DVB Bank Group Client Presentation Frankfurt/Main, October 2017 - - PowerPoint PPT Presentation

TRUSTWORTHY. FOCUSED. DIVERSIFIED. COMPETENT.

DVB Bank Group – Client Presentation

Frankfurt/Main, October 2017

Disclaimer

This presentation has been prepared by DVB Bank Group. This presentation does not contain or constitute an offer, or the solicitation of an offer, to buy or subscribe for securities to any person. This document is not a prospectus. The presentation is a short summary description of certain aspects in respect of DVB Bank Group. It may not contain all relevant information in respect of the topics covered. This presentation is therefore not a sufficient basis for any investment decision in respect

• f any securities of DVB Bank Group.

This presentation contains forward-looking statements which include statements about our beliefs and expectations as well as the assumptions underlying them. Such statements speak only as of the day they are made since they are based on plans, estimates and projections currently available to the management of DVB Bank Group. Forward-looking statements contain risks and uncertainties, and it cannot be guaranteed that they will turn out to be correct in light of future events or developments. Information and opinions contained in this presentation have been compiled or arrived from sources believed by DVB Bank Group to be reliable. Any statements about DVB Bank Group’s market position are based on DVB Bank Group’s own estimates, unless explicitly stated otherwise herein. Although the information shown herein has been taken from sources which are believed to be reliable or is based on DVB Bank Group’s own estimates, no warranty or representation is made as to the correctness, completeness and accuracy of the information or the assessments made on its basis. DVB Bank Group accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this presentation.

Contents

02/ DVB – Business divisions and services

12 Lending volume 14 Shipping Finance 24 Aviation Finance 34 Offshore Finance 44 Land Transport Finance 52 Financial Institutions and Syndications 55 DVB Corporate Finance 60 Investment Management

01/ DVB – Business model

5 Competitive strengths

03/ DVB – Financials and outlook

65 Financial figures 67 Macroeconomic environment and forecast

04/ DVB – About us

71 Structure 74 Board of Managing Directors 79 Supervisory Board 80 Staff

05/ DVB – Further information

83 DVB worldwide 85 Imprint 86 Photo credits

01/ DVB – Business model

5 Competitive strengths

DVB’s mission statement

At DVB, we make deals work. This means striving to seek and develop intelligent and appropriate solutions that meet and even exceed our clients’ needs and expectations. We go the extra mile to constantly and thoroughly research and study our industry. Often, this leads us to challenge conventional wisdom when offering our focused range

• f financing services.

The specialist in international transport finance

01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

DVB’s business model (1)

Asset & Market Research Structured Asset Lending Private Equity Sourcing & Investments Asset Management Client Account Risk Distribution & Loan Participations Corporate Finance Solutions Shipping Finance Aviation Finance Offshore Finance Land Transport Finance

01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

DVB’s business model (2)

Business divisions Business areas Products Customers Core region

/ Tankers / Bulk carriers / Container ships / Car carriers / Container boxes / Smaller to larger public and private companies (shipowners, shipping companies, charterers) / Europe / North/South America / Asia/Australia / Passenger aircraft / Freighter aircraft / Aircraft engines / Airlines / Operating lessors / Logistic companies / Europe / North/South America / Asia / Middle East/Africa / Offshore support vessels / Subsea & construction vessels / Drilling units / Floating Production Storage and Offloading / Owners and operators of offshore vessels / Experienced financial investors within the offshore sphere / Europe / North/South America / Asia/Pacific / Offshore / Rail-based (freight cars, loco- motives, passenger train sets) / Rail-related (container chassis) / Equipment lessors / Railway companies / Shippers or industrial clients with own rail equipment fleets / Europe / North America / Australia

Shipping Finance Aviation Finance Offshore Finance Land Transport Finance Investment Management

Fundmanagement: / Shipping & Intermodal Investment Management / Aviation Investment Management / Private Equity Sourcing & Investments / SIIM: ship/rail car/intermodal owners, leasing companies, financial institutions / AIM: institutional investors (pension funds, hedge funds, private equity firms) / Global coverage / Asset & Market Research / Risk Distribution & Loan Participations / Corporate Finance Solutions / Client Account In all Transport Finance divisions: Aviation Finance solely: / Aviation Asset Management / Advisory Services / Structured Asset Lending

01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

DVB’s ten competitive strengths

Business model  clearly focused, distinctively specialised, diversified in many aspects, cycle-neutral and international in scope Business policy  conservative and sustainable Organisation  transparent structures, swift information flow and prompt decision-making Human resources  highly qualified and experienced Products & services  customised and beyond the typical scope of banking Asset & Market Research  sophisticated, renowned and award-winning Credit portfolio  diversified by multiple criteria and categories Risk management  consistent and forward-thinking Funding  granular and maturity-matched Own funds  sound capital base

10

01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Strengths

/ Clearly focused business model with a unique specialisation, cycle-neutral business approach, and a global presence in all key transport markets / Conservative and sustainable business policy / Transparent structures, with a high degree of flexibility and fast decisions / Highly qualified, experienced staff / Customised products and services, high level of client service, as well as close contacts to manufacturers and leasing companies / Extensive market and asset expertise / Credit portfolio diversified by multiple criteria and categories / Advanced risk management and pricing systems / Granular and matched-maturity funding / Sound capital base through own funds

S

/ Higher liquidity costs, compared to most competitors / Direct relationship between the Bank's business development and GDP growth / Relatively high sector exposure / Global presence requires high staff resources / High staff costs due to high levels of employee qualification in terms of academic expertise and experience / No material client deposits / Exposure to the euro/US dollar exchange rate, with an impact on growth and results

W

/ Realisation of margins in line with risks taken / Expansion of anti-cyclical Investment Management activities / Building new client relationships / Numerous initiatives taken to broaden the product portfolio and enhance cross- selling / Funding available through access to the extensive liquidity offered by the German Cooperative Financial Services Network / Expanding the advisory and other services offered to clients, banks, and investors / Boosting DVB's reputation as a reliable partner to the international transport industry

O

/ High level of early repayments, negatively impacting the net interest margin / Rising number of insolvencies, especially in the shipping and offshore markets / Significant decline in transport asset values, in various market segments / Rising threat of recession, on a global scale / Distortions on the global financial markets / Indebtedness of certain industrial nations and emerging economies / Rise of the US dollar against the euro / Further increasing regulatory requirements / Development of commodity prices, in particular oil prices

T

DVB’s SWOT analysis

Weaknesses Opportunities Threats

01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Instruments for sustainably dealing with credit risks

/ Forecasting future market developments and asset values forms the basis of our portfolio strategy and individual deal decisions / Increased visit frequency depending

• n risk situation

Intensive research and close client contact

/ e.g. specific covenants in the Shipping Finance contracts, like value maintenance clauses

Close monitoring

• f compliance

with all lending agreements

/ Identification of potentially higher risks in case the market environment continues to deteriorate by quarterly portfolio stress tests / Basis: changing asset values (specific haircuts) and counterparties’ creditworthiness (increase of probability

• f default)

Early Warning List

/ Early detection of increased risks of potential problem exposures

Closely Monitored List

/ Close monitoring of transactions that have to be restructured and/or of transactions with a potential or already existing need to recognise allowance for credit losses

Watch List

/ In general, transactions are placed on the LLP List if risks have materialised, and the deal has been classified as defaulted.

