Fortis Bank Maritime Finance

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 New
EQUITY EQUITY
KG market in Germany Commodity producers and traders
Equity Markets in USA / Asia / Europe Funds of all types
KS / CV market in Scandinavia / Private and public equity
Holland Chinese /Islamic money/funds
Private equity (families) Leasing
Venture Capital (opportunity / distressed funds)
DEBT DEBT
Banks (local & international) Pension & Insurance funds
Bonds (USA, Norway) Sovereign Wealth Funds (governments)
Chinese Banks / Funds
Islamic funds
Development Banks & Export Credit
High yield bonds
Convertible bonds
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 Syndicated closed
Government A severe shortage of loans
Other bank debt is currently
constraining the shipping
36.2% 39% industry, an industry that 40.2%
is heavily dependent on
the banking market.
Bonds/Public
2.5%Equity
5% 8.0%
2.0% 6.0% 5.0%
Equity funds
KG/KS Schemes
Tax Lease investors
4% Non ship
KG / KS Bond & mortgage loans
markets Public Equity Markets currently
closed or extremely
Limited activity
limited activity.
Source: various
4
The Ship Finance Cycle
High returns in
shipping
Non-shipping
Higher margins
banks enter the
for counter
market
cyclical lending
Non-shipping Increased
banks leave competition
Current position in the industry
the cycle but with
the unique difference
that the financial
crisis has limited the
lending capacity of
traditional shipping Market Reduced margins
banks. Collapses
Cheap debt leads

Excess supply of
to accelerated
tonnage
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.
6
Table of contents
1. Bank debt – some trends
2. Export Credit
3. (High Yield) Bonds and Equity Raising
4. Pension & Sovereign Wealth Funds
5. Islamic Funds
6. 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
Q3
50
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
8
….and shipping finance continues to decrease during 2009….
Global shipping loans by quarterly volume and number of deals
35 120
96 96
30 91 100
25 77 74
80
20
60
15
34 33
40
10 21 21
5 20
0 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
25,351
26,079
25,000 24,257
21,486 22,778
20,443 21,113
20,000
17,521
USD mln
17,726
16,311
15,000
11,901 14,181
10,000 10,351 10,848 4,408
5,000 3,999
2,500
360 889 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
0
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
Æ 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
155
USD bln
150 125
97
100
50 103 37
64 83
25
0
2009 2010 2011 2012
Source: Clarksons Equity Debt
14
Table of contents
2. Export Credit
5. Islamic Funds
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
16
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 Safmarine Container CIDO

Lines N.V.
(TANKERS)
(CONTAINERS)
Deals done in 2009: US$ 136 mln
US$ 66 mln Buyer’s credit
Buyer’s credit
17
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
18
Table of contents
2. Export Credit
5. Islamic Funds
19
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... ... new issuance surged in 2009

35.00 $140,000
High Yield USD (yield, %) High Yield EUR (yield, %) USD ($mm) EUR/GBP ($mm, eq)
635 314
30.00 $120,000
359 409
$100,000
25.00 271 214
$80,000 339
241 277 136
20.00
$60,000 201
15.00
$40,000 113
56
45
10.00 $20,000 52 45
36 44 36 31 13
32 19 3
5.00 $0
Aug-08 Oct-08 Dec-08 Feb-09 Apr-09 Jun-09 Aug-09 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
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
22
Table of contents
2. Export Credit
5. Islamic Funds
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.
24
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 25

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.
26
Main Terms
Fund Purpose To invest in deep sea vessels
Fund Size US$ [200] million
Fund Type Closed end without leverage
Investment Type Senior secured ship loans (0% - 45% layer against current market value)
Return Target [5.00 - 6.00%] Net IRR
Fund Rating AA / A (to be validated)
Fund Tenor 1.5 year investment period plus 5 years
Principal Repayment [5.56%] per year
Fund Exit Self liquidating at maturity (either through re-financing or sale of asset)
Fund Maturity Date [December 2014]
Project Tenor 5 years
Average Life 5 years
27
Main Terms ctd.
Target number of loans 15 - 20
Distribution Quarterly distribution of net interest and principal payments
Security First priority pledge over assets

First priority pledge over cash flows
Fund Investment • Maximum contribution to a single project: 20% of fund size

Guidelines
• 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 US Dollar only
Interest Rate Risk Fixed interest only
28
Fund Structure
Fortis Bank Nederland

Shipping
Fund Management
Management Fees
Deal Sourcing
Senior secured loans

(up to 45% of current market value)
US$200 – 250 mln Closed-end Client

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

annual principal repayment +
Balloon
29
Attractive, Secured, Recession Proof Return
120
100
80 A 30% value drop

will still result in a
secure 5.55%
60 return!
40
20
0
0 1 2 3 4 5
senior secured fund Market Value Actual value less 30%

