GLOBAL SYNDICATED LOANS REVIEW

MANAGING UNDERWRITERS
Full Year 2010
 First Nine Months 2010 | Syndicated Loans | Managing Underwriters

Syndicated Loans Review

Table of Contents

Global Syndicated Loans Rankings 1-3

Americas Syndicated Loans Rankings 4-6

EMEA Syndicated Loans Rankings 7-8

Asia Pacific (Excl. Japan) Syndicated Loans Rankings 9-10

Japan Syndicated Loans Rankings 11-12

Ranking Criteria Summary 13

Thomson ONE for Investment Banking 14

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 Full Year 2010
MANAGING UNDERWRITERS

SYNDICATED LOANS REVIEW

Global Syndicated Lending Volume Stands at US$2.7 Trillion , up 49% over 2009 I Largest Quarter for Global Loans since Q2 2008 I JP Morgan Tops Full Year Ranking

Global Deals Intelligence Global Syndicated Loans Volume Jan 1 - Dec 31

GLOBAL SYNDICATED LENDING UP 50% OVER 2009

Global syndicated lending for full year 2010 reached US$2.7 trillion, representing a 48.6% increase from full Q4 Volume (US$t)
$6 10,000
year 2009. Just over 7,000 transactions closed during 2010, an increase of 29.5% compared to 2009. Q3 Volume (US$t)
Q2 Volume (US$t)
9,000
BIGGEST QUARTER SINCE SECOND QUARTER 2008 Q1 Volume (US$t)
$5
During the fourth quarter of 2010, syndicated lending activity totaled US$827.1 billion, the largest three-month # of Issues 8,000

period for lending since the second quarter of 2008, when global loan volumes totaled US$833.2 billion.
7,000
$4
US BORROWERS ACCOUNT FOR 40% OF ACTIVITY

Proceeds (US$t)
6,000

# of Issues
North America accounted for 43.7% of global loan volume during full year 2010 as lending in the region
increased by 81% over the same period last year. Within North America, loan volume for United States $3 5,000
borrowers totaled US$1.1 trillion, an increase of 88% over full year 2009.
4,000

Europe and Asia-Pacific accounted for 30% and 13% of global volumes as lending increased by 34.5% and $2
3,000
60.7%, respectively. Japanese fundraising totaled US$252.1 billion during full year 2010, an increase of just
1 2% 2,000
$1
YEAR-OVER-YEAR GROWTH IN EVERY SECTOR
1,000
Borrowing in the energy & power sector totaled US$563.9 billion for full year 2010, accounting for 21% of global
loan activity - an increase of 42% over 2009 levels. Every industry sector saw positive year-over-year growth, $0 0
with loans in the media and entertainment sector registering a 131% increase over 2009. Energy & power, 2004 2005 2006 2007 2008 2009 2010
industrials, financials and materials accounted for 60% of annual syndicated loan volume.

JP MORGAN TOPS GLOBAL RANKING; BANK OF AMERICA MERRILL LYNCH #1 FOR FEES
JP Morgan topped the rankings for global bookrunners, by proceeds, with US$245.3 billion from 660 Global Loans - Bookrunners (R1) Jan 1 2010 - Dec 31 2010
transactions. Bank of America Merrill Lynch remained in second place for the year, with over 1,000 bookrunner
assignments, but topped the ranking by imputed fees with US$921.2 billion in fees for 10.6% of the fee pool. Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
2010 2009 Market Market # of Market Change in Manager Market Market
Bookrunner Rank Rank Proceeds Share % Share Ch. Deals Share % # of Deals Fees Share % Share Ch.
SYNDICATED LENDING FEES UP 38% JP Morgan 1 1 245,336.9 10.7 0.9 ▲ 660 10.8 282 ▲ 751.4 8.7 -0.5 ▼
Fees from global syndicated loans totaled US$8.7 billion for full year 2010, an increase of 38% over full year Bank of America Merrill Lynch 2 2 242,629.7 10.6 2.5 ▲ 1006 16.5 388 ▲ 921.2 10.6 0.7 ▲
2009. Citi 3 3 137,282.3 6.0 -0.5 ▼ 358 5.9 147 ▲ 336.2 3.9 -1.9 ▼
Mitsubishi UFJ Financial Group 4 4 105,580.2 4.6 -1.1 ▼ 716 11.7 25 ▲ 357.5 4.1 -0.7 ▼
Mizuho Financial Group 5 5 104,192.6 4.6 -0.7 ▼ 571 9.4 43 ▲ 318.7 3.7 -0.5 ▼
Wells Fargo & Co 6 10 97,447.8 4.3 1.5 ▲ 551 9.0 240 ▲ 379.3 4.4 0.4 ▲
BNP Paribas SA 7 6 92,722.4 4.1 -1.2 ▼ 381 6.2 94 ▲ 305.4 3.5 -1.1 ▼
Top 20 Global Syndicated Loans Jan 1 2010 - Dec 31 2010 Deutsche Bank AG 8 12 72,611.6 3.2 0.9 ▲ 240 3.9 137 ▲ 372.3 4.3 1.9 ▲
Package Amt Sumitomo Mitsui Finl Grp Inc 9 7 71,746.8 3.1 -2.1 ▼ 517 8.5 -26 ▼ 245.5 2.8 -1.6 ▼
Closing Date Borrower Target Market (US$m) Primary UOP RBS 10 8 65,201.8 2.9 -0.4 ▼ 279 4.6 110 ▲ 220.6 2.5 -1.1 ▼
9/17/2010 BHP Billiton PLC United Kingdom 45,000.0 Acquisition Fin. Barclays Capital 11 9 61,069.4 2.7 -0.2 ▼ 228 3.7 110 ▲ 325.8 3.8 0.6 ▲
5/19/2010 General Electric Capital Corp United States 20,917.5 Standby/CP Support Credit Agricole CIB 12 11 50,367.1 2.2 -0.4 ▼ 237 3.9 57 ▲ 170.5 2.0 -0.2 ▼
10/12/2010 Sanofi-Aventis SA France 15,000.0 Acquisition Fin. Societe Generale 13 13 50,311.0 2.2 0.0 ▲ 199 3.3 84 ▲ 184.6 2.1 0.1 ▲
4/19/2010 Enel SpA Italy 13,491.6 Refin/Ret Bank Debt HSBC Holdings PLC 14 14 43,839.2 1.9 0.0 ▲ 201 3.3 89 ▲ 164.3 1.9 0.3 ▲
3/24/2010 Anheuser-Busch Inbev Belgium 13,000.0 Refin/Ret Bank Debt State Bank of India 15 16 38,281.7 1.7 -0.1 ▼ 87 1.4 30 ▲ 76.8 0.9 -0.1 ▼
1/8/2010 Taiwan High Speed Rail Corp Taiwan 12,005.1 Refin/Ret Bank Debt Credit Suisse 16 20 37,179.0 1.6 0.3 ▲ 136 2.2 67 ▲ 260.5 3.0 1.1 ▲
6/9/2010 Wal-Mart Stores Inc United States 11,225.0 Refin/Ret Bank Debt RBC Capital Markets 17 18 36,383.4 1.6 0.3 ▲ 143 2.3 71 ▲ 165.3 1.9 0.5 ▲
4/16/2010 Alstom Holdings France 11,173.4 Refinancing Goldman Sachs & Co 18 26 25,565.5 1.1 0.3 ▲ 80 1.3 48 ▲ 166.8 1.9 0.5 ▲
7/28/2010 Telefonica SA Spain 10,392.3 Acquisition Fin. Morgan Stanley 19 31 24,727.9 1.1 0.4 ▲ 82 1.3 50 ▲ 166.2 1.9 1.2 ▲
9/22/2010 Johnson & Johnson United States 10,000.0 Standby/CP Support TD Securities Inc 20 23 23,978.7 1.1 0.0 ▲ 81 1.3 13 ▲ 53.9 0.6 -0.2 ▼
10/29/2010 Daimler AG Germany 9,767.0 Refinancing ING 21 17 23,871.8 1.0 -0.4 ▼ 144 2.4 62 ▲ 109.4 1.3 -0.2 ▼
5/10/2010 Glencore International AG Switzerland 9,745.0 Refin/Ret Bank Debt Commerzbank AG 22 15 20,781.0 0.9 -0.9 ▼ 111 1.8 39 ▲ 66.5 0.8 -0.5 ▼
7/6/2010 Sanofi-Aventis SA France 8,838.4 Refin/Ret Bank Debt Scotiabank-Bank of Nova Scotia 23 21 20,472.2 0.9 -0.3 ▼ 107 1.8 34 ▲ 91.4 1.1 0.4 ▲
12/3/2010 Caterpillar Inc United States 8,600.0 Acquisition Fin. BMO Capital Markets 24 25 20,364.3 0.9 0.0 ▲ 117 1.9 39 ▲ 94.1 1.1 0.2 ▲
11/11/2010 Bharti Intl(Netherlands) India 8,500.0 Acquisition Fin. CIBC World Markets Inc 25 40 19,333.9 0.8 0.3 ▲ 85 1.4 50 ▲ 40.7 0.5 0.1 ▲
10/18/2010 E ON AG Germany 8,371.7 Refin/Ret Bank Debt Top Twenty Five Total 1,731,278.2 75.8 -0.9 ▼ 6,344.9 73.3 -0.6 ▼
12/6/2010 AT&T Corp United States 8,000.0 Refin/Ret Bank Debt Bookrunner Total 2,290,708.2 100.0 6,102 1369 8,666.7 100.0
4/7/2010 Ally Bank United States 7,000.0 General Corp. Purp.
11/10/2010 Nestle SA Switzerland 6,888.0 Refinancing Industry % Change from Same Period Last Year 49.5% ▲ 28.9% ▲ 37.5% ▲
9/23/2010 AP Moller AS Denmark 6,750.0 Refin/Ret Bank Debt Industry % Change from Last Quarter 33.3% ▲ -9.5% ▼ 17.2% ▲

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 Full Year 2010 | Syndicated Loans | Managing Underwriters

Global
Global Loans - Mandated Arrangers (R3) Jan 1 2010 - Dec 31 2010 Scorecard: Global Syndicated Loans

