finance Regional Breakdown Jan 1 - Sep 30

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.

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 thesecond quarter drove Americas volumes in the first nine months up 22.7% compared with the same period last year.

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 thesame 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 comparableperiod in 2012. The Petrochemical sector showed a 590.3% year-on-year increase, primarily driven by the US$5 billionNghi Son Refinery project in Vietnam.

First Nine Months 2013

Global Deals Intelligence

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

Global Project Finance ReviewMANAGING UNDERWRITERS

$0$20$40$60$80

$100$120$140$160$180

2009 2010 2011 2012 2013

Proc

eeds

(US$

b)

EMEA Americas Asia-Pacific & Japan

* Tie

▲▲

▲

▲

1

▲

4

-33▼

40

6

2.4

▼-4

▲3.5

2‐

▲

▼1.6 2

1

-91.2 1

-0.4%-45.0%

86,520.4

▲

147,458.9 100.0

▼

Industry Total

3.0%

▲2.00.1▲12.2▲

39683,671.7 56.9

1.01,475.1 2

19

2.02.0-

▲

▲

Credit Suisse

34

5

18

12

16

1059 9

-0.11,769.6

-

▲

4.3▼

▲

11

419

1.6

▲

4

102.1▲

161.9

▲58

2.03.56.3

0.11.21,721.2

1.0 0.51,665.5 1.11,535.9

▼

▲

1

11

10▲▼

5

‐1,467.4

6

11

55.13.5 5

17

21

JP Morgan

Natixis▲

▲ ▲2.8

-1.5

1.2 1.1 116

2.8 -8

1,862.10.3 ▲

20

1.31,818.3 1.2 14

▲

-0.3 ▼0.7

▲ 2.3

206.325

2679

▼

▲

6.6

16

Cassa Depositi e Prestiti

Korea Development BankStandard Chartered PLC

▲

▲

▲4.0

21▲▲

5.6

2-4

0

0.15

13

‐ 5.3

24▲

0.90.3

▼

ING▲▲-0.2

30

13 3.3 4

-1

▲

▼7.65.8

6.6

1,688.3▼

Bank of America Merrill Lynch 14

91019

3.9

1,740.5

1.5

▼ 6.11,767.5

2.1

▲ ▲105.91515

▲2.6

0.31.6 ▲ 9

▼

▲6242,269.9 ▲

-0.12.6

-57.54.8 Sumitomo Mitsui Finl Grp Inc

10.9▲

6 7Societe Generale▲13 7

1,840.5178 ▲

0.7

11

40

2,445.5

▲3.5

1,893.7 2.2

▼2,375.7

2,205.9

▲ 22

Credit Agricole CIB 6

HSBC Holdings PLCBarclays

8

‐

26▼

5,159.843

0.3 ▲

Deutsche Bank 10ING 9

77 64

5 4Mizuho Financial Group

3715

6

2Mitsubishi UFJ Financial Group

Sumitomo Mitsui Finl Grp Inc

2 1China Development Bank 38

4 3 6,471.6

7.5

7,700.05.9

5.6

MarketProceeds11,092.5 2.3 22

34.5

Mandated Arranger1

2012 Rank

State Bank of India ▲

3

-3▼

13.318

0.8 ▲31 5.8 1.2

▲20▲

9.8 -0.9▼ ▲

57.8

▲4.4 16.40.5

8.9▲4,997.4

▲65

748,720.7▲ 33Mitsubishi UFJ Financial Group

18.75.2

-0.1 China Development Bank10,999.5

16

3,188.0Mizuho Financial Group

1

4

State Bank of India 17,700.0 ▲

18 7.111.2▲

▼-23

34

12.7 5.3

3.7

▲▲7.5

54

2▲

13 5.1▼5 2.8Axis Bank Ltd

1.8 190.0

39

12-0.3

9

12.8

5

1.72,541.61.8

3,389.2

▼

3.5

2.12.0 23

▲

National Australia Bank

1321 2,344.111

2,888.12,637.5

15RBC Capital Markets 14

1.5

2,322.9

1819

17

Axis Bank LtdStandard Chartered PLC

1112

Societe Generale

20

NatixisCommonwealth Bank of Australia

BNP Paribas SA

0.4-0.5

1.42,163.0

1.5

1.6

16

51524

32

12

CIBC World Markets Inc

16

8

23

Goldman Sachs & Co 21ANZ Banking Group

124*36

Bank of America Merrill Lynch

2298

14

3,120.9

1.72,445.5

1.62,294.2

1,793.4

2,196.9

-0.2

1.617 0.0

-0.3

Top Twenty Five Total2524JP Morgan

Korea Development Bank

Credit Suisse

23

MarketSh Ch.

