Global Project Finance Review

FIRST HALF 2020 | MANAGING UNDERWRITERS Project Finance Review First Half 2020 | Managing Underwriters

Global Deals Intelligence Project Finance Loans 10-yr Volume (US$bil)

Global Project Finance Loans during the first half of 2020 totaled US$123.6 billion via 317 deals, a slight $140 Americas EMEA Asia Pacific & Japan 3% increase from a year ago figures. The Oil & Gas sector grew 13% from the same period last year, to total US$36.6 billion from 23 deals, mainly driven by six mega deals all closed in the second quarter. $120 Americas Project Finance Loans during the first nine months of 2020 reached US$42.2 billion from 119 deals, 4% compared to a year ago. Second quarter volume is up 40% from the first quarter, with total $100 deals closed amounting to US$24.6 billioin from 52 transactions.

EMEA Project Finance Loans totalled US$46.2 billion from 108 transactions in the first half of 2020, with a $80 5% increase from year ago figures. The Power sector led the EMEA market with US$23.6 billion from 77 deals, a 70% increase compared to the first half of 2019. $60 Asia Pacific and Japan Project Finance totaled US$35.2 billion from 90 deals in the first half of 2020, a 1% uptick from the same period last year. Australian project finance loan, Ichthys LNG's US$8.4 billion $40 transaction, was the largest deal globally during the first six months of 2020.

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Global Project Finance Loans Mandated Arrangers (X2) YoY Change ($) 3% QoQ Change ($) 27% Global Project Finance Loans Bookrunners (X3) YoY Change ($) 22% QoQ Change ($) 49% Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Mandated Arranger 2020 2019 US$mil Share Sh Chg Deals Bookrunner 2020 2019 US$mil Share Sh Chg Deals Sumitomo Mitsui Finl Grp Inc 1 2 10,208.7 8.3 3.5 60 Sumitomo Mitsui Finl Grp Inc 1 5 11,803.2 13.3 8.1 30 Mitsubishi UFJ Financial Group 2 1 8,463.4 6.9 1.2 55 Mitsubishi UFJ Financial Group 2 2 7,966.2 9.0 1.8 42 Societe Generale 3 7 6,770.1 5.5 2.2 43 Societe Generale 3 11 4,966.7 5.6 3.7 18 BNP Paribas SA 4 5 5,932.0 4.8 0.7 40 Credit Agricole CIB 4 12 4,426.5 5.0 3.1 15 Mizuho Financial Group 5 4 5,648.6 4.6 0.5 30 BNP Paribas SA 5 1 4,423.0 5.0 -3.7 16 Credit Agricole CIB 6 8 5,280.5 4.3 1.2 32 Mizuho Financial Group 6 3 4,176.4 4.7 -0.9 19 State of India 7 6 4,490.3 3.6 0.2 8 First Abu Dhabi Bank PJSC 7 - 3,980.0 4.5 4.5 1 Santander Corp & Invest Bkg 8 3 4,200.3 3.4 -0.8 40 8 7 2,019.7 2.3 -0.4 11 Natixis 9 9 2,858.6 2.3 -0.4 21 of Australia 9 44 1,983.2 2.2 1.7 7 HSBC Holdings PLC 10 23 2,710.2 2.2 1.2 19 Scotiabank 10 18 1,959.0 2.2 0.9 5 ING 11 10 2,412.4 2.0 -0.6 29 Santander Corp & Invest Bkg 11 6 1,807.2 2.0 -1.8 15 Cooperatieve UA 12 47 2,355.3 1.9 1.3 17 ANZ Banking Group 12 46* 1,683.8 1.9 1.5 4 Citi 13 25 1,884.3 1.5 0.6 11 ING 13 8 1,644.1 1.9 -0.7 17 Commonwealth Bank of Australia 14 30 1,855.8 1.5 0.7 12 Cooperatieve Rabobank UA 14 43 1,626.6 1.8 1.3 10 ANZ Banking Group 15 45 1,754.6 1.4 0.8 10 HSBC Holdings PLC 15 17 1,607.6 1.8 0.3 13 CIBC World Markets Inc 16 24 1,714.9 1.4 0.4 12 RBC Capital Markets 16 39 1,551.9 1.8 1.3 10 Korea Development Bank 17 13 1,589.0 1.3 -0.4 11 National Bank of Canada Fin'l 17 63 1,544.9 1.7 1.4 9 Scotiabank 18 20 1,562.2 1.3 0.2 6 State 18 4 1,529.9 1.7 -3.9 3 National Bank of Canada Fin'l 19 97 1,544.9 1.3 1.1 9 CIBC World Markets Inc 19 28 1,366.0 1.5 0.7 9 RBC Capital Markets 20 33 1,512.8 1.2 0.4 12 Ltd 20 9 1,339.7 1.5 -0.9 6 CaixaBank SA 21 36 1,477.7 1.2 0.5 14 Citi 21 22 1,332.8 1.5 0.4 8 Bank of China Ltd 22 11 1,415.8 1.2 -1.1 11 22 13 1,200.8 1.4 -0.5 6 National Australia Bank 23 12 1,211.3 1.0 -0.8 12 CaixaBank SA 23 36 1,093.7 1.2 0.6 7 KfW IPEX-Bank GmbH 24 14 1,207.4 1.0 -0.5 10 CTBC Financial Holding Co Ltd 24 - 969.5 1.1 1.1 1 ABN AMRO Bank 25 29 1,072.7 0.9 0.0 10 KeyBanc Capital Markets Inc 25 15 945.7 1.1 -0.7 13 Industry Total 123,635.3 100.0 317 Industry Total 88,577.0 100.0 204

