REUTERS / Stefan Wermuth GLOBAL SYNDICATED LOANS REVIEW MANAGING UNDERWRITERS

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1 REUTERS / Stefan Wermuth GLOBAL SYNDICATED LOANS REVIEW MANAGING UNDERWRITERS First Half 2

2 First Half 2 MANAGING UNDERWRITERS SYNDICATED LOANS REVIEW Global Syndicated Loans Global Deals Intelligence Leading Underwriters for 2 Table of Contents EMEA Mandated Lead Arrangers (R) 7 European Leveraged Loans (P) 8 Global Loans - s (R) EMEA Sponsored Loans (P) 8 Global Debt & Syndicated Loans (DL) 2 Global Loans - Mandated Arrangers (R) 2 Top Global Syndicated Loans 2 Global Scorecard 2 Global Loans Rankings - Last Ten Years Americas Syndicated Loans Americas Deals Intelligence Top Americas Syndicated Loans Asia Pacific (Excl. Japan) Syndicated Loans Asia & Australia Deals Intelligence Top Asia Syndicated Loans Asia Loans - Asian Currency (Si) Asia Loans - s (Sc) Asia Loans - Mandated Arrangers (Sb) Australia Loans - s (S7) Top Australia Syndicated Loans Americas Loans - s (R7) Australia Loans - Mandated Arrangers (Sa) Americas Loans - Mandated Arrangers (R8c) US Loans - s (R) North America Loans - s (R) US Leveraged Loans - s (Ra) US Investment Grade Loans - s (Rb) Latin America Loans - Mandated Lead Arrangers (R) EMEA Syndicated Loans EMEA Deals Intelligence 7 Top EMEA Syndicated Loans 7 EMEA s (R7) 7 Japan Syndicated Loans Japan Deals Intelligence Top Japan Syndicated Loans Japan Loans - s (S2b) Japan Loans - Mandated Arrangers (S2a) Ranking Criteria Summary Syndicated Loans Criteria Summary Regional Contacts Thomson Reuters Solutions for the Deal Making Community 2

3 First Half 2 MANAGING UNDERWRITERS SYNDICATED LOANS REVIEW Global Syndicated Lending Totals US$2. trillion, down 8% from 2 I US Loans Account for 2% Europe Lending Down % I Tops Rankings Global Deals Intelligence GLOBAL SYNDICATED LENDING FALLS 8% FROM 2 Global syndicated lending reached US$2. trillion during the first half of 2, an 8% decrease compared to the first half of 2 and the slowest six-month period for lending since the first half of 2. Lending activity during the second quarter quarter saw a 2% increase from the first quarter this year. Nearly,7 transactions closed during the first half, a decrease of 2% compared to the first half of 2. AQUISITION FINANCING CONTINUES DURING SECOND QUARTER Royal Dutch Shell PLC secured a US$.2 billion financing package to fund its US$8. billion acquisition of BG Group, topping the list of acquisition-related syndicated loans closed during second quarter of 2. Other notable acquisition-related loans included CVS Health Corp's US$. billion facility and Mylan's $. billion loan to fund its proposed purchase of Perrigo PLC. US LENDING ACCOUNTS FOR 2% OF ACTIVITY Americas loans accounted for % of global loan volume during the first half of 2, as lending in the region decreased by % from the same period last year. Within the Americas, loan volume in the totaled US$. trillion, down % compared to the same period last year and representing 2% of global volume. Europe accounted for 22% of global volumes as lending decreased by % compared to the first half of 2. Asia Pacific fundraising saw a year-over-year decrease of 8%, while Japanese lending registered a downtick of % compared to the first half of 2. Global Syndicated Loans Volume Proceeds (US$t) $. Q Volume (US$t) Q Volume (US$t) Q2 Volume (US$t) Q Volume (US$t) $. $. $. $2. $. 2,, 8,,, 2, ENERGY & POWER, FINANCIALS & INDUSTRIALS LEAD LENDING Borrowing in the Energy & Power sector totaled US$. billion during the first half of 2, accounting for % of global loan activity, flat compared to lending in the sector during the first half of 2. Technology and Retail lending saw the largest year-over-year percentage increases, up % and 8%, respectively. Energy & Power, Financials and Industrials together accounted for 7% of syndicated loan volume during the first half of 2, compared to % a year ago. $ Global Loans - s (R) BANK OF AMERICA MERRILL LYNCH TOPS BOOKRUNNER RANKINGS secured the top ranking for global bookrunners, by proceeds, with US$. billion from transactions during the first half of 2, a decrease of. market share points compared to the first half of 2. JP Morgan fell to second place, with US$.2 billion or 8.% of overall loan proceeds during the first half of 2, a loss of.2 market share points from a year ago. SYNDICATED LENDING FEES DOWN 22% According to Thomson Reuters/Freeman Consulting, bookrunning fees from global syndicated loans totaled US$7.2 billion during the first half of 2, a decrease of 22% from last year. Fees from leveraged lending decreased 2% compared to a year ago and accounted for 8% of all lending fees during the first half of 2. Leading Underwriters During the Second Quarter 2 Market Sector Global Loans (R) Americas Loans (R7) North American Loans (R) US Loans (R) US Leveraged Loans (Ra) US Investment Grade Loans (Rb) Latin America Loans (R) Latin America Loans (R) EMEA Loans (R7) EMEA Leveraged Loans (P) Asia-Pacific ex. Japan ex. Australia (Sb) Asia-Pacific ex. Japan ex. Australia (Sc) Japan Loans (S2a) Japan Loans (S2b) Australian Loans (S7) Current Qtr Market Share Mkt. Share Chg. No. Manager (%) from Last Qtr (%) Industrial & Comm Bank China. -7. Industrial & Comm Bank China Westpac Banking 2.2. Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Rank Rank ProceedsShare % Share Ch. DealsShare % # of Deals FeesShare % Share Ch. 2, JP Morgan 2, Wells Fargo & Co 8, , Mitsubishi UFJ Financial Group 7, , Barclays 7 7, Deutsche Bank 8, HSBC Holdings PLC 2, , RBC Capital Markets 2, Sumitomo Mitsui Finl Grp Inc 2, Goldman Sachs & Co, Morgan Stanley 7, RBS 2 2, Industrial & Comm Bank China 2 2, Credit Suisse 7 2, Credit Agricole CIB 8 2, Scotiabank 2, TD Securities Inc 2 2 2, US Bancorp 2 2 2, Bank of China Ltd , BMO Capital Markets 2 2 2, PNC Financial Services Group , SunTrust Banks 2 22, ,2, , Total,8,.8., -8 7,2.2. Industry % Change from Same Period Last Year -7.% -.% -22.% Industry % Change from Last Quarter 2.% -.%.%

