REUTERS / Mario Anzuoni GLOBAL PROJECT FINANCE REVIEW MANAGING UNDERWRITERS

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1 REUTERS / Mario Anzuoni GLOBAL PROJECT FINANCE REVIEW MANAGING UNDERWRITERS First Quarter 015

2 Global Project Finance 8% Up I Sector Grew 3.5% I EMEA Most Active Region First Quarter 015 MANAGING UNDERWRITERS Global Project Finance Review Global Deals Intelligence Global Project Finance in the first quarter of 015 totaled US$48.4 billion from 17 transactions, up 8% from the same period in 014. The sector amounted to US19 billion from 73 deals, an increase of 3.5% from the comparable period. Borealis Swedish Electricity s US$5. billion is the largest deal completed in the first quarter. Down 18.1% from the previous year, Americas Project Finance Loans reached US$1.4 billion from 46 deals. Despite dropping 8% from 014, United States was the most active nation with US$6.3 billion from 5 deals. The US$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 015, to post US$8.7 billion from 47 deals. Saudi Arabia as the most active nation to record US$7.7 billion worth of deals, up 300% from first quarter 014. The Rabigh Refinery Project s US$5. 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 015, down.8% from the comparable period in 014. Australia, the main driver of the region, signed US$3 billion worth of deals from 6 facilities. was the busiest sector, it accounted for US$.7 billion worth of loans from 1 deals. Project Finance Regional Breakdown Proceeds (US$b) ] $90 $80 $70 $60 $50 $40 $30 $0 $10 $ EMEA Americas AsiaPacific & Japan Global Mandated Arrangers (X) Global Bookrunners (X3) Proceeds per Mandated Arranger (US$m) # of Deals per Arranger Proceeds per Bookrunner (US$m) # of Deals per Bookrunner # of Change in # of Change in Mandated Arranger Rank Rank Proceeds Sh Ch. Deals # of Deals Bookrunner Rank Rank Proceeds Sh Ch. Deals # of Deals Mitsubishi UFJ Financial Group 1 3 3, Mitsubishi UFJ Financial Group 1, Sumitomo Mitsui Finl Grp Inc, Santander 38 1, Mizuho Financial Group , Natixis Credit Agricole CIB 4 7 1, Mizuho Financial Group State Bank of India 5 4 1, BNP Paribas SA Societe Generale , Credit Agricole CIB BNP Paribas SA 7 1 1, Societe Generale KfW IPEXBank GmbH 8 9 1, Korea Development Bank Natixis BBVA ING Sumitomo Mitsui Finl Grp Inc RBS Manulife Financial Corp Scotiabank State Bank of India Santander Deutsche Bank HSBC Holdings PLC Bank of America Merrill Lynch Deutsche Bank KfW IPEXBank GmbH UniCredit Nord/LB National Australia Bank Citi Bank of America Merrill Lynch Rabobank NV Korea Development Bank RBS RBC Capital s Goldman Sachs & Co BBVA IDBI Bank Ltd CIBC World s Inc Axis Bank Ltd Riyadh Bank Ltd Commerzbank AG SEB KeyBanc Capital s Inc Commonwealth Bank of Australia Top Twenty Four Total 14, Top Twenty Five Total 5, , , % Change over Same Period Last Year 8.0% 17.5% % Change over Same Period Last Year % Change over Last Quarter 37.3% 37.7% % Change over Last Quarter * Tie 1 6.5% 17.7% 57.7% 41.5%

3 First Quarter 014 Project Finance Managing Underwriters Global Project Finance Scorecard: Global Project Finance Sector Analysis 1/1/015 3/31/015 1/1/014 3/31/014 Proceeds Mkt. No. Proceeds Mkt. No. Chg. in Project Finance Sector US$m Issues US$m Issues Mkt. Sh 19, , , , , , , , , , , Mining , Telecommunications Waste & Recycling , , Top Global Project Finance Deals 1/1/015 3/31/015 1/1/014 3/31/014 Closing Borrower Package Amt Project Region Proceeds No. Proceeds No. % Chge in Date US$m Nation US$m Issues US$m Issues Proceeds 3/5/015 Borealis Swedish Electricity 5,197.1 Sweden Global 48, , /17/015 Rabigh Refinery Project 5,167.9 Saudi Arabia Americas Central America 1, , , /19/015 3/17/015 APRR Rabigh Refinery Project 3, ,900.0 France Saudi Arabia South America 3, , /7/015 XL Trains [Thameslink PPP] 1,809. United Kingdom North America 7, , /5/015 Innogy Nordsee 1 1,316.7 Germany Caribbean /4/015 SDP Finco Pty Ltd 1,93.9 Australia EMEA 8, , /17/015 Los Ramones North Pipeline 1,74.6 Mexico Africa/Middle East/Central Asia 9, , /6/015 Alpha Trains Emil Sarl 1,3.1 Luxembourg SubSaharan Africa Middle East 1, , , , /5/015 E.ON Regulated Energy Distn 1,06.9 Spain Central Asia Europe 18, , Global Project Finance By Sector (US$m) Eastern Europe 1,19. 3, Western Europe 17, , AsiaPacific & Japan 7, , ,357.9 Australasia 3, , ,180. 3% Southeast Asia , , % North Asia 1, % South Asia, , Japan , , % 19, % 7, % 10,764.0 % Sector Mining Telecommunications Waste & Recycling Note: 015 League Tables are based on fully syndicated project finance volume.

