Global Syndicated Loans Review

First Half 2020 | MANAGING UNDERWRITERS Global Syndicated Loans Review First Half 2020 | Managing Underwriters

Global Deals Intelligence Global Scorecard: Global Syndicated Loans 01/01/2020 - 06/30/2020 01/01/2019 - 06/30/2019 YoY % YoY % GLOBAL SYNDICATED LENDING DECLINES 17% TO EIGHT-YEAR LOW Target Region / Nation Proceeds (US$mil) # of Deals Proceeds (US$mil) # of Deals Chg. ($) Chg. (#) Worldwide 1,912,468.1 4,045 2,314,063.8 5,132 -17% ▼ -21% ▼ Global syndicated lending totaled US$1.9 trillion during the first half of 2020, a 17% decline in total Americas 1,102,813.4 1,815 1,450,255.2 2,478 -24% ▼ -27% ▼ proceeds compared to the first half of 2019, and the slowest opening six-month period for lending since the Latin America 6,141.9 21 46,321.8 85 -87% ▼ -75% ▼ first half of 2012. By number of deals, 4,045 loans reached financial close during the first half of 2020, a Brazil 1,555.0 3 13,308.8 17 -88% ▼ -82% ▼ decrease of 21% compared to a year ago and the slowest opening period, by number of deals, since the Mexico 2,258.8 8 23,546.7 37 -90% ▼ -78% ▼ first half of 2010. Compared to the first quarter of this year, second quarter 2020 loan proceeds decreased North America 1,095,621.5 1,791 1,403,933.4 2,393 -22% ▼ -25% ▼ United States of America 1,018,676.0 1,585 1,274,094.5 2,072 -20% ▼ -24% ▼ 28% and mark the lowest quarter for lending since the third quarter of 2012. Canada 76,945.4 208 129,838.9 322 -41% ▼ -35% ▼ Africa/Middle East/Central Asia 39,736.7 42 51,915.2 91 -23% ▼ -54% ▼ ACQUISITION-RELATED FINANCING FALLS 46% Middle East 27,083.7 21 36,014.7 41 -25% ▼ -49% ▼ Acquisition-related financing totaled US$146.5 billion during the first quarter of 2020, a 46% decline Saudi Arabia 11,964.7 4 7,650.3 10 56% ▲ -60% ▼ United Arab Emirates 10,793.0 10 20,988.0 24 -49% ▼ -58% ▼ compared to a year ago and the slowest opening six-month period for acquisition-related lending since North Africa 1,636.1 3 1,906.0 6 -14% ▼ -50% ▼ 2013. Lending in the Telecom, Industrials and Financials sectors accounted for 43% of overall acquisition Sub-Saharan Africa 10,016.8 17 12,940.2 40 -23% ▼ -58% ▼ lending during first half 2020, up from a combined 24% a year ago. Three of the top 12 financings of the Europe 431,669.0 541 444,739.9 755 -3% ▼ -28% ▼ quarter were related to acquisition activity, including a US$27.0 billion financing package for T-Mobile Eastern Europe 21,288.8 40 28,737.4 51 -26% ▼ -22% ▼ USA's US$58.7 billion bid for Sprint Corp Poland 3,045.6 7 5,384.4 6 -43% ▼ 17% ▲ Russian Federation 6,796.2 7 4,905.3 8 39% ▲ -13% ▼ Turkey 7,752.0 18 10,684.3 20 -27% ▼ -10% ▼ TELECOM AND INDUSTRIALS POST DOUBLE-DIGIT INCREASES; HEALTHCARE FALLS 49% Western Europe 410,380.2 501 416,002.5 704 -1% ▼ -29% ▼ The Industrials sector led all other sectors during the first half of 2020, with US$383.8 billion, a 22% France 75,584.1 91 76,905.3 149 -2% ▼ -39% ▼ increase in proceeds compared to a year ago. Energy and Power and Financials rounded out the top three Germany 75,569.3 77 64,460.0 91 17% ▲ -15% ▼ -28% ▼ -14% ▼ sectors during the half, which saw the Telecom and Industrials sectors post year-over-year double-digit Spain 24,631.3 98 34,293.1 114 United Kingdom 82,610.2 86 83,284.3 106 -1% ▼ -19% ▼ percentage increases. Leading the decliners, the Healthcare sector registered a 49% decrease compared Asia-Pacific (ex Central Asia) 207,988.9 655 255,572.7 810 -19% ▼ -19% ▼ to a year ago, with US$84.4 billion in overall proceeds, while lending in the Media sector declined 37%. Australia 45,073.0 88 38,923.6 106 16% ▲ -17% ▼ China 54,104.6 230 58,123.6 256 -7% ▼ -10% ▼ EUROPEAN BORROWING HITS FOUR-YEAR LOW, DOWN 3% Hong Kong 36,114.9 80 61,296.3 112 -41% ▼ -29% ▼ India 17,857.1 75 22,417.1 87 -20% ▼ -14% ▼ Syndicated lending in Europe reached US$431.7 billion from 541 deals during the first half of 2020, a 3% Singapore 14,519.1 23 21,925.3 52 -34% ▼ -56% ▼ decrease in proceeds compared to a year ago and the slowest opening period for syndicated loans in SouthEastSouth East Asia Asia 26,251.6 57 47,008.9 102 -44% ▼ -44% ▼ Europe since 2016. Lending in the United Kingdom accounted for 19% of overall European loan activity Japan 130,260.3 1,007 111,580.9 1,010 17% ▲ 0% ▼ during the first half of 2020, on par with year ago levels.

AMERICAS LOANS ACCOUNT FOR 58% OF OVERALL MARKET Leading Underwriters During the Second Quarter of 2020 Borrowing in the Americas totaled US$1.1 trillion from 1,815 loans during the first half of 2020, a decline of Market Market Share 24% compared to first half 2020 proceeds and an 17% decline by number of deals. Americas loans Market Sector No. 1 Manager Share (%) Change QoQ (%) accounted for 58% of overall syndicated lending during the first half of 2020, down from 63% during the first Global Loans (R1) JP Morgan 8.9 0.0 - Americas Loans (R7) BofA Securities Inc 13.3 0.3 ▲ half of 2019. North American Loans (R9) BofA Securities Inc 13.4 0.3 ▲ US Loans (R11) BofA Securities Inc 14.2 0.2 ▲ ASIA PACIFIC LENDING DOWN 19%; JAPAN UP 17% US Leveraged Loans (R11a) BofA Securities Inc 14.2 3.8 ▲ Syndicated lending in Asia Pacific totaled US$208.0 billion during the first half of 2020, a 19% decrease US Investment Grade Loans (R11b) JP Morgan 16.3 -1.5 ▼ Canada Loans CIBC World Markets Inc 17.0 -3.5 ▼ compared to a year ago and the slowest period for lending in the region since 2012. China and Australia Latin America Loans (R16) Credicorp 15.3 15.3 ▲ loans accounted for a combined 48% of Asia Pacific proceeds during the first half of 2020. Lending in Hong EMEA Loans (R17) BNP Paribas SA 25.6 15.4 ▲ Kong decreased 41% compared to a year ago, while syndicated loans in Japan totaled US$130.3 billion EMEA Leveraged Loans (P10) Credit Agricole CIB 15.6 12.9 ▲ during the first half of 2020, a 17% increase compared to year ago levels. Asia-Pacific ex. Japan ex. Australia (S5b) Bank of China Ltd 21.1 -0.1 ▼ Asia-Pacific ex. Japan ex. Australia (S5c) Bank of China Ltd 31.3 4.0 ▲ Japan Loans (S12a) Mizuho Financial Group 43.3 7.3 ▲ Japan Loans (S12b) Mizuho Financial Group 47.9 10.9 ▲ Australian Loans (S7) ANZ Banking Group 19.8 3.1 ▲

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Global Syndicated Loans Volume (US$bil) Global Syndicated Loans M&A Volume (US$bil)

$6,000 6,000 $1,200 800

700 $5,000 5,000 $1,000

600

$4,000 4,000 $800 500

$3,000 3,000 $600 400

300 $2,000 2,000 $400

200

$1,000 1,000 $200 100

$0 0 $0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 1H No. of Deals Q1 Q2 Q3 Q4 1H No. of Deals

Global Loans Bookrunner Ranking Top Global Syndicated Loans

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Package Amt 1 BofA Securities Inc Closing Date Borrower Target Nation (US$mil) Primary UOP 4/1/2020 T-Mobile USA Inc United States 27,000.0 Acquisition Fin. 2 JP Morgan 3/31/2020 Airbus SE Netherlands 16,543.5 General Corp. Purp.

3 Citi 4/17/2020 General Electric Co United States 15,000.0 General Corp. Purp.

2/6/2020 Boeing Co United States 13,825.0 General Corp. Purp. 4 BNP Paribas SA

4/1/2020 Daimler AG Germany 13,154.4 General Corp. Purp. 5 Wells Fargo & Co 5/5/2020 Depository Trust Co United States 12,800.0 General Corp. Purp.

6 Mizuho Financial Group 4/21/2020 Royal Dutch Shell PLC Netherlands 12,010.9 General Corp. Purp.

7 Mitsubishi UFJ 4/29/2020 Walmart Inc United States 11,810.0 General Corp. Purp. Financial Group 3/17/2020 PG&E Corp United States 10,825.0 Exit Financing 8 Sumitomo Mitsui Finl Grp Inc 4/17/2020 Thermo Fisher Scientific Inc United States 10,060.3 Acquisition Fin. 9 Goldman Sachs & Co 4/1/2020 BP PLC United Kingdom 10,000.0 General Corp. Purp.

