Global Project Finance Review

FIRST NINE MONTHS 2020 | MANAGING UNDERWRITERS Project Finance Review First Nine Months 2020 | Managing Underwriters

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

Global Project Finance Loans during the first nine months of 2020 totaled US$176.7 billion via 518 deals, $240 Americas EMEA Asia Pacific & Japan a 9% decline from a year ago figures and down 33% from the second quarter. All the three regions experienced a slow down, with Asia Pacific & Japan recording the largest decline at 13% over year ago figures. The largest deal closed in the third quarter was the US$4.1 billion Umm Wual Ma'aden $200 Phosphate transaction from Saudi Arabia.

Americas Project Finance Loans during the first nine months of 2020 reached US$60.8 billion from 201 $160 deals, down 8% compared to a year ago. Brazil's US$1.35 billion Buzios5 Mv32 B.V. loan is the largest deal completed in the third quarter. The Petrochemicals sector posted the highest growth of 837% from the same period last year, registering total deals at US$2.4 billion from 3 deals. $120

EMEA Project Finance Loans totaled US$70.4 billion from 180 deals in the first nine months of 2020, with a 6% decrease from year ago figures. The sub-region of Africa, Middle East and Central Asia registered a $80 41% from the comparable period last year, with totals deal closed at US$22.6 billion from 22 transactions.

Asia Pacific and Japan Project Finance Loans amounted to US$45.5 billion from 137 issues, a 13% decrease from the comparable period in 2019 and down 33% from the second quarter. Despite an 8% $40 decline from a year ago, the Power sector led market activity with US$21.4 billion from 84 deals.

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Global Project Finance Loans Mandated Arrangers (X2) YoY Change ($) -9% QoQ Change ($) -33% Global Project Finance Loans Bookrunners (X3) YoY Change ($) -1% QoQ Change ($) -39% 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 11,732.0 6.6 2.0 89 Sumitomo Mitsui Finl Grp Inc 1 5 13,740.4 11.3 6.9 49 Mitsubishi UFJ Financial Group 2 1 10,041.8 5.7 0.0 78 Mitsubishi UFJ Financial Group 2 3 9,629.1 7.9 1.5 58 Societe Generale 3 7 8,235.6 4.7 1.4 69 Credit Agricole CIB 3 7 6,081.0 5.0 2.1 20 BNP Paribas SA 4 4 7,450.7 4.2 0.3 64 Societe Generale 4 10 5,646.4 4.6 2.1 25 Mizuho Financial Group 5 6 7,228.7 4.1 0.3 43 BNP Paribas SA 5 2 5,515.4 4.5 -2.0 26 Santander Corp & Invest Bkg 6 5 6,003.7 3.4 -0.4 74 Mizuho Financial Group 6 4 4,493.7 3.7 -1.6 23 Credit Agricole CIB 7 8 5,902.3 3.3 0.2 48 First Abu Dhabi Bank PJSC 7 - 3,980.0 3.3 3.3 1 State Bank of India 8 3 4,503.3 2.6 -1.7 8 Santander Corp & Invest Bkg 8 6 3,311.8 2.7 -0.7 29 Natixis 9 10 4,240.7 2.4 -0.2 40 ING 9 9 3,056.0 2.5 0.0 28 ING 10 9 4,151.9 2.4 -0.4 48 Natixis 10 8 2,954.0 2.4 -0.2 21 KfW IPEX-Bank GmbH 11 16 3,403.8 1.9 0.7 20 Bank of China Ltd 11 15 2,784.9 2.3 0.8 10 HSBC Holdings PLC 12 24 3,236.7 1.8 0.8 26 HSBC Holdings PLC 12 19 2,469.3 2.0 0.8 16 Bank of China Ltd 13 11 2,818.3 1.6 -0.2 18 CaixaBank SA 13 43 2,190.0 1.8 1.2 17 Cooperatieve Rabobank UA 14 36 2,743.4 1.6 0.8 24 Scotiabank 14 14 2,120.1 1.7 0.0 7 Korea Development Bank 15 12 2,709.3 1.5 -0.1 15 Commonwealth Bank of Australia 15 37 1,978.5 1.6 0.9 7 CaixaBank SA 16 22 2,701.4 1.5 0.5 28 National Bank of Canada Fin'l 16 63 1,924.1 1.6 1.4 13 Citi 17 39 2,536.9 1.4 0.6 20 Korea Development Bank 17 12 1,750.9 1.4 -0.4 7 CIBC World Markets Inc 18 26 2,111.8 1.2 0.3 19 RBC Capital Markets 18 27 1,735.7 1.4 0.5 12 Commonwealth Bank of Australia 19 29 2,006.0 1.1 0.2 16 ANZ Banking Group 19 57 1,683.8 1.4 1.1 4 National Bank of Canada Fin'l 20 87 1,982.3 1.1 1.0 14 CIBC World Markets Inc 20 26 1,640.6 1.4 0.4 13 ANZ Banking Group 21 42 1,854.6 1.1 0.5 12 Citi 21 20 1,549.0 1.3 0.2 12 UniCredit 22 62 1,767.5 1.0 0.7 15 State Bank of India 22 1 1,529.9 1.3 -5.5 3 Scotiabank 23 19 1,718.2 1.0 -0.1 9 Cooperatieve Rabobank UA 23 29 1,283.5 1.1 0.2 14 RBC Capital Markets 24 27 1,707.5 1.0 0.1 15 National Australia Bank 24 16 1,246.6 1.0 -0.4 7 Industrial & Comm Bank China 25 15 1,691.2 1.0 -0.3 16 KfW IPEX-Bank GmbH 25 23 1,207.2 1.0 0.0 5 Industry Total 176,687.1 100.0 518 Industry Total 121,875.9 100.0 344