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Global Scorecard: Global Project Finance Loans Global Project Finance Loans Top 10 Deals

1/1/2020- 6/30/2020 1/1/2019 - 6/30/2019 Package Amt Region Proceeds (US$mil) No. Issues Proceeds (US$mil) No. Issues YoY % Chg. Close Date Borrower US$mil Project Nation Sector Global 123,635.3 317 119,543.6 396 3% ▲ 6/15/20 Ichthys LNG Pty Ltd 8,406.7 Australia Oil & Gas Americas 42,181.4 119 40,550.7 163 4% ▲ Central America 1,746.6 10 3,358.8 14 -48% ▼ United Arab 6/17/20 Project Galaxy 7,960.0 Oil & Gas South America 3,924.5 29 16,752.7 69 -77% ▼ Emirates North America 36,495.4 79 20,335.2 78 79% ▲ 4/7/20 JFK Intl Airport Terminal One 5,036.6 United States Transportation Caribbean 15.0 1 104.0 2 -86% ▼ EMEA 46,231.9 108 43,983.1 153 5% ▲ 4/28/20 Coastal Gaslink Pipeline 4,716.6 Canada Oil & Gas Africa/Middle East/Central Asia 15,785.4 12 13,165.5 16 20% ▲ Middle East 11,746.0 6 12,038.5 12 -2% ▼ 5/27/20 FLNG Liquefaction 3 LLC 3,405.0 United States Oil & Gas Africa 4,039.4 6 - - - - Sub-Saharan Africa 4,039.4 6 1,127.0 4 258% ▲ 5/13/20 Nigeria Liquified Natural Gas 3,000.0 Nigeria Oil & Gas Europe 30,446.5 96 30,806.2 136 -1% ▼ Eastern Europe 2,447.8 15 1,561.0 12 57% ▲ 1/24/20 Changfang Wind Power Co Ltd 2,908.4 Taiwan Power Western Europe 27,998.7 81 29,245.3 124 -4% ▼ Asia Pacific & Japan 35,222.0 90 35,009.8 80 1% ▲ 5/29/20 Fecamp Offshore Wind Farm 2,685.0 France Power Australasia 15,392.9 22 12,616.6 32 22% ▲ Southeast Asia 1,857.2 12 6,457.7 17 -71% ▼ 6/18/20 Cheniere Energy Inc 2,625.0 United States Oil & Gas North Asia 4,685.9 9 1,432.9 3 227% ▲ South Asia 7,596.1 35 9,831.3 12 -23% ▼ 1/27/20 Investissement dans la Fibre 2,588.8 France Power Japan 5,689.9 12 4,671.4 16 22% ▲

Global Project Finance Loans By Sector Global Project Finance Loans - by Sector 1/1/2020- 6/30/2020 1/1/2019 - 6/30/2019 Project Finance Sector Proceeds (US$Mil) No. Issues Proceeds (US$Mil) No. Issues YoY % Chg. $9.0 Power 53,949.7 211 49,452.9 253 9% ▲ 7% Oil & Gas 36,617.8 23 32,339.3 32 13% ▲ $4.3 Transportation 12,427.6 36 15,449.0 46 -20% ▼ 4% Petrochemicals 5,949.6 11 4,228.7 3 41% ▲ $5.9 27 Telecommunications 4,256.8 10 2,889.0 5 47% ▲ 5% 10 Mining 3,521.1 8 5,765.9 12 -39% ▼ 11 Industry 3,305.9 4 771.0 4 329% ▲ $12.4 Leisure & Property 2,330.1 8 4,984.4 21 -53% ▼ Power 10% Water & Sewerage 1,276.7 7 3,591.1 18 -64% ▼ 36 Oil & Gas $53.9 Industry Total 123,635.3 317 119,543.6 396 3% ▲ Transportation 44% Petrochemicals 23 Telecommunications Others 211

$36.6 30% Outer Ring: Proceeds (US$bil) Inner Ring: # Deals

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Scorecard: Americas Project Finance Loans Americas Project Finance Loans Top 10 Deals

