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Global Finance announces The Winners' Circle The reach of Global Finance A ranking of the Top Winners of our Annual Awards Global Finance, founded in over the magazine's 25-year history 1987, has a circulation of 50,050 and readers in 163 countries. Its circulation is audited by BPA. Global , June 4, 2012 – Global Finance magazine is proud to announce The Winners' Circle – the Top Winners from 25 years of the magazine's annual awards Finance’s audience includes program. chairmen, presidents, CEOs, CFOs, treasurers and other “The world has changed dramatically since Global Finance first appeared in 1987. Global senior financial officers respon- financial markets have undergone a seismic shift, and the firms and individuals that made sible for making investment it into our Winners' Circle are those that have shown their true mettle and transformed and strategic decisions at themselves to meet the demands of a changing environment," says Global Finance’s publisher, Joseph D. Giarraputo. “We recognize these firms and individuals for their multinational companies and outstanding accomplishments over the past 25 years.” Global Finance’s annual awards financial institutions. Global program is a recognized and trusted standard for the entire financial world. Finance also targets the 8,000 international portfolio investors A full report on the winners will appear in the Special Commemorative 25th Anniversary responsible for more than Issue, released on June 25th, 2012. Award tallies are calculated to June 2012 issue. To compile the winners, we tallied winners/those taking first place over all of the years that a 80% of all global assets under particular award was given. The winners lists comprise the top scorers in these tallies. professional management. Its website –– GFmag.com –– In the Special Commemorative Edition, we take an in-depth look at the leading events offers analysis and articles that that guided the markets and sectors over which Global Finance has kept a are the heritage of 25 years of watchful eye for the past 25 years. Plus—backed by market-leading research—we experience in international evaluate the trends that will govern these sectors and markets for the next quarter century. financial markets, and provides a valuable source of data on 192 countries. Headquartered in New York, For editorial information please contact: Andrea Fiano, with offices in and Editor, email: [email protected] Milan. — — — — — — — — — To obtain necessary permissions for use of all award logos, please 1987 Issue Twitter: @GFMag contact Chris Giarraputo: [email protected] GFmag.com Global Finance names The Winners' Circle — the Top Winners in our annual awards over the magazine's 25-year history

WORLD'S BEST REGIONAL WINNER GLOBAL WINNERS Sub-Custody: HSBC North America: JPMorgan Chase Corporate: JPMorgan Chase Runner Up: Citi Western : Santander Runner Up: Citi Emerging Markets : Citi Asia: HSBC Consumer: HSBC Runner Up: Central & Eastern Europe: Runner Up: Citi Islamic Financial Institution: Raiffeisen Bank International Private Bank: UBS Kuwait Finance House Runner Up: Runner Up: Credit Suisse Investment Bank: *Goldman Sachs Latin America: Asset Manager: State Street Global Advisors *J.P. Morgan Runner Up: Citi Runner Up: Merrill Lynch Runner Up: Citi : National Bank of Kuwait Custody: BNY Mellon Cash Management: Citi Runner Up: Citi Runner Up: Citi Trade Finance: Citi Africa: Standard Chartered Runner Up: BNP Paribas Runner Up: Standard Bank Foreign Exchange:

COUNTRY WINNERS BEST BANK RUNNER UP

NORTH AMERICA HSBC Bermuda Canada RBC Scotiabank U.S. JPMorgan Chase Citi

LATIN AMERICA Argentina Banco Macro Banco Santander Rio Barbados FirstCaribbean International Scotiabank Barbados Belize Belize Bank n/a Banco de Crédito de Bolivia Banco Bisa Brazil Itaú Unibanco Bradesco Chile Banco Santander Chile Banco de Chile Colombia Bancolombia Banco de Bogotá Costa Rica Scotiabank Costa Rica HSBC (Banco Banex) Dominican Republic Banco Popular Dominicano n/a Ecuador Banco Pichincha Banco Popular del Equador El Salvador Banco Agrícola Banco de El Salvador Guatemala Banco Agromercantil Banco de Occidente Honduras Banco Atlántida n/a Jamaica Scotiabank Jamaica CIBC First Caribbean Mexico Banamex BBVA Bancomer Panama Banco General HSBC (Banistmo) Paraguay Itaú Unibanco (Interbanco) Banco General Peru BBVA Banco Continental Banco de Crédito Puerto Rico Banco Popular Banco Santander Puerto Rico Trinidad & Tobago Republic Bank Scotiabank Trinidad & Tobago Turks & Caicos Scotiabank Turks & Caicos n/a Uruguay ABNAmro Uruguay Banco Comercial/Banco Santander Venezuela BBVA Banco Provincial Banco Mercantil

