APAC Monthly Loan Market Stats Thomson Reuters LPC Contacts: Anna.Vong@thomsonreuters.com Emily.Au@thomsonreuters.com Alan.Wang@thomsonreuters.com January 2018 © Thomson Reuters LPC 2017. The attached content, including, but not limited to, text, data, reports, and other opinions, images, photos, graphics, graphs, and charts (the “Content”), may be used with proper citation to Thomson Reuters LPC. The Content is the property of Thomson Reuters LPC, and is protected by copyright and other intellectual property laws. Contact Thomson Reuters LPC at (1) 646-223-6890 (New York) or (852) 2294-8853 (Hong Kong) for additional information.

Table of Contents: TOPIC Page Chart of the Month………………………………………………………………………………………………….….03 Global Loan Market...…………………………………………………………………………………………….……04 APAC ex. Japan Loan Market…………………………………………………………………….........…………..05-07 APAC and Japan M&A Loan Market………………………………………………………………………..………..08 APAC Regional and Japan Loan Markets………………………………………………………………………....09-11 APAC Pipeline Loan Volume…………..…………………………………..…………………………………….…...12 APAC Secondary Loan Market ………….…………………………………………………………………………13-14 APAC Loan League Table: Mandated Arranger ……...………………………………………………………….....15 APAC Loan League Table: Bookrunner..………………………………………………………………………….....16

Chart of the Month: APAC 2017 loan volume slides 4.8% YOY *Ex-Japan. Includes all international currency, Rmb and NT$ syndicated and club loans Source: Thomson Reuters LPC 3

Global Market: Quarterly Loan Volume For Asia Pacific and Japan: volume includes all international currency, Rmb and NT$ syndicated and club loans. Global loan volume stood at US$87.7bn dollars at the end of January 2018 Americas, the largest contributor recorded US$49.1bn, followed by EMEA with US$30.0bn, Asia Pacific with US$5.7bn and Japan with US$3.0bn. Sources: Thomson Reuters LPC

APAC Loan Market: Asia Pacific (ex-Japan) Monthly Loan Volume All international currency, Rmb and NT$ syndicated and club loans (excluding Japan) Asia Pacific (ex-Japan) loan market closed 15 deals with a volume of US$5.7bn in January 2018, a decline of US$14.2bn compared to the same time last year Northeast Asia provided US$4.8bn towards the total. This is followed by South & Southeast Asia with US$0.4bn and Australasia with US$0.39bn, Sources: Thomson Reuters LPC

Sources: Thomson Reuters LPC APAC Loan Market: Asia Pacific (ex-Japan) Tenor Distribution in Percentage All international currency, Rmb and NT$ syndicated and club loans (excluding Japan) Loans with a five-year tenor has been the most popular year-to-date, making up 63.5% of total volume in APAC ex-Japan. This is followed by three-year loans at 19.7%. The region has not recorded any loans with a tenor of 1 year Sources: Thomson Reuters LPC

Sources: Thomson Reuters LPC APAC Loan Market: Asia Pacific (ex-Japan) Refinancing and M&A Loan Volume For Asia Pacific and Japan: volume includes all international currency, Rmb and NT$ syndicated and club loans. Refinancing loans reached US$5.1bn and accounted 89% of total APAC (ex-Japan) volume by the end of January 2018 Other new money loans accounted for US$0.6bn or 11% of total volume over the same period Sources: Thomson Reuters LPC

APAC Loan Market: Regional M&A Loan Distribution For Asia Pacific and Japan: volume includes all international currency, Rmb and NT$ syndicated and club loans. Asia Pacific and Japan has not logged M&A loan in the first month. Sources: Thomson Reuters LPC

APAC Loan Market: Regional Loan Distribution Percentage All international currency, Rmb and NT$ syndicated and club loans (excluding Japan) Northeast Asia loan volume dominated the Asia Pacific region and contributed 85.5% to volume South & Southeast Asia and Australasia accounted for 7.6%% and 6.9% of total activity in the APAC region Sources: Thomson Reuters LPC

Source: Thomson Reuters LPC APAC Regional Loan Market: Northeast Asia and Japan Quarterly Loan Volume Northeast Asia Quarterly Loan Volume Japan Quarterly Loan Volume All international currency, Rmb and NT$ syndicated and club loans (excluding Japan). All international currency, Rmb and NT$ syndicated and club loans syndicated in Japan Northeast Asia: Northeast Asia issued US$4.8bn via 13 deals at the end of Jan 2018, the lowest recorded volume since 2014 Japan: Japan’s issuance stood at US$3.0bn via 44 deals, a 52% decline in volume compared to the previous year Source: Thomson Reuters LPC