10 Barclays 5/7/2020 Saudi Arabian Oil Co Saudi Arabia 10,000.0 Acquisition Fin. *League Table positions reflect consolidation within the banking sector. Rankings are as of the current quarter end in each calendar year.

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Global Loans Bookrunner R1 YoY Change ($) -17% QoQ Change ($) -31% Global Loans Mandated Arrangers R3 YoY Change ($) -17% QoQ Change ($) -28% Rank Rank Proceeds # of Market Market Share Rank Rank Proceeds # of Market Market Share Bookrunner 2020 2019 US$mil Deals Share (%) Change (%) Mandated Arranger 2020 2019 US$mil Deals Share (%) Change (%) BofA Securities Inc 1 1 153,741.2 586 8.9 -0.5 ▼ BofA Securities Inc 1 2 140,842.4 666 7.4 0.6 ▲ JP Morgan 2 2 153,177.4 510 8.9 -0.4 ▼ JP Morgan 2 1 138,252.6 576 7.2 -0.4 ▼ Citi 3 3 113,983.7 323 6.6 0.6 ▲ Citi 3 4 109,040.2 393 5.7 0.6 ▲ BNP Paribas SA 4 7 89,188.7 220 5.2 1.9 ▲ Mizuho Financial Group 4 6 93,678.8 506 4.9 0.9 ▲ Wells Fargo & Co 5 4 82,765.9 351 4.8 -1.0 ▼ Mitsubishi UFJ Financial Group 5 3 82,593.6 700 4.3 -1.3 ▼ Mizuho Financial Group 6 6 81,538.5 391 4.7 0.6 ▲ Wells Fargo & Co 6 5 75,977.0 407 4.0 -0.5 ▼ Mitsubishi UFJ Financial Group 7 5 71,117.2 568 4.1 -1.6 ▼ BNP Paribas SA 7 7 73,336.0 354 3.8 0.8 ▲ Sumitomo Mitsui Finl Grp Inc 8 12 53,868.3 415 3.1 0.8 ▲ Sumitomo Mitsui Finl Grp Inc 8 10 68,343.0 550 3.6 0.9 ▲ Goldman Sachs & Co 9 15 44,687.7 176 2.6 0.6 ▲ Barclays 9 8 51,181.0 254 2.7 -0.1 ▼ Barclays 10 8 43,985.4 198 2.6 -0.2 ▼ Deutsche Bank 10 13 47,100.7 219 2.5 0.4 ▲ Bank of China Ltd 11 19 43,164.7 203 2.5 1.0 ▲ Bank of China Ltd 11 15 46,360.5 314 2.4 0.4 ▲ HSBC Holdings PLC 12 10 42,175.0 181 2.4 -0.1 ▼ HSBC Holdings PLC 12 9 46,241.3 317 2.4 -0.4 ▼ Credit Agricole CIB 13 14 41,979.8 141 2.4 0.4 ▲ Goldman Sachs & Co 13 16 46,044.8 222 2.4 0.5 ▲ Deutsche Bank 14 13 40,636.4 144 2.4 0.2 ▲ Morgan Stanley 14 12 43,619.4 141 2.3 -0.1 ▼ Morgan Stanley 15 11 37,124.6 100 2.2 -0.3 ▼ Credit Agricole CIB 15 17 39,807.6 229 2.1 0.3 ▲ Credit Suisse 16 22 34,611.3 125 2.0 0.7 ▲ Credit Suisse 16 21 38,789.3 158 2.0 0.5 ▲ RBC Capital Markets 17 9 34,215.7 165 2.0 -0.7 ▼ RBC Capital Markets 17 11 36,605.5 202 1.9 -0.5 ▼ US Bancorp 18 20 28,139.3 190 1.6 0.2 ▲ Societe Generale 18 23 35,930.4 179 1.9 0.5 ▲ TD Securities Inc 19 18 27,868.6 134 1.6 -0.1 ▼ US Bancorp 19 20 33,769.4 249 1.8 0.2 ▲ Societe Generale 20 24 26,922.4 88 1.6 0.4 ▲ TD Securities Inc 20 19 30,300.5 190 1.6 -0.1 ▼ Santander Corp & Invest Bkg 21 32 25,779.6 97 1.5 0.9 ▲ Scotiabank 21 18 26,467.4 165 1.4 -0.3 ▼ Scotiabank 22 16 24,888.2 127 1.4 -0.5 ▼ BMO Capital Markets 22 14 26,180.8 219 1.4 -0.6 ▼ BMO Capital Markets 23 17 24,825.6 162 1.4 -0.4 ▼ Santander Corp & Invest Bkg 23 29 24,955.2 177 1.3 0.5 ▲ PNC Financial Services Group 24 21 22,774.0 155 1.3 0.0 - PNC Financial Services Group 24 25 23,323.1 191 1.2 0.0 - CIBC World Markets Inc 25 23 21,599.8 151 1.3 0.0 - Truist Financial Corp 25 26 23,226.9 177 1.2 0.1 ▲ Industry Total 1,725,531.6 3,648 100 Industry Total 1,912,468.1 4,045 100

Global Loans Mergers & Acquisitions YoY Change ($) -52% QoQ Change ($) -46% Global Debt & Syndicated Loans DL1 YoY Change ($) 14% QoQ Change ($) 10% Rank Rank Proceeds # of Market Market Share Rank Rank Proceeds # of Market Market Share Bookrunner 2020 2019 US$mil Deals Share (%) Change (%) Mandated Arranger 2020 2019 US$mil Deals Share (%) Change (%) JP Morgan 1 1 17,164.1 41 7.6 -4.0 ▼ JP Morgan 1 1 512,166.2 1693 7.6 1.0 ▲ Morgan Stanley 2 3 16,449.4 24 7.3 -0.7 ▼ BofA Securities Inc 2 2 424,483.4 1515 6.3 0.3 ▲ BofA Securities Inc 3 2 14,916.9 58 6.6 -1.5 ▼ Citi 3 3 391,796.7 1248 5.8 0.4 ▲ Credit Suisse 4 14 14,636.3 33 6.5 4.2 ▲ Barclays 4 4 289,926.0 943 4.3 0.7 ▲ BNP Paribas SA 5 7 12,614.2 37 5.6 1.2 ▲ Wells Fargo & Co 5 5 245,932.7 891 3.7 0.1 ▲ Mizuho Financial Group 6 20 10,867.6 14 4.8 3.7 ▲ BNP Paribas SA 6 7 235,112.5 771 3.5 0.5 ▲ Citi 7 5 9,461.3 30 4.2 -1.3 ▼ Morgan Stanley 7 9 234,716.3 861 3.5 0.7 ▲ Deutsche Bank 8 13 8,704.0 25 3.9 1.5 ▲ Goldman Sachs & Co 8 10 233,056.2 804 3.5 0.9 ▲ Barclays 9 6 8,666.4 33 3.8 -0.8 ▼ HSBC Holdings PLC 9 6 203,261.1 854 3.0 -0.1 ▼ Goldman Sachs & Co 10 9 7,391.9 27 3.3 0.1 ▲ Deutsche Bank 10 11 190,506.5 762 2.8 0.2 ▲ RBC Capital Markets 11 8 6,501.3 26 2.9 -1.0 ▼ Mizuho Financial Group 11 12 160,424.1 943 2.4 -0.2 ▼ Credit Agricole CIB 12 11 5,454.7 21 2.4 -0.7 ▼ Credit Suisse 12 16 136,850.9 567 2.0 0.0 - HSBC Holdings PLC 13 10 5,071.0 21 2.2 -0.9 ▼ RBC Capital Markets 13 14 136,708.4 713 2.0 -0.1 ▼ Wells Fargo & Co 14 12 4,563.1 18 2.0 -0.9 ▼ Credit Agricole CIB 14 15 132,109.4 510 2.0 -0.1 ▼ Mitsubishi UFJ Financial Group 15 4 4,137.4 18 1.8 -5.9 ▼ Bank of China Ltd 15 13 129,009.0 1377 1.9 -0.3 ▼ BMO Capital Markets 16 15 4,137.2 42 1.8 -0.2 ▼ Mitsubishi UFJ Financial Group 16 8 120,657.0 839 1.8 -1.1 ▼ TD Securities Inc 17 26 3,990.9 12 1.8 1.1 ▲ TD Securities Inc 17 18 112,027.4 542 1.7 0.1 ▲ Antares Capital Corp 18 16 3,369.5 46 1.5 -0.3 ▼ Societe Generale 18 17 103,332.7 356 1.5 -0.2 ▼ UniCredit 19 32 3,074.0 15 1.4 0.8 ▲ Sumitomo Mitsui Finl Grp Inc 19 20 95,730.4 685 1.4 -0.2 ▼ China Merchants Bank 20 66 2,988.2 2 1.3 1.2 ▲ Industrial & Comm Bank China 20 19 93,210.4 1114 1.4 -0.2 ▼ Truist Financial Corp 21 22 2,848.7 17 1.3 0.3 ▲ Nomura 21 26 92,415.9 310 1.4 0.4 ▲ Jefferies LLC 22 17 2,726.5 23 1.2 -0.2 ▼ CITIC 22 28 77,610.1 1057 1.2 0.2 ▲ Golub Capital Inc 23 35 2,464.5 11 1.1 0.6 ▲ UniCredit 23 25 75,430.9 273 1.1 0.1 ▲ Natixis 24 18 2,198.1 8 1.0 -0.2 ▼ China Construction Bank 24 22 73,457.2 1131 1.1 -0.2 ▼ Citizens Financial Group 25 33 2,159.0 22 1.0 0.4 ▲ Santander Corp & Invest Bkg 25 30 72,242.1 275 1.1 0.2 ▲ Industry Total 226,352.4 359 100 Industry Total 6,715,928.9 15,321 100 *Indicates a Tie

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US Investment Grade Volume (US$bil) US Leveraged Volume (US$bil)

$1,600 600 $1,800 1,800

$1,400 $1,600 1,600 500 $1,400 1,400 $1,200

400 $1,200 1,200 $1,000

$1,000 1,000 $800 300 $800 800

$600 200 $600 600

$400 $400 400 100 $200 $200 200

$0 0 $0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 1H No. of Deals Q1 Q2 Q3 Q4 1H No. of Deals

Americas Yield Type (US$bil) Top Americas Syndicated Loans Package Amt $1,200 Closing Date Borrower Target Nation (US$mil) Primary UOP 4/1/2020 T-Mobile USA Inc United States 27,000.0 Acquisition Fin.

