Dealogic Project Finance Review: First Nine Months 2011

Dealogic Project Finance Review | First Nine Months 2011 • Global Project Finance Volume On Par With First Nine Months of 2010 • PFI/PPP Volume At Record High • State Bank of India Led the Global Mandated Arranger Ranking

Project Finance Volume

Global project finance volume reached $277.2bn in the first nine months of 2011, on par with the $227.3bn recorded during the same 2010 period

A record 654 projects were completed during the first none months of 2011, up from the previous record of 631 during the comparable 2010 period

Loan financing accounted for 80% of project finance volume in the first nine months of 2011, on par with that seen in the same 2010 period. Bond financing, which stood at $14.7bn, was the highest first nine month volume since 2006 ($17.2bn)

Project Finance by Region

India, with volume of $72.8bn, reached a first nine month record and represented 26% of the global project finance market. Volume increased 12% from the first nine months of 2010 ($65.0bn)

Australasia saw one of the largest increases in volume with $25.4bn recorded in the first nine months of 2011, up from $13.8bn during the comparable 2010 period. Volume was boosted by Wiggins Island Coal Export Terminal’s $3.0bn project

Refinancing

Volume from the refinancing of projects stood at a record $49.8bn in the first nine months of 2011, up 38% on the $36.1bn reached in the comparable 2010 period

Project Finance by Sector

Energy became the leading sector for project finance volume in the first nine months of 2011 and accounted for 36% of total volume. Infrastructure, with $90.9bn, increased 8% on the first nine months of 2010

PFI/PPP

Global PFI and PPP volume reached a record $69.9bn in the first nine months of 2011, up 28% on the $54.7bn recorded during the same 2010 period

Western Europe accounted for 32% of all PFI/PPP projects with volume of $22.7bn in the first nine months of 2011, down 13% compared with $26.1bn in the comparable 2010 period. The Indian Sub-Continent followed the opposite trend with volume almost doubling to $19.0bn from $9.8bn in 2010

Project Finance Rankings

State Bank of India topped the global mandated arranger ranking with a 13.1% share followed by IDBI Bank with 3.8%

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Dealogic Project Finance Review

Dealogic Project Finance Review | First Nine Months 2011 Final Results | October 2011 Page | 2

Dealogic Project Finance Review | First Nine Months 2011 Press Release | Final Results – For immediate release October 10, 2011

Global Volume Analysis 3 Coverage & Criteria 12

Regional Analysis 4 About Dealogic 13

Sector Analysis 5

Private Finance Initiatives / Public Private Partnerships 6

Top Ten Deals 7

Project Finance Rankings 8

Media Contacts

New York London Hong Kong Edward Jones Nandeep Roopray Terry Wong +1 212 577 4511 +44 20 7440 6163 +852 3698 4745 [email protected] [email protected] [email protected] Project Finance Contacts

New York London Hong Kong Douglas Campbell Amy Williams Anthony Castillo +1 212 577 4435 +44 207 440 6368 +852 3698 4816 [email protected] [email protected] [email protected]



Global Volume Analysis

• Global Project Finance volume reached $277.2bn in the first nine months of 2011, on par with the $277.3bn recorded during the same 2010 period. 3Q 2011 volume of $78.9bn was down 13% on 3Q 2010 ($90.5bn) and was the lowest third quarter volume since 2009 ($72.1bn)

• A record number of projects (654) reached financial close in the first nine months of 2011, up from the previous record high of 631 projects in the comparable 2010 period

• Asia Pacific accounted for 48% of project finance volume in the first nine months of 2011, up from 43% during the same 2010 period. EMEA accounted for 35%, down from 41% while the Americas captured 17% of the market, the same proportion as in the first nine months of 2010

• Project finance loan volume reached $220.4bn in the first nine months of 2011 and was on par with the record $219.7bn recorded in the first nine months of 2010

