DVB Bank Group - Factbook

 
DVB Bank Group - Factbook
DVB Bank Group –
Factbook
Frankfurt/Main, August 2019
DVB Bank Group - Factbook
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.

Factbook __ August 2019 __ Disclaimer                                                                                                   Page 2
DVB Bank Group - Factbook
Contents

01/ DVB – Business model                                          04/ DVB – About us
         5 Business model                                                 43   Structure
                                                                          47   Board of Managing Directors
                                                                          51   Supervisory Board
                                                                          53   Staff
                                                                          57   Corporate Responsibility
02/ DVB – Business divisions and services
         8   Lending volume
        10   Shipping Finance
        16   Aviation Finance                                     05/ DVB – Further information
        23   Financial Institutions and Syndications                      67 DVB worldwide
        26   DVB Corporate Finance                                        69 Imprint
        30   Investment Management                                        70 Photo credits

03/ DVB – Financials and outlook
        34   Financial figures
        37   Own funds and refinancing
        39   Rating
        40   Macroeconomic environment and corporate objectives

                                                                                                             Page 3
DVB Bank Group - Factbook
01/ DVB – Business model
        5 Business model
DVB Bank Group - Factbook
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

DVB’s business model
Business divisions                          Business areas                     Products                                    Clients/Co-investors            Core regions
Shipping Finance                            /   Tankers                                                                    / Small to large public         / Europe
                                            /   Dry bulk carriers                In all Transport                            and private companies         / The Americas
                                            /   Container vessels                Finance divisions:                          (shipowners, shipping         / Asia
                                            /   Car carriers                     / Structured Asset Lending                  companies, trading
                                            /   Container boxes                                                              houses and charterers)
                                                                                 / Client Account
                                                                                 / Risk Distribution & Loan
                                                                                   Participations
                                                                                 / Corporate Finance Solutions
Aviation Finance                            / Passenger aircraft                                                           / Airlines                      /   Europe
                                            / Freighter aircraft                 / Private Equity Sourcing & Investments   / Operating lessors             /   The Americas
                                            / Aircraft engines                   / Asset & Market Research                 / Logistic companies            /   Asia
                                                                                                                                                           /   Middle East/Africa
                                                                                   Aviation Finance solely:
                                                                                   / Advisory Services
                                                                                   / Aviation Asset Management

Investment Management                       Investment & asset                        / Private Equity Sourcing &          / Institutional investors       / Global coverage
                                            management:                                 Investments                          (insurance companies,
                                            / Aircraft                                                                       pension funds, hedge funds,
                                                                                                                             private equity firms)

Factbook __ August 2019 __ Business model                                                                                                                                      Page 5
DVB Bank Group - Factbook
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)

Factbook __ August 2019 __ Business model                                                                                                                                           Page 6
DVB Bank Group - Factbook
02/ DVB – Business divisions and services
         8 Lending volume                   23 Financial Institutions and Syndications
        10 Shipping Finance                 26 DVB Corporate Finance
        16 Aviation Finance                 30 Investment Management
DVB Bank Group - Factbook
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 2019               31 Dec 2018                           %              30 Jun 2019               31 Dec 2018                                %
 Core business total                                                                                       10.7                      13.5                       -20.7                     12.2                     15.5                             -21.4
 thereof: Shipping Finance                                                                                  6.0                       6.9                       -13.0                      6.9                       7.9                            -12.3
 thereof: Aviation Finance                                                                                  4.6                       5.0                        -8.0                      5.2                       5.8                             -9.7
 thereof: Land Transport Finance1                                                                             −                       1.4                           −                        −                       1.6                                −
 thereof: Investment Management                                                                             0.1                       0.2                       -50.0                      0.1                       0.2                            -43.1
 NCA-portfolio total                                                                                        2.5                       3.1                       -19.4                      2.8                       3.6                            -21.0
 from Shipping Finance                                                                                      0.9                       1.2                       -25.0                      1.0                       1.4                            -26.8
 from Aviation Finance                                                                                      0.2                       0.2                           −                      0.2                       0.2                                −
 from Land Transport Finance1                                                                                 −                         −                           −                        −                         −                                −
 from Investment Management                                                                                 0.3                       0.3                           −                      0.3                       0.4                            -14.7
 Offshore Finance2                                                                                          1.1                       1.3                       -15.4                      1.3                       1.5                            -16.5
 Other business no longer in line with DVB’s strategy3                                                      0.0                       0.1                           −                      0.0                       0.1                                −
 Total                                                                                                     13.2                      16.6                       -20.5                     15.1                     19.1                             -20.9

 By business division                                                                                                       By region
                                                                                                                            3.5% Offshore
 18.9% NCA portfolio
                                                                                                                            4.4% South America                                                                 0.5% Australia & New Zealand

                                                                                                                            7.2% Middle East & Africa
                                                                                 81.1% Core business
                                                                                 thereof:                     18.7% North America
                                                                                  45.5% Shipping Finance                                                                                                       46.9% Europe
                                                                                  34.8% Aviation Finance
                                                                                   0.8% Investment Management
                                                                                                                            18.8% Asia

1 On 21 December 2018, an agreement on the sale and transfer of the Land Transport Finance business to Landesbank Hessen-Thüringen ("Helaba") was concluded, and published by way of an ad-hoc disclosure on the same day. The purchase agreement
provides for the entire Land Transport Finance client lending portfolio and employees to be transferred to Helaba. The closing took place on 3 May 2019.
2 The Bank no longer offers any new financings for offshore vessels and platforms, and discontinued the Offshore Finance division with effect from 1 January 2018.
3 Since 2008, comprising D-Marketing and the Transport Infrastructure Finance portfolios; since 2018, only Transport Infrastructure.

Factbook __ August 2019 __ Lending volume                                                                                                                                                                                                           Page 8
DVB Bank Group - Factbook
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
%

 120                                                                                                                                                 115.4
                                                                                                                                                             107.4

 100
                                                                                                                                         88.6
                                                                                                                                 82.5
  80
                                                            69.1        69.8                                   67.6
                                                                                                    67.4
                                60.4
  60                 55.9

  40

  20

    0
               Shipping Finance –                        Aviation Finance –                 Land Transport Finance –       Investment Management –   NCA portfolio
                 Core business                            Core business                          Core business                   Core business

                                                                                          2018                2017

Factbook __ August 2019 __ Lending volume                                                                                                                            Page 9
DVB Bank Group - Factbook
Shipping Finance
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Shipping Finance – In-depth expertise

We provide bespoke financial solutions to our diversified client base, leveraging our 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.