4 First Quarter 015 Project Finance Managing Underwriters Americas Project Finance Americas Project Finance Declined 18% I Los Ramones North Pipeline Largest Deal in the First Quarter Scorecard: Americas Project Finance Top Americas Deals 1/1/015 3/31/015 1/1/014 3/31/014 Close Borrower Package Amt Project Proceeds No. Proceeds No. % Chge in Date US$(m) Nation US$m Issues US$m Issues Proceeds 3/17/015 Los Ramones North Pipeline 1,74.6 Mexico Americas 1, , /14/015 SPSL Brazil North America 7, , /4/015 Raizen Cayman Ltd Brazil United States of America 6, , /9/015 Footprint Salem Harbor United States Canada 1, , /16/015 West Deptford Energy Station United States South America 3, , /8/015 TerraForm Inc United States Brazil, , /5/015 Creek Hydro Canada Uruguay /31/015 Kay Wind LLC United States Peru , /10/015 Itau Unibanco Holding SA Brazil Chile /6/015 Panda Temple I LLC United States Central America 1, Mexico 1, Panama Caribbean 87.7 Americas Project Finance Volume Jamaica Trinidad and Tobago $40 80 Sector Sector Analysis 1/1/015 3/31/015 1/1/014 3/31/014 Proceeds Mkt. No. Proceeds Mkt. No. Chg. in Borrower US$m Issues US$m Issues Mkt. Sh 7, , , , , Telecommunications Mining , , , Americas Project Finance By Sector (US$m) Proceeds (US$b) $35 $30 $5 $0 $ # of Issues %, % % 6% 7, % Telecommunications Mining $10 $5 $0 1Q10 Q 3Q 4Q 1Q11 Q 3Q 4Q 1Q1 Q 3Q 4Q 1Q13 Q 3Q 4Q 1Q14 Q 3Q 4Q 1Q

5 First Quarter 015 Project Finance Managing Underwriters Americas Project Finance Americas Mandated Arrangers (X4) Americas Bookrunners (X5) Proceeds per Mandated Arranger (US$m) # of Deals per Arranger Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Mandated Arranger 015 Rank 014 Rank Proceeds Sh Ch. # of Deals Change in # of Deals Bookrunner 015 Rank 014 Rank Proceeds Sh Ch. # of Deals Change in # of Deals Mitsubishi UFJ Financial Group Mitsubishi UFJ Financial Group 1 1, Mizuho Financial Group Santander Sumitomo Mitsui Finl Grp Inc Mizuho Financial Group Natixis Manulife Financial Corp Manulife Financial Corp 5 50* Natixis Citi Bank of America Merrill Lynch Bank of America Merrill Lynch BNP Paribas SA Santander Credit Agricole CIB BBVA Citi Credit Agricole CIB Rabobank NV Rabobank NV Sumitomo Mitsui Finl Grp Inc Caixa Economica Federal 1* Goldman Sachs & Co Itau Unibanco 1* 17* KeyBanc Capital s Inc Banco BTG Pactual SA 1* Scotiabank 14* Societe Generale ING 14* KeyBanc Capital s Inc Societe Generale Goldman Sachs & Co Deutsche Bank BNP Paribas SA Credit Suisse 18* ING Macquarie Group 18* CoBank ACB SunTrust Banks Deutsche Bank General Electric Co Credit Suisse Bayerische Landesbank Giro SunTrust Banks BMO Capital s General Electric Co Morgan Stanley Bayerische Landesbank Giro CoBank ACB Top Twenty Five Total 8, Top Twenty Five Total 9, , Bookrunner Total 9, % Change over Same Period Last Year 18.1% 6.1% % Change over Same Period Last Year % Change over Last Quarter 3.3% 9.% % Change over Last Quarter 5.4% 14.9% 45.9% 5.5% * Tie 4