Loan Loss Provision List

01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

59 Land Transport Finance 66 Financial Institutions and Syndications 69 DVB Corporate Finance 74 Investment Management

02/ DVB – Business divisions and services

12 Lending volume 14 Shipping Finance 24 Aviation Finance 34 Offshore Finance 44 Land Transport Finance 52 Financial Institutions and Syndications 55 DVB Corporate Finance 60 Investment Management

Customer lending volume

US$ bn 30 Jun 2017 31 Dec 2016 % Shipping Finance 12.5 12.6

• 0.8

Aviation Finance 8.2 9.1

• 9.9

Offshore Finance 2.4 2.5

• 4.0

Land Transport Finance 1.7 1.7 – Investment Management 0.6 0.6 – ITF Suisse 0.2 0.6

• 66.7

Business no longer in line with DVB’s strategy 0.1 0.2

• 50.0

Total 25.7 27.3

• 5.9

€ bn 30 Jun 2017 31 Dec 2016 % Shipping Finance 11.0 11.9

• 7.6

Aviation Finance 7.2 8.7

• 17.2

Offshore Finance 2.1 2.4

• 12.5

Land Transport Finance 1.5 1.6

• 6.3

Investment Management 0.5 0.6

• 16.7

ITF Suisse 0.1 0.6

• 83.3

Business no longer in line with DVB’s strategy 0.1 0.1 – Total 22.5 25.9

• 13.1

by business division by region

83.4 72.5 52.8 76.3 77.0 70.8 54.0 70.1 68.2 70.9 54.4 72.6 70.0 71.1 63.0 72.3 80.2 71.3 75.3 70.6 10 20 30 40 50 60 70 80 90 100 Shipping Finance Aviation Finance Offshore Finance Land Transport Finance 2012 2013 2014 2015 2016

Portfolio collateralisation

Loan-to-value ratio – relation between drawn loans and the market value of the assets financed

%

Shipping Finance – In-depth expertise

Shipping Finance – In-depth expertise

Our mission statement: „To create sustainable risk-adjusted income through providing bespoke financial solutions to our diversified client base, leveraging our unique global position in the shipping industry” / Our dedicated approach and our commitment to the shipping industry bring us closer to our clients. / Our Shipping Finance portfolio is strongly diversified across sectors and geographic regions. / Our target assets include, amongst others, tankers (crude oil, gas, chemical, product), dry bulk vessels, container vessels, container boxes, car carriers and ferries. / We thoroughly analyse and continuously track the vessels financed from the yard to the scrapyard. / We further ingrained risk management in the process, supported by the complete involvement of research and risk management throughout the life cycle of a loan.

Shipping Finance portfolio (30 Jun 2017: €11.0 bn)

Total lending volume by vessel type Total lending volume by country risk

1.3% Ferries, passenger vessels 48.1% Tankers thereof: 14.4% Crude oil tankers 11.6% Gas tankers 11.3% Product tankers 10.8% Chemical tankers 55.2% Europe 3.6% Offshore 3.9% Middle East & Africa 15.2% Asia 21.2% North America 25.7% Bulk carriers 0.9% South & Central America 1.3% Others 1.7% Cruise ships 2.7% Container boxes 3.1% Car carrier 16.1% Container carriers

Shipping Finance – Deal of the year 2016 IVS Bulk

In 2016, DVB closed a deal with IVS Bulk Pte Ltd (IVS Bulk), a subsidiary of Grindrod Shipping Pte Ltd, established in 2013. On the back of our marketing efforts since 2008, we have established an active and engaging relationship with Grindrod Shipping since our first ship finance deal for a fleet of tanker and dry bulk vessels in 2011. We closed our first deal with IVS Bulk in 2014 for six of the twelve newbuildings. With the lowest dry bulk markets, the follow-on deal with existing club banks for the remaining six newbuildings did not materialise at that time. Given the relationship established with Grindrod over the years and our commitment to support the company’s shipping ventures, we were asked to assist in structuring a deal for their remaining Supramax and Handysize vessels. Together with the client, we arranged a conservatively structured finance package as back-stop finance for the state-of-the-art newbuildings. The deal was syndicated in close cooperation with our Financial Institutions and Syndications team. Despite challenging markets, DVB was able to successfully syndicate the remaining commitment to a European and Japanese lender.

• customers. Grindrod Shipping was very appreciative of our continuous

support, providing structured services at times when other lenders were withdrawing from dry bulk deals – even for their relationship.

Shipping Finance – Some important deals 2016

Shipping/Offshore Finance – Accolades

__ 2016

/ Bank Debt – West; Deal of the Year 2015  Marine Money Shipping / Export Credit Agency – West; Deal of the Year 2015  Marine Money Shipping

__ 2013

/ Editor’s Choice Award – Navigator Gas  Marine Money / Editor’s Choice Award – Sovcomflot  Marine Money / Contribution to Ship Financier  Marine Money / Bank Debt Deal of the Year 2012  Marine Money Offshore / Editor’s Choice Award 2012 – Norskan Offshore  Marine Money Offshore / The Ship Finance Award  Seatrade Asia

__ 2012

/ Shipping Financier of the Year  Greek Shipping Awards (Lloyd’s List) / Leasing (East) Deal of the Year 2011  Marine Money / Securizations Deal of the Year 2011  Marine Money

Shipping/Offshore Finance – Accolades

__ 2011

/ Editor’s Choice of the Year – West  Marine Money / Editor’s Choice of the Year – Shipping Research  Marine Money / Leasing Deal of the Year – East  Marine Money / Project Finance Deal of the Year  Marine Money / Export Credit Deal of the Year – West  Marine Money

__ 2010

/ Asia Ship Finance Award 2010  Seatrade Asia / Shipping Debt Deal of the Year – South America  Jane’s Transport Finance / Shipping Leasing Deal of the Year  Jane’s Transport Finance

__ 2009

/ Shipping Deal of the Year – North America  Jane’s Transport Finance / Award for Contribution to Ship Finance 2008  Marine Money

Shipping/Offshore Finance – Accolades

__ 2008

/ Best Shipping Finance Research  Lloyd’s Shipping Economist

__ 2006

/ Restructuring Deal of the Year 2006  Marine Money / Best Shipping Finance Research  Lloyd’s Shipping Economist / Ship Finance Personality for Dagfinn Lunde  Lloyd’s Shipping Economist / M&A Deal of the Year 2005  Marine Money

__ 2007

/ Shipping Debt Deal of the Year – Europe  Jane’s Transport Finance

__ 2005

/ Best Shipping Finance Research  Lloyd’s List Economist

Shipping/Offshore Finance – Accolades

__ 2004

/ Best Shipping Finance Research  Lloyd’s Shipping Economist / Shipping Equity Deal of the Year  Jane’s Transport Finance / Most Innovative Shipping Finance Deal  Lloyd’s Shipping Economist / Best Ship Financier  Lloyd’s List Maritime Asia

