Where can you raise capital today ?

Euromed Management Maritime Forum 2009
Marseille, France, 15 September 2009 By Joep Gorgels – Head of Transportation Europe – Fortis Bank Nederland

1

Disclaimer

This presentation contains information which is either non-public, confidential or proprietary in nature. You hereby agree that you will not disclose at any time or otherwise make available to any third party any of the information presented in this presentation and the presentation itself.

2

Traditional Money Supply versus New Money Supply
Traditional EQUITY KG market in Germany Equity Markets in USA / Asia / Europe KS / CV market in Scandinavia / Holland Private equity (families) New EQUITY Commodity producers and traders Funds of all types Private and public equity Chinese /Islamic money/funds Leasing Venture Capital (opportunity / distressed funds) DEBT Pension & Insurance funds Sovereign Wealth Funds (governments) Chinese Banks / Funds Islamic funds Development Banks & Export Credit High yield bonds Convertible bonds

DEBT Banks (local & international) Bonds (USA, Norway)

3

Traditional Sources of Capital for Shipping

Bank Loans have traditionally satisfied approx. 75% of capital requirements

Limited activity

Bilateral Lending Internal equity finance Shipyard finance Government Other

A severe shortage of bank debt is currently constraining the shipping 36.2% 39% industry, an industry that is heavily dependent on the banking market.

Syndicated loans

closed

40.2%

Bonds/Public Equity 2.5% 5% 2.0%
Equity funds

6.0%

5.0%

8.0%

KG/KS Schemes Tax Lease investors 4%

KG / KS markets

Bond & Public Equity

Non ship mortgage loans Markets currently closed or extremely limited activity.
4

Limited activity
Source: various

The Ship Finance Cycle

High returns in shipping Non-shipping banks enter the market

Higher margins for counter cyclical lending

Current position in the cycle but with the unique difference that the financial crisis has limited the lending capacity of traditional shipping banks.

Non-shipping banks leave the industry

Increased competition

Market Collapses

Reduced margins

Excess supply of tonnage

Cheap debt leads to accelerated borrowing
5

While debt from traditional sources decrease… …new money could be
locked in from Pension & Sovereign wealth funds
Main shipping banks closed. Reduced appetite for growth of portfolio in asset backed lending due to balance sheet constraints, government rules and support, or merger between banks and too large concentration into one segment. KG / KS / CV market problematic. Difficult to raise new equity via these structures as debt to leverage this equity a scarcity is. Existing structures show a lot of problems due to charters not / less paying and bankruptcy, covenant breaches, high opex, lower returns, and lower asset sale revenues that would offer an early exit. Family run companies have suffered as well in the downturn. Liquidity used for other type of investments (real estate, yachts, cars) at holding level or outside the company. Equity and bond markets went down but open up again!! Investors buy stocks again and the first IPO’s are planned. Many follow-on offers / rights issues are done. Bonds market is active since 2Q2009 again. Pension Funds & Sovereign Wealth Funds sit on large sums of money to invest. Their “asset management” strategy is to invest in shares, bonds, real estate, commodities, private equity, etcetera They diversify in these assets. Sovereign Wealth Funds (“SWF”) are state-owned and contain usually a large amount of foreign currencies. Assets under management probably around US$ 3.5 trillion. Pension funds like ABP / APG / PGGM in The Netherlands have large funds. They consist of savings and investments from decades and originate from employees fees. The amounts they manage vary from EUR 175 billion to EUR 80 billion or smaller ones of a few billion.
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Table of contents
1. 2. 3. 4. 5. 6. Bank debt – some trends Export Credit (High Yield) Bonds and Equity Raising Pension & Sovereign Wealth Funds Islamic Funds Fortis Bank Nederland / ABN AMRO - committed to shipping

7

Credit tightness since mid 2008…..
Global shipping loans by volume in USD bln

100

75 Q4 50 Q3 Q2 Q1 25

0 2001 2002 2003 2004 2005 2006 2007 2008 2009
Source: Dealogic, syndicated and significant bilateral transactions

