DVB Bank Group - Client Presentation - The specialist in international transport finance

 
DVB Bank Group - Client Presentation - The specialist in international transport finance
The specialist
in international
transport finance

DVB Bank Group –
Client Presentation
Frankfurt/Main, February 2019
DVB Bank Group - Client Presentation - The specialist in international transport finance
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
of 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.

Client Presentation __ February 2019 __ Disclaimer                                                                                      Page 2
DVB Bank Group - Client Presentation - The specialist in international transport finance
Contents

01/ DVB – Business model                               04/ DVB – About us
         5 Competitive strengths                               64   Structure
                                                               67   Board of Managing Directors
02/ DVB – Business divisions and services                      71   Supervisory Board
        10   Lending volume                                    72   Staff
        12   Shipping Finance
        23   Aviation Finance                          05/ DVB – Further information
        34   Land Transport Finance                            75 DVB worldwide
        44   Financial Institutions and Syndications           76 Imprint
        47   DVB Corporate Finance                             77 Photo credits
        53   Investment Management

03/ DVB – Financials and outlook
        58 Financial figures
        60 Macroeconomic environment and outlook

                                                                                                  Page 3
DVB Bank Group - Client Presentation - The specialist in international transport finance
01/ DVB – Business model
        5 Competitive strengths
DVB Bank Group - Client Presentation - 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)

                                                                                                                         Shipping          Aviation
                            Structured Asset Lending
                                                                                                                         Finance           Finance

                                 Asset Management

                                     Client Account

                Risk Distribution & Loan Participations                                                                        Land Transport
                                                                                                                                  Finance

                         Corporate Finance Solutions

                Private Equity Sourcing & Investments

                                                                       Asset & Market Research

Client Presentation __ February 2019 __ Competitive strengths                                                                                         Page 5
DVB Bank Group - Client Presentation - 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 (2)
Business divisions                          Business areas                            Products                           Clients/Co-investors                        Core regions
Shipping Finance                            /   Tankers                                                                  / Small to large public and private         / Europe
                                            /   Dry bulk carriers                       In all Transport                   companies (shipowners, shipping           / The Americas
                                            /   Container vessels                       Finance divisions:                 companies, trading houses and             / Asia
                                            /   Car carriers                            / Structured Asset                 charterers)
                                            /   Container boxes                           Lending
                                                                                        / Risk Distribution &
                                                                                          Loan Participations
Aviation Finance                            / Passenger aircraft                        / Corporate Finance              / Airlines                                  / Europe
                                            / Freighter aircraft                          Solutions                      / Operating lessors                         / North & South
                                            / Aircraft engines                                                           / Logistic companies                          America
                                                                                        / Private Equity Sourcing &                                                  / Asia
                                                                                          Investments                                                                / Middle East/Africa
                                                                                        / Asset & Market
                                                                                          Research
Land Transport Finance                      / Rail-based (freight cars, loco-             Aviation Finance               / Equipment lessors                         / Europe
                                              motives, passenger train sets)              solely:                        / Railway companies                         / North America
                                            / Rail-related                                                               / Shippers or industrial clients with own   / Australia
                                              (container chassis)                         / Advisory Services              rail equipment fleets
                                                                                          / Aviation Asset
                                                                                            Management

Investment Management                       Investment & asset                        / Private Equity Sourcing &        / Institutional investors (insurance        / Global coverage
                                            management:                                 Investments                        companies, pension funds, hedge
                                            / Aviation Investment                                                          funds, private equity firms)
                                              Management (AIM)                                                           / Rail car/intermodal owners

Client Presentation __ February 2019 __ Competitive strengths                                                                                                                          Page 6
DVB Bank Group - Client Presentation - 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 competitive strengths

                               Business model  focused and international in scope

                               Business policy  conservative

                                    Organisation  transparent structures and swift decision-making

                            Human resources  qualified and experienced

                                            Services  intensive, industry-specific client service

               Asset & Market Research  extensive and award-winning

                                Credit portfolio  diversified by multiple criteria and categories

                                      Refinancing  granular and maturity-matched

                                        Own funds  sound capital base

Client Presentation __ February 2019 __ Competitive strengths                                                            Page 7
DVB Bank Group - Client Presentation - The specialist in international transport finance
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

 Intensive                            Close monitoring                   Early                               Closely               Watch                        Default
 research and                         of compliance                      Warning                             Monitored             List                         List
 close client                         with all lending                   List                                List
 contact                              agreements

/ Forecasting future                 / e.g. specific covenants          / Identification of                 / Early detection of   / Close monitoring of       / In general, all
  market developments                  in the Shipping Finance            potentially higher risks            increased risks of     transactions that have to transactions are placed
  and asset values forms               contracts, like value              in case the market                  potential problem      be restructured and/or of on the Default List if
  the basis of our portfolio           maintenance clauses                environment                         exposures              transactions with a         risks have materialised,
  strategy and individual                                                 continues to deteriorate                                   potential or already        and the deal has been
  deal decisions                                                          by quarterly portfolio                                     existing need to            classified as defaulted
                                                                          stress tests                                               recognise allowance for     (Default Rating).
/ Increased visit                                                                                                                    credit losses
  frequency depending                                                   / Basis: changing asset
  on risk situation                                                       values (specific haircuts)
                                                                          and counterparties’
                                                                          creditworthiness
                                                                          (increase of probability
                                                                          of default)