1/1/2020- 6/30/2020 1/1/2019 - 6/30/2019 Package Amt Region Proceeds (US$mil) No. Issues Proceeds (US$mil) No. Issues YoY % Chg. Close Date Borrower US$mil Project Nation Sector Americas 42,181.4 119 40,550.7 163 4% ▲ 4/7/2020 JFK Intl Airport Terminal One 5,036.6 United States Transportation Central America 1,746.6 10 3,358.8 14 -48% ▼ Mexico 1,708.8 8 3,214.3 12 -47% ▼ 4/28/2020 Coastal Gaslink Pipeline 4,716.6 Canada Oil & Gas Guatemala 30.0 1 - - - - El Salvador 7.8 1 - - - - 5/27/2020 FLNG Liquefaction 3 LLC 3,405.0 United States Oil & Gas South America 3,924.5 29 16,752.7 69 -77% ▼ 2,686.1 22 9,167.2 45 -71% ▼ 6/18/2020 Cheniere Energy Inc 2,625.0 United States Oil & Gas Colombia 644.8 3 907.2 3 -29% ▼ Chile 316.6 2 4,328.3 8 -93% ▼ 2/27/2020 Canada Kuwait PetroChem Corp 1,850.0 Canada Petrochemicals Argentina 145.0 1 893.0 9 -84% ▼ Peru 132.0 1 67.0 2 97% ▲ 1/17/2020 Eastern Power LLC 1,218.0 United States Power North America 36,495.4 79 20,335.2 78 79% ▲ United States of America 28,801.0 69 19,209.8 70 50% ▲ 3/19/2020 Sabine Pass Liquefaction LLC 1,200.0 United States Oil & Gas Canada 7,694.4 10 1,125.4 8 584% ▲ Caribbean 15.0 1 104.0 2 -86% ▼ 5/29/2020 Amadeus Dissolving Wood Pulp 1,147.2 Brazil Industry Puerto Rico 15.0 1 - - - - 6/9/2020 Geysers Power Co 1,100.0 United States Power

1/29/2020 Calpine Constr Finance Co LP 980.0 United States Power

Americas Project Finance Loans By Sector Americas Project Finance Loans

1/1/2020- 6/30/2020 1/1/2019 - 6/30/2019 $45 120 Project Finance Sector Proceeds (US$mil) No. Issues Proceeds (US$mil) No. Issues YoY % Chg. Proceeds (US$bil) # of Issues Power 16,063.2 84 18,326.6 116 -12% ▼ Oil & Gas 14,637.4 11 12,991.6 13 13% ▲ $40 Transportation 7,511.6 12 3,818.1 18 97% ▲ 100 Petrochemicals 2,384.2 3 - - - - Industry 1,147.2 1 242.0 1 374% ▲ $35 Mining 220.6 3 4,136.0 7 -95% ▼ Telecommunications 186.3 2 - - - - $30 80 Water & Sewerage 31.0 3 565.5 5 -95% ▼ Industry Total 42,181.4 119 40,550.7 163 4% ▲ $25

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Americas Project Finance Loans Mandated Arrangers (X4) YoY Change ($) 4% QoQ Change ($) 40% Americas Project Finance Loans Bookrunners (X5) YoY Change ($) 42% QoQ Change ($) 34% Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Mandated Arranger 2020 2019 US$mil Share Sh Chg Deals Bookrunner 2020 2019 US$mil Share Sh Chg Deals Mitsubishi UFJ Financial Group 1 1 4,297.8 10.2 3.1 35 Mitsubishi UFJ Financial Group 1 1 4,452.5 11.1 4.1 33 Sumitomo Mitsui Finl Grp Inc 2 4 2,871.4 6.8 0.8 22 Sumitomo Mitsui Finl Grp Inc 2 2 3,042.9 7.6 3.1 20 Mizuho Financial Group 3 2 2,099.3 5.0 -2.1 17 Mizuho Financial Group 3 3 2,084.8 5.2 -0.6 15 Societe Generale 4 6 1,850.8 4.4 -0.2 14 Scotiabank 4 7* 1,959.0 4.9 1.5 5 HSBC Holdings PLC 5 21 1,745.0 4.1 2.8 14 Societe Generale 5 4 1,806.6 4.5 2.0 12 CIBC World Markets Inc 6 17 1,568.0 3.7 2.2 10 RBC Capital Markets 6 6 1,551.9 3.9 2.5 10 National Bank of Canada Fin'l 7 45 1,544.9 3.7 3.3 9 National Bank of Canada Fin'l 7 12 1,544.9 3.9 3.3 9 Scotiabank 8 10 1,503.0 3.6 1.2 5 HSBC Holdings PLC 8 13 1,471.6 3.7 1.6 12 RBC Capital Markets 9 25 1,425.7 3.4 2.4 10 Santander Corp & Invest Bkg 9 11 1,433.4 3.6 -1.4 11 Santander Corp & Invest Bkg 10 3 1,354.4 3.2 -3.0 18 CIBC World Markets Inc 10 10 1,366.0 3.4 1.2 9 Credit Agricole CIB 11 7 1,139.9 2.7 -1.4 11 ING 11 5 1,260.8 3.1 0.0 11 ING 12 5 1,104.3 2.6 -2.1 12 Citi 12 7* 1,069.9 2.7 -0.2 6 Citi 13 13 1,069.9 2.5 0.5 6 Natixis 13 9 984.7 2.5 -0.4 7 Bank of China Ltd 14 16 889.6 2.1 0.6 6 KeyBanc Capital Markets Inc 14 36 945.7 2.4 -2.1 13 Natixis 15 12 858.5 2.0 -0.1 7 CoBank ACB 15 26 838.8 2.1 1.6 12 16 47 844.0 2.0 1.6 5 Credit Agricole CIB 16 15 824.0 2.1 -0.9 9 CoBank ACB 17 49 838.8 2.0 1.7 12 JP Morgan 17 21* 747.1 1.9 -0.4 4 JP Morgan 18 15 836.3 2.0 0.4 5 Bank of China Ltd 18 14 717.9 1.8 -1.1 4 KeyBanc Capital Markets Inc 19 9 811.4 1.9 -1.4 13 National Australia Bank 19 17* 672.3 1.7 0.2 4 BNP Paribas SA 20 8 724.3 1.7 -2.2 9 Morgan Stanley 20 29 642.0 1.6 1.1 4 CaixaBank SA 21 48 722.4 1.7 1.3 4 CaixaBank SA 21 16 607.6 1.5 1.5 3 National Australia Bank 22 18 672.3 1.6 0.1 4 Korea Development Bank 22 17* 567.3 1.4 1.1 2 Korea Development Bank 23 50 659.5 1.6 1.3 3 Cooperatieve Rabobank UA 23 34 543.4 1.4 0.9 5 Cooperatieve Rabobank UA 24 46 595.0 1.4 1.0 6 BMO Capital Markets 24 20 511.2 1.3 0.7 3 BMO Capital Markets 25 22 511.2 1.2 -0.1 3 TD Securities Inc 25 21* 510.7 1.3 0.6 3 Industry Total 42,181.4 100.0 119 Industry Total 40,172.9 100.0 100