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

1/1/2020- 9/30/2020 1/1/2019 - 9/30/2019 Package Amt Region Proceeds (US$mil) No. Issues Proceeds (US$mil) No. Issues YoY % Chg. Close Date Borrower US$mil Project Nation Sector Global 176,687.1 518 193,713.4 652 -9% ▼ 6/15/20 Ichthys LNG Pty Ltd 8,406.7 Australia Oil & Gas Americas 60,769.1 201 66,210.5 257 -8% ▼ Central America 2,956.6 13 5,478.4 23 -46% ▼ United Arab 6/23/20 Project Galaxy 7,960.0 Oil & Gas South America 8,701.4 60 20,664.4 102 -58% ▼ Emirates North America 48,891.8 125 39,963.8 130 22% ▲ 4/7/20 JFK Intl Airport Terminal One 5,036.6 United States Transportation Caribbean 219.4 3 104.0 2 111% ▲ EMEA 70,375.0 180 75,115.0 263 -6% ▼ 4/28/20 Coastal Gaslink Pipeline 4,716.6 Canada Oil & Gas Africa/Middle East/Central Asia 22,577.7 22 15,988.5 30 41% ▲ Middle East 17,921.5 13 12,086.2 15 48% ▲ 7/1/20 Umm Wual Ma'aden Phosphate 4,080.0 Saudi Arabia Industry Africa 4,071.2 8 - - - - Sub-Saharan Africa 4,071.2 8 2,930.2 13 39% ▲ 5/27/20 FLNG Liquefaction 3 LLC 3,405.0 United States Oil & Gas Europe 47,797.3 158 59,126.6 233 -19% ▼ Eastern Europe 2,959.6 21 5,792.2 27 -49% ▼ 5/13/20 Nigeria Liquified Natural Gas 3,000.0 Nigeria Oil & Gas Western Europe 44,837.7 137 53,334.3 206 -16% ▼ Asia Pacific & Japan 45,543.1 137 52,387.9 132 -13% ▼ 1/24/20 Changfang Wind Power Co Ltd 2,908.4 Taiwan Power Australasia 17,862.7 36 16,554.5 53 8% ▲ Southeast Asia 4,932.7 20 10,157.6 24 -51% ▼ 7/7/20 Planets Bidco Viridor 2,758.8 United Kingdom Waste & Recycling North Asia 6,097.6 17 2,910.1 9 110% ▲ South Asia 9,669.0 45 15,944.3 22 -39% ▼ 5/29/20 Fecamp Offshore Wind Farm 2,685.0 France Power Japan 6,981.1 19 6,821.4 24 2% ▲

Global Project Finance Loans By Sector Global Project Finance Loans - by Sector 1/1/2020- 9/30/2020 1/1/2019 - 9/30/2019 Project Finance Sector Proceeds (US$Mil) No. Issues Proceeds (US$Mil) No. Issues YoY % Chg. Power 80,869.0 344 85,062.3 427 -5% ▼ $15 Oil & Gas 43,237.7 38 45,898.6 47 -6% ▼ Transportation 17,775.3 55 31,833.0 76 -44% ▼ $8 Industry 9,676.1 10 976.4 6 891% ▲ 40 Telecommunications 7,759.8 19 4,295.5 8 81% ▲ 19 Petrochemicals 4,424.9 10 4,583.9 7 -3% ▼ $10 10 Mining 3,985.4 12 8,882.5 19 -55% ▼ Leisure & Property 3,373.5 15 8,306.7 37 -59% ▼ Power 55 Waste & Recycling 2,879.5 3 163.1 5 1665% ▲ Oil & Gas Water & Sewerage 2,705.9 13 3,711.5 20 -27% ▼ $18 Industry Total 176,687.1 518 193,713.4 652 -9% ▼ Transportation $81 Industry 38 Telecommunications Others 344