# of

1.5

2,159.0 1.5

2.3

ScotiabankRBS 25

National Australia Bank

8

5.1

4 1.0▲

22

20

BNP Paribas SA

272

23UniCredit

15 18

2,152.7

9

13

10Deutsche Bank

8

RBC Capital MarketsCredit Agricole CIB

Goldman Sachs & Co

Barclays

Sh %Proceeds Sh Ch.Change in Market

Deals # of DealsDeals2012 Rank

# of# of Deals

# of Deals per ArrangerChange in 2013

RankMarket

Proceeds per Mandated Arranger (US$m)

Sh % Sh %

# of Deals per BookrunnerMarket2013

Rank Sh %

-1.7 7.5

Bookrunner

Proceeds per Bookrunner (US$m)Market

2.0▲ 9 3.5▲▼

2.771.6 0.5 ▲1.4 1.4 ▲1,249.0 0.4

6▼1.3

1.7 0.41,402.1

13▲

4.3▲ 11

1,204.6 1.4 0.6

5 2.0▲0.11.2

1.2 0.2-4.1

1,028.8

875.0

996.2

26

1,044.81,119.3

22

24

▲1.2

0.7

0.6

1.049 850.2

2042

59,082.4 ▲19.2

0.0-0.1 ▼

-1.01.1963.0

0.8▲ 2

9

255 -1100.0

▼

Jan 1 - Sep 30

▼

68.4▲2.4

Top Twenty Five Total

Industry % Change over Same Period Last Year

33

-38.9%11.6%

-11.5%Industry % Change over Last Quarter

Global - Mandated Arrangers (X2) Global - Bookrunners (X3)Jan 1 - Sep 30

Industry % Change over Last Quarter

Industry Total -5

▲-1.2%-3.0% ▼

▼▼


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1

Industry

Kazakhstan

Utd Arab Em

Top Global Project Finance Deals Jan 1 - Sep 30

2,337.4

India

▲

Asia-Pacific

8

1/29/2013Thameslink Rail

-

▼

▼

Italy99.4

3/27/201321.6

-

Global Project Finance By Sector (US$m)

Transportation3/25/2013275.1

3,959.64,000.0

2,462.8BreBeMi Toll Road

74.0 Sadara Chemical CoGebze-Orhangazi-Izmir Highway

2,785.9▲ 6/27/2013

Oil & Gas

TurkeyPetrochemicalsTransportation

Industry

United Kingdom

Saudi Arabia

IndustryIndia

133 -24.8

▲164.2158.7

128

11

-18.8▲

▼

51.9141 -8.0

Eastern EuropeWestern Europe

2,914.0

48 8 ▼12 452 9 24 306 2

-24

27

27,141.9 97 33,440.9

2

57,843.831

6,078.6

138

13

26

5,377.512

Europe

EMEA

North America

36,374.0

Sub-Saharan AfricaMiddle East

-Africa/Middle East/Central Asia

Central Asia

8,262.3

Transportation

First Nine Months | Project Finance | Managing Underwriters

Sector

Scorecard: Global Project Finance

Issues Sabine Pass Liquefaction LLC

▲ 6/16/2013

4/30/20135/22/2013

EMAL▼

Asia Gas PipelineTata Steel Odisha Ltd

Proceeds

5,091.5

2,800.0

Vietnam

66,249.1

873,952.5

34,912.9Nghi Son Refinery

No.

14

165 ONGC Petro-additions Ltd

143,126.1 3.0401

54,502.614,983.1

92

US$mNo.

US$mProceeds

Issues396 Petrochemicals

39,519.5

43,504.5

North Africa

Australasia

13,912.8

4,488.8 3

15843.9

22

Global 147,458.9

3

9,232.1107

149

7,700.0

28,925.0

10

29,875.1

4/10/2013

42

2,202.8

5666 16,619.3

▲-

▲

South AmericaCentral America 5

28,452.2

7,880.4

Americas

Closing

6/4/2013

▼

5,900.0US$m

4,096.9

5/28/2013

4,700.0-78.6

▲22.7

▲

Oil & Gas% Chge in Proceeds

NationPackage Amt

5,000.0

-35.4

United StatesRegion

Borrower DomicileDate

1/1/2013-09/30/2013 1/1/2012-09/30/2012

Global Project Finance

Caribbean 52.5 1 - - -

3% 2%

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

Mkt.

4.1

▼30.8

-4.8

▼19▼

▼

Mkt. Sh

-4.6

Chg. in

26.9 207 -1.3

72

-18.6

Sector Analysis

-4.0

-6.3

▼

▼

100.0▲▼

4,021.0

5 0.2100.0

▲

▼▲

11 2.2 2.8 7

-1.5

5 0.6 2.2

12 -1.7

9,181.0

9.3

3,190.6▲

3,196.8

-0.634

0.5

▼6.4

7

10

147,458.9Industry Total 401

0.7

396

1 801.5

143,126.1

1,948.0Mining

7,197.1

32,943.8

1.6 1.3

4.9 8

18.8 22.3

45,949.5

1/1/2012-09/30/2012Proceeds

38,476.633,786.5

42 23.6

-48.8 ▼

2,792.5

12,452.9

20.0 ▲

24,306.2

11

US$m

6,142.9

Sh %

4531

22

Project Finance Sector

16,320.0

10,379.8

Sh %

23

32.1

26

No.Issues

No.