• Bond financing in the first nine months of 2011 totaled $14.7bn, the highest first nine month volume since 2006 ($17.2bn) and has already surpassed the full year volume of $14.3bn reached in 2010

• Equity financing dropped to $42.1bn in the first nine months of 2011, down 12% on the $48.0bn reached in the same 2010 period and was down 35% on the first nine month record of $65.2bn recorded in 2008

• Global PPP/PFI volume reached a record $69.9bn in the first nine months of 2011, up 28% compared with the $54.7bn reached in the comparable 2010 period. PPP/PFI accounted for 25% of total project finance volume in the first nine months of 2011, the highest proportion since 2006 (28%)

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Regional Analysis

• Europe project volume stood at $78.1bn in the first nine months of 2011, up 6% on the same period in 2010. Western European volume was up 8% to $58.2bn, while Eastern European volume stayed on par with the $19.8bn reached in the first nine months last year

• Asia project finance volume reached a first nine month record of $109.0bn and accounted for 39% of total project finance volume in 2011

o India was the leading nation globally with $72.8bn via 163 projects and reached a first nine months record for volume and activity

• Australasia accounted for 9% of global project finance volume and experienced the largest increase (84%) of all regions. Volume reached $25.4bn in the first nine months of 2011, up from $13.8bn in the comparable 2010 period

• Middle East & Africa project finance volume experienced the largest volume decline among all regions, down 53% to $18.0bn in the first nine months of 2011 from $38.6bn in the same period last year

First Nine Months 2011 Project Finance Volume by Top 15 Nations

Rank Nationality Value (US $m) Deals % Change (First 9M 2010)

1 India 72,850 163 29% 2 Australia 25,390 61 84% 3 United States 20,187 57 -16% 4 France 15,902 19 154% 5 Spain 15,648 52 -22% 6 Russian Federation 13,285 7 59% 7 United Kingdom 10,673 44 59% 8 Canada 10,186 15 32% 9 Singapore 7,957 6 510%

10 China 7,066 5 -21% 11 Brazil 6,274 12 105% 12 Germany 6,206 10 209% 13 Italy 5,270 39 11% 14 Turkey 4,214 17 116% 15 Turkmenistan 4,100 1 - Totals 277,197 654 0%

North America $30.4bn (72 deals)

-4%

Latin Am/Caribbean $16.3bn (73 deals)

16%

Eastern Europe $19.8bn (22 deals)

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Asia (Ex India) $36.2bn (71 deals)

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Australasia $25.4bn (62 deals)

84%

Indian Sub-Continent

$72.8bn (163 deals) 12%

Middle East/Africa $18.0bn (47 deals)

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Sector Analysis

• Energy, the leading sector in the first nine months of 2011, accounted for 36% of global project finance, up from a 32% share in the same 2010 period. Volume increased 15% to reach $101.0bn in the first nine months of 2011, up from $87.8bn in comparable 2010 o The Power sub-sector led Energy volume with $61.5bn in the first nine

months of 2011, up 11% on the 2010 comparable period ($55.2bn). The Renewable Fuel and Wind Farm sub-sectors followed with $25.2bn and $14.2bn, respectively

o India led the Energy sector nationality ranking in the first nine months of 2011 with 73 deals totaling $38.5bn. The US and Spain followed with $17.1bn and $10.2bn, respectively

• The Infrastructure sector ranked second with volume of $90.9bn and

accounted for 33% of global project finance in the first nine months of 2011, up from a 30% share in the same period of 2010 ($84.2bn) o China’s Macau Venetian Hotel Refinancing $3.7bn project, that signed

in September 2011, was the largest Infrastructure project of 3Q 2011

o The Road sub-sector accounted for 23% ($20.5bn) of Infrastructure volume in the first nine months of 2011, while Urban railway volume accounted for 13% at $11.6bn

o PFI/PPP accounted for 61% ($55.5bn) of Infrastructure sector volume in the first nine months of 2011, up from a 55% ($46.5bn) share in the comparable 2010 period