* TIE WORLD'S BEST BANKS (continued)

BEST BANK RUNNER UP EUROPE Albania Raiffeisen Bank Albania International Commerical Bank Austria UniCredit Bank Austria Raiffeisen Bank International Belarus Priorbank Belarusbank Belgium KBC Fortis Bosnia Herzegovina Raiffeisen Bank Bosnia i Hercegovina banka Bulgaria UniCredit Bulbank DSK Bank Croatia Zagrebačka Banka Privredna Banka Zagreb n/a Czech Republic CSOB Česká spořitelna Denmark n/a Estonia Union Bank of Estonia Pohjola Bank BNP Paribas Société Générale Germany Deutsche Bank HVB Group/ EFG Eurobank Hungary OTP Bank n/a Iceland Landsbanki Arion Bank Ireland UniCredit Intesa Sanpaolo Kosovo Raffeisen Bank Kosovo ProCredit Bank Kosovo Latvia SEB Parex Bank Lithuania SEB Swedbank Luxembourg BGL BNP Paribas Banque et Caisse d'Epargne de l'Etat Macedonia Komercijalna Banka a.d. Skopje n/a Bank of Valletta HSBC Bank Malta Moldova Moldova Agroindbank n/a Netherlands ABN Amro Norway DnB Nordea Poland Bank Pekao Citi Handlowy Millennium bcp Banco Santander Totta Romania BRD-Groupe Société Générale Raiffeisen Bank International Russia Alfa Bank MDM Bank/VTB Serbia Raiffeisen Banka Komercijalna Banka a.d. Beograd Slovakia Tatra Banka Slovenská Sporitel'ňa/VUB Banca Slovenia Nova Ljubljanska Banka SKB Banka Santander Banco Popular SEB UBS/Credit Suisse n/a Garanti Bank PJSC CB PrivatBank UkrSibbank UK HSBC RBS ASIA Armenia HSBC Bank Armenia Converse Bank Australia Commonwealth Bank of Australia ANZ Azerbaijan International Bank of Azerbaijan AccessBank Bangladesh Islami Bank + Janata Bank AB Bank ICBC China Construction Bank Georgia Bank of Georgia TBC Bank HSBC (Hong Kong) India ICICI Bank HDFC Bank Bank Danamon/ Bank Central Asia Bank Mandiri/Panin Bank Japan Mitsubishi UFJ Financial Sumitomo Mitsui Financial Group Kazakhstan Kazkommertsbank Halyk Bank Kyrgyz Republic AsiaUniversalBank Demir Kyrgyz International Bank Macau ICBC Macau n/a * TIE WORLD'S BEST BANKS (continued) BEST BANK RUNNER UP

Malaysia Maybank Public Bank Berhad Mongolia Khan Bank Golomt Bank New Zealand Bank of New Zealand Auckland Savings Bank (ASB) Pakistan National Bank of Pakistan/HBL Pakistan Askari Bank Bank of the Philippine Islands Banco de Oro (BDO) Singapore DBS South Korea Shinhan Bank Kookmin Bank (KB) Sri Lanka of Ceylon n/a Taiwan Chinatrust Commercial Bank Bank SinoPac Thailand Siam Commercial Bank Kasikornbank Uzbekistan Bank Credit-Standard National Bank of Uzbekistan Vietnam Asia Commercial Bank Sacombank/VietcomBank