2,327.6

US$m

65505,002.9

Oil & Gas

Australasia

10,229.611.5 18

43

Mkt.Proceeds

11,074.7

Water & SewerageTelecommunications

226

23 Leisure & Property

17,010.051

2,356.2

Petrochemicals

27,760.2Industry

6.9

12

1/1/2013-09/30/2013

Japan

Issues

Transportation

45,389.2Power

South AsiaNorth Asia

15,668.9

Southeast Asia

1,338.0 0.9 7 3,750.7 2.6 Waste & Recycling 1,072.2 0.7 6 772.0

45,389.231%

32,943.822%

27,760.219%

17,010.011%

7%

5%

3% 2%

Power

Oil & Gas

Transportation

Industry

Petrochemicals

Leisure & Property

Water & Sewerage

Telecommunications

Mining

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2

▼

Panama 71.0 1 207.0 1 -65.7 ▼

Mexico 772.9 4 3,605.5 12 -78.6

550.0 1.6 1 - - - - -

- - -

100.0

5.2

11,476.0

Telecommunications 586.3 1.7 1 - -

Petrochemicals

49.9 14,207.7

Sh %

Jan 1 - Sep 30

2.1 1,492.1

55.3

Sector Analysis

740.0

Americas Project Finance Volume

Proceeds Chg. in

28,452.2

Issues

1/1/2012-09/30/2012

Borrower Industry

19,308.8

87 92

Mkt.

1/1/2013-09/30/2013

4

2.8

61

5

14 37.1

Mkt. Sh

▲

-4.2

5.4

▲

▼

▼

First Nine Months 2013 | Project Finance | Managing Underwriters

No.

Americas Project Finance

2.0

Year To Date Volume up 23% on 2012 I Q3 Volume Down 41% from Q2

6 790.4

2

Power

Oil & Gas

No.

Oil & Gas

Power

Power

Oil & Gas

7/2/2013

2/25/2013 Pacific Sharav and Meltern Oil & Gas

3/13/2013

Industry Total

PowerChile

Canada

United States

NorthWest Redwater Partnership8/30/2013

United States5/8/2013

United States

United States

CCFC Portfolio Refinancing

5/10/2013 La Frontera Generation LLC

Oil & Gas

1,305.0

Cernambi Norte MV26 BV

Cochrane Coal-Fired

https://www.thomsonone.com

Star West Generation LLC

1,000.0 United States

Power

Issues US$m

Transportation 1,674.5 4.8

Power

US$m Sh %

Mkt.Proceeds

-78.6

12

100.0

10,565.7

-3.1

32.9

▼

▼

-51.8 3/27/2013 1,000.0

3/29/2013

1,200.0

Sabine Pass Liquefaction LLC 5,900.0

Domicile

Brazil1,150.0

5/28/2013

Jan 1 - Sep 30Top Americas Deals

Date

5/17/2013 Equipower Acquisition Project

6

850.0 United States

Goreway Station Partnership

Chile 1,596.0 6 -10.7 ▼

▼

Close Borrower Sector

789.2

US$(m)

1,138.8

Canada

Power

Package Amt

Proceeds No. Nation

1,170.0

▲

▲

▲46 66.2

1/1/2012-09/30/2012

▲

-35.4

Americas

Scorecard: Americas Project Finance

1/1/2013-09/30/2013

% Chge in

Proceeds

Proceeds No.

92 22.734,912.9 87 28,452.2

US$m Issues US$m Issues

14,339.2

74.0

17 2,280.1Canada

Brazil 1,754.0 2 3,636.5

56

South America

5,086.0

North America

10 123.1

9

28,925.0 66 16,619.3

49

60

Mining

United States of America 23,838.9

15 7,880.45,091.5 22

1,788.2

Americas Project Finance By Sector (US$m) Jan 1 - Sep 30

Central America 843.9 5 3,952.5 14

34,912.9

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-Caribbean 52.5 1 - - -

10

20

30

40

50

60

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

1Q

09

2Q

3Q

4Q

1Q

10

2Q

3Q

4Q

1Q

11

2Q

3Q

4Q

1Q

12

2Q

3Q

4Q

1Q

13

2Q

3Q

# o

f Is

su

es

Pro

ceeds (

US

$b)

US$(b) # of Issues

19,308.8,55%

11,476.0,33%

5%

740.0 , 2%

586.3 , 2%

550.0 , 2%417.3 , 1%

160.0 , 0%Power

Oil & Gas

Transportation

Mining

Telecommunications

Petrochemicals

Leisure & Property

Industry

3

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* Tie

1.0 ▲- 291.1 1.0

Wells Fargo & Co 24 - 298.3 1.0

- 308.2

Bayerische Landesbank Giro 25

Natixis 23

Nord/LB 21

▲

▲ 2 2.9 2 ▲

4 5.7 4

1.0

1.0 ▲ 4 5.7 4 ▲

▲ 2 2.9 2 ▲

1.0

UBS 22 - 350.8 1.2 1.2

1.2 ▲ 6 8.6 6 ▲

▲ 2 2.9 2 ▲

- 365.9 1.2

1 1.4 1 ▲

Standard Chartered PLC 20 - 367.8 1.2 1.2

5.7 0 -

Grupo Financiero Inbursa SA 19 - 417.4 1.4 1.4 ▲

-2 ▼

BBVA 18 12 421.1 1.4 -1.8 ▼ 4

492.8 1.6 -7.4 ▼ 3 4.3HSBC Holdings PLC 17 2

Credit Agricole CIB 14 3

10

Americas - Mandated Arrangers (X4) Americas - Bookrunners (X5)

