REUTERS / Neil Hall

GLOBAL SYNDICATED LOANS REVIEW MANAGING UNDERWRITERS F ll Year Full Y 2015

Full Year 2015 MANAGING UNDERWRITERS

SYNDICATED LOANS REVIEW Table of Contents Global Syndicated Loans Global Deals Intelligence

1

EMEA Mandated Lead Arrangers (R19)

7

Leading Underwriters for 2015

1

European Leveraged Loans (P10)

8

Global Loans - Bookrunners (R1)

1

EMEA Sponsored Loans (P13)

8

Global Debt & Syndicated Loans (DL1)

2

Global Loans - Mandated Arrangers (R3)

2

Top 10 Global Syndicated Loans

2

Global Scorecard

2

Global Loans Rankings - Last Ten Years

3

Americas Syndicated Loans

Asia Pacific (Excl. Japan) Syndicated Loans Asia & Australia Deals Intelligence

9

Top Asia Syndicated Loans

9

Asia Loans - Asian Currency (S3i)

9

Asia Loans - Bookrunners (S5c)

9

Asia Loans - Mandated Arrangers (S5b)

9

Americas Deals Intelligence

4

Australia Loans - Bookrunners (S7)

10

Top Americas Syndicated Loans

4

Top Australia Syndicated Loans

10

Americas Loans - Bookrunners (R7)

4

Australia Loans - Mandated Arrangers (S6a)

10

Americas Loans - Mandated Arrangers (R8c)

5

US Loans - Bookrunners (R11)

5

North America Loans - Bookrunners (R9)

5

US Leveraged Loans - Bookrunners (R11a)

5

US Investment Grade Loans - Bookrunners (R11b)

6

Latin America Loans - Mandated Lead Arrangers (R16)

6

Japan Syndicated Loans Japan Deals Intelligence

11

Top Japan Syndicated Loans

11

Japan Loans - Bookrunners (S12b)

11

Japan Loans - Mandated Arrangers (S12a)

12

Ranking Criteria Summary EMEA Syndicated Loans EMEA Deals Intelligence

7

Top EMEA Syndicated Loans

7

EMEA Bookrunners (R17)

7

Syndicated Loans Criteria Summary

13

Regional Contacts

13

Thomson Reuters Solutions for the Deal Making Community

14

Full Year 2015 MANAGING UNDERWRITERS

SYNDICATED LOANS REVIEW Global Syndicated Lending Totals US$4.7 trillion, down 3% from 2014 I US Loans Account for 49% l Europe Lending Down 7% I Bank of America Merrill Lynch Tops Rankings Global Syndicated Loans Volume $6.0

Proceeds (US$t)

LARGEST ALL-TIME SYNDICATED LOAN TOPS ANNUAL LIST OF FINANCINGS Anheuser-Busch InBev secured a record-breaking US$75.0 billion financing package to fund its US$120.7 billion acquisition of SAB Miller topping the list of all-time syndicated loans. Other notable acquisition-related loans include a $31.5 billion loan for Teva Pharmaceuticals and a $30.5 billion facility from Charter Communications to fund its US$78.4 billion acquisition of Time Warner Cable. US LENDING ACCOUNTS FOR 49% OF ACTIVITY Loans to borrowers in the Americas accounted for 56% of global loan volume during 2015, falling 2% compared to last year. Within the Americas, loans by U.S. borrowers totaled US$2.2 trillion, down 2% compared to the same period last year and representing 49% of global volume. Europe accounted for 24% of global volumes as lending decreased by 7% compared to full year 2014. Asia Pacific fundraising saw a yearover-year decrease of 14%, while Japanese lending registered a uptick of 2% compared to 2014. ENERGY & POWER, FINANCIALS & INDUSTRIALS LEAD LENDING Borrowing in the Energy & Power sector totaled US$844.2 billion during full year 2015, accounting for 18% of global loan activity, down 5% compared to lending in the sector during 2014. Telecom and Financials lending saw the strongest year-over-year percentage gains this year, up 10% and 5%, respectively. Energy & Power, Financials and Industrials together accounted for 46% of syndicated loan volume during full year 2015, on par with year ago levels.

Q2 Volume (US$t)

Q1 Volume (US$t)

# of Deals

10,000

$4.0

8,000

$3.0

6,000

$2.0

4,000

$1.0

2,000

0 2012

2013

2014

2015

Global Loans - Bookrunners (R1)

Bookrunner Bank of America Merrill Lynch JP Morgan Citi Wells Fargo & Co Mitsubishi UFJ Financial Group Mizuho Financial Group Barclays Deutsche Bank BNP Paribas SA HSBC Holdings PLC Sumitomo Mitsui Finl Grp Inc RBC Capital Markets Credit Suisse Morgan Stanley Goldman Sachs & Co Bank of China Ltd Credit Agricole CIB US Bancorp Industrial & Comm Bank China TD Securities Inc Scotiabank Societe Generale BMO Capital Markets ING UBS Top Twenty Five Total Bookrunner Total

Leading Underwriters During the Fourth Quarter 2015 Current Qtr Market Share Mkt. Share Chg. (%) from Last Qtr (%) ▲ 8.5 0.1 ▲ 0.5 12.1 0.3 12.1 ▲ 0.0 12.9 13.6 2.3 ▲ 15.5 ▼ -1.4 13.3 ▲ 12.1 ▼ -4.0 7.8 2.0 ▲ 8.6 9.0 3.4 ▲ 13.0 ▲ 5.8 8.8 16.5 ▲ 32.8 6.6 ▲ 31.3 -3.2 ▼ 31.9 ▲ 10.4

1

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2015 2014 Rank Rank Proceeds Share% Share Ch. 1 2 336,578.7 8.3 -0.6 ▼ 2 1 309,130.3 7.6 -2.1 ▼ 3 3 248,526.1 6.1 0.2 ▲ 4 4 193,962.5 4.8 -0.7 ▼ 5 5 176,273.1 4.4 0.6 ▲ 6 8 141,553.8 3.5 0.5 ▲ 7 7 141,127.9 3.5 0.3 ▲ 8 6 117,438.8 2.9 -0.8 ▼ 2.8 -0.1 ▼ 9 9 113,171.1 10 12 109,896.0 2.7 0.5 ▲ 11 15 91,192.4 2.3 0.5 ▲ 12 10 90,354.7 2.2 -0.1 ▼ 13 11 79,738.2 2.0 -0.3 ▼ 16 76,378.9 1.9 0.3 ▲ 14 15 14 70,716.8 1.7 -0.2 ▼ 16 27 60,124.3 1.5 0.5 ▲ 17 17 53,063.3 1.3 -0.2 ▼ 1.3 0.2 ▲ 18 21 52,735.1 19 26 52,640.3 1.3 0.3 ▲ 20 24 49,182.0 1.2 0.2 ▲ 21 48,756.0 18 1.2 0.0 22 19 45,840.4 -0.1 ▼ 1.1 1.1 44,753.4 23 20 -0.1 ▼ 44,496.8 0.0 24 22 1.1 25 34 43,176.2 1.1 0.4 ▲ 2,790,807.1 68.9 -0.8 ▼ 4,053,199.4 100.0

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

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12,000

$5.0

2011

SYNDICATED LENDING FEES DOWN 11% According to Thomson Reuters/Freeman Consulting, bookrunning fees from global syndicated loans totaled US$16.5 billion during full year 2015, a decrease of 11% from last year. Fees from leveraged lending decreased 22% compared to a year ago and accounted for 62% of all lending fees during full year 2015.

No. 1 Manager Bank of America Merrill Lynch Bank of America Merrill Lynch Bank of America Merrill Lynch Bank of America Merrill Lynch Bank of America Merrill Lynch Bank of America Merrill Lynch Bank of America Merrill Lynch BBVA BNP Paribas SA Credit Agricole CIB Industrial & Comm Bank China Industrial & Comm Bank China Sumitomo Mitsui Finl Grp Inc Mizuho Financial Group Westpac Banking

Q3 Volume (US$t)

$0 0 $0.0

BANK OF AMERICA MERRILL LYNCH TOPS BOOKRUNNER RANKINGS Bank of America Merrill Lynch secured the top ranking for global bookrunners, by proceeds, with US$336.6 billion from 1,226 transactions during full year 2015, a decrease of 0.6 market share points compared to full year 2014. JP Morgan fell to second place, with US$309.1 billion or 7.6% of overall loan proceeds during full year 2015, a loss of 2.1 market share points from a year ago.

Market Sector Global Loans (R1) Americas Loans (R7) North American Loans (R9) US Loans (R11) US Leveraged Loans (R11a) US Investment Grade Loans (R11b) Latin America Loans (R15) Latin America Loans (R16) EMEA Loans (R17) EMEA Leveraged Loans (P10) Asia-Pacific ex. Japan ex. Australia (S5b) Asia-Pacific ex. Japan ex. Australia (S5c) Japan Loans (S12a) Japan Loans (S12b) Australian Loans (S7)

Q4 Volume (US$t)

# of Issues

Global Deals Intelligence GLOBAL SYNDICATED LENDING FALLS 3% FROM 2014 Global syndicated lending reached US$4.7 trillion during full year 2015, a 3% decrease compared to a year ago and the slowest annual period for lending since 2013. Lending activity during the fourth quarter quarter saw an 11% increase from the third quarter of this year. By number of closed loan transactions, volume decreased 3% compared to a year ago.

-1.7% ▼ 8.6% ▲

# of Deals per Bookrunner # of Market Change in Deals Share% # of Deals 1,226 13.7 -171 ▼ 1,000 11.1 -301 ▼ 608 6.8 -69 ▼ 905 10.1 -121 ▼ 1,017 11.3 -4 ▼ 721 8.0 49 ▲ 422 4.7 -41 ▼ 399 4.4 -115 ▼ 467 5.2 -11 ▼ 426 4.7 -21 ▼ 728 8.1 11 ▲ 340 3.8 -45 ▼ 247 2.8 -126 ▼ 196 2.2 -45 ▼ 247 2.8 -45 ▼ 30 ▲ 200 2.2 283 3.2 -11 ▼ 345 3.8 38 ▲ 2.5 -76 ▼ 221 2.0 21 ▲ 180 202 2.3 30 ▲ 213 2.4 -9 ▼ 265 3.0 -24 ▼ 233 -4 2.6 ▼ 81 0.9 -65 ▼ 8,970

-366

-3.9% ▼ -20.0% ▼

Imputed Fees (US$m) Manager Market Market Fees Share % Share Ch. 1,248.4 7.6 -0.4 ▼ 938.5 5.7 -1.5 ▼ 710.3 4.3 0.2 ▲ 609.7 3.7 -0.9 ▼ 497.9 3.0 0.7 ▲ 344.0 2.1 0.3 ▲ 636.7 3.9 0.1 ▲ 734.8 4.5 -0.4 ▼ 2.5 408.8 0.1 ▲ 367.6 2.2 0.0 284.6 1.7 0.2 ▲ 438.9 2.7 0.4 ▲ 601.8 3.7 -0.5 ▼ -0.1 ▼ 371.0 2.3 498.8 3.0 -0.2 ▼ 157.9 1.0 0.6 ▲ 239.4 1.5 0.0 184.1 1.1 0.1 ▲ 0.6 0.1 ▲ 97.3 143.7 0.9 0.3 ▲ 163.3 1.0 0.2 ▲ 186.2 1.1 0.1 ▲ 201.6 1.2 -0.1 ▼ 211.5 1.3 0.0 215.9 1.3 -0.2 ▼ 63.9 -0.9 ▼ 10,492.7 16,473.1 100.0 -10.8% ▼ -17.5% ▼

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Full Year 2015 | Syndicated Loans | Managing Underwriters

Global Global Debt & Syndicated Loans (DL1)

Mandated Arrangers JP Morgan Bank of America Merrill Lynch Citi Barclays Deutsche Bank Wells Fargo & Co HSBC Holdings PLC Morgan Stanley Goldman Sachs & Co Credit Suisse Top Ten Total Industry Total

Jan 1 - Dec 31

Proceeds per Mandated Arranger US$m) Market Market 2015 2014 Rank Rank Proceeds Share% Share Ch. 1 1 704,148.6 7.5 0.6 ▲ 2 2 676,004.5 7.2 -0.4 ▼ 3 3 591,726.5 6.3 -0.3 ▼ 4 4 489,504.8 5.2 -0.5 ▼ 5 5 405,317.5 4.3 0.8 ▲ 6 6 387,128.6 4.1 -0.4 ▼ 7 7 359,042.5 3.8 -0.2 ▼ 8 8 333,686.2 3.6 -0.2 ▼ 9 9 324,449.9 3.5 0.0 10 10 283,611.1 3.0 0.3 ▲ 4,554,620.2 -0.3 ▼ 48.5 9,352,567.7 100.0

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

-8.7% ▼ -2.9% ▼

# of Deals per MA # of Market Change in Deals Share% # of Deals 2430 10.3 -503 ▼ 2493 10.6 -176 ▼ 1907 8.1 -175 ▼ 1638 7.0 -92 ▼ 1612 6.8 -418 ▼ 1914 8.1 95 ▲ 1581 6.7 -264 ▼ 1392 5.9 -143 ▼ 1070 4.5 -112 ▼ 1046 4.4 -269 ▼ 23,534

-2816

-10.7% ▼ -21.7% ▼

Global Loans - Mandated Arrangers (R3)

Mandated Arrangers Bank of America Merrill Lynch JP Morgan g Citi Mitsubishi UFJ Financial Group Wells Fargo & Co Mizuho Financial Group Barclays HSBC Holdings PLC Deutsche Bank Sumitomo Mitsui Finl Grp Inc BNP Paribas SA RBC Capital Markets Credit Suisse Goldman Sachs & Co Bank of China Ltd Morgan Stanley Credit Agricole CIB Scotiabank US Bancorp Societe Generale ING Industrial & Comm Bank China BMO Capital Markets TD Securities Inc RBS Top Twenty Five Total Industry Total