MIDDLE EAST Bahrain Ahli United Bank National Bank of Bahrain Egypt Commercial International Bank n/a Iran Bank Melli Iran/Bank Tejarat/Parsian Bank n/a Iraq Commercial Bank of Iraq n/a Bank Hapoalim Mizrahi Tefahot Bank Jordan Arab Bank Jordan Kuwait Bank Kuwait National Bank of Kuwait Gulf Bank BLOM Bank Bank Audi Oman BankMuscat National Bank of Oman Qatar National Bank n/a Samba Financial Group Arab National Bank Syria Bank of Syria and Overseas/Bank Audi Syria n/a UAE Emirates NBD National Bank of Abu Dhabi Yemen Arab Bank Yemen n/a

AFRICA Algeria Arab Banking Algeria n/a Angola Banco Espírito Santo Angola n/a Botswana Standard Chartered Bank Botswana Stanbic Bank Botswana Cote d'Ivoire Ecobank Cote d'Ivoire n/a DRC Standard Bank Congo n/a Djibouti International Commercial Bank-Djibouti n/a Ethiopia Nib International Bank Dashen Bank Gambia Trust Bank Standard Chartered Bank Gambia Ghana Ghana Commercial Bank Standard Chartered Bank Ghana Guinea International Commercial Bank Guinea Ecobank Guinea Conakry Kenya Bank of Kenya Kenya Commercial Bank Libya Wahda Bank n/a Mauritius Mauritius Commercial Bank n/a Morocco Attijariwafa Bank n/a Mozambique Millennium bim n/a Namibia Standard Bank Namibia First National Bank of Namibia Nigeria FirstBank n/a Rwanda Banque Commerciale du Rwanda Bank of Commerce Development and Industry Senegal Ecobank Senegal CBAO Attijariwafa bank Sierra Leone International Commercial Bank-Sierra Leone n/a South Africa Standard Bank South Africa Nedcor Sudan Al Salam Bank Sudan n/a Togo Ecobank n/a Tunisia Banque de Tunisie Banque Internationale Arabe de Tunisie Uganda Stanbic Bank Uganda n/a Standard Chartered Bank Zambia n/a Stanbic Bank Zimbabwe Standard Chartered Bank Zimbabwe * TIE WORLD'S LARGEST BANKS LARGEST BANKS (By Assets) NUMBER OF YEARS LARGEST BANKS (By Assets) NUMBER OF YEARS AT #1 Barclays 1 BNP Paribas 2 UBS 1 Royal Bank of 2 Citi 1 Mizuho Financial Group 2 Sumitomo Mitsui Banking Corp 1

WORLD'S SAFEST BANKS OVERALL WINNERS NUMBER OF YEARS REGIONAL WINNERS AT #1 CDC 5 North America: Royal Bank of Canada Deutsche Bank 4 Western Europe: KfW Asia: DBS Bank KfW 4 Central & Eastern Europe: Česká spořitelna Rabobank 3 Australia & New Zealand: Bayerische Landesbank 3 Latin America: BancoEstado Landesbank Baden-Württemberg 1 Middle East/Africa: National Bank of Abu Dhabi

BEST FOREIGN EXCHANGE PROVIDERS GLOBAL WINNER Deutsche Bank Runner Up Citi

REGIONAL WINNERS RESEARCH & ANALYSIS North America: Citi Best FX Reserach: BNY Mellon Western Europe: Deutsche Bank Best Fundamental Analysis: Asia Pacific: HSBC Brown Brothers Harriman Runner Up: Standard Chartered Best Technical Analysis: BNY Mellon Southeast Asia: DBS Group Best Forecasts: BNY Mellon Runner Up: Standard Chartered Best Strategy/Hedging: Deutsche Bank Central & Eastern Europe: UniCredit Runners Up: *Deutsche Bank ONLINE FX TRADING SYSTEMS *Société Générale Best Bank: State Street Nordic Region: *Handelsbanken Best Independent: FXall *SEB Best Retail: Forex Capital Markets Runner Up: Nordea Latin America: Citi (FXCM) Runner Up: Banco Bradesco Middle East: Ahli United Bank Runner Up: National Bank of Kuwait Africa: Standard Chartered Runner Up: Standard Bank