Client Presentation __ February 2019 __ Competitive strengths                                                                                                                       Page 8
DVB Bank Group - Client Presentation - The specialist in international transport finance
02/ DVB – Business divisions and services
        10   Lending volume                 44 Financial Institutions and Syndications
        12   Shipping Finance               47 DVB Corporate Finance
        23   Aviation Finance               53 Investment Management
        34   Land Transport Finance
DVB Bank Group - Client Presentation - The specialist in international transport finance
01/ Business model       02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Customer lending volume

                                                                                                                                       € bn                                                                                  US$ bn
                                                                                                           30 Jun 2018                 31 Dec 2017                                %               30 Jun 2018                 31 Dec 2017                                    %

Shipping Finance                                                                                                         7.2                          7.3                       -1.4                           8.4                          8.8                            -4.5
Aviation Finance                                                                                                         5.4                          5.9                       -8.5                           6.3                          7.1                           -11.3
Land Transport Finance                                                                                                   1.4                          1.3                        7.7                           1.7                          1.6                            6.3
Investment Management                                                                                                    0.2                          0.2                           –                          0.2                          0.2                              –

Core business                                                                                                          14.2                         14.7                        -3.4                         16.6                         17.7                            -6.2
NCA portfolio1                                                                                                           4.1                          4.7                     -12.8                            4.7                          5.6                       -16.1

Total                                                                                                                  18.3                         19.4                        -5.7                          21.3                         23.3                            -8.6

By business division                                                                                                                   By region
                                                                                                                                       2.7% Offshore
22.5% NCA portfolio1
                                                                                                                                       3.3% Middle East & Africa                                                                  0.4% Australia & New Zealand
                                                                                                                                       4.4% South America

                                                                                        77.5% Core business
                                                                                         thereof:                    15.8% Asia
                                                                                         39.3% Shipping Finance                                                                                                                   50.6% Europe
                                                                                         29.5% Aviation Finance
                                                                                          7.6% Land Transport
                                                                                                                     22.9% North America
                                                                                                  Finance
                                                                                          1.1% Investment Management

1 During the course of restructuring its business divisions, a process initiated in 2017, the Bank decided to run down certain parts of its portfolios over the course of the next years. This NCA portfolio comprises non-performing loans, as well as assets from the
Transport Finance and Investment Management activities which are no longer in line with DVB's strategy.

Client Presentation __ February 2019 __ Lending volume                                                                                                                                                                                                               Seite 10
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Portfolio collateralisation

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

 100

  90
                                                  80.2
  80                 77.0
                                        70.0                  74.7                             70.9        71.1      71.3                        72.6    72.3
                              68.2                                                   70.8                                         70.8   70.1                    70.6    67.9
  70

  60

  50

  40

  30

  20

  10

    0
                                Shipping Finance                                                  Aviation Finance                              Land Transport Finance

                                                                                2013      2014      2015      2016         2017

Client Presentation __ February 2019 __ Lending volume                                                                                                                          Page 11
Shipping Finance –
In-depth expertise

                     Page 12
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

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 diversified across sectors and geographic regions.
/ Our target assets include, amongst others, tankers (crude oil, gas, chemical, product), dry bulk vessels,
  container vessels and container boxes.
/ We analyse and continuously track the vessels financed from the yard to the scrapyard.
/ Our risk management and research are ingrained in the process and involved throughout the life cycle of a loan.

Client Presentation __ February 2019 __ Shipping Finance                                                                   Page 13
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Shipping Finance portfolio (30 Jun 2018: €7.2 bn)

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

                                                                                                          2.1% Middle East & Africa
3.2% Car carriers                                                         1.4% Others                                                             1.9% South and Central
                                                                                                                                                       America & Caribbean
                                                                                                          3.1% Offshore
5.5% Container boxes

                                                                          54.8% Tankers
                                                                                                                                                 53.9% Europe
                                                                          thereof:
10.0% Container carriers                                                   16.5% Crude oil tankers        15.3% Asia & Australia
                                                                           14.5% Product tankers
                                                                           14.2% Gas tankers
                                                                            9.6% Chemical tankers

25.1% Bulk carriers                                                                                       23.7% North America

Client Presentation __ February 2019 __ Shipping Finance                                                                                                              Seite 14
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Shipping Finance – Deal of the year 2017
CMA CGM
CMA CGM S.A. (CMA CGM) is the third-largest container liner group globally with approximately 2.5 million TEU capacity and
approximately 12% market share. It has been privately owned since its founding in Marseille in 1978. With the first transaction dating
back to 1998, the company is a long-term client of DVB. Despite the challenging conditions in the container market, CMA CGM
proved its resilience and has been playing a leading role in the consolidation of the industry.

In 2016, we closed our first bilateral JOLCO transaction for CMA CGM, financing a fleet of container boxes. The competitiveness and
efficiency shown during that transaction has been highly valued by the company and resulted in them approaching us for this new
JOLCO opportunity regarding a portfolio of new dry container boxes, which closed in May 2017.

The JOLCO was structured and arranged by DVB, whereby we were not only a senior term loan provider, but a lease and equity
arranger as well, thanks to the structured leasing expertise developed within our Shipping Finance Asia team. Together with the Tokyo
colleagues, the team was able to source the equity to be raised by a Japanese equity house.

                                                                                                By sourcing the equity for this transaction as well as providing the senior
                                                                                                debt financing, we were able to offer a 100% finance solution to a long-
                                                                                                standing client of the Bank and a key player in the industry.