Imputed Fees (US$m) Manager Market Market Fees Share % Share Ch. 2,673.3 7.3 0.2 ▲ 2,763.0 7.6 -0.4 ▼ 5.8 -0.5 ▼ 2,134.5 1,701.0 4.7 -0.5 ▼ 1,814.3 5.0 0.4 ▲ 4.1 1,501.1 -0.2 ▼ 1,041.3 2.9 0.0 4.3 0.0 1,587.6 -0.2 ▼ 1,642.3 4.5 0.4 ▲ 1,510.9 4.1 18,369.3 50.3 -0.8 ▼ 36,589.3 100.0

1/1/2015 - 12/31/2015 Region/Nation Proceeds (US$m) # of Issues 4,662,461.3 Global 10,561 4,826 Americas 2,622,320.6 North America 4,666 2,559,991.8 United States of America 2,342,447.1 4,155 Canada 513 217,544.7 24,103.1 44 Central America 23,034.0 Mexico 39 101 South America 31,158.9 56 Brazil 18,305.2 10 Colombia 6,091.3 1,849 1,093,671.6 Europe 1,692 Western Europe 1,022,658.3 405 281,592.6 United Kingdom 260 139,875.0 Germany 218 134,330.3 France 252 Spain 77,202.7 140 74,214.2 Italy Netherlands 72,517.0 95 69,245.6 45 Belgium 38 61,117.9 Switzerland Sweden 22,669.6 36 Norway 21,202.8 67 Luxembourg 28 17,762.4 Eastern Europe p 158 71,013.2 Turkey 39,582.2 57 16 Poland 8,885.2 18 Russian Federation 7,630.2 13 Czech Republic 5,536.9 166,011.0 Africa/Middle East/Central Asia 229 115 Middle East 114,583.0 35,810.9 Israel 8 United Arab Emirates 58 27,331.1 Sub-Saharan Africa 40,928.7 91 41 18,781.1 South Africa 8,203.7 12 Nigeria 6 Ghana 3,265.1 7,870.4 15 Central Asia Asia-Pacific (ex Central Asia) 554,650.0 1,653 329,338.8 North Asia 975 482 155,146.5 China Hong Kong 95,985.9 202 211 Taiwan 46,333.5 South Korea 22,629.0 78 South Asia 219 54,631.1 India 211 52,916.3 Southeast Asia 77,999.3 218 94 Singapore 39,000.3 Malaysia 36 14,090.8 36 Indonesia 9,688.8 Philippines 8,117.5 20 Thailand 4,308.5 12 92,680.8 Australasia 241 Australia 79,873.6 186 New Zealand 12,507.3 54 2,054 Japan 225,808.2

-13.9% ▼ -14.3% ▼

Jan 1 - Dec 31

Proceeds per Mandated Arranger US$m) Market Market 2015 2014 Rank Rank Proceeds Share% Share Ch. 1 2 300,828.3 6.5 -0.2 ▼ 2 1 259,262.3 5.6 -1.2 ▼ 3 3 4.9 229,098.4 0.2 ▲ 4 4 201,806.2 4.3 0.1 ▲ 5 5 3.8 -0.3 ▼ 176,094.9 6 10 159,187.3 3.4 0.7 ▲ 7 6 140,239.9 3.0 -0.4 ▼ -0.2 ▼ 8 7 139,756.6 3.0 123,320.4 9 8 2.6 -0.6 ▼ 12 123,102.3 2.6 0.2 ▲ 10 9 117,351.4 2.5 -0.3 ▼ 11 12 13 95,114.9 2.0 -0.1 ▼ 13 14 85,887.3 1.8 -0.2 ▼ 14 16 72,320.5 1.6 0.0 15 1.5 23 71,270.9 0.4 ▲ 1.4 16 17 65,580.7 -0.2 ▼ 17 15 1.4 -0.3 ▼ 65,177.0 18 1.4 22 0.2 ▲ 64,432.9 19 19 63,159.7 1.4 0.1 ▲ 20 1.3 0.0 20 62,329.8 18 61,613.5 1.3 -0.1 ▼ 21 24 1.3 0.2 ▲ 22 60,568.5 23 21 55,261.1 1.2 0.0 25 1.2 0.2 ▲ 24 54,517.9 25 11 53,028.0 1.1 -1.4 ▼ 2,900,310.7 62.1 -3.2 ▼ 4,662,461.3 100.0

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

Scorecard: Global Syndicated Loans

-3.1% ▼ 10.6% ▲

# of Deals per MA mputed Bookrunning Fees (US$m # of Market Change in Manager Market Market Deals Share% # of Deals Fees Share % Share Ch. 1497 14.2 -210 ▼ 1,277.2 6.7 6.7 ▲ 1224 11.6 -326 ▼ 984.6 5.2 -1.5 ▼ 859 745.9 8.1 -80 ▼ 3.9 0.2 ▲ 3.1 1500 14.2 -34 ▼ 588.6 0.7 ▲ 1119 10.6 -186 ▼ 616.1 -0.9 ▼ 3.3 1016 9.6 73 ▲ 383.2 2.0 0.3 ▲ 689 6.5 -124 ▼ 3.7 0.1 ▲ 695.1 974 9.2 -127 ▼ 495.5 2.6 0.0 747.1 -0.4 ▼ 607 5.7 -134 ▼ 3.9 1091 10.3 22 ▲ 357.8 1.9 0.2 ▲ 836 7.9 -58 ▼ 495.7 0.1 ▲ 2.6 2.5 0.4 ▲ 493 4.7 -74 ▼ 467.2 343 3.2 -128 ▼ -0.5 ▼ 611.8 3.2 331 3.1 -54 ▼ 522.0 2.8 -0.2 ▼ 3.6 82 ▲ 183.4 0.6 ▲ 384 1.0 387.9 266 2.5 -60 ▼ 2.1 -0.1 ▼ 523 5.0 -51 ▼ 312.7 1.7 0.0 3.3 183.4 353 34 ▲ 1.0 0.2 ▲ 546 5.2 -3 ▼ 183.8 1.0 0.1 ▲ 479 4.5 -22 ▼ 1.3 0.1 ▲ 247.1 543 5.1 -24 ▼ 290.0 1.5 0.0 346 3.3 -161 ▼ 118.5 0.6 0.1 ▲ 414 3.9 -46 ▼ 202.4 1.1 -0.1 ▼ 313 3.0 39 ▲ 143.4 0.8 0.3 ▲ 372 3.5 -377 ▼ 192.7 1.0 -0.8 ▼ 11,433.1 60.5 5.6 ▲ 10,561 -328 18,953.0 100.0 -3.0% ▼ -17.8% ▼

Top 10 Global Syndicated Loans

-9.8% ▼ -13.0% ▼

Jan 1 - Dec 31

1/1/2014 - 12/31/2014 Proceeds (US$m) # of Issues 4,809,932.1 10,889 2,682,057.3 5,104 2,614,142.5 4,929 2,376,785.4 4,426 237,357.2 505 20,391.1 43 18,749.7 34 120 38,242.6 18,973.2 51 11 4,523.6 1,169,434.9 1,741 1,095,798.8 1,609 402 287,451.7 200,151.0 257 170,485.4 265 70,084.8 150 112 53,150.0 77,641.3 111 24,750.6 26 61,792.2 34 38,584.8 44 81 36,631.2 13,296.3 22 73,636.1 132 27,574.4 44 21 12,313.1 19,966.8 27 2,789.5 5 94,040.4 174 60,859.3 98 2,346.7 4 28,274.2 54 25,144.8 57 10 6,997.0 14 5,635.2 4,325.0 5 3,482.8 10 642,140.1 1,921 298,877.2 1,176 144,419.2 665 94,054.3 209 32,437.5 228 21,514.7 73 82,292.6 227 80,206.3 217 107,214.9 245 53,925.8 107 18,994.3 29 18,435.0 69 3,517.5 11 9,072.0 16 153,755.4 273 134,052.7 210 19,402.8 62 222,259.4 1,993

% Chge in Proceeds

-3.1 -2.2 -2.1 -1.4 -8.3 18.2 22.8 -18.5 -3.5 34.7 -6.5 -6.7 -2.0 -30.1 -21.2 10.2 39.6 -6.6 179.8 -1.1 -41.2 -42.1 33.6 -3.6 43.5 -27.8 -61.8 98.5 76.5 88.3 1,426.0 -3.3 62.8 168.4 45.6 -24.5 126.0 -13.6 10.2 7.4 2.1 42.8 5.2 -33.6 -34.0 -27.2 -27.7 -25.8 -47.4 130.8 -52.5 -39.7 -40.4 -35.5 1.6

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

* The Global Scorecard comprises deal volume and counts from club and bookrun deals, mirroring the mandated arranger rankings. Closing Date 10/28/2015 11/19/2015 8/7/2015 8/25/2015 12/2/2015 3/19/2015 6/3/2015 10/12/2015 5/28/2015 5/1/2015

Borrower Anheuser-Busch Inbev Teva Pharmaceutical Industries Charter Communications Inc Anthem P&C Holdings, Inc Volkswagen AG AbbVie Inc Wal-Mart Stores Inc Dell International LLC Glencore PLC Royal Dutch Shell PLC

Target Market Belgium Israel United States United States Germany United States United States United States Switzerland Netherlands

Package Amt (US$m) 75,000.0 31,500.0 30,500.0 30,000.0 21,213.4 18,000.0 16,960.0 16,000.0 15,250.0 15,245.0

Primary UOP Acquisition Fin. Acquisition Fin. Acquisition Fin. Acquisition Fin. General Corp. Purp. Acquisition Fin. General Corp. Purp. Acquisition Fin. General Corp. Purp. Acquisition Fin.

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Full Year 2015 | Syndicated Loans | Managing Underwriters

Global Loans Bookrunner Ranking - Last Ten Years* 1

Bank of America Merrill Lynch

2

2

JP Morgan

3

3

Citi

4

4

Wells Fargo & Co

5

5

Mitsubishi UFJ Financial Group

6

6

Mizuho Financial Group

7

7

Barclays

8

8

Deutsche Bank

9

9

BNP Paribas SA

10

10

HSBC Holdings PLC

Rank

1

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

*League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year.

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Full Year 2015 | Syndicated Loans | Managing Underwriters

Americas Americas Proceeds at US$2.6 Trillion | US Leveraged Lending Down 26% | Latin American Lending Down 5% Americas Deals Intelligence

Americas Loans - Bookrunners (R7)

Overall syndicated lending in the Americas during 2015 decreased slightly (2.2% compared to total proceeds in 2014), with proceeds of US$2.6 trillion from 4,826 transactions.

Bookrunner Bank of America Merrill Lynch JP Morgan Citi Wells Fargo & Co Barclays Mitsubishi UFJ Financial Group RBC Capital Markets Deutsche Bank Credit Suisse Morgan Stanley Goldman Sachs & Co US Bancorp BNP Paribas SA Scotiabank HSBC Holdings PLC TD Securities Inc BMO Capital Markets PNC Financial Services Group UBS SunTrust Banks Mizuho Financial Group CIBC World Markets Inc KeyBanc Capital Markets Inc National Bank of Canada Fin'l Credit Agricole CIB Top Twenty Five Total Bookrunner Total

Leveraged lending in the United States totaled US$865.4 billion from 2,051 deals, representing a 25.6% decrease from total proceeds raised a year ago. Loans for general purposes dominated the market in 2015, accounting for a 50% share, with proceeds totaling US$1.3 trillion. Acquisition Financing and Refinancing Bank Debt followed, capturing 20% and 11% of the market, respectively. Lending in Latin America decreased compared to last year, down 5.1% with total proceeds of US$56.6 billion from 149 deals. Estimated bookrunning fees for the Americas yielded a 9.7% lower total in 2015 compared to last year, with a total of US$11.9 billion, according to estimates from Thomson Reuters/Freeman Consulting. Fees paid to bookrunners for U.S. leveraged loans decreased 19% compared to a year ago, totaling US$8.5 billion.

Top Americas Syndicated Loans

Jan 1 - Dec 31

Borrower Charter Communications Inc Anthem P&C Holdings, Inc AbbVie Inc Wal-Mart Stores Inc Dell International LLC Toyota Motor Credit Corp Toyota Motor Credit Corp Toyota Motor Credit Corp Depository Trust Co GE Antares Capital

Target Market United States United States United States United States United States United States United States United States United States United States

Primary UOP Acquisition Fin. Acquisition Fin. Acquisition Fin. General Corp. Purp. Acquisition Fin. General Corp. Purp. General Corp. Purp. General Corp. Purp. General Corp. Purp. Acquisition Fin.