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Scorecard: EMEA Project Finance Loans EMEA Project Finance Loans Top 10 Deals

1/1/2020- 6/30/2020 1/1/2019 - 6/30/2019 Package Amt Proceeds (US$mil) No. Issues Proceeds (US$mil) No. Issues YoY % Chg. Close Date Borrower US$mil Project Nation Sector EMEA 46,231.9 108 43,983.1 153 5% ▲ United Arab 6/17/2020 Project Galaxy 7,960.0 Oil & Gas Western Europe 27,998.7 81 29,245.3 124 -4% ▼ Emirates France 7,214.9 16 3,937.5 17 83% ▲ 5/13/2020 Nigeria Liquified Natural Gas 3,000.0 Nigeria Oil & Gas United Kingdom 6,857.1 12 10,650.3 22 -36% ▼ Germany 3,926.6 9 434.4 5 804% ▲ 5/29/2020 Fecamp Offshore Wind Farm 2,685.0 France Power Spain 3,755.9 22 3,421.8 29 10% ▲ 2,058.0 5 1,196.9 14 72% ▲ 1/27/2020 Investissement dans la Fibre 2,588.8 France Power Belgium 1,372.7 4 1,752.1 4 -22% ▼ Sweden 1,098.2 4 37.8 1 2805% ▲ 6/1/2020 Seagreen Offshore Wind 1,737.7 United Kingdom Power Finland 780.5 2 483.7 3 61% ▲ Italy 458.3 4 2,528.7 19 -82% ▼ 1/23/2020 Deutsche Glasfaser 1,519.7 Germany Power Norway 378.6 1 1,869.5 4 -80% ▼ Republic of Ireland 61.9 1 603.7 3 -90% ▼ 5/31/2020 Grupa Azoty Polyolefins SA 1,296.5 Poland Petrochemicals Austria 36.0 1 - - - - Africa/Middle East/Central Asia 15,785.4 12 13,165.5 16 20% ▲ 6/8/2020 Meter Serve Holdco 2 Ltd 1,234.1 United Kingdom Power United Arab Emirates 8,860.0 2 4,905.8 3 - - Nigeria 3,000.0 1 - - - - 3/4/2020 Qatar Aluminium QSC 1,230.0 Qatar Industry Qatar 1,230.0 1 - - - - Saudi Arabia 965.0 2 1,278.7 3 -25% ▼ 5/27/2020 Norther Offshore Wind Farm 1,065.1 Belgium Power Kuwait 691.0 1 - - - - Ivory Coast 632.0 2 300.0 2 111% ▲ Rwanda 214.0 1 77.0 1 178% ▲ Kenya 126.4 1 - - - - Malawi 67.0 1 - - - - Eastern Europe 2,447.8 15 1,572.3 13 56% ▲ Poland 1,577.2 4 207.7 2 659% ▲ Turkey 465.2 8 57.7 2 706% ▲ Romania 216.6 1 - - - - Serbia 126.6 1 - - - - EMEA Project Finance Loans Czech Republic 62.2 1 - - - -