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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- 9/30/2020 1/1/2019 - 9/30/2019 Package Amt Region Proceeds (US$mil) No. Issues Proceeds (US$mil) No. Issues YoY % Chg. Close Date Borrower US$mil Project Nation Sector Americas 60,769.1 201 66,210.5 257 -8% ▼ 4/7/2020 JFK Intl Airport Terminal One 5,036.6 United States Transportation Central America 2,956.6 13 5,478.4 23 -46% ▼ Mexico 2,763.8 10 4,113.8 19 -33% ▼ 4/28/2020 Coastal Gaslink Pipeline 4,716.6 Canada Oil & Gas Panama 155.0 1 1,329.6 3 -88% ▼ Guatemala 30.0 1 - - - - 5/27/2020 FLNG Liquefaction 3 LLC 3,405.0 United States Oil & Gas El Salvador 7.8 1 - - - - South America 8,701.4 60 20,664.4 102 -58% ▼ 6/18/2020 Cheniere Energy Inc 2,620.0 United States Oil & Gas Brazil 5,763.6 42 10,825.5 62 -47% ▼ Chile 1,322.5 8 4,839.6 12 -73% ▼ 2/27/2020 Canada Kuwait PetroChem Corp 1,850.0 Canada Petrochemicals Colombia 978.3 6 1,820.2 6 -46% ▼ Peru 482.0 2 238.5 4 102% ▲ 7/30/2020 Buzios5 Mv32 B.V 1,350.0 Brazil Oil & Gas Argentina 145.0 1 1,550.6 16 -91% ▼ Ecuador 10.0 1 221.0 1 -95% ▼ 1/17/2020 Eastern Power LLC 1,218.0 United States Power North America 48,891.8 125 39,963.8 130 22% ▲ United States of America 37,088.4 106 38,065.9 117 -3% ▼ 3/19/2020 Sabine Pass Liquefaction LLC 1,200.0 United States Oil & Gas Canada 11,803.3 19 1,897.9 13 522% ▲ Caribbean 219.4 3 104.0 2 111% ▲ 5/29/2020 Amadeus Dissolving Wood Pulp 1,147.2 Brazil Industry Puerto Rico 196.6 2 - - - - Netherlands Antilles 22.8 1 - - - - 6/9/2020 Geysers Power Co 1,100.0 United States Power

Americas Project Finance Loans By Sector Americas Project Finance Loans

1/1/2020- 9/30/2020 1/1/2019 - 9/30/2019 $40 120 Project Finance Sector Proceeds (US$mil) No. Issues Proceeds (US$mil) No. Issues YoY % Chg. US$(b) # of Deals Power 26,538.2 139 32,669.4 190 -19% ▼ Oil & Gas 19,817.9 21 22,086.0 19 -10% ▼ $35 Transportation 9,595.2 23 4,694.5 22 104% ▲ 100 Petrochemicals 2,384.2 3 254.5 2 837% ▲ Industry 1,417.2 3 242.0 1 486% ▲ $30 Leisure & Property 400.0 1 893.5 6 -55% ▼ Mining 220.6 3 4,741.0 10 -95% ▼ 80 Water & Sewerage 199.6 5 597.5 6 -67% ▼ $25 Telecommunications 196.3 3 - - - - Industry Total 60,769.1 201 66,210.5 257 -8% ▼

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$0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