In 2007 approximately USD 100 bln was lend to the shipping industry in the syndicated and non syndicated loan market 2008 showed a decline and with credit tightness 2009 is also proving to be a difficult year
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….and shipping finance continues to decrease during 2009….
Global shipping loans by quarterly volume and number of deals

35 30 25 20 77 96 74 91 96

120 100 80 60

15 10 5 0

34

33 21 21

40 20 0

3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09
Source: Dealogic, syndicated and significant bilateral transactions

The high volume in 1Q09 was mainly driven by AP Moller’s Maersk USD 6.5 bln debt restructuring
9

…basically coming to a standstill in 2Q & 3Q 2009
Global syndicated shipping volume
30,000 25,000 25,351 26,079 24,257 20,443 17,726 16,311 11,901 10,000 10,351 14,181 10,848 4,408 22,778 21,486 21,113

20,000 USD mln 15,000

17,521

5,000 360 0

3,999

2,500

889 1,018 3,036 2,201 1,635 2,503 2,963 1,436 2,005 1,068 1,584 3,610 680 7,641 1,371 1,725

3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09
Source: Dealogic

refinancings / restructerings

new money

10

….with traditional shipping banks pulling out or silent…..

Source: Dealogic

11

Some trends in bank debt
Refocus on core clients & quality names Smaller facilities Little syndicated loan activity, bi-lateral and club deals Pricing increase Tighter covenants Reshuffling of lending market players as: Some banks closed for (shipping) business Geographic refocus – national link, support local business Reduction of bank’s balance sheets Government intervention So today it’s all about: Core client Core region Core sectors – is this still shipping? (and full recourse, only strong parties, high quality assets, high returns)
12

…while we are back to a “bankers” market….

Loan Market

Syndicated loan market has disappeared > bilateral and club deals only If open for business main focus on core clients and cherry picking Banks very busy with restructurings, waivers and anticipating covenant breaches Conservatism omnipresent: • LTV approx. 50% - 60% • Tenors are down 3 – 7 years • Recourse/Corporate guarantee structures • Strong and strict covenants • Strong vessel employment is a must Margin tendency > 300 bps Upfront minimum > 100 bps In shipping bank markets the mood is pessimistic Internal competition for equity within banks (so comparison of deals across industries)

13

...but the funding demand remains high (despite cancellations)…
Expected need for ship financing May ’09 (60% leverage)

250 200 USD bln 155 150 100 50 0 2009
Source: Clarksons

125 97 103 64 2010 Equity

83

37 25

2011 Debt

2012

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Table of contents
1. 2. 3. 4. 5. 6. Bank debt – some trends Export Credit (High Yield) Bonds and Equity Raising Pension & Sovereign Wealth Funds Islamic Funds Fortis Bank Nederland / ABN AMRO - committed to shipping

15

Banks/governments in Asia support shipping industry….
The global financial crisis has accelerated a shift eastwards in the centre of ship finance as the traditional European banks continue to struggle. Many governments in Asia have come up with plans to lend to the shipping or shipbuilding industry that they consider to be crucial to their country’s economic well being. • • • The amount of finance available to shipbuilders and suppliers through Korea Exim and KEIC Korea Exim and KEIC will be up to USD 7.6 bln (KRW 9.2 trln). In addition the Korean government is looking at providing USD 9.2 bln for loans to domestic and foreign shipowners. Korea Asset Management and KDB are planning distress funds of up to USD 4.8 bln for ship acquisitions. Export-Import Bank of China (China Exim Bank) has provided USD 5 bln in newbuilding loans to support the Chinese shipbuilding industry Malaysian government has allocated an additional USD 542 mln (RM 2 bln) from its 2009 budget to a RM 1 bln shipping fund to assist shipping companies in the purchase of ships and upgrade shipyards.