Client Presentation __ February 2019 __ Shipping Finance                                                                                                              Page 15
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Shipping Finance – Transaction highlights 2017

                                  TORM                                                            Solvang                                AMA Capital Partners/
                                                                                                                                           Värde Partners

        /   Financing of nine Medium Range (MR)                            /   Refinancing of four 17,000 cbm LPG/E             /   Providing financing to the joint venture
            product tankers for one of the top players in                      carriers built in 2007/2008 and post-delivery        between Värde, a Minneapolis based
            the international product tanker market.                           financing of two 21,000 cbm LPG/E with               alternative asset manager, and AMA Capital
                                                                               2019 delivery for this shipping company              Partners, an experienced maritime advisor,
        /   DVB was part of the lender group of four
                                                                               leading in transportation of LPG,                    for five eco-design container vessels (two
            international shipping banks which
                                                                               petrochemical gases and ammonia.                     1,700 TEU and three 2,500 TEU).
            participated on a fully equal basis.
                                                                           /   DVB was asked to join in on this facility with   /   The transaction was structured as a 50:50
        /   This large and well-structured deal received
                                                                               a final stake of 25%.                                club deal. The vessels are commercially and
            special market visibility due to TORM’s
                                                                                                                                    technically managed by Reederei Nord.
            special position in the market.

Client Presentation __ February 2019 __ Shipping Finance                                                                                                                          Page 16
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Shipping Finance – Some important deals 2017

AMA Capital Partners and Värde Partners                                Pacific International Lines                         Tankerska plovidba
Senior Secured Term Loan Facility                                      Senior Secured Term Loan Facility for               Senior Secured Term Loan Facility
2 x 1,700 TEU                                                          Japanese Operating Lease (JOLCO)                    Refinancing of 2 x Suezmax tankers and
                                                                       2,000 TEU container vessel                          2 x Aframax tankers
3 x 2,500 TEU containerships
                                                                       US$15 million                                       Financing of 2 x newbuild Aframax tankers
US$48 million
                                                                                                                           US$130 million
Co-Arranger & Facility Agent                                           Bilateral
                                                                                                                           Co-Arranger

Canada Steamship Lines                                                  Samos Steamship                                    TORM
Refinancing                                                             Refinancing                                        Fleet financing
4 x self-unloading dry bulk vessels                                     1 x 2008 Very Large Crude Carrier                  9 x Medium Range tankers
US$20 million                                                           US$30 million                                      US$130 million
Bilateral                                                               Bilateral                                          Co-Arranger

CMA CGM                                                                 Solvang                                            Winning International Group
Japanese Operating Lease with                                           Senior Secured Term Loan Facility                  Senior Secured Term Loan Facility
Call Option (JOLCO)                                                     4 x 2007/2008 built 17,000 cbm LPG carriers        1 x 2014 built Capesize bulker
Fleet of container boxes                                                2 x 21,000 cbm LPG newbuilds                       US$18 million
JOLCO Arranger                                                          US$158 million                                     Bilateral
                                                                        Mandated Lead Arranger

Iolcos Hellenic Maritime
Fleet refinancing
US$37 million
Bilateral

Client Presentation __ February 2019 __ Shipping Finance                                                                                                               Page 17
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Shipping 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

Client Presentation __ February 2019 __ Shipping Finance                                                                                                    Page 18
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Shipping 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

Client Presentation __ February 2019 __ Shipping Finance                                                                                        Page 19
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Shipping Finance – Accolades

__ 2008
         / Best Shipping Finance Research                                                                           Lloyd’s Shipping Economist

__ 2007
         / Shipping Debt Deal of the Year – Europe                                                                  Jane’s Transport Finance

__ 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

__ 2005
         / Best Shipping Finance Research                                                                           Lloyd’s List Economist

Client Presentation __ February 2019 __ Shipping Finance                                                                                          Page 20
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Shipping 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

__ 2001
         / Best Overall Knowledge of the Tanker Sector                                                              Lloyd’s Shipping Economist

__ 2000
         / Most Innovative Ship Finance Institution Worldwide                                                       Lloyd’s Shipping Economist

__ 1999
         / Best Ship Financier                                                                                      Lloyd’s List Maritime Asia

Client Presentation __ February 2019 __ Shipping Finance                                                                                          Page 21
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Shipping markets – Outlook 2018

/ The positive macroeconomic environment is benefitting trade in most shipping sectors. The dry bulk and container
  shipping market fundamentals are expected to continue to improve in 2018. However, earnings and values have
  already improved steeply and we do not expect any major additional improvement for these sectors. The crude and
  product tanker markets are suffering from negative short-term factors and are likely to improve slowly later this year.
/ The threat of an increase in protectionist trade policies is growing. The impact has so far been limited with positive
  trade growth registered in the first half of 2018. Further developments need to be monitored.
/ Excess capacity in the existing fleets will continue to represent a challenge for most shipping sectors. The difficult
  environment in most shipping and offshore sectors is putting pressure on shipyards which continue to propose
  attractive prices. Nonetheless, ordering activity was slow during the first half of 2018, which favours a rebalancing of
  supply and demand. Further ordering may be a major risk to continued recovery.
/ 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

                                                                                                                           2018
  postpone the phasing out of these units.

Client Presentation __ February 2019 __ Shipping Finance                                                                      Page 22
Aviation Finance –
Integrated platform
solutions

                      Page 23
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

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 industry-skilled
  individuals.
/ We continually develop our asset-based 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 like to ensure that our distinctive features are fully recognised and valued.