$80 Proceeds (US$bil) # of Deals EMEA Project Finance Loans By Sector $70 200 1/1/2020- 6/30/2020 1/1/2019 - 6/30/2019 Project Finance Sector Proceeds (US$mil) No. Issues Proceeds (US$mil) No. Issues YoY % Chg. Power 23,621.1 77 13,927.8 91 70% ▲ $60 Oil & Gas 11,386.9 5 12,441.2 14 -8% ▼ Telecommunications 4,070.6 8 2,889.0 5 41% ▲ 150 Industry 2,158.7 3 529.0 3 308% ▲ $50 Petrochemicals 2,062.9 3 4,104.0 1 -50% ▼ Leisure & Property 1,345.1 5 723.5 7 86% ▲ $40 Water & Sewerage 856.0 2 2,923.7 10 -71% ▼ Transportation 730.7 5 4,828.0 5 -85% ▼ 100 Industry Total 46,231.9 108 43,983.1 153 5% ▲ $30

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EMEA Project Finance Loans Mandated Arrangers (X15) YoY Change ($) 5% QoQ Change ($) 56% EMEA Project Finance Loans Bookrunners (X16) YoY Change ($) 6% QoQ Change ($) 139% Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Mandated Arranger 2020 2019 US$mil Share Sh Chg Deals Bookrunner 2020 2019 US$mil Share Sh Chg Deals BNP Paribas SA 1 1 3,832.3 8.3 1.7 24 Sumitomo Mitsui Finl Grp Inc 1 2 5,625.4 23.0 17.0 3 Sumitomo Mitsui Finl Grp Inc 2 6 3,714.0 8.0 4.5 20 First Abu Dhabi Bank PJSC 2 - 3,980.0 16.3 16.3 1 Societe Generale 3 5 3,368.4 7.3 3.8 22 Credit Agricole CIB 3 13* 2,565.9 10.5 8.0 5 Credit Agricole CIB 4 4 2,965.5 6.4 2.1 19 BNP Paribas SA 4 1 2,394.6 9.8 -14.5 5 Santander Corp & Invest Bkg 5 2 2,707.5 5.9 0.2 21 Societe Generale 5 13* 2,123.6 8.7 6.2 5 Cooperatieve Rabobank UA 6 25 1,712.1 3.7 2.6 9 Natixis 6* 4 1,035.0 4.2 -0.2 4 Natixis 7 3 1,626.0 3.5 -1.2 11 Cooperatieve Rabobank UA 6* 24 1,035.0 4.2 3.2 3 Mitsubishi UFJ Financial Group 8 20 949.5 2.1 0.8 5 CaixaBank SA 8 19 486.1 2.0 0.7 4 Samba Financial Group 9 23 930.7 2.0 0.8 2 & Co 9 21 434.1 1.8 0.5 3 Mizuho Financial Group 10 40 844.6 1.8 1.1 4 Santander Corp & Invest Bkg 10 3 373.9 1.5 -4.2 4 ABN AMRO Bank 11 13 836.0 1.8 0.0 7 Turkiye Garanti Bankasi AS 11 32 284.8 1.2 1.0 6 KfW IPEX-Bank GmbH 12 17 805.8 1.7 0.2 6 12 27 270.7 1.1 0.3 3 PLC 13 9 787.8 1.7 -0.2 3 Nord/LB 13 16 239.6 1.0 -1.0 3 NatWest Markets 14 7 783.3 1.7 -1.6 6 14 17 231.6 1.0 -0.9 2 ING 15 8 772.2 1.7 -0.3 10 BBVA 15 35 215.2 0.9 0.8 3 CaixaBank SA 16 21 722.0 1.6 0.3 9 Commercial Bank of Qatar 16* - 175.7 0.7 0.7 1 Citi 17 45 708.5 1.5 0.8 3 Qatar National Bank 16* - 175.7 0.7 0.7 1 UniCredit 18 39 590.4 1.3 0.5 4 National Bank of Kuwait SAK 16* - 175.7 0.7 0.7 1 SEB 19 10 574.1 1.2 -0.7 5 Citi 16* - 175.7 0.7 0.7 1 Abu Dhabi Commercial Bank PJSC 20* - 530.7 1.2 1.2 1 Banca IMI () 16* 18 175.7 0.7 -0.9 1 Emirates NBD PJSC 20* 95* 530.7 1.2 1.2 1 KfW IPEX-Bank GmbH 21 20 128.7 0.5 -0.8 1 HSBC Holdings PLC 20* 57* 530.7 1.2 1.2 1 Kommunalkredit 22 37 118.6 0.5 0.4 3 First Abu Dhabi Bank PJSC 20* 95* 530.7 1.2 1.2 1 ING 23 5 89.0 0.4 -3.9 3 National Commercial Bank SJSC 24 44 497.5 1.1 0.4 2 Turkiye Is Bankasi AS 24 - 73.8 0.3 0.3 1 Banco de Sabadell 25 16 488.0 1.1 -0.4 9 Banco de Sabadell 25 25 69.7 0.3 -0.6 1 Industry Total 46,231.9 100.0 108 Industry Total 24,419.6 100.0 48

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Scorecard: Asia Pacific & Japan Project Finance Loans Asia Pacific & Japan Project Finance Loans Top 10 Deals