$1,000 4/17/2020 General Electric Co United States 15,000.0 General Corp. Purp.

2/6/2020 Boeing Co United States 13,825.0 General Corp. Purp. $800 5/5/2020 Depository Trust Co United States 12,800.0 General Corp. Purp.

4/29/2020 Walmart Inc United States 11,810.0 General Corp. Purp. $600 3/17/2020 PG&E Corp United States 10,825.0 Exit Financing

4/17/2020 Thermo Fisher Scientific Inc United States 10,060.3 Acquisition Fin. $400

1/31/2020 CenturyLink Inc United States 8,366.5 General Corp. Purp.

$200 3/6/2020 Walt Disney Co United States 8,250.0 General Corp. Purp.

3/30/2020 Deere & Co United States 8,000.0 General Corp. Purp.

$0 3/16/2020 Duke Energy Corp United States 8,000.0 General Corp. Purp. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2015 2016 2017 2018 2019 2020 1/17/2020 Nutrition & Biosciences Inc United States 7,500.0 Acquisition Fin. Investment Grade Leveraged Highly leveraged Undisclosed

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Americas Loans - Bookrunners R7 YoY Change ($) -23% QoQ Change ($) -38% Americas Loans - Macro Industry Composition Rank Rank Proceeds # of Market Market Share Bookrunner 2020 2019 US$mil Deals Share (%) Change (%) BofA Securities Inc 1 2 144,740.7 556 13.1 1.0 ▲ JP Morgan 2 1 134,643.3 471 12.2 -0.3 ▼ Citi 3 4 92,445.8 273 8.4 0.9 ▲ $192.1 Wells Fargo & Co 4 3 82,116.2 348 7.5 -0.8 ▼ Barclays 5 7 37,398.5 166 3.4 0.0 - 245 Goldman Sachs & Co 6 14 36,914.3 155 3.4 1.2 ▲ Morgan Stanley 7 8 33,843.1 88 3.1 -0.1 ▼ $424.5 Industrials RBC Capital Markets 8 6 32,367.6 153 2.9 -0.8 ▼ Credit Suisse 9 20 30,804.5 103 2.8 1.3 ▲ Financials US Bancorp 10 16 28,139.3 190 2.6 0.6 ▲ 785 283 TD Securities Inc 11 11 27,362.8 133 2.5 0.0 - Energy and Power Mitsubishi UFJ Financial Group 12 5 25,968.3 149 2.4 -3.0 ▼ BNP Paribas SA ▼ $173.4 13 12 25,766.3 110 2.3 -0.1 Consumer Products Mizuho Financial Group 14 15 24,619.6 127 2.2 0.0 - Deutsche Bank 15 17 24,214.7 104 2.2 0.3 ▲ and Services BMO Capital Markets 16 10 24,213.6 159 2.2 -0.3 ▼ Healthcare Scotiabank 17 9 23,241.2 121 2.1 -0.6 ▼ PNC Financial Services Group 18 18 22,723.0 155 2.1 0.2 ▲ Other 245 CIBC World Markets Inc 19 19 21,039.6 148 1.9 0.0 - Truist Financial Corp 20 21 20,686.9 134 1.9 0.4 ▲ HSBC Holdings PLC 21 13 17,695.5 89 1.6 -0.6 ▼ 96 161 Sumitomo Mitsui Finl Grp Inc 22 22 14,634.6 78 1.3 0.3 ▲ $68.0 $169.9 Jefferies LLC 23 27 11,719.5 53 1.1 0.4 ▲ Credit Agricole CIB 24 28 10,287.8 51 0.9 0.2 ▲ $74.8 Outer Ring: Proceeds (US$bil) Inner Ring: # Deals Citizens Financial Group 25 24 9,652.1 93 0.9 0.0 - Industry Total 1,102,578.3 1,813 100.0

Americas Loans Mandated Arrangers R8c YoY Change ($) -24% QoQ Change ($) -38% Americas Loans - Use of Proceeds Rank Rank Proceeds # of Market Market Share Mandated Arranger 2020 2019 US$mil Deals Share (%) Change (%) BofA Securities Inc 1 2 128,151.8 602 11.6 1.7 ▲ JP Morgan 2 1 117,307.8 499 10.6 -0.1 ▼ Citi 3 4 85,712.5 296 7.8 1.0 ▲ 8% Wells Fargo & Co 4 3 73,284.9 395 6.7 -0.3 ▼ 2% Goldman Sachs & Co 5 16 39,824.2 184 3.6 1.3 ▲ 3% Barclays 6 7 38,812.0 186 3.5 0.0 - 3% Morgan Stanley 7 8 36,433.4 112 3.3 0.0 - General Corporate US Bancorp 8 12 33,769.4 249 3.1 0.6 ▲ Purposes RBC Capital Markets 9 6 32,711.7 176 3.0 -0.6 ▼ Acquisition Financing Credit Suisse 10 20 32,061.2 114 2.9 1.2 ▲ 9% Mitsubishi UFJ Financial Group ▼ 11 5 28,991.1 186 2.6 -3.0 Working Capital TD Securities Inc 12 11 28,745.4 183 2.6 0.0 - BNP Paribas SA 13 14 27,111.5 135 2.5 0.1 ▲ Mizuho Financial Group 14 13 26,862.8 149 2.4 -0.1 ▼ Project Finance BMO Capital Markets 15 9 25,456.3 214 2.3 -0.7 ▼ Deutsche Bank 16 17 24,214.5 123 2.2 0.1 ▲ Leveraged Buyout Scotiabank 17 10 23,962.4 151 2.2 -0.4 ▼ PNC Financial Services Group 18 19 23,172.1 190 2.1 0.2 ▲ Other Truist Financial Corp 19 21 23,083.8 177 2.1 0.4 ▲ 75% CIBC World Markets Inc 20 18 20,772.6 171 1.9 -0.1 ▼ HSBC Holdings PLC 21 15 19,234.7 115 1.7 -0.7 ▼ Sumitomo Mitsui Finl Grp Inc 22 22 16,342.0 102 1.5 0.1 ▲ Jefferies LLC 23 29 11,719.5 53 1.1 0.4 ▲ Credit Agricole CIB 24 26 10,811.4 58 1.0 0.1 ▲ Citizens Financial Group 25 23 10,605.4 108 1.0 -0.1 ▼ Industry Total 1,102,813.4 1,815 100.0 *Indicates a Tie