30
Fund Security Against 20 Year Historic Values
US$ mln
At 45% loan to value, the fund investments sit well below
60
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
10 based on current
market values
0
Aframax tanker MR Product Tanker Panamax Dry Bulk Panamax Container
Data source: Marsoft, Clarkson’s 31
Tanker Example: Fund Security Vs Historic Values & Averages
US$ mln
80
Aframax Tanker
70
60
50 20 year historic average value
40
30
Current
market
value
20
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 based on real numbers Data source: Marsoft, Clarkson’s 32

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 Current
market
10 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 33

Debt Servicing Capacity
Aframax Tanker
US$ ‘000 / day
45
40
35
30
25 20 year historic average of 1 year Time Charter Earnings

20
15
10 Minimum required earnings for debt servicing at current market value

5
0
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
19
19
19
19
19
19
19
19
19
19
19
20
20
20
20
20
20
20
20
20
20
Panamax Dry Bulk
US$ ‘000 / day
90
80
70
60
50
40
30
20 year historic average of 1 year Time Charter Earnings
20
10
Minimum required earnings for debt servicing at current market value
Data based on real numbers
0
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
19
19
19
19
19
19
19
19
19
19
19
20
20
20
20
20
20
20
20
20
20
Data source: Marsoft, Clarkson’s
34
Table of contents
2. Export Credit
5. Islamic Funds
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.
36
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.
37
Fortis Bank Nederland: a rich history since 1720
Mr Hope 1803 Financing Louisiana 1881 Underwriting Canadian Fortis Bank Netherlands
Purchase from France Pacific Railway
1720 1902 1990 1997 1998 2007 2008 2009
Formation of the Start Fortis Group Acquisition of Generale Dutch state acquired
predecessor bank of (VSB Bank, AMEV Bank of Belgium Fortis Dutch operations
MeesPierson: insurance, ASLK Bank (est 1822) (Fortis Bank NL, Fortis
Hope & Co and AG insurance) Insurance NL and
share ABN AMRO)
Financing the Beijing- Acquisition of Acquisition of ABN Separation from Fortis

Hankow Railway. MeesPierson (the AMRO by Fortis, RBS Group and preparation
Netherlands-based and Santander of integration with ABN
merchant bank) AMRO
38
Fortis Bank Nederland
FBN – Organisational structure FBN - Activities

Mainly in the Netherlands
Dutch State 33.8 %
Retail Banking
Private Banking
100% 1)
Corporate Banking
Products, such as financial markets, corporate
FBN (H)
finance and transaction banking
RFS Holdings
International positions of which some are leading
Energy, Commodities & Transportation
100% 100% Brokerage, Clearing & Custody
Prime Fund Solutions
FBN ABN AMRO Global Securities Financing
Fortis Commercial Finance
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
39
Shipping within Fortis Bank Nederland
Overview Awards and Rankings
Shipping & Intermodal Asia Deal of the Year 2008
Marine Money
Fortis Bank Nederland has a long history in Transportation dating
back to its predecessors Mees Pierson and Mees & Hope. Restructuring Deal of the Year 2008
Marine Money
Assets financed include most deep sea vessels such as container,
tanker, dry bulk, reefer, car carrying and offshore support vessels. Best Bank Debt Deal of the Year 2008
Jane’s Transport
The shipping division is highly respected within the global shipping
industry and has a reputation for innovation in structuring deals. Top 5 Mandated Lead Arranger & Bookrunner
Dealogic
The Transportation team utilises the extensive array of Investment
Banking, Principal Finance and Global Markets solutions we have at
Ship Finance Advisor Deal of the Year 2007
our disposal when structuring solutions for our clients.
LSE
Our achievements have been constantly recognised through the
numerous industry awards that have been bestowed upon us . Best Leasing Deal of the Year 2006
Marine Money
Our client base consists of the top echelon of names throughout the
ship owning industry; an outcome that is the result of our business Best M&A Deal of the Year 2006
model and strategy. Marine Money
The Transportation team currently consists of 28 specialists located Best IPO Deal of the Year 2006
in Rotterdam, Oslo and Singapore. Marine Money
The Transportation division sits within ECT (Energy, Commodities & Shipping Financier of the Year 2006
Transportation) which, in turn, sits within the Specialised Finance Lloyd's List
group of Merchant Banking.
Best Bank Debt Deal of the Year 2005
Jane’s Transport
40
Business Model
ECT Business Model
Integrated sector approach
across industries linked in the
industrial value chain
Storage & Storage &
Sourcing Production Distribution
Transportation Transportation
Physical / Financial Trading
Exploration & Tanks / Silos Refineries Tanks / Silos Distribution