• The Petrochemical sector saw the largest volume increase in the first nine

months of 2010 (73%) followed by the Mining sector (62%)

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$bn Sector Volume First Nine Months

Petrochemical Energy/Power Infrastructure Oil & Gas

Industrial Mining Telecom

Petrochemical6% (3%)

Energy/Power36% (32%)

Infrastructure33% (30%)

Oil & Gas12% (21%)

Industrial5% (4%)

Mining6% (3%)

Telecom3% (6%)

Sector Breakdown2011 (2010)



Private Finance Initiatives / Public Private Partnerships

• PFI/PPP volume reached a record $69.9bn in the first nine months of 2011, up 28% on the $54.7bn reached in the comparable 2010 period. Despite this, activity decreased to 139 closed projects in 2011 from 157 in comparable 2010

o Western Europe continued to dominate the PFI/PPP market in the first nine months of 2011 with $22.7bn, down 13% from the same 2010 period. Of this, France accounted for a record 66% ($15.0bn), up from 10% ($2.6bn) in the first nine months of 2010

o Eastern Europe saw the largest volume decrease of all regions, down o $404m from $3.9bn in the first nine months of 2010

o The Indian Sub-Continent saw PFI/PPP volume double in the first nine months of 2011, dominated by India's record volume of $19.0bn which accounted for just over a quarter of global PFI/PPP volume, up from 18% in the same 2010 period

• PFI/PPP volume in the second quarter reached $29.8bn and accounted for 43% of all volume in the first nine months of 2011. Each quarter of 2011 was up on the respective quarter in 2010 although the increase in 3Q 2011 was only marginal, reaching $18.0bn

• Road led all sub-sectors by both volume and deal count with $17.0bn via 55 deals in the first nine months of 2011 although volume was down 21% from $21.5bn via 41 deals in the same 2010 period. Road accounted for almost a quarter of all PPP/PFI volume in the first nine months of 2011, down from 39% in 2010

• Telecom PFI/PPP totaled $3.4bn in the first nine months of 2011, up 58% on the $2.1bn recorded in the same 2010 period. The only Telecom project to complete so far this year was the Aircel 2G and 3G Network Expansion

• The $3.6bn Newcastle Third Coal Export Terminal PPP Project, which completed in Australia during 3Q 2011, was the first closed PFI/PPP mining project on record

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Top Ten Global Project Finance Deals – First Nine Months 2011

Financial Close Date Borrower Project Name Country Sector Value ($m)

14-Jun-11 LISEA Tours-Bordeaux High Speed Rail PPP France Urban railway/LRT/MRT 9,141

04-Mar-11 Nord Stream Nord Stream Gas Pipeline Phase 2 Russia Gas pipeline 4,860

17-Jun-11 Vedanta Aluminium Vedanta Aluminium Refinery Refinancing India Power 4,683

07-Jan-11 Hong Kong-Zhuhai-Macao Bridge Authority Hong Kong-Zhuhai-Macao Bridge Project China Bridge 4,435

26-Apr-11 Turkmengaz South Lolotan Gas Field Second Phase Development Turkmenistan Gasfield exploration and development 4,100

20-Sep-11 VML US Finance Macau Venetian Hotel Refinancing Macau Hotel/resort/casino 3,700

05-Apr-11 L&T Metro Rail (Hyderabad) Hyderabad Metro Rail PPP Project India Rail - Infrastructure 3,646

29-Mar-11 Aircel Aircel 2G and 3G Network Expansion PPP Project India Telecom 3,367

01-Feb-11 Resorts World at Sentosa Resorts World at Sentosa Refinancing Singapore Hotel/resort/casino 3,268

19-May-11 SA Health Partnership Securitisation New Royal Adelaide Hospital PPP Australia Hospital 3,057