Client Presentation __ February 2019 __ Aviation Finance                                                                   Page 24
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Aviation Finance – Integrated platform solutions (2)

                                                           Structured               Aviation                    Aviation       Aviation
                                                             Asset                    Asset                    Financial     Investment
                                                           Financing               Management                 Consultancy   Management

                                                                                                                                          2017
                                                                                               Asset Research

                                                                                     Information & Strategic Marketing

Client Presentation __ February 2019 __ Aviation Finance                                                                                     Page 25
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Aviation Finance portfolio (30 Jun 2018: €5.4 bn)

Total lending volume by aircraft type                                                                     Total lending volume by country risk
3.5% Regional jets                                                           1.8% Turboprops               2.0% Offshore
thereof:                                                                    thereof:
  3.3% Embraer                                                                1.4% ATR
                                                                              0.4% Bombardier              3.6% South & Central America
  0.2% Bombardier

5.3% Freighters
thereof:
                                                                                                           8.5% Middle East & Africa
  5.3% Boeing

                                                                            51.8% Narrowbody pax                                                 36.4% Europe
                                                                            thereof:
                                                                             29.5% Airbus
                                                                             22.3% Boeing
                                                                                                           23.7% Asia & Australia

37.6% Widebody pax                                                                                                                               25.8% North America
thereof:
 24.9% Boeing
 12.7% Airbus

Client Presentation __ February 2019 __ Aviation Finance                                                                                                        Seite 26
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Aviation Finance – Deal of the year 2017
Sora Airlease
In July 2017, DVB, in its capacity as Lead Arranger and Sole Underwriter, closed a limited recourse term loan financing a portfolio of
17 aircraft with Sora Airlease (Sora). Sora is a newly-established joint venture between Merx Aviation and Orix Aviation, two well-
established and close clients of DVB.

The well-diversified portfolio of mid-life assets, which included stellar lessee names such as Southwest Airlines, British Airways and
Alaska Airlines, formed a seed portfolio for the new joint venture and offered the opportunity to build a platform with the flexibility to
grow and explore multiple exit opportunities.

The portfolio’s size and mid-life average age represented challenges for some competing banks. By utilising the resources and
expertise of the wider DVB Aviation platform, including DVB’s Aviation Asset Management, Aviation Credit and Aviation Research
teams, DVB was able to analyse, structure and risk adjust the financing of the portfolio. Furthermore, the execution capabilities of
DVB were an added attraction for Sora which was looking to meet a tight closing timetable.

                                                                                                As part of DVB’s goals to provide complete structured financing
                                                                                                solutions to our aviation clients, DVB first closed the transaction with
                                                                                                Sora and subsequently brought in new lenders to the joint venture,
                                                                                                providing financing access to Sora as it continues to grow its fleet to
                                                                                                new lenders in Asia, Europe and the USA.

Client Presentation __ February 2019 __ Aviation Finance                                                                                                               Page 27
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Aviation Finance – Transaction highlights 2017

                             Air Canada                                                    Ping An Leasing                            Haitong UT Leasing

        / DVB arranged the senior debt of a                                / Lead Arranger for two short-term loan          / Lead Arranger for a full recourse portfolio
          JOLCO financing (Japanese Operating                                facilities for two new A350-900 aircraft on      financing facility for four Airbus
          Lease with Call Option) for the delivery                           lease to Vietnam Airlines, marking our           narrowbody aircraft on lease to Volaris
          of a Boeing 787-9 to Air Canada.                                   first transactions with the Chinese lessor.      and Philippine Airlines.
        / The debt was underwritten by DVB                                 / Our execution capabilities within a short      / Our experience in providing such
          Transport Finance Ltd in Tokyo, and DVB                            timeframe proved crucial for the                 portfolio financing solutions enabled the
          brought in another institution as senior                           successful delivery of the first aircraft to     client to successfully acquire the aircraft
          lender, which further diversified the                              the operator, whilst the ability to bring        assets from the seller.
          airline’s funding base.                                            three additional partner banks into the        / This marks our first cooperation with
                                                                             two respective facilities further value-add
        / In addition, DVB is Agent, Security                                                                                 Haitong UT Leasing, with DVB being one
                                                                             to the client’s financing needs.
          Trustee and Account Bank in this                                                                                    of the first international financiers for the
          transaction.                                                                                                        budding leasing company.

Client Presentation __ February 2019 __ Aviation Finance                                                                                                                      Page 28
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Aviation Finance – Some important deals 2017

Alaska Airlines/Horizon Air                                            DVB's Aviation Asset Management                      Orix Aviation/Merx Aviation
Aircraft remarketing                                                   44 commercial aircraft sold/leased,                  Limited Recourse Financing
9 x B737                                                               126 aircraft under lease management                  Portfolio of 17 aircraft
Q400 turboprop aircraft                                                in 2017                                              Debt Arranger & Underwriter
Remarketing Agent

Apollo Aviation Group                                                   DVB's Aviation Investment Management               Ping An Leasing

Limited Recourse Warehouse Financing                                    Investment Advisor to equity funds owning          Senior Debt Financing
Large portfolio of aircraft                                             121 commercial aircraft                            1 x A350-900 on lease to Vietnam Airlines
Lender                                                                  1 engine                                           Agent & Arranger
                                                                        2 airline equity investments

Avianca                                                                 Goshawk                                             SunExpress
Full Recourse Financing                                                 PDP Financing                                       Full Recourse Financing
2 x A320-200                                                            3 x B737-800                                        2 x B737-800
1 x A319-100                                                            Agent & Arranger                                    Agent & Arranger
Agent & Arranger

DAE Capital
PDP Financing
15 x A320-200
Co-Arranger & Security Agent

Client Presentation __ February 2019 __ Aviation Finance                                                                                                               Page 29
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Aviation Finance – Accolades