__ 2002

/ Most Professional Overall Finance Service to Shipping  Lloyd’s Shipping Economist

__ 1999

/ Best Ship Financier  Lloyd’s List Maritime Asia

__ 2001

/ Best Overall Knowledge of the Tanker Sector  Lloyd’s Shipping Economist

__ 2000

/ Most Innovative Ship Finance Institution Worldwide  Lloyd’s Shipping Economist

2017

Shipping markets – Outlook 2017

/ Overcapacity in the existing fleets will continue to represent a challenge in the shipping markets. / The difficult environment in the shipping and offshore sectors is putting pressure on shipyards. / The lack of private equity activity and bank financing in the second-hand market will continue to stress market values especially for older tonnage. / Defaults and consolidation have occurred amongst shipowners and charterers and these are expected to continue. / These persistent market distortions further burdened shipping clients’ liquidity cushions. This has in turn affected lenders to a higher extent than before. / Major regulatory changes are on the way. However, although the Ballast Water Treatment was due to become effective in September 2017, the International Maritime Organization has granted a two-year extension. As this new regulation translates into additional investments, it was expected to accelerate the phasing out of older units (especially larger ones for which ballast water treatment installations are most expensive). The extension will postpone the phasing out of these units.

Aviation Finance – Integrated platform solutions

Aviation Finance – Integrated platform solutions (1)

Our mission statement: As a hybrid institution, we provide our customers with the most efficient blend of capital and services at any period in time and at any point along the industry cycle. / We feature a unique platform of Aviation Finance services and products employing specifically skilled individuals. / We continually develop our asset-oriented lending practice to profitably expand our business. / We are willing to assume residual value risks – based on in-depth research and market/asset knowledge. / We take a proactive approach to maintaining and growing our portfolio. / We increase our efficiency further to stay ahead of our competitors. / We like to ensure that our distinctive features are fully recognised and valued.

2017

Aviation Finance – Integrated platform solutions (2)

Aviation Investment Management Aviation Asset Management Aviation Financial Consultancy Asset Research Structured Asset Financing Information & Strategic Marketing

DVB Aviation

Aviation Finance portfolio (30 Jun 2017: €7.2 bn)

Total lending volume by aircraft type Total lending volume by country risk

4.4% Regional jets

5.0% Freighters

2.0% Turboprops

51.1% Narrowbody pax

35.3% Europe 2.2% South & Central America 4.5% Offshore 9.6% Middle East & Africa 23.8% Asia & Australia 37.5% Widebody pax

24.6% North America

Aviation Finance – Deal of the year 2016 KDAC

In April 2016, Aviation Investment Management (AIM), in its capacity as consultant to the Deucalion Aviation Funds, signed a sale agreement with one of DVB’s long-standing partners, AerCap, for the purchase of a portfolio of 37 aircraft. The well-diversified portfolio of mid-life assets formed the basis for a new joint venture ‒ called KDAC ‒ between Deucalion Limited and one of its investment firm partners. The subject deal, with its substantial size, offered the opportunity to build a platform with the flexibility to grow and explore multiple exit opportunities. The portfolio’s size, equity requirement, and average age of ten years represented challenges for some competing bidders. By utilising the resources and expertise of our wider Aviation platform, AIM was able to identify value in the portfolio where others had been unable to do so. Furthermore, the execution capabilities of AIM were an added attraction for the seller which was looking to meet a tight closing timetable. Our Aviation Asset Management team was appointed servicer of the portfolio and our structured lending team joined the senior debt facility as a co-underwriter with BNP Paribas (lead arranger) and Citibank (co- underwriter). The transaction reinforced our position as a market leader when it comes to managing experienced third-party equity in large mid- life aircraft deals.

Aviation Finance – Some important deals 2016

• n behalf of the airline's subsidiary

Aviation Finance – Accolades

__ 2017

/ Aircraft Securisation Deal of the Year – US  Global Transport Finance / Aircraft Finance Portfolio Acquisition  Global Transport Finance

__ 2012

/ Sale/Leaseback Deal of the Year 2011  Airfinance Journal / Predelivery Payment Deal of the Year 2011  Airfinance Journal / North America Deal of the Year 2011  Airfinance Journal

__ 2016

/ Europe Deal of the Year  Airfinance Journal / Used Aircraft Deal of the Year  Airfinance Journal

__ 2015

/ Commercial Loan Deal of the Year  Airfinance Journal

__ 2013

/ Used Aircraft Deal of the Year 2012  Airfinance Journal

Aviation Finance – Accolades

__ 2010

/ Regional Jet Deal of the Year  Airfinance Journal / Aviation Research House of the Year  Jane’s Transport Finance

__ 2009

/ Aircraft Debt Deal of the Year – North America  Jane’s Transport Finance / Aircraft Debt Deal of the Year – South America  Jane’s Transport Finance

__ 2008

/ Aircraft Debt Deal of the Year – Asia  Jane’s Transport Finance / Aircraft Debt Deal of the Year – Middle East  Jane’s Transport Finance / Aircraft Capital Markets Award  Jane’s Transport Finance / PDP Deal of the Year  Airfinance Journal / Cargo Finance Deal of the Year  Airfinance Journal / Africa Deal of the Year  Airfinance Journal

Aviation Finance – Accolades

__ 2007

/ Aircraft Debt Deal of the Year – Africa  Jane’s Transport Finance

__ 2005

/ Long Term Aircraft Finance Deal of the Year – Middle East  Jane’s Transport Finance

__ 2002

/ Aircraft Debt Deal of the Year – Europe  Jane’s Transport Finance

2017

Aviation markets – Outlook 2017

/ Demand for passenger transport remains robust as global traffic grew 7.9% (year-over-year) for the first five months of 2017. Airfreight volumes showed a spectacular growth of 10.2% over the same period. During 2015/2016 passenger yields fell by about –10%, largely as a response to lower fuel cost, but this trend will probably come to an end with an anticipated drop of only –2% this year. / Global airline results (net profits) jumped between 2014 and 2015 from US$13.7 billion to US$35.9 billion, thanks to the low oil price and high load factors. Preliminary figures for 2016 show a virtual stabilisation at US$34.8 billion. Industry projections for 2017 only see a minimal softening to US$31.4 billion. Fuel cost are expected to increase vs. 2016 and may be partly compensated by improved fuel efficiency. Significant cost increases are expected for labour with a projected 2.8% rise of unit labour cost per available tonne kilometre. There are no industry reasons to expect a dramatic downturn, but political instability, terrorism, the airport hassle-factor and populist/protectionist rhetoric could undermine the confidence of consumers in international (air) travel. / Commercial jet order activity peaked around 3,500 p.a. in 2013 and 2014 pushing the aircraft backlog to about ten years of production at prevailing production levels. As expected, during 2015 and 2016 orders dropped to ca. 2,200 p.a. During the important Paris Air Show in June 2017, a significant volume of new orders and other commitments was recorded ‒ mostly for the new Boeing 737 version (the MAX 10) launched during the air show. While the competing Airbus A320 family was also sold in significant numbers, order volumes for larger twin- aisle aircraft models remained depressed. A relatively high share of orders came from leasing companies. Overall, the backlog still is very strong and exceeds eight years of production. / Modern single-aisle aircraft values remain firm but select larger twin-aisle jets are showing clear weakness. Values of aircraft on lease remain very strong as investors compete with each other for any opportunity to expand their portfolios. In general, there is ample commercial financing available for new and increasingly also for used aircraft, especially if sold with a lease attached. There is no reason to expect a sharp downturn in the short term for modern single-aisles such as the Airbus A320/321 and the Boeing 737, but there are concerns about the values of select larger twin-aisles such as the Airbus A330 and A380 as well as the Boeing 777.