Package Amt (US$m) 30,500.0 30,000.0 18,000.0 16,960.0 16,000.0 15,000.0 15,000.0 15,000.0 14,000.0 13,900.0

Americas Loans by Industry (Proceeds US$m)

Proceeds per Bookrunner (US$m) Market Market 2015 2014 Rank Rank Proceeds Share% Share Ch. 1 2 307,624.1 11.8 -1.0 ▼ 2 1 275,806.0 10.6 -3.0 ▼ 3 4 208,718.3 8.0 0.7 ▲ 4 3 187,666.2 7.2 -1.3 ▼ 5 5 100,883.3 3.9 0.1 ▲ 6 9 86,969.3 3.3 0.6 ▲ 7 7 82,337.0 3.2 -0.2 ▼ 8 6 73,757.8 2.8 -0.6 ▼ 9 8 65,452.0 2.5 -0.4 ▼ 10 12 58,845.7 2.3 0.3 ▲ 11 10 57,296.1 2.2 -0.4 ▼ 12 15 52,735.1 2.0 0.3 ▲ 13 11 49,603.2 1.9 -0.2 ▼ 14 16 45,934.7 1.8 0.1 ▲ 45,528.1 1.8 0.2 ▲ 15 19 16 18 44,566.8 1.7 0.1 ▲ 17 14 43,610.1 1.7 -0.1 ▼ 18 21 39,708.7 1.5 0.1 ▲ 19 24 39,702.7 1.5 0.6 ▲ 20 17 39,448.8 1.5 -0.1 ▼ 21 22 37,022.2 1.4 0.4 ▲ 22 20 36,486.1 1.4 0.0 23 23 21 482 5 21,482.5 08 0.8 -0.1 01 ▼ 24 25 17,681.7 0.7 0.0 25 28 17,593.6 0.7 0.1 ▲ 2,036,460.1 78.2 -3.8 ▼ 2,608,012.5 100.0

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

Jan 1 - Dec 31

# of Deals per Bookrunner # of Market Change in Deals Share% # of Deals 1151 24.2 -166 ▼ 920 19.3 -294 ▼ 481 10.1 -56 ▼ 885 18.6 -121 ▼ 299 6.3 -42 ▼ 265 5.6 10 ▲ 317 6.7 -50 ▼ 241 5.1 -95 ▼ 202 4.2 -120 ▼ 174 3.7 -45 ▼ 199 4.2 -44 ▼ 345 7.3 38 ▲ 166 3.5 -2 ▼ 189 4.0 36 ▲ 176 3.7 22 ▲ 178 3.7 20 ▲ 261 5.5 -27 ▼ 295 6.2 -19 ▼ 62 1.3 -60 ▼ 328 6.9 20 ▲ 120 2.5 52 ▲ 129 2.7 4 ▲ -35 161 34 3.4 35 ▼ 95 2.0 -5 ▼ 97 2.0 18 ▲ 4,755

-2.3% ▼ -6.8% ▼

-6.3% ▼ 0.1% ▲

$481,556.1 18%

$150,725.4 6%

$166,794.3 6%

2,988 3,000

$238,678.4 9%

$1,200

$180,822.9 7%

2,086

2,500

2,260 2,136

$190,435.3 7%

Proceeds (US$b)

$150,257.8 6%

3,028

$277,017.7 11%

$192,970.3 7% $126,793.5 5%

-9.7% ▼ -28.5% ▼

US Leveraged Volume $1,500

$361,622.6 14%

$11,675.1 0%

-317

Imputed Fees (US$m) Manager Market Market Fees Share% Share Ch. 1,153.0 9.7 -0.8 ▼ 803.6 6.8 -2.0 ▼ 610.7 5.2 0.5 ▲ 592.5 5.0 -1.4 ▼ 514.1 4.3 -0.2 ▼ 285.7 2.4 0.7 ▲ 407.6 3.4 0.4 ▲ 568.4 4.8 -0.1 ▼ 538.8 4.5 -0.6 ▼ 324.3 2.7 -0.1 ▼ 427.9 3.6 -0.1 ▼ 183.6 1.6 0.2 ▲ 175.4 1.5 0.0 145.6 1.2 0.4 ▲ 181.7 1.5 0.0 128.9 1.1 0.3 ▲ 195.5 1.7 -0.1 ▼ 149.4 1.3 0.1 ▲ 194.0 1.6 -0.2 ▼ 263.4 2.2 0.1 ▲ 121.8 1.0 0.2 ▲ 61.4 0.5 0.0 112 4 112.4 10 1.0 00 0.0 36.8 0.3 0.0 99.7 0.8 0.2 ▲ 8,276.2 69.7 -2.5 ▼ 11,863.2 100.0

2,051

2,006

$900

2,000

1,737 1,470

$600

1,500

1,107

# of Issues

Closing Date 8/7/2015 8/25/2015 3/19/2015 6/3/2015 10/12/2015 11/18/2015 11/18/2015 11/18/2015 5/12/2015 8/21/2015

Jan 1 - Dec 31

1,000 $300 Energy and Power

Financials

Industrials

Healthcare

High Technology

Materials

Retail

Consumer Products and Services

Real Estate

Consumer Staples

Media and Entertainment

Telecommunications

500

0

$0 2006

Government and Agencies

2007

Q1 Volume (US$b)

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2008

2009

Q2 Volume (US$b)

2010

2011

2012

Q3 Volume (US$b)

2013

2014

Q4 Volume (US$b)

2015 # of deals

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Full Year 2015 | Syndicated Loans | Managing Underwriters

Americas Americas Loans - Mandated Arrangers (R8c)

Mandated Arranger Bank of America Merrill Lynch JP Morgan Citi Wells Fargo & Co Mitsubishi UFJ Financial Group Barclays RBC Capital Markets Deutsche Bank Credit Suisse US Bancorp HSBC Holdings PLC Scotiabank Goldman Sachs & Co Morgan Stanley BMO Capital Markets TD Securities Inc BNP Paribas SA Mizuho Financial Group SunTrust Banks PNC Financial Services Group UBS CIBC World Markets Inc Sumitomo Mitsui Finl Grp Inc BBVA Credit Agricole g CIB Top Twenty Five Total Industry Total

Proceeds per Mandated Arranger (US$m) Market Market 2015 2014 Rank Rank Proceeds Share% Share Ch. 1 10.0 -0.7 ▼ 1 263,395.0 2 8.3 216,483.3 -2.2 ▼ 2 3 4 183,931.9 7.0 0.4 ▲ 4 3 167,819.4 6.4 -0.6 ▼ 3.6 5 7 95,235.2 0.1 ▲ 6 5 92,516.8 3.5 -0.5 ▼ 8 82,935.6 7 3.2 -0.2 ▼ 6 3.0 -0.5 ▼ 8 79,540.2 9 9 70,543.6 -0.2 ▼ 2.7 0.1 ▲ 10 11 62,757.0 2.4 61,173.2 11 12 2.3 0.1 ▲ 19 12 56,640.8 2.2 0.5 ▲ 55,975.3 2.1 13 13 -0.1 ▼ 53,951.2 2.1 14 14 -0.1 ▼ 15 53,756.4 -0.1 ▼ 15 2.1 0.0 17 47,829.6 16 1.8 1.8 17 -0.3 ▼ 16 47,102.4 18 45,578.2 1.7 0.7 ▲ 22 19 18 44,766.6 1.7 0.0 1.6 0.2 ▲ 20 20 41,238.3 21 23 36,532.4 1.4 0.4 ▲ 21 31,406.0 1.2 -0.1 ▼ 22 23 0.9 0.1 ▲ 28 23,322.6 27 0.0 24 19,959.8 0.8 25 25 19,473.8 -0.1 ▼ 0.7 1,953,864.6 74.5 -3.1 ▼ 2,622,320.6 100.0

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

-2.2% ▼ -6.3% ▼

Jan 1 - Dec 31 # of Deals per MA # of Market Change in Deals Share% # of Deals 1308 27.1 -179 ▼ 21.4 -298 ▼ 1033 576 11.9 -60 ▼ 22.1 -173 ▼ 1066 ▲ 490 10.2 24 362 7.5 -59 ▼ 428 8.9 -71 ▼ 6.2 -102 ▼ 297 5.1 -113 ▼ 246 -2 ▼ 543 11.3 6.0 ▼ -9 289 ▲ 301 6.2 54 228 4.7 -45 ▼ 4.4 -53 ▼ 212 406 8.4 -45 ▼ 6.3 37 ▲ 304 4.4 -23 ▼ 210 4.3 ▲ 207 72 8.8 10 ▲ 425 399 8.3 -18 ▼ 77 1.6 -67 ▼ 179 3.7 ▼ -3 150 3.1 29 ▲ 3.9 -3 188 ▼ 129 2.7 ▼ -9 4,826

-278

-5.4% ▼ 0.1% ▲

Bookrunner Bank of America Merrill Lynch JP Morgan Citi Wells Fargo & Co Barclays Mitsubishi UFJ Financial Group RBC Capital Markets Deutsche Bank Credit Suisse Morgan Stanley Goldman Sachs & Co US Bancorp BNP Paribas SA TD Securities Inc Scotiabank BMO Capital Markets HSBC Holdings PLC PNC Financial Services Group UBS SunTrust Banks CIBC World Markets Inc Mizuho Financial Group KeyBanc Capital Markets Inc National Bank of Canada Fin'l Credit Agricole g CIB Top Twenty Five Total Bookrunner Total

-1.6% ▼ -6.1% ▼

# of Deals per Bookrunner # of Market Change in Deals Share% # of Deals 1133 27.3 -163 ▼ 906 21.8 -284 ▼ 451 10.9 -46 ▼ 880 21.2 -116 ▼ 296 7.1 -41 ▼ 243 5.9 15 ▲ 238 5.7 -93 ▼ 200 4.8 -118 ▼ 174 4.2 -42 ▼ 198 4.8 -43 ▼ 345 8.3 38 ▲ 213 5.1 -39 ▼ ▲ 148 3.6 1 151 3.6 32 ▲ 294 7.1 -19 ▼ 61 1.5 -59 ▼ 327 7.9 19 ▲ 108 2.6 57 ▲ 161 3.9 -33 ▼ 178 4.3 -21 ▼ 66 1.6 21 ▲ 87 2.1 21 ▲ 58 1.4 13 ▲ 76 1.8 -23 ▼ 139 3.3 49 ▲ 4,151 -6.3% ▼ 2.3% ▲

-279

Proceeds per Bookrunner (US$m) Market Market 2015 2014 Rank Rank Proceeds Share% Share Ch. 1 2 11.9 -1.1 ▼ 304,614.4 1 273,447.8 10.7 2 -3.1 ▼ 3 4 204,904.5 8.0 0.8 ▲ 4 3 187,501.2 7.3 -1.3 ▼ 5 5 100,883.3 3.9 0.0 3.3 0.7 ▲ 6 10 85,112.4 -0.3 ▼ 7 7 82,337.0 3.2 8 6 73,635.8 2.9 -0.6 ▼ 9 8 65,224.6 2.6 -0.4 ▼ 2.3 0.3 ▲ 10 11 58,845.7 11 9 57,249.0 2.2 -0.4 ▼ 12 15 52,735.1 2.1 0.4 ▲ 13 12 46,702.6 1.8 -0.2 ▼ 14 18 44,566.8 1.7 0.1 ▲ 15 16 44,262.4 1.7 0.0 14 43,610.1 1.7 -0.1 ▼ 16 17 19 42,491.3 1.7 0.2 ▲ 21 39,708.7 1.6 0.2 ▲ 18 19 24 39,702.7 1.6 0.7 ▲ 20 17 39,448.8 1.5 -0.1 ▼ 21 20 36,486.1 1.4 0.0 22 22 35,533.4 1.4 0.4 ▲ 23 23 21,482.5 0.8 -0.1 ▼ 24 25 17,681.7 0.7 0.0 25 28 15,654.8 0.6 0.1 ▲ 2,013,822.7 78.6 -3.8 ▼ 2,561,042.5 100.0

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

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2015 2014 Rank Rank Proceeds Share% Share Ch. 1 2 302,984.5 12.9 -1.3 ▼ 269,733.6 2 1 11.5 -3.4 ▼ 3 4 200,491.8 8.6 0.9 ▲ 4 3 187,010.7 8.0 -1.4 ▼ 5 5 98,589.5 4.2 0.0 6 9 81,782.8 3.5 0.8 ▲ 7 6 73,460.8 3.1 -0.7 ▼ 8 7 65,224.6 2.8 -0.4 ▼ 9 10 58,845.7 2.5 0.3 ▲ 10 8 57,249.0 2.4 -0.5 ▼ 0.4 ▲ 11 14 52,735.1 2.3 12 11 49,325.6 2.1 -0.1 ▼ 13 12 43,253.2 1.9 -0.2 ▼ 14 17 39,868.3 1.7 0.2 ▲ 15 16 39,595.1 1.7 0.2 ▲ 16 20 39,432.7 1.7 0.7 ▲ 17 15 39,423.7 1.7 -0.1 ▼ 18 18 35,142.6 1.5 0.5 ▲ 19 19 21,482.5 0.9 -0.1 ▼ 20 21 20,510.6 0.9 0.0 21 26 15,701.0 0.7 0.2 ▲ 22 24 15,258.3 0.7 0.1 ▲ 23 31 13,149.1 0.6 0.3 ▲ 24 22 12,843.8 0.6 -0.2 ▼ 25 27 12,804.7 0.6 0.2 ▲ 79.1 1,845,899.3 -3.6 ▼ 2,344,344.6 100.0

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

Imputed Fees (US$m) Manager Market Market Fees Share% Share Ch. 1,153.0 9.7 -0.7 ▼ 803.3 6.8 -1.9 ▼ 609.8 5.1 0.5 ▲ 593.3 5.0 -1.4 ▼ 286.0 0.7 ▲ 2.4 4.3 -0.2 ▼ 514.1 0.4 ▲ 407.6 3.4 539.3 4.5 -0.3 ▼ -0.6 ▼ 538.8 4.5 0.2 ▲ 1.6 183.6 183.3 1.5 0.0 146.3 1.2 0.4 ▲ -0.1 ▼ 427.3 3.6 323.4 2.7 -0.1 ▼ 196.4 1.7 -0.1 ▼ 128.6 1.1 0.3 ▲ 1.5 0.1 ▲ 177.9 124.3 1.1 0.3 ▲ 0.1 ▲ 261.3 2.2 149.4 1.3 0.1 ▲ 193.5 1.6 -0.2 ▼ 0.5 61.4 0.0 102.7 0.9 0.3 ▲ 61.1 0.5 -0.1 ▼ 99.8 0.8 0.1 ▲ 8,265.5 69.5 -2.2 ▼ 11,882.3 100.0 -9.9% ▼ -26.8% ▼

US Loans - Bookrunners (R11)

Bookrunner Bank of America Merrill Lynch JP Morgan Citi Wells Fargo & Co Barclays Mitsubishi UFJ Financial Group Deutsche Bank Credit Suisse Morgan Stanley Goldman Sachs & Co US Bancorp RBC Capital Markets BNP Paribas SA HSBC Holdings PLC PNC Financial Services Group UBS SunTrust Banks Mizuho Financial Group KeyBanc Capital Markets Inc BMO Capital Markets Scotiabank Credit Agricole CIB TD Securities Inc Jefferies LLC Citizens Financial Group Top Twenty Five Total Bookrunner Total

North America Loans - Bookrunners (R9)