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North America Loans Bookrunners R9 YoY Change ($) -22% QoQ Change ($) -38% US Loans Bookrunners R11 YoY Change ($) -20% QoQ Change ($) -37% Canada Loans Bookrunners YoY Change ($) -41% QoQ Change ($) -42% Rank Rank Proceeds # of Mkt. Mkt. Share Rank Rank Proceeds # of Mkt. Mkt. Share Rank Rank Proceeds # of Mkt. Mkt. Share Bookrunner 2020 2019 US$mil Deals Share Change Bookrunner 2020 2019 US$mil Deals Share Change Bookrunner 2020 2019 US$mil Deals Share Change BofA Securities Inc 1 2 144,575.7 554 13.2 0.9 ▲ BofA Securities Inc 1 2 143,061.8 546 14.0 0.6 ▲ CIBC World Markets Inc 1 2 14,800.1 71 19.2 3.2 ▲ JP Morgan 2 1 134,021.1 466 12.2 -0.4 ▼ JP Morgan 2 1 132,658.2 459 13.0 -0.7 ▼ BMO Capital Markets 2 5 11,074.7 61 14.4 0.3 ▲ Citi 3 4 92,245.8 272 8.4 1.0 ▲ Citi 3 4 91,076.9 265 8.9 0.9 ▲ TD Securities Inc 3 1 10,498.5 55 13.6 -3.0 ▼ Wells Fargo & Co 4 3 82,116.2 348 7.5 -1.0 ▼ Wells Fargo & Co 4 3 81,991.2 347 8.0 -1.3 ▼ Scotiabank 4 3 10,307.9 52 13.4 -2.3 ▼ Barclays 5 7 37,398.5 166 3.4 -0.1 ▼ Barclays 5 6 37,129.3 163 3.6 -0.3 ▼ RBC Capital Markets 5 4 9,204.9 50 12.0 -3.1 ▼ Goldman Sachs & Co 6 13 36,829.3 154 3.4 1.1 ▲ Goldman Sachs & Co 6 10 36,829.3 154 3.6 1.1 ▲ National Bank of Canada Fin'l 6 6 6,256.4 50 8.1 -0.2 ▼ Morgan Stanley 7 8 33,758.1 87 3.1 -0.2 ▼ Morgan Stanley 7 7 33,758.1 87 3.3 -0.4 ▼ HSBC Holdings PLC 7 10 2,250.3 9 2.9 1.2 ▲ RBC Capital Markets 8 6 32,367.6 153 3.0 -0.8 ▼ Credit Suisse 8 16 30,459.1 100 3.0 1.3 ▲ BofA Securities Inc 8 8 1,514.0 8 2.0 0.0 - Credit Suisse 9 20 30,737.8 102 2.8 1.2 ▲ US Bancorp 9 11 28,139.3 190 2.8 0.5 ▲ JP Morgan 9 9 1,362.9 7 1.8 0.1 ▲ US Bancorp 10 15 28,139.3 190 2.6 0.5 ▲ Mitsubishi UFJ Financial Group 10 5 25,105.0 142 2.5 -3.4 ▼ Desjardins Capital Markets 10 12 1,173.9 16 1.5 0.3 ▲ TD Securities Inc 11 11 27,362.8 133 2.5 0.0 - BNP Paribas SA 11 9 24,808.4 102 2.4 -0.2 ▼ Citi 11 7 1,168.8 7 1.5 -0.5 ▼ Mitsubishi UFJ Financial Group 12 5 25,820.8 147 2.4 -3.0 ▼ Deutsche Bank 12 13 23,800.9 102 2.3 0.1 ▲ Alberta Treasury Branches 12 11 1,129.9 16 1.5 0.2 ▲ BNP Paribas SA 13 12 25,272.1 105 2.3 0.0 - Mizuho Financial Group 13 12 23,458.1 119 2.3 0.1 ▲ Mizuho Financial Group 13 20 812.1 5 1.1 1.0 ▲ Mizuho Financial Group 14 16 24,270.2 124 2.2 0.2 ▲ RBC Capital Markets 14 8 23,162.7 103 2.3 -0.3 ▼ Mitsubishi UFJ Financial Group 14 17 715.7 5 0.9 0.5 ▲ BMO Capital Markets 15 10 24,213.6 159 2.2 -0.4 ▼ PNC Financial Services Group 15 15 22,598.0 154 2.2 0.1 ▲ Sumitomo Mitsui Finl Grp Inc 15 13 712.7 4 0.9 -0.2 ▼ Deutsche Bank 16 17 23,989.2 103 2.2 0.2 ▲ Truist Financial Corp 16 17 20,289.0 132 2.0 0.3 ▲ BNP Paribas SA 16 18 463.7 3 0.6 0.4 ▲ PNC Financial Services Group 17 18 22,723.0 155 2.1 0.2 ▲ TD Securities Inc 17 20 16,864.4 79 1.7 0.6 ▲ National Bank of Kuwait SAK 17 - 462.5 1 0.6 0.6 ▲ Scotiabank 18 9 22,312.8 116 2.0 -0.6 ▼ HSBC Holdings PLC 18 14 15,445.2 80 1.5 -0.7 ▼ Truist Financial Corp 18 26 397.9 2 0.5 0.4 ▲ CIBC World Markets Inc 19 19 21,039.6 148 1.9 0.0 - Sumitomo Mitsui Finl Grp Inc 19 23 13,670.2 72 1.3 0.4 ▲ Credit Suisse 19 - 278.7 2 0.4 0.4 ▲ Truist Financial Corp 20 21 20,686.9 134 1.9 0.4 ▲ BMO Capital Markets 20 18 13,138.9 98 1.3 -0.1 ▼ Barclays 20 28 269.2 3 0.4 0.3 ▲ HSBC Holdings PLC 21 14 17,695.5 89 1.6 -0.5 ▼ Scotiabank 21 19 12,004.9 64 1.2 -0.1 ▼ Natixis 21 - 228.6 1 0.3 0.3 ▲ Sumitomo Mitsui Finl Grp Inc 22 24 14,382.9 76 1.3 0.4 ▲ Jefferies LLC 22 25 11,719.5 53 1.2 0.4 ▲ ING 22 16 208.3 2 0.3 -0.1 ▼ Jefferies LLC 23 27 11,719.5 53 1.1 0.4 ▲ Credit Agricole CIB 23 28 10,005.0 49 1.0 0.3 ▲ Credit Agricole CIB 23 31 197.8 1 0.3 0.3 ▲ Credit Agricole CIB 24 30 10,202.8 50 0.9 0.3 ▲ Citizens Financial Group 24 22 9,652.1 93 1.0 -0.1 ▼ Deutsche Bank 24 - 188.3 1 0.2 0.2 ▲ Citizens Financial Group 25 23 9,652.1 93 0.9 -0.1 ▼ KeyBanc Capital Markets Inc 25 21 8,421.5 80 0.8 -0.3 ▼ Industry Total 1,096,568.4 1,793 100.0 Industry Total 1,019,622.9 1,587 100.0 Industry Total 76,945.4 208 100.0

Latin America Loans US Leveraged US Investment Grade Mandated Lead Arrangers R16 YoY Change ($) -87% QoQ Change ($) -84% Loans Bookrunners R11a YoY Change ($) -6% QoQ Change ($) -58% Loans Bookrunners R11b YoY Change ($) -29% QoQ Change ($) -15% Rank Rank Proceeds # of Mkt. Mkt. Share Rank Rank Proceeds # of Mkt. Mkt. Share Rank Rank Proceeds # of Mkt. Mkt. Share Mandated Arranger 2020 2019 US$mil Deals Share Change Bookrunner 2020 2019 US$mil Deals Share Change Bookrunner 2020 2019 US$mil Deals Share Change BBVA 1 4 863.2 7 14.1 7.7 ▲ BofA Securities Inc 1 1 50,694.0 311 11.5 0.2 ▲ JP Morgan 1 1 92,978.0 225 17.1 0.6 ▲ BNP Paribas SA 2 5 608.2 6 9.9 3.6 ▲ JP Morgan 2 3 38,355.3 230 8.7 -1.2 ▼ BofA Securities Inc 2 2 91,938.6 234 16.9 1.5 ▲ Scotiabank 3 13 492.6 6 8.0 4.4 ▲ Wells Fargo & Co 3 2 35,722.3 184 8.1 -1.8 ▼ Citi 3 3 63,565.2 142 11.7 1.5 ▲ JP Morgan 4 10 484.4 5 7.9 3.5 ▲ Citi 4 4 27,430.1 122 6.2 1.2 ▲ Wells Fargo & Co 4 4 45,729.9 159 8.4 -0.9 ▼ Santander Corp & Invest Bkg 5 3 387.9 6 6.3 -0.6 ▼ Credit Suisse 5 7 24,633.7 88 5.6 2.1 ▲ US Bancorp 5 12 19,240.9 119 3.5 1.0 ▲ Mitsubishi UFJ Financial Group 6 8 318.0 4 5.2 0.2 ▲ Goldman Sachs & Co 6 6 23,930.5 121 5.4 1.6 ▲ Mizuho Financial Group 6 8 17,671.7 81 3.3 0.2 ▲ Sumitomo Mitsui Finl Grp Inc 7 2 251.7 2 4.1 -2.8 ▼ Barclays 7 5 22,083.0 112 5.0 0.5 ▲ Mitsubishi UFJ Financial Group 7 5 15,900.8 69 2.9 -5.3 ▼ Mizuho Financial Group 8 1 205.2 3 3.3 -4.8 ▼ Morgan Stanley 8 14 17,868.3 67 4.1 1.9 ▲ Morgan Stanley 8 6 15,889.9 20 2.9 -1.8 ▼ Citi 9 7 200.0 1 3.3 -1.7 ▼ RBC Capital Markets 9 10 14,584.6 73 3.3 0.5 ▲ Barclays 9 7 15,046.3 52 2.8 -0.9 ▼ Credit Agricole CIB 10 6 199.0 2 3.2 -2.7 ▼ Deutsche Bank 10 8 13,400.8 77 3.0 -0.5 ▼ BNP Paribas SA 10 10 14,806.5 45 2.7 0.1 ▲ ING 11 14 189.2 3 3.1 -0.3 ▼ Jefferies LLC 11 16 11,719.5 53 2.7 0.5 ▲ PNC Financial Services Group 11 15 14,649.4 83 2.7 1.0 ▲ Bank of China Ltd 12 12 171.7 2 2.8 -1.0 ▼ Truist Financial Corp 12 11 11,368.0 82 2.6 -0.1 ▼ Goldman Sachs & Co 12 13 12,755.1 31 2.3 0.4 ▲ Societe Generale 13 16 170.5 2 2.8 0.2 ▲ BNP Paribas SA 13 17 8,623.3 48 2.0 0.0 - Deutsche Bank 13 16 10,400.1 25 1.9 0.4 ▲ BofA Securities Inc 14 11 165.0 2 2.7 -1.5 ▼ Citizens Financial Group 14 13 8,328.4 78 1.9 -0.4 ▼ Sumitomo Mitsui Finl Grp Inc 14 18 9,725.4 41 1.8 0.8 ▲ Banco de Sabadell 15* 18 155.6 1 2.5 0.6 ▲ BMO Capital Markets 15 12 7,947.2 76 1.8 -0.8 ▼ Scotiabank 15 14 9,488.3 46 1.7 -0.1 ▼ HSBC Holdings PLC 15* 9 155.6 1 2.5 -2.4 ▼ Mitsubishi UFJ Financial Group 16 15 7,539.8 53 1.7 -0.5 ▼ TD Securities Inc 16 17 8,921.8 41 1.6 0.4 ▲ Grupo Financiero Banorte-Ixe 15* 23 155.6 1 2.5 1.5 ▲ Credit Agricole CIB 17 27 7,405.4 28 1.7 0.9 ▲ HSBC Holdings PLC 17 9 8,857.6 28 1.6 -1.2 ▼ Itau Unibanco 18 32 135.7 2 2.2 1.9 ▲ PNC Financial Services Group 18 9 7,297.8 67 1.7 -1.3 ▼ Truist Financial Corp 18 19 8,456.9 42 1.6 0.6 ▲ Credicorp 19 49 131.7 2 2.1 2.0 ▲ TD Securities Inc 19 24 7,114.2 35 1.6 0.7 ▲ RBC Capital Markets 19 11 8,406.5 27 1.6 -1.0 ▼ Deutsche Bank 20 34 112.8 1 1.8 1.5 ▲ HSBC Holdings PLC 20 22 5,803.4 46 1.3 0.1 ▲ Credit Suisse 20 20 5,825.4 12 1.1 0.4 ▲ Cooperatieve Rabobank UA 21 24 102.5 2 1.7 0.8 ▲ Capital One Financial Corp 21 23 5,645.3 46 1.3 0.2 ▲ Societe Generale 21 26 5,006.2 17 0.9 0.4 ▲ Morgan Stanley 22* 39* 85.0 1 1.4 1.3 ▲ Fifth Third Bancorp 22 20 5,320.5 42 1.2 -0.5 ▼ Bank of China Ltd 22 24 4,620.9 11 0.9 0.3 ▲ Goldman Sachs & Co 22* 26 85.0 1 1.4 0.6 ▲ Mizuho Financial Group 23 25 5,193.8 31 1.2 0.4 ▲ BMO Capital Markets 23 21 3,865.1 17 0.7 0.0 - Credit Suisse 24 21 66.7 1 1.1 -0.1 ▼ Antares Capital Corp 24 18 4,804.5 55 1.1 -0.9 ▼ Industrial & Comm Bank China 24 25 3,465.6 8 0.6 0.1 ▲ KeyBanc Capital Markets Inc 25 19 4,564.2 47 1.0 -0.8 ▼ BBVA 25 38 3,101.3 15 0.6 0.4 ▲ Industry Total 6,142.0 21 100.0 Industry Total 440,126.6 876 100.0 Industry Total 544,043.4 493 100.0 *Indicates a Tie