* TIE BEST TREASURY & CASH MANAGEMENT PROVIDERS GLOBAL WINNERS Money Market Funds: RZB Best Overall Bank for Cash Management: Citi Risk Management: RZB Best White Label System Provider: Payments and Collections: UniCredit BNY Mellon Enterprise Treasury Services Runner Up: RZB REGIONAL WINNERS North America Overall: SEB Overall: J.P. Morgan Liquidity Management: SEB Runner Up: Bank of America Merrill Lynch Money Market Funds: Nordea Liquidity Management: J.P. Morgan Risk Management: SEB Runner Up: Bank of America Merrill Lynch Payments and Collections: Danske Money Market Funds Provider: J.P. Morgan Runner Up: SEB Runner Up: Citi Asset Management Risk Management: J.P. Morgan Middle East Runner Up: Bank of America Merrill Lynch Overall: HSBC Payments and Collections: *J.P. Morgan Liquidity Management: *Citi * *Standard Chartered Runner Up: Bank of America Merrill Lynch Money Market Funds: *National Bank of Kuwait *Banque Misr Western Europe Risk Management: Citi Overall: Deutsche Bank Runner Up: HSBC Liquidity Management: RBS (including ABN Amro) Payments and Collections: HSBC Runner Up: Deutsche Bank Money Market Funds Provider: Barclays Global Investors Africa Runner Up: *Citi Asset Management Overall: Standard Bank *DB Advisors Liquidity Management: Standard Chartered Risk Management: Deutsche Bank Money Market Funds: *Banque Misr Runners Up: *RBS (including ABN Amro) *Standard Bank *UBS Risk Management: Citi Payments and Collections: Deutsche Bank Payments and Collections: Standard Bank

Asia SYSTEMS & SERVICE PROVIDERS Overall: HSBC A/P Services: Bottomline Technologies Liquidity Management: Citi A/R Services: Sungard AvantGard Receivables Runner Up: *HSBC E-Invoicing Services: *Ariba *Standard Chartered *Basware Money Market Funds: JPMorgan Asset Management Payroll Services: Oracle Runner Up: HSBC Cards and Expenses Services Provider: MasterCard Worldwide Risk Management: Citi Runner Up: Visa Runner Up: HSBC Purchasing Card Program: Citi Payments and Collections: HSBC Electronic Payments Provider: Fiserv Loss Prevention/Business Continuity Latin America Services Provider: SunGard Availability Services Overall: Citi Runner Up: IBM Business Continuity and Resiliency Services Liquidity Management: Citi Pension Plan Administration: CPAS Systems Money Market Funds: Banco Bradesco Runners Up: *Watson Wyatt Worldwide Risk Management: Citi *Mercer Runner Up: Banco Bradesco Technology Service Provider: HP Enterprise Services (including EDS) Payments and Collections: Citi Runner Up: SunGard Treasury Workstation Provider: SunGard AvantGard Central & Eastern Europe Treasury Management Software: Overall: RZB SunGard AvantGard (including XRT) Runner Up: UniCredit Runner Up: Wall Street Systems Liquidity Management: *RBS (including ABN Amro) Mobile Solution Provider: *Wells Fargo *RZB *Cfc Stanbic Bank Runner Up: *UniCredit * TIE BEST SUPPLY CHAIN FINANCE PROVIDERS GLOBAL WINNERS REGIONAL WINNERS Best Global SCF Provider - Bank: Citi North America: Citi Runner Up: HSBC Western Europe: Royal Best Global SCF Provider - Non Bank: Orbian

PrimeRevenue Best Supplier Support and Enrollment: Asia: Standard Chartered Runner Up: Ariba Best Payables Supplier Financing Solution: Central & Eastern Europe: UniCredit Standard Chartered Runner Up: HSBC Nordic Region: SEB Best Pre-Shipment Financing Solution: Standard Chartered Latin America: Santander Runner Up: BNP Paribas Utexam Logistics Best Customer Implementation of SCF Solution: Middle East: HSBC *Citi, US Export-Import Bank *, SAAB Africa: Standard Chartered *Capital Tool, , Government of Peru Best Web-based Supply Chain Financing Solution: *RBS MaxTrad *PrimeRevenue *The Receivables Exchange