1/1/2020- 6/30/2020 1/1/2019 - 6/30/2019 Package Amt Region Proceeds (US$mil) No. Issues Proceeds (US$mil) No. Issues YoY % Chg. Close Date Borrower US$mil Project Nation Sector Asia Pacific & Japan 35,222.0 90 35,009.8 80 1% ▲ 6/15/2020 Ichthys LNG Pty Ltd 8,406.7 Australia Oil & Gas Australasia 15,392.9 22 12,616.6 32 22% ▲ Australia 15,295.1 21 12,462.2 31 23% ▲ 1/24/2020 Changfang Wind Power Co Ltd 2,908.4 Taiwan Power Guam(United States) 97.8 1 - - - - South East Asia 1,857.2 12 6,457.7 17 -71% ▼ 3/27/2020 JERA Power Taketoyo LLC 2,346.8 Japan Power Singapore 502.6 1 524.6 4 -4% ▼ Indonesia 414.5 2 2,490.2 4 -83% ▼ 4/28/2020 Roy Hill Holdings Pty Ltd 2,200.0 Australia Mining Philippines 400.0 1 835.2 3 -52% ▼ Vietnam 318.1 4 2,033.0 2 -84% ▼ 3/13/2020 IHB Pvt Ltd 910.7 India Oil & Gas Thailand 128.1 2 506.1 2 -75% ▼ Cambodia 93.9 2 18.6 1 405% ▲ 2/6/2020 SJVN Arun-3 Power Dvlp Co Pvt 889.2 Nepal Power South Asia 7,596.1 35 9,831.3 12 -23% ▼ India 6,323.7 31 5,781.8 8 9% ▲ 6/12/2020 IRB MP Expressway Pvt Ltd 869.4 India Transportation Nepal 889.3 1 - - - - Bangladesh 234.3 2 2,749.5 3 -91% ▼ 2/21/2020 Akita Offshore Wind Corp 857.2 Japan Power Pakistan 148.9 1 1,300.0 1 -89% ▼ North Asia 4,685.9 9 1,432.9 3 227% ▲ 6/15/2020 Jiangxi Ganneng Co Ltd 705.3 China Power Taiwan 3,502.6 5 - - - - China 705.4 1 36.2 1 1849% ▲ 6/1/2020 Yancoal Resources Ltd 672.2 Australia Mining South Korea 478.1 3 1,378.0 1 -65% ▼ Japan 5,689.9 12 4,671.4 16 22% ▲

Asia Pacific & Japan Project Finance Loans By Sector 1/1/2020- 6/30/2020 1/1/2019 - 6/30/2019 Project Finance Sector Proceeds (US$mil) No. Issues Proceeds (US$mil) No. Issues YoY % Chg. Power 14,265.5 50 17,198.5 46 -17% ▼ Asia Pacific & Japan Project Finance Loans Oil & Gas 10,593.5 7 6,906.5 5 53% ▲ $50 Proceeds (US$bil) 180 Transportation 4,185.4 19 6,802.9 11 -38% ▼ Mining 3,300.6 5 53.2 1 6104% ▲ # of Deals Petrochemicals 1,502.5 5 124.7 2 1105% ▲ 160 Leisure & Property 984.9 3 3,822.1 12 -74% ▼ Water & Sewerage 389.7 2 101.9 3 282% ▲ $40 Industry Total 35,222.0 90 35,009.8 80 1% ▲ 140

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$0 0 1H2011 1H2012 1H2013 1H2014 1H2015 1H2016 1H2017 1H2018 1H2019 1H2020