-2.2% ▼ -7.1% ▼

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Share% # of Deals 1138 24.4 -168 ▼ 19.6 -287 ▼ 912 462 9.9 -46 ▼ 883 19.0 -118 ▼ 299 6.4 -42 ▼ 253 5.4 16 ▲ 317 6.8 -50 ▼ 239 5.1 -93 ▼ 200 4.3 -121 ▼ 174 3.7 -43 ▼ 198 4.3 -44 ▼ 345 7.4 38 ▲ 154 3.3 1 ▲ 178 3.8 20 ▲ 175 3.8 29 ▲ 261 5.6 -27 ▼ 163 3.5 34 ▲ 295 6.3 -19 ▼ 62 1.3 -60 ▼ 328 7.0 20 ▲ 129 2.8 4 ▲ 110 2.4 57 ▲ 161 3.5 -35 ▼ 95 2.0 -4 ▼ 89 1.9 21 ▲ 4,656

-276

-5.6% ▼ -0.2% ▼

-9.4% ▼ -28.7% ▼

US Leveraged Loans - Bookrunners (R11a)

Imputed Fees (US$m) Manager Market Market Fees Share% Share Ch. 1,142.6 10.2 -0.8 ▼ -2.1 ▼ 789.3 7.0 586.5 5.2 0.6 ▲ 589.7 5.3 -1.5 ▼ 508.9 4.5 -0.2 ▼ 266.4 2.4 0.7 ▲ 5.0 -0.1 ▼ 564.9 -0.6 ▼ 536.8 4.8 324.1 2.9 -0.1 ▼ 3.8 -0.1 ▼ 426.6 1.6 0.1 ▲ 183.6 352.5 3.1 0.5 ▲ 161.5 1.4 0.1 ▲ 159.5 1.4 0.1 ▲ 148.2 1.3 0.0 193.8 1.7 -0.2 ▼ 263.3 2.3 0.1 ▲ 112.3 1.0 0.3 ▲ 112.1 1.0 0.0 151.2 1.4 -0.1 ▼ 92.6 0.8 0.4 ▲ 91.4 0.8 0.2 ▲ 83.8 0.8 0.4 ▲ 198.1 1.8 -0.1 ▼ 0.8 0.3 ▲ 88.3 8,128.0 72.3 -2.1 ▼ 11,236.5 100.0

Bookrunner Bank of America Merrill Lynch JP Morgan Wells Fargo & Co Deutsche Bank Credit Suisse Citi Barclays Goldman Sachs & Co RBC Capital Markets Morgan Stanley SunTrust Banks US Bancorp UBS Mitsubishi UFJ Financial Group PNC Financial Services Group Jefferies LLC BMO Capital Markets BNP Paribas SA HSBC Holdings PLC KeyBanc Capital Markets Inc Antares Capital Corp General Electric Co Citizens Financial Group Credit Agricole CIB Macquarie Group Top Twenty Five Total Bookrunner Total

-9.3% ▼ -28.7% ▼

Proceeds per Bookrunner (US$m) Market Market 2015 2014 Rank Rank Proceeds Share% Share Ch. 1 1 98,854.4 11.4 -1.2 ▼ 2 2 68,145.1 7.9 -3.2 ▼ 3 3 64,443.3 7.5 -2.1 ▼ 4 4 46,719.3 5.4 0.2 ▲ 5 5 44,164.9 5.1 0.4 ▲ 6 6 41,427.1 4.8 0.4 ▲ 7 7 38,602.1 4.5 0.2 ▲ 8 8 33,247.1 3.8 0.3 ▲ 9 9 29,270.5 3.4 0.1 ▲ 10 10 26,502.6 3.1 0.0 11 11 21,503.2 2.5 0.0 12 15 16,948.6 2.0 0.5 ▲ 13 12 14,106.6 1.6 -0.1 ▼ 14 22 13,888.4 1.6 0.6 ▲ 15 16 13,284.1 1.5 0.1 ▲ 16 13 12,745.3 1.5 -0.1 ▼ 17 17 11,960.3 1.4 0.1 ▲ 18 18 11,178.5 1.3 0.0 19 21 9,907.2 1.1 0.1 ▲ 20 20 9,668.9 1.1 0.0 21 74 7,787.4 0.9 0.9 ▲ 22 14 7,568.4 0.9 -0.6 ▼ 23 25 7,540.4 0.9 0.3 ▲ 24 24 6,631.6 0.8 0.1 ▲ 25 27 5,758.0 0.7 0.1 ▲ 661,853.3 76.7 -2.9 ▼ 865,434.4 100.0

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

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-25.6% -37.9%

▼ ▼

Imputed Fees (US$m) Manager Market Market Fees Share% Share Ch. 1,147.9 9.8 -0.8 ▼ 794.0 6.8 -2.0 ▼ 591.5 5.1 0.6 ▲ 592.3 5.1 -1.4 ▼ 514.1 4.4 -0.2 ▼ 277.6 2.4 0.7 ▲ 407.5 3.5 0.5 ▲ 567.9 4.9 0.0 536.8 4.6 -0.6 ▼ 324.3 2.8 -0.1 ▼ 426.8 3.7 -0.1 ▼ 183.6 1.6 0.1 ▲ 167.9 1.4 0.1 ▲ 128.7 1.1 0.3 ▲ 139.8 1.2 0.4 ▲ 195.4 1.7 -0.2 ▼ 166.6 1.4 0.0 149.4 1.3 0.1 ▲ 194.0 1.7 -0.1 ▼ 263.4 2.3 0.2 ▲ 61.3 0.5 0.0 117.1 1.0 0.3 ▲ 112.4 1.0 0.0 36.8 0.3 0.0 92.4 0.8 0.2 ▲ 8,189.5 70.4 -2.0 ▼ 11,681.8 100.0

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Share% # of Deals 542 26.4 -253 ▼ 359 17.5 -271 ▼ 368 17.9 -230 ▼ 171 8.3 -103 ▼ 160 7.8 -125 ▼ 164 8.0 -69 ▼ 181 8.8 -52 ▼ 145 7.1 -70 ▼ 140 6.8 -60 ▼ 124 6.0 -54 ▼ 175 8.5 -57 ▼ 127 6.2 -6 ▼ 42 2.0 -68 ▼ 56 2.7 -6 ▼ 91 4.4 -66 ▼ 72 3.5 -26 ▼ 127 6.2 -41 ▼ 65 3.2 -3 ▼ 59 2.9 -8 ▼ 75 3.7 -51 ▼ 113 5.5 105 ▲ 64 3.1 -128 ▼ 98 4.8 27 ▲ 44 2.1 -3 ▼ 33 1.6 -8 ▼ 2,051 -28.7% ▼ -17.3% ▼

-825

Imputed Fees (US$m) Manager Market Market Fees Share% Share Ch. 841.4 9.9 -0.8 ▼ 525.2 6.2 -2.0 ▼ 402.3 4.7 -1.8 ▼ 514.5 6.1 0.5 ▲ 494.9 5.8 -0.2 ▼ 361.8 4.3 0.3 ▲ 419.3 4.9 0.0 369.9 4.4 0.2 ▲ 307.0 3.6 0.8 ▲ 272.6 3.2 -0.1 ▼ 225.5 2.7 0.3 ▲ 123.8 1.5 0.2 ▲ 153.5 1.8 -0.4 ▼ 128.1 1.5 0.5 ▲ 107.2 1.3 0.1 ▲ 197.2 2.3 0.0 133.0 1.6 0.0 109.1 1.3 0.2 ▲ 102.4 1.2 0.1 ▲ 84.8 1.0 0.0 107.9 1.3 1.3 ▲ 56.0 0.7 -1.2 ▼ 79.2 0.9 0.3 ▲ 61.7 0.7 0.1 ▲ 83.3 1.0 0.1 ▲ 6,261.6 73.9 -1.5 ▼ 8,492.4 100.0 -19.0% ▼ -41.5% ▼

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Full Year 2015 | Syndicated Loans | Managing Underwriters

Americas

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

0.7% ▲ 8.3% ▲

# of Deals per Bookrunner # of Market Change in Deals Share% # of Deals 428 45.1 -50 ▼ 423 44.6 -104 ▼ 234 24.7 -21 ▼ 39.0 -21 ▼ 370 127 13.4 -6 ▼ 95 -6 10.0 ▼ 3.7 35 0 16.2 ▲ 154 41 69 46 7.3 ▲ 55 5.8 6 ▲ ▲ 13 1.4 3 52 5.5 ▼ -2 28 3.0 4 ▲ 34 3.6 -19 ▼ 22 2.3 -11 ▼ 5.6 53 10 ▲ 89 9.4 -13 ▼ 64 9 6.8 ▲ 47 4 ▲ 5.0 27 2.8 14 ▲ 13 ▲ 11 1.4 1.2 ▼ 11 -3 28 3.0 -81 ▼ 29 3.1 ▼ -1 31 3.3 8 ▲ 948

-106

Mandated Arranger BBVA Santander HSBC Holdings PLC Citi Sumitomo Mitsui Finl Grp Inc Mitsubishi UFJ Financial Group Mizuho Financial Group Scotiabank BNP Paribas SA Credit Agricole CIB Bank of America Merrill Lynch JP Morgan ING Societe Generale Natixis Itau Unibanco Rabobank NV Grupo Financiero Inbursa SA KfW IPEX-Bank GmbH Grupo Financiero Banorte-Ixe Banca IMI (Intesa Sanpaolo) ABN AMRO Bank Natixis-Natixis Partners SA Deutsche Bank Banco BTG Pactual SA Top Twenty Five Total Industry Total

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

-5.1% ▼ 19.1% ▲

$509,982.0 20%

$50,442.8 2%

149 -9.7% ▼ -13.3% ▼

-16

$73,645.2 $78,230.1 3% 3%

$139,653.5 6%

$281,086.4 11%

General Corporate Purposes

Acquisition Financing

Refinance Bank Debt

Working Capital

Refinancing

Project Finance

Leveraged Buyout

Sponsored Buyout

Capital Expenditures

Export/Import Finance

Americas Yield Type 800 700 600 500

Jan 1 - Dec 31 # of Deals per MA # of Market Change in Deals Share% # of Deals -9 30 20.1 ▼ 28 18.8 ▼ -7 27 18.1 -11 ▼ 26 17.4 -11 ▼ 26 17.4 0 16.1 24 -4 ▼ 21 14.1 -11 ▼ 23 15.4 3 ▲ 16 10.7 -7 ▼ 15 10.1 -7 ▼ 17 11.4 ▲ 1 10 6.7 -7 ▼ 15 10.1 -5 ▼ 11 7.4 -2 ▼ 13 8.7 -5 ▼ 18 12.1 -17 ▼ 12 2 ▲ 8.1 3 2.0 2 ▲ 5 3.4 1 ▲ 2 1.3 0 5 3.4 ‐1 ▼ 5 3.4 1 ▲ 6 4.0 5 ▲ 4 2.7 ‐2 ▼ 2 1.3 1 ▲

Jan 1 - Dec 31

$1,267,218.9 50%

1.8% ▲ 24.6% ▲

-10.1% ▼ 14.8% ▲

Latin America Loans - Mandated Lead Arrangers (R16) Proceeds per Mandated Arranger (US$m) Market Market 2015 2014 Rank Rank Proceeds Share% Share Ch. 1.6 ▲ 1 3 4,187.2 7.4 2 5 3,884.5 6.9 2.0 ▲ 3 4 3,450.6 6.1 1.0 ▲ 4 1 3,371.1 6.0 -0.3 ▼ 5 9 3,317.7 2.0 ▲ 5.9 2,764.2 4.9 0.7 ▲ 6 7 7 6 2,417.1 4.3 -0.1 ▼ 8 2,354.7 4.2 1.7 ▲ 15 9 2 2,181.3 3.9 -2.0 ▼ 10 10 2,001.8 3.5 0.1 ▲ 3.5 11 12 1,992.5 0.8 ▲ 2.9 -1.0 ▼ 12 8 1,622.1 0.0 13 14 1,389.4 2.5 14 18 1,297.4 2.3 0.6 ▲ 15 16 1,262.3 2.2 -0.2 ▼ 1.5 -1.6 ▼ 16 11 842.8 17 20 691.8 1.2 0.1 ▲ 18 32 618.0 1.1 0.7 ▲ 1.1 0.7 ▲ 19 34 593.1 0.9 0.0 20 22 514.4 -0.3 ▼ 21 21 413.2 0.7 0.3 ▲ 22 33 412.3 0.7 0.6 ▲ 23 68 397.3 0.7 -0.1 ▼ 24 387.3 0.7 23 25 376.8 94 0.7 0.7 ▲ 39,646.5 70.3 6.1 ▲ 56,589.5 100.0

Imputed Fees (US$m) Manager Market Market Fees Share% Share Ch. 244.4 15.2 0.8 ▲ 191.5 11.9 -4.5 ▼ 167.7 10.4 0.7 ▲ 140.9 8.8 -0.7 ▼ 5.6 1.3 ▲ 89.7 75.2 0.3 ▲ 4.7 0.4 ▲ 33.3 2.1 3.0 0.1 ▲ 48.0 43.4 2.7 0.0 2.2 -0.2 ▼ 36.0 33.8 1.7 ▲ 2.1 -0.6 ▼ 1.9 30.7 30.8 1.9 -1.1 ▼ 25.3 -0.9 ▼ 1.6 1.1 -1.0 ▼ 17.6 23.6 0.2 ▲ 1.5 1.7 27.5 0.1 ▲ 21.3 1.3 0.1 ▲ 0.1 ▲ 13.7 0.9 1.0 15.4 0.2 ▲ 12.6 0.8 0.6 ▲ 0.4 6.3 -0.2 ▼ 8.8 -2.7 ▼ 0.6 13.5 0.8 0.0 0.9 0.3 ▲ 14.6 -5.0 1 365 6 1,365.6 85 1 85.1 50 ▼ 1,608.6 100.0

Proceeds (US$b)