30,333.9 70 +11100.0

▼

▲

-18.8%

Top Twenty Five Total 8.277.523,518.6

-42.8% ▼

8734,912.9

18.6%Industry % Change over Same Period Last Year ▼ Industry % Change over Same Period Last Year

Industry Total 100.0

▲

-0.9

-1.4 -

▼

-5.4%

1.9

▼2.0

Industry % Change over Last Quarter

▲

15 577.5

Bookrunner Total

Societe Generale 16 ▲▼ 4 5.7 2

4 5.7 0

709.5

10 619.7CIBC World Markets Inc

-0.8 ▼2.7

2.3 -5.7

15

▲▼

5 7.1 -2 ▼

8 211.4

▼

Morgan Stanley 12 4 848.5

Mizuho Financial Group 13 9 826.3

-2

2.8 -2.4

1.2

6 -1.2

▲▼ 4 5.7 1

2 2.9▲Scotiabank 11 19 875.0

1.0ING 9

3.2

2.9

16

9 12.9

▲

▲

8 11.4

2▼Sumitomo Mitsui Finl Grp Inc

4.0

3.51,061.9

8 17 1,204.6

972.8

JP Morgan ▲▲ 3 4.3 2

5▲

Credit Suisse 6 7 1,402.1

1.6

Deutsche Bank 7 30 1,306.5 4.3

0.24.6

▲10 14.3 83.9 ▲

4.3 3 ▲

▲ 7 10.0 4 ▲

75.2 2.3

▲

▲

▲ 8

▲ 10 14.3

5.0 ▲

9

94.9

1,513.3

1,587.6

35.0

5.8

5 -

2,205.9

Goldman Sachs & Co 3 24 1,769.6

77.3 3.3 ▲ 12.9

12.9

Industry % Change over Last Quarter ▼

▲

▲

RBC Capital Markets

87

25,337.9

1.2

1.2


1Mitsubishi UFJ Financial Group 1

2

-6 ▼

4 14

Bank of America Merrill Lynch

▲

415.0

72.7

Korea Exchange Bank 1 ▲1.124*

415.0

1

▲

417.4

1

-

11.0

1.2

23

425.5

Industrial Bank of Korea 24* 1.1 1

1.1 11.2

1.2-

1.2

▲

-1.6

5 5.7

Grupo Financiero Inbursa SA -

Natixis 22 71 1.0

▼ 4 4.6 -1

1.2

▼ 81.4 9.2

Standard Chartered PLC

-0.8

1.5 4.6

Santander 9 492.921

BMO Capital Markets 20 15 512.2

-0.1

▲

▼ 5 5.7 2 ▲

0.2 ▲ 4

Societe Generale 18 19 553.4 1.6

19 22* 523.4

▼ 3 3.4 -7 ▼

▼ 9 10.3 ▼-3.2BBVA

▲

-2.3 ▼ 5

1.7

Scotiabank 16

HSBC Holdings PLC

17 2 606.6

17 628.6 1.8 -0.3

CIBC World Markets Inc - 6

5 664.6

ING 14

13

13 674.2

5.7

14 793.3

2.6

1.9

▼ 9-0.4

2.3

10.3

Morgan Stanley 12 4 906.0

15

6.9

-1.7

1.9

5.7

0.0

11

▼ 14

6

7

▼ 5

16.1

▼ 7 8.0

-0.4

-0.5Mizuho Financial Group

▲

2.2 ▲ 3

3.0

Credit Agricole CIB 10

JP Morgan 22*

▲ 7 8.0

1,032.4

3.4

0.93.8

1,086.3 3.1

3.5

Credit Suisse 8 11 1,340.1

1,204.69

Bank of America Merrill Lynch 5

2.1

-0.37 3 1,421.5Sumitomo Mitsui Finl Grp Inc

Deutsche Bank 6 16 1,501.4

4.1

4.3 ▲ 14

▼ 15

4.4 4.6- 1,532.6 4.4 ▲ 4

▲ 11 12.64.6 1.6

▲4.3 10.34.9

RBC Capital Markets 4 10 1,604.9

3 34 1,707.6

Sh %

29

Goldman Sachs & Co

1

2012

RankBookrunner ProceedsProceeds

Mitsubishi UFJ Financial Group -2.8 ▼

Barclays 2 31

1 10

# of Deals

2,006.8 5.8

2,871.6

9

8.2

Sh Ch.

5.1 ▲

1

-1

▼

▲

0 -

1

▲

-1

2

3

9

3

9 8

# of Change in # of

-1.6

▲

▲

9.0

# of Deals

▲

23 32.9

Jan 1 - Sep 30

Americas Project Finance

MarketMarket Change in 2013

Rank Sh Ch.