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EMEA Loan Proceeds - Macro Industry Composition EMEA Quarterly Loan Volume

$500 600

$450

500 $400 $115.8 $131.7 127 $350 400 190 Industrials $300

Energy and Power $250 300 Financials Materials $200 $25.7 200 Consumer Staples 88 $150 Other $100 35 100 $53.3 $50 55 88 $91.5 $0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Outer Ring: Proceeds (US$bil) $53.4 Inner Ring: # Deals 2015 2016 2017 2018 2019 2020 Proceeds (US$bil) No. of Deals

EMEA Loans - Use of Proceeds Top EMEA Syndicated Loans Package Amt Closing Date Borrower Target Nation (US$mil) Primary UOP 6% 3/31/2020 Airbus SE Netherlands 16,543.5 General Corp. Purp. 2% 2% 4/1/2020 Daimler AG Germany 13,154.4 General Corp. Purp.

6% 4/21/2020 Royal Dutch Shell PLC Netherlands 12,010.9 General Corp. Purp. General Corporate Purposes 4/1/2020 BP PLC United Kingdom 10,000.0 General Corp. Purp. Acquisition Financing 11% 5/7/2020 Saudi Arabian Oil Co Saudi Arabia 10,000.0 Acquisition Fin. Project Finance 3/30/2020 Glencore International AG Switzerland 9,975.0 General Corp. Purp. Working Capital 2/17/2020 Port & Free Zone World FZE Utd Arab Em 8,100.0 Acquisition Fin.

Leveraged Buyout 5/4/2020 Air France-KLM SA France 7,634.2 General Corp. Purp.

Other 3/12/2020 British American Tobacco PLC United Kingdom 7,542.6 General Corp. Purp. 73% 4/2/2020 Total SA France 6,350.0 General Corp. Purp.

2/24/2020 Airbus SE Netherlands 5,426.0 General Corp. Purp.

3/6/2020 Trafigura Pte Ltd Switzerland 5,420.0 General Corp. Purp.

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EMEA Bookrunners R17 YoY Change ($) 0% QoQ Change ($) -18% EMEA Mandated Lead Arrangers R19 YoY Change ($) -5% QoQ Change ($) -9% Rank Rank Proceeds # of Market Market Share Rank Rank Proceeds # of Market Market Share Bookrunner 2020 2019 US$mil Deals Share (%) Change (%) Mandated Arranger 2020 2019 US$mil Deals Share (%) Change (%) BNP Paribas SA 1 1 61,196.3 103 17.1 8.1 ▲ BNP Paribas SA 1 1 43,590.1 199 9.3 3.0 ▲ Credit Agricole CIB 2 2 28,143.8 80 7.9 -0.2 ▼ Credit Agricole CIB 2 2 24,889.5 142 5.3 0.4 ▲ Santander Corp & Invest Bkg 3 15 21,571.6 62 6.0 3.8 ▲ Societe Generale 3 3 24,356.6 120 5.2 1.0 ▲ HSBC Holdings PLC 4 12 19,099.5 60 5.3 2.1 ▲ Deutsche Bank 4 9 21,900.6 96 4.7 1.5 ▲ JP Morgan 5 10 18,226.1 42 5.1 1.5 ▲ JP Morgan 5 5 20,021.9 75 4.3 0.5 ▲ Societe Generale 6 4 17,907.0 50 5.0 0.1 ▲ HSBC Holdings PLC 6 6 19,573.9 116 4.2 0.6 ▲ UniCredit 7 5 16,996.4 68 4.8 0.4 ▲ Santander Corp & Invest Bkg 7 14 19,537.5 126 4.1 1.7 ▲ Citi 8 7 16,994.0 38 4.8 0.9 ▲ UniCredit 8 7 18,845.1 123 4.0 0.4 ▲ Deutsche Bank 9 6 16,231.7 45 4.5 0.3 ▲ Citi 9 11 18,724.8 75 4.0 1.0 ▲ Natixis 10 8 9,917.1 31 2.8 -1.0 ▼ Sumitomo Mitsui Finl Grp Inc 10 19 14,060.6 76 3.0 1.1 ▲ Sumitomo Mitsui Finl Grp Inc 11 18 9,287.2 31 2.6 0.7 ▲ Commerzbank AG 11 8 13,351.6 94 2.8 -0.5 ▼ Commerzbank AG 12 11 8,926.5 42 2.5 -1.1 ▼ Barclays 12 13 12,128.1 71 2.6 -0.1 ▼ BofA Securities Inc 13 3 8,509.3 33 2.4 -3.7 ▼ Natixis 13 10 11,614.2 70 2.5 -0.5 ▼ Goldman Sachs & Co 14 14 7,589.1 28 2.1 -0.1 ▼ BofA Securities Inc 14 12 11,272.3 61 2.4 -0.4 ▼ ING 15 9 6,849.8 40 1.9 -1.8 ▼ Mizuho Financial Group 15 15 11,111.1 54 2.4 0.3 ▲ Barclays 16 13 6,500.2 37 1.8 -0.6 ▼ Mitsubishi UFJ Financial Group 16 16 10,901.6 50 2.3 0.2 ▲ NatWest Markets 17 20 5,719.3 28 1.6 0.1 ▲ ING 17 4 10,721.0 93 2.3 -1.9 ▼ Standard Chartered PLC 18 23 5,330.5 19 1.5 0.3 ▲ BBVA 18 23 9,030.6 78 1.9 0.5 ▲ BBVA 19 21 4,676.2 30 1.3 -0.1 ▼ Standard Chartered PLC 19 21 8,986.7 48 1.9 0.2 ▲ Mitsubishi UFJ Financial Group 20 17 4,313.7 18 1.2 -0.8 ▼ NatWest Markets 20 17 8,019.7 61 1.7 -0.3 ▼ Credit Suisse 21 28 3,284.2 24 0.9 0.0 - Morgan Stanley 21 24 6,298.2 28 1.3 0.0 - Mizuho Financial Group 22 16 3,225.4 19 0.9 -1.1 ▼ Credit Suisse 22 22 6,288.7 45 1.3 -0.2 ▼ Banca IMI (Intesa Sanpaolo) 23 19 3,054.5 13 0.9 -0.9 ▼ Goldman Sachs & Co 23 18 6,000.7 43 1.3 -0.7 ▼ Morgan Stanley 24 26 2,730.9 13 0.8 -0.2 ▼ Banca IMI (Intesa Sanpaolo) 24 20 5,870.7 52 1.3 -0.6 ▼ CaixaBank SA 25 33 2,476.5 18 0.7 0.0 - SEB 25 26 5,491.8 35 1.2 0.1 ▲ Industry Total 357,480.1 387 100.0 Industry Total 471,405.6 583 100.0