4 First Half 2 Syndicated Loans Managing Underwriters Global Global Debt & Syndicated Loans (DL) Scorecard: Global Syndicated Loans Proceeds per Mandated Arranger US$m) # of Deals per MA Imputed Fees (US$m) //2 - //2 //2 - //2 Mandated Arrangers Rank Rank ProceedsShare % Share Ch. DealsShare % # of Deals FeesShare % Share Ch. JP Morgan 82, , Region/Nation Proceeds (US$m) Proceeds (US$m) 2 2, , Global 2,,.,7 2,22,2.,8 27, , Americas,27,.2 2,227,27,. 2, Barclays 2, North America,22,8.7 2,8,2,7. 2,8 Deutsche Bank 28, of America,,.2,7,,.8 2,22 Wells Fargo & Co, Canada,8. 2 8,. 2 Morgan Stanley , Central America 8,.,2. HSBC Holdings PLC 8 8 8, Mexico 8,.,7. Goldman Sachs & Co 7, South America,82.2 7,.8 Credit Suisse, Brazil 7,.,7. 2 Top Ten Total 2,7, ,2... Colombia,. 2,. Industry Total,827,..,72-72,8.7. Europe, ,. 827 Western Europe,. 7, Industry % Change from Same Period Last Year -.% -.% -.8% United Kingdom,2. 8 7,2.2 Industry % Change from Last Quarter -.8% -2.2% 8.% Netherlands,2.,7.8 2 Germany,.7,8. 2 France, , Italy 2,7.7 2,8. Global Loans - Mandated Arrangers (R) Spain 2,2.8,. Switzerland 2,88.8 2,2. Proceeds per Mandated Arranger US$m) # of Deals per MA mputed Bookrunning Fees (US$m Norway,72. 2,2.7 Luxembourg,72. 8,2. Mandated Arrangers Rank Rank ProceedsShare % Share Ch. DealsShare % # of Deals FeesShare % Share Ch. Republic of Ireland 2,.,7.8 2, Sweden,7. 7 2,7. 27 JP Morgan 2 2, Eastern Europe,7.2 8,7. Wells Fargo & Co 88, Turkey 2,. 2,. Mitsubishi UFJ Financial Group 87, Russian Federation,.8 8,. 8, Romania, , Poland.2,.2 HSBC Holdings PLC 7 8, Africa/Middle East/Central Asia,2. 8,2. 7 Barclays 8 2, Middle East 7,. 7,7. Sumitomo Mitsui Finl Grp Inc, Saudi Arabia,2. 8 8,87. Deutsche Bank 7, United Arab Emirates 7, , , Sub-Saharan Africa,. 28,8. 8 RBC Capital Markets 2, Nigeria,. 2,822. RBS 8, South Africa,8. 2,77. Industrial & Comm Bank China 27, Angola, Credit Suisse, Central Asia,.,. US Bancorp 2 2, Asia-Pacific (ex Central Asia) 2,22. 7,78. Scotiabank 7 22, North Asia,8.7 2,77. Credit Agricole CIB 8, China 8,. 22,288. Goldman Sachs & Co 28, Hong Kong,2. 87,2.8 BMO Capital Markets , Taiwan 7,887.7,. Morgan Stanley , South Korea 8,7.,2.7 Bank of China Ltd , South Asia 8,8. 7, Societe Generale 2 2, India 8,8. 7,2. 7 TD Securities Inc , Southeast Asia 7,2.,2.7 ING 2 8 2, Singapore 2,7.7 28,8.,, , Indonesia,. 7,8. Industry Total 2,,..,7-8,2.. Malaysia,2. 2,77. 7 Thailand 2,87.7,2. Industry % Change from Same Period Last Year -8.% -2.% -22.% Philippines,.2,8. Industry % Change from Last Quarter 2.% -.% 8.% Australasia,. 88,. 7 Australia,.8,8. New Zealand,.7 8,.8 Japan 8,88., 2,2.2 Top Global Syndicated Loans Closing Date Borrower Target Market Package Amt (US$m) Primary UOP //2 //2 AbbVie Inc Wal-Mart Stores Inc 8,.,. General Corp. Purp. /28/2 Glencore PLC Switzerland,2. General Corp. Purp. //2 /2/2 //2 Royal Dutch Shell PLC Depository Trust Co Ford Motor Co Netherlands,2.,.,2. General Corp. Purp. Export/Import Finan //2 CVS Health Corp,. //2 Equinix Inc 2,2.8 General Corp. Purp. /2/2 //2 Orchid Alliance Holdings Ltd Cheniere Corpus Christi Hldg Japan,88.,. General Corp. Purp. Project Finance * The Global Scorecard comprises deal volume and counts from club and bookrun deals, mirroring the mandated arranger rankings. % Chge in Proceeds