Offshore Finance – Highly specialised industry

Offshore Finance – Highly specialised industry

Our mission statement: „To create sustainable risk-adjusted income through providing bespoke financial solutions to our diversified client base, leveraging our unique global position in the offshore industry” / The offshore industry is highly specialised – so is DVB’s Offshore Finance division. The team facilitates a unique industry focus and specialisation model which has earned us a high market reputation. / Offshore Finance provides debt financing and financial solutions to our clients. We have been mandated to structure offshore transactions and we often act as agent on many syndicated loans to the offshore industry. As we maintain strategic relations with most our clients, we are able to discuss company-specific strategic alternatives with them, offering added-value services like Advisory and M&A. / Our clients within the industry range from owners/operators of offshore vessels to experienced financial investors within the offshore sphere, the majority of which is concentrated in the offshore hubs of Europe, the Americas, and Asia/Pacific. / Clients and prospective clients are serviced from three different locations: Singapore, New York and Oslo.

Offshore Finance portfolio (30 Jun 2017: €2.1 bn)

Total lending volume by asset type Total lending volume by country risk

22.6% Drilling

8.5% Floating Production – F(P)SO 51.4% Europe 0.6% Middle East & Africa 6.9% Offshore 12.1% North America 14.0% South & Central America 15.0% Asia 23.8% Subsea

45.1% Offshore support

Offshore Finance – Deal of the year 2016 Greatship

Wholly-owned by the Great Eastern Shipping Company, the Greatship Group started operations in 2006. Today, the company owns a fleet of four jack-up drilling rigs and more than 20 offshore support vessels. Greatship entered the contract drilling business in 2009 after it took delivery of two Keppel FELS jack-up drilling rigs (Mod V-B design). Two newbuildings from Lamprell (LeTourneau Super 116E design) were added to the fleet in 2013 and 2015. These four units are on charter to Oil and Natural Gas Corp (ONGC) in India and are the most established designs for modern, non-harsh environment jack-ups. They have been enhanced to meet the operating challenges of the Indian continental shelf, and also to drill high-pressure/high-temperature wells. Having continually banked the offshore business of the Great Eastern Shipping Group for over 15 years, we were invited into the senior secured facility for the refinancing of Greatship’s four modern high-spec jack-up rigs. The client approached us due to our longstanding relationship, and our ability to assess the viability of the project despite the challenges in the

• ffshore sector. The modern assets with long-term ONGC contracts, and

Greatship’s financial strength attracted heavy competition. In this transaction we partnered with four more financial institutions, each taking equal stakes.

Offshore Finance – Some important deals 2016

• f 2 x anchor handling tug vessels

Shipping/Offshore Finance – Accolades

__ 2016

/ Bank Debt – West; Deal of the Year 2015  Marine Money Shipping / Export Credit Agency – West; Deal of the Year 2015  Marine Money Shipping

__ 2012

/ Shipping Financier of the Year  Greek Shipping Awards (Lloyd’s List) / Leasing (East) Deal of the Year 2011  Marine Money / Securizations Deal of the Year 2011  Marine Money

__ 2013

/ Editor’s Choice Award – Navigator Gas  Marine Money / Editor’s Choice Award – Sovcomflot  Marine Money / Contribution to Ship Financier  Marine Money / Bank Debt Deal of the Year 2012  Marine Money Offshore / Editor’s Choice Award 2012 – Norskan Offshore  Marine Money Offshore / The Ship Finance Award  Seatrade Asia

Shipping/Offshore Finance – Accolades

__ 2009

/ Shipping Deal of the Year – North America  Jane’s Transport Finance / Award for Contribution to Ship Finance 2008  Marine Money

__ 2011

/ Editor’s Choice of the Year – West  Marine Money / Editor’s Choice of the Year – Shipping Research  Marine Money / Leasing Deal of the Year – East  Marine Money / Project Finance Deal of the Year  Marine Money / Export Credit Deal of the Year – West  Marine Money

__ 2010

/ Asia Ship Finance Award 2010  Seatrade Asia / Shipping Debt Deal of the Year – South America  Jane’s Transport Finance / Shipping Leasing Deal of the Year  Jane’s Transport Finance

Shipping/Offshore Finance – Accolades

__ 2005

/ Best Shipping Finance Research  Lloyd’s List Economist

__ 2008

/ Best Shipping Finance Research  Lloyd’s Shipping Economist

__ 2006

/ Restructuring Deal of the Year 2006  Marine Money / Best Shipping Finance Research  Lloyd’s Shipping Economist / Ship Finance Personality for Dagfinn Lunde  Lloyd’s Shipping Economist / M&A Deal of the Year 2005  Marine Money

__ 2007

/ Shipping Debt Deal of the Year – Europe  Jane’s Transport Finance

Shipping/Offshore Finance – Accolades

__ 1999

/ Best Ship Financier  Lloyd’s List Maritime Asia

__ 2001

/ Best Overall Knowledge of the Tanker Sector  Lloyd’s Shipping Economist

__ 2004

/ Best Shipping Finance Research  Lloyd’s Shipping Economist / Shipping Equity Deal of the Year  Jane’s Transport Finance / Most Innovative Shipping Finance Deal  Lloyd’s Shipping Economist / Best Ship Financier  Lloyd’s List Maritime Asia

__ 2002

/ Most Professional Overall Finance Service to Shipping  Lloyd’s Shipping Economist

__ 2000

/ Most Innovative Ship Finance Institution Worldwide  Lloyd’s Shipping Economist

2017

Offshore markets – Outlook 2017

/ Continued oil price uncertainty is leading to further cuts in exploration and production (E&P) spending as oil and gas majors not only implement cost-cutting programmes, but also delay investments. It is expected that

• ffshore E&P spending will decrease by another 8% in 2017, with capital expenditures being more affected than
• perational expenditures.