BEST DERIVATIVES PROVIDERS

NORTH AMERICA Equity: Société Générale Commodities: Morgan Stanley Foreign Exchange: *HSBC Credit: J.P. Morgan *Deutsche Bank Equity: Société Générale Interest Rate: Standard Chartered Foreign Exchange: Citi Interest Rate: J.P. Morgan MIDDLE EAST Best Derivatives Provider: HSBC EUROPE Commodities: Morgan Stanley LATIN AMERICA Credit: J.P. Morgan Best Derivatives Provider: Société Générale Equity: Société Générale Foreign Exchange: Deutsche Bank DERIVATIVES EXCHANGES AWARDS Interest Rate: RBS Achievement Award: ICE Performance Award: *NYSE Euronext ASIA *European Climate Exchange Commodities: Société Générale *Eurex Credit: BNP Paribas *CBOE * TIE BEST SUB-CUSTODIANS

REGIONAL WINNERS Asia: HSBC North America: BNY Mellon Runner Up: Standard Chartered Runner Up: Citi Latin America: Citi Western Europe: BNP Paribas Middle East: HSBC Central and Eastern Europe: UniCredit Africa: *Standard Bank Runner Up: RZB *NedBank Nordic Countries: SEB Caribbean: HSBC Runner Up: Republic Bank

CENTRAL BANKER REPORT CARDS

Country Number Country Number Of "A" Grades Of "A" Grades AMERICAS ASIA Alan Greenspan US 5 Zeti Akhtar Aziz 9 Gordon Thiessen Canada 3 Perng Fai-Nan Taiwan 8 Ian Macfarlane Australia 7 Vittorio Corbo Chile 2 Amando Tetangco Jr Philippines 3 Miguel Mancera Aguayo Mexico 1 Glenn Stevens Australia 3 Gustavo Franco Brazil 1 Rafael Buenaventura Philippines 2 Arminio Fraga Neto Brazil 1 Burhanuddin Abdullah Indonesia 2 Guillermo Ortiz Martínez Mexico 1 Bimal Jalan India 1 Carlos Massad Chile 1 Park Seung South Korea 1 Pridiyathorn Devakula Thailand 1 EUROPE Yaga Venugopal Reddy India 1 Luis Ángel Rojo Spain 5 Heng Swee Keat Singapore 1 Svein Gjedrem Norway 4 Lee Seongtae South Korea 1 Yasushi Mieno Japan 1 Hanna Gronkiewicz-Waltz Poland 4 Donald Brash New Zealand 1 György Surányi Hungary 4 Lee Hsien Loong Singapore 1 Jean-Claude Trichet France 3 Urban Bäckström Sweden 3 Edward George UK 3 MIDDLE EAST/AFRICA Lars Heikensten Sweden 2 Antonio Fazio Italy 2 Tito Mboweni South Africa 5 Gazi Erçel Turkey 2 Stanley Fischer Israel 4 Leszek Balcerowicz Poland 1 Riad Salameh Lebanon 1 Stefan Ingves Sweden 1 Jacob Frenkel Israel 1 Zdeněk Tůma Czech Republic 1 Durmuş Yilmaz Turkey 1 Tatiana Paramonova Russia 1 Willem Frederik Duisenberg Netherlands 1 Viktor Yushchenko Ukraine 1 Bodil Nyboe Andersen Denmark 1

* TIE BEST TRADE FINANCE PROVIDERS REGIONAL WINNERS The Americas: Citi Western Europe: RBS (including ABN Amro) Runner Up: BNP Paribas Asia: HSBC Runner Up: Standard Chartered Central & Eastern Europe: UniCredit Runner Up: RZB Nordic Region: SEB Middle East: Arab Bank Runner Up: National Bank of Kuwait Africa: Standard Chartered