5 First Half 2 Syndicated Loans Managing Underwriters Global Loans Ranking - Last Ten Years* 2 2 JP Morgan Wells Fargo & Co Mitsubishi UFJ Financial Group Rank 7 7 Barclays 8 8 Deutsche Bank HSBC Holdings PLC *League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year.

6 Americas Proceeds at US$.2 Trillion US Leveraged Lending Down 2% Latin American Lending Up % First Half 2 Syndicated Loans Managing Underwriters Americas Americas Deals Intelligence Americas Loans - s (R7) Overall syndicated lending in the Americas during the first half of 2 decreased 2.% compared to the first half of Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 2, with proceeds of US$.2 trillion from 2,2 transactions. Rank Rank Proceeds Share% Share Ch. Deals Share% # of Deals Fees Share% Share Ch. 2 7, Leveraged lending in the totaled US$. billion from,7 deals, representing a 2.% decrease JP Morgan 2 2, from total proceeds raised in the same period a year ago. Wells Fargo & Co 7, , Barclays, Loans for general purposes dominated the market in the first half of 2, accounting for a % share, with RBC Capital Markets 7, proceeds totaling US$. billion. Bank Debt Refinancing and Acquisition Financing followed, capturing % of the Mitsubishi UFJ Financial Group 7 8, market each. Morgan Stanley 8 2, Deutsche Bank 2, Lending in Latin America increased compared with the same period last year, up.8% with total proceeds of Credit Suisse 8 2, US Bancorp 2, US$22. billion from deals. TD Securities Inc 2 2, Goldman Sachs & Co 2, Estimated bookrunning fees for the Americas yielded a.2% lower total in the first half of 2 compared to last Scotiabank 2, year, with a total of US$. billion, according to estimates from Thomson Reuters/Freeman Consulting. Fees paid to HSBC Holdings PLC 2, , bookrunners for U.S. leveraged loans decreased 28.% compared to a year ago, totaling just under US$ billion. BMO Capital Markets 7 8 2, PNC Financial Services Group 8 2 2, RBS, SunTrust Banks 2 7, CIBC World Markets Inc 2 2 8, Top Americas Syndicated Loans 22 28, Closing Date Borrower Target Market Package Amt (US$m) Primary UOP KeyBanc Capital Markets Inc 2 2, //2 AbbVie Inc 8,. Credit Agricole CIB 2 2 8, //2 Wal-Mart Stores Inc,. General Corp. Purp. National Bank of Canada Fin'l 2 2 8, /2/2 Depository Trust Co,. General Corp. Purp., , //2 Ford Motor Co,2. Export/Import Finan Total,2,2.. 2,2-2,7.. //2 CVS Health Corp,. //2 Equinix Inc 2,2.8 General Corp. Purp. Industry % Change over Same Period Last Year -2.% -.% -.2% //2 Cheniere Corpus Christi Hldg,. Project Finance Industry % Change over Last Quarter.% 27.% 87.% /2/2 Mylan NV,. //2 Valeant Pharmaceuticals Intl,. /2/2 AT&T Inc,. Americas Loans by Industry (Proceeds US$m) US Leveraged Volume $2,8. % $,2. % $,7. % $227,7.2 8% $7,88.2 % $,2.8 2% $7,8. % $,728. 2% $,88.2 8% $,872.2 % $,72. 8% $,82. % Proceeds (US$b) $, $,2 $ $ 2, 2,8,77,7,7 2, 2,2, 2,,7, 2, 2,,, Energy and Power Financials Industrials Healthcare $ Retail High Technology Materials Real Estate Consumer Products and Services Consumer Staples Media and Entertainment Telecommunications $ Government and Agencies Q Volume (US$b) Q2 Volume (US$b) Q Volume (US$b) Q Volume (US$b) # of deals