Production Ships Power Ships End users
Crops Rail generation Rail
Mining Pipeline Factories Pipeline
Energy Commodities
Energy, Commodities &
Offshore & Oil services Agri: cotton, cocoa, coffee, sugar
Transportation (ECT)
Utilities & Renewables and grains
is a financial solutions
provider to international (wind power, waste energy) Metals: steel and base metals
companies that are active in Carbon Banking and Groenbank Energy: crude oil and oil products
the value chain of the ECT
industries
Transportation Principal Finance
Deep sea shipping industry Direct investment activities in ECT
Intermodal industries
Portfolio of assets (ships, containers,
Aviation windmills) in projects related to and
companies active in these assets
41
ECT Market position
Strong position through long 2008 2008 2008 2008 2008
term commitment to the ECT

industries
Rankings
EUR 1.500.000.000 USD 583.000.000 USD 1.600.000.000
USD 105.000.000
Top 3 global position in EUR 250.000.000
Oil field services industry Revolving Credit Project Finance Syndicated Pre-Export Senior Secured Revolving
Facility Facility Term Loan Facility Facility Facility
Windmill Installation Vessels Anchor Handling Tug vessels
Top 5 position in shipping
Coordinator & Bookrunner Mandated Lead Arranger & Underwriter Arranging Coordinator Mandated Lead Arranger Co-arranger & Joint-underwriter
syndicated loan markets
FBN is among the top 5
commodity banks 2008 2008 2008 2008 2008
worldwide
Awards
USD 90.000.000
Best Soft Commodity USD 1.270.000.000 USD 585.000.000 USD 340.000.000
Finance Bank for the Term Loan Facility

EUR 744.000.000
Syndicated Credit FPSO Term Loan Syndicated Revolving
fourth consecutive year Two 2,500 TEU container
Facilities Facility Term Loan Facility Credit Facility
vessels
(July 2008) LNG Terminal
Mandated Lead Arranger
Mandated Lead Arranger & Agent Mandated Lead Arranger Coordinator & Bookrunner Mandated Lead Arranger Documentation Agent & Security Agent
Shipping Debt Deal of
the Year – Asia
(November 2008) 2008 2008 2008 2008 2008
European Power Deal of

the Year (December
2008)
European Gas Deal of EUR 535.000.000
USD 700.000.000 USD 650.000.000
the Year (December Domestic Cash Management

&
USD 214.500.000
Syndicated Credit Syndicated Credit
2008) Term Loan Facility
Facility
Electronic Invoicing
ECA-covered Credit Facility Facility
Six 2,500 TEU container vessels
Underwriter & Bookrunner Bookrunner Platform & Service Provider Co-Lead Arranger & Lender Bookrunner
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
43

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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

This presentation contains information which is either non-public, confidential or proprietary

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

Cheap debt leads

Global shipping loans by volume in USD bln

Global shipping loans by quarterly volume and number of deals

The high volume in 1Q09 was mainly driven by AP Moller’s Maersk

Global syndicated shipping volume

10,000 10,351 10,848 4,408

 Reshuffling of lending market players as:

Æ So today it’s all about:

Expected need for ship financing May ’09 (60% leverage)

Sources: Marine Money, Tradewinds

Korea Exim Bank

 42.9% to European owners

 Korea Exim Bank will be providing KRW 4 Billion to 10 Shipyards

Korea Export Insurance Corporation (KEIC)

 41.6% European ship owners Safmarine Container CIDO

China Exim Bank

 Ship Finance Volume (2008): USD 7.45 bln

Interest rates is the next “Big Worry” after this recession

Allows larger / more conservative borrowers to raise acquisition currency

With significantly improved pricing... ... new issuance surged in 2009

Source: ADI Source: Sunrise Capital Markets

 Investors will benefit from:

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%

Source: Bloomberg, Vanguard 25

Fund Size US$ [200] million

Fund Type Closed end without leverage

Return Target [5.00 - 6.00%] Net IRR

Fund Rating AA / A (to be validated)

Fund Tenor 1.5 year investment period plus 5 years

Principal Repayment [5.56%] per year

Fund Maturity Date [December 2014]

Project Tenor 5 years

Average Life 5 years

Target number of loans 15 - 20

Distribution Quarterly distribution of net interest and principal payments

Security First priority pledge over assets

Fund Investment • Maximum contribution to a single project: 20% of fund size

Currency Risk US Dollar only

Interest Rate Risk Fixed interest only

Fortis Bank Nederland

Senior secured loans

US$200 – 250 mln Closed-end Client

[6.0%] Interest payment +5.6%

80 A 30% value drop

senior secured fund Market Value Actual value less 30%

50 20 year historic average value

10 0 – 45% senior secured fund

Data based on real numbers Data source: Marsoft, Clarkson’s 32

Data based on real numbers Data source: Marsoft, Clarkson’s 33

25 20 year historic average of 1 year Time Charter Earnings

10 Minimum required earnings for debt servicing at current market value

The high volume in 1Q09 was mainly driven by AP Moller’s Maersk

Reshuffling of lending market players as:

42.9% to European owners

Korea Exim Bank will be providing KRW 4 Billion to 10 Shipyards

41.6% European ship owners Safmarine Container CIDO

Ship Finance Volume (2008): USD 7.45 bln

Investors will benefit from:

Bank finance scarcely available while demand remains substantial

Exploration & Tanks / Silos Refineries Tanks / Silos Distribution

European Power Deal of