Factbook __ August 2019 __ Shipping Finance                                                                                Page 11
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Shipping Finance portfolio – Core business (30 Jun 2019: €6.0 bn)

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

2.7% Car carriers                                                                                          3.8% Offshore
                                                                          1.4% Others                                                             0.4% Central America &
                                                                                                                                                       Caribbean
                                                                                                           6.0% Middle East & Africa
4.1% Container boxes

                                                                          53.4% Tankers
                                                                                                                                                  50.6% Europe
9.4% Container carriers                                                   thereof:
                                                                           16.6% Crude oil tankers         15.4% Asia & Australia
                                                                           13.7% Gas tankers
                                                                           13.6% Product tankers
                                                                            9.5% Chemical tankers

29.0% Bulk carriers                                                                                       23.8% North & South America

Factbook __ August 2019 __ Shipping Finance                                                                                                                        Page 12
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Shipping Finance – Important deals 2018

CMA CGM/IBJL                                                            Nautical Bulk Holding                              Thoresen Shipping Singapore &
                                                                        Senior Term Loan                                   Thoresen Thai Agencies
Containerbox JOLCO
Fleet of newly manufactured reeferboxes                                 3 x newbuilding LR1 product tankers                Refinancing of 3 x Supramax bulkers
JOLCO Arranger & Lender                                                 US$67.7 million                                    Financing of 1 x Supramax bulker
                                                                        Joint Bookrunner                                   US$32 million
                                                                                                                           Arranger & Sole Lender

DHT Holdings                                                            Pioneer Marine                                     TRAC Container
                                                                        Post-Delivery Term Loan Facility
Senior Term Loan & Revolving Credit Facility                                                                               Senior Secured Term Loan Financing
                                                                        4 x 28,000-32,000 dwt Handysize bulk carriers
Fleet of 13 Very Large Crude Carriers                                                                                      Container boxes
                                                                        1 x 46,232 dwt Handymax bulk carrier
US$485 million                                                          1 x 56,842 dwt Supramax bulk carrier
                                                                                                                           US$190 million
Lead Arranger                                                           US$29.3 million                                    Arranger
                                                                        Bilateral

Grindrod                                                                Polsteam                                           TRF
Fleet Financing                                                         Senior Secured Facility for a                      Senior Secured Term Loan Facility
16 x dry bulk, product and chemical tankers                             Dry bulk fleet refinancing                         Very Large Crude Carrier
US$100 million                                                          Sole Mandated Lead Arranger &                      US$45 million
Arranger                                                                Bookrunner                                         Arranger

Naftomar Shipping and Trading
Post-Delivery Term Loan Facility
1 x 83,000 cbm Very Large Gas Carrier
1 x 7,500 cbm LPG carrier
US$39 million
Bilateral

Factbook __ August 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 – 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

Factbook __ August 2019 __ Shipping Finance                                                                                                                 Page 14
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Shipping markets – Outlook 2019

/ Risks arising from a slowdown in global economic growth and continuing trade disputes remain key in 2019, despite a general consensus for
  a scenario of further but slower growth than in 2018. During the year, the International Monetary Fund adjusted downwards its outlook, now
  expecting the global economy to grow at 3.2% in 2019, i.e. 0.1 percentage point less than earlier projected (trade growth –0.9 point to 2.5%).
  The impact of protectionist trade policies has so far been limited, but further developments need to be monitored. Traditional demand drivers
  are changing, with the Chinese economy rebalancing and shifting towards a more consumption-driven growth. This remains one of the bigger
  downside risk factors for the demand outlook in the longer term.
/ The dry bulk and container shipping market fundamentals are expected to show limited improvement in 2019 (albeit this may be different
  on a subsector basis). Supply/demand fundamentals for both sectors are tight for 2019/2020 and even likely negative for dry bulk in 2019. In
  the crude and product tanker segments, after having experienced extensive maintenance to prepare for IMO 2020, the refinery throughput
  is projected to pick up in the second half of 2019 (more than usual in the third quarter), and fleet additions will be lower in second half as well.
  This combination is expected to stimulate the spot market, assuming scrapping maintains a certain minimum pace. Net supply/demand
  fundamentals for tankers are near break even but the outlook for 2020 is more positive.
/ Excess capacity in the existing fleets will continue to represent a challenge for most shipping sectors. The difficult environment in most
  shipping sectors has put pressure on shipyards to propose attractive prices. Deliveries were rather high in the first half of 2019 but ordering
  activity was slow resulting in a relatively moderate order book for most sectors. Given the relatively young average age of most fleets,
  additional ordering may remain a major risk to supply/demand fundamentals.
/ Major regulatory changes are on the way (e.g. BWTS/IMO 2020). As these new regulations translate into additional investments, the
  phasing-out of older units (especially larger ones) is expected to accelerate. The final impact of these kind of regulatory changes is still
  uncertain but anticipated to bring some plusses as well as minuses; thus, continued close monitoring is required.

Factbook __ August 2019 __ Shipping Finance
                                                                                                                           2019                  Page 15
Aviation Finance
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Aviation Finance – Integrated platform solutions (1)

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.

Factbook __ August 2019 __ Aviation Finance                                                                                Page 17
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

                                                                                               Asset Research

Factbook __ August 2019 __ Aviation Finance
                                                                                     Information & Strategic Marketing

                                                                                                                                          2017
                                                                                                                                             Page 18
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Aviation Finance portfolio – Core business (30 Jun 2019: €4.6 bn)

Total lending volume by aircraft type                                                                      Total lending volume by country risk
2.2% Regional jets                                                           1.8% Turboprops               2.4% Offshore
                                                                                                                                                  1.4% Australia/
thereof:                                                                                                                                               Oceania
  2.1% Embraer
  0.1% Bombardier                                                                                          4.9% South & Central America

5.3% Freighters
thereof:
  5.3% Boeing                                                                                              12.9% Middle East & Africa

                                                                            50.7% Narrowbody pax                                                  32.5% Europe
                                                                            thereof:
                                                                             30.5% Airbus
                                                                             20.2% Boeing
                                                                                                           18.4% North America