__ 2019
         / Cargo Aircraft Finance ABS Deal of the Year                                                              Global Transport Finance

__ 2018
         / Bank Loan Deal of the Year                                                                               Airfinance Journal
         / Operating Lease Deal of the Year                                                                         Airfinance Journal
         / Used Aircraft Deal of the Year                                                                           Airfinance Journal
         / Export Credit Deal of the Year                                                                           Airfinance Journal
         / Best European Capital Markets Deal                                                                       Ishka

__ 2017
         / Asia-Pacific Bank of the Year                                                                            Airline Economics
         / Aircraft Securisation Deal of the Year – US                                                              Global Transport Finance
         / Aircraft Finance Portfolio Acquisition                                                                   Global Transport Finance

__ 2016
         / Europe Deal of the Year                                                                                  Airfinance Journal
         / Used Aircraft Deal of the Year                                                                           Airfinance Journal

Client Presentation __ February 2019 __ Aviation Finance                                                                                        Seite 30
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Aviation Finance – Accolades

__ 2015
         / Commercial Loan Deal of the Year                                                                         Airfinance Journal

__ 2013
         / Used Aircraft Deal of the Year 2012                                                                      Airfinance Journal

__ 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

__ 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

Client Presentation __ February 2019 __ Aviation Finance                                                                                        Seite 31
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Aviation Finance – Accolades

__ 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

__ 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

Client Presentation __ February 2019 __ Aviation Finance                                                                                        Seite 32
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Aviation markets – Outlook 2018

/ Demand for passenger transport remains robust as global air traffic grew 6.8% for the first five months of 2018 (year-on-year). Airfreight
  growth decreased somewhat (to 5.3%), as the inventory re-stocking cycle came to an end and trade tensions increased. Passenger yields
  improved by just over 3% in 2017, a trend projected to continue in 2018. Fuel and labour cost are likely to rise for airlines.
/ Global airline net profits far more than doubled between 2014 and 2015, and remained at high levels in 2016/2017. Although preliminary Q1
  2018 figures indicate an increased industry profit, a slight drop is projected for the full year (ca. US$ 34 billion). Fuel cost are expected to
  increase from 21% to 24% of airline expenses, despite ever improving fuel efficiency of the global jet fleet. Labour cost are likely to rise 2.2%
  per available tonne kilometre. All in all, there are no industry-specific reasons indicating a downturn in demand but unexpected economic
  headwinds, political instability or terrorism could undermine consumer confidence in international (air) travel.
/ After the 2013/2014 peak in jet orders (ca. 3,500 p.a.), orders dropped by ca. 39 % in 2015/2016 but recovered to just over 2,500 in 2017. As
  of mid-2018, new aircraft order levels are close to 2017 levels at the same point in time; however, the Farnborough Air Show, a major sales
  event, could bring a few surprises. While no major new programme launches are expected, Airbus has recently taken over the ex-Bombardier
  CSeries programme, which could result in several (re-)launch orders. Overall, the backlog for commercial jets remains strong. With restricted
  new delivery volumes in the mainstream single-aisle market (engine supply bottleneck), airlines are eager to even deploy older used
  equipment to maintain their schedules. The grounding of several Rolls Royce powered Boeing 787’s – due to engine problems – has revived
  short-term demand for older twin-aisle jets as replacement interim lift.
/ Modern single-aisle aircraft values remain firm but certain regional aircraft types and select larger twin-aisle jets are showing clear weakness.
  Values of aircraft on lease contracts are very strong as investors compete with each other for opportunities 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.

                                                                                                                           2018
  At current fuel cost levels, both the older generation and the new technology aircraft remain competitive. 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 despite short-term pick-up in
  demand, there are concerns about the values of select twin-aisles such as the Airbus A330 as well as the Boeing 777.

Client Presentation __ February 2019 __ Aviation Finance                                                                                      Page 33
Land Transport Finance –
Consistent client franchise

                        Page 34
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

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

/ 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.

Client Presentation __ February 2019 __ Land Transport Finance                                                             Page 35
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Land Transport Finance portfolio (30 Jun 2018: €1.4 bn)

Total lending volume by asset type                                                                          Total lending volume by country risk
6.4%     Rail-related
thereof:                                                                                                    3.2% Australia
  6.4% Container chassis

                                                                                                            40.8% North America

                                                                                                                                                   56.0% Europe

                                                                          93.6% Rail-based
                                                                          thereof:
                                                                           66.2%     Freight cars
                                                                           16.6%     Locomotives
                                                                            9.7%     Regional passenger train sets
                                                                            1.1%     Passenger coaches

Client Presentation __ February 2019 __ Land Transport Finance                                                                                           Seite 36
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Land Transport Finance – Deal of the year 2017
VTG
VTG AG, founded in 1951 and headquartered in Hamburg, is the largest rail car lessor in Europe managing over 80,000 rail cars
globally. The company is listed at the Frankfurt Stock Exchange and part of MDAX. Our relationship with VTG has historically been
strong and we entered into many on- and off-balance sheet financings over the last 25 years.

Besides its European rail car fleet, VTG is also an active player in the North American rail car market. VTG Rail Inc., a 100%
subsidiary of VTG, owns a mid-sized fleet of around 5,250 railcars operating in the US, Canada and Mexico. In addition, the company
has 1,000 cars on order to be delivered until mid-2018. The fleet consists mainly of covered hoppers and tank cars on lease to a
diversified group of lessees.