/ Demand for most offshore asset types is expected to further decline. Demand in regions with comparatively higher

• il price breakevens – such as the North Sea, West Africa or Brazil – continued to be more affected than lower-cost

production regions such as the Middle East. / On the supply side, the number of units on order remains large for most asset types. Rig owners and shipowners are expected to continue to take measures to reduce supply growth as much as possible, by delaying deliveries and scrapping older units. / In the short term, the initiatives for supply adjustment measures will not be sufficient to make up for the lost

• demand. Hence, fleet utilisation is still expected to decline. As a consequence, the number of stacked units is likely

to continue to grow as shipowners and rig owners strive to preserve cash. / As the market continues to remain difficult, cash reserves amongst rig owners and shipowners are gradually becoming depleted. Hence, we expect restructurings, distressed sales and bankruptcies to continue to be major topics during 2017.

Land Transport Finance – Consistent client franchise

Land Transport Finance – Consistent client franchise

We have a clear mission statement: We highly value our client relationships. The goal is to increase our client franchise as the leading rail asset financing partner in our core regions. Based on our / unique understanding of the market, / focus, / capacity to execute transactions, and / flexibility, we offer added value by / advising on intelligent asset finance solutions, and / taking appropriate risk positions that capitalise on the cyclical nature of the underlying sectors.

Land Transport Finance portfolio (30 Jun 2017: €1.5 bn)

Total lending volume by asset type Total lending volume by country risk

56.2% Europe 2.8% Australia 41.0% North America 91.5% Rail-based

8.5% Rail-related

Land Transport Finance – Deal of the year 2016 ELL European Locomotive Leasing

ELL European Locomotive Leasing (ELL), Vienna, Austria, is a young but already leading lessor in the European locomotive full- service leasing market. Set up in 2014, the company developed swiftly into a prominent position by leasing out the most modern Siemens Vectron electric locomotives, offering the best market prospects in the European rail sector. ELL approached us and other lenders early 2016 with the request for an extended refinancing facility that would allow optimising the existing facility; provide debt for the future investments in 30 additional state-of-the-art electric locomotives; and support an even further growth potential. In June 2016, the new eight-year term loan and revolving facility for ELL was signed. The security package comprised typical asset-based elements. We acted as Hedging Bank as well as Facility and Security Agent for an international club of six banks, and took the largest debt share. This transaction improved ELL’s financing structure and pushed its range of operational possibilities. We were pivotal for the closing of this important deal and was again fully recognised as leading lender and reference bank in this landmark transaction.

Land Transport Finance – Some important deals 2016

Land Transport Finance – Accolades

__ 2014

/ Rail Finance Innovator of the Year  Global Transport Finance / Rail Finance Deal of the Year – Europe  Global Transport Finance

__ 2017

/ Rail Capital Markets Deal of the Year – Americas  Global Transport Finance / Rail Finance Deal of the Year – Americas  Global Transport Finance / Best International Transport Finance Provider – Germany  Transport News

__ 2015

/ Rail Finance Deal of the Year – Europe  Global Transport Finance

__ 2012

/ Rail Finance Innovator of the Year  Global Transport Finance

__ 2011

/ Rail Finance Innovator of the Year  Jane’s Transport Finance

Land Transport Finance – Accolades

__ 2007

/ Rail Finance House of the Year  Jane’s Transport Finance / US Rail Deal of the Year  Jane’s Transport Finance

__ 2009

/ Americas Rail Deal of the Year  Jane’s Transport Finance

__ 2006

/ European Rail Deal of the Year  Jane’s Transport Finance

__ 2005

/ Road Finance Innovator  Jane’s Transport Finance

__ 2010

/ European Rail Deal of the Year  Jane’s Transport Finance

__ 2008

/ Rail Finance House of the Year  Jane’s Transport Finance / US Rail Deal of the Year  Jane’s Transport Finance

2017

Land transport markets – Outlook 2017

/ Demand perspectives for freight transport are positive in Australia and North America and neutral for Europe. The outlook for the European rail passenger market is positive. Transport price, lease rate and utilisation rate increases can be expected in Australia and North America, whereas the picture is flat for Europe. / In its reference scenario, the European Commission expects an annual 1.6% increase of European logistics and freight transport activity between 2010 and 2030. SCI Verkehr forecasts a 1.4% rail freight performance (tonne-km) growth p.a. in Europe, 1% growth p.a. for new locomotives and new freight cars as well as 4% p.a. for new urban rail equipment worldwide between 2016 and 2020. / The U.S. Department of Transportation’s Bureau of Transportation Statistics and Federal Highway Administration projected a compound annual growth rate of +0.8% in rail freight for the period 2016‒2045. Moody’s projects a 1.25% to 2.0% rail freight carload volume growth scenario for North America for the coming year. / Coal markets are still depressed in the United States (tighter emission regulations) and the United Kingdom (doubling of the carbon tax and closure of some coal-powered stations), subdued in Australia (lower growth in demand from Asia, but the China-Australia Free Trade Agreement lifts many import duties), but doing fine in continental Europe (more import due to mine closures). President Trump’s emphasis on the reliance on coal could stimulate the important coal sector in USA. / Intermodal transport is likely to be positive. / Locomotive and freight car demand is weak, since current fleets must be better utilised first. Asset prices are stable or increasing outside energy sectors (coal, oil and sand). / Leasing companies continue to gain market share in Europe and also in the freight car sector in North America. / The lack of train drivers gives railroad companies firm headwinds in Europe.

Financial Institutions and Syndications

Our skills and expertise as an arranger and syndicator mean that clients can rely on DVB to place their financing

• requirements. We support our four Transport Finance divisions in raising non-public mezzanine and market debt globally.

The key drivers of our successful strategy are: / We coordinate existing and establish new relationships with global financial institutions. / We develop and maintain a good understanding of each financial institution’s risk appetite and requirements. / We ensure close cooperation with DVB’s global transport finance network, research and advisory teams. / We provide competitive pricing structures based on up-to-date information, access to global networks and ad-hoc analysis. / We empower effective management of the syndication process and provide a personalised bespoke approach towards the banking partners. / We understand the wider economic conditions and how they affect transportation financing. / We offer shipping ECA (primarily maritime) arranging and coordination. / We coordinate secondary loan purchasing.