Sources: Marine Money, Tradewinds

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Export Credit Agencies - Korea
Korea Exim Bank Korea Exim Bank has committed USD 12.5 bln to the financing of orders at Korea yards since 2002. Ship Finance Volume (2008) : USD 1.2 bln 42.9% to European owners USD 300 mln facility to Odebrecht (Brazil) for two drillships ordered at DSME. Korea Exim Bank will be providing KRW 4 Billion to 10 Shipyards

Korea Export Insurance Corporation (KEIC) Ship Finance Volume (2008) : USD 6.8 bln 41.6% European ship owners Deals done in 2009:
Safmarine Container Lines N.V. (CONTAINERS) US$ 66 mln Buyer’s credit US$ 136 mln Buyer’s credit CIDO (TANKERS)

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Export Credit Agencies (China and Germany)
China China Exim Bank Since 1994 China Exim Bank has granted shipping/shipbuilding loans of over RMB 102.5 bln (USD 15 bln) Ship Finance Volume (2008): USD 7.45 bln

Germany Euler Hermes A EUR 444 mln (USD 557 mln) loan financing a cruiseship for US line Royal Caribbean, built at German shipyard Meyer Werft, covered by a state-run export guarantee. Guaranteed loans for container ships built in Germany during 2007 and 2008

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Table of contents
1. 2. 3. 4. 5. 6. Bank debt – some trends Export Credit (High Yield) Bonds and Equity Raising Pension & Sovereign Wealth Funds Islamic Funds Fortis Bank Nederland / ABN AMRO - committed to shipping

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High yield bonds became an attractive substitute for loan debt....
Institutional loan market is going through unprecedented disturbance • • • As economy went into recession, typically flexible/pre-payable loan debt became either less attractive or simply unavailable for many borrowers with cyclical business profiles Banks have been able to provide only a fraction of debt requirement to leveraged borrowers via secured facilities, but the bulk of this funding source disappeared Investors which had traditionally provided the bulk of secured leverage via CLO/CDO vehicles lost ability to lend, but the market is beginning to mend...

High yield bonds provide structural benefits not available through other forms of debt • • • • Create a more “recession-resistant” capital structure (via incurrence -based covenants vs. maintenance tests in loans) In many cases, create longest-tenor debt in capital structure and “junior” layer of debt (although recently many bonds were structured as secured, incl. secured by 1st priority liens) Diversify traditional investor base and create trading liquidity for subsequent benchmarking and repeat issuance Often minimize or avoid expensive equity issuance and dilution

Interest rates is the next “Big Worry” after this recession • Borrowers with long-term assets look to lock-in low fixed-rate coupons via bond transactions

Allows larger / more conservative borrowers to raise acquisition currency • Bond market is increasingly re-opening for acquisition related financings
20

Returning appetite for credit risk led to resurgence of the high yield bond market (ahead of the loan market)
• Secondary high yield market has seen a significant rally since the beginning of ’09 leading to average spread declining from nearly 2,000 bps over Treasury (yield of 25%) to 850 bps (yield 11.25%) currently for a broad USD HY bond index Shipping sector, where debt values have not fully recovered, is benefiting from this market rally as well By July, YTD ‘09 volume of issuance surpassed the ’08’s total (which included partly-distributed “hung” converted bridge loans) So far, the bulk of transactions have been driven by refinancing (i.e. Borrowers replacing loan debt due to covenant pressure and upcoming maturity, or extending existing bond debt) Market is increasingly re-opening for acquisition-related financings and transactions by first-time issuers With significantly improved pricing...
35.00
High Y US (yield, % ield D ) High Y E (yield, % ield UR )

• • • •

... new issuance surged in 2009
$140,000
USD ($mm) EUR/GBP ($mm, eq)

635
30.00

314

$120,000 359 $100,000 409 271 339 241 277 201 113 45 52 32 36 44 36 19 2002 31 3 2003 2004 2005 2006 2007 2008 2009 45 13 136 214

25.00

$80,000
20.00

$60,000
15.00

$40,000
10.00

56

$20,000 $0
Oct-08 Dec-08 Feb-09 Apr-09 Jun-09 Aug-09

5.00 Aug-08

1998

1999

2000

2001

Source: ADI

Source: Sunrise Capital Markets Note: $ volume (Y axis) and # of issues (Labels) 21

