Fortis Bank Maritime Finance

1

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

2

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.

3

Traditional Money Supply versus New Money Supply

Traditional

EQUITYKG market in GermanyEquity Markets in USA / Asia / EuropeKS / CV market in Scandinavia / HollandPrivate equity (families)

DEBTBanks (local & international)Bonds (USA, Norway)

New

EQUITYCommodity producers and tradersFunds of all typesPrivate and public equityChinese /Islamic money/fundsLeasingVenture Capital (opportunity / distressed funds)

DEBTPension & Insurance fundsSovereign Wealth Funds (governments)Chinese Banks / FundsIslamic fundsDevelopment Banks & Export CreditHigh yield bondsConvertible bonds

4

Traditional Sources of Capital for Shipping

KG/KS Schemes4%

Bonds/Public Equity 5%

39% 40.2%

8.0%

36.2%

5.0%6.0%2.5%

2.0%

Syndicatedloans

Bilateral LendingInternal equity financeShipyard financeGovernmentOther

Non shipmortgage loans

KG / KS markets

Bond &Public Equity

Tax Lease investors

Equity funds

Markets currently closed or extremely limited activity.

Source: various

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

closed

Limited activity

A severe shortage of bank debt is currently

constraining the shipping industry, an industry that is heavily dependent on

the banking market.

Limited activity

5

The Ship Finance Cycle

Higher margins for counter

cyclical lending

Market Collapses

Excess supply of tonnage

Cheap debt leads to accelerated

borrowing

Reduced margins

Increasedcompetition

Non-shippingbanks enter the

market

High returns in shipping

Non-shipping banks leavethe industryCurrent position in

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

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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 since2Q2009 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. Bank debt – some trends2. Export Credit3. (High Yield) Bonds and Equity Raising4. Pension & Sovereign Wealth Funds5. Islamic Funds6. Fortis Bank Nederland / ABN AMRO - committed to shipping

8

Credit tightness since mid 2008…..

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 market2008 showed a decline and with credit tightness 2009 is also proving to be a difficult year

0

25

50

75

100

2001 2002 2003 2004 2005 2006 2007 2008 2009

Q4Q3Q2Q1

Global shipping loans by volume in USD bln

9

….and shipping finance continues to decrease during 2009….

Source: Dealogic, syndicated and significant bilateral transactions

77

96

74

91 96

34 3321 21

0

5

10

15

20

25

30

35

3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q090

20

40

60

80

100

120

Global shipping loans by quarterly volume and number of deals

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

10

…basically coming to a standstill in 2Q & 3Q 2009

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

17,72616,311

10,351

11,901

20,443

24,257

17,521

21,48621,113

22,778

14,181

26,07925,351

10,848 4,408

3,999 2,500

0

5,000

10,000

15,000

20,000

25,000

30,000

3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09

USD

mln

refinancings / restructerings new moneySource: Dealogic

Global syndicated shipping volume

11

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

Source: Dealogic

12

Some trends in bank debt

Refocus on core clients & quality namesSmaller facilitiesLittle syndicated loan activity, bi-lateral and club dealsPricing increaseTighter covenants

Reshuffling of lending market players as:Some banks closed for (shipping) businessGeographic refocus – national link, support localbusinessReduction of bank’s balance sheetsGovernment intervention

So today it’s all about:Core clientCore regionCore sectors – is this still shipping?(and full recourse, only strong parties, high quality assets, high returns)

13

…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)

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...but the funding demand remains high (despite cancellations)…

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

Source: Clarksons

64103 83

25

97

155

125

37

0

50

100

150

200

250

2009 2010 2011 2012

USD

bln

Equity Debt

15

Table of contents


16

Banks/governments in Asia support shipping industry….

• The amount of finance available to shipbuilders and suppliers through Korea Eximand 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.

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.

Sources: Marine Money, Tradewinds

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Export Credit Agencies - Korea

Korea Exim BankKorea 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

CIDO

(TANKERS)

US$ 136 mln Buyer’s credit

Safmarine Container Lines N.V.