2013

Rank

Market

Deals


Mandated Arranger

3

-7

▲

Deals Sh %

▲

4 ▲

▲

-3

-8

33.3

▲

Market

Sh %Sh %

10.3

Market

2

Jan 1 - Sep 30

Barclays

# of Deals per Bookrunner

▼

# of Deals per Arranger

▼

Proceeds per Bookrunner (US$m)

▲

▼

2012

Rank

Market

17.2

2,724.4

▲

16.1

4

▼

▼

▲


-13.9%


22.7%

-40.8%

63.2%


-5

▲

1.5

1

4





54,502.5


165 100.0

Scorecard: EMEA Project Finance

-1.9

1.2

▼

6

Mining 598.0

▲Waste & Recycling

BreBeMi Toll Road

Oil & Gas

Industry

3

Water & Sewerage 835.3

5

5

100.0

3.3

1.3 -0.8

149

15

▼0.9

1,026.7 1.6

1,498.0

Jan 1 - Sep 30

Package Amt

2

Top EMEA Deals

4,700.0

Industry Total 66,249.1

▼

11 2,100.2 3.9

638.3

-0.6

1,164.9 2.1

0.4

Domicile

4/30/2013

Leisure & Property 2,200.7

1/1/2013-09/30/2013

Sector

Nation

BorrowerClose

Kazakhstan

Industry

Asia Gas Pipeline

US$mDate

Transportation

Saudi Arabia

Bosphorus Bridge and Highway

Brussels Airport Refinancing

Transportation

Oil & Gas

US$m Sh % Mkt. Sh

15 11,229.7

Mkt.

2,231.5 4.1

29.0

31.6

Proceeds

1/1/2012-09/30/2012

Industry 10,679.1 16.1 7 12.0

94

-0.5

US$m

Power

Deals

▼-13.5

▲6

2.8 4

Turkey

United Kingdom

Italy

Perenco Petroleum Ltd

Belgium


▲

EMEA Project Finance by Sector

▲

6/25/2013

2,337.4

1,954.5

Stansted Airport Acquisition United Kingdom2/28/2013

20

Jan 1 - Sep 30

8.6

Transportation 18,888.4

26

3/27/2013

Transportation

9/17/2013

6/27/2013

3/25/2013

Thameslink Rail

9/11/2013

66

Oil & Gas

11,981.0

28.5

29.2

17,223.6

Chg. in

▼

18.1

Turkey

# ofProceeds

Borrower Industry

Sector Analysis

20.6

Deals

19,354.4

Mkt.

Sh %

6/16/2013

EMEA

Gebze-Orhangazi-Izmir Highway

4/10/2013

3,959.6

15,797.6

4,000.0

2,462.8

2,800.0

Sadara Chemical Co

66,249.1

2,159.1

Transportation


EMEA Volume up 22% | Oil and Gas Projects Accounted for 29% of Funding

Transportation

Europe, Middle East & Africa Project Finance

EMAL Utd Arab Em

Transportation2,300.0

United Kingdom

1,819.2

24

# of

1/1/2013-09/30/2013

% Chge in

Proceeds

Proceeds No. Proceeds No.

US$m Issues US$m Issues

149 54,502.6 165 21.6 ▲

Western Europe 27,141.9 97 33,440.9 128 ▼

United Kingdom 12,134.9 26 10,593.8 28 14.5

7 4,126.7 7 -20.6

-18.8

▲

▼

Italy 2,912.2 17 3,356.9 14 -13.2

▼France 1,967.2

▼

Germany 3,276.1

119.0 ▲

Netherlands 2,631.2 ▲

Belgium 2,159.1 1 985.7 3

5 613.4 3 329.0

3 799.1 5 632.0

37 -77.420 8,713.7

▼

Eastern Europe 9,232.2 ▲10 6,078.6 13 51.9

Turkey 5,849.3

3 -74.5

1 - - -Czech Republic 1,797.1

24 99.4 ▲

Russian Federation 1,285.0 3 5,031.2

-

Kazakhstan 6,500.0 2 - - -

-

Africa/Middle East/Central Asia 29,875.1

56.2 ▲

United Arab Emirates 5,764.0 2

42 14,983.1

5 - - -

269.0

-

2,042.8

1/1/2012-09/30/2012

Nigeria 2,735.0

▲

Saudi Arabia 5,759.1 4 3,686.9 5

3

$0

$5

$10

$15

$20

$25

Pro

ce

ed

s (

US

$b)

January 1, 2012 - September 30, 2012

January 1, 2013 - September 30, 2013

5





* Tie * Tie

-0.6 ▼ 3 3.8 1 ▲

▲ 7 8.8 5 ▲

DNB ASA 25 20* 170.2 0.6

Nord/LB 24 42 176.1 0.6 0.4

0.7 ▲ 1 1.3 1 ▲

▼ 1 1.3 0 -

Societe Federale de Participat 21* - 179.9 0.7

Santander 21* 16* 179.9 0.7 -1.2

-3.0 ▼ 1 1.3 -1 ▼

▼ 3 3.8 1 ▲

RBC Capital Markets 21* 7 179.9 0.7

Citi 20 20* 233.3 0.9 -0.3

▲

100.0 8027,505.6

32.977.0

1

21,177.2


17

▲

9 ▲

▲

▲


Change in

# of Deals per Bookrunner

Market2013

Rank # of Deals

2012

Rank

▼-9.7% -14.9%

-42.3%Industry % Change over Last Quarter -50.4%

EMEA - Mandated Arrangers (X15)