40.0% Widebody pax                                                                                                                                27.5% Asia
thereof:
 26.2% Boeing
 13.8% Airbus

Factbook __ August 2019 __ Aviation Finance                                                                                                                Page 19
01/ Business model     02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Aviation Finance – Important deals 2018

AVIC Leasing                                                             DVB's Aviation Investment Management                 LATAM
JOLCO Financing                                                          Investment Advisor to equity funds owning            Full Recourse Financing
1 x B787-9 on lease to Etihad Airways                                    114 commercial aircraft                              Portfolio of 32 aircraft
Agent & Debt Arranger                                                    2 airline equity investments                         Structuring Agent & Underwriter

Avolon                                                                    Enter Air                                          OVI Aviation
Limited Recourse Financing                                                Full Recourse Financing                            Limited Recourse Financing
Portfolio of 6 aircraft                                                   2 x B737 MAX 8                                     Portfolio of 8 aircraft
Debt Arranger & Underwriter                                               Agent & Arranger                                   Debt Arranger & Underwriter

DCAL Aviation Finance                                                     Gulf Air                                            Virgin Australia
Aircraft Remarketing                                                      PDP Financing & Sale-and-Lease-Back                 JOLCO Financing
2 x A330-300                                                              6 x A320                                            4 x B737-800
ABS Servicer                                                              Advisor & Arranger                                  Agent & Debt Arranger

DVB's Aviation Asset Management
29 commercial aircraft sold/leased,
171 aircraft under lease management
in 2018

Factbook __ August 2019 __ Aviation Finance                                                                                                                     Page 20
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

Factbook __ August 2019 __ Aviation Finance                                                                                                     Page 21
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Aviation markets – Outlook 2019

/ The outlook for 2019 is generally positive but there may be more turbulence than in recent years. Traffic growth is
  slowing down but remains robust, fuel prices are still modest, and industry profitability only slightly lower. The main threats
  seem to come from a potential economic slowdown, and from political tensions such as Brexit and the US-China trade
  tensions. Any unforeseen significant increases in the oil price could also have an impact.
/ Mid-2019, IATA adjusted its passenger traffic growth projection for the year downwards to 5.0%, and to 0.0% for air cargo;
  both of them below the growth levels seen in 2018. It also reduced its projection for the net post-tax industry profit from
  originally US$35.5 billion to US$28.0 billion, over half of this coming from North American carriers. Several airlines in
  Europe, Asia and Latin America are under increasing competitive pressure; a few of these might either default or be taken
  over by expanding competitors or new investors.
/ While we expect the commercial jet market to remain robust overall, we may see a growing surplus in larger twin-aisle
  jets; this would result in a negative impact on values and lease rates. The grounding of the Boeing 737 MAX – after two
  accidents – caused a significant reduction in new single-aisle aircraft deliveries. This had a positive impact on demand for
  older single-aisle jets, resulting in relatively strong lease rate levels for these planes. It is too early to draw any conclusions
  with respect to the future of Boeing and the 737 MAX. Once the type is allowed to return to service, the premium for older
  single-aisles and selected regional jets may disappear as the “normal” generation change continues. Intense competition
  amongst lessors may even pressure lease rates of modern single-aisle jets. In the aircraft finance business, discipline
  remains essential to withstand the market pressure for ever more aggressive transaction terms.

Factbook __ August 2019 __ Aviation Finance
                                                                                                                           2019 Page 22
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 Transport Finance divisions in raising private 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 manage the syndication process and provide a personalised bespoke approach to 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.

Factbook __ August 2019 __ Financial Institutions and Syndications                                                                 Page 23
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 2019: €707.9 mn)
Total sell-down volume by business division

                                     4.0% Land Transport Finance

                                                                                                                           72.6% Aviation Finance

                                     23.4% Shipping Finance

Factbook __ August 2019 __ Financial Institutions and Syndications                                                                                  Page 24
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Financial Institutions and Syndications – Outlook 2019

/ Macroeconomic themes expected to affect the transportation market in 2019 include heightened uncertainty and volatility in
  political and financial markets globally. Global trade uncertainty, escalating US-China trade tensions and rising fuel costs –
  among other factors – may cause pressure on long-term costs of liquidity, and are expected to contribute to shorter loan
  tenors being preferred across all industries.
/ The aviation market has been enjoying an extended bull run for the past decade. Both airlines and lessors have access to
  cheap finance as competition pushed down lease rates and debt costs. Banks are very active despite depressed margins and
  fierce competition and continue to find innovative ways to add value. Building geopolitical, macroeconomic and industry
  headwinds might impact the industry over the next 24 months. Weaker airlines will come under increased pressure and those
  airlines with strong financial position will be able to weather the choppier environment ahead. Some liquidity is expected to
  leave the aviation financing market as yields improve in other sectors. This could result in tighter financing terms in future.
/ The trend amongst financial institutions to exit/scale down maritime portfolios has slowed down in 2018 in line with the
  recovery of the underlying shipping markets. Those remaining established lenders have been restricting lending capacity to
  core clients, offering conservative lending terms and focusing on credit quality, vessel employment and cross-sell
  opportunities. Consolidation will also likely continue as companies seek ways to reduce costs, improve productivity and
  acquire their weaker competitors.

Factbook __ August 2019 __ Financial Institutions and Syndications
                                                                                                                           2019     Page 25
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.

Factbook __ August 2019 __ DVB Corporate Finance                                                                           Page 26
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

DVB Corporate Finance portfolio (30 Jun 2019)

Revenue by business division                                                                               Revenue by products

21.9% Land Transport Finance                                                                               9.6% Capital Markets

                                                                           78.1% Shipping Finance

                                                                                                                                  90.4% M&A Advisory

Factbook __ August 2019 __ DVB Corporate Finance                                                                                              Page 27
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DVB Corporate Finance – Important deals 2018

Apollo Aviation Group                                                  Beacon Intermodal Leasing
Aircraft ABS (AASET 2018-1 and 2018-2)                                 M&A Sell-Side Advisory
Fleet of 24 and 35 commercial aircraft                                 60,661 CEU intermodal freight container fleet
US$442 million and US$613 million                                      Exclusive Financial Advisor &
Joint Lead Bookrunner                                                  Placement Agent

Factbook __ August 2019 __ DVB Corporate Finance                                                                           Page 28
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