(CONTAINERS)

US$ 66 mln Buyer’s credit

Korea Export Insurance Corporation (KEIC)Ship Finance Volume (2008) : USD 6.8 bln

41.6% European ship owners

Deals done in 2009:

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Export Credit Agencies (China and Germany)

China

China Exim BankSince 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 HermesA 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


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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

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Returning appetite for credit risk led to resurgence of the high yield bond market (ahead of the loan market)

With significantly improved pricing...

Source: ADI

... new issuance surged in 2009

Source: Sunrise Capital MarketsNote: $ volume (Y axis) and # of issues (Labels)

• 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

5.00

10.00

15.00

20.00

25.00

30.00

35.00

Aug-08 Oct-08 Dec-08 Feb-09 Apr-09 Jun-09 Aug-09

High Yield USD (yield, %) High Yield EUR (yield, %)

635

339

113

241

201

359 409

277

271

314

136

214

32 36 44 36 1931

52 4545

56

313

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

USD ($mm) EUR/GBP ($mm, eq)

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Raising Equity in Shipping TodayHistorical Trends in Shipping Equity Offerings

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Table of contents


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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%

FBN Shipping Fund AA / A (to be validated*) 5.00 - 6.00%

US Corporate Bond A 5.42%

5.58%US Corporate Bond BBB

Source: Bloomberg, Vanguard

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

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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

To invest in deep sea vesselsFund Purpose

Fund Size

Fund Type

Investment Type

Return Target

Fund Rating

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)

Fund Tenor 1.5 year investment period plus 5 years

Fund Exit Self liquidating at maturity (either through re-financing or sale of asset)

Principal Repayment [5.56%] per year

Project Tenor 5 years

Average Life 5 years

Fund Maturity Date [December 2014]

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Main Terms ctd.

Security First priority pledge over assets

First priority pledge over cash flows

Target number of loans 15 - 20

Distribution Quarterly distribution of net interest and principal payments

• 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

Fund Investment Guidelines

Currency Risk

Interest Rate Risk

US Dollar only

Fixed interest only

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Fund Structure

Closed-endinvestment

vehicle

Fortis Bank NederlandShipping

Fund ManagementManagement Fees

Investor

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

Balloon

US$200 – 250 mln Client

[6.0%] Interest payment +5.6% annualprincipal repayment + Balloon

Deal Sourcing

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

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Attractive, Secured, Recession Proof Return

0

20

40

60

80

100

120

0 1 2 3 4 5

senior secured fund Market Value Actual value less 30%

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

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Fund Security Against 20 Year Historic Values

0

10

20

30

40

50

60

Aframax tanker MR Product Tanker Panamax Dry Bulk Panamax Container

0 – 45% senior secured fund layer based on current

market values

Current market value

20 year historic average

20 year historic low

US$ mlnAt 45% loan to value, the fund investments sit well below current market values, 20 year historic low values and 20

year historic average values.

Data source: Marsoft, Clarkson’s

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Tanker Example: Fund Security Vs Historic Values & Averages

0

10

20

30

40

50

60

70

80

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

20 year historic average value

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

Currentmarketvalue

US$ mln

Aframax Tanker

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

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Dry Bulk Example: Fund Security Vs Historic Values & Averages

0

10

20

30

40

50

60

70

80

90

100

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

20 year historic average value

Currentmarketvalue

0 – 45% senior secured fundcomponent at current market value

US$ mln

Panamax Dry Bulker

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

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Debt Servicing Capacity

0

5

10

15

20

25

30

35

40

45

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

20 year historic average of 1 year Time Charter Earnings

US$ ‘000 / day

Minimum required earnings for debt servicing at current market value

Data based on real numbers 0

10

20

30

40

50

60

70

80

90

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

20 year historic average of 1 year Time Charter Earnings

Minimum required earnings for debt servicing at current market value

US$ ‘000 / day

Aframax Tanker

Panamax Dry Bulk

Data source: Marsoft, Clarkson’s

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Table of contents


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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

Financing the Beijing-Hankow Railway.