BEST ISLAMIC FINANCIAL INSTITUTIONS OVERALL WINNERS Best Sukuk Bank: CIMB Islamic Best Islamic Retail Bank: Jordan Islamic Bank Best Islamic Investment Bank: *Jadwa Investment *Standard Chartered *Falcom *Unicorn Investment Bank *Samba Best Takaful () Provider: Salama-Islamic Arab Insurance Best Asset Management Company: CIMB Principal Islamic Asset Management Best Shariah-Compliant Index Provider: Dow Jones Islamic Market Indexes Best Islamic Project Finance Provider: SABB Best Islamic Commodities Provider: *Al Rajhi Bank *DDCAP *International Islamic Trade Finance Corporation Best Islamic Real Estate Finance Provider: Kuwait Finance House Best Islamic Fund Manager: Falcom

REGIONAL WINNERS Gulf Cooperation Council (GCC): Kuwait Finance House Non-GCC Middle East/Africa: Absa Islamic Banking Asia: CIMB Islamic Europe: *European Islamic Investment Bank *Bank of London and the Middle East

* TIE BEST INVESTMENT BANKS GLOBAL AWARDS Best Investment Bank *J.P. Morgan Best Debt Bank *Standard Chartered *Goldman Sachs *Nomura Best Equity Bank J.P. Morgan *Citi Best Debt Bank J.P. Morgan *CICC Best M&A Bank *Morgan Stanley Best M&A Bank Morgan Stanley *Goldman Sachs Most Creative Bank of America Merrill Lynch CENTRAL & EASTERN EUROPE Best Investment Bank Bank of America Merrill Lynch SECTORS Best Equity Bank Bank of America Merrill Lynch Consumer *Credit Suisse Best Debt Bank J.P. Morgan *Lazard Best M&A Bank Bank of America Merrill Lynch *J.P. Morgan *Citi NORDIC Financial Institutions Bank of America Merrill Lynch Best Investment Bank *SEB Health Care *J.P. Morgan *Handelsbanken Capital Markets *Barclays Capital *Pareto Securities *Goldman Sachs Best Equity Bank *Bank of America Merill Lynch Infrastructure Scotia Capital *Handelsbanken Capital Markets Industrial/Chemicals J.P. Morgan *Pareto Securities Media/Entertainment J.P. Morgan Best Debt Bank DnB Metals & Mining BMO Capital Markets Best M&A Bank SEB Oil & Gas Bank of America Merrill Lynch Power Morgan Stanley LATIN AMERICA Real Estate *J.P. Morgan Best Investment Bank Citi *UBS Best Equity Bank *Bank of America Merrill Lynch *Barclays Capital Best Debt Bank Citi *Raymond James Best M&A Bank BTG Pactual Technology *Credit Suisse *Barclays Capital MIDDLE EAST *Goldman Sachs Best Investment Bank SambaCapital *Morgan Stanley Best Equity Bank SambaCapital Telecom J.P. Morgan Best Debt Bank HSBC Best M&A Bank *Morgan Stanley REGIONAL AWARDS *UBS NORTH AMERICA *Barclays Capital Best Investment Bank J.P. Morgan *Goldman Sachs Best Equity Bank J.P. Morgan Best Debt Bank Bank of America Merrill Lynch AFRICA Best M&A Bank *Morgan Stanley Best Investment Bank Standard Bank *Goldman Sachs Best Equity Bank Vetiva Capital Management Best Debt Bank Standard Bank WESTERN EUROPE Best M&A Bank J.P. Morgan Best Investment Bank *Morgan Stanley *Deutsche Bank LEGAL ADVISERS *J.P. Morgan Global Skadden *Credit Suisse North America Skadden Best Equity Bank J.P. Morgan Western Europe *Freshfields Bruckhaus Deringer Best Debt Bank Deutsche Bank *Linklaters Best M&A Bank Morgan Stanley Asia Linklaters Central & Eastern Europe Clifford Chance ASIA Latin America Cleary Gottlieb Steen & Hamilton Best Investment Bank *Morgan Stanley Middle East & Africa Linklaters *CICC Best Equity Bank *Morgan Stanley *UBS *China CITIC Bank *Ping An * TIE