Europe, Middle East & Africa Project Finance

3

-0.2


Change in # of2012

Rank

- 7,700.0

Jan 1 - Sep 30EMEA - Bookrunners (X16)

# of Market

Sh % Sh Ch. Bookrunner

Sumitomo Mitsui Finl Grp Inc 3

BNP Paribas SA

1

4

2,940.03Mitsubishi UFJ Financial Group 2

DealsMandated Arranger

2013

Rank

Market

Sh %

Jan 1 - Sep 30

Proceeds

▲


Proceeds per Mandated Arranger (US$m)

4.4 0.7

# of Deals per Arranger

3 ▲

# of Deals

Market

2.0

▲

26 17.4

China Development Bank

▲ ▲11

311.6

Market

11.6 China Development Bank

Deals

▲

4.4

1,882.9

2

7 1.22,900.7 ▲

▲

▼ 22 14.8 2

14

21.532

Mizuho Financial Group 5

1,891.1

1.5 9.42.820

2.9 -0.9

-HSBC Holdings PLC 6 11 1,742.2 0.02.6 ▲14 9.4 2

19 12.8 5

Credit Agricole CIB 16.8 8 ▲

▲

▼12.1 -1

▼10 2.6ING 7

Natixis 8 14 1,612.4

1,714.2

1,606.1

2.4 0.4

9

▲

-1.0 ▼2.4

18

25

17

Standard Chartered PLC 11 32 1,541.3 2.3

5

Societe Generale 10 1 1,566.4 2.4 11.4▼ -7

14 9.4 11

2.1 -0.8

1.4 ▲

-1.9

-▼ 0

-2

UniCredit 12 9 1,402.4

▲58 1,285.2Cassa Depositi e Prestiti 13 2 1.3

20 13.4

11 7.41.8 0.0

1.6 ▲

-

1.9

RBS 14 16 1,189.8

Barclays 15 52 1,114.2 1.2 ▲

▼▼ -5

1.7 10 6.7 6

KfW IPEX-Bank GmbH 16 12 1,101.3 12 8.11.7 -0.8

57 4.7

9 6.0 5

Standard Bank Group Ltd 17

1.3 0.4

1.0 ▲

▲

1.547 976.9

1.2

Deutsche Bank 18 31 836.4

Turkiye Vakiflar Bankasi TAO 19* - 810.0 2 1.3 2

773.1

▲

1.2 1.2

1.2 ▲

▲▲ 2 1.3

1.0 1.0

Turkiye Is Bankasi AS 19* - 810.0

-1.8

Rand Merchant Bank 24

Lloyds Bank 21 8

Investec 22 -

Commonwealth Bank of Australia 25 27 579.3

0.9

655.7

23 28 611.8Citi

4.7

-0.2

▲

▼0.9

- 609.4

60.1

Industry % Change over Same Period Last Year 21.6% ▲


Industry Total

39,852.8

0.9 -0.1

UniCredit

5

4.0

1

▼

▼1.2

▲

8

BNP Paribas SA

Cassa Depositi e Prestiti

KfW IPEX-Bank GmbH

Societe Generale

▼ -6

5

Centrobanca

▲17.6

6 3 ▲

4

▲70.9 7

Natixis

Banca IMI (Intesa Sanpaolo)