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Asia Pacific & Japan Project Finance Loans Mandated Arrangers (X27) YoY Change ($) 1% QoQ Change ($) -12% Asia Pacific & Japan Project Finance Loans Bookrunners (X28) YoY Change ($) 6% QoQ Change ($) 49% Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Mandated Arranger 2020 2019 US$mil Share Sh Chg Deals Bookrunner 2020 2019 US$mil Share Sh Chg Deals 1 1 4,490.3 12.8 1.2 8 Mitsubishi UFJ Financial Group 1 2 3,513.7 14.7 1.0 9 Sumitomo Mitsui Finl Grp Inc 2 12 3,623.4 10.3 5.3 18 Sumitomo Mitsui Finl Grp Inc 2 6 3,134.9 13.1 7.9 7 Mitsubishi UFJ Financial Group 3 22 3,216.1 9.1 -0.6 15 Mizuho Financial Group 3 3 2,091.6 8.7 0.3 4 Mizuho Financial Group 4 9 2,704.7 7.7 2.8 9 Commonwealth Bank of Australia 4 21 1,850.1 7.7 7.1 4 ANZ Banking Group 5 10 1,754.6 5.0 3.0 10 ANZ Banking Group 5 11* 1,683.8 7.0 5.5 4 Commonwealth Bank of Australia 6 6 1,722.7 4.9 3.8 9 State Bank of India 6 1 1,529.9 6.4 -12.4 3 Societe Generale 7 6 1,551.0 4.4 2.8 7 BNP Paribas SA 7 11* 1,526.2 6.4 4.9 4 BNP Paribas SA 8 4 1,375.4 3.9 2.9 7 Credit Agricole CIB 8* - 1,036.6 4.3 4.3 1 Credit Agricole CIB 9 1 1,175.1 3.3 2.9 2 Societe Generale 8* 19* 1,036.6 4.3 3.6 1 Korea Development Bank 10 2 814.3 2.3 -2.0 7 CTBC Financial Holding Co Ltd 10 - 969.5 4.0 4.0 1 CITIC 11 - 705.4 2.0 2.0 1 Bank of China Ltd 11 11* 621.8 2.6 1.1 2 DBS Group Holdings 12 5 691.8 2.0 -0.1 6 National Australia Bank 12 7 528.5 2.2 -2.4 2 Oversea-Chinese Banking 13 5 603.2 1.7 -0.1 5 L&T Ltd 13 - 452.7 1.9 1.9 3 Development Bank of Japan Inc 14 3 586.7 1.7 -0.6 1 Ltd 14 33 427.6 1.8 1.7 5 L&T Financial Services Ltd 15 - 546.6 1.6 1.6 4 Banking 15 25 369.6 1.5 1.1 2 ING 16 6 535.8 1.5 0.4 7 Indusind-Bank-Ltd 16 27 348.5 1.5 1.2 5 ICICI Bank Ltd 17 - 521.8 1.5 1.5 7 ING 17 29 294.3 1.2 1.0 3 Indusind-Bank-Ltd 18 2 442.4 1.3 1.1 6 ICICI Bank Ltd 18 - 287.7 1.2 1.2 3 HSBC Holdings PLC 19 3 434.5 1.2 0.0 4 Shinsei Bank 19 22 173.5 0.7 0.1 1 Industrial & Comm Bank China 20 6 432.1 1.2 -2.5 6 Fukuoka Financial Group Inc 20 - 142.1 0.6 0.6 1 Yes Bank Ltd 21 1 427.6 1.2 1.1 5 HSBC Holdings PLC 21 10 136.0 0.6 -1.5 1 Westpac Banking 22 5 410.1 1.2 0.0 6 Standard Chartered PLC 22* 34 120.0 0.5 0.4 1 Bank of China Ltd 23 11 381.4 1.1 -2.9 4 DBS Group Holdings 22* 30 120.0 0.5 0.3 1 National Australia Bank 24 10 379.3 1.1 -1.8 6 Banca IMI (Intesa Sanpaolo) 22* - 120.0 0.5 0.5 1 Natixis 25 4 374.1 1.1 0.2 3 Taiwan Financial Holdings Co 25 - 105.8 0.4 0.4 1 Industry Total 35,222.0 100.0 90 Industry Total 23,984.5 100.0 56

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Global Project Finance Bonds YoY Change ($) -27% QoQ Change ($) -40% Global Scorecard: Global Project Finance Bonds Rank Rank Proceeds Market Mkt. # of 1/1/2020 - 06/30/2020 1/1/2019 - 06/30/2019 Bookrunner 2020 2019 US$mil Share Sh Chg Deals Region Proceeds No. Proceeds No. YoY % Chg. MUFG 1 3 1,367.3 9.1 2.3 10 US$m Issues US$m Issues (#) Credit Agricole 2 8 1,258.5 8.4 4.2 9 Global 15,049.6 36 20,684.0 43 -27% ▼ JP Morgan 3 2 1,206.0 8.0 -6.3 9 Americas 7,679.0 19 13,574.0 24 -43% ▼ RBC Capital Markets 4 6 725.0 4.8 -0.2 4 United States 5,451.0 9 8,665.0 10 -37% ▼ BofA Securities Inc 5 11 528.9 3.5 0.3 4 Canada 1,498.0 3 1,276.0 3 17% ▲ SMBC 6 5 505.4 3.4 -2.7 6 Argentina 250.0 1 - - - - Cooperatieve Rabobank UA 7 - 498.1 3.3 3.3 2 Jamaica 225.0 1 - - - - BNP Paribas 8 - 486.0 3.2 3.2 4 Colombia 205.0 1 - - - - Santander 9 9 478.4 3.2 -0.2 9 Brazil 50.0 4 - - - - 10 22 401.2 2.7 2.0 4 EMEA 6,359.0 14 4,459.0 11 43% ▲ UniCredit 11 - 395.4 2.6 2.6 3 France 1,995.0 5 850.0 2 135% ▲ TD Securities 12 7 393.8 2.6 -1.9 2 Netherlands 1,598.0 1 - - - - Scotiabank 13 17 387.1 2.6 1.4 4 Germany 950.0 2 204.0 1 366% ▲ 14 12 360.2 2.4 -0.7 3 Spain 687.0 2 650.0 1 6% ▲ CIBC World Markets 15 20 351.0 2.3 1.4 2 Portugal 634.0 1 - - - - HSBC 16 23 350.5 2.3 1.6 4 United Kingdom 431.0 2 2,019.0 3 -79% ▼ Societe Generale 17 *30 349.9 2.3 2.0 4 Norway 64.0 1 - - - - Citi 18 10 326.3 2.2 -1.2 3 Asia Pacific & Japan 1,012.0 3 1,817.0 6 -44% ▼ NatWest Markets 19 15 318.8 2.1 -0.3 2 India 612.0 2 650.0 2 -6% ▼ ABN AMRO *20 - 305.0 2.0 2.0 2 Australia 400.0 1 851.0 2 -53% ▼ ING *20 24 305.0 2.0 1.5 2 *22 *18 271.2 1.8 0.8 3 Morgan Stanley *22 1 271.2 1.8 -14.5 3 BMO Capital Markets 24 - 267.9 1.8 1.8 1 Goldman Sachs 25 13 242.3 1.6 -1.4 3 Industry Total 15,049.6 100 36

