DVB Bank Group Corporate Presentation

DVB Bank Group Corporate Presentation Frankfurt/Main, August 2015 Slide 1

Preliminary remarks All statements made regarding net worth, financial position & results relate to DVB Bank Group. All amounts are disclosed in euro and on the basis of IFRS/IAS if not stated otherwise. Unless indicated otherwise, all financial data apply to 30 June 2015 and have been reviewed by auditors. Slide 2

Topics 1 Key facts about DVB 2 Journey of success since 1997 3 Financials 4 Transport Finance & Investment Management portfolios 5 Clients and accolades 6 Own funds and refinancing 7 Outlook and targets 2015 8 Appendices Slide 3

DVB s mission statement The leading specialist in international transport finance At DVB, we make deals work. This means striving to seek and develop intelligent and appropriate solutions that meet and even exceed our clients needs and expectations. We go the extra mile to constantly and thoroughly research and study our industry. Often, this leads us to challenge conventional wisdom when offering our focused range of financing services. Corporate Presentation, August 2015 Key facts about DVB Slide 4

DVB s unique business model Structured Asset Financing Shipping Finance Aviation Finance Offshore Finance Land Transport Finance Asset Management Client Account Risk Distribution Corporate Finance Solutions Private Equity Sourcing & Investments Loan Participations Asset & Market Research Corporate Presentation, August 2015 Key facts about DVB Slide 5

DVB s business areas and products Business divisions Shipping Finance Aviation Finance Offshore Finance Land Transport Finance Investment Management ITF Suisse Business areas Sector groups: Container, Car Carrier, Intermodal & Ferry Tanker Group Dry Bulk Passenger aircraft Freighter aircraft Aircraft engines Offshore support Rail rolling stock vessels (PSVs and AHTSs) Subsea & construction vessels Seismic vessels Accommodation units Offshore drilling equipment Floating production units (FPSOs) Fund management: Shipping & Intermodal Investment Management Aviation Investment Management Interbank market Products and services Structured Asset Financing Risk Distribution Corporate Finance Solutions Client Account Structured Asset Financing Risk Distribution Advisory Services Corporate Finance Solutions Aviation Asset Management Aero Engine Financing & Engine Asset Management Client Account Structured Asset Financing Risk Distribution Corporate Finance Solutions Client Account Structured Asset Financing Risk Distribution Corporate Finance Solutions Client Account Private Equity Sourcing & Investments Loan Participations (senior asset-based lending) Asset & Market Research Corporate Presentation, August 2015 Key facts about DVB Slide 6

DVB s ten competitive strengths Business model clearly focused, distinctively specialised, cycle-neutral and international in scope Business policy conservative and sustainable Organisation transparent structures, swift information flow and prompt decision-making Human resources highly specialised and experienced Products & services customised and beyond the typical scope of banking Asset & Market Research sophisticated, renowned and award-winning Credit portfolio diversified by multiple criteria and categories Risk management consistent and forward-thinking Funding maturity-matched Own funds strong capital base Corporate Presentation, August 2015 Key facts about DVB Slide 7

DVB s SWOT analysis Strengths Unique business model with a clear focus, cycle-neutral business approach and global presence in all key transport markets Conservative and sustainable business policy Flat hierarchies, high degree of flexibility and lean decision-making Highly qualified and experienced staff Customised products and services, high level of client service and close contacts to manufacturers and leasing companies Extensive market and asset expertise Credit portfolio diversified by multiple criteria and categories Advanced risk management and pricing systems Maturity matched funding Strong capital base due to own funds Weaknesses Higher cost of liquidity in comparison with most competitors Direct correlation between our business and GDP growth Currently mono-product (senior secured loans) Relatively high sector exposure Global presence requires high staff resources High staff costs due to high levels of employee qualification No material client deposits Exposure to the euro/us dollar exchange rate, with an impact on growth and results Realisation of margins in line with risks taken Expansion of anti-cyclical Investment Management activities Building new client relationships Several new initiatives have been introduced to increase the product range in order to generate more cross selling Funding available through the extensive liquidity offered by the German Cooperative Financial Services Network Expanding the advisory and other services offered to clients, investors, and banks Boosting DVB s reputation as a reliable partner to the international transport industry Opportunities Distortions on the money and capital markets, in the broadest sense Decline in transport asset values, in various market segments High level of re- and prepayments negatively impacting the net interest margin Impact of the global financial markets crisis and the sovereign debt crisis in Europe Increasing debt levels in some industrial countries and emerging markets Unanticipated rise of the US dollar against the euro Further government support for DVB's direct competitors and increasing regulatory requirements Oil price volatility Threats Corporate Presentation, August 2015 Key facts about DVB Slide 8