Proceeds per Bookrunner (US$m) Market Market 2015 2014 Rank Rank Proceeds Share% Share Ch. 16.2 1 2 -0.7 ▼ 176,668.7 1 -6.1 ▼ 2 151,856.3 13.9 133,703.0 12.2 0.2 ▲ 3 3 9.2 4 100,424.0 4 -0.8 ▼ 1.2 ▲ 56,382.1 5 6 5.2 53,344.8 4.9 0.4 ▲ 6 5 1.2 ▲ 29,075.2 7 2.7 15 8 12 0.6 ▲ 28,604.8 2.6 14 27,173.5 2.5 0.7 ▲ 9 10 0.2 ▲ 13 24,312.0 2.2 24 23,815.3 2.2 1.9 ▲ 11 12 9 22,816.0 2.1 -0.5 ▼ 13 10 17,650.4 1.6 -0.8 ▼ 14 8 17,247.8 1.6 -1.0 ▼ 15 11 15,250.2 1.4 -0.7 ▼ 17 14,756.7 16 1.4 0.3 ▲ 16 14,303.9 -0.2 ▼ 17 1.3 18 18 11,058.3 1.0 0.0 19 8,319.4 0.0 19 0.8 26 8,214.9 0.8 20 0.5 ▲ 21 37 7,760.5 0.7 0.6 ▲ 22 33 7,482.7 0.7 0.5 ▲ 7 0.7 23 7,222.7 -2.3 ▼ 24 20 7,159.2 0.7 0.0 25 23 6,839.6 0.6 0.2 ▲ 971 442 0 971,442.0 89 2 89.2 -4.6 46 ▼ 1,092,530.6 100.0

Top 10 Americas Loans Use of Proceeds (US$m)

Imputed Fees (US$m) Manager Market Market Fees Share% Share Ch. 10.5 4.3 -0.6 ▼ 6.1 3.3 ▲ 14.9 17.3 7.1 1.6 ▲ 19.3 7.9 -1.4 ▼ 14.0 5.8 2.6 ▲ 8.7 3.6 -0.1 ▼ 7.2 3.0 0.2 ▲ 6.5 2.7 0.9 ▲ 4.1 10.0 -2.5 ▼ 0.3 ▲ 10.1 4.1 2.2 5.3 -0.5 ▼ 9.6 4.0 0.0 9.5 3.9 1.1 ▲ 5.8 2.4 1.2 ▲ 4.5 1.9 -2.1 ▼ 6.8 2.8 -1.3 ▼ 5.6 2.3 0.1 ▲ 2.6 1.1 0.2 ▲ 6.1 2.5 2.3 ▲ 1.2 0.5 0.3 ▲ 1.2 0.5 ‐0.1 ▼ 3.5 1.4 0.4 ▲ 3.5 1.4 1.4 ▲ 2.2 0.9 0.4 ▲ 4.2 1.7 1.7 ▲ 168.2 69.3 3.0 ▲ 242.9 100.0

400 300 200 100 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2009

2010

2011

Undisclosed (US$b) Near Invst Grade (US$b)

2012

2013

Highly Leveraged (US$b) Investment Grade (US$b)

2014

2015

Leveraged (US$b)

Americas Imputed Fees - Mandated Arrangers

Full Year

14.0

5,104 4,802 4,333

12.0 Total Imputed Fees (US$b)

Bookrunner Bank of America Merrill Lynch JP Morgan Citi Wells Fargo & Co Mitsubishi UFJ Financial Group Barclays Morgan Stanley US Bancorp Mizuho Financial Group HSBC Holdings PLC UBS BNP Paribas SA Goldman Sachs & Co Deutsche Bank Credit Suisse RBC Capital Markets PNC Financial Services Group SunTrust Banks KeyBanc Capital Markets Inc TD Securities Inc Lloyds Bank Capital One Financial Corp RBS Scotiabank BMO Capital Markets Top Twenty Five Total Bookrunner Total

Jan 1 - Dec 31

4,022

4,039

10.0

3,286

6

4,500 3,600

3,182

2,700 2,049

6.0

1,800

4.0

900

2.0 $5.5

$6.7

$3.9

2006

2007

2008

$3.1

$5.7

$8.9

2009

2010

2011

Total Imputed Fees (US$b)

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4,198

5,400

8.0

0.0

-22.5% ▼ 16.5% ▲

4,826

# of Issues

US Investment Grade Loans - Bookrunners (R11b)

$9.8

$12.8

$13.2

$11.9

2012

2013

2014

2015

0

Number of deals

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Full Year 2015 | Syndicated Loans | Managing Underwriters

Europe, Middle East & Africa EMEA Borrowing Essentially Flat | Israel and Azerbaijan Targeted Loans Up Significantly | BNP Paribas Top EMEA Fee Earner `

EMEA Deals Intelligence

EMEA Use of Proceeds (US$b)

EMEA syndicated lending for full year 2015 reached US$1.3 trillion, a decrease of 0.3% from last year. Borrowers from the Energy & Power sector were again the main drivers of EMEA activity, accounting for 19% of volume, and borrowers from Industrials and Consumer Staples received 17% and 11% of loan proceeds, respectively. General Corporate Purposes made up 47% of loan uses in 2015, followed by Acquisition Financing and Refinancing, accounting for 21% and 6% shares, respectively.

Jan 1 - Dec 31 2015 General Corporate Purposes Acquisition Financing

$27.7 $28.2 2% 2% $55.9 4% $70.2 6%

The target nations with some of the largest year-on-year gains were Israel and Azerbaijan, (up over a hundredfold), Kazakhstan (up nearly ninefold), Croatia (up fivefold) and Czech Republic (up 98%). Target nations in decline included Hungary (down 55%), Denmark (down 52%) and Germany (down 30%). According to Thomson Reuters/Freeman Consulting, EMEA arranging fees decreased 7.7% in 2015 from 2014. The leading overall arrangement fee earner in the EMEA region was BNP Paribas, with US$289 million in fees (a 6.2% wallet share).

$103.9 8%

Refinancing

Project Finance

$586.1 47%

Refinance Bank Debt

$72.2 6%

Property Acquisition

Top EMEA Syndicated Loans (US$m)

Jan 1 - Dec 31 2015

Anheuser-Busch Inbev Teva Pharmaceutical Industries

Working Capital

$21,213.4

Glencore PLC

$15 250 0 $15,250.0

Royal Dutch Shell PLC

$15,245.0

Air Liquide SA

Other

Others

$12,000.0

EMEA Bookrunners (R17)

Jan 1 - Dec 31 # of Deals per Bookrunner

Proceeds per Bookrunner (US$m)

BNP Paribas SA HSBC Holdings PLC Deutsche Bank Barclays Citi Societe Generale UniCredit JP Morgan Credit Agricole CIB ING Bank of America Merrill Lynch Santander RBS Mitsubishi UFJ Financial Group Commerzbank AG Mizuho Financial Group Morgan Stanley Sumitomo Mitsui Finl Grp Inc Banca IMI (Intesa Sanpaolo) Goldman Sachs & Co Credit Suisse Rabobank NV Lloyds Bank Natixis ABN AMRO Bank Top Twenty Five Total Bookrunner Total

Export/Import Finance

$31,500.0

Volkswagen AG

Bookrunner

$267.9 21%

$75,000.0

2015 Rank

2014 Rank

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

1 5 2 12 3 6 9 8 4 7 14 15 11 17 10 19 22 32 29 25 20 26 16 13 27

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

Market

Market

Proceeds Share %

Share Ch.

59,096.1 53,504.4 39,406.8 38,862.3 35,517.5 34,916.4 34,376.5 32,962.2 32,604.4 32,230.5 26,675.7 25,717.1 25,338.7 24,421.8 19,973.7 18,887.8 17,364.0 16,698.0 14,517.1 12,862.9 12,506.6 11,999.3 9,050.3 8,973.7 8,917.3 647,381.1 846,472.4 1.3% ▲ 112.7% ▲

7.0 6.3 4.7 4.6 4.2 4.1 4.1 3.9 3.9 3.8 3.2 3.0 3.0 2.9 2.4 2.2 2.1 2.0 1.7 1.5 1.5 1.4 1.1 1.1 1.1 76.8 100.0

0.2 1.5 -2.1 1.0 -0.9 -0.6 0.2 -0.1 -1.1 -0.2 0.5 0.6 -0.7 1.1 -1.4 0.4 0.7 1.3 0.7 0.4 -0.1 0.4 -0.9 -1.7 0.1 -0.7

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

# of

Market

Deals Share %

250 185 141 128 107 153 178 87 164 156 75 102 87 67 163 54 32 39 53 57 43 49 45 64 48 1,096 7.9% ▲ -15.3% ▼

22.8 16.9 12.9 11.7 9.8 14.0 16.2 7.9 15.0 14.2 6.8 9.3 7.9 6.1 14.9 4.9 2.9 3.6 4.8 5.2 3.9 4.5 4.1 5.8 4.4

Change in # of Deals

-3 -38 -16 -1 -13 -24 14 -5 -15 -8 1 24 -41 -8 -41 3 7 3 -1 3 -9 -2 -14 -76 5 80

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

EMEA Mandated Lead Arrangers (R19)

Imputed Fees (US$m) Manager

Proceeds per MLA (US$m)

Market

Market

Fees Share %

Share Ch.

218.5 140.9 145.9 118.9 86.1 115.4 117.0 132.0 127.8 116.4 90.8 72.1 87.4 62.5 66.0 55.2 46.2 37.9 58.0 66.9 54.7 37.6 30.1 43.7 26.1 2,154.1 2,961.6

7.4 4.8 4.9 4.0 2.9 3.9 4.0 4.5 4.3 3.9 3.1 2.4 3.0 2.1 2.2 1.9 1.6 1.3 2.0 2.3 1.9 1.3 1.0 1.5 0.9 73.1 100.0

0.9 0.3 -2.0 0.7 -0.7 0.0 0.1 -0.5 -0.5 -0.6 0.7 1.0 0.3 0.9 -0.2 0.6 -0.5 0.4 1.2 -0.3 -0.4 0.4 -0.6 -1.1 0.0 0.1

Jan 1 - Dec 31

Mandated Arranger

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

BNP Paribas SA HSBC Holdings PLC Barclays Societe Generale ING Citi Deutsche Bank Credit Agricole CIB JP Morgan RBS UniCredit Santander Commerzbank AG Mitsubishi UFJ Financial Group Bank of America Merrill Lynch Sumitomo Mitsui Finl Grp Inc Mizuho Financial Group Lloyds Bank Banca IMI (Intesa Sanpaolo) BBVA Goldman Sachs & Co Rabobank NV Credit Suisse Standard Chartered PLC Natixis Top Twenty Five Total Industry Total

-14.4% ▼ 48.0% ▲

2015 Rank

2014 Rank

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

2 1 3 7 8 10 6 5 12 4 11 13 9 14 15 18 22 16 25 21 23 29 26 28 17

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

# of Deals per MLA

Market

Market

Proceeds Share %

Share Ch.

63,249.3 59,676.6 45,214.7 44,937.0 44,817.7 40,357.7 40,190.6 39,851.1 39,591.4 39,083.2 37,742.3 35,530.8 35,415.4 34,294.4 32,182.9 26,837.8 25,776.9 24,138.2 21,377.0 16,697.1 15,143.2 13,937.6 13,845.6 13,781.7 11,823.2 815,493.4 1,259,682.5 -0.3% ▼ 78.4% ▲

5.0 4.7 3.6 3.6 3.6 3.2 3.2 3.2 3.1 3.1 3.0 2.8 2.8 2.7 2.6 2.1 2.1 1.9 1.7 1.3 1.2 1.1 1.1 1.1 0.9 64.7 100.0

-0.4 -0.8 -0.7 -0.3 -0.2 0.0 -0.7 -0.7 0.0 -1.0 -0.1 0.3 -0.5 0.3 0.3 0.5 0.7 -0.3 0.5 -0.2 -0.2 0.1 -0.1 0.1 -1.0 -4.4

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

# of

Market

Deals Share %

525 485 320 354 374 230 277 333 181 288 342 331 298 172 162 135 140 177 148 196 105 106 89 119 122 2,076 8.5% ▲ -5.5% ▼

25.3 23.4 15.4 17.1 18.0 11.1 13.3 16.0 8.7 13.9 16.5 15.9 14.4 8.3 7.8 6.5 6.7 8.5 7.1 9.4 5.1 5.1 4.3 5.7 5.9

Imputed Fees (US$m)

Change in # of Deals

-16 -74 -62 -33 -12 -4 -14 -21 -15 -88 34 50 -54 -40 -15 6 14 -49 7 39 0 -17 -14 11 -114 162

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

Manager

Market

Market

Fees Share %

Share Ch.

289.0 212.4 174.2 169.5 180.9 114.9 182.4 188.2 169.8 155.4 173.1 117.8 88.9 105.8 109.3 70.9 70.5 73.1 74.2 53.4 90.4 47.7 63.6 32.7 59.5 3,067.6 4,693.7

6.2 4.5 3.7 3.6 3.9 2.5 3.9 4.0 3.6 3.3 3.7 2.5 1.9 2.3 2.3 1.5 1.5 1.6 1.6 1.1 1.9 1.0 1.4 0.7 1.3 65.5 100.0

0.2 -0.2 0.4 -0.1 -0.5 -0.6 -1.4 -0.3 -0.4 0.1 0.4 0.4 -0.1 0.8 0.2 0.1 -0.1 -0.4 0.7 -0.1 -0.3 0.0 -0.3 -0.3 -1.1 -2.9

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

-7.7% ▼ 30.6% ▲

Club deal volume is not included in Thomson Reuters' Bookrunner League Tables; however, Mandated Lead Arrangers volumes include both bookrun and club transactions.

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Full Year 2015 | Syndicated Loans | Managing Underwriters

Europe, Middle East & Africa

BNP Paribas SA Deutsche Bank JP Morgan Credit Agricole CIB UniCredit HSBC Holdings PLC Societe Generale Barclays Citi Goldman Sachs & Co RBS ING Bank of America Merrill Lynch Banca IMI (Intesa Sanpaolo) Santander Credit Suisse Mitsubishi UFJ Financial Group Morgan Stanley Commerzbank AG Natixis-Natixis Partners SA RBC Capital Markets Natixis BBVA UBS China Construction Bank Top Twenty Five Total Bookrunner Total

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

3 2 4 1 5 7 8 15 17 9 11 6 14 29 18 12 28 10 20 30 35 16 26 21 -

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

# of Deals per Bookrunner

Market

Market

Proceeds Share %

Share Ch.