7 First Half 2 Syndicated Loans Managing Underwriters Americas Americas Loans - Mandated Arrangers (R8c) North America Loans - s (R) Proceeds per Mandated Arranger (US$m) # of Deals per MA Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Mandated Arranger Rank Rank Proceeds Share% Share Ch. DealsShare% # of Deals Fees Share% Share Ch. Rank Rank Proceeds Share% Share Ch. DealsShare% # of Deals Fees Share% Share Ch. 2 2, , JP Morgan 2, JP Morgan 2, Wells Fargo & Co 8, Wells Fargo & Co 7, , , Barclays, Barclays, RBC Capital Markets 7, RBC Capital Markets 7, Mitsubishi UFJ Financial Group 7, Mitsubishi UFJ Financial Group 7 8, HSBC Holdings PLC 8 2, Morgan Stanley 8 2, Deutsche Bank 2, Deutsche Bank 2, US Bancorp 2, Credit Suisse 8 2, Credit Suisse 8 27, US Bancorp 2, Scotiabank , TD Securities Inc 2 2, BMO Capital Markets 2, Goldman Sachs & Co 2, TD Securities Inc 2, Scotiabank 2, SunTrust Banks 7 2, HSBC Holdings PLC 7 22, , BMO Capital Markets 8 2, Morgan Stanley , , PNC Financial Services Group 8 2 2, PNC Financial Services Group 8 2 2, Goldman Sachs & Co 2, RBS, RBS 2 2, SunTrust Banks 2, CIBC World Markets Inc 2 2 7, CIBC World Markets Inc 2 2 8, , , Sumitomo Mitsui Finl Grp Inc 2 2, KeyBanc Capital Markets Inc 2 2, Credit Agricole CIB 2 2, National Bank of Canada Fin'l 2 2 8, BBVA 2 27, Jefferies LLC 2 2 8, , ,.. -., , Industry Total,27,.2. 2,227-2,.8. Total,22,2.. 2,82 -,8.. Industry % Change over Same Period Last Year -2.% Industry % Change over Last Quarter.% -2.8% 27.% -.% 8.8% Industry % Change over Same Period Last Year -2.% -2.% -8.7% Industry % Change over Last Quarter 8.% 2.% 88.8% US Loans - s (R) US Leveraged Loans - s (Ra) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Rank Rank Proceeds Share% Share Ch. Deals Share% # of Deals Fees Share% Share Ch. 2, JP Morgan 2 28, Wells Fargo & Co, , Barclays, Mitsubishi UFJ Financial Group 7, Morgan Stanley 7 2, Deutsche Bank 8 2, RBC Capital Markets 27, Credit Suisse 7 2, US Bancorp 2, Goldman Sachs & Co 2 8 2, HSBC Holdings PLC 7 2, PNC Financial Services Group 2, RBS, SunTrust Banks, , , BMO Capital Markets, TD Securities Inc 2 2, KeyBanc Capital Markets Inc 2 2, Jefferies LLC , General Electric Co 2 2 7, Credit Agricole CIB 2 2, Scotiabank 2 27, , , Total,,.7., -28,.. Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Rank Rank Proceeds Share% Share Ch. Deals Share% # of Deals Fees Share% Share Ch. 8, Wells Fargo & Co 2 7, JP Morgan 2 7, , Barclays, Credit Suisse 8, Deutsche Bank 7 8, RBC Capital Markets 8 7, Goldman Sachs & Co 8, Morgan Stanley, SunTrust Banks, US Bancorp 2 7, Jefferies LLC 8, General Electric Co 7, PNC Financial Services Group 8 7, Mitsubishi UFJ Financial Group 2 7, RBS 7, BMO Capital Markets 8, HSBC Holdings PLC, Macquarie Group 2 2, KeyBanc Capital Markets Inc 2 2, Nomura 22 2, UBS 2 2, Rabobank NV 2 2, Fifth Third Bancorp , , , Total,2..,7-8,7.. Industry % Change over Same Period Last Year -2.7% Industry % Change over Last Quarter.% -2.8% -8.% Industry % Change over Same Period Last Year -2.% -2.% 2.% 88.% Industry % Change over Last Quarter 2.% 7.% -28.%.%

8 First Half 2 Syndicated Loans Managing Underwriters Americas US Investment Grade Loans - s (Rb) Top Americas Loans Use of Proceeds (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Rank Rank Proceeds Share% Share Ch. Deals Share% # of Deals Fees Share% Share Ch. 2 8, JP Morgan 2 8, Wells Fargo & Co, , Barclays 2, Mitsubishi UFJ Financial Group 2, Morgan Stanley 7 7 7, HSBC Holdings PLC 8 2, US Bancorp, , RBS 7, , Goldman Sachs & Co 8, RBC Capital Markets 7, PNC Financial Services Group 7, Deutsche Bank 8 7, Credit Suisse 7, Lloyds Bank 8 -, SunTrust Banks, KeyBanc Capital Markets Inc 2 22, Bank of China Ltd TD Securities Inc ,., Scotiabank 2 8, BMO Capital Markets 2 2, Credit Agricole CIB 2 2 2, , Total, Industry % Change over Same Period Last Year 2.% -.% -.% Industry % Change over Last Quarter.% 2.% -.8% Latin America Loans - Mandated Lead Arrangers (R) Proceeds per Mandated Arranger (US$m) # of Deals per MA Imputed Fees (US$m) Mandated Arranger Rank Rank Proceeds Share% Share Ch. Deals Share% # of Deals Fees Share% Share Ch., HSBC Holdings PLC 2, , Sumitomo Mitsui Finl Grp Inc 7, BBVA * 2, * 2, Mitsubishi UFJ Financial Group 7, Credit Agricole CIB 8, Societe Generale JP Morgan Natixis Scotiabank Santander Itau Unibanco KfW IPEX-Bank GmbH Rabobank NV Caixa Economica Federal 8* Banco BTG Pactual SA 8* Deutsche Bank TD Securities Inc 2* CIBC World Markets Inc 2* RBC Capital Markets 2* BMO Capital Markets 2* Banca IMI (Intesa Sanpaolo) 2* * , Industry Total 22, Industry % Change over Same Period Last Year Industry % Change over Last Quarter *tie.8% -.2% -8.8% -.% -27.% -.% Americas Yield Type Proceeds (US$b) $,8. % $2,2.7 2% $,. % $,7. $7,. % % $8,2. % $77,. % General Corporate Purposes Refinance Bank Debt Acquisition Financing Refinancing Working Capital Project Finance Leveraged Buyout Property Acquisition Export/Import Finance Capital Expenditures Q 2Q Q Q Q 2Q Q Q Q 2Q Q Q Q 2Q Q Q Q 2Q Q Q Q 2Q Q Q Q 2Q Undisclosed (US$b) Highly Leveraged (US$b) Leveraged (US$b) Americas Imputed Fees - Mandated Arrangers Total Imputed Fees (US$b) 7 2 2, 2,2,87 8,2 2, 2, 2,28 2, 2,227 H H7 H8 H H H H2 H H H Total Imputed Fees (US$b) Number of deals First Half, 2, 2,,,