Proceeds per Mandated Arranger US$m) # of Deals per MA Imputed Fees (US$m)
2010 2009 Market Market # of Market Change in Manager Market Market 1/1/2010 - 12/31/2010 1/1/2009 - 12/31/2009
Mandated Arrangers Rank Rank Proceeds Share % Share Ch. Deals Share % # of Deals Fees Share % Share Ch. % Chge in
Bank of America Merrill Lynch 1 1 208,110.0 7.7 1.5 ▲ 1274 18.2 488 ▲ 939.2 9.3 9.3 ▲ Region/Nation Proceeds (US$m) # of Issues Proceeds (US$m) # of Issues Proceeds
JP Morgan 2 2 178,293.9 6.6 0.6 ▲ 836 11.9 356 ▲ 783.4 7.8 -0.5 ▼ Global 2,718,695.0 7,021 1,829,917.8 5,446 48.6 ▲
Mitsubishi UFJ Financial Group 3 3 123,846.0 4.6 -1.1 ▼ 1035 14.7 142 ▲ 385.9 3.8 -0.7 ▼ Americas 1,222,330.3 2,981 694,403.9 1,935 76.0 ▲
Citi 4 7 123,110.7 4.5 -0.1 ▼ 521 7.4 206 ▲ 357.0 3.5 -1.9 ▼ North America 1,199,059.7 2,913 650,514.5 1,868 84.3 ▲
Mizuho Financial Group 5 5 113,439.3 4.2 -0.6 ▼ 727 10.4 114 ▲ 342.7 3.4 -0.5 ▼ United States of America 1,089,006.9 2,581 579,192.0 1,648 88.0 ▲
BNP Paribas SA 6 4 110,149.2 4.1 -0.9 ▼ 754 10.7 238 ▲ 393.7 3.9 -1.1 ▼ Canada 110,052.8 333 71,322.5 220 54.3 ▲
Wells Fargo & Co 7 11 94,485.9 3.5 0.9 ▲ 817 11.6 374 ▲ 380.2 3.8 0.4 ▲ Central America 10,811.1 21 25,488.1 19 -57.6 ▼
RBS 8 8 92,867.4 3.4 -0.4 ▼ 606 8.6 237 ▲ 278.5 2.8 -1.1 ▼ Mexico 9,891.1 17 24,790.1 15 -60.1 ▼
Sumitomo Mitsui Finl Grp Inc 9 6 90,407.2 3.3 -1.5 ▼ 709 10.1 63 ▲ 275.3 2.7 -1.6 ▼ South America 10,720.3 39 18,074.2 46 -40.7 ▼
Deutsche Bank AG 10 12 81,018.2 3.0 0.5 ▲ 413 5.9 206 ▲ 389.3 3.9 1.9 ▲ Brazil 7,844.3 23 15,020.9 26 -47.8 ▼
Barclays Capital 11 9 77,387.9 2.9 0.1 ▲ 432 6.2 161 ▲ 371.4 3.7 0.6 ▲ Peru 1,395.0 7 508.6 3 174.3 ▲
Credit Agricole CIB 12 10 67,142.9 2.5 -0.2 ▼ 494 7.0 100 ▲ 230.8 2.3 -0.2 ▼ Caribbean 1,739.1 8 327.0 2 431.8 ▲
HSBC Holdings PLC 13 13 64,111.7 2.4 0.0 ▲ 516 7.4 230 ▲ 183.7 1.8 0.3 ▲ Jamaica 584.8 1 - - - -
Societe Generale 14 14 55,981.2 2.1 -0.1 ▼ 398 5.7 115 ▲ 233.5 2.3 0.1 ▲ Europe 818,308.3 1,090 608,474.9 915 34.5 ▲
ING 15 20 43,025.4 1.6 0.3 ▲ 374 5.3 176 ▲ 151.3 1.5 -0.2 ▼ Western Europe 761,721.9 967 563,907.0 825 35.1 ▲
Credit Suisse 16 18 41,723.8 1.5 0.0 ▲ 203 2.9 92 ▲ 262.3 2.6 1.1 ▲ United Kingdom 190,884.6 195 82,841.8 148 130.4 ▲
RBC Capital Markets 17 22 37,598.1 1.4 0.3 ▲ 241 3.4 128 ▲ 181.5 1.8 0.5 ▲ France 129,225.3 140 89,691.2 119 44.1 ▲
State Bank of India 18 15 37,535.2 1.4 -0.2 ▼ 95 1.4 23 ▲ 82.8 0.8 -0.1 ▼ Germany 96,335.6 110 104,172.7 67 -7.5 ▼
Scotiabank-Bank of Nova Scotia 19 21 33,620.9 1.2 0.0 ▲ 240 3.4 88 ▲ 101.0 1.0 0.4 ▲ Spain 94,535.3 181 105,127.5 189 -10.1 ▼
Santander 20 16 31,211.9 1.2 -0.3 ▼ 242 3.4 33 ▲ 124.2 1.2 -0.9 ▼ Italy 48,954.9 95 23,911.0 74 104.7 ▲
BBVA 21 17 28,336.4 1.0 -0.5 ▼ 277 3.9 3 ▲ 99.2 1.0 -0.3 ▼ Switzerland 39,204.8 22 33,998.9 19 15.3 ▲
Natixis 22 25 28,155.0 1.0 0.1 ▲ 252 3.6 87 ▲ 90.8 0.9 0.1 ▲ Netherlands 35,813.9 54 35,180.3 54 1.8 ▲
Morgan Stanley 23 27 28,017.8 1.0 0.1 ▲ 142 2.0 76 ▲ 168.4 1.7 1.2 ▲ Belgium 34,667.6 23 15,312.1 21 126.4 ▲
Goldman Sachs & Co 24 36 26,804.8 1.0 0.3 ▲ 129 1.8 82 ▲ 167.7 1.7 0.5 ▲ Sweden 18,463.6 25 14,680.0 10 25.8 ▲
US Bancorp 25 39 26,592.4 1.0 0.4 ▲ 322 4.6 156 ▲ 72.9 0.7 0.3 ▲ Luxembourg 18,214.8 20 21,033.1 11 -13.4 ▼
Top Twenty Five Total 1,842,973.2 68.1 -0.8 ▼ 4,525.2 44.9 4.2 ▲ Norway 14,758.0 42 9,828.3 34 50.2 ▲
Industry Total 2,718,695.0 100.0 7,021 1603 8,666.7 100.0 Eastern Europe 56,586.5 123 44,567.8 90 27.0 ▲
Russian Federation 32,098.0 48 19,017.6 23 68.8 ▲
Industry % Change from Same Period Last Year 48.6% ▲ 29.5% ▲ 42.7% ▲ Turkey 14,417.9 29 13,258.3 28 8.7 ▲
Industry % Change from Last Quarter 20.9% ▲ -9.7% ▼ 6.9% ▲ Poland 3,735.8 14 1,648.8 5 126.6 ▲
Hungary 1,480.0 7 2,046.3 6 -27.7 ▼
Africa/Middle East/Central Asia 70,143.0 97 56,536.3 94 24.1 ▲
Middle East 45,527.5 54 37,961.2 48 19.9 ▲
Saudi Arabia 18,388.6 12 6,066.4 4 - -
United Arab Emirates 16,369.3 21 22,050.4 23 -25.8 ▼
North Africa 7,716.8 14 4,589.9 11 68.1 ▲
Egypt 7,716.8 14 3,365.1 9 129.3 ▲
Sub-Saharan Africa 14,344.5 25 13,594.0 31 5.5 ▲
South Africa 3,732.1 6 5,253.4 14 -29.0 ▼
Angola 2,500.0 1 1,500.0 1 66.7 ▲
Leading Underwriters During the Fourth Quarter 2010 Uganda 2,500.0 1 - - - -
Central Asia 2,554.2 4 391.1 4 553.1 ▲
Asia-Pacific (ex Central Asia) 355,797.7 1,202 221,349.8 842 60.7 ▲
Current Qtr Mkt. Share North Asia 133,460.0 581 79,384.7 409 68.1 ▲
Market Share Chg. from Last Taiwan 55,581.8 290 22,068.0 209 151.9 ▲
Market Sector No. 1 Manager (%) Qtr (%) Hong Kong 41,103.4 103 18,421.7 58 123.1 ▲
Global Loans (R1) JP Morgan 10.7 2.1 ▲ China 23,075.6 105 28,197.3 63 -18.2 ▼
Americas Loans (R7) Bank of America Merrill Lynch 18.7 1.9 ▲ South Korea 10,995.1 81 10,614.9 78 3.6 ▲
North American Loans (R9) Bank of America Merrill Lynch 18.9 1.8 ▲ South Asia 89,429.8 240 50,371.2 144 77.5 ▲
US Loans (R11) Bank of America Merrill Lynch 20.7 2.0 ▲ India 88,960.5 229 49,372.6 129 80.2 ▲
US Leveraged Loans (R11a) Bank of America Merrill Lynch 20.9 3.2 ▲ Southeast Asia 58,301.4 194 34,542.2 139 68.8 ▲
US Investment Grade Loans (R11b) JP Morgan 25.4 2.5 ▲ Singapore 22,751.1 64 16,526.2 39 37.7 ▲
Latin America Loans (R15) Citi 12 4.6 ▲ Malaysia 11,108.4 39 3,825.5 20 190.4 ▲
Latin America Loans (R16) Bank of America Merrill Lynch 17.3 -1.0 ▼ Thailand 8,997.5 31 2,941.3 19 205.9 ▲
EMEA Loans (R17) BNP Paribas SA 9.6 1.5 ▲ Indonesia 8,306.7 33 8,170.6 40 1.7 ▲
EMEA Leveraged Loans (P10) RBS 12.6 9.3 ▲ Philippines 3,819.9 14 1,704.3 9 124.1 ▲
Asia-Pacific ex. Japan ex. Australia (S5b) Bank of China Ltd 10.6 4.8 ▲ Vietnam 2,726.9 12 1,332.6 11 104.6 ▲
Asia-Pacific ex. Japan ex. Australia (S5c) State Bank of India 12.4 -11.1 ▼ Australasia 74,606.5 187 57,051.7 150 30.8 ▲
Japan Loans (S12a) Sumitomo Mitsui Finl Grp Inc 34.3 12.3 ▲ Australia 65,998.1 139 46,414.0 114 42.2 ▲
Japan Loans (S12b) Sumitomo Mitsui Finl Grp Inc 33.7 12.8 ▲ New Zealand 8,608.4 48 5,891.1 34 46.1 ▲
Australian Loans (S7) ANZ Banking Group 28.2 18.8 ▲ Japan 252,115.7 1,653 249,153.1 1,662 1.2 ▲

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 Full Year 2010 | Syndicated Loans | Managing Underwriters

Global Loans Ranking - A Decade in Review

0

JP Morgan
1

Bank of America Merrill Lynch

2

Citi
3

Mitsubishi UFJ Financial Group

4
Rank

5 Mizuho Financial Group

6 Wells Fargo & Co

7 BNP Paribas SA

8 Deutsche Bank AG

9 Sumitomo Mitsui Finl Grp Inc

10 RBS

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

*League Table positions reflect consolidation within the banking sector

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 Full Year 2010 | Syndicated Loans | Managing Underwriters

Americas
Overall Proceeds Reach US$1.22 Trillion | US High Yield Volume Rebounds | Refinancings Drive Market

Americas Deals Intelligence Americas Loans - Bookrunners (R7) Jan 1 2010 - Dec 31 2010

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Lending in the Americas dwarfed 2009 totals, up 76% with total proceeds reaching US$1.22 trillion. Proceeds in the
2010 2009 Market Market # of Market Change in Manager Market Market
fourth quarter outpaced third quarter totals by 35.6% on 2,981 transactions. Bookrunner Rank Rank Proceeds Share% Share Ch. Deals Share% # of Deals Fees Share% Share Ch.
Bank of America Merrill Lynch 1 2 227,960.3 18.7 0.7 ▲ 941 31.8 340 ▲ 884.1 16.7 -1.9 ▼
High Yield lending in the Americas rebounded after a down year in 2009, reaching US$470.7 billion on 1,379 deals JP Morgan 2 1 220,067.9 18.1 -2.0 ▼ 598 20.2 258 ▲ 676.1 12.8 -2.9 ▼
Citi 3 3 106,443.2 8.8 -2.3 ▼ 237 8.0 98 ▲ 265.2 5.0 -3.7 ▼
in 2010. The 77.7% increase in proceeds was nearly identical to the rise in the overall market.
Wells Fargo & Co 4 4 96,805.7 8.0 1.6 ▲ 541 18.3 233 ▲ 377.0 7.1 -0.5 ▼
Deutsche Bank AG 5 14 44,238.7 3.6 2.0 ▲ 131 4.4 81 ▲ 271.7 5.1 2.9 ▲
Refinancings powered the syndicated loans market in 2010, with proceeds totaling US$423.71 billion. Refinancings Barclays Capital 6 6 39,695.8 3.3 -0.3 ▼ 139 4.7 81 ▲ 256.2 4.8 1.0 ▲
accounted for 34.7% of all 2010 proceeds. BNP Paribas SA 7 5 37,917.9 3.1 -1.3 ▼ 128 4.3 45 ▲ 135.3 2.6 -1.0 ▼
RBC Capital Markets 8 7 34,742.4 2.9 0.0 ▲ 135 4.6 67 ▲ 155.9 2.9 0.4 ▲
Credit Suisse 9 15 31,713.0 2.6 1.1 ▲ 106 3.6 60 ▲ 236.1 4.5 2.0 ▲
Lending in Latin America lagged 2009 totals, down 48% with total proceeds of US$22.66 billion. Average deal size RBS 10 13 26,153.5 2.2 0.5 ▲ 116 3.9 63 ▲ 112.4 2.1 -0.9 ▼
dropped to US$354.05 million, which was the primary reason for the large difference compared to 2009 given only TD Securities Inc 11 9 23,978.7 2.0 -0.2 ▼ 81 2.7 16 ▲ 52.6 1.0 0.0 -
one fewer facility closed in 2010. Mitsubishi UFJ Financial Group 12 23 22,870.2 1.9 1.0 ▲ 92 3.1 41 ▲ 93.2 1.8 0.6 ▲
BMO Capital Markets 13 10 20,241.8 1.7 -0.3 ▼ 115 3.9 39 ▲ 93.4 1.8 0.0 -
Scotiabank-Bank of Nova Scotia 14 8 19,822.2 1.6 -1.1 ▼ 96 3.2 33 ▲ 85.0 1.6 0.3 ▲
Goldman Sachs & Co 15 11 19,464.7 1.6 -0.2 ▼ 56 1.9 29 ▲ 126.8 2.4 -0.2 ▼
PNC Financial Services Group 16 12 19,292.0 1.6 -0.1 ▼ 195 6.6 33 ▲ 57.5 1.1 0.1 ▲
CIBC World Markets Inc 17 21 19,267.2 1.6 0.5 ▲ 84 2.8 49 ▲ 40.4 0.8 0.0 -
Morgan Stanley 18 19 18,974.0 1.6 0.3 ▲ 59 2.0 37 ▲ 144.1 2.7 1.7 ▲
Top Americas Syndicated Loans Jan 1 2010 - Dec 31 2010 General Electric Co 19 17 16,001.0 1.3 0.0 ▲ 168 5.7 89 ▲ 137.6 2.6 -0.1 ▼
Closing Date Borrower Target Market Package Amt (US$m) Primary UOP SunTrust Banks 20 24 15,968.1 1.3 0.5 ▲ 126 4.3 76 ▲ 104.7 2.0 1.1 ▲
5/19/2010 General Electric Capital Corp United States 20,917.5 Standby/CP Support US Bancorp 21 20 15,680.7 1.3 0.2 ▲ 143 4.8 72 ▲ 74.1 1.4 0.2 ▲
6/9/2010 Wal-Mart Stores Inc United States 11,225.0 Refin/Ret Bank Debt HSBC Holdings PLC 22 18 11,690.2 1.0 -0.3 ▼ 36 1.2 12 ▲ 80.0 1.5 0.4 ▲
9/22/2010 Johnson & Johnson United States 10,000.0 Standby/CP Support UBS 23 16 10,777.8 0.9 -0.6 ▼ 65 2.2 49 ▲ 85.4 1.6 -0.6 ▼
12/3/2010 Caterpillar Inc United States 8,600.0 Acquisition Fin. Credit Agricole CIB 24 28 9,159.8 0.8 0.2 ▲ 51 1.7 19 ▲ 49.4 0.9 0.0 -
12/6/2010 AT&T Corp United States 8,000.0 Refin/Ret Bank Debt KeyBanc Capital Markets Inc 25 26 8,877.8 0.7 0.1 ▲ 74 2.5 23 ▲ 46.4 0.9 0.1 ▲
4/7/2010 Ally Bank United States 7,000.0 General Corp. Purp. Top Twenty Five Total 1,117,804.6 92.2 0.0 ▼ 4,640.6 87.7 -1.0 ▼
3/31/2010 Air Products & Chemicals Inc United States 6,724.0 Acquisition Fin. Bookrunner Total 1,216,459.3 100.0 2,959 1048 5,294.2 100.0
5/17/2010 Depository Trust Co United States 6,537.0 Refin/Ret Bank Debt
6/9/2010 PPL Corp United States 6,500.0 Acquisition Fin. Industry % Change over Same Period Last Year 80.3% ▲ 54.8% ▲ 61.6% ▲
10/25/2010 Univision Communications Inc United States 6,449.0 Refin/Ret Bank Debt Industry % Change over Last Quarter 36.1% ▲ 22.9% ▲ 17.7% ▲

Americas Loans by Industry Jan 1 - Dec 31 US High Yield Volume Jan 1 - Dec 31

$280
$1,200 2,500

January 1, 2009 -December 31, 2009

$240
January 1, 2010 - December 31, 2010
$1,000
2,000
$200
Proceeds (US$b)

$160 $800
Proceeds (US$b)

1,500

# of Issues
$120
$600

$80 1,000

$400
$40

500
$0 $200
High Technology

Telecommunications
Energy and Power

Financials

Industrials

Materials

Retail
Entertainment

Consumer Staples
Healthcare

Real Estate
Consumer Products

Government and
Media and

and Services

Agencies

$0 0
2005 2006 2007 2008 2009 2010

Q1 Volume (US$b) Q2 Volume (US$b) Q3 Volume (US$b) Q4 Volume (US$b) # of Issues

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 Full Year 2010 | Syndicated Loans | Managing Underwriters

Americas
Americas Loans - Mandated Arrangers (R8c) Jan 1 2010 - Dec 31 2010 North America Loans - Bookrunners (R9) Jan 1 2010 - Dec 31 2010

