COMMODITY RANKINGS 2015

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1 COMMODITY RISK MANAGEMENT & TRADING REPRINTED FROM risk.net February 2015 COMMODITY RANKINGS 2015 GDF Suez Trading #1 Natural gas dealer #2 Natural gas research #3 Power research #4 Power dealer

2 Best overall dealer 1 1 Societe Generale Bank of America Merrill Lynch Goldman Sachs BNP Paribas JP Morgan Citi GDF Suez Trading Barclays UBS Morgan Stanley 4.1 Best overall broker 1 1 Icap GFI Tullett Prebon Tradition Marex Spectron Newedge PVM BGC Partners Jefferies Bache Sunrise Brokers 2.1 Energy dealers 1 1 Societe Generale Bank of America Merrill Lynch BNP Paribas Goldman Sachs GDF Suez Trading EDF Trading Morgan Stanley Citi JP Morgan Axpo Trading 3.7 Energy brokers 1 1 Icap GFI Tullett Prebon Tradition Newedge PVM OTC Global Holdings Marex Spectron BGC Partners Starsupply Commodity Brokers 2.4 Oil and products dealers 1 7= Bank of America Merrill Lynch Goldman Sachs Societe Generale BNP Paribas Morgan Stanley = JP Morgan Citi BP Barclays Shell 3.3 Oil and products brokers 1 2 PVM Icap Tullett Prebon Tradition GFI Newedge BGC Partners Marex Spectron LCM Commodities Eagle Commodities 4.4 Natural gas dealers 1 1 GDF Suez Trading Societe Generale EDF Trading Goldman Sachs BNP Paribas Bank of America Merrill Lynch E.on Global Commodities Gazprom Marketing & Trading JP Morgan Mercuria 4.8 Natural gas brokers 1 1 Icap GFI Tullett Prebon Tradition Marex Spectron Reprinted from February 2015

3 Power dealers 1 3 Axpo Trading EDF Trading E.on Global Commodities GDF Suez Trading RWE Supply & Trading Societe Generale Goldman Sachs Vattenfall Bank of America Merrill Lynch Mercuria 3.9 Power brokers 1 1 Tullett Prebon Tradition Icap GFI Marex Spectron 8.8 Precious metals dealers 1 1 UBS HSBC Mitsui Global Precious Metals JP Morgan ScotiaMocatta Credit Suisse Societe Generale 5.7 8= 7 Barclays 5.3 8= 6 Deutsche Bank Standard Bank 4.6 Precious metals brokers 1 2 Icap = Tradition BGC Partners GFI = Tullett Prebon Newedge INTL FCStone Marex Spectron Jefferies Bache Amalgamated Metal Trading 4.3 Base metals dealers/brokers Dealer/broker % 1 1 Societe Generale JP Morgan Bank of America Merrill Lynch Macquarie BNP Paribas Citi Jefferies Bache 4.8 9= 7 Marex Spectron 3.9 9= 2 Barclays Goldman Sachs 3.8 Research 1 1 Societe Generale Bank of America Merrill Lynch Goldman Sachs BNP Paribas 6.1 5= 8 Macquarie 6.3 5= HSBC Barclays Citi Morgan Stanley UBS 5.2 na denotes a category that was not run in 2014 denotes where firms did not appear among the top institutions in 2014 risk.net 2

4 North American oil and products WTI dealers WTI brokers 1 5 Bank of America Merrill Lynch PVM 2 1 Goldman Sachs Eagle Commodities Brokers 3 2 JP Morgan Icap 4 Morgan Stanley Citi 8.5 Other North American crudes dealers Other North American crudes brokers 1 4= Bank of America Merrill Lynch 14.4 insufficient votes 2 1 Goldman Sachs BP = JP Morgan Citi 8.7 Refined products dealers Refined products brokers 1 2 Bank of America Merrill Lynch Tradition 2 Citi Icap 3 1 Goldman Sachs Marex Spectron 4 3 JP Morgan Societe Generale 10.1 European oil and products Brent dealers Brent brokers 1 1 Societe Generale PVM 2 2 BNP Paribas Icap 3 Bank of America Merrill Lynch Tullett Prebon 4 3 Goldman Sachs Morgan Stanley 8.6 Refined products dealers Refined products brokers 1 1 Societe Generale PVM 2 2 BNP Paribas Icap 3 5 Goldman Sachs Tullett Prebon 4 3 Morgan Stanley Bank of America Merrill Lynch Reprinted from February 2015

5 North American natural gas Henry Hub dealers Henry Hub brokers 1 1 Goldman Sachs Icap 2 Bank of America Merrill Lynch OTC Global Holdings 3 3 Societe Generale GFI 4 4 JP Morgan Citi 8.7 Eastern natural gas dealers Eastern natural gas brokers 1 Bank of America Merrill Lynch Icap 2 1 Goldman Sachs GFI 3 Macquarie OTC Global Holdings 4= Citi 8.9 4= 2 JP Morgan 8.9 Western natural gas dealers Western natural gas brokers 1 2 Goldman Sachs GFI 2 EDF Trading Icap 3 3 JP Morgan OTC Global Holdings 4 Societe Generale Bank of America Merrill Lynch 8.8 European natural gas NBP (UK) dealers NBP (UK) brokers 1 1 GDF Suez Trading GFI 2 5 Societe Generale Icap 3 BNP Paribas Tullett Prebon 4 4 Goldman Sachs EDF Trading 8.4 TTF (Netherlands) dealers TTF (Netherlands) brokers 1 2 GDF Suez Trading GFI 2 1 Societe Generale Icap 3 3 BNP Paribas Tullett Prebon 4 Mercuria EDF Trading 7.9 Zeebrugge (Belgium) dealers Zeebrugge (Belgium) brokers 1 1 GDF Suez Trading Tullett Prebon 2 3 EDF Trading GFI 3 Gazprom Marketing & Trading Tradition 4 2 Societe Generale E.on Global Commodities 8.1 risk.net 4