9 First Half 2 Syndicated Loans Managing Underwriters Europe, Middle East & Africa EMEA Deals Intelligence EMEA Borrowing Down by 7% Israel and Italy Targeted Loans Up Significantly JP Morgan Top EMEA Fee Earner ` EMEA Use of Proceeds (US$b) 2 EMEA syndicated lending for the first half of 2 reached US$. billion, a decrease of.% from the same period last year. Borrowers from the Energy and Power sector were the main drivers of EMEA activity, accounting for 2% of volume, with borrowers from Industrials and Financials receiving 8% and 2% of loan proceeds, respectively. General Corporate Purposes made up % of loan uses in the year-to-date period, followed by Acquisition Financing and Refinancing, accounting for % and % shares, respectively. The target nations with some of the largest year-on-year gains were Israel (up tenfold), Italy (up threefold), Turkey (double), and Luxembourg (up %). Target nations in decline included Denmark (down %), Germany (down 2%) and the United Kingdom (down 28%). $27. % $. $. % % $. % $2. % General Corporate Purposes Acquisition Financing Refinancing Refinance Bank Debt According to Thomson Reuters/Freeman Consulting, the first half of 2 arranging fees decreased 27.% from the same period a year ago. The leading fee earner in the EMEA region was JP Morgan, with US$2.8 million in fees (a.% wallet share). Top EMEA Syndicated Loans (US$m) Glencore PLC 2 $,2. $. % $. % $78. % Project Finance Export/Import Finance Capital Expenditures Royal Dutch Shell PLC Enel SpA $,7. $,2. Leveraged Buyout ARAMCO $,. Working Capital Deutsche Annington Immobilien $7,.2 Pirelli & C SpA $7,28. Others EMEA s (R7) EMEA Mandated Lead Arrangers (R) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per MLA (US$m) # of Deals per MLA Imputed Fees (US$m) Market # of Market Change Manager Market Market Market # of Market Change Manager Market Market Market in Market in Rank Rank Share % Share Ch. Deals # of Deals Fees Share % Share % Share Ch. Mandated Arranger Rank Rank Proceeds Proceeds Share % Share Ch. Deals Share % # of Deals Fees Share % Share Ch. Deutsche Bank 8, , , HSBC Holdings PLC 2 2, JP Morgan 7, JP Morgan 2, Credit Agricole CIB 2, Deutsche Bank 2, HSBC Holdings PLC, Barclays 7, UniCredit, RBS, Societe Generale 7 8, Credit Agricole CIB 7, Barclays 8, Societe Generale 8 8, ING 7, ING 7, , UniCredit, Santander, Santander 2, Commerzbank AG 2, , RBS, Commerzbank AG, Goldman Sachs & Co 2, Lloyds Bank, Natixis 7, Mitsubishi UFJ Financial Group, Mitsubishi UFJ Financial Group, , Banca IMI (Intesa Sanpaolo) 7, Sumitomo Mitsui Finl Grp Inc 7 8, , Natixis 8 8, BBVA 2, , Lloyds Bank 2 7, Banca IMI (Intesa Sanpaolo) 2 2 7, DNB ASA 2 2, BBVA 2 7, Sumitomo Mitsui Finl Grp Inc 22 28, Standard Chartered PLC 22 27, Standard Chartered PLC 2 2, Goldman Sachs & Co 2 2, Nordea 2 8, DNB ASA 2 2, Rabobank NV 2 2, Credit Suisse 2 2, , , , Total 2,8.. -,.. Industry Total, ,8.2. Industry % Change from Same Period Last Year -22.% -.% -.7% Industry % Change from Same Period Last Year -.% Industry % Change from Last Quarter.% 7.% 27.% Industry % Change from Last Quarter.% -7.7% -27.% 2.% 7.% Club deal volume is not included in Thomson Reuters' League Tables; however, Mandated Lead Arrangers volumes include both bookrun and club transactions. 7