Proceeds per Mandated Arranger (US$m) # of Deals per MA Imputed Fees (US$m) Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
2010 2009 Market Market # of Market Change in Manager Market Market 2010 2009 Market Market # of Market Change in Manager Market Market
Mandated Arranger Rank Rank Proceeds Share% Share Ch. Deals Share% # of Deals Fees Share% Share Ch. Bookrunner Rank Rank Proceeds Share% Share Ch. Deals Share% # of Deals Fees Share% Share Ch.
Bank of America Merrill Lynch 1 1 187,232.4 15.3 0.4 ▲ 1134 38.1 404 ▲ 883.6 16.7 -1.5 ▼ Bank of America Merrill Lynch 1 2 226,186.6 18.9 0.3 ▲ 931 352.5 334 ▲ 881.4 16.9 -2.2 ▼
JP Morgan 2 2 150,549.0 12.3 -0.1 ▼ 719 24.1 309 ▲ 676.1 12.8 -2.5 ▼ JP Morgan 2 1 219,878.9 18.4 -2.5 ▼ 596 20.5 257 ▲ 675.6 12.9 -3.3 ▼
Wells Fargo & Co 3 4 92,957.6 7.6 0.9 ▲ 794 26.6 363 ▲ 376.3 7.1 -0.3 ▼ Citi 3 3 104,060.5 8.7 -2.6 ▼ 222 7.6 92 ▲ 257.2 4.9 -3.9 ▼
Citi 4 3 91,698.8 7.5 -1.3 ▼ 311 10.4 125 ▲ 265.2 5.0 -3.8 ▼ Wells Fargo & Co 4 4 96,725.0 8.1 1.5 ▲ 538 18.5 230 ▲ 376.8 7.2 -0.6 ▼
Deutsche Bank AG 5 11 46,510.0 3.8 1.5 ▲ 209 7.0 130 ▲ 271.2 5.1 2.9 ▲ Deutsche Bank AG 5 13 43,929.7 3.7 2.1 ▲ 128 4.4 79 ▲ 271.0 5.2 2.9 ▲
RBS 6 6 45,665.7 3.7 -0.3 ▼ 272 9.1 148 ▲ 112.9 2.1 -1.1 ▼ Barclays Capital 6 5 39,445.8 3.3 -0.5 ▼ 138 4.8 81 ▲ 255.9 4.9 1.0 ▲
Barclays Capital 7 7 44,617.8 3.7 -0.2 ▼ 220 7.4 117 ▲ 256.4 4.8 1.1 ▲ BNP Paribas SA 7 6 36,489.6 3.1 -0.4 ▼ 117 4.0 47 ▲ 132.1 2.5 -1.0 ▼
BNP Paribas SA 8 5 37,820.0 3.1 -1.7 ▼ 236 7.9 101 ▲ 138.2 2.6 -1.3 ▼ RBC Capital Markets 8 7 34,700.8 2.9 -0.1 ▼ 134 4.6 66 ▲ 155.7 3.0 0.4 ▲
Credit Suisse 9 12 33,839.3 2.8 0.6 ▲ 142 4.8 75 ▲ 235.9 4.5 2.0 ▲ Credit Suisse 9 15 31,713.0 2.7 1.2 ▲ 106 3.6 62 ▲ 236.0 4.5 1.9 ▲
RBC Capital Markets 10 9 33,074.3 2.7 0.2 ▲ 216 7.2 113 ▲ 156.6 3.0 0.6 ▲ RBS 10 14 25,722.9 2.2 0.6 ▲ 112 3.9 62 ▲ 111.7 2.1 -0.9 ▼
Mitsubishi UFJ Financial Group 11 14 29,300.2 2.4 0.4 ▲ 233 7.8 112 ▲ 96.1 1.8 0.6 ▲ TD Securities Inc 11 9 23,978.7 2.0 -0.3 ▼ 81 2.8 16 ▲ 52.6 1.0 0.0 -
Scotiabank-Bank of Nova Scotia 12 8 27,966.2 2.3 -0.4 ▼ 196 6.6 83 ▲ 86.8 1.6 0.4 ▲ Mitsubishi UFJ Financial Group 12 23 21,663.8 1.8 0.9 ▲ 89 3.1 44 ▲ 91.0 1.7 0.5 ▲
US Bancorp 13 18 26,592.4 2.2 0.6 ▲ 322 10.8 157 ▲ 72.9 1.4 0.2 ▲ BMO Capital Markets 13 10 20,241.8 1.7 -0.3 ▼ 115 4.0 39 ▲ 93.4 1.8 0.0 -
BMO Capital Markets 14 10 24,981.8 2.0 -0.5 ▼ 214 7.2 81 ▲ 93.3 1.8 0.0 - Scotiabank-Bank of Nova Scotia 14 8 19,772.2 1.7 -1.1 ▼ 95 3.3 33 ▲ 84.3 1.6 0.3 ▲
SunTrust Banks 15 27 21,268.2 1.7 0.9 ▲ 210 7.0 131 ▲ 104.7 2.0 1.1 ▲ Goldman Sachs & Co 15 11 19,464.7 1.6 -0.2 ▼ 56 1.9 29 ▲ 126.7 2.4 -0.3 ▼
Morgan Stanley 16 15 20,828.9 1.7 -0.1 ▼ 95 3.2 50 ▲ 144.1 2.7 1.7 ▲ PNC Financial Services Group 16 12 19,292.0 1.6 -0.2 ▼ 195 6.7 33 ▲ 57.5 1.1 0.1 ▲
CIBC World Markets Inc 17 26 19,711.0 1.6 0.6 ▲ 121 4.1 68 ▲ 41.6 0.8 0.0 - CIBC World Markets Inc 17 20 19,267.2 1.6 0.5 ▲ 84 2.9 49 ▲ 40.4 0.8 -0.1 ▼
HSBC Holdings PLC 18 13 18,617.0 1.5 -0.5 ▼ 115 3.9 62 ▲ 53.8 1.0 -0.3 ▼ Morgan Stanley 18 18 18,974.0 1.6 0.2 ▲ 59 2.0 37 ▲ 144.1 2.8 1.7 ▲
PNC Financial Services Group 19 19 18,273.5 1.5 -0.1 ▼ 266 8.9 71 ▲ 57.5 1.1 0.1 ▲ General Electric Co 19 17 16,001.0 1.3 -0.1 ▼ 168 5.8 89 ▲ 137.6 2.6 -0.1 ▼
TD Securities Inc 20 17 17,999.3 1.5 -0.1 ▼ 133 4.5 43 ▲ 52.5 1.0 0.0 - SunTrust Banks 20 24 15,968.1 1.3 0.5 ▲ 126 4.3 76 ▲ 104.7 2.0 1.1 ▲
Goldman Sachs & Co 21 20 17,562.7 1.4 0.0 - 78 2.6 45 ▲ 126.8 2.4 -0.2 ▼ US Bancorp 21 19 15,680.7 1.3 0.2 ▲ 143 4.9 72 ▲ 74.1 1.4 0.2 ▲
Credit Agricole CIB 22 23 17,048.5 1.4 0.1 ▲ 110 3.7 41 ▲ 52.4 1.0 0.0 - UBS 22 16 10,777.8 0.9 -0.6 ▼ 65 2.2 49 ▲ 85.4 1.6 -0.7 ▼
General Electric Co 23 22 15,385.6 1.3 0.0 ▲ 221 7.4 116 ▲ 137.6 2.6 0.0 - HSBC Holdings PLC 23 22 10,582.0 0.9 -0.1 ▼ 26 0.9 11 ▲ 76.4 1.5 0.6 ▲
UBS 24 21 12,610.9 1.0 -0.4 ▼ 96 3.2 58 ▲ 85.4 1.6 -0.6 ▼ KeyBanc Capital Markets Inc 24 25 8,877.8 0.7 0.0 ▲ 74 2.5 23 ▲ 46.4 0.9 0.1 ▲
Societe Generale 25 25 10,112.7 0.8 -0.3 ▼ 94 3.2 28 ▲ 43.3 0.8 0.0 - Credit Agricole CIB 25 27 7,895.0 0.7 0.2 ▲ 42 1.4 21 ▲ 45.9 0.9 0.1 ▲
Top Twenty Five Total 1,062,223.8 86.8 0.2 ▲ 4,621.2 87.3 -0.9 ▼ Top Twenty Five Total 1,107,289.6 92.7 -0.8 ▼ 4,613.9 88.2 -2.2 ▼
Industry Total 1,222,330.3 100.0 2,981 1051 5,299.7 100.0 Bookrunner Total 1,196,527.6 100.0 2,905 1044 5,225.5 100.0

Industry % Change over Same Period Last Year 76.0% ▲ 54.4% ▲ 58.4% ▲ Industry % Change over Same Period Last Year 84.4% ▲ 56.1% ▲ 64.5% ▲
Industry % Change over Last Quarter 35.6% ▲ 22.4% ▲ 20.1% ▲ Industry % Change over Last Quarter 35.4% ▲ 23.4% ▲ 17.2% ▲

US Loans - Bookrunners (R11) Jan 1 2010 - Dec 31 2010 US Leveraged Loans - Bookrunners (R11a) Jan 1 2010 - Dec 31 2010

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m) Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
2010 2009 Market Market # of Market Change in Manager Market Market 2010 2009 Market Market # of Market Change in Manager Market Market
Bookrunner Rank Rank Proceeds Share% Share Ch. Deals Share% # of Deals Fees Share% Share Ch. Bookrunner Rank Rank Proceeds Share% Share Ch. Deals Share% # of Deals Fees Share% Share Ch.
Bank of America Merrill Lynch 1 2 225,349.1 20.7 0.1 ▲ 926 36.0 337 ▲ 878.6 17.9 -2.5 ▼ Bank of America Merrill Lynch 1 1 98,335.8 20.9 -0.7 ▼ 493 35.8 80 ▲ 690.3 17.9 -4.7 ▼
JP Morgan 2 1 218,240.3 20.1 -3.1 ▼ 588 22.8 252 ▲ 669.2 13.6 -3.5 ▼ JP Morgan 2 2 70,357.1 15.0 -1.2 ▼ 276 20.0 75 ▲ 461.6 12.0 -1.7 ▼
Citi 3 3 103,046.7 9.5 -2.8 ▼ 217 8.4 92 ▲ 253.9 5.2 -3.8 ▼ Wells Fargo & Co 3 3 38,689.9 8.2 -3.3 ▼ 269 19.5 27 ▲ 275.8 7.2 -2.9 ▼
Wells Fargo & Co 4 4 95,872.9 8.8 1.4 ▲ 534 20.7 229 ▲ 372.4 7.6 -0.8 ▼ Deutsche Bank AG 4 9 33,208.4 7.1 4.4 ▲ 95 6.9 58 ▲ 247.4 6.4 3.7 ▲
Deutsche Bank AG 5 9 43,745.2 4.0 2.2 ▲ 125 4.9 78 ▲ 269.7 5.5 3.0 ▲ Credit Suisse 5 10 25,709.2 5.5 3.3 ▲ 88 6.4 54 ▲ 219.6 5.7 3.6 ▲
Barclays Capital 6 5 39,245.8 3.6 -0.5 ▼ 137 5.3 83 ▲ 254.3 5.2 1.1 ▲ Barclays Capital 6 6 22,525.5 4.8 1.1 ▲ 96 7.0 59 ▲ 221.8 5.8 2.1 ▲
BNP Paribas SA 7 6 36,113.6 3.3 -0.6 ▼ 114 4.4 45 ▲ 129.6 2.6 -1.2 ▼ Citi 7 4 21,364.7 4.5 -2.8 ▼ 88 6.4 29 ▲ 156.5 4.1 -3.0 ▼
Credit Suisse 8 13 31,233.0 2.9 1.3 ▲ 103 4.0 63 ▲ 233.6 4.8 2.2 ▲ General Electric Co 8 8 14,363.7 3.1 0.1 ▲ 158 11.5 84 ▲ 132.8 3.4 -0.2 ▼
RBS 9 10 25,438.7 2.3 0.6 ▲ 110 4.3 61 ▲ 110.3 2.2 -1.0 ▼ BNP Paribas SA 9 5 14,160.1 3.0 -2.2 ▼ 52 3.8 5 ▲ 96.7 2.5 -1.3 ▼
Mitsubishi UFJ Financial Group 10 18 21,044.3 1.9 1.0 ▲ 84 3.3 44 ▲ 84.5 1.7 0.5 ▲ Goldman Sachs & Co 10 12 12,239.9 2.6 0.6 ▲ 44 3.2 22 ▲ 101.6 2.6 -0.2 ▼
Goldman Sachs & Co 11 7 19,280.5 1.8 -0.3 ▼ 54 2.1 27 ▲ 126.1 2.6 -0.4 ▼ Morgan Stanley 11 15 11,588.1 2.5 1.2 ▲ 44 3.2 26 ▲ 114.7 3.0 1.8 ▲
PNC Financial Services Group 12 8 19,256.5 1.8 -0.2 ▼ 194 7.5 32 ▲ 57.4 1.2 0.1 ▲ RBC Capital Markets 12 13 9,189.7 2.0 0.6 ▲ 50 3.6 28 ▲ 93.9 2.4 1.2 ▲
Morgan Stanley 13 12 18,554.7 1.7 0.1 ▲ 56 2.2 34 ▲ 140.7 2.9 1.7 ▲ UBS 13 7 9,128.6 1.9 -1.4 ▼ 56 4.1 44 ▲ 81.0 2.1 -0.7 ▼
SunTrust Banks 14 20 15,968.1 1.5 0.6 ▲ 126 4.9 76 ▲ 104.7 2.1 1.1 ▲ Mitsubishi UFJ Financial Group 14 28 8,916.1 1.9 1.3 ▲ 20 1.5 2 ▲ 49.2 1.3 0.4 ▲
General Electric Co 15 14 15,763.2 1.5 0.1 ▲ 166 6.4 91 ▲ 135.6 2.8 0.1 ▲ SunTrust Banks 15 16 8,733.9 1.9 0.7 ▲ 73 5.3 42 ▲ 91.2 2.4 1.2 ▲
US Bancorp 16 15 15,680.7 1.4 0.1 ▲ 143 5.6 72 ▲ 74.1 1.5 0.2 ▲ RBS 16 11 6,997.0 1.5 -0.6 ▼ 42 3.0 11 ▲ 66.6 1.7 -1.5 ▼
UBS 17 11 10,535.3 1.0 -0.7 ▼ 62 2.4 47 ▲ 84.5 1.7 -0.7 ▼ HSBC Holdings PLC 17 23 5,675.9 1.2 0.5 ▲ 10 0.7 1 ▲ 56.1 1.5 1.0 ▲
RBC Capital Markets 18 19 10,125.9 0.9 0.0 ▲ 57 2.2 29 ▲ 96.5 2.0 0.9 ▲ BMO Capital Markets 18 18 5,604.9 1.2 0.2 ▲ 44 3.2 18 ▲ 60.7 1.6 0.6 ▲
BMO Capital Markets 19 23 9,496.3 0.9 0.2 ▲ 67 2.6 33 ▲ 67.7 1.4 0.5 ▲ KeyBanc Capital Markets Inc 19 17 5,436.8 1.2 0.0 ▲ 50 3.6 10 ▲ 40.8 1.1 0.0 -
HSBC Holdings PLC 20 17 9,471.8 0.9 -0.2 ▼ 20 0.8 7 ▲ 66.1 1.4 0.5 ▲ US Bancorp 20 14 4,267.2 0.9 -0.4 ▼ 61 4.4 19 ▲ 49.6 1.3 -0.1 ▼
KeyBanc Capital Markets Inc 21 22 8,842.3 0.8 0.0 ▲ 73 2.8 22 ▲ 46.2 0.9 0.0 - PNC Financial Services Group 21 20 3,818.0 0.8 -0.1 ▼ 27 2.0 4 ▲ 30.6 0.8 0.0 -
Credit Agricole CIB 22 25 7,683.4 0.7 0.1 ▲ 39 1.5 20 ▲ 43.4 0.9 0.1 ▲ Jefferies & Co Inc 22 34 3,077.7 0.7 0.5 ▲ 26 1.9 17 ▲ 35.7 0.9 0.7 ▲
Rabobank NV 23 26 6,461.4 0.6 0.1 ▲ 32 1.2 22 ▲ 34.2 0.7 0.1 ▲ Societe Generale 23 25 2,836.5 0.6 0.0 - 19 1.4 4 ▲ 28.6 0.7 -0.1 ▼
Societe Generale 24 24 6,376.2 0.6 0.0 ▲ 35 1.4 12 ▲ 36.3 0.7 0.0 - Credit Agricole CIB 24 26 2,330.7 0.5 -0.1 ▼ 14 1.0 3 ▲ 29.6 0.8 -0.1 ▼
Scotiabank-Bank of Nova Scotia 25 21 5,522.8 0.5 -0.3 ▼ 31 1.2 14 ▲ 46.2 0.9 0.4 ▲ Scotiabank-Bank of Nova Scotia 25 30 2,023.8 0.4 0.0 ▲ 11 0.8 5 ▲ 31.8 0.8 0.4 ▲
Top Twenty Five Total 1,018,348.7 93.7 -0.8 ▼ 4,415.8 90.0 -1.4 ▼ Top Twenty Five Total 440,579.2 93.9 1.7 ▲ 3,464.2 90.0 0.2 ▲
Bookrunner Total 1,086,851.2 100.0 2,574 933 4,913.6 100.0 Bookrunner Total 470,720.6 100.0 1,379 326 3,856.5 100.0