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Americas Project Finance Loans Mandated Arrangers (X4) YoY Change ($) -8% QoQ Change ($) -40% Americas Project Finance Loans Bookrunners (X5) YoY Change ($) 7% QoQ Change ($) -41% 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 2 5,495.1 9.0 2.9 52 Mitsubishi UFJ Financial Group 1 1 5,854.7 10.5 4.6 47 Sumitomo Mitsui Finl Grp Inc 2 3 4,188.4 6.9 1.1 39 Sumitomo Mitsui Finl Grp Inc 2 6 4,288.7 7.7 3.2 33 Societe Generale 3 7 2,628.1 4.3 0.6 25 ING 3 5 2,528.8 4.5 0.6 21 Mizuho Financial Group 4 1 2,572.1 4.2 -2.5 23 Mizuho Financial Group 4 15 2,402.1 4.3 -2.4 19 HSBC Holdings PLC 5 17 2,016.7 3.3 1.7 18 HSBC Holdings PLC 5 4 2,333.3 4.2 2.2 15 National Bank of Canada Fin'l 6 48 1,982.3 3.3 2.9 14 Societe Generale 6 10 2,120.9 3.8 1.2 17 ING 7 5 1,926.7 3.2 -1.8 23 Scotiabank 7 27 2,120.1 3.8 -0.1 7 CIBC World Markets Inc 8 13 1,885.9 3.1 1.4 15 National Bank of Canada Fin'l 8 9 1,924.1 3.5 3.0 13 Santander Corp & Invest Bkg 9 4 1,754.0 2.9 -2.8 34 RBC Capital Markets 9 23 1,735.7 3.1 1.0 12 Citi 10 14 1,722.6 2.8 1.1 15 Santander Corp & Invest Bkg 10 21 1,653.6 3.0 -2.1 16 Scotiabank 11 11 1,643.4 2.7 0.0 7 CIBC World Markets Inc 11 14 1,640.6 2.9 0.7 13 RBC Capital Markets 12 15 1,595.4 2.6 0.9 12 Bank of China Ltd 12 3 1,617.9 2.9 1.3 5 Credit Agricole CIB 13 6 1,577.4 2.6 -1.3 17 Natixis 13 11 1,291.4 2.3 -1.0 12 Bank of China Ltd 14 30 1,339.6 2.2 1.2 7 Citi 14 20 1,286.1 2.3 -0.1 10 Natixis 15 10 1,312.7 2.2 -0.5 14 Credit Agricole CIB 15 26 1,215.0 2.2 -0.7 13 KfW IPEX-Bank GmbH 16 19 1,299.9 2.1 0.6 6 KeyBanc Capital Markets Inc 16 18 1,172.2 2.1 -1.9 17 CaixaBank SA 17 60 1,260.5 2.1 1.8 10 CaixaBank SA 17 7 1,107.6 2.0 2.0 7 BNP Paribas SA 18 9 1,228.6 2.0 -0.9 16 KfW IPEX-Bank GmbH 18 2 1,078.5 1.9 0.8 4 Investec 19 23 1,178.0 1.9 0.7 8 CoBank ACB 19 46* 1,052.4 1.9 0.7 14 CoBank ACB 20 29 1,052.4 1.7 0.7 14 CIT Group Inc 20 8 925.0 1.7 0.2 14 KeyBanc Capital Markets Inc 21 8 1,037.8 1.7 -1.6 17 JP Morgan 21 52 798.8 1.4 -2.0 5 CIT Group Inc 22 20 925.0 1.5 0.1 14 BNP Paribas SA 22 13 790.9 1.4 0.1 12 Morgan Stanley 23 33 908.7 1.5 0.6 6 Morgan Stanley 23 43* 721.6 1.3 0.2 5 JP Morgan 24 12 890.6 1.5 -0.6 7 Cooperatieve Rabobank UA 24 28 699.0 1.3 0.3 8 Cooperatieve Rabobank UA 25 31 826.6 1.4 0.5 10 National Australia Bank 25 - 672.3 1.2 0.1 4 Industry Total 60,769.1 100.0 201 Industry Total 55,820.6 100.0 159

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

1/1/2020- 9/30/2020 1/1/2019 - 9/30/2019 Package Amt Proceeds (US$mil) No. Issues Proceeds (US$mil) No. Issues YoY % Chg. Close Date Borrower US$mil Project Nation Sector EMEA 70,375.0 180 75,115.0 263 -6% ▼ United Arab 6/23/2020 Project Galaxy 7,960.0 Oil & Gas Western Europe 44,837.7 137 53,334.3 206 -16% ▼ Emirates United Kingdom 11,171.5 20 19,762.7 36 -43% ▼ 7/1/2020 Umm Wual Ma'aden Phosphate 4,080.0 Saudi Arabia Industry France 9,720.9 24 9,700.4 28 0% ▲ Spain 7,664.9 44 7,083.9 50 8% ▲ 5/13/2020 Nigeria Liquified Natural Gas 3,000.0 Nigeria Oil & Gas Germany 5,212.5 12 1,393.9 9 274% ▲ Sweden 2,796.2 5 1,260.3 3 122% ▲ 7/7/2020 Planets Bidco Viridor 2,758.8 United Kingdom Waste & Recycling Netherlands 2,165.0 7 1,479.1 21 46% ▲ Belgium 1,893.2 5 1,844.0 6 3% ▲ 5/29/2020 Fecamp Offshore Wind Farm 2,685.0 France Power Italy 1,520.5 9 4,397.2 30 -65% ▼ Finland 909.3 4 483.7 3 88% ▲ 1/27/2020 Investissement dans la Fibre 2,588.8 France Power Portugal 764.4 2 1,642.6 3 -53% ▼ Republic of Ireland 477.0 2 1,087.6 10 -56% ▼ 6/1/2020 Seagreen Offshore Wind 1,737.7 United Kingdom Power Norway 378.6 1 1,869.5 4 -80% ▼ Austria 163.8 2 - - - - 7/29/2020 Northvolt AB 1,698.0 Sweden Power Africa/Middle East/Central Asia 22,577.7 22 15,988.5 30 41% ▲ United Arab Emirates 9,389.0 4 4,905.8 3 91% ▲ 1/23/2020 Deutsche Glasfaser 1,519.7 Germany Power Saudi Arabia 5,718.0 5 1,278.7 3 347% ▲ Nigeria 3,000.0 1 - - - - 6/8/2020 Meter Serve Holdco 2 Ltd 1,358.1 United Kingdom Power Qatar 1,561.0 2 - - - - Kuwait 691.0 1 - - - - Ivory Coast 632.0 2 300.0 2 111% ▲ Kazakhstan 585.0 1 720.0 1 -19% ▼ Israel 562.5 1 22.6 1 2389% ▲ EMEA Project Finance Loans Rwanda 214.0 1 77.0 1 178% ▲ $120 300 Kenya 128.2 2 116.0 2 11% ▲ Proceeds (US$bil) Malawi 67.0 1 - - - - # of Deals South Africa 30.0 1 232.6 1 -87% ▼ Eastern Europe 2,959.6 21 5,792.2 27 -49% ▼ $100 250 Poland 1,735.1 6 241.9 4 617% ▲ Turkey 465.2 8 477.2 4 -3% ▼ Romania 216.6 1 - - - - Hungary 154.3 2 989.9 2 -84% ▼ $80 200 Bulgaria 150.0 1 175.0 1 -14% ▼ Serbia 126.6 1 - - - - Czech Republic 62.2 1 - - - - Lithuania 49.7 1 - - - - $60 150