DVB Corporate Finance – Outlook 2019

/ Global M&A activity is expected to continue in 2019 with deal-making across sectors and geographies, despite concerns from US-
  China trade issues and geopolitical conflicts – reflecting a recovering global economy, technological advances and changes in
  consumer behavioural patterns. In transportation, we expect a similar trend to emerge as companies take advantage of improved
  market sentiment and continue to raise public/private capital in order to execute strategic transactions that strengthen market
  position and competitiveness.
/ In the debt capital markets, we expect a continuing market recovery and return of confidence to continue benefiting borrowers
  into the second half of 2019, broadly including the transportation sector. In addition to tapping liquid debt market products such as
  corporate bonds, borrowers will continue to explore bilateral funding with alternative investors, including through sub-investment
  grade categories. Private placements are likely to increase as a competitive long-term financing source and a means of
  diversifying both the capital structure and the investor base.
/ In the ABS market, momentum into 2019 continued, with volume across aircraft, railcar and container deals on pace to exceed
  2017’s record volume. Whilst the outlook remains favourable, potential headwinds arising from economic and geopolitical tensions
  remain an ever-present threat, which could curtail new issuance.
/ With the economy on a solid footing, and continued support from monetary officials, the equity capital markets outlook remains
  cautiously positive. Market access by the maritime sector is expected to continue its improving run into year-end, driven by an
  improving global demand for cargo and subsiding supply and demand imbalances, along with firming to higher charter rates and
  asset values. In aviation, strong public and private capital flows are facilitating fleet growth and risk management.

Factbook __ August 2019 __ DVB Corporate Finance
                                                                                                                           2019    Page 29
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 funds and related
  aviation investments.
/ Investors profit from DVB’s asset know-how and strong market penetration.

Factbook __ August 2019 __ Investment Management                                                                           Page 30
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information

Investment Management – Investment volume
(30 Jun 2019: €826.6 mn)
AIM investment volume by asset type

                             6.3% Others

                                                                                                                           47.1% Passenger widebody

                              46.6% Passenger narrowbody

Factbook __ August 2019 __ Investment Management                                                                                                      Page 31
01/ Business model   02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further
                                                                                                     History information
                                                                                                              06/ Further information

Investment Management (AIM) – Outlook 2019

/ The outlook for 2019 remains stable, with passenger traffic growth healthy albeit weaker than previous years. AIM
  expects carriers to continue to remain under pressure due to a continued low yield environment, coupled with
  higher fuel and in particular cases, adverse currency movements.
/ The flow of capital into aircraft investment and leasing remains very strong in spite of a more uncertain lessee
  credit outlook. AIM attributes this to the continued appeal of aircraft assets given their internationally mobile nature
  and attractive risk/return profile compared to other investment classes. Furthermore, asset values have remained
  robust as newer technology aircraft have suffered production and operational delays. The continued high-level
  plateau in the cycle has enabled lessors to continue to mature and strengthen balance sheets as well as sources of
  liquidity.
/ Investor appetite for the funds will not likely lessen in 2019, as DVB’s knowledge of the industry, the strength of its
  Aviation platform, and its asset-based approach provide the funds with a truly unique asset-focused platform to
  take advantage of the current market conditions with a well-informed and researched view of the future.

Factbook __ August 2019 __ Investment Management
                                                                                                                                        2019
                                                                                                                                           Page 32
03/ DVB – Financials and outlook
        34   Financial figures
        37   Own funds and refinancing
        39   Rating
        40   Macroeconomic environment and corporate objectives
01/ Business model 02/ Business divisions and services   03/ Financials and outlook 04/ About us 05/ Further information

Preliminary remarks

 All statements made regarding net worth, financial position & results relate to DVB Bank Group.
 All amounts are disclosed in euro and on the basis of IFRS if not stated otherwise.
 Unless indicated otherwise, all financial data apply to 30 June 2019
 and have been reviewed by auditors.

Factbook __ August 2019 __ Financial figures                                                                               Page 34
01/ Business model 02/ Business divisions and services   03/ Financials and outlook 04/ About us 05/ Further information

At a glance – Income statement

IFRS
                                                                                Continuing                          Discontinued
                                                                                operations                           operations                               Group
                                                                        01 Jan 2019–     01 Jan 2018–        01 Jan 2019–     01 Jan 2018–    01 Jan 2019–   01 Jan 2018–
€ mn                                                                     30 Jun 2019       30 Jun 2018        30 Jun 2019       30 Jun 2018    30 Jun 2019    30 Jun 2018      %

Net interest income and net income from operating leases                          -28.2           -68.3              125.2           144.9            97.0           76.6   26.6

Loss allowance                                                                    -50.0           -21.7               -8.8              2.1          -58.8          -19.6      –
Net interest income and net income from
operating leases after loss allowance                                             -78.2           -90.0              116.4           147.0            38.2           57.0   -33.0

Net fee and commission income                                                     10.0             19.1               16.7             22.5           26.7           41.6   -35.8
Results from investments in companies
accounted for using the equity method                                               1.8             2.7                0.2              2.6            2.0            5.3   -62.3

Net other operating income/expenses                                               30.8              3.7                9.4               –            40.2            3.7      –

Total income (before IFRS 9)                                                      -35.6           -64.5              142.7           172.1           107.1          107.6    -0.5

General administrative expenses                                                   -94.2           -81.4              -14.8            -16.0         -109.0          -97.4   11.9
Consolidated net income/loss before remeasurement
result according to IFRS 91 and taxes                                            -129.8          -145.9              127.9           156.1            -1.9           10.2      –

Remeasurement result according to IFRS 91                                         -80.2            13.0               82.4            -42.6            2.2          -29.6      –

Consolidated net income/loss before taxes                                        -210.0          -132.9              210.3           113.5             0.3          -19.4      –

Consolidated net income/loss                                                     -223.2          -133.0              210.3           113.5           -12.9          -19.5   -33.8
1 Remeasurement result according to IFRS 9 less any provisions for loan losses

Factbook __ August 2019 __ Financial figures                                                                                                                                        Page 35
01/ Business model 02/ Business divisions and services   03/ Financials and outlook 04/ About us 05/ Further information

Development of key ratios

Return on equity before taxes                                             Cost/income ratio                                       Economic Value Added
%                                                                         %                                                       € mn

                                                3.8

                                                                                                                           64.9
                                                                                         61.5