Industry % Change over Same Period Last Year 88.2% ▲ 56.9% ▲ 69.5% ▲ Industry % Change over Same Period Last Year 77.7% ▲ 31.0% ▲ 79.9% ▲
Industry % Change over Last Quarter 37.2% ▲ 23.8% ▲ 19.4% ▲ Industry % Change over Last Quarter 32.4% ▲ 27.3% ▲ 17.1% ▲

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Americas
US Investment Grade Loans - Bookrunners (R11b) Jan 1 2010 - Dec 31 2010 Latin America Loans - Bookrunners (R15) Jan 1 2010 - Dec 31 2010

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m) Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
2010 2009 Market Market # of Market Change in Manager Market Market 2010 2009 Market Market # of Market Change in Manager Market Market
Bookrunner Rank Rank Proceeds Share% Share Ch. Deals Share% # of Deals Fees Share% Share Ch. Bookrunner Rank Rank Proceeds Share% Share Ch. Deals Share% # of Deals Fees Share% Share Ch.
JP Morgan 1 1 146,433.9 25.4 -6.1 ▼ 308 31.6 179 ▲ 205.5 21.0 -8.0 ▼ Citi 1 4 2,382.7 12.0 4.6 ▲ 15 27.8 6 ▲ 8.0 11.6 3.4 ▲
Bank of America Merrill Lynch 2 2 124,598.4 21.6 0.7 ▲ 429 44.0 266 ▲ 184.2 18.8 4.0 ▲ Bank of America Merrill Lynch 2 11 1,773.7 8.9 6.3 ▲ 10 18.5 6 ▲ 2.7 3.9 0.7 ▲
Citi 3 3 81,337.9 14.1 -3.6 ▼ 126 12.9 64 ▲ 96.3 9.9 -5.3 ▼ BBVA 3 2 1,699.6 8.5 -0.8 ▼ 10 18.5 -4 ▼ 3.1 4.5 -5.1 ▼
Wells Fargo & Co 4 5 56,669.4 9.8 5.8 ▲ 264 27.1 202 ▲ 95.2 9.7 5.8 ▲ BNP Paribas SA 4 1 1,428.3 7.2 -20.8 ▼ 11 20.4 -2 ▼ 3.2 4.6 -4.0 ▼
BNP Paribas SA 5 8 20,632.7 3.6 1.9 ▲ 60 6.2 41 ▲ 31.3 3.2 1.1 ▲ Credit Agricole CIB 5 9 1,264.8 6.4 3.5 ▲ 9 16.7 -2 ▼ 3.5 5.1 1.5 ▲
RBS 6 11 18,438.7 3.2 1.9 ▲ 70 7.2 54 ▲ 43.3 4.4 1.0 ▲ Mitsubishi UFJ Financial Group 6 15 1,206.4 6.1 4.6 ▲ 3 5.6 -3 ▼ 2.2 3.2 0.6 ▲
Barclays Capital 7 4 16,564.4 2.9 -1.9 ▼ 39 4.0 23 ▲ 31.9 3.3 -2.1 ▼ Santander 7 5 1,173.7 5.9 -1.4 ▼ 11 20.4 0 - 4.3 6.3 -3.4 ▼
Mitsubishi UFJ Financial Group 8 12 10,614.6 1.8 0.6 ▲ 53 5.4 37 ▲ 27.7 2.8 0.8 ▲ HSBC Holdings PLC 8 3 1,108.3 5.6 -3.4 ▼ 10 18.5 1 ▲ 3.6 5.2 -4.4 ▼
US Bancorp 9 20 9,075.7 1.6 1.1 ▲ 66 6.8 53 ▲ 20.7 2.1 1.5 ▲ Itau Unibanco 9 7 706.6 3.6 0.5 ▲ 8 14.8 1 ▲ 1.8 2.6 -1.1 ▼
Deutsche Bank AG 10 14 7,577.4 1.3 0.2 ▲ 22 2.3 13 ▲ 18.5 1.9 0.1 ▲ WestLB AG 10 16 642.6 3.2 1.9 ▲ 7 13.0 1 ▲ 3.7 5.5 3.7 ▲
SunTrust Banks 11 17 6,931.4 1.2 0.5 ▲ 49 5.0 29 ▲ 12.1 1.2 0.7 ▲ ING 11 10 640.2 3.2 0.5 ▲ 7 13.0 3 ▲ 3.2 4.7 -0.4 ▼
Morgan Stanley 12 7 5,966.7 1.0 -1.0 ▼ 11 1.1 7 ▲ 24.7 2.5 1.3 ▲ Societe Generale 12 23 591.0 3.0 2.3 ▲ 8 14.8 6 ▲ 2.4 3.6 1.8 ▲
Goldman Sachs & Co 13 6 5,922.2 1.0 -1.3 ▼ 8 0.8 3 ▲ 23.0 2.4 -1.4 ▼ Banco do Brasil SA 13 8 545.4 2.7 -0.2 ▼ 6 11.1 2 ▲ 1.4 2.0 -2.3 ▼
Credit Suisse 14 16 5,200.6 0.9 0.2 ▲ 11 1.1 7 ▲ 13.2 1.4 -2.6 ▼ Standard Chartered PLC 14 12 516.0 2.6 0.0 ▲ 6 11.1 0 - .7 1.1 -2.3 ▼
PNC Financial Services Group 15 19 4,533.2 0.8 0.3 ▲ 31 3.2 19 ▲ 9.3 1.0 0.6 ▲ Grupo Financiero Inbursa SA 15 - 476.9 2.4 2.4 ▲ 3 5.6 3 ▲ .7 1.0 1.0 ▲
Rabobank NV 16 - 3,821.0 0.7 0.7 ▲ 17 1.7 17 ▲ 7.2 0.7 0.7 ▲ Bancolombia SA 16 38* 455.0 2.3 2.3 ▲ 3 5.6 2 ▲ 5.0 7.2 7.2 ▲
BMO Capital Markets 17 21 3,791.4 0.7 0.2 ▲ 22 2.3 17 ▲ 6.7 0.7 0.2 ▲ RBS 17 6 430.6 2.2 -1.8 ▼ 4 7.4 1 ▲ .7 1.1 -2.5 ▼
HSBC Holdings PLC 18 10 3,695.9 0.6 -1.0 ▼ 9 0.9 6 ▲ 9.9 1.0 -1.0 ▼ DZ Bank 18 - 420.0 2.1 2.1 ▲ 1 1.9 1 ▲ 4.9 7.1 7.1 ▲
Scotiabank-Bank of Nova Scotia 19 13 3,397.2 0.6 -0.5 ▼ 19 1.9 10 ▲ 13.9 1.4 0.5 ▲ Natixis 19 - 333.7 1.7 1.7 ▲ 4 7.4 4 ▲ .8 1.1 0.4 ▲
Credit Agricole CIB 20 25 3,395.4 0.6 0.3 ▲ 21 2.2 16 ▲ 11.9 1.2 0.6 ▲ Deutsche Bank AG 20 24* 309.0 1.6 1.0 ▲ 3 5.6 2 ▲ .7 0.9 0.7 ▲
Societe Generale 21 15 3,355.2 0.6 -0.1 ▼ 13 1.3 8 ▲ 6.7 0.7 0.2 ▲ Barclays Capital 21 28 250.0 1.3 0.9 ▲ 1 1.9 0 - .4 0.5 0.4 ▲
KeyBanc Capital Markets Inc 22 22 3,255.4 0.6 0.1 ▲ 23 2.4 12 ▲ 5.1 0.5 0.2 ▲ Banco Espirito Santo SA 22 22 228.6 1.2 0.4 ▲ 3 5.6 0 - 2.4 3.4 2.0 ▲
Regions Bank 23 34 2,599.3 0.5 0.4 ▲ 22 2.3 16 ▲ 6.0 0.6 0.5 ▲ Intesa SanPaolo 23 - 206.4 1.0 1.0 ▲ 2 3.7 2 ▲ .9 1.3 1.3 ▲
DnB NOR BANK ASA 24 27 2,070.8 0.4 0.2 ▲ 7 0.7 3 ▲ 2.8 0.3 0.2 ▲ JP Morgan 24 24* 189.0 1.0 0.4 ▲ 2 3.7 1 .5 0.8 0.6 ▲
BBVA 25 24 1,904.2 0.3 0.0 ▲ 12 1.2 10 ▲ 5.3 0.5 0.2 ▲ Rabobank NV 25 26 143.5 0.7 0.2 ▲ 2 3.7 -1 .4 0.6 0.4 ▲
Top Twenty Five Total 551,783.0 95.8 -0.4 ▼ 912.4 93.2 -0.2 ▼ Top Twenty Five Total 19,122.0 96.4 8.2 ▲ 60.8 100.0 7.3 ▲
Bookrunner Total 575,655.6 100.0 975 592 977.6 100.0 Bookrunner Total 19,931.6 100.0 54 4 60.8 100.0

Industry % Change over Same Period Last Year 101.3% ▲ 154.6% ▲ 40.8% ▲ Industry % Change over Same Period Last Year -22.9% ▼ 8.0% ▲ -29.9% ▼
Industry % Change over Last Quarter 47.9% ▲ 25.1% ▲ 37.3% ▲ Industry % Change over Last Quarter 76.5% ▲ 0.0% ▲ 61.6% ▲
*tie

Latin America Loans - Mandated Arrangers (R16) Jan 1 2010 - Dec 31 2010 Top 10 Americas Loans Use of Proceeds Jan 1 - Dec 31

Proceeds per Mandated Arranger (US$m) # of Deals per MA Imputed Fees (US$m)
2010 2009 Market Market # of Market Change in Manager Market Market
Mandated Arranger Rank Rank Proceeds Share% Share Ch. Deals Share% # of Deals Fees Share% Share Ch.
450
Citi 1 5 2,093.4 9.2 -1.0 ▼ 17 26.6 3 ▲ 8.0 10.0 0.0 -
Bank of America Merrill Lynch 2 11 1,830.3 8.1 6.5 ▲ 12 18.8 7 ▲ 2.7 3.4 1.4 ▲
BBVA 3 2 1,513.7 6.7 -4.6 ▼ 14 21.9 -6 ▼ 3.2 4.0 -7.0 ▼ 400
Mitsubishi UFJ Financial Group 4 17 1,451.5 6.4 5.4 ▲ 8 12.5 0 - 3.4 4.2 2.1 ▲
January 1, 2009 - December 31, 2009
Credit Agricole CIB 5 7 1,213.5 5.4 2.9 ▲ 14 21.9 -4 ▼ 3.6 4.5 0.0 - 350 January 1, 2010 - December 31, 2010
Santander 6 4 1,086.2 4.8 -5.6 ▼ 16 25.0 -4 ▼ 4.5 5.6 -5.5 ▼
BNP Paribas SA 7 1 827.6 3.7 -18.9 ▼ 11 17.2 -9 ▼ 3.2 4.0 -7.2 ▼
Itau Unibanco 8 8 814.1 3.6 1.4 ▲ 14 21.9 2 ▲ 2.5 3.1 0.8 ▲ 300
Proceeds (US$b)