European Leveraged Loans P10 YoY Change ($) -4% QoQ Change ($) -59% European Sponsored Loans P13 YoY Change ($) -7% QoQ Change ($) -75% Rank Rank Proceeds # of Market Market Share Rank Rank Proceeds # of Market Market Share Bookrunner 2020 2019 US$mil Deals Share (%) Change (%) Bookrunner 2020 2019 US$mil Deals Share (%) Change (%) HSBC Holdings PLC 1 10 5,161.6 19 7.4 3.6 ▲ HSBC Holdings PLC 1 9 2,557.2 10 6.9 3.2 ▲ BNP Paribas SA 2 1 5,027.5 28 7.2 -0.9 ▼ BNP Paribas SA 2 6 2,297.6 13 6.2 0.5 ▲ JP Morgan 3 2 4,590.9 25 6.6 -0.3 ▼ JP Morgan 3 3 2,226.6 13 6.0 -0.3 ▼ Goldman Sachs & Co 4 4 4,570.2 20 6.5 0.2 ▲ Morgan Stanley 4 18 2,073.6 9 5.6 3.5 ▲ Credit Agricole CIB 5 3 4,493.5 22 6.4 -0.4 ▼ Deutsche Bank 5 1 2,041.1 13 5.5 -3.5 ▼ Barclays 6 5 4,177.2 19 6.0 1.0 ▲ Societe Generale 6 7 2,007.1 7 5.4 1.1 ▲ Deutsche Bank 7 6 3,741.7 22 5.3 0.3 ▲ Credit Agricole CIB 7 2 1,866.3 12 5.1 -3.6 ▼ Citi 8 16 3,446.1 11 4.9 2.6 ▲ UniCredit 8 19 1,758.9 8 4.8 2.8 ▲ Natixis 9 8 3,018.1 8 4.3 0.0 - Barclays 9 10 1,722.4 11 4.7 1.3 ▲ UniCredit 10 11 2,950.5 14 4.2 1.2 ▲ BofA Securities Inc 10 8 1,700.4 8 4.6 0.7 ▲ BofA Securities Inc 11 12 2,558.7 14 3.7 0.9 ▲ Credit Suisse 11 13 1,619.3 14 4.4 1.7 ▲ Morgan Stanley 12 24 2,288.2 11 3.3 2.1 ▲ Sumitomo Mitsui Finl Grp Inc 12 22 1,552.9 6 4.2 2.7 ▲ NatWest Markets 13 21 2,246.5 14 3.2 1.4 ▲ Natixis 13 4 1,335.8 5 3.6 -2.4 ▼ Societe Generale 14 7 2,235.3 9 3.2 -1.5 ▼ Goldman Sachs & Co 14 5 1,268.9 10 3.4 -2.4 ▼ Santander Corp & Invest Bkg 15 18 2,159.2 16 3.1 1.0 ▲ Citi 15 16 1,052.1 7 2.9 0.3 ▲ Sumitomo Mitsui Finl Grp Inc 16 29 1,872.1 7 2.7 1.8 ▲ Nomura 16 31 1,029.6 4 2.8 2.3 ▲ Credit Suisse 17 22 1,754.3 16 2.5 0.8 ▲ NatWest Markets 17 24 926.0 8 2.5 1.1 ▲ Banca IMI (Intesa Sanpaolo) 18 25 1,309.3 5 1.9 0.8 ▲ RBC Capital Markets 18 15 885.0 5 2.4 -0.2 ▼ Nomura 19 26 1,029.6 4 1.5 0.4 ▲ UBS 19 17 813.1 5 2.2 -0.2 ▼ ING 20 9 934.8 8 1.3 -2.7 ▼ Santander Corp & Invest Bkg 20 14 653.0 7 1.8 -0.9 ▼ Commerzbank AG 21 20 886.4 4 1.3 -0.7 ▼ Banca IMI (Intesa Sanpaolo) 21 42 505.1 3 1.4 1.1 ▲ RBC Capital Markets 22 19 885.0 5 1.3 -0.8 ▼ ING 22 11 461.2 3 1.3 -1.9 ▼ UBS 23 17 871.3 6 1.2 -1.1 ▼ Commerzbank AG 23 - 405.2 2 1.1 1.1 ▲ Nordea 24 15 666.6 5 1.0 -1.4 ▼ Mediobanca 24* 33 309.3 1 0.8 0.4 ▲ BBVA 25 35 619.3 8 0.9 0.2 ▲ Banco BPM SpA 24* - 309.3 1 0.8 0.8 ▲ Industry Total 70,131.9 108 100.0 Industry Total 36,869.0 57 100.0 *Indicates a Tie

www.refinitiv.com/dealsintelligence 8 Asia Ex. Japan First Half 2020 | Syndicated Loans | Managing Underwriters

Asia Loans Asia Loans Bookrunners All Currencies S5c YoY Change ($) -22% QoQ Change ($) -24% Mandated Arrangers All Currencies S5b YoY Change ($) -25% QoQ Change ($) -22% Asian Loans by Currency (%)

Rank Rank Proceeds # of Mkt. Mkt. Share Rank Rank Proceeds # of Mkt. Mkt. Share 100% Bookrunner 2020 2019 US$mil Deals Share Change Mandated Arranger 2020 2019 US$mil Deals Share Change Bank of China Ltd 1 1 33,702.5 172 29.0 13.7 ▲ Bank of China Ltd 1 1 33,462.3 245 21.2 6.7 ▲ China Merchants Bank 2 25 5,101.2 12 4.4 3.1 ▲ DBS Group Holdings 2 4 6,429.4 56 4.1 -0.4 ▼ 90% DBS Group Holdings 3 7 5,093.8 23 4.4 1.6 ▲ China Construction Bank 3 13 6,230.7 46 3.9 2.0 ▲ HSBC Holdings PLC 4 5 4,122.5 32 3.6 -0.3 ▼ HSBC Holdings PLC 4 5 5,628.9 71 3.6 -0.6 ▼ 80% Industrial & Comm Bank China 5 11 4,056.5 12 3.5 1.4 ▲ Industrial & Comm Bank China 5 6 5,571.4 39 3.5 0.3 ▲ Agricultural Bank of China 6 3 3,322.7 10 2.9 -2.6 ▼ Agricultural Bank of China 6 3 5,053.4 38 3.2 -1.4 ▼ 70% Sumitomo Mitsui Finl Grp Inc 7 10 3,257.0 20 2.8 0.4 ▲ China Merchants Bank 7 16 4,872.5 26 3.1 1.8 ▲ Taiwan Financial Holdings Co 8 16 2,960.4 14 2.6 0.8 ▲ State Bank of India 8 8 4,284.7 20 2.7 0.0 - Standard Chartered PLC 9 4 2,848.8 25 2.5 -1.9 ▼ Standard Chartered PLC 9 9 3,985.5 47 2.5 0.0 - 60% CTBC Financial Holding Co Ltd 10 9 2,575.1 11 2.2 -0.4 ▼ Sumitomo Mitsui Finl Grp Inc 10 10 3,898.9 40 2.5 0.1 ▲ Mitsubishi UFJ Financial Group 11 23 2,319.0 10 2.0 0.6 ▲ Bank of Communications Co Ltd 11 2 3,345.0 35 2.1 -4.6 ▼ 50% Bank of Communications Co Ltd 12 2 2,313.5 8 2.0 -6.2 ▼ Taiwan Financial Holdings Co 12 34 3,241.7 31 2.1 1.2 ▲ China Construction Bank 13 22 2,284.3 17 2.0 0.6 ▲ CITIC 13 26 3,042.3 29 1.9 0.9 ▲ 40% Citi 14 33 2,148.4 10 1.9 1.0 ▲ United Overseas Bank Ltd 14 7 2,888.1 18 1.8 -1.1 ▼ CITIC 15 30 2,127.0 10 1.8 0.8 ▲ Citi 15 29 2,556.1 17 1.6 0.6 ▲ State Bank of India 16 6 2,096.8 10 1.8 -1.5 ▼ Mitsubishi UFJ Financial Group 16 14 2,446.2 24 1.6 -0.3 ▼ 30% Bank of Shanghai 17 20 2,044.8 2 1.8 0.4 ▲ Oversea-Chinese Banking 17 11 2,434.1 28 1.5 -0.8 ▼ Taiwan Cooperative Finl Hldg 18 27 1,928.5 20 1.7 0.6 ▲ Bank of Shanghai 18 49 2,426.4 4 1.5 1.1 ▲ 20% First Financial Holding Co Ltd 19 28 1,692.0 15 1.5 0.5 ▲ Mizuho Financial Group 19 12 2,378.3 25 1.5 -0.7 ▼ Mizuho Financial Group 20 15 1,474.2 9 1.3 -0.5 ▼ Shanghai Pudong Development Bk 20 28 2,351.8 25 1.5 0.5 ▲ Chang Hwa Commercial Bank 21 51 1,443.7 8 1.2 0.8 ▲ Taiwan Cooperative Finl Hldg 21 38 2,035.4 39 1.3 0.5 ▲ 10% Mega Financial Holding Co 22 13 1,354.0 14 1.2 -0.7 ▼ Hua Nan Financial Holdings 22 44 1,752.4 27 1.1 0.7 ▲ Shanghai Pudong Development Bk 23 48 1,322.8 7 1.1 0.6 ▲ Indusind-Bank-Ltd 23 54 1,701.0 17 1.1 0.7 ▲ 0% ANZ Banking Group 24 26 1,248.0 9 1.1 0.0 - ANZ Banking Group 24 35 1,678.8 18 1.1 0.3 ▲ 1H'10 1H'11 1H'12 1H'13 1H'14 1H'15 1H'16 1H'17 1H'18 1H'19 1H'20 Indusind-Bank-Ltd 25 49 1,235.3 14 1.1 0.6 ▲ Mega Financial Holding Co 25 18 1,417.0 27 0.9 -0.3 ▼ Local currency G3 Industry Total 116,079.2 420 100.0 Industry Total 158,128.9 538 100.0