                                                                                                                                                           -26.8

               0.1
                                                                                                                                         -36.4

         30 Jun 2019                     30 Jun 2018                                30 Jun 2019                    30 Jun 2018        30 Jun 2019        30 Jun 2018

Factbook __ August 2019 __ Financial figures                                                                                                                           Page 36
01/ Business model 02/ Business divisions and services   03/ Financials and outlook 04/ About us 05/ Further information

Own funds (in accordance with the CRR) and capital ratios
(30 Jun 2019)

€ mn

                                                                                                                                               1,434.0

                                     1,073.1

                                                                                                                           360.9

                                                                                      –

                         Common equity tier 1                       Additional tier 1 capital                         Tier 2 capital     Modified available
                              capital                                                                                                          equity

Capital ratios – Basel III
Common equity tier 1 ratio:                               31.8%                                                 Total capital ratio:   42.5%

Factbook __ August 2019 __ Own funds and refinancing                                                                                                          Page 37
01/ Business model 02/ Business divisions and services   03/ Financials and outlook 04/ About us 05/ Further information

Diversified funding composition (30 Jun 2019: €16.6 bn)
Products1                                                                                                    Investors2
7.7 Short-term funding                                                                                       2.8% Retail
thereof:
 4.8% Customer deposits
                                                                                                                                                  16.0% DZ BANK
 2.8% Cash collateral for OTC derivatives
 0.1% Interbank deposits                                                                                     14.6% Banks

                                                                                                                                                  10.8% Volksbanken
                                                                                                                                                        Raiffeisen-
                                                                                                                                                        banken
                                                                                                                                                        cooperative
                                                                                                                                                        financial
                                                                                                                                                        network

92.3% Long-term funding                                                                                      55.8% Institutional investors
thereof:
 42.5%     Promissory Notes
 42.3%     Senior-unsecured bonds
  3.9%     Subordinated liabilities
  3.5%     Ship covered bonds
  0.1%     Long-term deposits                                                                                Diversified, granular funding base
                                                                                                             / Almost 1,100 investors

1 Nominal volume                                                                                             2 Estimates

Factbook __ August 2019 __ Own funds and refinancing                                                                                                         Page 38
01/ Business model 02/ Business divisions and services   03/ Financials and outlook 04/ About us 05/ Further information

Rating development

                                                               Dec             Feb            Oct            Dec             Mar      Jan            Dec             Aug     Jul       Aug
                                                              2017            2017           2016           2011            2011     2009           2006            2006    2005      2004
Long-term counterparty
credit rating                                                BBB              A+        A+                    A+                A        A             A               A-       A-    BBB+
Short-term credit rating                                      A-2            A-1       A-1                    A-1             A-1      A-1           A-1              A-2      A-2      A-2
Outlook                                                   negative       negative negative                 stable          stable negative        stable         positive   stable   stable
Senior subordinated                                         BBB-                A
Subordinated                                                 BB+               A-

                                                                Nov             Mar            Aug            Jun            Jan
                                                               2018            2015           2012           2009           2009
Long-term issuer default rating                                  AA-            AA-              A+             A+            A+
Short-term issuer default rating                                 F1+          F1+             F1+             F1+             F1
Debt Issuance Programme                                                   AA-/F1+          A+/F1+
Long-term senior unsecured                                       AA-            AA-              A+

Since 1999 DVB has been rated by Standard & Poor's (S&P) at regular intervals. Within the scope of the German Cooperative Financial Services Network's rating,
DVB has also been evaluated by Fitch Ratings since 2005.

Factbook __ August 2019 __ Rating                                                                                                                                                     Page 39
01/ Business model 02/ Business divisions and services   03/ Financials and outlook 04/ About us 05/ Further information

Macroeconomic environment

Global growth remains subdued. Since the April 2019 World Economic Outlook (WEO) report by the International Monetary Fund
(IMF), the United States further increased tariffs on certain Chinese imports and China retaliated by raising tariffs on a subset of
US imports. Additional escalation was averted following the June 2019 G20 summit. Global technology supply chains were
threatened by the prospect of US sanctions, Brexit-related uncertainty continued, and rising geopolitical tensions roiled energy
prices. Against this backdrop, global growth is forecast at 3.2 percent in 2019 (0.1 percentage point lower than in the April 2019
WEO projection).

According to the IMF, further economic growth could be burdened by the following risk factors:
∕      trade and technology tensions that dent sentiment and slow investment;
∕      a protracted increase in risk aversion that exposes the financial vulnerabilities continuing to accumulate
       after years of low interest rates;
∕      mounting disinflationary pressures that increase debt service difficulties, constrain monetary policy space to counter
       downturns, and make adverse shocks more persistent than normal;
∕      geopolitical risks and domestic in the Middle East and East Asia; and
∕      humanitarian costs of extreme weather events and other natural disasters.

With global activity generally remaining subdued, supply influences continued to dominate commodity price movements, notably in
the case of oil prices (affected by civil strife in Venezuela and Libya and US sanctions on Iran). Despite the large run-up in oil
prices through April (and higher import tariffs in some countries), cost pressures have been muted, reflecting still-tepid wage
growth in many economies even as labor markets continued to tighten. Since the end of June 2019, oil prices stood at around
US$65 a barrel. IMF states that markets expected prices to remain broadly at that level over the next two years.
                                                                                                                                   Source: IMF, June 2019

Factbook __ August 2019 __ Macroeconomic environment and corporate objectives                                                                    Page 40
01/ Business model 02/ Business divisions and services   03/ Financials and outlook 04/ About us 05/ Further information

Corporate objectives 2019

DVB’s outlook for 2019 is determined by sector-specific developments, as well as by the macroeconomic factors outlined above. In addition, strategic
considerations emerged during 2018 which will continue to have an impact on DVB’s business performance in 2019. As such, DVB sold its Land Transport
Finance business in December 2018 (closing took place on 3 May 2019); and its Aviation business platform as well as its 100% stake in the LogPay
Financial Services GmbH subsidiary during the first quarter of 2019.

Against the background of the general conditions on the transport markets and the before mentioned strategic                    Whilst we endeavour to complete the
decisions, the objectives for the remainder of 2019 can be described as follows:                                                entire transaction involving the Aviation
                                                                                                                                business platform by the end of this year,
                                                                                                                                we cannot rule out that the sale of a part
∕       Building on the solid foundation laid in the first half of 2019 we will strive to preserve the sound core operational   (Investment and/or Asset Management)
        performance and stability in the second half of 2019.                                                                   will only be closed after the year-end.