10 First Half 2 Syndicated Loans Managing Underwriters Europe, Middle East & Africa European Leveraged Loans (P) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Rank Rank Proceeds Share % Share Ch. Deals Share % # of Deals Fees Share % Share Ch. Deutsche Bank, , JP Morgan 2, UniCredit, Barclays, Banca IMI (Intesa Sanpaolo) 2 2, Credit Agricole CIB 7 2 2, Goldman Sachs & Co 8 2, HSBC Holdings PLC 2, Natixis 2, , China Construction Bank 2 -, Societe Generale, RBS, ING 8, Commerzbank AG, Credit Suisse 7 7, Santander 8 22, RBC Capital Markets, , UBS DNB ASA Sumitomo Mitsui Finl Grp Inc 2 * Lloyds Bank , Total, Industry % Change from Same Period Last Year -28.% -.% -.8% Industry % Change from Last Quarter.8%.7% 8.% EMEA Sponsored Loans (P) Proceeds per (US$m) # of Deals per Rank Rank Proceeds Share % Share Ch. Deals Share % # of Deals Fees Share % Share Ch. Deutsche Bank, , Goldman Sachs & Co 2, HSBC Holdings PLC, JP Morgan, Barclays 8, Credit Agricole CIB 7, UniCredit 8 8, Natixis, Credit Suisse RBS UBS RBC Capital Markets Commerzbank AG ING Banca IMI (Intesa Sanpaolo) Credit Mutuel SA SEB National Bank of Kuwait SAK 2* Mitsubishi UFJ Financial Group 2* Landesbank Baden-Wurttemberg 2 8* Morgan Stanley , Total, Industry % Change from Same Period Last Year -2.% -.7% -8.7% Industry % Change from Last Quarter.% 27.%.2% Imputed Fees (US$m) EMEA Quarterly Syndicated Loan Volume Proceeds (US$m) $, $, $, $2, $2, $, $, $, $ EMEA Proceeds (US$m) Number of deals EMEA Syndicated Loans by Industry (US$b) Q Q2 Q Q Q Q2 Q Q Q Q2 Q Q Q Q2 Q Q Q Q2 Q Q Q Q2 Q Q Q Q EMEA Imputed Fees Total Imputed Fees (US$m) $, $, $, $2, $, $ $2. % $27.2 % $27. % $2. % $7.8 % $2. %, $. % Energy and Power $7. % $2. Industrials 2% Financials 7 $. 2% 82 $2. 8% 8 7 Materials Telecommunications Real Estate Media and Entertainment High Technology Consumer Staples Retail Total Imputed Fees (US$m) Number of Deals Consumer Products and Services Healthcare 8

11 First Half 2 Syndicated Loans Managing Underwriters Asia (ex-japan) Asian Syndicated Loans Down % l Cheung Kong Property Refinancing - Largest Deal Signed in Q2 Australia Real Estate - Up % Asia & Australia Deals Intelligence Asian Syndicated Loans volume in the first half of 2 fell.% from the same period in 2, posting US$2. billion of closed deals from 2 transactions. It marked the second highest first half volume for the region on record. China led market activity, with US$8. billion from 22 deals, up.7% from the comparable period in 2. The largest deal closed in the second quarter was a US$.2 billion club loan for Cheung Kong Property. It refinanced the bridge acquisition loan closed in the first quarter, for the restructuring of Cheung Kong Property and Hutchison Whampoa. The deal included commitments from 28 Mandated Arrangers and was signed in April. Down.2% from the same period in 2, Australian loans totaled US$. billion from transactions. The top two deals signed in the second quarter, Federation Centres Finance's US$ billion and Lend Lease's US$2. billion loans, drove Real Estate volume, which showed.% growth from the first half of 2. According to Thomson Reuters/Freeman Consulting, estimated fees from Asian syndicated lending totaled US$. million in the first half of 2, down 28.% from the comparable period in 2. In Australia, estimated fees were US$.7 million, 8.% lower than the first half of 2. Top Asia Syndicated Loans (Ex Japan, Ex Australia) Yalong River Hydropower Dvlp Cheung Kong (Hldg) Ltd- Ppty Cheung Kong (Hldg) Ltd- Ppty MGM Grand Paradise SA Shanghai General Motors ONGC Petro-additions Ltd Charoen Pokphand Group Co Ltd Henderson Land Dvlp Co Ltd Wuxi Metro Group Co Ltd Noble Group Ltd $,8. $2,88. $2,2. $2,. $2,2. $2,2. $2,2. $,. Asia Loans - s (US$, EURO, JPY, A$, HK$ & S$) (Si) 2 $7,2. $8,.7 Proceeds per (US$m) # of Deals per Arranger Imputed Fees (US$m) Rank Rank ProceedsShare % Share Ch. DealsShare % # of Deals FeesShare % Share Ch. Bank of China Ltd, HSBC Holdings PLC 2 2, Standard Chartered PLC, , DBS Group Holdings 2, Mitsubishi UFJ Financial Group 2, ANZ Banking Group 7 7 2, Deutsche Bank 8 2 2, Oversea-Chinese Banking 2, Industrial & Comm Bank China 7 2, ING 22, China Development Bank 2 8*, Sumitomo Mitsui Finl Grp Inc, , , CTBC Financial Holding Co Ltd 2, RBS Natixis United Overseas Bank Ltd Mega Financial Holding Co Top Twenty Total 2, Total, Asia Loans - s (All Currencies) (Sc) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Rank Rank ProceedsShare % Share Ch. DealsShare % # of Deals FeesShare % Share Ch. Industrial & Comm Bank China 2 2, Bank of China Ltd 2, China Development Bank 8, China Construction Bank 8, State Bank of India, HSBC Holdings PLC 7, Standard Chartered PLC 7, , DBS Group Holdings 2, Korea Development Bank, Agricultural Bank of China 8, Mitsubishi UFJ Financial Group 2 2, ANZ Banking Group 2, Deutsche Bank 2 2, Mega Financial Holding Co 2, Oversea-Chinese Banking 22 2, CTBC Financial Holding Co Ltd 7 2, Taiwan Cooperative Bank 8 27, Bank of Taiwan 2, Fubon Financial Holding Co Ltd 2, Sumitomo Mitsui Finl Grp Inc 2, ING 22 8, SAICFC 2, Siam Commercial Bank PLC 2, , , Total, Industry % Change from Same Period Last Year -2.% Industry % Change from Last Quarter -.2% Asia Loans - Mandated Arrangers (All Currencies) (Sb) -27.% -22.% -2.% 2.% Proceeds per Mandated Arranger (US$m) # of Deals per Arranger Imputed Fees (US$m) Mandated Arranger Rank Rank ProceedsShare % Share Ch. DealsShare % # of Deals FeesShare % Share Ch. Industrial & Comm Bank China 2 28, Bank of China Ltd 2 8, State Bank of India, China Development Bank, China Construction Bank, HSBC Holdings PLC 7, DBS Group Holdings 7 8, Agricultural Bank of China 8, , Mitsubishi UFJ Financial Group, Sumitomo Mitsui Finl Grp Inc 7, Standard Chartered PLC 2, Oversea-Chinese Banking, Korea Development Bank, ANZ Banking Group 2 2, ING 2, United Overseas Bank Ltd 7 2, Malayan Banking Bhd 8 8 2, Credit Agricole CIB 2, Land Bank of Taiwan 2 2, Bank of Communications Co Ltd 2 2 2, , CTBC Financial Holding Co Ltd 2, Taiwan Cooperative Bank 2, , , Industry Total 2, Industry % Change from Same Period Last Year -8.% Industry % Change from Last Quarter 7.7% -8.7% -.% Industry % Change from Same Period Last Year -.% -28.% -28.%.%.% Industry % Change from Last Quarter -.2% -27.%.%