Shipping Finance In-depth expertise (1) 1 Container, Car Carrier, Intermodal & Ferry Group (container vessels, container boxes, car carriers, reefers, ferries and RoRo s) 2 3 Tanker Group (crude oil and LNG 1) tankers as well as chemical, specialist, LPG 2), product and asphalt/bitumen tankers) Dry Bulk Group (dry cargo, combination and bulk carriers) 1) Liquefied Natural Gas, 2) Liquefied Petroleum Gas Corporate Presentation, August 2015 Key facts about DVB Slide 9

Shipping Finance In-depth expertise (2) Our mission statement: We support our shipping clients with customised financing solutions in the sectors we cover. Our in-depth know-how encompasses different vessel types, value-creation chains, freight flows and networks. Thus, we are in the position to anticipate trends on the shipping markets often ahead of our competitors. This means that we adapt our risk management to changed market conditions, and act as a reliable partner to the shipping industry for the long term through the cycles of the shipping markets. This approach and our commitment bring us closer to our clients. Our Shipping Finance portfolio is strongly diversified across sectors and geographic regions. We thoroughly analyse and continuously track the vessels financed from the yard to the scrapyard. We further ingrained risk management in the process, supported by the complete involvement of research and risk management throughout the life cycle of a loan. We like to take the performance to the next level and assure continued sustainable success. Corporate Presentation, August 2015 Key facts about DVB Slide 10

Aviation Finance Integrated platform solutions (1) Our cycle-neutral business model is in line with our mission statement: To be able, as a hybrid institution, at any period in time and at any point along the industry cycle, to provide our customers with the most efficient blend of capital and services. We feature a unique platform of Aviation Finance services and products employing specifically skilled individuals. We continually develop our asset-oriented lending practice to profitably expand our business. We are willing to assume residual value risks based on in-depth research and market/asset knowledge. We take a proactive approach to maintaining and growing our portfolio. We increase our efficiency further to stay ahead of our competitors. We like to ensure that our distinctive features are fully recognised and valued. Corporate Presentation, August 2015 Key facts about DVB Slide 11

Aviation Finance Integrated platform solutions (2) Structured Asset Financing Private Equity Sourcing & Investments Asset Management Advisory Services Asset & Market Research Corporate Presentation, August 2015 Key facts about DVB Slide 12

Offshore Finance Highly specialised industry (2) Our mission statement: Through close relations with our clients and detailed knowledge of their specialised industry and equipment, we provide value added and integrated financial solutions to meet clients strategic needs to optimise debt and equity financings. The offshore industry is highly specialised so is DVB s Offshore Finance division. The team facilitates a unique industry focus and specialisation model which has earned us a high market reputation. Offshore Finance provides debt financing and financial solutions to our clients. We have been mandated to structure offshore transactions and we often act as agent on many syndicated loans to the offshore industry. As we maintain strategic relations with most our clients, we are able to discuss companyspecific strategic alternatives with them, offering added -value services like Advisory and M&A. Our clients within the offshore industry range from larger listed public corporations to medium-sized private companies, the majority of which is concentrated in the offshore hubs of Europe, the Americas, the Middle East and Asia. Clients and prospective clients are serviced from four different locations: Singapore, New York, Oslo and Hamburg. Corporate Presentation, August 2015 Key facts about DVB Slide 13

Land Transport Finance Consistent client franchise We have a clear mission statement: We highly value our client relationships. The goal is to increase our client franchise as the leading rail asset financing partner in our core regions. Based on our unique understanding of the market, focus, capacity to execute, and flexibility we offer added value by advising on intelligent asset finance solutions, and taking appropriate risk positions that capitalise on the cyclical nature of the underlying sectors. Corporate Presentation, August 2015 Key facts about DVB Slide 14