∕       We will continue to focus on delivering our key strategic initiatives in the execution and ultimate closing of the Aviation business platform sales process
        and carve out.

∕       We expect to make further significant progress in the value preserving reduction of our NCA-portfolio – well ahead of planned levels – through further
        leveraging DVB’s strong restructuring capability. We anticipate risk costs to develop within expected loss levels.

∕       We will conclude on the development and evaluation of strategic options for the remaining bank – in close cooperation with DZ BANK AG – to
        proceed with and execute accordingly.

∕       We are confident that we will succeed in generating results for 2019 acceptable to our stakeholders – and especially to our shareholder – in order to
        further proceed with the execution of strategic options and initiatives for the coming year.

Factbook __ August 2019 __ Macroeconomic environment and corporate objectives                                                                                     Page 41
04/ DVB – About us
        43 Structure                     53 Staff
        47 Board of Managing Directors   57 Corporate Responsibility
        51 Supervisory Board
01/ Business model 02/ Business divisions and services 03/ Financials and outlook   04/ About us 05/ Further information

Belongs to Germany’s second-largest banking group

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

Factbook __ August 2019 __ Structure                                                                                                                       Page 43
01/ Business model 02/ Business divisions and services 03/ Financials and outlook   04/ About us 05/ Further information

Full member of the BVR Deposit Guarantee Scheme

                           Members                                                                                                 Tasks of the Institution Protection
  972 cooperative banks,
                                                                                                                           Preventing or remedying impending or existing economic
  1 central institution and special cooperative network
                                                                                                                           difficulties at institutions affiliated with the BVR-ISG and
  institutes
                                                                                                                           BVR-SE protection schemes

                            Monitoring
  By Federal Financial Supervisory Authority (BaFin)

                                                                                                                                             Deposit Protection
                    Institution Protection                                                                                 Comprehensive protection for customer deposits held by
                                                                                                                           non-banks, including bearer bonds and certificates issued
  Comprehensive institution protection for all members,
                                                                                                                           by the cooperative banks (indirectly via BVR-SE).
  no bankruptcy among members since 1934
                                                                                                                           Direct deposit protection via BVR-ISG GmbH up to
                                                                                                                           €100,000 per person per institute.

                                                         Responsible body
                                    National Association of German Cooperative Banks
                                    (BVR)

The control and profit/loss transfer agreement between DVB Bank SE and DZ BANK AG became effective retrospectively as at 1 January 2017.

Factbook __ August 2019 __ Structure                                                                                                                                                Page 44
01/ Business model 02/ Business divisions and services 03/ Financials and outlook   04/ About us 05/ Further information

Shareholder base

         22 June 2017                                                       / Squeeze-out resolution of the AGM

         24 July 2017                                                       / Expiration of the period for filing an action of avoidance

         17 August 2017                                                     / Registration into the Commercial Register

         17 August 2017                                                     / Delisting at the Frankfurt Stock Exchange – General Standard

         22 August 2017                                                     / Payment of the cash compensation per share to minority shareholders

                                                                                                                       100.00%

Factbook __ August 2019 __ Structure                                                                                                                Page 45
01/ Business model 02/ Business divisions and services 03/ Financials and outlook   04/ About us 05/ Further information

Operational legal structure
(including subsidiaries, principal branches and representative offices)

Subsidiaries of DVB (each 100%)                                                               Branches and representative offices of DVB

DVB Capital Markets LLC (New York, USA)                                                       DVB Bank SE Amsterdam Branch (The Netherlands)

                                                                                              DVB Bank SE Athens Branch (Greece)
DVB Bank America N.V. (Willemstad, Curaçao)
                                                                                              DVB Bank SE London Branch (United Kingdom)
DVB Group Merchant Bank (Asia) Ltd (Singapore)
                                                                                              DVB Bank SE Nordic Branch (Oslo, Norway)
DVB Transport Finance Ltd (London, United Kingdom)
                                                                                              DVB Bank SE Singapore Branch (Singapore)
/     DVB Transport Finance Ltd, Tokyo Branch (Japan)
                                                                                              DVB Bank SE Representative Office New York (USA)
ITF International Transport Finance Suisse AG
(Zurich, Switzerland)                                                                         DVB Bank SE Hamburg Office (Germany)

LogPay Financial Services GmbH (Eschborn, Germany)

Factbook __ August 2019 __ Structure                                                                                                             Page 46
01/ Business model 02/ Business divisions and services 03/ Financials and outlook   04/ About us 05/ Further information

Responsibilities of DVB’s Board of Managing Directors
as of 1 June 2019

                             Ralf                                   Group                             Group                             Group               Group
                                                                                                                                                                                                 ITF
                                                                                                                                                                                       International Transport
                             Bedranowsky                            Audit                            Controlling                       Finance              Legal                        Finance Suisse AG
                             CEO and Chairman
                             of the Board of                                                     Group Corporate
                                                                  Group                                                             Group Human           Information                    LogPay Financial
                             Managing Directors               Compliance Office                  Development and
                                                                                                                                     Resources            Technology                      Services GmbH
                                                                                                 Communications

                             David                                  Group                             Aviation                     DVB Corporate           Investment                      DVB Capital
                             Goring-Thomas                         Treasury                           Finance                         Finance             Management                       Markets LLC
                             Member of the
                             Board of                                                                Aviation                          Financial
                                                               Transaction and                                                                             Shipping                      DVB Transport
                             Managing Directors                                                      Financial                        Institutions
                                                                Loan Services                                                                              Finance                        Finance Ltd
                                                                                                    Consultancy                    and Syndications

                             Dr Rainer                             Aviation                    Credit and Asset Solution
                                                                                                                                     Group Risk       Strategic Planning &
                                                                                              Group/Shipping Investment
                             Jakubowski                             Credit                                                          Management        Research Shipping
                                                                                                     Management
                             Member of the
                             Board of                              Aviation                        Credit Quality                     Shipping
                             Managing Directors                   Research                         Assessment                          Credit

                                                      Product/service areas                                Client areas in business divisions             Client areas at affiliates