Global Project Finance Loans Ranking – First Nine Months 2011

Rank Mandated Lead Arranger Value $m Deals % Share

1 State Bank of India 27,093 66 13.1

2 IDBI Bank 7,872 15 3.8

3 China Development Bank Corp 7,495 7 3.6

4 Mitsubishi UFJ Financial Group 7,294 63 3.5

5 Sumitomo Mitsui Financial Group 6,495 54 3.1

6 Credit Agricole CIB 6,124 55 3.0

7 Axis Bank 5,456 21 2.6

8 Santander 5,144 62 2.5

9 BNP Paribas 5,009 49 2.4

10 ICICI Bank 4,838 15 2.3

Global PFI/PPP Project Finance Loans Ranking - First Nine Months 2011



2 BBVA 2,620 16 5.7


4 Axis Bank 2,125 8 4.6

5 SG CIB 1,751 13 3.8

6 Santander 1,700 13 3.7


8 ANZ 1,468 4 3.2

9 Dexia 1,287 10 2.8

10 Natixis 1,214 8 2.6

North American Project Finance Loans Ranking - First Nine Months 2011



2 Bank of Montreal 1,158 6 6.1


4 ING 984 11 5.2

5 Credit Suisse 960 7 5.1

6 Barclays 938 4 5.0

7 Sumitomo Mitsui Financial Group 820 10 4.3

8 Canadian Imperial Bank of Commerce - CIBC 612 5 3.2

9 RBS 585 6 3.1

10 Royal Bank of Canada 560 5 3.0

European Project Finance Loans Ranking - First Nine Months 2011



2 Santander 3,513 45 6.2

3 BBVA 3,332 36 5.9

4 UniCredit 2,897 34 5.1

5 BNP Paribas 2,813 21 4.9


7 SG CIB 2,578 27 4.5


9 Dexia 1,781 21 3.1

10 ING 1,646 18 2.9



Regional Project Finance Rankings

Asian Project Finance Loans Ranking – First Nine Months 2011



2 IDBI Bank 7,872 15 9.4

3 Axis Bank 5,456 21 6.5

4 ICICI Bank 4,588 14 5.5


6 Korea Development Corp 1,988 11 2.4


8 Standard Chartered 1,447 16 1.7

9 Infrastructure Development Finance Co Ltd - IDFC 1,417 15 1.7

10 Bank of China 1,373 2 1.6

Australasian Project Finance Loans Ranking – First Nine Months 2011


1 ANZ 3,413 25 14.9

2 Commonwealth Bank of Australia 2,579 18 11.2

3 National Australia Bank 2,044 22 8.9


5 Westpac Banking Corp 1,455 19 6.3

6 Standard Chartered 1,000 1 4.4


8 China Development Bank Corp 768 2 3.3

9 Lloyds Banking Group 759 6 3.3

10 Mitsubishi UFJ Financial Group 698 9 3.0

Middle East & African Project Finance Loans Ranking - First Nine Months 2011


1 Turkiye Garanti Bankasi 1,170 13 7.5

2 Banque Saudi Fransi - BSF 1,010 3 6.5

3 Deutsche Bank 843 2 5.4

4 Standard Bank Group 653 6 4.2

5 SG CIB 645 6 4.2

6 Samba Financial Group 630 4 4.1

7 HSBC 606 4 3.9

8 BNP Paribas 578 6 3.7

9 Standard Chartered 538 6 3.5

=10 Yapi Kredi Invest 438 4 2.8

=10 Turkiye Is Bankasi AS - Isbank 438 4 2.8

Latin American & Caribbean Project Finance Loans Ranking - First Nine Months 2011


