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The 9th City of London

Biennial meeting 6th-8th

November

Capital Markets, Private Equity

and Other Forms of Shipping

Finance

Clarksons Platou Project Finance

8th November 2019

1 | |

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A brief history

Clarksons Platou Project Finance AS

Capital Markets, Private Equity and Other Forms of Shipping Finance

The 9th City of London Biennial meeting 6th-8th November 2

- A Norwegian Project Finance House

- Established 2004 as Platou Finans AS with RS Platou Shipbrokers and three founding partners

- Financed the acquisition of more than 250 vessels representing a total investment of about USD 4.5 billion (2004-2019)

- Established Platou Real Estate AS in 2009 with focus on the Norwegian real estate market

- Financed the acquisition of about 120 real estate projects in Norway representing a total investment of about USD 4 billion (2009-2019)

- The Platou group was acquired by Clarksons in 2014

- 35 employees (2019)

- Project Finance Shipping

- Project Finance Real Estate

- Project Sales

- Corporate management Shipping

- Property management

First project established October 2004 ROSS CAPE DIS

1981 built Capesize purchased at USD 17 million

3 years bareboat charter back to Seyang Shipping

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A simple structure with no hidden costs

Direct Investments in SPVs

3

Shipowning entity

- Can be registered worldwide

- Holds the title of the vessel

- No employees

- Active Board of Directors

Corporate Manager

Commercial Manager

Technical Manager

Disponent Owner

Capital Markets, Private Equity and Other Forms of Shipping Finance

The 9th City of London Biennial meeting 6th-8th November

Spot Pool TC Bareboat

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Current fleet under our corporate management

Diversified fleet and diversified structure

4

Tankers Aframax

LR1

Chemical

Bulkers Handysize

Heavylift

Container 1,200 teu

3,500 teu

Offshore PSVs

Tankers Product

Chemical

Bulkers Kamsarmax

Coasters

Cruise Offshore AHTS

40 vessels 20 vessels Asset Play Bareboat Charter

(Spot, Pool, T/C)

Capital Markets, Private Equity and Other Forms of Shipping Finance

The 9th City of London Biennial meeting 6th-8th November

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Asset Play with short time charter

An “Asset play” project concluded 2019

5 Capital Markets, Private Equity and Other Forms of Shipping Finance

The 9th City of London Biennial meeting 6th-8th November

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Bareboat Charter

A “Bareboat” Project concluded 2019

6 Capital Markets, Private Equity and Other Forms of Shipping Finance

The 9th City of London Biennial meeting 6th-8th November

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Shipowners and investors

Our Clients

7

Equity providers

- Shipowner (typically invests 10-30% of the equity)

- Technical manager (asset play)

- Commercial manager (asset play)

- Private individuals

- Family houses

- Equity funds

5-40 partners in each project

Debt providers

- Project banks

- Debt funds

- Sellers credit (sale/leaseback)

- Charterers credit

Capital Markets, Private Equity and Other Forms of Shipping Finance

The 9th City of London Biennial meeting 6th-8th November

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Sale leaseback transactions June-October 2019

Leasing houses becoming the new shipping banks

8 Capital Markets, Private Equity and Other Forms of Shipping Finance

The 9th City of London Biennial meeting 6th-8th November

Shipping banks lending terms

- Tier 1&2 ship owners

- Tenor: 5-7 years

- Profile: 10-13 years

- Margin: 1.5-3%

- LTV: 60-70%

Leasing houses lending terms

- Tier 1&2 ship owners

- Tenor: 5-15 years

- Profile: 15-20 years

- Margin: 3.5-6%

- LTV: 75-90% (100%)

Leasing houses lending terms

- Tier 3&4 ship owners

- Tenor: 5-10 years

- Profile: 10-15 years

- Margin: 6-12%

- LTV: 75-90%

Shipping banks lending terms

- Tier 3&4 ship owners

- Tenor: 3-7 years

- Profile: 7-10 years

- Margin: 3.5-6%

- LTV: 45-55%

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