12,846.3 12,755.4 10,038.0 9,182.0 8,546.4 7,050.4 6,842.8 6,453.3 5,394.3 5,364.7 5,292.1 4,865.0 4,673.4 4,221.1 3,963.6 3,484.5 3,439.1 3,250.2 2,873.5 2,349.2 2,218.7 1,916.8 1,774.5 1,662.5 1,525.7

8.1 8.0 6.3 5.8 5.4 4.4 4.3 4.0 3.4 3.4 3.3 3.1 2.9 2.6 2.5 2.2 2.2 2.0 1.8 1.5 1.4 1.2 1.1 1.0 1.0

159,626.7

100.0

1.3 0.4 0.1 -1.8 1.0 0.3 0.3 1.1 0.6 -0.5 0.0 -1.3 -0.1 1.9 0.7 -1.0 1.5 -1.4 0.2 0.9 0.9 -1.6 0.3 -0.5 1.0

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

# of

Market

Deals Share %

75 57 42 58 46 39 42 41 26 37 22 33 25 20 22 26 7 16 22 15 17 17 13 12 1

29.2 22.2 16.3 22.6 17.9 15.2 16.3 16.0 10.1 14.4 8.6 12.8 9.7 7.8 8.6 10.1 2.7 6.2 8.6 5.8 6.6 6.6 5.1 4.7 0.4

257

-12.1% ▼ 0.7% ▲

Change in # of Deals

Deutsche Bank BNP Paribas SA JP Morgan Goldman Sachs & Co Credit Agricole CIB UniCredit ING HSBC Holdings PLC Barclays Societe Generale RBC Capital Markets Credit Suisse RBS Bank of America Merrill Lynch Commerzbank AG Nomura UBS Natixis Natixis-Natixis Partners SA Mizuho Financial Group Citi Rabobank NV Morgan Stanley Banca IMI (Intesa Sanpaolo) Bank of Ireland Top Twenty Five Total Bookrunner Total

2014 Rank

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

1 2 4 6 3 5 8 12 13 10 24 9 16 15 21 7 14 11 38 23 20 22 17 32 27

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

Fees Share %

Share Ch.

106.2 95.2 72.7 76.0 62.6 52.4 56.8 68.6 25.8 49.7 45.3 58.7 42.4 27.5

7.4 6.6 5.1 5.3 4.4 3.6 4.0 4.8 1.8 3.5 3.2 4.1 3.0 1.9

1.2 -2.3 -1.1 -0.5 -0.4 -0.9 0.4 2.0 -0.5 -0.8 0.8 -1.0 0.6 1.3

5 -5 1 2 1 11 8 -14 3 0 1

▲ ▼ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▲

20.5 43.9 17.5 23.8 27.9 10.4 22.7 23.9 12.6 18.5 11.9

1.4 3.1 1.2 1.7 1.9 0.7 1.6 1.7 0.9 1.3 0.8

0.2 -0.4 0.8 -1.0 0.2 0.5 0.8 -0.8 -0.1 0.0 0.8

1,438.4

100.0

Market

Market

Proceeds Share %

Share Ch.

6,152.1 5,117.6 3,205.4 3,186.5 3,103.6 2,750.9 2,494.4 2,450.9 2,406.6 2,144.0 1,790.1 1,744.0 1,743.1 1,279.7 1,038.1 988.9 979.0 956.0 835.4 810.8 751.1 736.8 720.2 687.3 511.7 48,584.2 59,264.4 -41.1% ▼ -55.3% ▼

10.4 8.6 5.4 5.4 5.2 4.6 4.2 4.1 4.1 3.6 3.0 2.9 2.9 2.2 1.8 1.7 1.7 1.6 1.4 1.4 1.3 1.2 1.2 1.2 0.9 82.0 100.0

10.4 8.6 5.4 5.4 5.2 4.6 4.2 4.1 4.1 3.6 3.0 2.9 2.9 2.2 1.8 -3.8 -0.6 1.6 1.4 1.4 1.3 1.2 -0.7 0.7 0.3 -1.1

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

Market

Change in

Deals Share %

# of

# of Deals

$300,000

31 40 19 22 25 26 22 21 20 19 16 18 8 12 11 10 7 11 9 9 12 5 9 9 8 163 -6.9% ▼ -49.0% ▼

19.0 24.5 11.7 13.5 15.3 16.0 13.5 12.9 12.3 11.7 9.8 11.0 4.9 7.4 6.7 6.1 4.3 6.7 5.5 5.5 7.4 3.1 5.5 5.5 4.9

-8 4 -6 -2 -2 -6 -2 -4 5 -3 7 -6 -1 0 -1 -10 -3 -10 7 4 3 0 0 2 3 -12

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

$200,000 $150,000 $100,000

Market

Market Share Ch.

7.4 7.7 3.6 3.5 5.8 4.0 5.5 4.1 5.0 4.2 2.6 3.4 3.2 2.4 1.5 1.9 1.6 1.8 1.0 2.3 1.1 1.7 1.1 1.2 1.1 77.6 100.0

-2.1 0.6 -2.7 -1.6 0.9 -1.7 -0.7 -0.4 2.3 0.3 1.5 -0.7 1.3 0.4 0.1 -2.6 -0.2 -1.1 0.8 1.0 -0.3 0.4 -0.5 0.7 0.2 -4.3

464 418

390

341 265 249264

300

362

355 315

433 355387398 384

488

500

464

400 300

400

315

600

532 503

513

276 223

200 100

$50,000

0

$0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009

2010

2011

2012

2013

2014

2015

EMEA Syndicated Loans by Industry (US$b)

Jan 1 - Dec 31 2015 Energy and Power

$34.4 $58.5 $49.4 $42.5 3% 3% $59.1 5% 4% 5% $69.9 6% $76.6 6%

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

$242.1 19%

Industrials Consumer Staples Financials

$206.5 17%

Materials Healthcare Real Estate

$131.4 10%

Fees Share %

58.1 60.3 28.4 27.5 45.7 31.2 43.6 32.6 39.2 33.4 20.3 26.9 25.4 18.7 12.0 15.0 12.8 14.1 7.8 18.2 8.6 13.7 8.6 9.5 8.4 611.6 787.9

379

$250,000

Imputed Fees (US$m) Manager

581 529

$350,000

Jan 1 - Dec 31 # of Deals per Bookrunner

700

EMEA Proceeds (US$m) Number of deals

$400,000

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

-24.3% ▼ -40.0% ▼

-2.3% ▼ -33.8% ▼

Proceeds per Bookrunner (US$m) 2015 Rank

Market

▲ ▲ ▲ ▲ ▲ ▼ ▲ ▲ ▲ ▲ ▼ ▲ ▲

EMEA Sponsored Loans (P13)

Bookrunner

Market

19 4 7 11 3 -6 1 14 6 5 -1 0 9 10

-6

$450,000

Imputed Fees (US$m) Manager

$138.0 11%

Telecommunications

$138.5 11%

Media and Entertainment Consumer Products and Services Retail High Technology

EMEA Imputed Fees

Jan 1 - Dec 31

$8,000 $7,000 Total Imputed Fees (US$m)

Bookrunner

2014 Rank

1,945

Total Imputed Fees (US$m) 2,076 Number of Deals

2,048

1,905

$6,000

2500

2000

1,659 1,569

$5,000

1,283

1,368

$4,000

1500

1,355

1,012 1000

$3,000 $2,000

# of Issues

Proceeds per Bookrunner (US$m) 2015 Rank

EMEA Quarterly Syndicated Loan Volume

# of Issues

Jan 1 - Dec 31

Proceeds (US$m)

European Leveraged Loans (P10)

500

$1,000 0

$0 2006

-41.0% ▼ -63.2% ▼

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2007

2008

2009

2010

2011

2012

2013

2014

2015

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Full Year 2015 | Syndicated Loans | Managing Underwriters

Asia (ex-Japan) Asian Syndicated Loans Down 5% l Financials Captures 27% | Australia Down 40% Asia & Australia Deals Intelligence

Asia Loans - Bookrunners (All Currencies) (S5c)

Asian Syndicated Loans volume in 2015 fell 5.4% compared to year end 2014, posting US$462 billion of value from 1,412 transactions. China led market activity in Asia throughout 2015 and ended the year with a completed volume of US$155.1 billion. Hong Kong and India followed with completed volumes of US$96 billion and US$52.9 billion, respectively. Borrowers in the Financials sector captured the largest market share in the Asia-market, with 27% of total volume - a slight decrease of 2.1% compared to 2014 totals.

Bookrunner Bank of China Ltd Industrial & Comm Bank China Bank of Taiwan China Development Bank State Bank of India Standard Chartered PLC China Construction Bank Agricultural Bank of China Korea Development Bank HSBC Holdings PLC Mizuho Financial Group DBS Group Holdings ANZ Banking Group Axis Bank Ltd Mitsubishi UFJ Financial Group Sumitomo Mitsui Finl Grp Inc Deutsche Bank Mega Financial Holding Co CTBC Financial Holding Co Ltd Shanghai Pudong Development Bk ING Oversea-Chinese Banking BNP Paribas SA Fubon Financial Holding Co Ltd Taiwan Cooperative Bank Top Twenty Five Total Bookrunner Total

Taiwan High Speed Rail Corp's US$12.1 billion August transaction was the largest offering of 2015 in the region. In the fourth quarter, the largest deal was the US$3.8 billion equivalent facility used by MBK Partners LP to back the buyout of Tesco Plc's South Korean Homeplus unit. With volumes 40.4% lower compared to 2014, Australia loans totaled US$79.9 billion from 186 transactions in 2015. Macquarie Bank sealed a 2-year US$4.3 billion bridge loan to fund its acquisition of ANZ’s vehicle finance portfolio Esanda, marking the largest loan in the region in the fourth quarter. According to Thomson Reuters/Freeman Consulting, estimated arranging fees from Asian syndicated lending totaled US$1.6 billion for the year, down 14.9% compared to 2014. In Australia, estimated fees were US$371.1 million, 15.9% lower compared to the previous year.

Top Asia Syndicated Loans (Ex Japan, Ex Australia)

Jan 1 - Dec 31 2015

Taiwan High Speed Rail Corp

$12,052.9

Yalong River Hydropower Dvlp

$8,464.7

Cheung Kong (Hldg) Ltd- Ppty

$7,092.5

Cheung Kong (Hldg) Ltd- Ppty

$5,161.1

SREGC Sanlin Binjiang

$4,930.5

Shandong Nuclear Power Co Ltd

$4,831.8

Guangdong Nanyue Chaozhang Homeplus Co Ltd Guangdong Nanyue Commun… Tianjin Zhongwang Aluminium

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

$3,775.4 $3,772.8 $3,220.9

Asia Loans - Bookrunners (US$, EURO, JPY, A$, HK$ & S$) (S3i)

Bookrunner Bank of China Ltd Standard Chartered PLC HSBC Holdings PLC Mizuho Financial Group ANZ Banking Group DBS Group Holdings Mitsubishi UFJ Financial Group Deutsche Bank ING Industrial & Comm Bank China Sumitomo Mitsui Finl Grp Inc Oversea-Chinese Banking BNP Paribas SA Citi Bank of America Merrill Lynch United Overseas Bank Ltd CTBC Financial Holding Co Ltd China Development Bank Credit Suisse Fubon Financial Holding Co Ltd Top Twenty Total Bookrunner Total

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

-6.0% ▼ 7.4% ▲

-0.6% ▼ -14.7% ▼

# of Deals per Bookrunner # of Market Change in Deals Share% # of Deals 170 15.8 25 ▲ 17.8 -84 ▼ 192 66 6.1 3 ▲ 19 1.8 -23 ▼ 44 4.1 -55 ▼ 82 7.6 -12 ▼ 13 1.2 -6 ▼ 16 1.5 1 ▲ 43 4.0 -1 ▼ 61 5.7 -9 ▼ 57 5.3 -2 ▼ 59 5.5 1 ▲ 46 4.3 -5 ▼ 19 1.8 -5 ▼ 3.2 -12 ▼ 34 38 3.5 0 31 2.9 -7 ▼ 58 5.4 12 ▲ 56 5.2 7 ▲ 17 1.6 11 ▲ 21 1.9 2 ▲ 23 2.1 4 ▲ 27 2.5 -17 ▼ 51 4.7 6 ▲ 50 4.6 -8 ▼ 1,077

-153

-12.4% ▼ -0.4% ▼

Jan 1 - Dec 31

# of Deals per Arranger # of Market Change in Deals Share% # of Deals 41 10.6 21 ▲ 70 18.1 -10 ▼ 54 14.0 -11 ▼ 49 12.7 -2 ▼ 42 10.9 -9 ▼ 48 12.4 -1 ▼ 31 8.0 -13 ▼ 31 8.0 -7 ▼ 20 5.2 2 ▲ 17 4.4 3 ▲ 27 7.0 -6 ▼ 19 4.9 1 ▲ 21 5.4 -21 ▼ 18 4.7 1 ▲ 2.8 -1 ▼ 11 20 5.2 -7 ▼ 30 7.8 2 ▲ 3 0.8 1 ▲ 11 2.8 -4 ▼ 25 6.5 -2 ▼ 386 -4.0% ▼ -3.2% ▼

Mandated Arranger Bank of China Ltd Industrial & Comm Bank China State Bank of India China Development Bank Bank of Taiwan China Construction Bank HSBC Holdings PLC Korea Development Bank DBS Group Holdings Agricultural Bank of China Sumitomo Mitsui Finl Grp Inc Standard Chartered PLC Mizuho Financial Group Mitsubishi UFJ Financial Group Shanghai Pudong Development Bk Oversea-Chinese Banking ANZ Banking Group United Overseas Bank Ltd Axis Bank Ltd BNP Paribas SA ING Bank of Communications Co Ltd Malayan Banking Bhd CTBC Financial Holding Co Ltd Land Bank of Taiwan Top Twenty Five Total Industry Total