6 EMEA Doubles at US$8.5 billion I Saudi Arabia up 300% First Quarter 015 Project Finance Managing Underwriters Europe, Middle East & Africa Project Finance Scorecard: EMEA Project Finance 1/1/015 3/31/015 1/1/014 3/31/014 Proceeds No. Proceeds No. % Chge in US$m Issues US$m Issues Proceeds EMEA 8, , Western Europe 17, , Sweden 4, , France 3, United Kingdom 3, , Germany 1, Spain 1, , Luxembourg 1,3.1 1 Italy Republic of Ireland Belgium Finland Netherlands Austria Eastern Europe 1,19. 3, Turkey ,938.3 Georgia Africa/Middle East/Central Asia 9, , Saudi Arabia 7, ,303.4 Ghana , Nigeria Kazakhstan Oman Jordan Burkina Faso Zimbabwe Sector Analysis 1/1/015 3/31/015 1/1/014 3/31/014 Proceeds Mkt. # of Proceeds Mkt. # of Chg. in Borrower US$m Deals US$m Deals Mkt. Sh 9, , , , , , , , Mining , Waste & Recycling , , Top EMEA Deals Close Borrower Date 3/5/015 Borealis Swedish Electricity 3/17/015 Rabigh Refinery Project /19/015 APRR 3/17/015 Rabigh Refinery Project /7/015 XL Trains [Thameslink PPP] 3/5/015 Innogy Nordsee 1 3/6/015 Alpha Trains Emil Sarl 3/5/015 E.ON Regulated Energy Distn 3/7/015 Bilkent Hospital PPP 3/30/015 Yinson Offshore Cape Three EMEA Project Finance by Sector Proceeds (US$b) $10 $9 $8 $7 $6 $5 $4 $3 $ $1 $0 Package Amt US$m 5, , , , ,809. 1, ,3.1 1, Leisure & Property Project Nation Sweden Saudi Arabia France Saudi Arabia United Kingdom Germany Luxembourg Spain Turkey Ghana Sector January 1, 015 March 31, 015 January 1, 104 March 31, 014 Water & Sewerage Mining 5

7 First Quarter 015 Project Finance Managing Underwriters Europe, Middle East & Africa Project Finance EMEA Mandated Arrangers (X15) EMEA Bookrunners (X16) Proceeds per Mandated Arranger (US$m) # of Deals per Arranger Proceeds per Bookrunner (US$m) # of Deals per Bookrunner # of Change in # of Change in Mandated Arranger Rank Rank Proceeds Sh Ch. Deals # of Deals Bookrunner Rank Rank Proceeds Sh Ch. Deals # of Deals Mitsubishi UFJ Financial Group , Societe Generale Sumitomo Mitsui Finl Grp Inc 4 1, BBVA * 1* Credit Agricole CIB 3 3 1, Mitsubishi UFJ Financial Group * Societe Generale BNP Paribas SA * KfW IPEXBank GmbH Natixis * BNP Paribas SA Santander * Mizuho Financial Group Credit Agricole CIB * UniCredit KfW IPEXBank GmbH RBS RBS 9 1* Riyadh Bank Ltd Commerzbank AG ING 11* UniCredit SEB 11* Nord/LB Scotiabank 13 7* Deutsche Bank Saudi British Bank Saudi British Bank Deutsche Bank Bank Muscat SAOG Natixisis HSH Nordbank Credit Mutuel SA Banca IMI (Intesa Sanpaolo) HSBC Holdings PLC Standard Bank Group Ltd Commerzbank AG Unione di Banche Italiane Scpa Banque Saudi Fransi Triodos Bank NV Santander BMPS Banca IMI (Intesa Sanpaolo) Top Twenty One Total 5, Banco de Sabadell 3 54* , BBVA Top Twenty Four Total 15, % Change over Same Period Last Year 5.6% 3.5% 8, % Change over Last Quarter 11.8% 54.4% % Change over Same Period Last Year 4.8% 17.5% % Change over Last Quarter 7.4% 44.7% * Tie * Tie 6