Factbook __ August 2019 __ Board of Managing Directors                                                                                                                                                      Page 47
01/ Business model 02/ Business divisions and services 03/ Financials and outlook   04/ About us 05/ Further information

Members of the Board of Managing Directors

                                                                     Responsibilities                                                           Offices held
 Ralf                                                                Product/service areas                                                      Chairman of the Supervisory Board
                                                                     Group Audit                                                                DVB Bank America N.V., Willemstad, Curaçao
 Bedranowsky                                                         Group Compliance Office
                                                                                                                                                Chairman of the Board of Directors
                                                                     Group Controlling
 CEO and Chairman of                                                 Group Corporate Development and Communications                             DVB Group Merchant Bank (Asia) Ltd, Singapore
 the Board of Managing Directors,                                    Group Finance                                                              ITF International Transport Finance Suisse AG,
                                                                     Group Human Resources                                                      Zurich, Switzerland
 Bank director
                                                                     Group Legal
                                                                                                                                                Member of the Board of Directors
                                                                     Information Technology
                                                                                                                                                DVB Capital Markets LLC, New York, USA
                                                                     Client areas in affiliates
                                                                     ITF International Transport Finance Suisse AG
                                                                     LogPay Financial Services GmbH

                                                              Curriculum Vitae
                                                                 Since July 2015 DVB Bank SE, CEO and Chairman of the Board of Managing Directors
                                                                     2013–2015 DVB Bank SE, Member of the Board of Managing Directors
                                                                     2007–2013 Deutsche Bank AG,
                                                                                 Global Head Deutsche Shipping, global responsibility for the business development and coverage of the shipping clients in
                                                                                 ship financing and investment banking
                                                                     2004–2007 Landesbank Hessen Thüringen, Member of the Board of Managing Directors
                                                                     1980–2004 Deutsche Bank AG,
                                                                                 from 2001 to 2004 Member of the Regional Management Board for Northern and Eastern Germany and Deputy Chairman of the Supervisory Board
                                                                                 of Schiffshypothekenbank zu Lübeck AG

Factbook __ August 2019 __ Board of Managing Directors                                                                                                                                                          Page 48
01/ Business model 02/ Business divisions and services 03/ Financials and outlook   04/ About us 05/ Further information

Members of the Board of Managing Directors

                                                                     Responsibilities                                                           Offices held
 David                                                               Product/service areas                                                      Chairman of the Board of Directors
                                                                     Group Treasury                                                             DVB Transport Finance Ltd, London,
 Goring-Thomas                                                       Transaction and Loan Services                                              United Kingdom

 Member of the Board of                                              Client areas in business divisions                                         Member of the Board of Directors
 Managing Directors,                                                 Aviation Finance                                                           DVB Capital Markets LLC, New York, USA
                                                                     Aviation Financial Consultancy
 Bank director
                                                                     Corporate Finance
                                                                     Financial Institutions and Syndications
                                                                     Investment Management
                                                                     Shipping Finance

                                                                     Client areas in affiliates
                                                                     DVB Capital Markets LLC
                                                                     DVB Transport Finance Ltd

                                                              Curriculum Vitae
                                                           Since December 2016 DVB Bank SE, Member of the Board of Managing Directors
                                                                     1998–2016 DVB Bank SE London Branch, Deputy General Manager of London Branch, Managing Director and
                                                                               Global Head of Aviation Finance
                                                                     1997–1998 The Long-Term Credit Bank of Japan Ltd, London Branch, Deputy General Manager and
                                                                               Head of Aviation Finance – Europe, Middle East & Africa
                                                                     1995–1997 LTCB Merchant Bank (Singapore) Ltd/The Long-Term Credit Bank of Japan Ltd, Singapore Branch,
                                                                               Senior Vice President, Head of Aviation Finance – Asia
                                                                     1994–1995 The Long-Term Credit Bank of Japan Ltd, London Branch, Manager/Senior Manager, Aviation Group
                                                                     1990–1994 Swiss Bank Corporation, London, Merchant Banking, Assistant Manager/Manager in the Aviation Finance Group,
                                                                               and Manager Corporate Finance
                                                                     1987–1990 National Westminster Bank, International Banking Division, London, Graduate Trainee, Account Officer in
                                                                               Transportation (Aerospace) and Assistance Manager (Personnel)
                                                                     1984–1987 University of Manchester, B.A. Economics Honours

Factbook __ August 2019 __ Board of Managing Directors                                                                                                                                      Page 49
01/ Business model 02/ Business divisions and services 03/ Financials and outlook   04/ About us 05/ Further information

Members of the Board of Managing Directors

                                                                     Responsibilities                                                                            Offices held
 Dr Rainer                                                           Product/service areas                                                                       None
                                                                     Aviation Credit
 Jakubowski                                                          Aviation Research
 Member of the Board of                                              Credit and Asset Solution Group/Shipping Investment Management
                                                                     Credit Quality Assessment
 Managing Directors,
                                                                     Group Risk Management
 Bank director                                                       Shipping Credit
                                                                     Strategic Planning & Research Shipping

                                                              Curriculum Vitae
                                                             Since January 2019DVB Bank SE, Member of the Board of Managing Directors, CRO
                                                                     Since 2018FOM University of Applied Sciences, Professor for Business Administration
                                                                     2016–2017 FOM University of Applied Sciences, Lecturer
                                                                     2014–2015 Heta Asset Resolution AG, CEO and Chief Resolution Officer
                                                                     2013–2014 Commerzbank AG, Managing Director, Non-Core Assets – Shipping Loans, Hamburg
                                                                     2009–2012 Deutsche Schiffsbank AG, Member of the Board of Managing Directors and Chief Risk Officer
                                                                     2005–2008 Dresdner Bank AG, various leadership positions in credit risk management
                                                                     1986–2004 Deutsche Bank AG, management trainee, relationship manager, leadership positions in risk management in Frankfurt, London and New York,
                                                                               inter alia Head of Large Exposures Group and Member of the Group Credit Committee
                                                                     1980–1985 Bar training and Second State Law Examination, Master of Laws program (LL.M.) and Doctorate in law
                                                                     1975–1979 University of Mannheim, studies and First State Law Examination (Honours)

Factbook __ August 2019 __ Board of Managing Directors                                                                                                                                                            Page 50
01/ Business model 02/ Business divisions and services 03/ Financials and outlook   04/ About us 05/ Further information