Financial Institutions and Syndications portfolio (30 Jun 2017: €371.9 mn)

Total sell-down volume by business division

69.4% Aviation Finance 30.6% Shipping Finance

Financial Institutions and Syndications – Outlook 2017

/ The banking industry is at the cross roads with both threats as well as opportunities on the horizon. The advent of Basel IV regulation coupled with US dollar/euro exchange rates and a requirement to refocus on capital efficiency and non-risk-weighted-asset income (instead of loan production) appear to be the key near-term issues facing banks. Macroeconomic and geopolitical uncertainty caused by the above factors is increasing long-term costs of liquidity; this has partially contributed to shorter loan tenors being preferred across all industries. / With challenging shipping and offshore markets, it is expected that banks will continue to exit or scale down lending activity for the remainder

• f the year and new appetite for shipping and offshore is likely to remain muted. We note however a more positive sentiment in the dry bulk

market which will potentially impact opportunistic lending towards this sector the second half of 2017. Capacity will either be reserved for existing and core clients or focus on credit quality and vessel employment. / Within the world of aviation, senior secured debt remains popular, with some financial institutions continuing to expand their remits to include limited-recourse portfolios, non-recourse balloons, operating leases, warehouse facilities and junior loans – all whilst attempting to minimise balance sheet usage (utilising institutional funds and debt securitisation vehicles). Young narrowbodies continue to be regarded as the most appealing aviation asset, due to their liquid element. / In rail, activity is expected to still be focused around the North American and European regions. Liquidity will remain available for portfolio deals benefiting from a good diversification in terms of railcars and younger equipment. Appetite for small leasing companies with strong financial track records as well as larger leasing companies and/or publicly-owned borrowers will likely be present. / For the remainder of the year, the Financial Institutions and Syndications team expects the number of deals closed for Aviation Finance and Land Transport Finance to be similar to 2016. This however may not be enough to offset the expected slowdown in shipping and offshore

• transactions. Despite the challenges facing the transportation industry, the Financial Institutions and Syndications team aims to continue to

leverage our asset and arranging expertise in order to strengthen existing and newly formed bank partnerships; and to work with our industry partners in the sourcing of liquidity for our clients and wherever applicable, the distribution of loans.

DVB Corporate Finance

Our mission is to increase non-capital binding revenue, enhance cross-sell of DVB products and services, and contribute to the sustainable top- and bottom-line growth of the DVB franchise. / As a bank-wide resource, DVB Corporate Finance (DVBCF) renders strategic and financial advisory services to

• ur corporate clients.

/ By leveraging our specialised transportation focus, in-depth corporate finance experience, and DVB’s asset-based lending, we create tailor-made financial solutions for our clients. / Our traditional activities include mergers and acquisitions (M&A), advisory services, and private and public placements of debt and equity. The debt capital markets and structured asset finance/asset-backed securities (ABS) presence are a natural extension of DVB’s core loan business. / Our Private Placement Group maintains a close dialogue with a variety of global financial and strategic investors to support DVBCF’s business initiatives. / Utilising our strong network of corporate clients and lending relationships, we develop strategic dialogues with our clients to deliver integrated financial solutions.

DVB Corporate Finance portfolio (30 Jun 2017)

Revenue by business division Revenue by products

42.0% Capital Markets 58.0% Advisory and Mergers & Acquisitions

1.0% Land Transport Finance 64.0% Shipping Finance 35.0% Aviation Finance

DVB Corporate Finance – Deal of the year 2016 ERR

DVBCF was the exclusive financial adviser on the sale of 100% of the share capital in ERR Rail Rent Vermietungs GmbH (ERR Vienna) and 33.3% of the share capital in ERR European Rail Rent GmbH (ERR Duisburg) to Aves One AG. The ERR Rail Rent Group (ERR Group) is a leading European freight car lessor, owning and managing a modern, high-quality and diversified fleet of about 4,000 freight cars. Aves One, the acquirer, is a Hamburg-based publicly listed owner of logistics equipment. ERR Group and the transaction benefited from our corporate finance specialists’ extensive experience in M&A and the considerable asset and rail market expertise available through Land Transport Research. DVBCF provided timely advice throughout the entire sale process, including, amongst others, positioning ERR Group for the sale process, identifying the potential investor universe, valuation, process structuring and management, as well as negotiation and transaction execution support. This sell-side M&A advisory mandate was one in a series of value-added services that DVB has provided to the ERR Group throughout the long- standing client relationship developed across DVB’s Land Transport platform.

DVB Corporate Finance – Some important deals 2016

2017

DVB Corporate Finance – Outlook 2017

/ Global M&A activity was robust in the first six months of 2017, up 8% from a year earlier at €1.3 trillion, primarily driven by the increase in “mega” deals valued at over €8.8 billion and stabilisation in oil prices. Deal making in Europe was particularly strong based on improved economic and earnings growth in the region, resulting in a 33% increase in volume compared to 2016. The 2017 outlook remains positive as an abundance of capital available at historically low rates coupled with solid investor sentiments in Europe and Asia continue to boost deal flow. / Strong demand for corporate bonds and related products continued globally during the second quarter of 2017, supported by improving risk appetite, low interest rates, and low volatility. Primary market activity in the shipping and offshore sector

• accelerated. Year-to-date, we have seen bond transactions in the US and European/Norwegian high yield markets and debt-like

placements of preferred shares receive strong investor support. Most new issuances were related to extending existing debt but, in select cases, also to raising incremental liquidity for acquisitions and growth. We expect the return of investor confidence to benefit maritime borrowers in certain segments during the second half of 2017 with alternative non-bank credit investors also playing a visible role. / Transport-related ABS opened 2017 at a record pace. Led by a resurgence in container-backed issues, more deals were brought to market during the first half of 2017 than for all of 2016, whilst issuance volume of €3.4 billion is close to overtaking full-year 2016’s €4.3 billion. Current projections suggest the market is on track to challenge 2014’s post-financial crises record of €6.2 billion. DVBCF continues to rank high in the manager tables, driven principally by its role in aircraft-backed, and growing presence in railcar-backed ABS. / Our corporate bond/private placement, and structured finance product specialists seek to complement the financing requirements

• f clients, support M&A activity, and diversify capital sources and distressed/balance sheet repair activities.

Investment Management

/ We are active as an investment consultant and asset manager for closed-end investment vehicles in the international transport sector. / We assume an investment management function on behalf of institutional clients – but where DVB aligns its interest with institutional clients with a material yet minority equity risk participation. / The Aviation Investment Management (AIM) team manages the Deucalion aircraft and aviation investments. / Our Shipping & Intermodal Investment Management (SIIM) team unites the Bank’s investment management activities in the shipping, offshore, intermodal transport and rail transport sectors. / Investors profit from DVB’s asset know-how and strong market penetration.

Investment Management – Investment volume (30 Jun 2017)

Breakdown of the investment volume

73.0% AIM 27.0% SIIM SIIM: thereof: 23.9% SIIM/NFC Shipping Funds 1.8% Stephenson Capital 1.3% Container Funds

SIIM shipping portfolio by asset type €291.0 mn

15.4% Other investments 54.5% Tankers

4.9% Car carriers 7.0% Bulk carriers 7.9% Containerships 10.3% Offshore vessels

AIM by asset type €889.0 mn

3.2% Freighter widebody 29.4% Passenger widebody 50.2% Passenger narrowbody 0.2% Other 17.0% Disassembly

2017

Investment Management (AIM) – Outlook 2017

/ For 2017, AIM expects the aviation market to remain stable as operators will likely benefit from a stable fuel price environment, relatively low interest rates, good access to liquidity and a high level of new aircraft deliveries. However, there will be challenges in certain regions where yields will be stressed by increased capacity and currency concerns. While there is speculation within the market that the industry is at a peak in the cycle, there is no signal of a downturn in the leasing sector as the still very significant flow of capital into the market should help buoy asset prices. / Investor appetite for the funds will not likely lessen in 2017, as DVB’s knowledge of the industry, the strength of its Aviation platform, and its asset-based approach provide the funds with a truly unique asset-focused platform to take advantage of the current market conditions with a well-informed and researched view of the future.