12 Australia Loans - s (All Currencies) (S7) First Half 2 Syndicated Loans Managing Underwriters Asia (ex-japan) & Australia Australia Loans - Mandated Arrangers (All Currencies) (Sa) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per Mandated Arranger (US$m) # of Deals per Arranger Imputed Fees (US$m) Rank Rank ProceedsShare % Share Ch. DealsShare % # of Deals FeesShare % Share Ch. Mandated Arranger Rank Rank ProceedsShare % Share Ch. DealsShare % # of Deals FeesShare % Share Ch. ANZ Banking Group, Westpac Banking, Westpac Banking 2, ANZ Banking Group 2, National Australia Bank 2 2, National Australia Bank 2, Commonwealth Bank of Australia 2, Commonwealth Bank of Australia, HSBC Holdings PLC, Mitsubishi UFJ Financial Group, Mitsubishi UFJ Financial Group, HSBC Holdings PLC, Barclays Sumitomo Mitsui Finl Grp Inc 7 7, Scotiabank Bank of China Ltd Bank of China Ltd Credit Agricole CIB * Scotiabank Top Ten Total 8, Top Ten Total 2, Total 8, Industry Total, Industry % Change from Same Period Last Year -2.% -7.% -.% Industry % Change from Last Quarter.2% 77.8% 2.% *tie Industry % Change from Same Period Last Year -.2% Industry % Change from Last Quarter 2.% -.% 87.% -8.%.% Top Australia Syndicated Loans 2 Asian Loans by Maturity Date Federation Centres Finance Lend Lease Finance Ltd BHP-Non-core Assets SDP Finco Pty Ltd Astra SLR Finance Pty Ltd Sonic Healthcare Ltd NSW Ports Finance Co Pty Ltd $,. $,2. $,2. $,. $,2.2 $2,2. $,. Proceeds (US$b) Proceeds (US$b) Whitehaven Coal Ltd $, Primary Health Care Ltd ConnectEast Finance Pty Ltd $7. $8. - $2. $22.8 $2.8 $28. $ Australian Loans Proceeds by Industry (US$m) 2 Asian Loans by Currency (%) First Half $,87. 22% $,.2 2% $,7. % Financials Real Estate Industrials Materials.8%.%.% 2.% 2.8%.8%.%.% 8.%.% $2,87.8 8% Healthcare Media and Entertainment $8,78. 2% $,8. %.2%.%.% 77.% 7.2%.2%.%.%.%.% Local Currency G