Investment Management Funds and equity sourcing Fund initiator, investment adviser and asset manager in the market for closed-end funds in the international transport sector Management function on behalf of third parties, but with material equity risk exposure to be assumed by DVB Shipping & Intermodal Investment Management: Development and holding of a diversified portfolio Aviation Investment Management: Opportunity-driven funds with short- to medium-term strategy Investors profit from DVB s asset know-how and strong market penetration. Corporate Presentation, August 2015 Key facts about DVB Slide 15

ITF Suisse Business model Senior asset-based lending in form of participations via interbank market S H I P P I N G A V I A T I O N L A N D T R A N S P O R T O F F S H O R E Asset & Market Research Corporate Presentation, August 2015 Key facts about DVB Slide 16

DVB s global coverage Oslo New York Amsterdam London Hamburg Frankfurt/Main Zurich Tokyo Curaçao Athens Singapore Shipping Finance Aviation Finance Offshore Finance Land Transport Finance AMERICA EUROPE ASIA/PACIFIC Corporate Presentation, August 2015 Key facts about DVB Slide 17

Operational legal structure (including subsidiaries, principal branches and representative offices) Subsidiaries of DVB (each 100%) Branches and representative offices of DVB DVB Holding (US) Inc., New York, USA DVB Capital Markets LLC, New York, USA DVB Transport (US) LLC, New York, USA DVB Bank America N.V., Willemstad, Curaçao DVB Group Merchant Bank (Asia) Ltd, Singapore DVB Transport Finance Ltd, London, United Kingdom DVB Transport Finance Ltd, Tokyo Branch, Japan DVB Holding GmbH, Frankfurt/Main, Germany DVB Bank SE, Amsterdam Branch, The Netherlands DVB Bank SE, London Branch, United Kingdom DVB Bank SE, Nordic Branch, Oslo, Norway DVB Bank SE, Singapore Branch, Singapore DVB Bank SE, Representative Office Greece, Athens, Greece DVB Bank SE, Hamburg Office, Germany ITF International Transport Finance Suisse AG, Zurich, Switzerland LogPay Financial Services GmbH, Eschborn, Germany LogPay Transport Services GmbH, Eschborn, Germany Corporate Presentation, August 2015 Key facts about DVB Slide 18

Two-tier management system Board of Managing Directors Management body Corporate strategy Controlling Risk management Compliance Preparation of the financial statements and management reports close co-operation to the benefit of the enterprise reports to advises, approves, controls, appoints, dismisses Supervising body Supervisory Board Examination, confirmation/approval of financial statements and resolutions Members: six shareholder representatives three employee representatives Credit and Risk Committee, Audit Committee, Nomination Committee, Remuneration Control Committee At least four scheduled meetings per year reports to formally approves of reports to formally approves of General Meeting Each share carries one vote. Resolutions on e. g. the profit appropriation, changes of the Memorandum and Articles of Association as well as legal transactions requiring approval Appointment of the shareholder representatives on the Supervisory Board and of the auditor Corporate Presentation, August 2015 Key facts about DVB Slide 19

Responsibilities of DVB s Board of Managing Directors Client areas in business divisions Client areas at affiliates Product/service areas Ralf Bedranowsky Shipping and Offshore Credit Shipping and Offshore Research Aviation Credit Aviation Research Land Transport Credit Land Transport Research Strategic Management and Restructuring ITF International Transport Finance Suisse AG LogPay Financial Services GmbH Group Compliance Office Group Human Resources Group Controlling Group Legal Group Corporate Communications Group Risk Management Bertrand Grabowski Aviation Finance Land Transport Finance Aviation Financial Consultancy Financial Institutions and Syndications Aviation Investment Management DVB Transport Finance Ltd TES Holdings Ltd 1) Group Audit Group Treasury Transaction & Loan Services L.H. (Bart) Veldhuizen Shipping Finance Offshore Finance Corporate Finance Shipping & Intermodal Investment Management Shipping Execution Management DVB Capital Markets LLC Business Process Support Group Finance Information Technology 1) 40% share of capital Corporate Presentation, August 2015 Key facts about DVB Slide 20