Raising Equity in Shipping Today
Historical Trends in Shipping Equity Offerings

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Table of contents
1. 2. 3. 4. 5. 6. Bank debt – some trends Export Credit (High Yield) Bonds and Equity Raising Pension & Sovereign Wealth Funds Islamic Funds Fortis Bank Nederland / ABN AMRO - committed to shipping

23

A Senior Debt Shipping Investment Fund for Pension/Insurance Funds

The global investor market is experiencing great changes as a result of the financial crisis. Investors looking for a secured investment in USD can utilise deposits that offer very low returns or invest in traditional bank related investments that are considered less secure. In light of such market conditions, Fortis Bank Nederland believes a unique opportunity exists to generate attractive returns and enable portfolio diversification through the establishment of a senior secured USD 200 million shipping fund. The fund will enable investors to invest in a secured risk layer in deep sea vessels with a net return of 5.00 6.00% per year.

Investors will benefit from: An opportunity to invest in a carefully selected and diversified portfolio of new shipping loans that offer an attractive risk return profile. Limited risk exposure due to financing of assets at or below 10 year historic average values and with a conservative leverage position of 0 – 45% of current market values. Fortis Bank Nederland’s expertise in the global ship finance markets, its existing relationships and its 200+ years of history in this sector.

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Investment Comparison

Bond Yields with 5 Year maturity profile as at 08 June 2009:

Bond Type

Rating

Yield

US Treasury

AAA

2.88%

US Corporate Bond

AAA

3.98%

US Corporate Bond

AA

4.95%

US Corporate Bond

A

5.42%

US Corporate Bond

BBB

5.58%

FBN Shipping Fund

AA / A (to be validated*)

5.00 - 6.00%

* Rating is implied and based on assumptions made against the existing portfolio managed by Fortis Bank Nederland. The assumptions are still to be validated.

Source: Bloomberg, Vanguard

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The Benefits of a Secured Shipping Fund

Provides portfolio diversification for investors and a low risk introduction to the shipping markets.

The knowledge and expertise of an investment partner that is recognised and respected within the global shipping industry.

A very attractive risk reward balance - low risk investment due to high asset value coverage

Returns and running yields that remain unaffected by fluctuations within the shipping markets.

Diversification into shipping as an asset class as well as diversification across the various sectors within shipping.

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Main Terms
Fund Purpose Fund Size Fund Type Investment Type Return Target Fund Rating Fund Tenor Principal Repayment Fund Exit Fund Maturity Date Project Tenor Average Life To invest in deep sea vessels US$ [200] million Closed end without leverage Senior secured ship loans (0% - 45% layer against current market value) [5.00 - 6.00%] Net IRR AA / A (to be validated) 1.5 year investment period plus 5 years [5.56%] per year Self liquidating at maturity (either through re-financing or sale of asset) [December 2014] 5 years 5 years
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Main Terms ctd.
Target number of loans Distribution Security 15 - 20 Quarterly distribution of net interest and principal payments First priority pledge over assets First priority pledge over cash flows Fund Investment Guidelines • Maximum contribution to a single project: 20% of fund size • Maximum exposure to one shipping sector: 40% of fund size • Maximum exposure per counterparty: 20% of fund size • Vessel age up to a maximum of 10 years at the start of the project Currency Risk Interest Rate Risk US Dollar only Fixed interest only

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Fund Structure

Management Fees

Fortis Bank Nederland Shipping Fund Management
Deal Sourcing

Senior secured loans (up to 45% of current market value)

Investor

US$200 – 250 mln

Closed-end investment vehicle

Client
[6.0%] Interest payment +5.6% annual principal repayment + Balloon

[6.0%] Interest payment +5.6% annual principal repayment + Balloon

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Attractive, Secured, Recession Proof Return

120

100

80

60

A 30% value drop will still result in a secure 5.55% return!