Mid 2017, VTG approached its main relationship banks to provide a standalone facility to finance its entire fleet operating in North
America. We were eventually mandated as Joint Mandated Lead Arranger to arrange a senior secured term financing as key member
of a club deal alongside two other banks.

                                                                                                The main drivers for our mandate were our strong track record in closing
                                                                                                complex transactions with VTG Europe as well as our long-standing
                                                                                                experience and track record in the North American rail market.
                                                                                                Especially the latter was important for the client and led – in an excellent
                                                                                                transatlantic co-operation between our New York and Frankfurt teams –
                                                                                                to a smooth closing of the transaction.

Client Presentation __ February 2019 __ Land Transport Finance                                                                                                         Page 37
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Land Transport Finance – Transaction highlights 2017

                        National Steel Car                                          Trip Rail Master Funding                       Bentheimer Eisenbahn

        / Arranger and Sole Lender in a revolving                          / Arranger and sole provider of a liquidity     / Financing for a core client in local public
          senior secured warehouse loan with an                              facility for a Master Funding LLC in the        rail transport, provided jointly with
          accordion feature for a North American                             US to more efficiently support a railcar        syndication partner Grafschafter
          railcar manufacturer.                                              asset-backed securities of a fleet of more      Volksbank as part of a meta financing
                                                                             than 17,500 railcars being operated in          deal.
        / The funds are used to finance a
                                                                             North America.
          diversified fleet of brand-new railcars for                                                                      / The senior secured loan based on an
          the cross-border rail market.                                    / The transaction followed a string of            operating lease is used for the
                                                                             earlier transactions that the Bank created      construction and long-term financing of
        / The financing can be syndicated.
                                                                             with own innovative ideas, and also             five new Alstom Lint41 DMUs which will
                                                                             allowed taking a sole Co-Manager role           be running under a long-term franchise
                                                                             on a respective bond financing                  agreement.
                                                                                                                           / As part of the transaction, DVB also
                                                                                                                             assumed the residual value risks from
                                                                                                                             this very proven equipment, which are
                                                                                                                             based on a standard platform.

Client Presentation __ February 2019 __ Land Transport Finance                                                                                                             Page 38
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Land Transport Finance – Some important deals 2017

ARS Altmann                                                            Netinera (Die Laenderbahn)
Senior Secured Term Loan                                               Operating Lease Financing
Fleet of 277 open car carriers                                         Fleet of 4 x E-locos and
Arranger & Co-Lender                                                   7 x double-deck coaches
                                                                       Arranger & Co-Lender

Bentheimer Eisenbahn                                                   VTG
Operating Lease                                                        Senior Secured Term Loan
5 x Lint41                                                             Fleet of 6,167 freight cars
Arranger & Co-Lender                                                   US$172 million
                                                                       Arranger & Underwriter

Enkay Leasing
Lease Co. Initial Warehousing
National Steel Car produced rail cars
US$75 million
Arranger & Sole Lender

Client Presentation __ February 2019 __ Land Transport Finance                                                             Page 39
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Land Transport Finance – Accolades

__ 2019
         / Rail Finance Innovator of the Year                                                                       Global Transport Finance
         / Rail Finance Deal of the Year – Europe                                                                   Global Transport Finance

__ 2018
         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

Client Presentation __ February 2019 __ Land Transport Finance                                                                                  Page 40
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Land Transport Finance – Accolades

__ 2014
         / Rail Finance Innovator of the Year                                                                       Global Transport Finance
         / 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 FinanceC

__ 2010
         / European Rail Deal of the Year                                                                           Jane’s Transport Finance

__ 2009
         / Americas Rail Deal of the Year                                                                           Jane’s Transport Finance

Client Presentation __ February 2019 __ Land Transport Finance                                                                                   Page 41
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Land Transport Finance – Accolades

__ 2008
         / Rail Finance House of the Year                                                                           Jane’s Transport Finance
         / US Rail Deal of the Year                                                                                 Jane’s Transport Finance

__ 2007
         / Rail Finance House of the Year                                                                           Jane’s Transport Finance
         / US 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

Client Presentation __ February 2019 __ Land Transport Finance                                                                                  Page 42
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Land transport markets – Outlook 2018

/ Demand perspectives for rail freight transport are positive for Europe, North America and Australia. Transport price, lease rate and utilisation
  rate increases can be expected. The outlook for the European rail passenger market is positive as well.
/ 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 US 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 in 2018. FTR Intel forecasts a rail freight growth of 2.7% in 2018. However, a threat of a full-blown trade dispute is
  looming, especially between the United States and China.
/ Coal markets are still depressed in the US (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 still doing fine in continental Europe (more import due to mine closures and retreat from nuclear energy in Germany).
  President Trump’s emphasis on the reliance on coal could stimulate the important coal sector in the US short-term.
/ Intermodal transport is likely to be positive. The International Union for Road-Rail Combined Transport (UIRR) has a slightly positive business
  outlook for 2018. Stephens Inc. expects an increase of 5.4% in 2018 intermodal volumes in the US.
/ Locomotive and freight car demand is weak in Australia and the US, since current fleets must be better utilised first. In Europe, demand is for
  electric locomotives and freight cars significantly growing. Asset prices are stable or increasing outside energy sectors (coal, oil and sand).

                                                                                                                           2018
/ 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 and the US. However, a lack of truck drivers, almost fully utilised
  trucking capacity and stricter hours-of-service recording rules for truckers will provide tailwinds in the US.