Asia Loans Bookrunners (US$, EURO, JPY, HK$, & S$) S3m YoY Change ($) -35% QoQ Change ($) -17% Top Asia Syndicated loans (Ex Japan, Ex Australia) Asia Loans by Maturity Date

Rank Rank Proceeds # of Mkt. Mkt. Share Package $400 1,400 Bookrunner 2020 2019 US$mil Deals Share Change Closing Date Borrower Amt (US$mil) Primary UOP DBS Group Holdings 1 7 4,691.2 18 10.3 6.5 ▲ 6/17/2020 Airport Authority Hong Kong 4,516.1 Capital Expenditures HSBC Holdings PLC ▼ 2 2 3,567.7 27 7.8 -0.4 $350 Bank of China Ltd 3 4 3,565.6 19 7.8 2.3 ▲ 1,200 4/29/2020 Shanghai Hopson Binjiang Re 3,877.2 Capital Expenditures Standard Chartered PLC 4 1 2,673.9 20 5.9 -2.8 ▼ Sumitomo Mitsui Finl Grp Inc 5 5 2,208.6 17 4.8 -0.3 ▼ 1/24/2020 Changfang Wind Power Co Ltd 2,908.4 Project Finance $300 China Merchants Bank 6 13 2,083.9 9 4.6 2.5 ▲ 1,000 CITIC 7 50 1,630.4 7 3.6 3.2 ▲ 2/10/2020 Zhuhai Mingjun Invest Lp 2,864.5 Acquisition Fin. Citi 8 18 1,616.8 9 3.5 1.7 ▲ $250 Mitsubishi UFJ Financial Group 9 10 1,434.4 10 3.1 0.2 ▲ 4/9/2020 Singapore Airlines Ltd 2,823.9 Working Capital 800 Shanghai Pudong Development Bk 10 37 1,294.5 6 2.8 2.1 ▲ Industrial & Comm Bank China 11 11 1,240.6 6 2.7 0.5 ▲ 5/28/2020 Shenzhen China Star 2,379.4 Capital Expenditures $200 ANZ Banking Group 12 15 1,206.7 8 2.6 0.6 ▲ Bank of Communications Co Ltd 13 14 1,104.8 5 2.4 0.3 ▲ 600 5/12/2020 Shaanxi Coal Grp Yulin Chem 2,146.4 Capital Expenditures China Construction Bank 14 32 993.7 9 2.2 1.2 ▲ $150 Credit Agricole CIB 15 42 938.0 6 2.1 1.6 ▲ 1/16/2020 Cccc Wenzhou High-Speed Rail 2,136.9 Real Estate/Ppty Acq Bank Mandiri 16 81 800.0 2 1.8 1.8 ▲ 400 United Overseas Bank Ltd 17 3 785.9 6 1.7 -4.2 ▼ 3/16/2020 Hc Consumer Fin Philippines 2,126.2 General Corp. Purp. $100 Mizuho Financial Group 18 8 668.8 7 1.5 -1.9 ▼ Cooperatieve Rabobank UA 19 61 615.2 3 1.4 1.2 ▲ 1/10/2020 Shanghai Beiwan Re Co Ltd 1,965.9 Real Estate/Ppty Acq 200 State Bank of India 20 23 598.0 6 1.3 0.0 - $50 CTBC Financial Holding Co Ltd 21 22 590.1 6 1.3 -0.1 ▼ 1/10/2020 Tata Steel Netherlands Holding 1,946.0 Refin/Ret Bank Debt China Development Bank 22 52 564.5 1 1.2 0.8 ▲ Credit Suisse 23 9 522.6 4 1.1 -1.9 ▼ $0 0 4/29/2020 MCO Nominee One Ltd 1,916.1 Refin/Ret Bank Debt First Financial Holding Co Ltd 24 44 508.0 4 1.1 0.6 ▲ 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 ING 25 24 491.5 2 1.1 -0.2 ▼ 3/6/2020 Trafigura Group Pte Ltd 1,895.0 General Corp. Purp. Proceeds (US$bil) No. of Deals Industry Total 45,683.9 106 100.0 *Indicates a Tie

www.refinitiv.com/dealsintelligence 9 Australia First Half 2020 | Syndicated Loans | Managing Underwriters

Australia Loans Bookrunner All Currencies S7 YoY Change ($) -7% QoQ Change ($) 422% Australia Loans - Macro Industry Composition Rank Rank Proceeds # of Market Market Share Bookrunner 2020 2019 US$mil Deals Share (%) Change (%) ANZ Banking Group 1 1 4,733.9 19 19.3 3.3 ▲ Commonwealth Bank of Australia 2 5 3,593.6 16 14.6 6.8 ▲ Mizuho Financial Group 3 8 1,805.8 6 7.4 2.8 ▲ 12% Sumitomo Mitsui Finl Grp Inc 4 10 1,799.9 8 7.3 3.5 ▲ BNP Paribas SA 5 9 1,694.8 5 6.9 2.9 ▲ Bank of China Ltd 6 7 1,604.5 7 6.5 1.7 ▲ 28% National Australia Bank 7 3 1,538.7 10 6.3 -4.5 ▼ 7% Financials Mitsubishi UFJ Financial Group 8 2 1,352.9 3 5.5 -6.1 ▼ HSBC Holdings PLC 9 4 1,257.5 6 5.1 -5.4 ▼ Energy and Power Societe Generale 10 17 1,164.7 2 4.7 3.6 ▲ Credit Agricole CIB 11 19 1,036.6 1 4.2 3.3 ▲ Materials Westpac Banking 12 6 813.5 5 3.3 -2.6 ▼ Morgan Stanley 13 13 426.9 2 1.7 0.2 ▲ 12% United Overseas Bank Ltd 14 12 425.1 2 1.7 0.0 - Telecommunications China Construction Bank 15 15* 266.7 2 1.1 -0.1 ▼ Industrial & Comm Bank China 16 24 237.6 2 1.0 0.4 ▲ Industrials DBS Group Holdings 17 30 191.7 1 0.8 0.3 ▲ Standard Chartered PLC 18 35 153.1 2 0.6 0.5 ▲ Other ING 19 11 128.1 1 0.5 -2.0 ▼ Jefferies LLC 20* 33* 111.9 1 0.5 0.3 ▲ 16% BofA Securities Inc 20* - 111.9 1 0.5 0.5 ▲ 25% Citi 22 20 83.9 1 0.3 -0.5 ▼ RBC Capital Markets 23 22 30.7 1 0.1 -0.5 ▼

Industry Total 24,564.1 44 100.0

Australia Loans Mandated Arrangers All Currencies S6a YoY Change ($) 16% QoQ Change ($) 151% Top Australia Syndicated Loans Rank Rank Proceeds # of Market Market Share Package Amt Mandated Arranger 2020 2019 US$mil Deals Share (%) Change (%) Closing Date Borrower (US$mil) Primary UOP Commonwealth Bank of Australia 1 5 6,474.6 44 14.4 7.3 ▲ 6/15/2020 Ichthys LNG Pty Ltd 8,406.7 Project Finance ANZ Banking Group 2 2 5,931.9 45 13.2 4.7 ▲ National Australia Bank 3 3 3,263.2 32 7.2 -1.2 ▼ 6/9/2020 Vodafone Hutchison Australia 3,654.5 Acquisition Fin. Sumitomo Mitsui Finl Grp Inc 4 8 3,178.6 22 7.1 3.1 ▲ Bank of China Ltd 5 1 2,563.3 19 5.7 -3.0 ▼ 4/28/2020 Roy Hill Holdings Pty Ltd 2,200.0 Project Finance Mizuho Financial Group 6 9 2,489.4 15 5.5 2.8 ▲ Westpac Banking 7 7 2,125.6 25 4.7 -0.6 ▼ 1/1/2020 Celsus Securitisation Pty Ltd 1,604.8 Refin/Ret Bank Debt BNP Paribas SA 8 12 1,838.5 11 4.1 2.0 ▲ HSBC Holdings PLC 9 6 1,803.8 21 4.0 -2.0 ▼ 5/15/2020 Growthpoint Finance Pty Ltd 1,156.4 Working Capital Mitsubishi UFJ Financial Group 10 4 1,797.0 14 4.0 -3.6 ▼ Credit Agricole CIB 11 16 1,761.1 8 3.9 1.9 ▲ 6/23/2020 Destination Brisbane Pty Ltd 1,108.6 Real Estate/Ppty Acq Societe Generale 12 14 1,684.8 9 3.7 1.6 ▲ ING 13 15 1,299.7 7 2.9 0.9 ▲ 1/28/2020 CIMIC Finance (USA) Pty Ltd 1,060.0 General Corp. Purp. Oversea-Chinese Banking 14 17 1,032.5 5 2.3 0.4 ▲ Industrial & Comm Bank China 15 10 763.1 10 1.7 -0.9 ▼ 6/8/2020 FMG Resources(August 2006)Pty 1,025.0 Refin/Ret Bank Debt DBS Group Holdings 16 24 551.5 5 1.2 -0.1 ▼ United Overseas Bank Ltd 17 22 501.0 5 1.1 -0.4 ▼ 5/28/2020 Santos Finance 1,000.0 Acquisition Fin. JP Morgan 18 32 492.1 3 1.1 0.5 ▲ China Construction Bank 19 11 401.8 4 0.9 -1.2 ▼ 6/4/2020 Vocus Group Ltd 958.5 General Corp. Purp. Bank of Communications Co Ltd 20 19 345.6 4 0.8 -0.9 ▼ Standard Chartered PLC 21 20 321.1 5 0.7 -0.9 ▼ 4/30/2020 Scape Urbanest Fin Co Pty Ltd 944.8 Real Estate/Ppty Acq Natixis 22 35 311.0 5 0.7 0.3 ▲ BBVA 23 26 290.9 3 0.7 -0.1 ▼ 3/26/2020 ANZ Banking Group Ltd 925.0 Working Capital Morgan Stanley 24 34 269.4 2 0.6 0.2 ▲ Citi 25 33 252.6 3 0.6 0.2 ▲ 5/6/2020 BlueScope Steel(Finance)Ltd 771.2 Refin/Ret Bank Debt Industry Total 45,073.0 88 100.0 *Indicates a Tie

www.refinitiv.com/dealsintelligence 10 Japan Insights First Half 2020 | Syndicated Loans | Managing Underwriters