Current shareholder base Other shareholders 4.53% 95.47% Corporate Presentation, August 2015 Key facts about DVB Slide 21

Topics 1 Key facts about DVB 2 Journey of success since 1997 3 Financials 4 Transport Finance & Investment Management portfolios 5 Clients and accolades 6 Own funds and refinancing 7 Outlook and targets 2015 8 Appendices Slide 22

Development of business areas and products 1997 Year Typical German commercial bank; small, unsustainable business model; no particular strength Product range: Central bank function for Sparda banks, domestic corporate lending business, freight management, securities trading, trading in foreign notes and coins/precious metals, payment transactions, various shareholdings e.g. ReiseBank Development 1998 Acquisition of LTCB s Shipping & Aviation portfolio Formation of 1 st foreign offices; outsourcing of non-core activities First external rating (S&P and Moody s) 1999 Establishment of International Rail Finance (Frankfurt/Main) Representative office Tokyo; Closure of nine domestic branches Acquisition of Nedship Bank 2000 Closing of remaining domestic branches Non-core domestic lending compiled in special exit unit Sale of DVB Processing GmbH Start of Corporate Finance 2001 Kick-off Internal Rating Model (Basel II) Establishment of Shipping Research Rail Finance Team (New York) 2002 Central bank function for Sparda banks Streamlining of head office operations Sale of shareholding in Union Asset Management Holding Formation of Container Box Unit in Shipping 2003 Establishment of Aviation Research Introduction risk-bearing concept Sale of ReiseBank Group 2004 Establishment of AERO Engine Finance Unit 2005 Establishment of Cruise Finance Unit in Shipping Year 2006 2007 2008 2009 2010 2011 2012 Development Establishment of DVB Capital Markets in New York Establishment of FPSO Unit in Shipping Establishment of Aviation Asset Management Establishment of Land Transport Research Withdrawal from the Transport Infrastructure segment Major share of TES Holdings Ltd Founding of ITF Suisse AG, Zurich Expansion of Investment Management activities with railway and cruise funds Merger of DVB Bank N.V. & DVB Bank AG and change of corporate name to DVB Bank SE Sectorisation in Shipping Establishment of Shipping Asset Management Merging Shipping & Intermodal Investment Management activities under SIIM Establishment of Financial Institutions Issuance of DVB s first ship covered bond Merger of Restructuring Unit Shipping & Shipping Asset Management into Restructuring & Asset Management (RAM) Prestigious investors found: sale of a 60% stake in TES Holdings Ltd to Japanese investors 2013 Offshore Finance and Client Account established 2014 Formation of Tanker Group in Shipping incorporating two former tanker segments ECB s Asset Quality Review and stress test passed. Good results with no requirement for adjustments on CET capital. Corporate Presentation, August 2015 Journey of success since 1997 Slide 23

Total assets and customer lending Total assets [ bn] 5.3 6.6 6.9 +362% 9.5 11.0 HGB 1) 9.3 9.1 9.3 IFRS 10.9 11.1 13.2 17.4 17.3 19.3 22.0 23.8 23.4 24.5 1997 1999 2001 2003 2005 2007 2009 2011 31 Dec 2014 Customer lending 2) [ bn] 2.0 +1,065% 3.0 4.2 7.7 8.6 8.0 7.6 8.2 10.8 12.0 14.4 18.5 17.3 19.2 21.7 22.2 20.8 23.3 1997 1999 2001 2003 2005 2007 2009 2011 31 Dec 2014 1) German Commercial Code (HGB) 2) Aggregate of loans and advances to customers, guarantees and indemnities, irrevocable loan commitments and derivatives nominal volume Corporate Presentation, August 2015 Journey of success since 1997 Slide 24

Development of results (before IAS 39 and taxes) as at 31 December [ mn] 400 +6.9% 350 300 277.1 332.7 341.2 284.8 304.5 250 200 150 100 100.9 143.3 157.2 106.0 +10.2% 116.8 50 0 2010 2011 2012 2013 2014 Total income (before IAS 39) Consolidated net income before IAS 39 and taxes Corporate Presentation, August 2015 Journey of success since 1997 Slide 25