HSBC Holdings PLC 9 3 795.1 3.5 -7.1 ▼ 12 18.8 -1 ▼ 3.7 4.6 -6.2 ▼
Societe Generale 10 14 783.7 3.5 2.2 ▲ 11 17.2 2 ▲ 2.4 3.0 1.2 ▲ 250
ING 11 10 668.1 3.0 1.4 ▲ 12 18.8 7 ▲ 4.0 4.9 1.8 ▲
RBS 12 6 549.3 2.4 -5.8 ▼ 5 7.8 0 - .7 0.9 -6.2 ▼
200
Banco do Brasil SA 13 12 491.1 2.2 0.6 ▲ 7 10.9 3 ▲ 1.4 1.7 -0.9 ▼
Bancolombia SA 14 53* 490.6 2.2 2.2 ▲ 4 6.3 3 ▲ 5.0 6.2 6.2 ▲
DZ Bank 15 - 472.2 2.1 2.1 ▲ 2 3.1 2 ▲ 4.9 6.1 6.1 ▲ 150
Deutsche Bank AG 16 29* 467.3 2.1 1.8 ▲ 5 7.8 4 ▲ .7 0.8 0.7 ▲
WestLB AG 17 13 445.2 2.0 0.5 ▲ 10 15.6 -2 ▼ 4.1 5.1 3.5 ▲ 100
Natixis 18 26 432.4 1.9 1.6 ▲ 7 10.9 4 ▲ .8 0.9 0.4 ▲
JP Morgan 19 29* 397.3 1.8 1.5 ▲ 6 9.4 5 ▲ .5 0.7 0.6 ▲
Mizuho Financial Group 20 16 396.7 1.8 0.8 ▲ 7 10.9 1 ▲ 1.3 1.7 -0.5 ▼ 50
Sumitomo Mitsui Finl Grp Inc 21 21 336.1 1.5 0.8 ▲ 5 7.8 0 - 1.5 1.8 -0.2 ▼
Standard Chartered PLC 22 9 316.2 1.4 -0.3 ▼ 9 14.1 2 ▲ 1.6 2.0 -0.1 ▼ 0
Barclays Capital 23 47* 270.0 1.2 1.1 ▲ 2 3.1 1 ▲ .6 0.7 0.6 ▲

Recapitalization
Acquisition

Project Finance
Standby/CP
Refinance Bank

General Corporate

Leveraged Buyout
Working Capital
Financing

Support
Intesa SanPaolo 24 - 265.9 1.2 1.2 ▲ 3 4.7 3 ▲ .9 1.2 1.2 ▲
Purposes

Banco Espirito Santo SA 25 20 251.5 1.1 0.4 ▲ 5 7.8 0 - 2.4 3.0 1.7 ▲
Debt

Top Twenty Five Total 18,659.0 82.8 -8.9 ▼ 67.6 84.1 -5.5 ▼
Industry Total 22,659.6 100.0 64 -1 80.1 100.0

Industry % Change over Same Period Last Year -48.0% ▼ -1.5% ▼ -50.2% ▼
Industry % Change over Last Quarter 144.8% ▲ 90.0% ▲ 42.3% ▲
*tie

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 Full Year 2010 | Syndicated Loans | Managing Underwriters

Europe, Middle East & Africa

Total Volume Stands at US$888.5 Billion | Energy and Power Most Active | Investment Grade Lending Increased 50.1%

EMEA Deals Intelligence EMEA Syndicated Loan Volume by Yield Type Jan 1 - Dec 31

Total EMEA issuance including club deals reached US$888.5 billion, a 33.6% increase over the full year 2009 total. $2,000
Fourth quarter lending totalled US$275.3 billion, a 16% increase from the previous quarter and 31% of the annual
total. This registered as the most active since the second quarter of 2008. This year saw the highest recorded $1,800
proportion of club deals to date with US$313.2 billion or 35.2% of EMEA Volume being structured as clubs, the
remaining US$575.3 billion or 64.9% of total volume was bookrun. $1,600

The Energy and Power sector remained the most active for the third consecutive year with total proceeds of US$196.5 $1,400
billion and accounted for two of the years largest transactions, the US$13.5 billion Enel and US$8.4 billion E.ON

Proceeds (US$b)
transactions. $1,200

$1,000
Investment grade lending in EMEA (including near investment grade) during 2010 increased by 50.1% compared to
last year while total leveraged lending declined by 5%.
$800

Top EMEA Syndicated Loans Jan 1 2010 - Dec 31 2010 $600

Closing Date Borrower Target Market Package Amt (US$m) Primary Use Of Proceeds
9/17/2010 BHP Billiton PLC United Kingdom 45,000.0 Acquisition Fin. $400
10/2/2010 Sanofi-Aventis SA France 15,000.0 Acquisition Fin.
4/19/2010 Enel SpA Italy 13,491.6 Refin/Ret Bank Debt
2/25/2010 Anheuser-Busch Inbev Belgium 13,000.0 Refin/Ret Bank Debt $200
4/16/2010 Alstom Holdings France 11,173.4 Refinancing
7/28/2010 Telefonica SA Spain 10,392.3 Acquisition Fin. $0
10/29/2010 Daimler AG Germany 9,767.0 Refinancing 2005 2006 2007 2008 2009 2010
5/10/2010 Glencore International AG Switzerland 9,745.0 Refin/Ret Bank Debt
7/6/2010 Sanofi-Aventis SA France 8,838.4 Refin/Ret Bank Debt
10/18/2010 E ON AG Germany 8,371.7 Refin/Ret Bank Debt Investment Grade Near Invst Grade Undisclosed Leveraged Highly Leveraged

EMEA Bookrunners (R17) Jan 1 2010 - Dec 31 2010 EMEA Mandated Lead Arrangers (R19)

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m) Proceeds per MLA (US$m) # of Deals per MLA Imputed Fees (US$m)
2010 2009 Market Market # of Market Change in Manager Market Market 2010 2009 Market Market # of Market Change in Manager Market Market
Bookrunner Rank Rank Proceeds Share % Share Ch. Deals Share % # of Deals Fees Share % Share Ch. Mandated Arranger Rank Rank Proceeds Share % Share Ch. Deals Share % # of Deals Fees Share % Share Ch.
BNP Paribas SA 1 1 50,007.7 8.7 -1.7 ▼ 215 33.5 39 ▲ 158.0 7.7 -1.0 ▼ BNP Paribas SA 1 1 64,299.7 7.2 -1.1 ▼ 420 35.4 88 ▲ 235.9 7.2 -0.7 ▼
Societe Generale 2 4 41,927.8 7.3 0.8 ▲ 138 21.5 59 ▲ 140.1 6.8 1.5 ▲ Societe Generale 2 4 43,980.2 5.0 -0.1 ▼ 272 22.9 67 ▲ 185.8 5.7 0.7 ▲
Credit Agricole CIB 3 3 37,100.0 6.5 -1.0 ▼ 142 22.2 17 ▲ 109.3 5.3 -0.3 ▼ Credit Agricole CIB 3 3 42,884.4 4.8 -0.8 ▼ 287 24.2 35 ▲ 163.3 5.0 -0.5 ▼
RBS 4 2 36,056.6 6.3 -1.7 ▼ 147 22.9 51 ▲ 102.8 5.0 -1.6 ▼ RBS 4 2 42,486.5 4.8 -1.4 ▼ 296 24.9 79 ▲ 150.8 4.6 -1.1 ▼
Deutsche Bank AG 5 5 27,301.7 4.8 -0.5 ▼ 104 16.2 53 ▲ 96.6 4.7 0.5 ▲ Deutsche Bank AG 5 6 33,061.9 3.7 -0.4 ▼ 192 16.2 76 ▲ 113.6 3.5 0.3 ▲
HSBC Holdings PLC 6 9 23,764.2 4.1 0.4 ▲ 97 15.1 45 ▲ 67.5 3.3 0.2 ▲ HSBC Holdings PLC 6 7 32,576.2 3.7 -0.2 ▼ 229 19.3 72 ▲ 98.5 3.0 0.0 -
JP Morgan 7 12 23,648.1 4.1 1.0 ▲ 52 8.1 20 ▲ 71.9 3.5 0.2 ▲ Barclays Capital 7 5 31,674.8 3.6 -0.7 ▼ 203 17.1 34 ▲ 112.7 3.5 -0.5 ▼
Citi 8 10 21,381.4 3.7 0.1 ▲ 84 13.1 37 ▲ 50.0 2.4 -0.5 ▼ ING 8 9 30,809.7 3.5 0.5 ▲ 234 19.7 92 ▲ 105.6 3.2 -0.3 ▼
ING 9 8 20,525.8 3.6 -0.3 ▼ 104 16.2 44 ▲ 69.7 3.4 -0.8 ▼ Santander 9 8 27,594.3 3.1 -0.1 ▼ 201 16.9 20 ▲ 108.1 3.3 -1.0 ▼
Barclays Capital 10 6 20,437.5 3.6 -0.9 ▼ 84 13.1 25 ▲ 64.9 3.2 -0.8 ▼ JP Morgan 10 10 24,991.7 2.8 -0.2 ▼ 100 8.4 39 ▲ 96.4 3.0 -0.2 ▼
Commerzbank AG 11 7 18,356.8 3.2 -1.3 ▼ 99 15.4 48 ▲ 61.7 3.0 -0.2 ▼ UniCredit Group 11 15 24,433.8 2.8 0.7 ▲ 177 14.9 78 ▲ 99.2 3.0 0.7 ▲
UniCredit Group 12 13 16,754.1 2.9 0.5 ▲ 75 11.7 39 ▲ 72.3 3.5 1.3 ▲ Citi 12 12 22,545.5 2.5 0.2 ▲ 150 12.6 61 ▲ 69.2 2.1 -0.2 ▼
Natixis 13 18 16,194.5 2.8 0.9 ▲ 73 11.4 36 ▲ 48.2 2.4 0.8 ▲ Commerzbank AG 13 11 22,517.8 2.5 -0.4 ▼ 197 16.6 109 ▲ 74.8 2.3 -0.2 ▼
Santander 14 11 15,329.3 2.7 -0.7 ▼ 54 8.4 14 ▲ 46.7 2.3 -1.7 ▼ Natixis 14 17 21,208.4 2.4 0.5 ▲ 163 13.7 60 ▲ 70.3 2.2 0.6 ▲
Lloyds Banking Group 15 17 14,564.1 2.5 0.4 ▲ 67 10.5 19 ▲ 58.8 2.9 0.7 ▲ Lloyds Banking Group 15 16 20,037.0 2.3 0.3 ▲ 147 12.4 31 ▲ 95.2 2.9 0.8 ▲
Mitsubishi UFJ Financial Group 16 15 14,097.7 2.5 0.3 ▲ 51 8.0 22 ▲ 32.0 1.6 0.0 - Intesa SanPaolo 16 18 19,505.8 2.2 0.3 ▲ 123 10.4 32 ▲ 65.0 2.0 0.4 ▲
Bank of America Merrill Lynch 17 29 13,288.5 2.3 1.6 ▲ 53 8.3 39 ▲ 32.0 1.6 1.0 ▲ Mitsubishi UFJ Financial Group 17 13 19,268.3 2.2 -0.1 ▼ 110 9.3 30 ▲ 48.0 1.5 -0.1 ▼
BBVA 18 14 12,493.0 2.2 0.0 ▲ 54 8.4 -1 ▼ 42.6 2.1 0.2 ▲ BBVA 18 14 18,487.1 2.1 -0.1 ▼ 165 13.9 -18 ▼ 78.3 2.4 0.1 ▲
Intesa SanPaolo 19 24 12,432.4 2.2 1.2 ▲ 51 8.0 18 ▲ 46.7 2.3 0.7 ▲ Bank of America Merrill Lynch 19 28 17,680.0 2.0 1.0 ▲ 104 8.8 59 ▲ 48.2 1.5 0.9 ▲
WestLB AG 20 28 6,848.7 1.2 0.4 ▲ 42 6.6 10 ▲ 25.6 1.3 -0.4 ▼ Sumitomo Mitsui Finl Grp Inc 20 31 12,164.5 1.4 0.7 ▲ 77 6.5 31 ▲ 42.7 1.3 0.1 ▲
Nordea 21 19 6,395.0 1.1 -0.7 ▼ 25 3.9 -5 ▼ 21.8 1.1 -1.0 ▼ Standard Chartered PLC 21 29 11,995.6 1.4 0.6 ▲ 89 7.5 31 ▲ 34.6 1.1 0.1 ▼
Standard Chartered PLC 22 26 6,350.8 1.1 0.3 ▲ 36 5.6 13 ▲ 14.7 0.7 -0.4 ▼ Nordea 22 19 11,573.9 1.3 -0.6 ▼ 90 7.6 13 ▲ 40.7 1.2 -0.6 ▼
Rabobank NV 23 23 6,275.7 1.1 0.0 ▲ 37 5.8 8 ▲ 26.0 1.3 0.4 ▲ WestLB AG 23 20 11,103.4 1.3 -0.2 ▼ 106 8.9 26 ▲ 35.8 1.1 -0.6 ▼
Caja Madrid 24 21 5,798.4 1.0 -0.3 ▼ 25 3.9 8 ▲ 29.4 1.4 -0.8 ▼ Mizuho Financial Group 24 48 10,225.8 1.2 0.9 ▲ 50 4.2 37 ▲ 32.6 1.0 0.7 ▲
Goldman Sachs & Co 25 51 5,721.9 1.0 0.8 ▲ 21 3.3 16 ▲ 37.8 1.8 1.7 ▲ Rabobank NV 25 26 10,036.8 1.1 0.0 ▲ 78 6.6 10 ▲ 31.6 1.0 0.0 -
Top Twenty Five Total 473,051.7 82.5 -0.4 ▼ 1,527.1 74.6 -0.3 ▼ Top Twenty Five Total 627,143.1 70.9 -0.7 ▼ 2,236.9 68.6 -0.8 ▼
Bookrunner Total 575,280.8 100.0 641 95 2,049.8 100.0 Industry Total 888,451.4 100.0 1,187 +178 3,267.6 100.0

Industry % Change from Same Period Last Year 28.5% ▲ 17.4% ▲ 10.5% ▲ Industry % Change from Same Period Last Year 33.6% ▲ 17.6% ▲ 16.5% ▲
Industry % Change from Last Quarter 61.7% ▲ 2.9% ▲ 35.4% ▲ Industry % Change from Last Quarter 16.0% ▲ -3.3% ▼ -4.9% ▼

Club deal volume is not included in Thomson Reuters' Bookrunner League Tables; total volumes include both bookrun and club transactions.