2017

Investment Management (SIIM) – Outlook 2017

/ After a downward correction of most sectors in recent years, shipping markets are expected to remain weak without significant improvements in 2017. Oversupply remains the current key issue in many sectors, especially in the offshore market which suffers heavily as a result of low oil prices. / However, the outlook for some niche sectors, most of which with relatively high entry barriers – such as gas and chemicals, in which SIIM is represented – continues to be more stable. / From an equity investment perspective, there are opportunities to enter or expand certain shipping segments at attractive asset prices. Other financial investors are reassessing their view on and presence in the shipping markets. / For our intermodal investments, the container box leasing market continues to improve with attracting per diem rates and container box prices. Our container box investments are expected to keep showing good operational and cash flow performance, supported by a diversified group of lessees. SIIM’s rail investment portfolio is performing well with a positive profit contribution. / Our main focus for 2017 is to control the risks in the shipping investment portfolio and enhance diversification of the total SIIM investment portfolio. Despite some challenges in the short term, the medium-term outlook for the SIIM investment portfolio is moderately positive.

03/ DVB – Financials and outlook

65 Financial figures 67 Macroeconomic environment and forecast

Preliminary remarks

All statements made regarding net worth, financial position & results relate to DVB Bank Group. All amounts are disclosed in euro and on the basis of IFRS/IAS if not stated otherwise. Unless indicated otherwise, all financial data apply to 30 June 2017 and have been reviewed by auditors.

At a glance – Income statement

01.01.2017− 30.06.2017 01.01.2016− 30.06.2016 Net interest income 108.1 124.5

• 13.2

Allowance for credit losses

• 445.3
• 83.4

– Net interest income after allowance for credit losses

• 337.2

41.1 – Net fee and commission income 51.8 56.5

• 8.3

Results from investments in companies accounted for using the equity method

• 7.2

4.1 – Net other operating income/expenses

• 42.6

4.8 – Total income (before IAS 39)

• 335.2

106.5 – General administrative expenses

• 90.4
• 91.3
• 1.0

Consolidated net income/loss before IAS 39, bank levy, BVR1 Deposit Guarantee Scheme and taxes

• 425.6

15.2 – Net result from financial instruments in accordance with IAS 39

• 67.9

10.0 – Consolidated net income/loss before bank levy, BVR1 Deposit Guarantee Scheme and taxes

• 493.5

25.2 – Consolidated net income/loss before taxes

• 506.3

14.1 – Consolidated net income/loss (after taxes)

• 547.1

10.6 –

IFRS

€ mn %

Macroeconomic environment (1)

The International Monetary Fund (IMF) has kept its forecasts on the recovery of the global economy (published on 24 July 2017) largely unchanged: it forecasts global economic growth of 3.5% in the year 2017 – slightly above the previous year's level (projection for 2016: 3.1%), albeit with different contributions at the individual country level. / The US growth forecast has been revised downwards slightly. While the markdown in the 2017 forecast reflects in part the weak growth outturn in the first quarter of the year, the major factor behind the growth revision is the assumption that fiscal policy will be less expansionary than previously assumed, given the uncertainty about the timing and nature of US fiscal policy

• changes. Market expectations of fiscal stimulus have also receded.

/ China's economic growth is expected to remain at the same level as in the previous year. Full-year growth projections have been revised upwards, reflecting a surprisingly strong first quarter of 2017 which showed the effects of monetary policy easing and supply-side reforms. The IMF's medium-term outlook, however, reflects an expectation that the Chinese authorities will delay the needed fiscal adjustments to meet their target of doubling 2010 real GDP by 2020. However, this delay comes at the cost of further large increases in debt, thus also increasing downside risk. / Euro area growth for the first quarter of 2017 was generally above expectations, maintaining the trend already seen in the fourth quarter of the previous year. Growth projections have therefore been revised up, with loose fiscal policies, favourable financing conditions, and growing momentum in domestic demand seen as key drivers. / Oil prices rebounded in the middle of May, when OPEC surprised the market with an extension of its production cuts through March 2018. However, oil prices then declined until the end of July, amid continued US production growth and strong OPEC exports to the US. Prices are expected to remain around their current levels until the end of 2018.

Macroeconomic environment (2)

DVB agrees with expert opinion and expects further economic growth to remain volatile on the back of the following risk factors: / The difficult-to-predict developments of US regulatory and fiscal policies and the negotiations of post-Brexit arrangements may lead to a more protracted period of political uncertainty. / A faster-than-expected monetary policy normalisation in the US could tighten global financial conditions and trigger reversals in capital flows to emerging economies, as well as an appreciation of the US dollar versus the euro – with adverse repercussions for vulnerable economies. / Should China diminish its recent efforts to address financial sector risks and curb excessive credit growth, this might result in an abrupt growth slowdown, with adverse spillovers to other countries through trade flows and commodity prices. / Increased geopolitical tensions and growing terrorism might impact upon the global economy. / Further developments in commodity prices – especially with respect to crude oil prices – will continue to have a major impact

• n economic growth.

Forecast 2017

/ We plan to sustain the positive business development in Aviation Finance as well as in Land Transport Finance, and strengthen the earnings power of these businesses. / We expect risk costs in our Shipping Finance and Offshore Finance portfolios to remain high throughout the financial year 2017 – due to the persistent crisis in the shipping and offshore sectors. Accordingly, risk management in these two divisions will continue to command particular attention, as well as proactive restructuring measures. / We thus expect consolidated return on equity for 2017 (before taxes and before IAS 39) to significantly fall short of the forecast; it is also unlikely to match the forecasts for the other key financial indicators, cost/income ratio and Economic Value Added. / We strive to preserve our sound core operational earnings before risk costs and before IAS 39. This means that, in addition to our lending business, we will focus on value-added services for clients in our Transport Finance business – such as capital markets products and advisory services. / We will keep supporting our shipping clients in a market environment characterised by less liquidity supply, on a selective basis – yet with markedly lower volumes of new business. Structural changes with differing characteristics can be observed in the sub-markets of the global transport sector. Whilst aviation and land transport markets are predominantly shaped by high excess liquidity together with strong margin and competitive pressures, the shipping and offshore industries have yet to see the end of the ongoing consolidation phase. / We will continue to analyse the business environment in the markets we cover, in great detail – to focus on business opportunities which allow us to return to adequate profitability, and to sustainably stabilise for the future.