Source: Thomson Reuters LPC APAC Regional Loan Market: Australasia, Southeast and South Asia Loan Volume Australasia Quarterly Loan Volume Southeast and South Asia Quarterly Loan Volume All international currency, Rmb and NT$ syndicated and club loans (excluding Japan). Australasia: Issuances in Australasia accounted US$0.4bn via 1 deal at the end of Jan 2018 Southeast and South Asia: South & Southeast Asia loan volume stood at US$0.43bn via 1 deal at the end of Jan 2018 Source: Thomson Reuters LPC

APAC Loan Market: Asia Pacific (ex-Japan) Loan Pipeline Volume APAC ex-Japan loan pipeline stood at US$96bn at the end of January 2018. Pipeline volume decreased by US$1.4bn compared to the same time last year. Sources: Thomson Reuters LPC

APAC Secondary Loan Market: Advancers VS Decliners Advancers outpaced Decliners in Asia in January, the advancers to decliners ratio of loan bids was 1.93 70 names in the region remain unchanged compared to the previous month Sources: Thomson Reuters LPC

Source: Thomson Reuters LPC APAC Secondary Loan Market: European Non-leveraged 30 VS Asia Pacific Non-leveraged European Non-leveraged VS Asia Pacific Non-leveraged European Leveraged 40 VS Asia Pacific Leveraged Non-leveraged: Average bids for non-leveraged European names was 97.6 of par in January 2018 Non-leveraged Asian averaged at 98.8 at the end of January 2018 Leveraged: European leveraged names, on average, traded at 99.97 of par in January 2018. Bids for Asia leveraged credits traded at 95.0 of par in December, compared to 95.2 in December. Source: Thomson Reuters LPC

APAC Loan League Table: 2018 YTD APAC (ex-Japan) Mandated Arranger Rank Change Mandated Arranger US$ Deals Market Share 1 - DBS Bank 504,077,971 5 8.91% 2 Bank of Taiwan 451,646,383 7.98% 3 AmBank 430,000,000 7.60% 4 Mega International Commercial Bank 386,424,724 6.83% Bank of China 337,744,638 5.97% 6 Hang Seng Bank 278,317,796 4.91% 7= China Construction Bank 252,744,638 4.46% HSBC Industrial & Commercial Bank of China 10 Bank of East Asia 229,237,439 4.05% 11 Mizuho Bank 225,190,106 3.98% 12 China Minsheng Banking Corp 163,237,439 2.88% 13 Taiwan Cooperative Bank 162,869,622 2.87% 14 Sumitomo Mitsui Banking Corp 154,840,532 2.73% 15 Hua Nan Commerical Bank 103,785,106 1.83% 16= China Guangfa Bank 95,000,000 1.67% Industrial Bank Yuanta Commercial Bank ** All international currency, Rmb and NT$ syndicated and club loans (including Australasia, ex-Japan). Data compiled from January 1 to Januarty31, 2017 Source: Thomson Reuters LPC 15

APAC Loan League Table: 2018 YTD APAC (ex-Japan) Bookrunner Rank Change Bookrunner US$ Deals Market Share 1 - Bank of Taiwan 496,835,700 5 14.49% 2 Mega International Commercial Bank 485,105,000 4 14.15% 3 Deutsche Bank 340,000,000 9.92% DBS Bank 252,000,000 7.35% Cathay United Bank 180,000,000 5.25% 6= Bank of China 179,014,398 5.22% Hang Seng Bank HSBC OCBC Bank 10 Taiwan Cooperative Bank 160,086,777 4.67% 11 Mizuho Bank 140,699,147 4.10% 12= Standard Chartered Bank 132,000,000 3.85% Taipei Fubon Commercial Bank 14= China Guangfa Bank 126,666,667 3.69% Yuanta Commercial Bank 16 Taiwan Business Bank 84,516,565 2.46% 17 Chang Hwa Commercial Bank 54,090,602 1.57% ** All international currency, Rmb and NT$ syndicated and club loans (including Australasia, ex-Japan). Data compiled from January 1 to January 31, 2017 Source: Thomson Reuters LPC 16