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 Full Year 2010 | Syndicated Loans | Managing Underwriters

Europe, Middle East & Africa

European Leveraged Loans (P10) Jan 1 2010 - Dec 31 2010 EMEA Syndicated Loan Volume by Primary Use of Proceeds Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m) $300
2010 2009 Market Market # of Market Change in Manager Market Market January 1, 2009 - December 31, 2009
Bookrunner Rank Rank Proceeds Share % Share Ch. Deals Share % # of Deals Fees Share % Share Ch. January 1, 2010 - December 31, 2010
Barclays Capital 1 12 6,212.9 8.3 5.6 ▲ 13 14.6 4 ▲ 31.4 4.4 1.2 ▲
BNP Paribas SA 2 2 6,110.3 8.1 -1.4 ▼ 23 25.8 -13 ▼ 51.1 7.1 -1.6 ▼
$250
RBS 3 4 5,994.2 8.0 -0.6 ▼ 25 28.1 7 ▲ 41.7 5.8 -1.7 ▼
Deutsche Bank AG 4 1 5,703.2 7.6 -3.6 ▼ 21 23.6 10 ▲ 47.8 6.7 -2.3 ▼
JP Morgan 5 3 4,884.3 6.5 -2.4 ▼ 8 9.0 -1 ▼ 20.9 2.9 -4.6 ▼
Credit Agricole CIB 6 10 4,166.0 5.5 2.3 ▲ 20 22.5 -1 ▼ 32.4 4.5 0.7 ▲
Societe Generale 7 11 3,926.7 5.2 2.1 ▲ 19 21.3 2 ▲ 36.5 5.1 1.2 ▲ $200
HSBC Holdings PLC 8 7 3,710.9 4.9 0.5 ▲ 19 21.3 9 ▲ 34.6 4.8 0.1 ▲
Goldman Sachs & Co 9 45* 3,201.9 4.3 4.0 ▲ 10 11.2 9 ▲ 27.8 3.9 3.7 ▲
UniCredit Group 10 21 2,641.1 3.5 2.4 ▲ 8 9.0 3 ▲ 27.5 3.8 2.9 ▲

Proceeds (US$b)
Lloyds Banking Group 11 9 2,601.8 3.5 -0.4 ▼ 15 16.9 4 ▲ 35.5 4.9 1.2 ▲
Nomura 12 48 2,137.6 2.8 2.6 ▲ 6 6.7 5 ▲ 24.2 3.4 3.0 ▲ $150
ING 13 8 1,981.0 2.6 -1.7 ▼ 13 14.6 1 ▲ 16.6 2.3 -1.7 ▼
Citi 14 14 1,911.4 2.5 0.5 ▲ 10 11.2 4 ▲ 13.7 1.9 0.4 ▲
BBVA 15 17 1,706.2 2.3 0.9 ▲ 6 6.7 -2 ▼ 12.3 1.7 0.7 ▲
Santander 16 16 1,650.1 2.2 0.4 ▲ 4 4.5 -2 ▼ 12.2 1.7 -1.0 ▼
$100
Commerzbank AG 17 5 1,649.1 2.2 -4.1 ▼ 13 14.6 4 ▲ 24.1 3.4 -2.0 ▼
Rabobank NV 18 24 1,490.5 2.0 1.1 ▲ 8 9.0 4 ▲ 15.9 2.2 1.1 ▲
Morgan Stanley 19 - 1,283.5 1.7 1.7 ▲ 4 4.5 4 ▲ 13.1 1.8 1.7 ▲
Nordea 20 6 1,199.0 1.6 -3.5 ▼ 4 4.5 -2 ▼ 11.5 1.6 -2.5 ▼
Intesa SanPaolo 21 33 1,138.5 1.5 1.0 ▲ 4 4.5 0 - 10.6 1.5 0.8 ▲ $50
Bank of America Merrill Lynch 22 40 1,111.4 1.5 1.1 ▲ 6 6.7 5 ▲ 11.0 1.5 1.0 ▲
Natixis 23 18 1,090.8 1.5 0.2 ▲ 7 7.9 -2 ▼ 13.6 1.9 0.7 ▲
UBS 24 - 1,067.8 1.4 1.4 ▲ 4 4.5 4 ▲ 17.5 2.4 2.3 ▲
Caixa d'Estalvis y Pensions 25 27* 819.8 1.1 0.3 ▲ 3 3.4 0 - 4.1 0.6 0.2 ▲
Top Twenty Five Total 69,390.0 92.3 10.4 ▲ 587.6 81.8 5.5 ▲ $0
Bookrunner Total 75,209.3 100.0 89 -11 718.5 100.0 General Refinance Refinancing Acquisition Project Leveraged Working Export/Import Construction
Corporate Bank Debt Financing Finance Buyout Capital Finance
Industry % Change from Same Period Last Year 4.5% ▲ -11.0% ▼ 18.8% ▲
Purposes
Industry % Change from Last Quarter 121.6% ▲ -12.0% ▼ 36.2% ▲

EMEA Sponsored Loans (P13) Jan 1 2010 - Dec 31 2010 EMEA Syndicated Loans by Industry Jan 1 - Dec 31
$250
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
January 1, 2009 - December 31, 2009
2010 2009 Market Market # of Market Change in Manager Market Market
Bookrunner Rank Rank Proceeds Share % Share Ch. Deals Share % # of Deals Fees Share % Share Ch. January 1, 2010 - December 31, 2010
Lloyds Banking Group 1 5 1,509.4 8.0 2.4 ▲ 8 21.6 6 ▲ 27.7 8.3 4.3 ▲
Societe Generale 2 7 1,450.7 7.7 2.5 ▲ 11 29.7 5 ▲ 25.8 7.8 1.6 ▲ $200
Deutsche Bank AG 3 22 1,379.6 7.4 5.9 ▲ 3 8.1 2 ▲ 18.9 5.7 4.4 ▲
UniCredit Group 4 16 1,253.8 6.7 4.3 ▲ 3 8.1 -1 ▼ 17.3 5.2 3.2 ▲
BNP Paribas SA 5 1 1,241.8 6.6 -11.7 ▼ 9 24.3 -6 ▼ 23.9 7.2 -5.6 ▼ Proceeds (US$b)
Goldman Sachs & Co 6 - 1,187.1 6.3 6.3 ▲ 3 8.1 3 ▲ 14.7 4.4 4.4 ▲
Nomura 7 21 983.3 5.2 3.6 ▲ 4 10.8 3 ▲ 15.2 4.6 3.2 ▲ $150
Barclays Capital 8 6 965.4 5.1 -0.1 ▼ 2 5.4 0 - 11.1 3.3 -1.0 ▼
UBS 9 - 964.9 5.1 5.1 ▲ 3 8.1 3 ▲ 15.6 4.7 4.7 ▲
Nordea 10 - 861.4 4.6 4.6 ▲ 2 5.4 2 ▲ 9.3 2.8 2.8 ▲
Credit Agricole CIB 11 2 830.4 4.4 -4.3 ▼ 9 24.3 -1 ▼ 15.7 4.7 -3.1 ▼
HSBC Holdings PLC 12 8 758.7 4.0 -0.5 ▼ 6 16.2 2 ▲ 13.3 4.0 -0.8 ▼ $100
Commerzbank AG 13 12 546.1 2.9 -0.6 ▼ 5 13.5 4 ▲ 11.0 3.3 0.2 ▲
Morgan Stanley 14 - 478.6 2.6 2.6 ▲ 2 5.4 2 ▲ 6.6 2.0 2.0 ▲
RBS 15 10 394.5 2.1 -1.8 ▼ 2 5.4 -1 ▼ 6.9 2.1 -2.6 ▼
Credit Suisse 16 18* 391.2 2.1 0.1 ▲ 2 5.4 1 ▲ 6.1 1.8 -0.9 ▼
RBC Capital Markets 17 13 361.2 1.9 -1.2 ▼ 2 5.4 0 - 5.3 1.6 -2.1 ▼ $50
ING 18 24 347.6 1.9 1.1 ▲ 4 10.8 2 ▲ 8.3 2.5 -0.8 ▼
Natixis 19 17 321.0 1.7 -0.5 ▼ 4 10.8 3 ▲ 6.3 1.9 0.0 -
Citi 20 - 316.3 1.7 1.7 ▲ 2 5.4 2 ▲ 6.0 1.8 1.8 ▲
Credit Mutuel SA 21 15 245.8 1.3 -1.6 ▼ 5 13.5 1 ▲ 4.9 1.5 0.1 ▲
$0
General Electric Co 22* - 221.7 1.2 1.2 ▲ 1 2.7 1 ▲ 4.4 1.3 1.3 ▲

Telecommunications
Energy and Power

Materials

Industrials

Financials

Retail
Entertainment
Consumer Staples

Healthcare

Real Estate
Consumer Products
Bank of America Merrill Lynch 22* - 221.7 1.2 1.2 ▲ 1 2.7 1 ▲ 4.3 1.3 1.3 ▲

Media and

and Services
Bank of Ireland 24 25 214.3 1.1 0.5 ▲ 3 8.1 2 ▲ 4.6 1.4 -0.7 ▼
Rabobank NV 25 - 204.3 1.1 1.1 ▲ 2 5.4 2 ▲ 6.9 2.1 2.1 ▲
Top Twenty Five Total 16,543.0 88.1 290.1 87.0 19.8 ▲
Bookrunner Total 18,768.8 100.0 37 6 333.4 100.0

Industry % Change from Same Period Last Year 115.2% ▲ 19.4% ▲ 104.0% ▲
Industry % Change from Last Quarter -45.2% ▼ -73.7% ▼ -51.2% ▼

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 Full Year 2010 | Syndicated Loans | Managing Underwriters

Asia (ex-Japan)
Asian Loans at Record High l Project Finance Up 125.1% l Australian Refinancing Increase by 50.6%

Asia & Australian Deals Intelligence Asia Loans - Bookrunners (S5c) Jan 1 2010 - Dec 31 2010

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Asian syndicated loan volume for 2010 reached US$281.2 billion, an increase of 71.1% from last year’s US$164.3
2010 2009 Market Market # of Market Change in Manager Market Market
billion. This represents the highest volume on record, surpassing 2008’s volume of US$214.8 billion. Bookrunner Rank Rank Proceeds Share % Share Ch. Deals Share % # of Deals Fees Share % Share Ch.
State Bank of India 1 1 37,345.2 17.1 -3.2 ▼ 84 10.5 28 ▲ 74.0 17.1 -3.0 ▼
Project Finance deals drove Asian syndicated lending, comprising 23% of total market activity and closing US$64.8 Bank of China Ltd 2 3 15,720.5 7.2 -0.9 ▼ 49 6.1 24 ▲ 27.8 6.4 1.5 ▲
Bank of Taiwan 3 25 15,340.8 7.0 6.0 ▲ 62 7.8 17 ▲ 14.4 3.3 2.5 ▲
billion worth of deals; a 125.1% increase from last year’s figures. The largest project finance deal for the year was
IDBI Bank Ltd 4 4 12,378.4 5.7 -0.3 ▼ 28 3.5 9 ▲ 20.5 4.7 0.8 ▲
the NT$382 billion Taiwan High Speed Rail Corp deal. The loan pushed Taiwan to second in the Asian country Axis Bank Ltd 5 10 10,209.9 4.7 2.6 ▲ 39 4.9 24 ▲ 17.7 4.1 0.9 ▲
ranking with US$55.6 billion of completed deals, a 151.9% rise over last year. Standard Chartered PLC 6 6 9,225.3 4.2 1.2 ▲ 80 10.0 40 ▲ 17.9 4.1 0.5 ▲
HSBC Holdings PLC 7 7 7,594.9 3.5 0.9 ▲ 62 7.8 27 ▲ 13.5 3.1 0.6 ▲
Australian 2010 syndicated loans increased by 42.2% from last year, to reach US$66 billion. Refinancing bank Infrastructure Dev Finance 8 15 5,228.3 2.4 1.0 ▲ 14 1.8 3 ▲ 7.8 1.8 -1.0 ▼
Taiwan Cooperative Bank 9 12 4,868.2 2.2 0.5 ▲ 95 11.9 18 ▲ 7.6 1.8 0.6 ▲
debt, totaling US$23.4 billion and up 50.6%, was the main driver of Australian loan activity. Six of the top deals in
Mega Financial Holding Co 10 14 4,806.2 2.2 0.7 ▲ 96 12.0 29 ▲ 8.7 2.0 0.6 ▲
Australia, including the largest deal in the nation, Asciano Ltd’s A$3.4 billion, were refinancing facilities. The other ICICI Bank Ltd 11 30 4,663.6 2.1 1.3 ▲ 14 1.8 10 ▲ 8.9 2.0 1.1 ▲
notable refinancing deals were: the A$3 billion Vodafone Hutchison Australia loan; the A$2.5 billion Origin Energy DBS Group Holdings 12 5 4,076.6 1.9 -1.4 ▼ 47 5.9 8 ▲ 10.3 2.4 -3.0 ▼
loan; the US$2 billion Fortescue Metals Group Ltd loan; the A$1.8 billion Amcor Ltd loan; and the A$1.6 Mirvac Land Bank of Taiwan 13 11 3,838.8 1.8 0.0 ▲ 96 12.0 19 ▲ 7.0 1.6 0.2 ▲
Group Funding Ltd loan. Oversea-Chinese Banking 14 33 3,766.3 1.7 0.9 ▲ 22 2.8 11 ▲ 6.4 1.5 0.6 ▲
ANZ Banking Group 15 44 3,581.4 1.6 1.2 ▲ 26 3.3 19 ▲ 7.7 1.8 1.4 ▲
Credit Agricole CIB 16 23 3,504.8 1.6 0.6 ▲ 37 4.6 20 ▲ 7.0 1.6 0.2 ▲
Mitsubishi UFJ Financial Group 17 18 3,473.1 1.6 0.3 ▲ 23 2.9 2 ▲ 6.8 1.6 0.5 ▲
China Trust Co Ltd 18 21 3,252.7 1.5 0.4 ▲ 73 9.1 17 ▲ 6.7 1.5 0.5 ▲
Top Asia Syndicated Loans Jan 1 2010 - Dec 31 2010 Fubon Financial Holding Co Ltd 19 20 3,207.6 1.5 0.3 ▲ 78 9.8 40 ▲ 5.6 1.3 0.4 ▲
Closing Date Borrower Target Market Loan Package Amt (US$m) CITIC 20 17 3,137.9 1.4 0.1 ▲ 11 1.4 4 ▲ 8.9 2.1 1.1 ▲
1/8/2010 Taiwan High Speed Rail Corp Taiwan 12,005.1 Korea Development Bank 21 28 2,894.5 1.3 0.5 ▲ 25 3.1 7 ▲ 5.0 1.2 -0.3 ▼
11/11/2010 Bharti Intl(Netherlands) India 8,500.0 Sumitomo Mitsui Finl Grp Inc 22 19 2,774.2 1.3 0.1 ▲ 26 3.3 6 ▲ 6.1 1.4 -0.3 ▼
8/14/2010 Essar Steel Ltd India 3,718.4 BNP Paribas SA 23 31 2,721.5 1.2 0.4 ▲ 29 3.6 12 ▲ 5.6 1.3 0.7 ▲
8/5/2010 Hongsa Power Co Ltd Thailand 2,895.1 Citi 24 16 2,648.1 1.2 -0.2 ▼ 25 3.1 12 ▲ 5.3 1.2 -1.3 ▼
11/20/2010 KSK Mahanadi Power Co Ltd India 2,683.3 Mizuho Financial Group 25 26 2,404.9 1.1 0.2 ▲ 40 5.0 21 ▲ 5.0 1.1 0.0 -
12/1/2010 Noble Group Ltd Hong Kong 2,543.1 Top Twenty Five Total 172,663.7 79.0 13.2 ▲ 312.2 72.0 5.8 ▲
5/11/2010 Suzlon Energy Ltd India 2,357.3 Bookrunner Total 218,794.8 100.0 799 247 433.6 100.0
3/30/2010 Sun Hung Kai Ppty(Finl Svcs) Hong Kong 2,333.7
3/26/2010 Jindal Power Ltd India 2,229.4 Industry % Change from Same Period Last Year 62.4% ▲ 44.7% ▲ 43.5% ▲
7/7/2010 Coastal Andhra Power Ltd India 2,105.7 Industry % Change from Last Quarter 15.3% ▲ -3.8% ▼ 29.6% ▲