EMEA Project Finance Loans By Sector $40 100 1/1/2020- 9/30/2020 1/1/2019 - 9/30/2019 Project Finance Sector Proceeds (US$mil) No. Issues Proceeds (US$mil) No. Issues YoY % Chg. Power 32,900.1 121 29,103.6 161 13% ▲ $20 50 Oil & Gas 11,886.9 6 16,832.9 21 -29% ▼ Industry 7,954.8 6 734.4 5 983% ▲ Telecommunications 7,563.6 16 4,295.5 8 76% ▲ Waste & Recycling 2,879.5 3 47.5 3 5962% ▲ $0 0 Transportation 2,693.3 10 11,427.5 6 -76% ▼ 9M11 9M12 9M13 9M14 9M15 9M16 9M17 9M18 9M19 9M20 Water & Sewerage 2,102.1 6 3,012.1 11 -30% ▼ Leisure & Property 1,448.4 8 1,472.8 6 -2% ▼ Petrochemicals 766.4 2 4,170.4 2 -82% ▼ Mining 180.0 2 4,018.3 1 -96% ▼ Industry Total 70,375.0 180 75,115.0 263 -6% ▼

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EMEA Project Finance Loans Mandated Arrangers (X15) YoY Change ($) -6% QoQ Change ($) -26% EMEA Project Finance Loans Bookrunners (X16) YoY Change ($) 0% QoQ Change ($) -38% 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 4,655.5 6.6 -0.4 37 Sumitomo Mitsui Finl Grp Inc 1 5 5,921.9 17.0 12.9 6 Santander Corp & Invest Bkg 2 2 4,111.2 5.8 0.9 39 First Abu Dhabi Bank PJSC 2 - 3,980.0 11.4 11.4 1 Societe Generale 3 4 3,757.0 5.3 1.0 31 Credit Agricole CIB 3 2 3,829.3 11.0 5.2 6 Sumitomo Mitsui Finl Grp Inc 4 8 3,438.7 4.9 1.6 26 BNP Paribas SA 4 1 3,100.1 8.9 -11.1 9 Credit Agricole CIB 5 3 3,060.3 4.4 0.1 27 Societe Generale 5 3 2,390.8 6.9 2.3 6 Natixis 6 7 2,459.6 3.5 0.0 21 Natixis 6 7 1,662.6 4.8 1.3 9 KfW IPEX-Bank GmbH 7 17 1,965.4 2.8 1.3 13 Santander Corp & Invest Bkg 7 4 1,658.2 4.8 0.6 13 Cooperatieve Rabobank UA 8 21 1,868.6 2.7 1.5 12 CaixaBank SA 8 21 1,082.4 3.1 1.5 10 Mizuho Financial Group 9 26 1,818.8 2.6 1.7 8 UniCredit 9 23 710.0 2.0 0.6 5 UniCredit 10 27 1,767.5 2.5 1.6 15 BBVA 10 9 661.2 1.9 -0.9 5 NatWest Markets 11 9 1,520.1 2.2 0.0 11 Cooperatieve Rabobank UA 11 22 536.3 1.5 0.0 4 ING 12 10 1,494.5 2.1 -0.1 16 Goldman Sachs & Co 12 26 434.1 1.2 0.3 3 CaixaBank SA 13 11 1,407.6 2.0 -0.2 17 Turkiye Garanti Bankasi AS 13 36 284.8 0.8 0.5 6 Samba Financial Group 14 33 1,240.5 1.8 1.1 4 Investec 14 31 270.7 0.8 0.3 3 Mitsubishi UFJ Financial Group 15 5 1,179.7 1.7 -2.3 8 Bayerische Landesbank Giro 15 - 252.5 0.7 0.7 3 National Commercial Bank SJSC 16 54 940.3 1.3 0.9 4 Nord/LB 16 11 239.6 0.7 -1.9 3 ABN AMRO Bank 17 22 907.6 1.3 0.2 8 Kommunalkredit 17 41 220.4 0.6 0.5 5 Standard Chartered PLC 18 20 842.8 1.2 -0.1 4 DNB ASA 18 13* 220.0 0.6 -1.5 1 Banco de Sabadell 19 16 835.7 1.2 -0.5 17 National Commercial Bank SJSC 19 - 188.0 0.5 0.5 1 Goldman Sachs & Co 20 29 807.4 1.2 0.4 6 Commercial Bank of Qatar 20* - 175.7 0.5 0.5 1 Riyadh Bank Ltd 21 52 776.1 1.1 0.7 3 Qatar National Bank 20* - 175.7 0.5 0.5 1 BBVA 22 13 716.2 1.0 -1.0 11 National Bank of Kuwait SAK 20* - 175.7 0.5 0.5 1 Citi 23 45 708.5 1.0 0.5 3 IMI - Intesa Sanpaolo 20* 10 175.7 0.5 -2.2 1 HSBC Holdings PLC 24 44 700.4 1.0 0.5 2 Citi 20* 32 175.7 0.5 0.0 1 SEB 25 18 689.8 1.0 -0.4 7 Yevraziyskiy Bank 25 - 135.0 0.4 0.4 1 Industry Total 70,375.0 100.0 180 Industry Total 34,921.0 100.0 95