Operating profit/consolidated net income before taxes [ mn] Conversion completed +5,374% HGB 1) IFRS 118.7 131.1 147.7 141.4 124.2 101.5 100.2 104.0 86.6 51.8 58.5 47.0 44.8 35.7 36.1 22.8 1.9 6.7 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1) German Commercial Code (HGB) Corporate Presentation, August 2015 Journey of success since 1997 Slide 26

Business volume & consolidated net income [ bn] [ mn] 50 124.9 140 40 104.0 110.4 110.6 120 30 20 1.9 1.9 1.3 1.2 84.9 1.7 100 80 60 10 19.3 22.0 23.8 23.4 24.5 40 20 0 2010 2011 2012 2013 2014 0 Total assets Contingent liabilities Consolidated net income Corporate Presentation, August 2015 Journey of success since 1997 Slide 27

Share price performance 2005-2014 [in ] 30 25 20 15 10 5 DVB Dow Jones EURO STOXX Bank Index [in points] 500 450 400 350 300 250 200 150 100 50 DVB share s last price: 24.65 Dow Jones EURO STOXX Bank Index last price: 134.36 points 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 0 Corporate Presentation, August 2015 Journey of success since 1997 Slide 28

Payout ratio [ mn] [%] 180 40 160 140 120 100 80 26.5 26.0 105.2 77.3 79.2 107.1 22.0 98.7 126.6 25.2 83.2 111.1 32.9 84.9 35 30 25 20 60 57.0 15 40 20 27.9 27.9 27.9 27.9 27.9 10 5 0 2010 2011 2012 2013 2014 0 Distributable profit of DVB Bank SE Consolidated net income attributable to shareholders of DVB Transfer to retained earnings Payout ratio Corporate Presentation, August 2015 Journey of success since 1997 Slide 29

Market capitalisation and dividends Market capitalisation [ mn] 1,400 1.400 Dividends [ ] 1) 1.40 1,40 1,200 1.200 1,123 1,213 1,162 1,162 1,113 1,127 1,143 1,145 1.20 1,20 1,000 1.000 0.84 811 1.00 1,00 800 709 0.80 0,80 600 400 200 0 0.60 0.60 0.60 0.60 0.60 0.60 0.60 0.26 0.36 0.36 314 0.50 270 212 240 264 178 306 0.30 177 0.20 0.20 0.23 0.15 0.15 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 0.60 0,60 0.40 0,40 0.20 0,20 0.00 0,00 1) Previous years figures adjusted in order to reflect the 10-for-1 share split carried out on 15 November 2008 Corporate Presentation, August 2015 Journey of success since 1997 Slide 30

Rating development Dec 2011 Mar 2011 Jan 2009 Dec 2006 Aug 2006 Long-term counterparty credit rating A+ A A A A- Short-term credit rating A-1 A-1 A-1 A-1 A-2 Outlook stable stable negative stable positive 1) Mar 2015 Aug 2012 Jun 2009 Jan 2009 Long-term issuer default rating AA- A+ A+ A+ Short-term issuer default rating F1+ F1+ F1+ F1 Debt Issuance Programme: Long-term senior unsecured Short-term senior unsecured AA- F1+ A+ F1+ 1) Within the scope of the German Co-operative Financial Services Network s Rating Corporate Presentation, August 2015 Journey of success since 1997 Slide 31

Topics 1 Key facts about DVB 2 Journey of success since 1997 3 Financials 4 Transport Finance & Investment Management portfolios 5 Clients and accolades 6 Own funds and refinancing 7 Outlook and targets 2015 8 Appendices Slide 32

DVB s success factors in 2015 1 Focussed asset financing bank 2 Well-diversified portfolio 3 4 Experienced personnel Strong capital, Basel III compliant Profitable throughout all cycles 5 Matched funding 6 Built on DVB s core risk management function Corporate Presentation, August 2015 Financials Slide 33