Client Presentation __ February 2019 __ Land Transport Finance                                                                                Page 43
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Financial Institutions and Syndications

Our skills and expertise as an arranger and syndicator mean that our clients can rely on DVB to place their financing
requirements. We support DVB’s three Transport Finance divisions in raising non-public mezzanine and market debt
globally.
 The key drivers of our strategy are:
/ We coordinate existing and establish new relationships with global financial institutions (including institutional investors).
/ 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
  financial institution 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.

Client Presentation __ February 2019 __ Financial Institutions and Syndications                                                    Page 44
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Financial Institutions and Syndications portfolio
(30 Jun 2018: €660.8 mn)
Total sell-down volume by business division

                                      7.7% Land Transport Finance

                                                                                                                           75.4% Aviation Finance

                                      16.9% Shipping Finance

Client Presentation __ February 2019 __ Financial Institutions and Syndications                                                                     Page 45
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Financial Institutions and Syndications – Outlook 2018

/ Macroeconomic themes expected to affect the transportation market in 2018 include the near-conclusion of Basel IV reforms which
  sets a clearer course for banks to adjust internal risk policies, rising US interest rates coupled with ECB tapering of its quantitative
  easing programme (thereby diminishing the ability to access ‘cheap money’) and the continuation of China’s international
  acquisitions. Uncertainty caused by the above factors – among others – is pressuring long-term costs of liquidity and is expected to
  contribute to shorter loan tenors being preferred across all industries.
/ Buoyed by robust passenger and cargo demand, the market expects the global aviation industry to continue its strong performance
  in 2018. More innovative financing structures may be inspired to accommodate aviation clients’ changing demands in the wake of
  IFRS 16, a greater scrutiny on tax avoidance, and financiers with a new-found interest in the industry. A greater inflow of capital into
  the industry will likely intensify competition in an already heated market. Nonetheless, the flow of more structured and bespoke types
  of deals remains steady, making specialised banks like DVB still competitive. The desire to exploit opportunistic deals as well as to
  effectively utilise the balance sheet (noting increased capital costs) is therefore expected to remain a priority for financial institutions.
/ The trend amongst financial institutions to exit/scale down maritime portfolios is likely to continue in 2018 as banks deem these to be
  ‘non-core’ investments with an expectation for a more regionalised focus for some. For remaining established lenders, capacity is
  expected to remain restricted to core clients, or focus upon credit quality and vessel employment. Consolidation will also likely
  continue as companies seek ways to reduce costs, or the opportunity arises for stronger shipping companies to acquire weaker
  competitors.
/ For rail, activity is still expected to remain focused in North America and Europe with a limited number of opportunities. As with 2017,
  liquidity is likely to increase for rail projects including from the Asia/Pacific region where financial institutions are gaining interest for

                                                                                                                           2018
  this asset class. In 2018, appetite is expected to continue for diversified railcar fleets, younger equipment, leasing companies with
  strong financial track records, and publicly-owned entities.

Client Presentation __ February 2019 __ Financial Institutions and Syndications                                                                    Page 46
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

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
  our 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.

Client Presentation __ February 2019 __ DVB Corporate Finance                                                              Page 47
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

DVB Corporate Finance portfolio (30 Jun 2018)

Revenue by business division                                                                              Revenue by products
                                                                                                          24.0% Advisory and
3.7% Shipping Finance                                                                                           Mergers & Acquisitions

                                                                            48.5% Aviation Finance

47.8% Land Transport Finance
                                                                                                                                         76.0% Capital Markets

Client Presentation __ February 2019 __ DVB Corporate Finance                                                                                           Page 48
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

DVB Corporate Finance – Deal of the year 2017
Empresa Pública Flota Petrolera Ecuatoriana
DVBCF acted as Exclusive Financial Advisor and Sole Placement Agent in raising alternative capital on behalf of Empresa Pública
Flota Petrolera Ecuatoriana (EP Flopec), the state-owned shipping company of Ecuador. DVBCF has maintained a close strategic
dialogue with EP Flopec under a diverse mandate since April 2016 to provide a variety of strategic and corporate finance services,
including a sale-and-lease-back of crude oil tanker assets.

Founded in 1972, EP Flopec is one of Ecuador’s most prominent public companies and a critical conduit for the South American
OPEC-member nation’s crude oil exports. The company has a long-standing presence in global tanker markets as a highly-respected
shipowner and operator of several market-leading tanker pools, including the Panamax International pool. Furthermore, our Shipping
Finance Americas team also enjoys a long-standing relationship with EP Flopec.

As exclusive advisor, DVBCF assisted the company in sourcing and analysing a variety of strategic alternatives to raise capital and
expand its business on optimal terms. DVBCF provided a full suite of corporate finance services, including corporate valuation,
assessment of alternatives, financial structuring and modelling, and a global roadshow for institutional investors. In June 2017,
DVBCF closed the sale-and-lease-back transaction involving three crude oil tankers.

                                                                                                Post-transaction close, DVBCF has continued its engagement with EP
                                                                                                Flopec, assisting the company in evaluating a variety of new commercial
                                                                                                prospects with strategic capital and operating partners, as well as
                                                                                                coordinating with the Ecuadorian government on other national energy-
                                                                                                related projects.