Global Project Finance Bonds by Nation Global Project Finance Bonds - Sector Composition (US$bil)

$6 9 US$bil # of Deals

$5 $5.6

$4 6 Oil & Gas $8.2 Power

$3 Transportation

Leisure & Property $2 3 Petrochemicals $3.3

$1 $1.8 $2.9

$0 0 United States France Netherlands Canada Germany Spain

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Multilateral by Developing Markets (US$mil) Multilateral by Developed Markets (US$mil) Multilateral Developing Markets (US$mil)

Rank Direct Total # of Rank Direct Total # of $3,000 Multilateral Firm 2020 Lending Guarantees Exposure Deals Multilateral Firm 2020 Lending Guarantees Exposure Deals Total Exposure Total Debt JICA 1 1,244 - 1,244 2 Kexim/K-sure 1 683.3 683.3 1,366.7 1 Kexim/K-sure 2 472 375 847 3 Euler Hermes/UFK *2 683.3 - 683.3 1 Chexim 3 801 - 801 3 JBIC/ *2 683.3 - 683.3 1 $2,500 Sace 4 - 750 750 1 EKF 4 - 381.6 381.6 1 ADB 5 549 - 549 5 GIEK 5 - 160.7 0.0 1 JBIC/Nexi 6 547 - 547 2 EIB 6 115.8 - 115.8 2 IFC/World Bank/MIGA/IBRD 7 403 - 403 3 Clean Technology Fund/ Climate7 Investment70.1 Fund - 70.1 2 $2,000 EIB 8 247 - 247 2 EBRD 8 60.7 - 60.7 1 IDB/IDB Invest 9 200 - 200 1 Industry Total 2,296.6 1,225.7 3,522.2 10 Finnvera 10 - 177 177 2 Euler Hermes/UFK 11 - 164 164 2 $1,500 AfDB/African Development Bank12 163 - 163 2 EBRD 13 155 - 155 3 EKF *14 97 - 97 1 GIEK *14 97 - 97 1 $1,000 UKEF *14 97 - 97 1 EAIF/Green Africa Power 17 95 - 95 2 OPIC 18 67 - 67 1 DEG 19 64 - 64 3 $500 ICO 20 58 - 58 1 AIIB 21 55 - 55 1 DFC *22 50 - 50 1 China Co-Financing Fund *22 50 - 50 1 $0 Clean Technology Fund/ Climate24 Investment40 Fund - 40 2 Taiwan Nigeria Philippines United Arab Brazil BOAD 25 38 - 38 1 Emirates Proparco 26 33 - 33 1 FMO 27 32 - 32 1 OFID 28 30 - 30 1 OPEC 29 16 - 16 1 Industry Total 5,699.3 1,465.9 7,165.1 51

www.refinitiv.com/dealsintelligence Project Finance Criteria First Half 2020 | Managing Underwriters

If you would like to participate in the Database coverage includes eligible Limited and Non Recourse Project Finance Loans and Bonds. Project Finance Loans includes Syndicated, Club and Bilateral submission process, receive Limited and Non Recourse transactions. Project Finance Bonds includes both public and privately placed Limited and Non Recourse issuances. Multilateral project quarterly press releases, or have funding for both the developed and developing markets are considred for inclusion. All league table volumes and rankings are based on General Close date for questions about our full league table Loans and Pricing date for Bonds. criteria please contact: All league tables are based on deal proceeds unless otherwise stated. For Project Finace Loans deal proceeds refers to the total package amount, while for Project AMERICAS Finance Bonds it is the total issue amount multiplied by the issue price. Multilateral tables are based on the total debt extended. Current data and previous year's Salvatore Reres data is as of 9:00am EDT on June 30, 2020. Tel: +646 223 8455 [email protected] Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is 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. Non-US dollar denominated transactions EMEA are converted to the US dollar equivalent at the time of announcement. Christina Stavrou Tel: +44 207 542 0961 Self-arranged, commercial and unknown loans are excluded from league tables as well as Project Finance Loans with a maturity of less than 90 days. [email protected] Long-term Project Finance Bonds league tables exclude deals with a minimum life of less than 1.5 years (or 18 months), except for Asian local currency ASIA PACIFIC denominated bonds and all securitized tranches, which require a minimum life of more than 360 days. Minimum life is defined as the difference between the Carina Causon settlement date and the earliest maturity date or first call/put option. Tel: +632 8459 1566 [email protected] Regional league tables are based on Project Nation.

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