40

20

0 0 1 2 Market Value 3 4 Actual value less 30%
30

5

senior secured fund

Fund Security Against 20 Year Historic Values

US$ mln
60
At 45% loan to value, the fund investments sit well below current market values, 20 year historic low values and 20 year historic average values.
20 year historic average

50

40

Current market value

30
20 year historic low

20
0 – 45% senior secured fund layer based on current market values

10

0 Aframax tanker MR Product Tanker Panamax Dry Bulk Panamax Container
Data source: Marsoft, Clarkson’s
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Tanker Example: Fund Security Vs Historic Values & Averages

US$ mln

80

Aframax Tanker
70

60
20 year historic average value

50

40

30

20

Current market value

10

0 – 45% senior secured fund component at current market value

0 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Data source: Marsoft, Clarkson’s

Data based on real numbers

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Dry Bulk Example: Fund Security Vs Historic Values & Averages

US$ mln
100 90

Panamax Dry Bulker
80 70 60 50 40
20 year historic average value

30 20 10

Current market value 0 – 45% senior secured fund component at current market value

0 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Data based on real numbers Data source: Marsoft, Clarkson’s
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Debt Servicing Capacity

Aframax Tanker
US$ ‘000 / day
45 40 35 30 25 20 15 10 5 0

20 year historic average of 1 year Time Charter Earnings

Minimum required earnings for debt servicing at current market value

1 9 9 1

2 0 0 1

1 9 8 9

1 9 9 0

1 9 9 2

1 9 9 3

1 9 9 4

1 9 9 5

1 9 9 6

1 9 9 7

1 9 9 8

1 9 9 9

2 0 0 0

2 0 0 2

2 0 0 3

2 0 0 4

2 0 0 5

2 0 0 6

2 0 0 7

2 0 0 8

Panamax Dry Bulk
US$ ‘000 / day
90 80 70 60 50 40 30 20 10 0
1 9 9 1 2 0 0 1 1 9 8 9 1 9 9 0 1 9 9 2 1 9 9 3 1 9 9 4 1 9 9 5 1 9 9 6 1 9 9 7 1 9 9 8 1 9 9 9 2 0 0 0 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9

20 year historic average of 1 year Time Charter Earnings

Minimum required earnings for debt servicing at current market value

2 0 0 9

Data based on real numbers Data source: Marsoft, Clarkson’s 34

Table of contents
1. 2. 3. 4. 5. 6. Bank debt – some trends Export Credit (High Yield) Bonds and Equity Raising Pension & Sovereign Wealth Funds Islamic Funds Fortis Bank Nederland / ABN AMRO - committed to shipping

35

Islamic Funds
QInvest and Fortis Bank Nederland to create first Sharia’a Compliant Mezzanine Shipping Fund • QInvest and Fortis Bank Nederland are in advanced stages of launching a Sharia’a compliant mezzanine Fund targeting financing opportunities in the marine transportation industry. The proposed Fund aims to raise USD 200m and will target mezzanine investment opportunities in deep sea vessels. The Fund has an average life of 5 years and seeks to benefit from the down cycle of the shipping industry through an extended investment period of around 18 months. The Fund targets to pay an attractive running cash yield and is structured to benefit from the potential asset appreciation on vessels through an equity kicker. The new Fund aims to capitalize on the significant dislocation the shipping industry has witnessed over the last 12 months. Furthermore, by focusing on an alternative segment of the capital structure, the mezzanine level, investors are expected to benefit from asset coverage, quarterly cash flows as well as a structure that allows one to benefit from any capital appreciation on the underlying vessels. Harris Antoniou, Managing Director of Energy, Commodities & Transportation of Fortis Bank Nederland: “Cooperation with QInvest is of strategic importance for our Energy Commodity & Transportation business at Fortis Bank Nederland, as we are rebuilding our global network, and re-establishing our presence in ME region through the opening of our Dubai representative office last August. This initiative marks the expansion of our service offering in specialized niches we cater to today. The fund aims to bridge part of the funding gap shipowners experience in today's financial environment, but also provide a fixed return alternative investment opportunity for investors in the region and overseas” Fortis Bank Nederland is at the forefront of the ship financing industry and ranks amongst the most reputable in the market with more than USD 7bn of shipping assets under management. Fortis Bank Nederland’s global relationships and technical expertise in the shipping industry will be of major added value to the Fund.