▲

▲

▼

▲

▲

▼

-16

▲3.4

4 -

6

5

Standard Chartered PLC

5

Mitsubishi UFJ Financial Group

BMPS

2

66,249.1

Industry % Change over Last Quarter -33.7% ▼ ▼-20.8%

100.0 149

1

8 5.4

ING 7 9

14 3

5.4

3 6

8

RBS 9 24

2Credit Agricole CIB

Mizuho Financial Group

28.0 3 3.8

Sh Ch. Sh %

▲

Sh %

Market

-1.31,798.2 6.5

1 - 7,700.0 28.0

2

Proceeds

▼

▲8.8

▼

▲

6 7.5 -7

▲

4.5 ▲

▲▼ 93.5 -0.3

10 12.5

1,376.6 1.35.0

11,249.0

17

1 1.34.5

2

11.3 1963.0

-3.2 ▼3.1856.0

7 8.8

5.0

▲

4

▲2.8778.6

720.6 -1.2 ▼2.6

0.1

3 ▲

4

▲8 10.0

▼

▲

5

-7

1

2.3

2.5 ▲

▲ 3 3.8

3 3.810 - 677.0

2.3

2.5

11 - 642.9

▲712.1 2.6 1.8

▲

Deutsche Bank 12 13 412.3 1.5 -0.6 ▼ 4 5.0 1

3

▲

-1 ▼

▲2 2.5 113 45 389.4 1.4 1.2

▼

▲

346.6 1.3

▲4 5.0 2

3.8-3.3 3

Sumitomo Mitsui Finl Grp Inc 15 19 1.2339.4

12 2.5

-0.1

49

11.0 ▲18 - 272.1 1.3

296.5 1.1

▼

▲2 2.5 2

▲0.9 ▲

17 - 278.5

1.0

0 -

1.0 1.0 ▲

Lloyds Bank 19 10* 249.1 2 2.50.9 -1.7 ▼

▼

▼▲

▼

16


Industry Total -14

Industry % Change over Same Period Last Year 25.2%

6





1,105.6 ▲-4.0-3.2

1Hong Kong

1/1/2012-09/30/2012

Hinduja National Power Corp Power1,205.6

Stella SICEEP Finance Pty Ltd

1,399.5China Energy Aspiration LNG

AustraliaSDP Finco Pty Ltd

Nghi Son RefineryTata Steel Odisha Ltd

NSW Ports Finance Co Pty Ltd5/31/2013

5/22/20131/29/20136/5/2013

3

India

India

PetrochemicalsPower

ONGC Petro-additions Ltd 2,785.9

1/28/2013 Macau

3/21/20139/5/2013

4/28/20133/25/2013

Japan

1,102.3

Domicile Nation Breakdown

Singapore1,933.32,081.2

Hong Kong

Australia Leisure & PropertyTransportation

Oil & Gas

Australia

1,501.4

DatePackage Amt

US$m

Leisure & PropertyWater & Sewerage

VietnamIndia

Nation

4,096.9 IndustryPetrochemicals5,000.06/4/2013


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

Borrower SectorClosing

1,669.4

Senoko Energy Pte Ltd

Studio City Co Ltd

DomicileProceeds No.

IssuesAsia-Pacific (ex. Japan) 43,504.5

Scorecard: Asia Pacific (inc. Australia & Japan)1/1/2013-09/30/2013

% Chge in Proceeds

Proceeds No.US$m Issues US$m

Australia 12,435.2 30 23,924.5

138 57,843.8 133

Southeast Asia 10,379.8 45

Australasia 12,452.9 31 24,306.2 2623

▼▼▼

-48.8-48.0

-24.8

Vietnam 5,250.0

-18.6 ▼

- - - -Singapore 2,291.2

17 -42.2

▼7,518.4

4,145.823

▼

-69.54North Asia 5,002.9 12 6,142.9

10

1,205.6Macau 1,399.5South Korea 2,397.8

16,320.0India 15,668.9

6550 16,193.5

Jan 1 - Sep 30Top Asia Pacific & Japan Project Finance Deals

2,792.5 22 2,327.6 11 20.0 ▲▼

1▼

100.0

11,074.7 19 ▼-6.3

1 - - - -

2

64South Asia 15,668.9 50

$20

1/1/2012-09/30/2012Mkt.

Borrower Industry

Sector Analysis

Proceeds

Leisure & Property 9.9 4.6

Petrochemicals30.5 52 Power 14,099.4

Industry 6,170.915.6 7,197.3

Oil & Gas2 5

10

1,402.3

13.3

100 5

US$m Sh %

9,679.614,518.2

160

Transportation 28.6

5 -23.12,113.5

4,579.1

1/1/2013-09/30/2013

20.9 6

Water & Sewerage 1,520.9 3.3 Industry Total 46,296.9 100.0 100.0

16,681.26,448.5

144 60,171.4

-0.816 ▼

1,756.8

17,198.5

2.9 27.7

0.413

6.4

12.5-13.0

▼

▲

▲

Sh % Deals# of

▼2.3

0.8

▲18.6

Deals US$mChg. in Proceeds# of

3 43

470.3

Mkt. ShMkt.

▲

25

8

Jan 1 - Sep 30

10.7

24.1

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

Pro

ceed

s (U

S$b

)

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

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Asia Pacific (inc. Australia & Japan) Project Finance