DVB’s Supervisory Board – Members

                                           Wolfgang                                                              Michael           Arnd
                                           Köhler                                                                Speth             Bernbeck
                                           Chairman                                                              Deputy Chairman   Shareholder
                                           Shareholder                                                           Shareholder       representative
                                           representative                                                        representative

                                          Rolf                                                                   James             Martin
                                          Büscher                                                                Spencer           Wolfert
                                          Shareholder                                                            Employee          Employee
                                          representative                                                         representative    representative

Factbook __ August 2019 __ Supervisory Board                                                                                                        Page 51
01/ Business model 02/ Business divisions and services 03/ Financials and outlook   04/ About us 05/ Further information

DVB’s Supervisory Board – Committees

                                                                                               Supervisory Board –
                                                                                                  Committees

                                                                                                                                                  Remuneration Control
    Credit and Risk Committee                                        Audit Committee                                       Nomination Committee
                                                                                                                                                      Committee

                        Arnd                                                        Michael                                         Wolfgang               Wolfgang
                        Bernbeck                                                    Speth                                           Köhler                 Köhler
                        Chairman                                                    Chairman

                        Rolf                                                        Rolf                                            Michael                James
                        Büscher                                                     Büscher                                         Speth                  Spencer
                        Deputy Chairman

                        James                                                       Martin                                          Martin                 Michael
                        Spencer                                                     Wolfert                                         Wolfert                Speth

Factbook __ August 2019 __ Supervisory Board                                                                                                                             Page 52
01/ Business model 02/ Business divisions and services 03/ Financials and outlook   04/ About us 05/ Further information

Staff – Live diversity

We value our employees – our business model relies upon the expertise, experience and international diversity of our
staff. They support our clients everyday in every respect – from research through customer service and credit
management up to smooth processing.
DVB's business model is international in every respect. Diversity management has thus been a part of day-to day life
at DVB for quite some time. Once again, this was evident in the structure of our team: our employees hailed from a
total of 32 different countries. There are 26 different nationalities represented within our core Transport Finance
business. 190 employees work in Germany and 255 in our international locations.
Back in 2007 we joined the corporate initiative „Diversity Charta“ and thus committed ourselves to ongoing active
promotion of our workforce’s diversity.

Factbook __ August 2019 __ Staff                                                                                           Page 53
01/ Business model 02/ Business divisions and services 03/ Financials and outlook   04/ About us 05/ Further information

Nationalities in DVB (30 Jun 2019)

445 active employees                                                                                            232 active employees
DVB Bank Group                                                                                                  Transport Finance/Investment Management

13.0% 25 other nationalities                                                              40.2% German          17.7% 19 other nationalities              25.5% British

2.0% Norwegian

2.5% US-American                                                                                                1.7% US-American
4.5% Greek                                                                                                      4.3% Norwegian

7.0% Singaporean                                                                                                7.3% Greek                                18.1% Dutch

12.4% Dutch                                                                                                     9.9% Singaporean

                                                                                           18.4% British
                                                                                                                                                          15.5% German

Factbook __ August 2019 __ Staff                                                                                                                                  Page 54
01/ Business model 02/ Business divisions and services 03/ Financials and outlook   04/ About us 05/ Further information

Staff – Work flexibly

Flexibility is a cornerstone of achieving a work/life balance. We encourage flexible working hours as well
as part-time arrangements, wherever possible an liable. The percentage of part-time employees in
DVB's staff has remained virtually constant for several years.

We are generally receptive to setting up schedules on an individual basis to enable a better balance
professional and personal demands.

Factbook __ August 2019 __ Staff                                                                                           Page 55
01/ Business model 02/ Business divisions and services 03/ Financials and outlook   04/ About us 05/ Further information

Staff – Develop your personal & professional skills

Annual appraisal discussions are one of the key instruments we use to assess development. They
provide a platform for open dialogue, between manager and employee, regarding collaboration, skills
and development needs. These discussions facilitate the individual planning of personal development
steps tailored to each employee’s requirements.
Special in-house courses are designed to provide effective and hands-on training to our staff at the
various locations. When developing such courses, we take our employees’ diverse cultural backgrounds
into account, as well as new learning technologies.

Factbook __ August 2019 __ Staff                                                                                           Page 56
01/ Business model 02/ Business divisions and services 03/ Financials and outlook   04/ About us 05/ Further information

Corporate Responsibility (1)

Our Corporate Responsibility (CR) approach
/ DVB has made a commitment to the principle of sustainability. That means that we want to combine our
  economic operations with socially responsible action.
/ It is a core element of our corporate culture to act responsibly, in economic, ecological and social terms, a
  fact that is reflected in our corporate responsibility programme.
/ In November 2017, the Board of Managing Directors mandated Group Corporate Communications to
  manage the Bank’s CR activities and, in the medium term, to develop a holistic CR programme that fits the
  Bank.
/ Goals of the CR approach:
  • Combining our economic operations with socially responsible action into a single strategy
  • Further strengthening existing measure
  • Identifying new initiatives

Factbook __ August 2019 __ Corporate Responsibility                                                                        Page 57
01/ Business model 02/ Business divisions and services 03/ Financials and outlook   04/ About us 05/ Further information

Corporate Responsibility (2)

Environmental responsibility
/ As a financial services provider, i.e. a non-manufacturing business, our ecological footprint is largely shaped by
  office operations operations (such as facility management, materials usage and information technology) as well as
  business-related travel.
/ Since 2017 DVB has been working together with DZ BANK and its subsidiaries on a joint climate strategy, which is
  based on the Climate Action Plan of the German government and the Sustainable Development Goals of the
  United Nations. At DVB, a cross-departmental team is in charge of building a systematic environmental
  management and continuously improving our environmental database. It also reviews measures that help
  optimising our environmental performance on an operational level.
/ The group-wide electricity, heat and water consumption went down in 2018 thanks to several initiatives.
/ Through the cooperation with AfB gemeinnützige GmbH, we managed to avoid creating about five tonnes of
  electronic scrap in the past years, and saved considerable amounts of energy, gas and solid material.
/ Since 2015, we have entered into a partnership with aireg – dedicated to supporting the climate efforts in the
  aviation industry. In addition, we are open to becoming involved in other initiatives from our other business
  segments.

Factbook __ August 2019 __ Corporate Responsibility                                                                        Page 58
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