1 Mizuho Financial Group 743 7 8.4

2 BBVA 731 5 8.3

3 Santander 690 7 7.8

4 Mitsubishi UFJ Financial Group 628 5 7.1

5 ING 510 7 5.8

6 Sumitomo Mitsui Financial Group 466 5 5.3

7 Credit Agricole CIB 459 6 5.2

8 Fondo Nacional de Infraestructura - FONADIN 312 1 3.5

9 HSBC 288 2 3.3

10 SG CIB 284 4 3.2




Arranger of Global Project Finance Loans Ranking – First Nine Months 2011

Rank Arranger Value $m Deals % Share


2 IDBI Bank 7,872 15 3.8





7 Axis Bank 5,356 21 2.6

8 BNP Paribas 5,214 53 2.5

9 Santander 5,052 63 2.4

10 ICICI Bank 4,838 15 2.3

Provider of Global Project Finance Loans Ranking - First Nine Months 2011

Rank Provider Value $m Deals % Share






6 Santander 4,791 68 2.4

7 ING 4,414 53 2.2

8 SG CIB 4,162 56 2.1

9 BNP Paribas 4,038 54 2.0

10 Bank of China 3,869 8 1.9

Bookrunner of Global Project Finance Bonds Ranking - First Nine Months 2011

Rank Bookrunner Value $m Deals % Share

1 Royal Bank of Canada 3,498 4 23.8

2 Citigroup 1,905 5 13.0

3 Credit Suisse 1,187 5 8.1

4 JPMorgan 825 3 5.6

5 Goldman Sachs 790 2 5.4

6 BNP Paribas 744 4 5.1

7 RBS 713 4 4.9

8 HSBC 538 3 3.7

9 Bank of Nova Scotia 518 2 3.5

10 Credit Agricole CIB 475 2 3.2

Sponsor of Global Project Finance Deals- First Nine Months 2011

Rank Sponsor Value $m Deals % Share

1 Adani Group 6,256 7 2.3

2 Vedanta Resources 6,060 2 2.2

3 Larsen & Toubro 5,737 2 2.1

4 Turkmengaz 4,100 1 1.5

5 Las Vegas Sands Corp 3,700 1 1.4

6 Maxis Communications 3,367 1 1.2

7 Genting International 3,269 1 1.2

8 Plenary Group 2,778 6 1.0

9 eAccess 2,742 2 1.0

10 Caisse des Depots et Consignations - CDC 2,700 4 1.0



Project Finance Advisor Rankings

Financial Adviser of Global PFI/PPP Project Finance Deals – First Nine Months 2011