Asian Loans by Currency Jan 1 - Dec 31 Asia Loans - Mandated Arrangers (S5b) Jan 1 2010 - Dec 31 2010

Proceeds per Mandated Arranger (US$m) # of Deals per Arranger Imputed Fees (US$m)
2010 2009 Market Market # of Market Change in Manager Market Market
$300 Other Currency
Mandated Arranger Rank Rank Proceeds Share % Share Ch. Deals Share % # of Deals Fees Share % Share Ch.
$250 Local Currency State Bank of India 1 1 35,643.8 12.7 -4.1 ▼ 89 8.8 24 ▲ 74.4 13.5 -2.4 ▼
Bank of China Ltd 2 3 18,712.4 6.7 -0.2 ▼ 93 9.2 40 ▲ 31.7 5.8 1.6 ▲
Proceeds (US$ b)

$200 Bank of Taiwan 3 30 15,762.1 5.6 4.8 ▲ 83 8.2 30 ▲ 14.7 2.7 2.1 ▲
IDBI Bank Ltd 4 4 13,557.1 4.8 -0.1 ▼ 29 2.9 10 ▲ 20.5 3.7 0.6 ▲
$150 HSBC Holdings PLC 5 7 10,675.5 3.8 1.2 ▲ 143 14.1 75 ▲ 24.8 4.5 1.9 ▲
Axis Bank Ltd 6 11 9,740.0 3.5 1.7 ▲ 39 3.8 20 ▲ 17.7 3.2 0.6 ▲
$100
Standard Chartered PLC 7 6 9,594.9 3.4 0.7 ▲ 148 14.6 62 ▲ 25.8 4.7 0.4 ▲
$50 DBS Group Holdings 8 5 7,483.6 2.7 -0.7 ▼ 112 11.0 17 ▲ 15.6 2.9 -3.2 ▼
Sumitomo Mitsui Finl Grp Inc 9 12 6,637.7 2.4 0.6 ▲ 83 8.2 35 ▲ 11.2 2.1 -0.1 ▼
$0 Mitsubishi UFJ Financial Group 10 8 6,180.1 2.2 0.0 ▲ 84 8.3 22 ▲ 11.8 2.2 0.2 ▲
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Oversea-Chinese Banking 11 10 5,397.3 1.9 -0.1 ▼ 76 7.5 30 ▲ 12.1 2.2 0.4 ▲
Mizuho Financial Group 12 26 5,351.7 1.9 0.9 ▲ 95 9.4 55 ▲ 8.6 1.6 0.2 ▲
Infrastructure Dev Finance 13 20 5,285.1 1.9 0.6 ▲ 15 1.5 2 ▲ 7.9 1.4 -0.9 ▼
BNP Paribas SA 14 24 4,925.1 1.8 0.7 ▲ 71 7.0 36 ▲ 10.4 1.9 0.8 ▲
Asian Loans by Volume Jan 1 - Dec 31 Credit Agricole CIB 15 13 4,684.9 1.7 0.0 ▲ 72 7.1 17 ▲ 9.6 1.8 -0.4 ▼
ICICI Bank Ltd 16 38 4,667.9 1.7 1.1 ▲ 15 1.5 10 ▲ 8.9 1.6 0.9 ▲
Mega Financial Holding Co 17 18 4,667.6 1.7 0.4 ▲ 116 11.4 33 ▲ 9.3 1.7 0.5 ▲
ANZ Banking Group 18 22 4,514.4 1.6 0.4 ▲ 67 6.6 33 ▲ 10.8 2.0 0.6 ▲
$300 Proceeds (US$b) 1,200
Land Bank of Taiwan 19 16 4,471.9 1.6 0.1 ▲ 117 11.5 34 ▲ 7.1 1.3 0.2 ▲
$250 # of Issues 1,000 Taiwan Cooperative Bank 20 17 3,717.0 1.3 -0.1 ▼ 116 11.4 30 ▲ 7.9 1.4 0.4 ▲
China Trust Co Ltd 21 19 3,384.2 1.2 -0.1 ▼ 94 9.3 16 ▲ 7.0 1.3 0.2 ▲
Proceeds (US$b)

$200 800 CITIC 22 14 3,375.2 1.2 -0.5 ▼ 22 2.2 -3 ▼ 9.4 1.7 0.3 ▲
# of Issues

Fubon Financial Holding Co Ltd 23 25 3,245.5 1.2 0.1 ▲ 94 9.3 47 ▲ 5.9 1.1 0.3 ▲
$150 600
Industrial & Comm Bank China 24 2 3,217.5 1.1 -6.4 ▼ 23 2.3 -11 ▼ 5.2 0.9 -1.9 ▼
$100 400 United Overseas Bank Ltd 25 27 3,208.3 1.1 0.1 ▲ 46 4.5 25 ▲ 5.5 1.0 -0.1 ▼
Top Twenty Five Total 198,100.8 70.7 1.1 ▲ 373.8 68.2 3.2 ▲
$50 200 Industry Total 281,191.2 100.0 1,015 323 549.2 100.0
$0 0
Industry % Change from Same Period Last Year 71.1% ▲ 46.7% ▲ 43.8% ▲
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Industry % Change from Last Quarter 1.4% ▲ -10.1% ▼ 11.7% ▲

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Asia (ex-Japan) & Australia

Top Australia Syndicated Loans Jan 1 2010 - Dec 31 2010 Australia Loans - Bookrunners (S7) Jan 1 2010 - Dec 31 2010
Closing Date Borrower Target Market Loan Package Amt (US$m)
6/25/2010 Asciano Ltd Australia 2,965.6 Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
10/7/2010 QR National Ltd Australia 2,944.5 2010 2009 Market Market # of Market Change in Manager Market Market
6/23/2010 Vodafone Hutchison Australia Australia 2,620.5 Bookrunner Rank Rank Proceeds Share % Share Ch. Deals Share % # of Deals Fees Share % Share Ch.
4/16/2010 Origin Energy Ltd Australia 2,316.2 ANZ Banking Group 1 3 6,237.3 23.0 2.8 ▲ 21 33.0 -2 ▼ 11.4 15.7 1.4 ▲
8/9/2010 Newcastle Coal Infr Grp Australia 2,055.8 Westpac Banking 2 1 4,209.1 15.5 -5.8 ▼ 17 32.8 -6 ▼ 8.4 11.6 -8.3 ▼
10/7/2010 Fortescue Metals Group Ltd Australia 2,040.0 Commonwealth Bank of Australia 3 4 4,176.3 15.4 -1.6 ▼ 16 29.1 -6 ▼ 7.1 9.8 -1.7 ▼
12/6/2010 Amcor Ltd Australia 1,850.0 National Australia Bank 4 2 3,712.1 13.7 -6.8 ▼ 17 9.4 4 ▲ 7.3 10.1 -9.9 ▼
12/14/2010 CLP Australia Finance Pty Ltd Australia 1,597.4 RBS 5 6 1,197.0 4.4 1.0 ▲ 2 8.1 -5 ▼ 1.6 2.2 -1.2 ▼
12/16/2010 Mirvac Group Funding No. 2 Ltd Australia 1,573.1 JP Morgan 6 16* 1,023.3 3.8 3.4 ▲ 3 7.7 2 ▲ 1.2 1.6 1.4 ▲
10/11/2010 Asia Pacific Healthcare Group Australia 1,480.7 Bank of China Ltd 7 14 986.0 3.6 2.8 ▲ 2 7.4 0 - 1.2 1.7 0.5 ▲
Mitsubishi UFJ Financial Group 8 9 936.0 3.5 2.3 ▲ 2 7.0 0 - 1.0 1.4 -0.4 ▼
Mizuho Financial Group 9 7 893.1 3.3 0.0 ▲ 3 5.1 0 - 2.5 3.5 1.5 ▲
HSBC Holdings PLC 10 18 656.4 2.4 2.1 ▲ 4 4.7 3 ▲ 3.2 4.4 3.0 ▲
Asian Loan Volume by Target Market Jan 1 - Dec 31 China Development Bank 11 - 600.0 2.2 2.2 ▲ 1 3.6 1 ▲ .9 1.2 1.2 ▲
BNP Paribas SA 12 5 461.1 1.7 -3.3 ▼ 3 2.1 -1 ▼ 2.0 2.8 -0.6 ▼
Bank of America Merrill Lynch 13* - 261.9 1.0 1.0 ▲ 2 2.1 2 ▲ 1.8 2.5 2.3 ▲
January 1, 2009 - December 31, 2009 Sumitomo Mitsui Finl Grp Inc 13* 15 261.9 1.0 0.3 ▲ 2 1.3 1 ▲ 1.9 2.6 0.1 ▲
$100
January 1, 2010 - December 31, 2010 Citi 15 11* 174.8 0.6 -0.2 ▼ 1 1.3 0 - .3 0.5 0.0 -
$90 Credit Agricole CIB 16 13 157.0 0.6 -0.2 ▼ 2 0.9 -1 ▼ 2.7 3.7 1.9 ▲
$80 Top Fifteen Total 24,026.6 100.0 -1.9 ▲ 44.9 57.6 -16.7 ▼
Bookrunner Total 27,164.3 100.0 47 -1 72.6 100.0
$70
Proceeds (US$b)

$60 Industry % Change from Same Period Last Year 12.9% ▲ -2.1% ▼ 8.8% ▲
$50 Industry % Change from Last Quarter 249.2% ▲ 100.0% ▲ 275.8% ▲
$40
$30
$20
Australia Loans - Mandated Arrangers (S6a) Jan 1 2010 - Dec 31 2010
$10
Proceeds per Mandated Arranger (US$m) # of Deals per Arranger Imputed Fees (US$m)
$0 2010 2009 Market Market # of Market Change in Manager Market Market
India Taiwan Hong Kong China Singapore Malaysia Mandated Arranger Rank Rank Proceeds Share % Share Ch. Deals Share % # of Deals Fees Share % Share Ch.
ANZ Banking Group 1 1 9,288.2 14.1 -2.8 ▼ 79 10.1 10 ▲ 22.8 13.2 -0.7 ▼
Westpac Banking 2 3 9,188.4 13.9 -1.4 ▼ 78 10.0 8 ▲ 18.2 10.6 -7.7 ▼
Commonwealth Bank of Australia 3 2 8,230.4 12.5 -3.3 ▼ 63 9.0 -4 ▼ 16.9 9.8 -2.5 ▼
Australian Loan by Syndicate Type Jan 1 - Dec 31 National Australia Bank 4 4 8,113.5 12.3 -0.7 ▼ 73 8.8 20 ▲ 19.7 11.4 -6.9 ▼
RBS 5 7 2,716.6 4.1 1.6 ▲ 12 2.9 1 ▲ 9.5 5.5 3.0 ▲
100%
Mitsubishi UFJ Financial Group 6 9 2,198.2 3.3 1.2 ▲ 21 2.4 9 ▲ 5.1 3.0 0.9 ▲
Sumitomo Mitsui Finl Grp Inc 7 10 2,180.0 3.3 1.3 ▲ 21 2.4 12 ▲ 4.9 2.9 1.0 ▲
80% JP Morgan 8 18 2,033.2 3.1 2.2 ▲ 8 2.2 4 ▲ 8.5 5.0 4.1 ▲
Credit Agricole CIB 9 8 1,754.8 2.7 0.5 ▲ 18 1.9 4 ▲ 5.9 3.5 1.0 ▲
60% HSBC Holdings PLC 10 12 1,728.1 2.6 1.0 ▲ 22 1.9 14 ▲ 6.0 3.5 2.3 ▲
BNP Paribas SA 11 5 1,665.1 2.5 -2.6 ▼ 19 1.8 5 ▲ 4.7 2.7 -0.8 ▼
40% Mizuho Financial Group 12 6 1,102.9 1.7 -1.2 ▼ 13 1.2 3 ▲ 3.4 2.0 -0.1 ▼
Bank of China Ltd 13 25 1,062.1 1.6 1.0 ▲ 6 1.2 2 ▲ 2.5 1.5 0.9 ▲
20% Bank of America Merrill Lynch 14 47 1,039.4 1.6 1.5 ▲ 10 1.2 9 ▲ 2.8 1.6 1.5 ▲
Lloyds Banking Group 15 24 965.2 1.5 0.9 ▲ 9 1.1 0 - 1.7 1.0 -1.2 ▼
BBVA 16 19 840.1 1.3 0.4 ▲ 8 0.9 3 ▲ 1.5 0.9 0.1 ▲
0%
Scotiabank-Bank of Nova Scotia 17 35 815.3 1.2 1.0 ▲ 8 0.9 6 ▲ .8 0.5 0.5 ▲
2005 2006 2007 2008 2009 2010 ING 18 21* 805.6 1.2 0.5 ▲ 6 0.9 3 ▲ 1.2 0.7 0.4 ▲
Syndicated Club Deals China Development Bank 19 - 737.1 1.1 1.1 ▲ 2 0.8 2 ▲ 1.5 0.9 0.9 ▲
Natixis 20 16 654.9 1.0 0.1 ▲ 7 0.7 2 ▲ 3.3 1.9 0.8 ▲
WestLB AG 21 13 557.2 0.8 -0.6 ▼ 8 0.6 -1 ▼ 1.6 0.9 -0.8 ▼
United Overseas Bank Ltd 22 28 540.3 0.8 0.3 ▲ 7 0.6 5 ▲ 2.6 1.5 1.0 ▲
Intesa SanPaolo 23 31* 531.9 0.8 0.4 ▲ 4 0.6 3 ▲ .5 0.3 0.1 ▲
Australian Loans Proceeds by Industry Jan 1 2010 - Dec 31 2010 DBS Group Holdings 24 45* 479.2 0.7 0.6 ▲ 6 0.5 5 ▲ 1.1 0.6 0.6 ▲
Rabobank NV 25 11 460.7 0.7 -1.2 ▼ 5 0.5 -1 ▼ 3.3 1.9 0.8 ▲
Top Twenty Five Total 47,431.4 71.9 -1.4 ▼ 117.5 68.4 -5.5 ▼
Industry Total 65,998.1 100.0 -114 172.0 100.0
16%
17% Industrials
14% Industry % Change from Same Period Last Year 42.2% ▲ 21.9% ▲ 42.5% ▲
Energy and Power
Industry % Change from Last Quarter 150.0% ▲ 30.6% ▲ 128.5% ▲
Financials
24% 14% Materials
6% 9% Real Estate
Telecommunications
Consumer Products and Services