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

1/1/2020- 9/30/2020 1/1/2019 - 9/30/2019 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 45,543.1 137 52,387.9 132 -13% ▼ 6/15/2020 Ichthys LNG Pty Ltd 8,406.7 Australia Oil & Gas Australasia 17,862.7 36 16,554.5 53 8% ▲ Australia 17,764.9 35 16,197.1 50 10% ▲ 1/24/2020 Changfang Wind Power Co Ltd 2,908.4 Taiwan Power Guam(United States) 97.8 1 - - - - South East Asia 4,932.7 20 10,157.6 24 -51% ▼ 7/29/2020 PT Indo Raya Tenaga 2,568.0 Indonesia Power Indonesia 2,982.5 3 2,490.2 4 20% ▲ Singapore 541.6 3 556.3 5 -3% ▼ 3/27/2020 JERA Power Taketoyo LLC 2,346.8 Japan Power Philippines 400.0 1 2,035.2 4 -80% ▼ Thailand 375.1 3 519.1 3 -28% ▼ 4/28/2020 Roy Hill Holdings Pty Ltd 2,200.0 Australia Mining Malaysia 304.1 1 110.2 2 176% ▲ Vietnam 192.5 6 2,033.0 2 -91% ▼ 3/13/2020 IHB Pvt Ltd 910.7 India Oil & Gas Cambodia 93.9 2 2,358.6 3 -96% ▼ Myanmar(Burma) 43.0 1 - - - - 2/6/2020 SJVN Arun-3 Power Dvlp Co Pvt 889.2 Nepal Power South Asia 9,669.0 45 15,944.3 22 -39% ▼ India 7,692.2 38 11,007.1 15 -30% ▼ 6/12/2020 IRB MP Expressway Pvt Ltd 869.4 India Transportation Nepal 889.3 1 - - - - Bangladesh 876.3 3 3,099.5 4 -72% ▼ 2/21/2020 Akita Offshore Wind Corp 857.2 Japan Power Pakistan 148.9 1 1,837.7 3 -92% ▼ Afghanistan 62.4 2 - - - - 6/15/2020 Jiangxi Ganneng Co Ltd 705.3 China Power North Asia 6,097.6 17 2,910.1 9 110% ▲ Taiwan 4,033.1 9 141.9 2 2742% ▲ South Korea 1,170.3 6 2,148.2 3 -46% ▼ China 894.2 2 601.4 3 49% ▲ Japan 6,981.1 19 6,821.4 24 2% ▲

Asia Pacific & Japan Project Finance Loans

$75 Proceeds (US$bil) 250 # of Deals Asia Pacific & Japan Project Finance Loans By Sector

1/1/2020- 9/30/2020 1/1/2019 - 9/30/2019 $60 200 Project Finance Sector Proceeds (US$mil) No. Issues Proceeds (US$mil) No. Issues YoY % Chg. Power 21,430.8 84 23,289.3 76 -8% ▼ Oil & Gas 11,532.9 11 6,979.7 7 65% ▲ Transportation 5,486.8 22 15,711.0 21 -65% ▼ Mining 3,584.8 7 123.2 2 2810% ▲ $45 150 Leisure & Property 1,525.1 6 5,940.5 19 -74% ▼ Petrochemicals 1,274.4 5 158.9 3 702% ▲ Water & Sewerage 404.2 2 101.9 3 297% ▲ Industry 304.1 1 - - - - Industry Total 45,543.1 137 52,387.9 132 -13% ▼ $30 100