-16

Imputed Fees (US$m) Manager Market Market Fees Share% Share Ch. 66.5 6.4 ▲ 10.7 41.8 6.8 2.1 ▲ 37.6 6.1 0.9 ▲ 21.6 3.5 0.7 ▲ 18.1 2.9 -0.3 ▼ 21.7 3.5 -0.3 ▼ 3.2 0.2 ▲ 19.7 18.5 3.0 0.5 ▲ 2.3 0.7 ▲ 14.1 13.3 2.2 -2.7 ▼ 16.8 2.7 -0.9 ▼ 12.0 1.9 -0.3 ▼ 11.5 1.9 -1.3 ▼ 6.4 1.0 0.1 ▲ 4.2 0.7 -0.1 ▼ 13.9 2.2 0.0 14.6 2.4 1.2 ▲ 6.0 1.0 -2.6 ▼ 8.1 1.3 -0.8 ▼ 10.1 1.6 0.6 ▲ 60.9 376.5 4.1 ▲ 619.1 100.0 -31.2% ▼ -22.1% ▼

Proceeds per Mandated Arranger (US$m) Market Market 2015 2014 Rank Rank Proceeds Share% Share Ch. 1 3 11.5 3.4 ▲ 53,099.1 2 1 50,373.0 10.9 1.3 ▲ 3 2 21,606.5 4.7 -4.0 ▼ 4 4 21,443.5 4.6 -3.3 ▼ 5 15,291.3 3.3 2.4 ▲ 24 15 6 14,447.1 3.1 1.3 ▲ 7 14,123.5 3.1 -0.7 ▼ 5 8 9 11,310.8 2.5 0.2 ▲ 11,174.6 -0.4 ▼ 9 7 2.4 10 16 11,130.1 2.4 0.9 ▲ 11 10,320.8 2.2 -0.3 ▼ 8 12 6 9,942.3 2.2 -0.9 ▼ 13 9,361.3 2.0 -0.1 ▼ 11 14 8,453.4 1.8 -0.4 ▼ 10 15 34 7,699.2 1.7 1.1 ▲ 16 13 7,386.6 1.6 -0.3 ▼ 17 12 6,704.0 1.5 -0.6 ▼ 1.4 -0.4 ▼ 18 14 6,412.6 19 23 5,929.8 1.3 0.4 ▲ 20 17 4,684.9 1.0 -0.4 ▼ 21 25 4,375.2 1.0 0.1 ▲ 22 19 4,327.4 0.9 -0.3 ▼ 23 20 4,272.5 0.9 -0.3 ▼ 24 29 4,130.4 0.9 0.1 ▲ 25 41 3,769.1 0.8 0.2 ▲ 321,769.0 69.7 ‐1.0 ▼ 461,969.2 100.0

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

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-5.4% ▼ -9.9% ▼

Imputed Fees (US$m) Manager Market Market Fees Share% Share Ch. 134.5 12.4 7.0 ▲ 67.8 6.3 0.1 ▲ 16.3 1.5 0.5 ▲ 27.3 2.5 -2.9 ▼ 31.0 2.9 -0.2 ▼ 44.5 4.1 0.0 26.5 2.5 1.2 ▲ 13.0 1.2 0.5 ▲ 30.8 2.8 -0.4 ▼ 39.3 3.6 -0.5 ▼ 23.0 2.1 -0.2 ▼ 25.3 2.3 -0.7 ▼ 18.5 1.7 -0.7 ▼ 9.0 0.8 -0.2 ▼ 1.9 -0.4 ▼ 20.2 17.8 1.6 -1.2 ▼ 18.5 1.7 -0.3 ▼ 15.1 1.4 0.2 ▲ 20.0 1.8 0.7 ▲ 9.4 0.9 0.5 ▲ 14.1 1.3 0.1 ▲ 12.3 1.1 -0.7 ▼ 12.9 1.2 -1.3 ▼ 12.7 1.2 0.3 ▲ 9.2 0.8 -0.2 ▼ 669.0 61.6 1.2 ▲ 1,084.5 100.0 -9.4% ▼ 0.3% ▲

Asia Loans - Mandated Arrangers (All Currencies) (S5b)

$3,533.0

Proceeds per Bookrunner (US$m) Market Market 2015 2014 Rank Rank Proceeds Share% Share Ch. 1 15 15,640.1 11.9 9.6 ▲ 2 1 10,629.4 8.1 1.7 ▲ 3 2 7,639.2 5.8 0.7 ▲ 4 5 6,446.2 4.9 0.7 ▲ 5 4 6,302.8 4.8 0.0 6 3 6,195.5 4.7 -0.2 ▼ 7 7 5,074.5 3.9 0.2 ▲ 8 8 4,067.8 3.1 -0.5 ▼ 9 23 3,553.6 2.7 1.2 ▲ 10 6 3,413.1 2.6 -1.3 ▼ 11 10 3,410.2 2.6 -0.8 ▼ 12 13 3,230.5 2.5 0.1 ▲ 13 9 2,656.1 2.0 -1.5 ▼ 14 19 2,345.6 1.8 0.0 15 32 2,278.9 1.7 0.8 ▲ 16 11 2,162.9 1.6 -1.0 ▼ 17 28 2,119.1 1.6 0.5 ▲ 18 12 1,787.1 1.4 -1.1 ▼ 19 17 1,779.5 1.4 -0.6 ▼ 20 26 1,502.9 1.1 0.0 92,235.0 70.2 8.5 ▲ 131,635.7 100.0

Proceeds per Bookrunner (US$m) Market Market 2015 2014 Rank Rank Proceeds Share% Share Ch. 1 4 50,185.9 14.7 5.5 ▲ 2 2 46,486.6 13.6 2.1 ▲ 3 17 16,420.3 4.8 3.4 ▲ 4 3 14,999.1 4.4 -5.6 ▼ 5 1 14,592.3 4.3 -7.2 ▼ 6 5 12,298.1 3.6 0.4 ▲ 7 16 11,764.5 3.5 2.1 ▲ 8 11 10,891.8 3.2 1.6 ▲ 9 6 10,471.0 3.1 -0.1 ▼ 10 7 8,558.2 2.5 0.1 ▲ 11 10 7,283.8 2.1 0.2 ▲ 12 8 7,222.6 2.1 -0.1 ▼ 13 9 6,569.4 1.9 -0.1 ▼ 14 19 5,353.5 1.6 0.2 ▲ 12 5,325.4 15 1.6 0.0 16 15 4,271.2 1.3 -0.2 ▼ 17 13 4,067.8 1.2 -0.3 ▼ 18 27 3,884.8 1.1 0.2 ▲ 19 29 3,861.2 1.1 0.3 ▲ 20 43 3,626.5 1.1 0.7 ▲ 21 35 3,585.3 1.1 0.5 ▲ 22 22 3,564.3 1.1 0.1 ▲ 23 14 3,178.4 0.9 -0.6 ▼ 24 0.9 -0.1 ▼ 25 2,976.0 2,783.3 25 26 0.8 -0.1 ▼ 264,221.3 77.6 3.0 ▲ 340,974.9 100.0

Jan 1 - Dec 31

Jan 1 - Dec 31 # of Deals per Arranger # of Market Change in Deals Share% # of Deals 20.5 63 ▲ 289 269 19.1 -164 ▼ 75 5.3 -33 ▼ 35 2.5 -26 ▼ 78 5.5 1 ▲ 52 3.7 -11 ▼ 159 11.3 -40 ▼ 60 4.2 -4 ▼ 134 9.5 -15 ▼ 60 4.2 2 ▲ 126 8.9 -10 ▼ 137 9.7 -32 ▼ 109 7.7 -17 ▼ 97 6.9 -21 ▼ 40 2.8 9 ▲ 88 6.2 13 ▲ 76 5.4 -43 ▼ 82 5.8 -6 ▼ 20 1.4 -6 ▼ 61 4.3 -27 ▼ 56 4.0 -3 ▼ 38 2.7 7 ▲ 35 2.5 -12 ▼ 87 6.2 -3 ▼ 75 5.3 19 ▲ 1,412 -14.3% ▼ -2.8% ▼

-236

Imputed Fees (US$m) Manager Market Market Fees Share% Share Ch. 156.7 9.9 4.5 ▲ 80.3 5.1 -0.1 ▼ 36.9 2.3 0.1 ▲ 32.0 2.0 -1.9 ▼ 16.4 1.0 0.2 ▲ 34.0 2.1 0.5 ▲ 85.4 5.4 -1.2 ▼ 34.1 2.2 0.0 55.8 3.5 -0.3 ▼ 18.2 1.2 0.5 ▲ 39.2 2.5 -0.9 ▼ 62.2 3.9 -0.6 ▼ 39.2 2.5 -0.1 ▼ 41.2 2.6 -0.4 ▼ 10.5 0.7 0.2 ▲ 31.6 2.0 -0.4 ▼ 27.6 1.7 -1.3 ▼ 29.4 1.9 -0.4 ▼ 9.0 0.6 -0.1 ▼ 23.3 1.5 -0.9 ▼ 22.1 1.4 0.1 ▲ 10.0 0.6 0.2 ▲ 23.5 1.5 0.1 ▲ 23.1 1.5 0.7 ▲ 7.9 0.5 0.2 ▲ 949.6 60.1 ‐1.3 ▼ 1,585.1 100.0 -14.9% ▼ 5.5% ▲

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Asia (ex-Japan) & Australia

Bookrunner Westpac Banking ANZ Banking Group Commonwealth Bank of Australia National Australia Bank HSBC Holdings PLC Mitsubishi UFJ Financial Group Barclays Scotiabank Sumitomo Mitsui Finl Grp Inc Bank of China Ltd Top Ten Total Bookrunner Total

Proceeds per Bookrunner (US$m) Market Market 2015 2014 Rank Rank Proceeds Share% Share Ch. 1 2 7,491.3 21.7 4.4 ▲ 2 1 7,019.2 20.4 -0.2 ▼ 3 4 5,155.4 15.0 -0.2 ▼ 3 4,630.6 13.4 4 -3.9 ▼ 5 7 2,305.4 6.7 3.9 ▲ 6 6 2,049.6 6.0 3.0 ▲ 7 24 976.4 2.8 2.6 ▲ 8 15 727.9 2.1 0.9 ▲ 9 8 611.9 1.8 -0.5 ▼ 10 11 470.0 1.4 -0.4 ▼ 34,464.9 100.0 -2.5 ▼ 34,464.9 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter *tie

-34.6% ▼ -38.2% ▼

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Share% # of Deals ▼ -7 30 29.3 35 27.6 -10 ▼ -1 ▼ 26 20.3 19 18.1 -11 ▼ 8 9.1 0 9 8.1 2 ▲ 5 3.8 4 ▲ 3 2.8 1 ▲ 4 2.4 -1 ▼ 1 1.9 -2 ▼ 74 -16.9% ▼ 16.7% ▲

Top Australia Syndicated Loans

-15

Imputed Fees (US$m) Manager Market Market Fees Share% Share Ch. 16.3 16.3 0.5 ▲ 21.5 21.6 4.1 ▲ 10.3 10.4 -4.4 ▼ 8.8 8.8 -5.1 ▼ 5.7 1.9 ▲ 5.7 3.0 3.0 1.0 ▲ 1.4 1.4 1.0 ▲ 1.6 1.6 -0.8 ▼ 4.4 4.4 0.2 ▲ 1.5 1.5 1.0 ▲ 62.6 62.8 -3.0 ▼ 99.8 100.0

Mandated Arranger ANZ Banking Group Westpac Banking Commonwealth Bank of Australia National Australia Bank HSBC Holdings PLC Mitsubishi UFJ Financial Group Sumitomo Mitsui Finl Grp Inc Mizuho Financial Group JP Morgan Bank of America Merrill Lynch Top Ten Total Industry Total

-36.1% ▼ -33.4% ▼

Jan 1 - Dec 31 2015 $4,284.0

NSW Electricity Networks

$4,260.4

Federation Centres Finance

Proceeds per Mandated Arranger (US$m) Market Market 2015 2014 Rank Rank Proceeds Share% Share Ch. 1 1 12,681.3 15.9 2.8 ▲ 2 3 10,744.7 13.5 1.0 ▲ 4 3 9,717.6 12.2 0.6 ▲ 4 2 9,023.0 11.3 -1.3 ▼ 5 5 4,128.8 5.2 0.9 ▲ 3,607.1 6 8 4.5 1.6 ▲ 6 7 3,293.8 4.1 0.2 ▲ 11 2,467.2 3.1 0.8 ▲ 8 0.7 ▲ 9 16 1,794.8 2.3 10 12 1,585.1 2.0 -0.2 ▼ 7.1 ▲ 59,043.4 74.1 79,873.6 100.0

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

Macquarie Bank Ltd

-40.4% ▼ 9.7% ▲

Jan 1 - Dec 31

# of Deals per Arranger # of Market Change in Deals Share% # of Deals 8.5 -30 ▼ 110 94 7.3 -26 ▼ 6.6 -13 ▼ 94 89 6.1 -23 ▼ 37 2.8 -4 ▼ 33 2.4 -5 ▼ 2.2 -5 ▼ 33 1.7 -1 ▼ 27 -1 ▼ 9 1.2 -8 1.1 9 ▼ 186

-24

-11.4% ▼ -14.0% ▼

Imputed Fees (US$m) Manager Market Market Fees Share% Share Ch. 57.7 15.6 2.1 ▲ 51.9 14.0 0.4 ▲ 42.7 11.5 -1.4 ▼ 36.3 9.8 -3.8 ▼ 3.8 14.0 -0.1 ▼ 24.0 6.5 2.3 ▲ 14.9 4.0 -0.3 ▼ 9.4 2.5 -0.5 ▼ 1.9 7.0 1.1 ▲ 1.8 0.5 -0.9 ▼ 259.7 70.1 -1.1 ▼ 371.1 100.0 -15.9% ▼ 20.9% ▲