1998

Acquisition of GeneraleBank of Belgium

(est 1822)

1997

Acquisition of MeesPierson (the

Netherlands-based merchant bank)

1990

Start Fortis Group(VSB Bank, AMEV

insurance, ASLK Bank and AG insurance)

2007

Acquisition of ABN AMRO by Fortis, RBS

and Santander

2008

Dutch state acquired Fortis Dutch operations (Fortis Bank NL, Fortis

Insurance NL and share ABN AMRO)

2009

Separation from Fortis Group and preparation of integration with ABN

AMRO

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Fortis Bank Nederland

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 governmentFortis Bank Nederland is to be merged with ABN AMRO NetherlandsDedication to ECT has been clearly expressed by the board of the future new bank

FBN – Organisational structure

Dutch State

FBN (H)

FBN

RFS Holdings

ABN AMRO

100% 1)

100% 100%

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

FBN - ActivitiesMainly in the Netherlands

Retail BankingPrivate BankingCorporate BankingProducts, such as financial markets, corporate finance and transaction banking

International positions of which some are leading Energy, Commodities & TransportationBrokerage, Clearing & CustodyPrime Fund SolutionsGlobal Securities FinancingFortis Commercial Finance

33.8 %

40

Shipping within Fortis Bank NederlandOverview

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 2008Marine 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 & BookrunnerDealogic

Ship Finance Advisor Deal of the Year 2007LSE

Best Leasing Deal of the Year 2006Marine Money

Best M&A Deal of the Year 2006Marine Money

Best IPO Deal of the Year 2006Marine Money

Shipping Financier of the Year 2006Lloyd's List

Best Bank Debt Deal of the Year 2005 Jane’s Transport

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Principal Finance

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

Transportation

Deep sea shipping industry IntermodalAviation

Offshore & Oil servicesUtilities & Renewables(wind power, waste energy)Carbon Banking and Groenbank

Energy

Business Model

ECT Business ModelIntegrated sector approach across industries linked in the industrial value chain

Energy, Commodities & Transportation (ECT)is a financial solutionsprovider to international companies that are active in the value chain of the ECT industries

Exploration & ProductionCropsMining

Sourcing Storage &Transportation

Production Storage &Transportation

Distribution

Tanks / SilosShipsRailPipeline

RefineriesPower generationFactories

Tanks / SilosShipsRailPipeline

DistributionEnd users

Physical / Financial Trading

Agri: cotton, cocoa, coffee, sugar and grainsMetals: steel and base metalsEnergy: crude oil and oil products

Commodities

42

Rankings

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

2008

Mandated Lead Arranger

EUR 744.000.000

Term Loan FacilityLNG Terminal

EUR 250.000.000

Term Loan FacilityWindmill Installation Vessels

2008

Arranging Coordinator

USD 214.500.000

ECA-covered Credit FacilitySix 2,500 TEU container vessels

2008

Co-Lead Arranger & Lender

USD 105.000.000

Senior Secured Revolving Facility

Anchor Handling Tug vessels

2008

Co-arranger & Joint-underwriter

USD 1.270.000.000

Syndicated CreditFacilities

2008


USD 650.000.000

Syndicated CreditFacility

2008

Bookrunner

USD 583.000.000

Project FinanceFacility

2008

Mandated Lead Arranger & Underwriter

EUR 535.000.000

Term Loan Facility

2008

Underwriter & Bookrunner

Domestic Cash Management&

Electronic Invoicing

2008

Platform & Service Provider

USD 1.600.000.000

Syndicated Pre-ExportFacility

2008


USD 585.000.000

FPSO Term LoanFacility

2008

Coordinator & Bookrunner

EUR 1.500.000.000

Revolving CreditFacility

2008

Coordinator & Bookrunner

USD 700.000.000

Syndicated CreditFacility

2008

Bookrunner

USD 90.000.000

Term Loan FacilityTwo 2,500 TEU container

vessels

2008

Mandated Lead Arranger & Agent

USD 340.000.000

Syndicated RevolvingCredit Facility

2008

Mandated Lead ArrangerDocumentation Agent & Security Agent

Strong position through long term commitment to the ECT industries

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)

ECT Market position

43

Thank You

Joep GorgelsHead of Transportation EuropeRotterdam, The [email protected]: +31 (0)6 20 63 4335office: +31 (0) 10 401 6506

Documents

Fortis Bank Maritime Finance