$15 50

$0 0 9M'11 9M'12 9M'13 9M'14 9M'15 9M'16 9M'17 9M'18 9M'19 9M'20

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Asia Pacific & Japan Project Finance Loans Mandated Arrangers (X27) YoY Change ($) -13% QoQ Change ($) -33% Asia Pacific & Japan Project Finance Loans Bookrunners (X28) YoY Change ($) -11% QoQ Change ($) -38% 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 State Bank of India 1 3 4,503.3 9.9 -6.0 8 Mitsubishi UFJ Financial Group 1 2 3,774.5 12.1 2.4 11 Sumitomo Mitsui Finl Grp Inc 2 19 4,104.8 9.0 4.3 24 Sumitomo Mitsui Finl Grp Inc 2 5 3,529.8 11.3 6.6 10 Mitsubishi UFJ Financial Group 3 28 3,367.0 7.4 -0.4 18 Mizuho Financial Group 3 3 2,091.6 6.7 0.0 4 Mizuho Financial Group 4 11 2,837.9 6.2 1.9 12 Commonwealth Bank of Australia 4 14 1,845.4 5.9 4.9 4 Korea Development Bank 5 4 1,934.6 4.3 0.0 11 ANZ Banking Group 5 15* 1,683.8 5.4 4.5 4 Commonwealth Bank of Australia 6 12 1,857.4 4.1 2.6 12 BNP Paribas SA 6 15* 1,624.4 5.2 4.3 5 ANZ Banking Group 7 16 1,854.6 4.1 2.1 12 State Bank of India 7 1 1,529.9 4.9 -18.8 3 Societe Generale 8 7 1,850.5 4.1 2.9 13 Korea Development Bank 8 4 1,183.6 3.8 -2.1 5 BNP Paribas SA 9 5 1,566.7 3.4 2.7 11 Societe Generale 9 22* 1,134.7 3.6 3.2 2 Credit Agricole CIB 10 2 1,264.6 2.8 2.4 4 Bank of China Ltd 10 12* 1,090.9 3.5 2.3 4 DBS Group Holdings 11 7 1,225.0 2.7 1.1 10 Credit Agricole CIB 11 - 1,036.6 3.3 3.3 1 Bank of China Ltd 12 15 1,005.0 2.2 -0.8 7 CTBC Financial Holding Co Ltd 12 - 969.5 3.1 3.1 1 ING 13 8 730.7 1.6 0.6 9 DBS Group Holdings 13 27 577.3 1.9 1.6 3 CITIC 14 - 705.4 1.6 1.6 1 National Australia Bank 14 8 574.4 1.8 -1.5 3 Industrial & Comm Bank China 15 9 667.6 1.5 -1.2 10 L&T Financial Services Ltd 15 - 452.7 1.5 1.5 3 Oversea-Chinese Banking 16 6 654.6 1.4 0.1 6 Bangkok Bank 16 19 449.7 1.4 0.8 3 Development Bank of Japan Inc 17 5 586.7 1.3 -1.1 1 Yes Bank Ltd 17 24 446.8 1.4 1.0 6 Bangkok Bank 18 1 579.5 1.3 0.9 5 ING 18 33 438.2 1.4 1.3 4 L&T Financial Services Ltd 19 - 546.6 1.2 1.2 4 Bank Negara Indonesia PT 19* - 428.0 1.4 1.4 1 ICICI Bank Ltd 20 - 521.8 1.2 1.2 7 Bank Mandiri 19* - 428.0 1.4 1.4 1 HSBC Holdings PLC 21 3 519.5 1.1 0.3 6 Chiba Bank Ltd 21 - 409.7 1.3 1.3 1 National Australia Bank 22 13 517.1 1.1 -1.4 9 Westpac Banking 22 29 369.6 1.2 1.0 2 Westpac Banking 23 10 495.7 1.1 -0.2 8 Indusind-Bank-Ltd 23 30 348.5 1.1 0.9 5 Natixis 24 8 468.4 1.0 -0.1 5 Shinsei Bank 24 25 317.7 1.0 0.6 3 Yes Bank Ltd 25 5 446.8 1.0 0.8 6 ICICI Bank Ltd 25 - 287.7 0.9 0.9 3 Industry Total 45,543.1 100.0 137 Industry Total 31,134.3 100.0 90