• •

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Conclusions
Bank finance scarcely available while demand remains substantial Banks and owners both lack liquidity/capital, funding, reduced or negative cash flows, internally focused on risk management Banks focus on Core Client, Core Region, Core Sectors Bank finance terms and conditions get less favorable for ship owners Traditional Banks in Shipping are dropping out, merging and/or reducing balance sheets More and more time spent on debt restructurings by banks and ship owners New funds need to be sourced – from pension & insurance funds, sovereign wealth funds, Islamic funds, bond and equity market, commodity producers and traders, etc. Public equity & high yield bond markets open up again, also for Shipping FBNL introduces a Senior Debt Finance Fund, giving a 6% return for A rated paper FBNL introduces a Sharia’a Compliant Mezzanine Shipping Fund, increasing leverage FBNL has access to the Debt and Equity Capital Markets through a co-operation with Sunrise Securities Corp. in New York and Horizon Capital. Fortis Bank Nederland will continue to find innovative solutions for Shipping Sector
and by the way…FBNL is the most active broker on the NYSE Euronext Amsterdam exchange, FBNL is the leading investment bank for Benelux IPO’s, through ABN AMRO / FBNL / MeesPierson there is EUR 125 bln assets under management YE08.
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Fortis Bank Nederland: a rich history since 1720

Mr Hope

1803 Financing Louisiana Purchase from France

1881 Underwriting Canadian Pacific Railway

Fortis Bank Netherlands

1720
Formation of the predecessor bank of MeesPierson: Hope & Co

1902

1990
Start Fortis Group (VSB Bank, AMEV insurance, ASLK Bank and AG insurance)

1997

1998

2007

2008

2009

Acquisition of Generale Bank of Belgium (est 1822)

Dutch state acquired Fortis Dutch operations (Fortis Bank NL, Fortis Insurance NL and share ABN AMRO) Separation from Fortis Group and preparation of integration with ABN AMRO

Financing the BeijingHankow Railway.

Acquisition of MeesPierson (the Netherlands-based merchant bank)

Acquisition of ABN AMRO by Fortis, RBS and Santander

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Fortis Bank Nederland
FBN – Organisational structure FBN - Activities Mainly in the Netherlands Retail Banking Private Banking Corporate Banking Products, such as financial markets, corporate finance and transaction banking International positions of which some are leading Energy, Commodities & Transportation Brokerage, Clearing & Custody Prime Fund Solutions Global Securities Financing Fortis Commercial Finance

Dutch State 100% 1) FBN (H)

33.8 %

RFS Holdings

100% FBN

100% ABN AMRO

1) 100% of common shares; excluding small minority interest (preference shares) FBN(H) Preferred Investments B.V.

Fortis Bank Nederland and ABN AMRO Nederland are now 100% owned by the state (indirectly) Since October 6th 2008, Dutch part of former Fortis Group is fully owned by the Dutch government Fortis Bank Nederland is to be merged with ABN AMRO Netherlands Dedication to ECT has been clearly expressed by the board of the future new bank