Japan Loans - Macro Industry Composition Japan Loans Volume (US$bil)

$350 1,200

$300 1,000 $35.71 $38.57 245 $250 800 Industrials 415 Materials $200 Energy and Power 600

Consumer Staples $150 Financials 113 400 Other $100 $11.52 49 $19.44 200 102 83 $50

$11.86 Outer Ring: Proceeds (US$bil) $13.16 Inner Ring: # Deals $0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 1H No. of Deals

Japan Loans - Use of Proceeds Top Japan Loans Package Amt Closing Date Borrower (US$mil) Primary UOP 6/25/2020 HC Holdings KK 4,571.3 Acquisition Fin. 9% 6/1/2020 Asahi Group Holdings Ltd 3,718.2 Acquisition Fin. 6% 3/31/2020 Marubeni Corp 2,789.9 Working Capital

6% 3/27/2020 JERA Power Taketoyo LLC 2,346.8 Project Finance Working Capital 6/25/2020 Japan Airlines Co Ltd General Corporate Purposes 2,332.3 Aircraft Financing 8% Refinance Bank Debt 3/24/2020 Toshiba Corp 2,248.0 Working Capital Capital Expenditures 5/11/2020 East Japan Railway Co 2,229.2 Working Capital Acquisition Financing 57% Other 6/30/2020 Mitsubishi Heavy Inds Ltd 1,958.8 Working Capital

3/25/2020 Idemitsu Kosan Co Ltd 1,888.7 Working Capital 14% 6/19/2020 ITOCHU Corp 1,871.4 Working Capital

6/25/2020 Oriental Land Co Ltd 1,865.8 Working Capital

5/26/2020 Daikin Industries Ltd 1,860.1 General Corp. Purp.

www.refinitiv.com/dealsintelligence 11 Japan Rankings First Half 2020 | Syndicated Loans | Managing Underwriters

Japan Loans Mandated Arrangers S12a YoY Change ($) 17% QoQ Change ($) -30% Japan Loans Volume - Non-Japanese Borrowers

Rank Rank Proceeds # of Market Market Share $8 30 Mandated Arranger 2020 2019 US$mil Deals Share (%) Change (%) Mizuho Financial Group 1 1 50,837.4 266 39.0 2.3 ▲ Mitsubishi UFJ Financial Group 2 2 38,157.6 425 29.3 1.0 ▲ $7 Sumitomo Mitsui Finl Grp Inc 3 3 30,863.0 311 23.7 0.0 - 25 Sumitomo Mitsui Trust Holdings 4 5 2,341.0 35 1.8 0.3 ▲ Citi 5 8 1,344.5 5 1.0 -0.2 ▼ $6 Development Bank of Japan Inc 6 4 1,100.8 13 0.9 -0.8 ▼ Credit Agricole CIB 7 6 1,036.1 6 0.8 -0.6 ▼ 20 Concordia Financial Group 8 9 1,019.5 37 0.8 -0.1 ▼ $5 Resona Holdings Inc 9 7 779.6 46 0.6 -0.6 ▼ Aozora Bank Ltd 10 10 654.6 14 0.5 0.0 - CTBC Financial Holding Co Ltd 11 11 279.9 13 0.2 -0.3 ▼ $4 15 Wells Fargo & Co 12* 12* 262.5 1 0.2 0.0 - BofA Securities Inc 12* 12* 262.5 1 0.2 0.0 - Norinchukin Bank 14 43 217.8 1 0.2 0.2 ▲ $3 10 Fukuoka Financial Group Inc 15 16 208.9 2 0.2 0.0 - Hokuhoku Financial Group Inc 16 17 194.1 3 0.2 0.1 ▲ $2 Nishi-Nippon Finl Hldg Inc 17 29 181.1 1 0.1 0.0 - North Pacific Bank Ltd 18 30 136.1 2 0.1 0.0 - 5 Tokyo Kiraboshi Financial Inc 19 41 96.4 6 0.1 0.1 ▲ $1 Chugoku Bank Ltd 20 - 33.9 1 0.0 0.0 - Shinsei Bank 21 20 31.6 1 0.0 -0.1 ▼ DBS Group Holdings 22* - 24.5 1 0.0 0.0 - $0 0 Standard Chartered PLC 22* 25* 24.5 1 0.0 -0.1 ▼ Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 First Abu Dhabi Bank PJSC 22* 21* 24.5 1 0.0 -0.1 ▼ 2015 2016 2017 2018 2019 2020 State Bank of India 22* - 24.5 1 0.0 0.0 - Industry Total 130,260.3 1,007 100.0 Proceeds (US$bil) No. of Deals

Japan Loans Bookrunners S12b YoY Change ($) 16% QoQ Change ($) -29% Japan Loans - Volume by Maturity Date

Rank Rank Proceeds # of Market Market Share $250 2,500 Bookrunner 2020 2019 US$mil Deals Share (%) Change (%) Mizuho Financial Group 1 1 50,413.5 233 41.5 0.4 ▲ Mitsubishi UFJ Financial Group 2 2 37,070.3 389 30.5 3.6 ▲ Sumitomo Mitsui Finl Grp Inc 3 3 24,889.6 279 20.5 -0.8 ▼ Sumitomo Mitsui Trust Holdings 4 7 2,142.3 18 1.8 0.3 ▲ $200 2,000 Citi 5 5 1,862.0 4 1.5 -0.3 ▼ Credit Agricole CIB 6 4 1,573.6 5 1.3 -1.0 ▼ Concordia Financial Group 7 8 875.9 33 0.7 -0.2 ▼ Aozora Bank Ltd 8 10 641.0 13 0.5 0.0 - Resona Holdings Inc 9 9 605.9 39 0.5 0.0 - $150 1,500 Development Bank of Japan Inc 10 6 417.8 7 0.3 -1.4 ▼ CTBC Financial Holding Co Ltd 11 11 229.4 11 0.2 -0.2 ▼ Fukuoka Financial Group Inc 12 12 208.9 2 0.2 0.0 - Nishi-Nippon Finl Hldg Inc 13 18 181.1 1 0.2 0.1 ▲ Tokyo Kiraboshi Financial Inc 14 25 85.0 5 0.1 0.1 ▲ $100 1,000 Chugoku Bank Ltd 15 - 67.8 1 0.1 0.1 ▲ North Pacific Bank Ltd 16 19 41.4 1 0.0 -0.1 ▼ Shinsei Bank 17 15 31.6 1 0.0 -0.1 ▼ Standard Chartered PLC 18* - 24.5 1 0.0 0.0 - DBS Group Holdings 18* - 24.5 1 0.0 0.0 - $50 500 State Bank of India 18* - 24.5 1 0.0 0.0 - First Abu Dhabi Bank PJSC 18* 14 24.5 1 0.0 -0.1 ▼ Shinkin Central Bank 22 - 24.0 1 0.0 0.0 - Bank of Kochi 23 24 17.5 1 0.0 0.0 - $0 0 Kyushu Financial Group Inc 24 22* 16.2 1 0.0 0.0 - 2020 2021 2022 2023 2024 2025 2026 2027 2027 & Higashi Nippon Bank Ltd 25 - 15.0 2 0.0 0.0 - Beyond Industry Total 121,548.6 982 100.0 Proceeds (US$bil) No. of Deals *Indicates a Tie

www.refinitiv.com/dealsintelligence 12 Syndicated Loans Criteria First Half 2020 | Managing Underwriters

If you would like to participate in the Database coverage includes all loan transactions that have reached financial close by the submission deadline and of which Re finitiv has been made aware. All submission process, receive current and previous years' data is as of 12:00PM ET on June 30, 2020. quarterly press releases, or have questions about our full league table Global, Americas, EMEA, Asia-Pacific and Japan bookrunner and mandated arranger league table volumes and rankings are based on general close date criteria please contact: 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. AMERICAS David Miao Market Segments (i.e. leveraged, investment grade) in this report are based on SDC 'yield type' which is defined separately f rom Refinitiv LPC's 'market Tel: +646 223 6824 segments'. Please speak to your contributor relations representative for more details. [email protected] 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. EMEA 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 Iolanda Barbati consolidation, credit will be givien to the surviving/parent firm. Tel: +44 207 542 0971 [email protected] Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.

ASIA PACIFIC 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 Anna Vong syndicate. Mandated Arranger league tables include all club syndicate transactions, regardless of sell-down process. Tel: +852 29126602 [email protected] Bookrunner and Mandated Arranger league tables only include amendments that require 100% lender vote for the following amendm ents: 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 dea l size after syndication has ended will JAPAN be reflected as an add on tranche. Ai Hashimoto Tel: +813 6441 1155 League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commen cement of their jointly [email protected] 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".

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