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 Full Year 2010 | Syndicated Loans | Managing Underwriters

Japan
Proceeds up by 1.2% signals stable Japanese market | Sony Corp raised US$5.9 billion from SMBC | Mizuho Leads the Pack

Japan Deals Intelligence Japan Loans - Bookrunners (S12b) Jan 1 2010 - Dec 31 2010

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner

Market Market # of Market Change in
Japanese syndicated lending for 2010 totaled US$252.1 billion on 1,653 deals, a 1.2% increase in proceeds compared to US$249.2 2010 2009
Bookrunner Rank Rank Proceeds Share % Share Ch. Deals Share % # of Deals
billion in 2009. Mizuho Financial Group 1 1 94,590.2 37.9 6.6 ▲ 500 30.5 4 ▲
Mitsubishi UFJ Financial Group 2 3 64,203.1 25.7 -2.6 ▼ 548 33.4 -40 ▼
Sony Corp's amended US$5.9 billion tenor extension deal, solely led by Sumitomo Mitsui Banking Corp in October, was the largest Sumitomo Mitsui Finl Grp Inc 3 2 62,853.0 25.2 -4.3 ▼ 453 27.6 -48 ▼
Japanese deal for the year. The borrower has extended the tenor annually since the original deal closed in 2009. Citi 4 4 6,167.3 2.5 -0.1 ▼ 10 0.6 -1 ▼
Resona Holdings Inc 5 7 5,810.5 2.3 1.4 ▲ 60 3.7 26 ▲
Sumitomo Trust & Banking 6 6 4,214.0 1.7 0.8 ▲ 43 2.6 16 ▲
The Real Estate sector, which saw a significant decline after the financial crisis, has gradually picked-up in 2010. Real Estate Development Bank of Japan Inc 7 5 2,675.7 1.1 -0.8 ▼ 25 1.5 2 ▲
transactions accounted for 8.1% of the total market volume, a 43.2% increase from its market share of 4.6% in 2009. Aozora Bank Ltd 8 12 2,080.5 0.8 0.4 ▲ 23 1.4 12 ▲
Bank of Yokohama 9 11 1,985.6 0.8 0.3 ▲ 43 2.6 2 ▲
BNP Paribas SA 10 10 1,614.3 0.7 0.0 - 6 0.4 -1 ▼
The top three syndicated Japanese real estate deals by proceeds were: two Nippon Commercial Investment’s deals each worth US$1.1
Chuo Mitsui Trust & Banking 11 14 690.4 0.3 0.0 - 10 0.6 5 ▲
billion, both solely led by Sumitomo Mitsui Banking Corp and Tokyo Tatemono Co Ltd’s US$1.1 billion facility, led by Mizuho Corporate Credit Agricole CIB 12 17 445.5 0.2 0.1 ▲ 5 0.3 2 ▲
Bank. Hiroshima Bank Ltd 13 18 430.8 0.2 0.1 ▲ 8 0.5 2 ▲
77 Bank Ltd 14 15 384.0 0.2 0.1 ▲ 2 0.1 0 -
Nishi-Nippon City Bank Ltd 15 - 382.5 0.2 0.2 ▲ 4 0.2 4 ▲
Top Japan Syndicated Loans Jan 1 2010 - Dec 31 2010 Shinsei Bank 16 9 251.6 0.1 -0.8 ▼ 6 0.4 0 -
Closing Date Borrower Package Amt (US$m) Primary UOP Shinkin Central Bank 17 8 240.9 0.1 -0.8 ▼ 6 0.4 0 -
10/29/2010 Sony Corp 5,908.5 Refin/Ret Bank Debt Fukuoka Financial Group Inc 18 16 139.8 0.1 0.0 - 4 0.2 -2 ▼
4/30/2010 JOGMEC 4,474.4 Oper Fund / Cash Res Bank of Kyoto Ltd 19 - 107.1 0.0 0.0 - 1 0.1 1 ▲
2/23/2010 Sumitomo Corp 3,658.4 Working Capital Daishi Bank Ltd 20 22 96.6 0.0 0.0 - 5 0.3 1 ▲
5/13/2010 ITOCHU Corp 3,238.8 Working Capital Tokyo Star Bank 21 - 70.5 0.0 0.0 - 1 0.1 1 ▲
3/31/2010 Hitachi Ltd 3,211.5 Oper Fund / Cash Res Shoko Chukin Bank 22 27 45.0 0.0 0.0 - 5 0.3 -5 ▼
4/1/2010 Osaka Prefecture 3,197.7 Place Funds on Deps Norinchukin Bank 23 23 44.4 0.0 0.0 - 3 0.2 2 ▲
3/1/2010 Marubeni Corp 2,748.9 Refin/Ret Bank Debt Hyakugo Bank Ltd 24 - 37.1 0.0 0.0 - 2 0.1 2 ▲
9/27/2010 Dai-ichi Life Insurance Co Ltd 2,610.7 Refin/Ret Bank Debt Hyakujushi Bank Ltd 25 29 36.0 0.0 0.0 - 2 0.1 0 -
12/16/2010 Mitsubishi Corp 2,499.4 Oper Fund / Cash Res Top Twenty Five Total 249,596.4 99.90 0.6 ▲
10/14/2010 Fujitsu Ltd 2,455.8 Working Capital Bookrunner Total 249,924.5 100.0 1,641 -18

Industry % Change from Same Period Last Year 0.8% ▲ -1.1% ▼

Industry % Change from Last Quarter -28.0% ▼ -59.1% ▼
Japan Loans Volume Jan 1 2010 - Dec 31 2010

*tie

$350 2,500 Japan Loans Proceeds by Industry Jan 1 2010 - Dec 31 2010
Proceeds (US$b)
# of Issues
$300 2% 1%
3% Industrials
2,000 3%
20% Financials
4%
$250 High Technology
5%
Proceeds (US$b)

Materials
1,500 5%
# of Issues

$200 Energy and Power

Real Estate

Consumer Products and

8%
$150 Services
1,000 16% Retail

Consumer Staples
$100
10% Government and Agencies

500 Media and Entertainment

$50 13% Healthcare

10%
Telecommunications

$0 0
4Q2001 4Q2002 4Q2003 4Q2004 4Q2005 4Q2006 4Q2007 4Q2008 4Q2009 4Q2010

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 Full Year 2010 | Syndicated Loans | Managing Underwriters

Japan
Japan Loans - Mandated Arrangers (S12a) Jan 1 2010 - Dec 31 2010 Japan Loans - Use of Proceeds Jan 1 2010 - Dec 31 2010

Proceeds per Mandated Arranger (US$m) # of Deals per MA

2010 2009 Market Market # of Market Change in
Mandated Arranger Rank Rank Proceeds Share % Share Ch. Deals Share % # of Deals
Mizuho Financial Group 1 1 91,802.1 36.4 6.0 ▲ 527 31.9 -1 ▼ $120 January 1, 2009 - December 31, 2009
Mitsubishi UFJ Financial Group 2 3 66,888.3 26.5 -1.9 ▼ 586 35.5 -34 ▼ January 1, 2010 - December 31, 2010
Sumitomo Mitsui Finl Grp Inc 3 2 65,723.9 26.1 -3.4 ▼ 490 29.6 -38 ▼ $110
Citi 4 4 5,091.1 2.0 -0.2 ▼ 12 0.7 -3 ▼
Sumitomo Trust & Banking 5 6 4,235.8 1.7 0.7 ▲ 49 3.0 11 ▲ $100
Resona Holdings Inc 6 7 4,061.5 1.6 0.6 ▲ 80 4.8 31 ▲
Development Bank of Japan Inc 7 5 3,140.4 1.3 -0.5 ▼ 30 1.8 2 ▲ $90
Aozora Bank Ltd 8 14 2,066.0 0.8 0.4 ▲ 25 1.5 13 ▲
Bank of Yokohama 9 11 1,532.3 0.6 0.1 ▲ 48 2.9 5 ▲ $80
BNP Paribas SA 10 10 1,439.3 0.6 -0.1 ▼ 9 0.5 -1 ▼
Chuo Mitsui Trust & Banking 11 13 928.1 0.4 0.0 - 15 0.9 7 ▲ $70

Proceeds (US$b)
Credit Agricole CIB 12 12 885.8 0.4 0.0 - 8 0.5 0 -
$60
ING 13 25 508.1 0.2 0.2 ▲ 5 0.3 3 ▲
Hiroshima Bank Ltd 14 18 399.4 0.2 0.1 ▲ 9 0.5 3 ▲
$50
Nishi-Nippon City Bank Ltd 15 51 388.0 0.2 0.2 ▲ 5 0.3 3 ▲
Shinsei Bank 16 8 251.6 0.1 -0.8 ▼ 6 0.4 -1 ▼
$40
Shinkin Central Bank 17 9 240.9 0.1 -0.8 ▼ 6 0.4 0 -
Bank of America Merrill Lynch 18 20 222.6 0.1 0.0 - 2 0.1 -1 ▼
$30
77 Bank Ltd 19 21 207.1 0.1 0.0 - 2 0.1 0 -
Hokuhoku Financial Group Inc 20 22 176.5 0.1 0.0 - 4 0.2 -1 ▼
$20
ANZ Banking Group 21 - 164.4 0.1 0.1 ▲ 2 0.1 2 ▲
Barclays Capital 22 38* 147.1 0.1 0.1 ▲ 1 0.1 0 - $10
Societe Generale 23 29 144.5 0.1 0.1 ▲ 2 0.1 1 ▲
Fukuoka Financial Group Inc 24 17 143.1 0.1 0.0 - 5 0.3 -2 ▼ $0
Bank of Kyoto Ltd 25 50 130.8 0.1 0.1 ▲ 3 0.2 2 ▲
Top Twenty Five Total 250,918.7 99.5 1.0 ▲ Working Capital Operating General Refinancing Refinance Bank Capital Property Property
Industry Total 252,115.7 100.0 1,653 -9 Fund/Cash Corporate Debt Expenditures Development Acquisition
Reserve Purposes
Industry % Change from Same Period Last Year 1.2% ▲ -0.5% ▼
Industry % Change from Last Quarter -28.1% ▼ -59.2% ▼

Japan Loans Maturity Analysis 2011-2020 Japan Loans Volume of Non-Japanese Borrowers

$250 2,000

$14 35
1,800

Proceeds(US$b)
$200 # of Issues 1,600 $12 Proceeds (US$b) 30

1,400 # of Issues
$10 25

$150 1,200
Proceeds (US$b)

Proceeds (US$b)
# of Issues

# of Issues
$8 20
1,000

$100 800 $6 15

600
$4 10

$50 400

$2 5
200

$0 0 $0 0
2Q

3Q

4Q

2Q

3Q

4Q

2Q

3Q

4Q

2Q

3Q

4Q

2Q

3Q

4Q

2Q

3Q
1Q2005

1Q2006

1Q2007

1Q2008

1Q2009

1Q2010

4Q2010
2011

2012

2013

2014

2015

2016

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2018

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2020

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O M
M SS O
O NN FFI N
I A
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N ICAILA L

Full Year 2010 | Syndicated Loans | Managing Underwriters

Ranking Criteria Summary

- Database coverage includes all loan transactions that have reached financial close by the submission deadline and of which Thomson Reuters has been made aware. All current data and
If you would like to participate in the submission previous year's data is as of 9:00am EST on December 31, 2010.
process, receive quarterly press releases, or
have questions about league table criteria
please contact:
- Global, Americas, Asia-Pacific and Japan bookrunner and mandated arranger league table volumes and rankings are based on general close date instead of financial close date. EMEA
bookrunner and mandated arranger league table volumes and rankings are based on financial close date.
Americas
William Cole
Tel: +1 646 223-8475
E-mail: william.cole@thomsonreuters.com - Bilateral, self-arranged, commercial and unknown loans are excluded from league tables as well as loans with a maturity of less than 90 days.

Europe
Stephen Sotere Angelides
Tel: +44 207 542 1991 - All league tables are based on deal proceeds unless otherwise specified. Regional league tables are based on Target Market.
E-mail: stephen.angelides@thomsonreuters.com

Asia-Pacific
Carina Causon - 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
Tel: +632 858 7221
E-mail: carina.causon@thomsonreuters.com

Japan - 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 consolidation, credit will be givien to
Mai Yokochi the surviving/parent firm.
Tel: +813 5218 6590
E-mail: mai.yokochi@thomsonreuters.com

- Imputed fees are calculated using Freeman Consulting proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or
advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to
syndicated members.

- Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.

- 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 syndicate. Mandated Arranger league
tables include all club syndicate transactions, regardless of sell-down process.

- Bookrunner and Mandated Arranger league tables only include amendments that require 100% lender vote for the following amendments: decrease in pricing, change in tenor if maturity is
extended by a period of more than 90 days, change in deal size, change to bookrunner, mandated arranger and/ or tier 1 agent, guarantor or collateral release, change in borrowing base
criteria, and financial covenants change/release.

League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly 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".

Thomson Reuters Investment Banking loans data is compiled in conjunction with Loan Pricing Corporation (LPC). In combination, Thomson Reuters Investment Banking and LPC offer the most
comprehensive and accurate view of the syndicated loans market available.

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for
any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to
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transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including
the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

© 2010 Thomson Reuters. All rights reserved.

Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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