10

12

3 15

13

1.8


Korea Development Bank

9

State Bank of India

▲

▲ ▲▲

1.0

▼

1 5

-6

3

6

4

▲

10

33 ▲

1.1837.1

677 9KB Financial Group Inc

▲

NongHyup Financial Group Inc

ICICI Bank Ltd

15 0 8239 2 0 8 ▲2▲ 1 9 +2+1

▼114 -

+26.771.1

453.0 1.61.1

-2.1324.0

+11.01▲497.5 1.7 ▲1.8 +31.6

-3.8▼

2.0

1.7

0 -4 3.8

10 7 558.1 2.0 -1.2 4▲

1.9 ▲ 1.01

11 526.9 ▲32

+5+2023

579.4

▲

▲▲

0

▲3.3

741.9 2.6 2.5▲ 6 5.71.5▲ 21.9

▼3.8 +2

957.8

▼ 6 5.73.9 -7.243.518 996.2

+3-0.7 12▼

-82.2

6.7+5 ▲

▲Mizuho Financial Group 4 4 1,718.8 6.0 +411.4

13 2,445.5

10,999.5

▲5.1 ▲ 8 7.6

18

1,119.3National Australia BankKorea Development Bank

1,926.4

5 2

3 16

6

Mitsubishi UFJ Financial Group

11*

9 358 34

Sumitomo Mitsui Finl Grp Inc 7Kasikornbank PCLWoori Financial Group

12 -

2

13 6

▼

▲▲

Yes Bank Ltd

▲

▲

▲

IDBI Bank Ltd

Sumitomo Mitsui Trust Holdings65.0

2.5 1▲0 90.8 4Credit Agricole CIB 14 31 696.8

151.5

Industrial & Comm Bank China 13 812.432 8▲-1.1

8.8 28.1 1

7 4.4 -1▼-1,210.1 2.6-1,282.8

1.8Westpac Banking 11 12 0.0Oversea-Chinese Banking

2.8Commonwealth Bank of Australia 0.0 14

10.617

DBS Group Holdings 8 13 1,415.0ANZ Banking Group 11

1,775.643.3 18 11.30.6 ▲

5.693.1

-2.46.3

1,362.1 2.9 ▼0.6 ▲

9 310

5 7▲0.8

1,545.97

Mizuho Financial Group 4 43Axis Bank Ltd

3.8

4.92,244.5

National Australia Bank 6Sumitomo Mitsui Finl Grp Inc 2,149.4

8

Change in

0.30.1

4.6▲▲

24.01 1

# of Market

-2

Market

0.6 ▲11.7

Sh %22.90.8Axis Bank Ltd

-2▲▲

8.5 12.417.1

13▲ 22 ▼13.8

▼-3 ▼

Sh Ch.Sh %

▲

1# of Deals

38.4

Market# of# of Deals per Bookrunner

Sh % Sh Ch. Deals Proceeds

2

Bookrunner2012 Rank

2012 Rank


Jan 1 - Sep 30

Change in # of DealsMandated Arranger Proceeds

2013 Rank

MarketDeals

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

Jan 1 - Sep 30

Market

Asia Pacific & Japan- Bookrunners (X28)

Market


Asia Pacific & Japan- Mandated Arrangers (X30)

State Bank of India 11,092.5

2013 Rank Sh %

Mitsubishi UFJ Financial Group 2 2 2,909.25.366.3

2,445.5 0.811.9

13 8.119

▲11.3 0 -

18 ▲11.3 218

* Tie

160

64

▲Yes Bank Ltd 0.7 ▲1 Bank of America Merrill Lynch 18* -326.8

13 0.6334.3

3.15

▼

▲ 1.0 +1

37,361.4

174.9 0.6

IDFC Ltd

IDBI Bank Ltd

25

17


-0.6

Woori Financial Group

HSBC Holdings PLC

18

-2 ▼

22.0%

▼ 280.8

Industry % Change over Last Quarter -43.7%

Development Bank of Japan Inc

Industry Total

-23.1%

10.020

46,296.9Top Twenty Five Total

▼

19

Kasikornbank PCL


24 34

15

516 61 670.5

11.1%

1.5

-

0▼-15

331.5

▲

579.4 1.3 ▲

677.9

ANZ Banking Group-

NongHyup Financial Group Inc

Citi

Development Bank of Japan Inc

Deutsche Bank3.8

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

Industry Total

▼-43.2%▲

▲

-22.4%

16Top Twenty Five Total 25,777.7

▲24.1%

+2

1.9%

105

▲

28,681.034.089.7

100.0

0.6 0.3 1▲

▲1.0 +1 ▲1.0 +11.0 0 -▲Bank of China Ltd 18* 29

174.9 0.6174.9

Credit Agricole CIB 0.6 1▲0.6 0.6

18* -

-1.5

1▲18* -18* - 0.6

▲ 1+11.00.6

1.0 +11▲

▼1.0 +118* - 0.6

17 9▲

0.60.4

174.9 0.61.9 -12175.2

1▲▼

16 25 ▲15 - 0.8239.2

205.80.80.7 -

▲12

0▲

1.01.9 +2

1-▲

0

18*

2

0 174.9Industrial & Comm Bank China 174.9

0.6▼▼-2

-1 UBS

▲

▲▲- 0.6174.9

0.6

▲100.0

1.30.70.1 1.9

▲

4.4▼ 74

-1.5-0.2

2.5

16 409.4

4▼1.2 -1.0

3

558.1

0.9Malayan Banking Bhd 23453.0

▼

1.9▼

479.221 1.02114

1

0.1 42.5

ICICI Bank Ltd 22

2.5481.220Bank of China Ltd

-1.11.0

23 1.0

6▼612.7 1.3 -3.31.3

15.0 ▲0.9

▲1.4 24 2115

0.3 ▲ 1 1.0 +1 ▲Industrial Bank of Korea 25 - 88.9 0.3

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First Nine Months | 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 criteriaplease contact:

Europe

Americas

E-mail: [email protected]: +1 646-223-8424Stephen Case

Bookrunner league tables will give full credit to the bookrunner, equal if joint. In cases of consolidation, credit will be given to thesurviving/parent firmStephen Sotere Angelides

Database coverage includes all loan transactions that have reached General close between January 1, 2012 and September 30, 2013 ofwhich 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 amaturity 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 90days.

All league tables are based on deal proceeds unless otherwise specified.

Regional league tables are based on Domicile Nation.

Tel: +44 207 542 1991

Asia Pacific:

E-mail: [email protected] Mandated Arranger league tables will give equal credit to the Non-Americas mandated arranger and equal credit to the Americas Tier 1agent. In cases of consolidation, credit will be givien to the surviving/parent firm

-

-

JapanAi HashimotoTel: +813 6441 1155E-mail: [email protected]

Tel: +632 858 7221Carina Causon

E-mail: [email protected] 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 itsthird 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 thirdparty 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 anypurpose 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 orselling 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 therelevant third party.

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