8 First Quarter 015 Project Finance Managing Underwriters Asia Pacific (inc. Australia & Japan) Project Finance Asia Pacific & Japan Down 3% I Sector at US$.7 billion I Australia Busiest Scorecard: Asia Pacific (inc. Australia & Japan) 1/1/0153/31/015 1/1/0143/31/014 Proceeds No. Proceeds No. % Chge in US$m Issues US$m Issues Proceeds AsiaPacific & Japan 7, , Australasia 3, , Australia 3, , Southeast Asia , Laos North Asia 1, South Korea China South Asia, , India, , Japan , Sector Analysis 1/1/0153/31/015 1/1/0143/31/014 Proceeds Mkt. # of Proceeds Mkt. # of Chg. in Borrower US$m Deals US$m Deals Mkt. Sh, , , , , , , Top Asia Pacific & Japan Project Finance Deals Closing Date 3/4/015 /5/015 3/30/015 3/10/015 3/1/015 3/13/015 1/1/015 3/16/015 3/16/015 /6/015 Borrower SDP Finco Pty Ltd ConnectEast Finance Pty Ltd Bharat Oman Refineries Ltd Hills Motorway Management Ltd CLP Guangxi Fangchenggang Chungjin Project Co Ltd DA Tollroads Pvt Ltd Pacifico Energy Hosoe GK Yedeshi Aurangabad Tollway Nandi Economic Corridor Project Nation Breakdown Proceeds (US$b) $4 $3 $ Package Amt Project US$m Nation 1,93.9 Australia Australia 75.4 India 575. Australia China South Korea 93.6 India 89.1 Japan 79.7 India 66.3 India January 1, 015 March 31, 015 January 1, 014 March 31, 014 Sector $1 $0 7

9 First Quarter 015 Project Finance Managing Underwriters Asia Pacific (inc. Australia & Japan) Project Finance Asia Pacific & Japan Mandated Arrangers (X30) Asia Pacific & Japan Bookrunners (X8) Proceeds per Mandated Arranger (US$m) # of Deals per Arranger Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Mandated Arranger 015 Rank 014 Rank Proceeds Sh Ch. # of Deals Change in # of Deals Bookrunner 015 Rank 014 Rank Proceeds Sh Ch. # of Deals Change in # of Deals State Bank of India 1 1 1, Korea Development Bank Mitsubishi UFJ Financial Group State Bank of India Korea Development Bank Mitsubishi UFJ Financial Group Commonwealth Bank of Australia Mizuho Financial Group Sumitomo Mitsui Finl Grp Inc IDBI Bank Ltd National Australia Bank 6* Axis Bank Ltd Westpac Banking 6* Sumitomo Mitsui Finl Grp Inc IDBI Bank Ltd HDFC Bank Ltd Axis Bank Ltd IDFC Ltd Mizuho Financial Group Development Bank of Japan Inc CIBC World s Inc 11 0* Deutsche Bank RBC Capital s Commonwealth Bank of Australia Industrial & Comm Bank China 13* Resona Holdings Inc Agricultural Bank of China 13* ICICI Bank Ltd Bank of China Ltd 13* 33* Bank of India ANZ Banking Group 16* Bank of Kyoto Ltd 16* HSBC Holdings PLC 16* Senshu Ikeda Holdings Inc 16* HDFC Bank Ltd Top Sixteen Total 3, IDFC Ltd , Credit Agricole CIB Development Bank of Japan Inc % Change over Same Period Last Year 3.0% 15.6% Deutsche Bank % Change over Last Quarter 69.0% 18.% Resona Holdings Inc Scotiabank 4* * Tie Citi 4* 3* Top Twenty Four Total 7, , Asia Pacific & Japan Project Finance By Sector (US$m) % Change over Same Period Last Year % Change over Last Quarter.8% 63.8% 9.% 9.% % % % % % % 8

10 First Quarter 015 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: Database coverage includes all loan transactions that have reached General close between January 1, 015 and March 31, 015 of which Thomson Reuters has been made aware. All current data and previous year's data is as of :00pm EDT on April 1, 015. League tables include limited recourse project finance, nonrecourse project finance, and project finance loans and exclude loans with a maturity of less than 90 days from financial close. Selfarranged, commercial and unknown loans are excluded from league tables as well as loans with a maturity of less than 90 days. Americas Salvatore Reres Tel: salvatore.reres@thomsonreuters.com Europe Ewelina Jarecka Tel: ewelina.jarecka@thomsonreuters.com Asia Pacific: Carina Causon Tel: carina.causon@thomsonreuters.com All league tables are based on deal proceeds unless otherwise specified. Regional league tables are based on Project 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 NonAmericas mandated arranger and equal credit to the Americas Tier 1 agent. In cases of consolidation, credit will be givien to the surviving/parent firm NonUS 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 Megumi Kono Tel: megumi.kono@thomsonreuters.com 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. 015 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. 9

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