Rank Financial Advisor Value $m Deals % Share

1 Deloitte & Touche 5,869 6 10.4


3 HSBC Holdings 4,584 6 8.1

4 Natixis 3,602 2 6.4

5 SG CIB 3,476 2 6.1

6 Axis Bank 3,411 7 6.0


8 Ernst & Young 2,923 9 5.2

9 Royal Bank of Canada 1,873 7 3.3

10 Macquarie 1,791 3 3.2

Financial Adviser of Global Project Finance Deals - First Nine Months 2011

Rank Financial Advisor Value $m Deals % Share


2 HSBC Holdings 9,419 16 6.2

3 Axis Bank 9,080 16 6.0

4 IDBI Bank 8,322 12 5.5

5 Deloitte & Touche 7,357 10 4.9

6 PricewaterhouseCoopers 7,107 13 4.7

7 SG CIB 6,945 4 4.6

8 RBS 6,672 7 4.4

9 Macquarie 4,103 8 2.7

10 Ernst & Young 3,976 13 2.6

Legal Adviser of Global PFI/PPP Project Finance Deals – First Nine Months 2011

Rank Legal Advisor Value $m Deals % Share

1 Amarchand & Mangaldas & Suresh A Shroff & Co 3,725 3 5.6

2 Allen & Overy 3,535 9 5.3

3 Linklaters 3,379 6 5.1

4 White & Case 3,263 4 4.9

5 Luthra & Luthra 3,044 5 4.6

6 Hogan Lovells International 2,825 4 4.2

7 Trilegal 2,772 3 4.2

8 Clifford Chance 2,376 10 3.6

8 India Law Services 2,350 5 3.5

10 Freehills 2,249 5 3.4

Legal Adviser of Global Project Finance Deals - First Nine Months 2011

Rank Legal Advisor Value $m Deals % Share

1 Amarchand & Mangaldas & Suresh A Shroff & Co 14,765 25 5.9

2 Clifford Chance 12,751 64 5.1

3 White & Case 12,008 27 4.8

4 Latham & Watkins 10,644 35 4.3

5 Allen & Overy 10,191 38 4.1

6 SJ Law Advocates & Solicitors 9,227 17 3.7

7 Linklaters 9,160 34 3.7

8 Luthra & Luthra 8,847 18 3.6

9 Allens Arthur Robinson 7,593 34 3.1

10 Milbank Tweed Hadley & McCloy 7,374 25 3.0



Dealogic Project Finance Coverage & Criteria

The following is an Executive Summary of the coverage & criteria used to produce this document. To obtain a comprehensive document detailing Dealogic’s

precise scope, policies and methodologies, please contact one of the analysts listed on the second page of this release.

GENERAL

• Tables are complete and current to the best of our knowledge. While an official snapshot of the project finance landscape as of the date of publication, rankings are subject to retroactive change due to a variety of factors.

• Eligibility is defined by the involvement of infrastructure specific sectors, both economic and social

• There must be a clearly defined project or portfolio of projects, long term assets, dependency on cash flows and commercial bank lending

• All PPPs/PFIs (excluding service contracts) are included. • Tables cover privately (co-) funded projects. • Transactions not denominated in US dollars are converted to a US dollar equivalent at loan

agreement signing date.

ELIGIBILITY

• Mandated Arrangers: mandated arranger status is assigned to the banks awarded the mandate by the borrower or banks given the title by the mandated arranger group

• Refinancings and restructurings are eligible for tables. • Acquisitions of projects are eligible for tables as long as repayment of the debt is based on

cash-flows of the assets. • Amendments and amended and restated loans are eligible if there is a change to pricing,

tenor or loan amount, which require a 100% lender vote. • Cancelled loans are eligible provided that the loan agreement has been signed, and fees have

been paid. • A sole lender on a loan greater than $100m must submit documentation for the deal to be

eligible.

RANKING

• All financier tables are based on equal apportionment apart from the provider ranking where final takes are used (when disclosed).

• Financier tables will exclude projects with no commercial bank lending • Non-financier tables include; legal advisor, financial advisor and sponsor • Legal and financial advisors are eligible for non-commercial bank lending projects

EXCLUSIONS

• We cover only infrastructure project financing and therefore exclude the following:

o Real Estate (Except PFI / PPP deals); o Shipping or Aircraft financing where not tied to a specific project; o Equipment financing (when not related to a specific project); o Agriculture; o Manufacturing.

• Dealogic reserves the right to challenge any transaction submitted for inclusion and may

request supporting documentation.



Notes to Editors

About Dealogic Dealogic is a platform used by global and regional Investment Banks worldwide to help optimize their performance and improve competitiveness. Dealogic consists of sophisticated technology, unique content, consulting and support that enables Investment Banks to better manage the critical components of their business including, strategy, coverage, origination, execution, sales and compliance. Implemented across the organization, Dealogic connects the components of an Investment Bank together more effectively, helping banks to identify opportunities, cover the right clients, evaluate investor appetite, execute deals reliably and ultimately win more business. Dealogic has over 25 years’ experience and a deep knowledge of the Investment Banking and Capital Markets space with every one of the top 50 banks in the world utilizing the Dealogic platform. Dealogic Publishing The Project Finance Review is a quarterly compilation of global and regional project finance activity and participant rankings.

Data, research and rankings used within these reports are produced via Projectware, a component of the Dealogic Platform.

Dealogic Project Finance Review: First Nine Months 2011

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