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Global Project Finance Bonds YoY Change ($) -1% QoQ Change ($) 155% Global Scorecard: Global Project Finance Bonds Rank Rank Proceeds Market Mkt. # of 1/1/2020 - 09/30/2020 1/1/2019 - 09/30/2019 Bookrunner 2020 2019 US$mil Share Sh Chg Deals Region Proceeds No. Proceeds No. YoY % Chg. JP Morgan 1 1 3,014 9.0 -2.9 17 US$m Issues US$m Issues (#) MUFG 2 4 2,381 7.1 1.3 18 Global 33,430 66 33,745 77 -1% ▼ Credit Agricole 3 5 1,933 5.8 0.5 12 Americas 17,919 35 20,362 37 -12% ▼ Citi 4 9 1,822 5.5 1.2 10 United States 13,096 19 12,104 16 8% ▲ Goldman Sachs 5 11 1,771 5.3 1.8 9 Canada 1,498 3 2,041 4 -27% ▼ RBC Capital Markets 6 3 1,716 5.1 -0.9 9 Panama 1,380 1 500 1 176% ▲ HSBC 7 13 1,565 4.7 1.9 10 Colombia 953 2 415 1 130% ▲ Scotiabank 8 19 1,405 4.2 3.0 8 Brazil 517 8 1,311 3 -61% ▼ BofA Securities Inc 9 10 1,346 4.0 -0.2 10 Argentina 250 1 295 1 -15% ▼ BNP Paribas 10 20 1,156 3.5 2.3 6 Jamaica 225 1 - - - - Societe Generale 11 31 950 2.8 2.4 8 EMEA 12,844 25 6,992 23 84% ▲ SMBC 12 6 942 2.8 -2.3 10 France 3,204 7 1,534 5 109% ▲ CIBC World Markets 13 23 876 2.6 1.9 4 Israel 2,250 1 - - - - UniCredit 14 - 875 2.6 2.6 6 Netherlands 1,598 1 0 0 - - Morgan Stanley 15 2 815 2.4 -8.6 7 Germany 1,270 3 204 1 523% ▲ Santander 16 12 789 2.4 -1.1 13 Kazakhstan 1,247 1 - - - - Mizuho Financial 17 7 691 2.1 -2.8 6 Spain 865 4 891 3 -3% ▼ TD Securities 18 14 627 1.9 -0.9 3 Czech Republic 672 1 - - - - Natixis 19 22 575 1.7 0.9 6 Portugal 634 1 84 1 655% ▲ ING 20 32 527 1.6 1.1 4 United Kingdom 431 2 3,528 8 -88% ▼ Cooperatieve Rabobank UA *21 - 498 1.5 1.5 2 Georgia 250 1 0 0 - - Deutsche Bank *21 25 498 1.5 0.9 5 Belgium 186 1 558 1 -67% ▼ Credit Suisse 23 18 496 1.5 0.2 5 Senegal 174 1 0 0 - - IMI - Intesa Sanpaolo 24 - 490 1.5 1.5 5 Norway 64 1 0 0 - - Barclays 25 8 467 1.4 -3.0 4 Asia Pacific & Japan 2,666 6 6,392 17 -58% ▼ Industry Total 33,430 100 66 China 996 1 650 2 53% ▲ India 612 2 2,750 6 -78% ▼ Global Project Finance Bonds by Nation Indonesia 598 1 775 1 -23% ▼ Australia 400 1 1,076 1 -63% ▼ Malaysia 61 1 738 3 -92% ▼ $6 20 US$bil # of Deals

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

$5 16 $1.5 14 $1.9 $4 $2.1 12 Oil & Gas $12.7 $3 10 Power Transportation 8 $6.2 Petrochemicals $2 Leisure & Property 6 Others

4 $1

2 $9.0

$0 0 United States France Israel Netherlands Canada

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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 JBIC/Nexi 1 1,533 663 2,196 7 Kexim/K-sure 1 683 683 1,367 1 JICA 2 1,244 - 1,244 2 Euler Hermes/UFK *2 683 - 683 1 Kexim/K-sure 3 472 375 847 3 JBIC/Nexi *2 683 - 847 1 $2,500 Total Exposure Total Debt Chexim 4 801 - 801 3 EKF 4 - 382 801 1 Sace 5 - 750 750 1 EIB 5 196 - 196 3 ADB 6 749 - 749 6 GIEK 6 - 161 161 1 IDB/IDB Invest 7 525 - 525 3 EBRD 7 91 - 91 2 $2,000 EBRD 8 505 - 505 4 Clean Technology Fund/ Climate 8Investment70 Fund - 70 2 IFC/World Bank/MIGA/IBRD 9 403 - 403 3 Industry Total 2,407 1,226 3,633 12 EIB 10 247 - 247 2 Finnvera 11 - 177 177 2 $1,500 Euler Hermes/UFK 12 - 164 164 2 AfDB/African Development Bank13 163 - 163 2 IsDB 14 100 - 100 1 EKF *15 97 - 97 1 $1,000 GIEK *15 97 - 97 1 UKEF *15 97 - 97 1 EAIF/Green Africa Power 18 95 - 95 2 OPIC 19 67 - 67 1 $500 DEG 20 64 - 64 3 ICO 21 58 - 58 1 AIIB 22 55 - 55 1 DFC *23 50 - 50 1 $0 China Co-Financing Fund *23 50 - 50 1 Taiwan Brazil Nigeria Bangladesh Philippines Clean Technology Fund/ Climate25 Investment40 Fund - 40 2 BOAD 26 38 - 38 1 Proparco 27 33 - 33 1 FMO 28 32 - 32 1 OFID 29 30 - 30 1 OPEC 30 16 - 16 1 Industry Total 7,660 2,129 9,789 61

www.refinitiv.com/dealsintelligence Project Finance Criteria First Nine Months 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 September 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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