Client Presentation __ February 2019 __ DVB Corporate Finance                                                                                                     Page 49
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

DVB Corporate Finance – Transaction highlights 2017

                                GasLog                                                          Greenship                                  Eton Park

       / Co-manager in issuance of 8.875%                                  / Financial Advisor to Singapore-based dry      / Co-Arranger and Advisor to Eton Park on
         Senior Unsecured Notes due 2024 by an                               bulk owner and operator seeking to              the sale of its 70% interest in a joint
         international owner and operator of LNG                             dispose of vessels and reduce its global        venture established in 2014 for the
         carriers.                                                           leverage.                                       purpose of owning and leasing a portfolio
                                                                                                                             of narrowbody airframes to select airline
       / DVBCF’s role was a direct result of                               / DVBCF introduced potential buyers and
                                                                                                                             operators.
         ongoing strategic dialogue to address                               provided strategic advice throughout the
         GasLog’s financial and growth objectives                            entire sell-side process, including           / This important transaction reflected
         plus joint marketing efforts with Arctic                            preparation of marketing materials and          DVB’s comprehensive expertise in
         Securities to assess various debt capital                           roadshows.                                      aviation, efficiency in execution, and
         markets including US institutional high                                                                             strong network of institutional and
                                                                           / Sales of 14 vessels to Eagle Bulk
         yield and Scandinavian bond markets.                                                                                strategic investors.
                                                                             Shipping and JP Morgan Asset
       / The transaction was GasLog’s debut in                               Management were the successful result.        / It showcased strong cooperation with
         the US debt capital markets as its first                                                                            AIM and AAM and allowed DVBCF to
         SEC-documented bond, with investors                                                                                 build upon its solid reputation as an
         spanning US, Europe, and Scandinavia.                                                                               experienced and leading advisor in
                                                                                                                             aviation.

Client Presentation __ February 2019 __ DVB Corporate Finance                                                                                                            Page 50
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

DVB Corporate Finance – Some important deals 2017

Eton Park                                                              Trip Rail Master Funding
                                                                       Railcar ABS Offering
M&A Sell-side Advisory                                                 17,587 railcars
18 x Airframe Joint Venture                                            US$238 million
Joint Arranger & Placement Agent                                       Co-Manager & Liquidity Facility Structuring Agent

GasLog
8.875% Senior Unsecured Notes
LNG carriers
US$250 million
Co-Manager

Client Presentation __ February 2019 __ DVB Corporate Finance                                                              Page 51
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

DVB Corporate Finance – Outlook 2018

/ Global M&A activity remains strong in 2018 despite a variety of economic and geopolitical factors including trade tensions between the
  US and its largest trading partners (China, EU), Brexit uncertainty, and threats from North Korea and the Middle East. Driven by a
  revived global economy led by investment recovery in advanced economies and continued growth in emerging Asia, we expect
  companies to benefit from strong capital markets, as well as larger cash positions to execute on strategically imperative transactions. In
  transportation, we are likely to see a steady flow of activity as companies take advantage of improved market conditions and continue to
  raise capital to execute strategic transactions.

/ The debt capital market is expected to continue its recovery and return confidence to investors and borrowers throughout the remainder
  of 2018, broadly including the transportation sector. We expect an upturn in institutional aviation deal volume, driven by asset growth
  and consolidation. In addition to tapping liquid debt market products such as corporate bonds, transportation borrowers will continue to
  explore bilateral direct funding with alternative investors both in investment grade and sub-investment grade categories.

/ The first half of 2018 saw a continuation of strong issuance volume in asset-backed securities backed by aircraft, railcars, and
  containers. Highlights include several inaugural issuers stepping into the market and others returning after a multi-year hiatus, with
  credit spreads achieving record tight levels as supply/demand fundamentals remained favourable. Although on pace to set a post-crisis
  record in terms of issuance, downside risks remain as the rising rate environment, looming trade wars, and other geopolitical risks could
  eventually weigh on the market and slow momentum through the second half of the year.

/ With the economy on improved footing, supported by low interest rates, low inflation, and improving corporate profits across sectors, the

                                                                                                                           2018
  equity capital markets outlook is positive for the second half of 2018. Transportation sector market access is expected to remain solid,
  driven by global trade growth, subsiding supply and demand imbalances, sector consolidation, and a generally bullish investor risk
  appetite, particularly in the hard-asset sectors.

Client Presentation __ February 2019 __ DVB Corporate Finance                                                                          Page 52
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Investment Management

/ We are active as an investment consultant and asset manager for 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.
/ Our Aviation Investment Management (AIM) team manages the Deucalion aircraft and aviation
  investments as well as the intermodal and rail transport investments.
/ Investors profit from DVB’s asset know-how and strong market penetration.

Client Presentation __ February 2019 __ Investment Management                                                              Page 53
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Investment Management – Investment volume (30 Jun 2018)

Breakdown of the investment volume
                                                                       74.7%                                                                     25.3%
                                                                        AIM                                                                       SIM

AIM: thereof: 71.4% Aviation          2.0% Stephenson Capital         1.3% Container

AIM by asset type €753.0 mn                                                                                    SIM shipping portfolio by asset type €267.1 mn

1.2% Other

                                                                59.9% Passenger narrowbody                      14.0% Other investments
17.7% Disassembly
thereof:                                                                                                        4.4%       Containerships                53.8% Tankers
 15.3% Widebody
  2.3% Engines                                                                                                                                           thereof:
  0.1% Narrowbody                                                                                               5.0%       Car carriers                   19.0%     LPG tanker
                                                                                                                                                          18.0%     Chemical tankers
                                                                                                                                                           6.2%     Crude oil tankers
                                                                                                                11.3% Bulk carriers                        5.6%     LNG tankers
                                                                                                                                                           5.0%     Product tankers

21.2% Passenger widebody                                                                                        11.5% Offshore vessels

Client Presentation __ February 2019 __ Investment Management                                                                                                                   Page 54
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