13 Japanese Syndicated Lending Slightly Down Financials Lead Industry Working Capital Volume Down 7% First Half 2 Syndicated Loans Managing Underwriters Japan Japan Deals Intelligence Japan Loans - s (S2b) Japanese syndicated lending for the first half of 2 recorded a total of US$8.7 billion in proceeds from, deals. Compared to the same period last year, deal count was up.7% but proceeds were down.%. Borrowings in the Financials sector secured an 8.% market share, with US$22. billion during the first six months of 2, representing a.8% increase compared to the same period in 2. ORIX Corp s US$ million deal (closed in April) was the largest Financials transaction announced during the second quarter. Despite falling.% from the comparable period in 2, working capital loans continued to lead primary use of proceeds rankings for the Japanese market, with five out of the top ten deals in the first half. The most notable deal was JX Holdings Inc US$. billion, revolving credit facilities that was closed in June. Top Ten Deals Closing Date Borrower Package Amt (US$m) /2/2 Orchid Alliance Holdings Ltd,88. //2 /7/2 /2/2 JX Holdings Inc Asahi Kasei Corp Itochu Corp,.7,. 2,82. 2/2/2 Sumitomo Corp 2,77. //2 Marubeni Corp 2,. /2/2 NEC Corp,877. //2 Mitsubishi Heavy Industries,7. //2 Brother Industries Ltd,8. //2 Nikko TMK,. Overall Japan Loans Volume 2 Primary UOP General Corp. Purp. Working Capital Working Capital Working Capital Working Capital Working Capital Working Capital General Corp. Purp. Real Estate/Ppty Acq Proceeds per (US$m) # of Deals per Market Market # of Market Change in Rank Rank ProceedsShare % Share Ch. Deals Sh % # of Deals 8, Sumitomo Mitsui Finl Grp Inc , Mitsubishi UFJ Financial Group 27, Development Bank of Japan Inc, Resona Holdings Inc 7, , Sumitomo Mitsui Trust Holdings Shinsei Bank Bank of Yokohama Aozora Bank Ltd Credit Agricole CIB Bank Ltd Fukuoka Financial Group Inc 2* Nishi-Nippon City Bank Ltd Daishi Bank Ltd Shinkin Central Bank Gunma Bank Tokyo Star Bank Shoko Chukin Bank Senshu Ikeda Holdings Inc Ashikaga Bank Ltd Norinchukin Bank Sapporo Hokuyo Holdings Inc Bank of Kyoto Ltd , Total,2.. $ Q Proceeds (US$b) Q Proceeds (US$b) 2, Industry % Change from Same Period Last Year -2.2%.2% Industry % Change from Last Quarter -.% -7.% $ 2, Q2 Proceeds (US$b) Q Proceeds (US$b),2 2, Japan Loans Proceeds by Industry (US$m) 2 $22.8.% Proceeds (US$b) $2 $2 $,8,,8,82,87,,, # of Deals $,72.2.% $8,78. 7.% $8,. 7.% $,82.2.8% $,2..%. $22,7. 8.% $,. 2.% $8,8.7.% $ $ Financials Energy and Power Consumer Staples Industrials Materials High Technology Real Estate Retail Consumer Products and Services Healthcare $ Media and Entertainment Telecommunications Government and Agencies

14 First Half 2 Syndicated Loans Managing Underwriters Japan Japan Loan Volume - Non-Japanese Borrowers Japan Loans - Mandated Arrangers (S2a) Proceeds (US$ m) $, $, $2, $2, $, $, $ $ Proceeds (US$m) No. of Deals Q Q2 Q Q Q Q2 Q Q Q Q2 Q Q Q Q2 Q Q Q Q2 Q Q Q Q2 Q Q Q Q Proceeds per Mandated Arranger (US$m) # of Deals per MA Market Market # of Market Change in Mandated Arranger Rank Rank ProceedsShare % Share Ch. Deals Sh % # of Deals, Sumitomo Mitsui Finl Grp Inc 2 2, Mitsubishi UFJ Financial Group 2, Sumitomo Mitsui Trust Holdings, Development Bank of Japan Inc, Resona Holdings Inc 7, Credit Agricole CIB Shinsei Bank Bank of Yokohama Aozora Bank Ltd Fukuoka Financial Group Inc Hiroshima Bank Ltd Nishi-Nippon City Bank Ltd Hokuhoku Financial Group Inc Bank Ltd Shinkin Central Bank Daishi Bank Ltd Taishin International Bank 2* 2* ING 2* 2* Sapporo Hokuyo Holdings Inc Tokyo Star Bank Norinchukin Bank Gunma Bank , Industry Total 8,88.., Industry % Change from Same Period Last Year -.%.7% Industry % Change from Last Quarter -.% -7.% *tie Japan Loan Volume by Maturity Date Japan Loans - Top Uses of Proceeds (US$m) 2 $2 $2 Proceeds(US$b),,,2 $,78.7 $,. % % $,77. % $,. % $2,27.8 2% $,8.8 2% Working Capital General Corporate Purposes Capital Expenditures Proceeds (US$b) $ $ 72 7, 8 $,2. % $,. % $28,7. 2%. $,72.8 % Refinancing Future Acquisitions Property Acquisition $ Acquisition Financing 2 Operating Fund/Cash Reserve $ & Beyond Refinance Bank Debt Project Finance 2

15 First Half 2 Syndicated Loans Managing Underwriters Ranking 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: Americas Salvatore Reres Tel: [email protected] Europe Ewelina Jarecka Tel: [email protected] Asia-Pacific Carina Causon-Israel Tel: [email protected] Japan Megumi Kono Tel: +8 [email protected] - 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 previous year's data is as of 2:pm EDT on June, 2. - 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 days. - All league tables are based on deal proceeds unless otherwise specified. Regional league tables are based on Target Market. - 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 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. - 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. - and Mandated Arranger league tables only include amendments that require % lender vote for the following amendments: decrease in pricing, change in tenor if maturity is extended by a period of more than 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: () 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. 2 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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