04/ DVB – About us

71 Structure 74 Board of Managing Directors 79 Supervisory Board 80 Staff

Integrated into Germany’s second-largest banking group

Retail Banking Corporate Banking Capital Markets Transaction Banking Cooperative Banks/ Verbund

Full member of the BVR Deposit Guarantee Scheme

Members

994 cooperative banks, 1 central institution and special cooperative network institutes

Monitoring

By Federal Financial Supervisory Authority (BaFin)

Deposit Protection

Comprehensive protection of customer deposits and bearer bonds issued by member banks and held by non- banks

Institution protection

Comprehensive institution protection for all members, no bankruptcy among members since 1934, preventing or remedying impending or existing economic difficulties at institutions affiliated

Current shareholder base

100.00%

/ Squeeze-out resolution of the AGM / Expiration of the period for filing an action of avoidance / Registration into the Commercial Register

/ Delisting at the Frankfurt Stock Exchange – General Standard

/ Payment of the cash compensation per share to minority shareholders

22 June 2017 24 June 2017 17 August 2017 17 August 2017 22 August 2017

Responsibilities of DVB’s Board of Managing Directors as of 1 January 2017

• f the Board of

L.H. (Bart) Veldhuizen

Members of the Board of Managing Directors

Ralf Bedranowsky

CEO and Chairman of the Board of Managing Directors, Bank director

• f Schiffshypothekenbank zu Lübeck AG

Offices held

Chairman of the Supervisory Board DVB Bank America N.V., Willemstad, Curaçao Chairman of the Board of Directors DVB Holding (US) Inc., New York, USA DVB Group Merchant Bank (Asia) Ltd, Singapore ITF International Transport Finance Suisse AG, Zurich, Switzerland Member of the Board of Directors DVB Capital Markets LLC, New York, USA Member of the Advisory Board Hellmann Worldwide Logistics GmbH & Co KG, Osnabrück, Germany

Responsibilities

Product/service areas Business Process Support Group Audit Group Compliance Office Group Controlling Group Corporate Communications Group Finance Group Human Resources Group Legal Client areas in affiliates ITF International Transport Finance Suisse AG LogPay Financial Services GmbH

Members of the Board of Managing Directors

David Goring-Thomas

Member of the Board of Managing Directors, Bank director

Offices held

Chairman of the Board of Directors DVB Transport Finance Ltd, London, United Kingdom Member of the Board of Directors DVB Capital Markets LLC, New York, USA DVB Holding (US) Inc., New York, USA

Responsibilities

Product/service areas Group Treasury Transaction and Loan Services Client areas in business divisions Aviation Finance Aviation Financial Consultancy Aviation Investment Management Financial Institutions and Syndications Land Transport Finance Client areas in affiliates DVB Transport Finance Ltd

Members of the Board of Managing Directors

Christian Hagemeyer

Member of the Board of Managing Directors, Bank director

Offices held

None

Responsibilities

Product/service areas Group Risk Management Aviation Credit Aviation Research Credit and Asset Solution Group Land Transport Credit Land Transport Research Shipping and Offshore Credit Shipping and Offshore Research

Members of the Board of Managing Directors

L.H. (Bart) Veldhuizen

Member of the Board of Managing Directors, Bank director

Offices held

Chairman of the Board of Directors DVB Capital Markets LLC, New York, USA Member of the Board of Directors DVB Holding (US) Inc., New York, USA DVB Group Merchant Bank (Asia) Ltd, Singapore Member of the Supervisory Board DVB Bank America N.V., Willemstad, Curaçao Non-executive Member of the Board and Chairman of the Compensation Committee Eagle Bulk Shipping Inc., New York, USA

Responsibilities

Product/service areas Information Technology Client areas in business divisions Corporate Finance Offshore Finance Shipping Finance Shipping and Intermodal Investment Management Client areas in affiliates DVB Capital Markets LLC

DVB’s Supervisory Board – Members

Employees at DVB

Business areas

62 LogPay Financial Services 322 Transport Finance/ Investment Management 248 Service areas

30 Jun 2017: 643 active employees

Business areas

61 LogPay Financial Services 312 Transport Finance/ Investment Management 241 Service areas

30 Jun 2016: 611 active employees

Nationalities in DVB (30 Jun 2017)

643 active employees DVB Bank Group 333 active employees Transport Finance/Investment Management

14.9% 33 other nationalities 42.6% German 11.7% Dutch 3.1% Norwegian 13.5% British 3.3% Greek 4.7% US-American 6.2% Singaporean 19.0% 22 other nationalities 17.7% Dutch 5.4% Greek 18.6% British 5.7% Norwegian 7.2% US-American 9.6% Singaporean 16.8% German

05/ DVB – Further information

83 DVB worldwide 85 Imprint 86 Photo credits

DVB worldwide

Head office

Frankfurt/Main DVB Bank SE Platz der Republik 6 60325 Frankfurt/Main Germany Phone +49 69 9750 40 Fax +49 69 9750 4444

Europe

Amsterdam DVB Bank SE Amsterdam Branch WTC Schipol, Tower F, 6th Floor Schiphol Boulevard 255 1118 BH Schiphol, The Netherlands Phone +31 88 3997 900 Fax +31 88 3998 301 Athens DVB Bank SE Athens Branch 3, Moraitini Street & 1, Palea Leof. Posidonos, Bldg. K4 Delta Paleo Faliro 175 61 Athens, Greece Phone +30 210 4557 400 Fax +30 210 4557 420 Hamburg DVB Bank SE Hamburg Office Ballindamm 6 20095 Hamburg, Germany Phone +49 40 3080 040 Fax +49 40 3080 0412 London DVB Bank SE London Branch Park House, 6th Floor 16-18 Finsbury Circus London EC2M 7EB, United Kingdom Phone +44 20 7256 4300 Fax +44 20 7256 4450 Oslo DVB Bank SE Nordic Branch Haakon VII's gate 1 0161 Oslo, Norway Phone +47 2301 2200 Fax +47 2301 2250

DVB worldwide

North and South America

Curaçao DVB Bank America N.V. Gaitoweg 35 Willemstad, Curaçao Phone +5999 431 8700 Fax +5999 431 8749 New York DVB Bank SE Representative Office New York 609 Fifth Avenue New York, NY 10017-1021, USA Phone +1 212 588 8864 Fax +1 212 588 8936 DVB Capital Markets LLC 609 Fifth Avenue New York, NY 10017-1021, USA Phone +1 212 858 2624 Fax +1 212 858 0424

Asia

Singapore DVB Bank SE Singapore Branch 77 Robinson Road #30-02 Singapore 068896 Phone +65 6511 3433 Fax +65 6511 0700 DVB Group Merchant Bank (Asia) Ltd 77 Robinson Road #30-02 Singapore 068896 Phone +65 6511 3433 Fax +65 6511 0700 Tokyo DVB Transport Finance Ltd Tokyo Branch Ark Hills Sengokuyama Mori Tower 26F (2609) 9-10, Roppongi 1-chome, Minato-ku Tokyo 106-0032, Japan Phone +81 3 5114 1880 Fax +81 3 5114 1890

Imprint

Responsible for the content of this presentation and contact: Elisabeth Winter Head of Group Corporate Communications Managing Director Phone: +49 69 9750 4329 E-mail: elisabeth.winter@dvbbank.com DVB Bank SE Platz der Republik 6 60325 Frankfurt/Main, Germany info@dvbbank.com, www.dvbbank.com

For further information please visit www.dvbbank.com After scanning this QR with your smartphone, you will have direct access to our website.

Photo credits