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Shipping within Fortis Bank Nederland
Overview Shipping & Intermodal Fortis Bank Nederland has a long history in Transportation dating back to its predecessors Mees Pierson and Mees & Hope. Assets financed include most deep sea vessels such as container, tanker, dry bulk, reefer, car carrying and offshore support vessels. The shipping division is highly respected within the global shipping industry and has a reputation for innovation in structuring deals. The Transportation team utilises the extensive array of Investment Banking, Principal Finance and Global Markets solutions we have at our disposal when structuring solutions for our clients. Our achievements have been constantly recognised through the numerous industry awards that have been bestowed upon us . Our client base consists of the top echelon of names throughout the ship owning industry; an outcome that is the result of our business model and strategy. The Transportation team currently consists of 28 specialists located in Rotterdam, Oslo and Singapore. The Transportation division sits within ECT (Energy, Commodities & Transportation) which, in turn, sits within the Specialised Finance group of Merchant Banking. Awards and Rankings Asia Deal of the Year 2008 Marine Money Restructuring Deal of the Year 2008 Marine Money Best Bank Debt Deal of the Year 2008 Jane’s Transport Top 5 Mandated Lead Arranger & Bookrunner Dealogic Ship Finance Advisor Deal of the Year 2007 LSE Best Leasing Deal of the Year 2006 Marine Money Best M&A Deal of the Year 2006 Marine Money Best IPO Deal of the Year 2006 Marine Money Shipping Financier of the Year 2006 Lloyd's List Best Bank Debt Deal of the Year 2005 Jane’s Transport

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Business Model
ECT Business Model Integrated sector approach across industries linked in the industrial value chain Sourcing

Storage & Transportation

Production

Storage & Transportation

Distribution

Physical / Financial Trading Exploration & Production Crops Mining Tanks / Silos Ships Rail Pipeline Refineries Power generation Factories Tanks / Silos Ships Rail Pipeline Distribution End users

Energy Energy, Commodities & Transportation (ECT) is a financial solutions provider to international companies that are active in the value chain of the ECT industries Offshore & Oil services Utilities & Renewables (wind power, waste energy) Carbon Banking and Groenbank

Commodities Agri: cotton, cocoa, coffee, sugar and grains Metals: steel and base metals Energy: crude oil and oil products

Transportation Deep sea shipping industry Intermodal Aviation

Principal Finance Direct investment activities in ECT industries Portfolio of assets (ships, containers, windmills) in projects related to and companies active in these assets

41

ECT Market position
Strong position through long term commitment to the ECT industries Rankings
EUR 1.500.000.000 USD 583.000.000 EUR 250.000.000 Revolving Credit Facility Coordinator & Bookrunner Project Finance Facility
Mandated Lead Arranger & Underwriter

2008

2008

2008

2008

2008

USD 1.600.000.000 USD 105.000.000 Syndicated Pre-Export Facility Mandated Lead Arranger Senior Secured Revolving Facility Anchor Handling Tug vessels Co-arranger & Joint-underwriter

Top 3 global position in Oil field services industry Top 5 position in shipping syndicated loan markets FBN is among the top 5 commodity banks worldwide Awards Best Soft Commodity Finance Bank for the fourth consecutive year (July 2008) Shipping Debt Deal of the Year – Asia (November 2008) European Power Deal of the Year (December 2008) European Gas Deal of the Year (December 2008)

Term Loan Facility Windmill Installation Vessels Arranging Coordinator

2008

2008

2008

2008

2008

USD 90.000.000

USD 1.270.000.000

USD 585.000.000 EUR 744.000.000

USD 340.000.000

Term Loan Facility Two 2,500 TEU container vessels Mandated Lead Arranger & Agent

Syndicated Credit Facilities Mandated Lead Arranger

FPSO Term Loan Facility Coordinator & Bookrunner

Term Loan Facility LNG Terminal Mandated Lead Arranger

Syndicated Revolving Credit Facility
Mandated Lead Arranger Documentation Agent & Security Agent

2008

2008

2008

2008

2008

EUR 535.000.000

USD 700.000.000 Domestic Cash Management & Electronic Invoicing USD 214.500.000 ECA-covered Credit Facility Six 2,500 TEU container vessels Co-Lead Arranger & Lender

USD 650.000.000

Term Loan Facility

Syndicated Credit Facility Bookrunner

Syndicated Credit Facility Bookrunner

Underwriter & Bookrunner

Platform & Service Provider

42

Thank You

Joep Gorgels Head of Transportation Europe Rotterdam, The Netherlands joep.gorgels@nl.fortis.com mobile: +31 (0)6 20 63 4335 office: +31 (0) 10 401 6506

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