6 European natural gas continued Gaspool (Germany) dealers Gaspool (Germany) brokers 1 na E.on Global Commodities na GFI 2 Gazprom Marketing & Trading Icap 3 GDF Suez Trading Tradition 4 Societe Generale RWE Supply & Trading 8.8 NCG (Germany) dealers NCG (Germany) brokers 1 2 GDF Suez Trading Icap 2 1 E.on Global Commodities GFI 3 4 Societe Generale Tullett Prebon 4 3 RWE Supply & Trading EDF Trading 8.2 PEG N+S (France) dealers PEG N+S (France) brokers 1 1 GDF Suez Trading Icap 2 2 Societe Generale GFI 3 3 EDF Trading Marex Spectron 4 5 Gazprom Marketing & Trading BNP Paribas 7.6 PSV (Italy) dealers PSV (Italy) brokers 1 1 Axpo Trading Icap 2 Banca IMI Tradition 3 2 Eni GFI 4 3 GDF Suez Trading Gunvor 8.1 North American power US power dealers US power brokers 1 5 Bank of America Merrill Lynch GFI 2 BP Icap 3 4 Morgan Stanley OTC Global Holdings 4 1 Citi Exelon Reprinted from February 2015

7 European power Great Britain dealers Great Britain brokers 1 1 EDF Trading Tullett Prebon 2 4 E.on Global Commodities GFI 3 3 GDF Suez Trading Tradition 4 2 RWE Supply & Trading Axpo Trading 8.2 Germany dealers Germany brokers 1 1 E.on Global Commodities Tullett Prebon 2 2 RWE Supply & Trading Tradition 3 4 Axpo Trading Icap 4 3 EDF Trading Vattenfall 8.5 France dealers France brokers 1 1 EDF Trading GFI 2 2 GDF Suez Trading Tullett Prebon 3 3 Societe Generale Icap 4 Axpo Trading E.on Global Commodities 8.4 Italy dealers Italy brokers 1 1 Enel Trade Tullett Prebon 2 2 Axpo Trading GFI 3 3 Edison Tradition 4 Banca IMI EDF Trading 9.1 Nordic dealers Nordic brokers 1 1 Axpo Trading Icap 2 2 Vattenfall Tradition 3 RWE Supply & Trading Tullett Prebon 4 E.on Global Commodities = Statkraft 9.0 Netherlands dealers Netherlands brokers 1 5 Axpo Trading Icap 2 4 E.on Global Commodities Tullett Prebon 3 RWE Supply & Trading Tradition 4 2 EDF Trading Vattenfall 9.4 Belgium dealers Belgium brokers 1 2 GDF Suez Trading Tullett Prebon 2 4 E.on Global Commodities Tradition 3 Axpo Trading Icap 4 5 Societe Generale EDF Trading 9.6 risk.net 6

8 European power continued Spain dealers Spain brokers 1 1= Axpo Trading Tullett Prebon 2 1= Endesa Icap 3 5 E.on Global Commodities CIMD 4 3 Iberdrola Tradition 5 EDF Trading 8.1 Eastern Europe dealers Eastern Europe brokers 1 1 Axpo Trading Tradition 2 2 Gen-I GFI 3 3 ČEZ Icap 4 Alpiq RWE Supply & Trading 10.0 Coal Coal dealers Coal brokers 1 na BNP Paribas na GFI 2 Bank of America Merrill Lynch Icap 3 Societe Generale Marex Spectron 4 Goldman Sachs EDF Trading 8.5 Emissions Emissions dealers Emissions brokers 1 Vertis Icap 2 1 CF Partners Tullett Prebon 3 Redshaw Advisors Evolution Markets 4 BNP Paribas Societe Generale 8.7 Biofuels Biofuels dealers Biofuels brokers 1 1 Shell Starsupply Commodity Brokers 2 4 Cargill Icap 3 2 Archer Daniels Midland Greenea 4 3 Gunvor BP Reprinted from February 2015

9 Research Research in North American oil and products 1 Bank of America Merrill Lynch Societe Generale Goldman Sachs Citi Morgan Stanley 9.6 Research in European oil and products 1 1 Societe Generale Bank of America Merrill Lynch = Goldman Sachs = Barclays BNP Paribas 9.5 Research in biofuels 1 na Greenea Starsupply Commodity Brokers Societe Generale Bank of America Merrill Lynch Morgan Stanley 8.5 Research in North American natural gas 1 2 Societe Generale = Bank of America Merrill Lynch = 3 JP Morgan Goldman Sachs Citi 8.3 Research in European natural gas 1 1 Societe Generale GDF Suez Trading BNP Paribas Bank of America Merrill Lynch Goldman Sachs 9.1 Research in European power 1 2 Societe Generale Axpo Trading GDF Suez Trading BNP Paribas Deutsche Bank 8.6 Research in coal 1 1 Societe Generale Bank of America Merrill Lynch BNP Paribas Macquarie Goldman Sachs 8.3 Research in soft commodities 1 1 Macquarie Societe Generale Marex Spectron Jefferies Bache Archer Daniels Midland 8.4 Research in precious metals 1 1 UBS HSBC Mitsui Global Precious Metals Goldman Sachs Societe Generale 9.4 Research in base metals 1 1 Societe Generale Macquarie Bank of America Merrill Lynch Goldman Sachs JP Morgan 8.4 Research in North American power 1 Bank of America Merrill Lynch Goldman Sachs Societe Generale BP Barclays 8.6 risk.net 8

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