Asian Loans by Maturity Date 300.00

1400 Proceeds (US$b)

# of Issues 1200

250.00

Proceeds (US$b)

$3,951.5 $ ,

Lend Lease Finance Ltd

$2,512.9

Ramsay Health Care Ltd

$1,645.9

BHP-Non-core Assets

$1,500.0

TPG Telecom Ltd Amcor Ltd

$1,342.0 $1,325.2

SDP Finco Pty Ltd

$1,293.9

800 150.00 600 100.00

400

50.00

-

Australian Loans Proceeds by Industry (US$m)

Jan 1 - Dec 31 2015

$10,144.9 16%

-

1000

200.00

$1,353.4

EnergyAustralia Holdings Ltd

$10,286.8 16%

Australia Loans - Mandated Arrangers (All Currencies) (S6a)

# of Issues

Australia Loans - Bookrunners (All Currencies) (S7)

200 $251.6

$245.9

$212.4

$259.0

$172.9

2015

2016

2017

2018

2019

Asian Loans by Currency (%)

0

Full Year

Financials $9,372.2 14%

28.2%

Energy and Power Real Estate $8,512.7 13%

31.4% 40.2%

44.0%

34.4%

35.9% 43.3%

40.0%

49.7%

Industrials

55.3%

Materials $22,530.2 34%

$4,794.8 7%

Media and Entertainment

44.7%

50.3%

56.0%

71.8%

68.6%

59.8%

64.1%

56.7%

60.0%

65.6%

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Local Currency

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G3

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Japan Japanese Syndicated Lending Up Slightly | Industrials Drive Japanese Loan Market | Orchid Alliance Deal – Largest in 2015 Japan Deals Intelligence

Japan Loans - Bookrunners (S12b)

Overall Japanese syndicated lending for 2015 reached US$225.8 billion from 2,054 deals, a 1.6% increase in proceeds and a 3.1% increase in deal count compared to last year. The number of issues marked the highest total since 2008. The Industrials sector powered the loans market, recording a total of US$47.7 billion in proceeds, accounting for 21.1% of Japanese loan activity. Financials sector saw the largest increase in proceeds, totaling US$34.6 billion, representing a 36.9% increase from 2014. Orchid Alliance Holdings Ltd’s US$11.8 billion loan – the largest Japanese deal in 2015 - was the main driver for this activity. Working Capital remained the main use of Japanese syndicated loans proceeds, reaching US$92.5 billion from 904 deals, a 21.9% decrease from 2014. Capital Expenditure loans posted a 284.7% increase in proceeds, recording a total of US$32.3 billion from 263 deals, compared to US$8.4 billion from 103 deals last year.

Top Ten Deals Closing Date 3/25/2015 9/30/2015 12/15/2015 6/30/2015 12/11/2015 9/30/2015 4/17/2015 10/28/2015 6/26/2015 2/24/2015

Jan 1 - Dec 31 2015 Borrower Orchid Alliance Holdings Ltd Ichthys LNG Pty Ltd Sakurai Co Ltd JX Holdings Inc Mitsubishi Corp Toshiba Corp Asahi Kasei Corp Asia Theme Pk Invest Co Ltd Itochu Corp p Sumitomo Corp

Package Amt (US$m) 11,838.0 4,979.6 4,000.0 3,513.5 3,392.3 3,336.8 3,333.0 3,304.0 2,825.9 , 2,774.3

Primary UOP General Corp. Purp. Project Finance Capital Expenditures Working Capital Capital Expenditures Working Capital Acquisition Fin. General Corp. Purp. g Capital p Working Working Capital

Overall Japan Loans Volume Q4 Proceeds (US$b)

$350

2015 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Proceeds per Bookrunner (US$m) Market Market

2014 Rank 1 2 3 4 7 9 6 8 5 10 11 12 21 26 13 15 34 16 27 33 25 40 31 30

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

2,500

Q3 Proceeds (US$b)

Bookrunner Mizuho Financial Group Mitsubishi UFJ Financial Group Sumitomo Mitsui Finl Grp Inc Development Bank of Japan Inc Resona Holdings Inc Aozora Bank Ltd Citi Bank of Yokohama Sumitomo Mitsui Trust Holdings BNP Paribas SA Credit Agricole CIB Shinsei Bank ING Fukuoka Financial Group Inc Tokyo Star Bank 77 Bank Ltd Nishi-Nippon City Bank Ltd Daishi Bank Ltd Shinkin Central Bank Hiroshima Bank Ltd Hokuhoku Financial Group Inc Toho Bank Ltd Gunma Bank Shoko Chukin Bank Chugoku Bank Ltd Top Twenty Five Total Bookrunner Total

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in

Proceeds Share % Share Ch. 77,902.7 35.8 0.9 ▲ -2.3 ▼ 57,507.1 26.4 57,017.4 26.2 0.9 ▲ 1.2 -0.6 ▼ 2,514.0 2,001.7 0.9 -0.4 ▼ 1,734.8 0.8 0.2 ▲ 0.7 -1.0 ▼ 1,483.9 1,472.5 0.7 -0.3 ▼ 1,429.8 0.7 -1.0 ▼ 1,083.0 0.5 0.0 1,080.7 0.1 ▲ 0.5 1,066.5 0.5 0.3 ▲ 0.2 505.5 0.2 ▲ 396.6 0.2 0.1 ▲ 394.7 0.2 0.2 ▲ 278.8 0.1 -0.1 ▼ 157.7 0.1 0.0 130.7 0.1 0.1 ▲ 130.6 0.1 0.0 81.1 0.0 0.0 66.8 0.0 0.0 53.0 0.0 0.0 51.9 0.0 0.0 34.0 0.0 0.0 28.6 0.0 0.0 217,727.4 100.0 -2.7 ▼ 217,727.4 100.0

Deals 489 642 583 26 88 40 6 92 28 25 9 15 1 7 12 1 4 1 3 4 2 3 6 2 2

Sh % # of Deals 24.6 1 ▲ 32.4 3 ▲ 29.4 ‐14 ▼ 1 ▲ 1.3 4.4 ‐5 ▼ 2.0 10 ▲ 0.3 0 4.6 9 ▲ 1.4 ‐16 ▼ 1.3 6 ▲ 0.5 2 ▲ 0.8 2 ▲ 0.1 1 ▲ 0.4 3 ▲ 0.6 10 ▲ 0.1 ‐1 ▼ 0.2 ‐1 ▼ 0.1 ‐1 ▼ 0.2 ‐2 ▼ 0.2 ‐1 ▼ 0.1 0 0.2 1 ▲ 0.3 5 ▲ 0.1 ‐2 ▼ 0.1 ‐1 ▼

1,984

0.4% ▲ -30.3% ▼

35

1.8% ▲ -62.3% ▼

Q2 Proceeds (US$b)

Japan Loans Proceeds by Industry (US$m)

Q1 Proceeds (US$b)

$300

2,051

$2.4 1.1% $8.3 $6.0 $3.5 $10.6 3.7% 2.7% 1.5% 4.7%

2,000 1,992 $250

1,826 1,658

1,661

1,870

$47.7 21.1%

1,776

1,686

1,500

$15.5 6.8%

$200 # of Deals

Proceeds (US$b)

Jan 1 - Dec 31 2015

# of Issues

$12.6 5.6%

$34.6 15.3%

$17.1 7.6% $20.2 8.9%

$150 1,000

$21.0 9.3%

.

$26.3 11.7%

$100 500 $50

$0

0 2008

2009

2010

2011

2012

2013

2014

2015

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Industrials

Financials

Energy and Power

Materials

High Technology

Real Estate

Consumer Staples

Consumer Products and Services

Retail

Media and Entertainment

Healthcare

Government and Agencies

Telecommunications

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Japan Japan Loan Volume - Non-Japanese Borrowers

Japan Loans - Mandated Arrangers (S12a) 30

$8,000 Proceeds (US$m)

26

No. of Deals

$7,000 25 $6,000 20

20

$4,000

15

14 13

# of Issues

Proceeds (US$ m)

$5,000

12 11

11

9

$3,000

10

10

10

10

8 $2,000

6 4

6

6

6

6

4 3

$1,000

6 4

3

5

4 3

3

2

2

$0

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009

2010

2011

2012

2013

2014

Mandated Arranger Mizuho Financial Group Mitsubishi UFJ Financial Group Sumitomo Mitsui Finl Grp Inc Sumitomo Mitsui Trust Holdings Resona Holdings Inc Development Bank of Japan Inc Aozora Bank Ltd Bank of Yokohama Credit Agricole CIB Shinsei Bank BNP Paribas SA Citi Fukuoka Financial Group Inc Tokyo Star Bank ING Hiroshima Bank Ltd Oversea-Chinese Banking Nishi-Nippon City Bank Ltd Hokuhoku Financial Group Inc Bank of New York Mellon Corp 77 Bank Ltd Shinkin Central Bank Daishi Bank Ltd Sapporo Hokuyo Holdings Inc Taishin International Bank Top Twenty Five Total Industry Total

Proceeds per Mandated Arranger (US$m) Market Market 2015 2014 Rank Rank Proceeds Share % Share Ch. 1 1.4 ▲ 1 76,003.6 33.7 -1.9 ▼ 2 2 59,963.5 26.6 3 -0.4 ▼ 3 59,327.3 26.3 4 4,749.3 2.1 0.1 ▲ 4 5 6 2,639.0 1.2 -0.2 ▼ 5 1.0 -0.9 ▼ 6 2,285.9 7 1,704.6 0.8 0.2 ▲ 9 8 8 1,550.3 0.7 -0.3 ▼ 9 1,416.6 10 0.6 0.0 12 1,174.2 0.5 0.2 ▲ 10 11 11 1,028.5 0.5 0.1 ▲ 12 7 -0.8 ▼ 940.6 0.4 13 23 0.2 477.0 0.1 ▲ 14 18 361.6 0.2 0.1 ▲ 15 24* 334.8 0.2 0.1 ▲ 14 275.8 0.1 0.0 16 252.8 17 0.1 0.1 ▲ 18 17 213.9 0.1 0.0 21 0.1 19 213.6 0.0 20 150.0 0.1 0.1 ▲ 21 16 139.4 0.1 0.0 19 0.1 0.0 22 137.0 23 39 130.9 0.1 0.1 ▲ 24 27 94.1 0.0 -0.1 ▼ -0.1 25* 24* 82 0 82.0 00 0.0 01 ▼ 215,646.3 95.5 -2.1 ▼ 225,808.2 100.0 1.6% ▲ -32.7% ▼

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

2015

Jan 1 - Dec 31 # of Deals per MA # of Market Change in Deals Sh % # of Deals 536 26.1 7 ▲ 705 34.3 10 ▲ 647 31.5 0 76 3.7 5 ▲ ‐2 ▼ 110 5.4 31 1.5 3 ▲ 41 2.0 8 ▲ 96 4.7 9 ▲ 11 1 ▲ 0.5 18 0.9 0 26 1.3 6 ▲ 7 0.3 ‐2 ▼ 12 0.6 7 ▲ 14 0.7 9 ▲ 2 0.1 1 ▲ 0.3 7 1 ▲ 1 0.0 1 ▲ 5 0.2 0 5 0.2 1 ▲ 0.0 1 1 ▲ 0.0 ‐2 ▼ 1 4 0.2 ‐1 ▼ 0 2 0.1 2 0.1 ‐2 ▼ 1 00 0.0 0 2,054

61

3.1% ▲ -62.3% ▼

*tie

Japan Loan Volume by Maturity Date

Japan Loans - Top 10 Uses of Proceeds (US$m)

$250

2,000 1851

Proceeds(US$b)

# of Issues

$200

Working Capital

1,800 $6.5 $6.9 3.0% 3.2%

1,600 1353

1,400

1,000 792

$100

775

800 600 430

# of Issues

Proceeds (US$b)

1,200

1062

$3.3 1.5% $6.0 $4.2 $2.4 2.7% 1.9% 1.1%

General Corporate Purposes

Capital Expenditures

$11.4 5.3%

1211 $150

Jan 1 - Dec 31 2015

Refinancing $92.5 42.6%

$32.3 14.8%

Property Acquisition

$51.8 23.8%

.

Acquisition Financing

Project Finance

405

$50

400

283

Future Acquisitions

200 $0

216.6

145.2

127.5

85.2

77.8

42.5

35.9

20.0

119.3

2016

2017

2018

2019

2020

2021

2022

2023

2023 & Beyond

Refinance Bank Debt

0 Operating Fund/Cash Reserve

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Ranking Criteria Summary - Database coverage includes all loan transactions that have reached financial close by the submission deadline and of which Thomson Reuters has been made aware. All current and If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact: Americas Salvatore Reres Tel: +1 646 223-8455 E-mail: [email protected] Europe Ewelina Jarecka Tel: +44 207 542 2246 E-mail: [email protected] Asia-Pacific Emily Au Tel: +852 2912 6603 E-mail: [email protected] Japan Ai Hashimoto Tel: +813 6441 1155 E-mail: [email protected]

previous year's data is as of 12:00pm EST on December 31, 2015.

- Global, Americas, EMEA, Asia-Pacific and Japan bookrunner and mandated arranger league table volumes and rankings are based on general close date instead of financial close date.

- 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 Target Market.

- 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.

- Imputed fees are calculated using Freeman Consulting proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter

or advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicated members.

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

- Bookrunner league tables include club syndicate transactions that are sold down in the syndication process to firms that were not part of the original club syndicate. Mandated Arranger

league tables include all club syndicate transactions, regardless of sell-down process.

- Bookrunner and Mandated Arranger league tables only include amendments that require 100% lender vote for the following amendments: decrease in pricing, change in tenor if maturity is

extended by a period of more than 90 days, guarantor or collateral release. An increase in deal size after syndication has ended will be reflected as an add on tranche.

- League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in

Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tables Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley".

- Thomson Reuters Investment Banking loans data is compiled in conjunction with Loan Pricing Corporation (LPC). In combination, Thomson Reuters Investment Banking and LPC offer the

most comprehensive and accurate view of the syndicated loans market available. 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. © 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 relevant third party.

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