At a glance Income statement [IFRS] 1 Jan 2015 30 Jun 2015 1 Jan 2014 30 Jun 2014 % Net interest income 92.5 mn 105.0 mn -11.9 Allowance for credit losses -39.7 mn -27.9 mn 42.3 Net interest income after allowance for credit losses 52.8 mn 77.1 mn -31.5 Net fee and commission income 52.3 mn 51.0 mn 2.5 Results from investments in companies accounted for using the equity method 3.1 mn 0.3 mn Net other operating income/expenses -36.8 mn 2.3 mn Total income (before IAS 39) 71.4 mn 130.7 mn -45.4 General administrative expenses -88.2 mn -87.7 mn 0.6 Consolidated net income before IAS 39, bank levy, BVR 1) and taxes 16.8 mn 43.0 mn Net result from financial instruments in according with IAS 39 75.0 mn 2.4 mn Consolidated net income before bank levy, BVR 1) and taxes 58.2 mn 45.4 mn 28.2 Consolidated net income before taxes 43.3 mn 41.4 mn 4.6 Consolidated net income (after taxes) 30.1 mn 31.7 mn -5.0 1) National Association of German Co-operative Banks Corporate Presentation, August 2015 Financials Slide 34

Consolidated net income, as at 30 June ( million) 2014 2015 130.7 71.4 +75.0-87.7 +2.4-4.0-9.7 31.7-14.9-13.2 30.1 Total income 1) General administrative expenses Net result from financial instruments in accordance with IAS 39 incl. result from investment securities Expenses for the bank levy and the BVR 2) Deposit Guarantee Scheme (half-year) Income taxes Consolidated net income Total income 1) -88.2 General administrative expenses Net result from financial instruments in accordance with IAS 39 incl. result from investment securities Expenses for the bank levy and the BVR 2) Deposit Guarantee Scheme (half-year) Income taxes Consolidated net income 1) Composing net interest income after allowance for credit losses, net fee and comission income, result from investments in companies accounted for using the equity method and net other operating income/expences 2) National Association of German Co-operative Banks Unternehmenspräsentation, August 2015 Finanzkennzahlen Slide 35

Development of key ratios Return on equity before taxes [%] Cost/income ratio [%] Economic Value Added [ mn] 8.7 54.4-2.6 6.5 47.4 30 Jun 2015 30 Jun 2014 30 Jun 2015 30 Jun 2014-34.6 30 Jun 2015 30 Jun 2014 Target value for 2015: 8-12% Target value for 2015: 48-52% Target value for 2015: Positive, single-digit million amount Corporate Presentation, August 2015 Financials Slide 36

Financial calender 2015 2 March 2015 5 March 2015 26 March 2015 13 May 2015 25 June 2015 26 June 2015 13 August 2015 12 November 2015 4 December 2015 Annual Accounts Press & Analyst Conference Publication of the single-entity Annual Report 2014 Publication of the German Group Annual Report 2014 Publication of the Interim Management Statement during the first half of 2015 (for the first three months ending 31 March 2015) Annual General Meeting at the Deutsche Nationalbibliothek, Adickesallee 1, Frankfurt/Main Dividend payment (ISIN: DE 0008045501) Publication of the Half-Yearly Financial Report 2015 Publication of the Interim Management Statement during the second half of 2015 (for the first nine months ending 30 September 2015) Publication of the 14 th Declaration of Compliance for 2015/2016 Corporate Presentation, August 2015 Financials Slide 37

Topics 1 Key facts about DVB 2 Journey of success since 1997 3 Financials 4 Transport Finance & Investment Management portfolios 5 Clients and accolades 6 Own funds and refinancing 7 Outlook and targets 2015 8 Appendices Slide 38

New Transport Finance business Shipping Finance Aviation Finance Offshore Finance Land Transport Finance New business in Transport Finance 30 Jun 2015 New business in Transport Finance 30 Jun 2014 No. of new deals 41 42 10 7 100 78 Underwriting 1,478.0 mn 1,533.0 mn 414.7 mn 259.3 mn 3,685.0 mn 2,291.9 mn Syndicated 60.0 mn 60.0 mn 56.7 mn Final take 1,418.0 mn 1,533.0 mn 414.7 mn 259.3 mn 3,625.0 mn 2,235.2 mn Avg. deal size 36.0 mn 36.5 mn 41.5 mn 37.0 mn 36.8 mn 29.4 mn Leading role 82.5% 75.2% 75.9% 59.8% 77.1% 86.1% Corporate Presentation, August 2015 Transport Finance & Investment Management portfolios Slide 39

Customer lending volume [ bn] 30 Jun 2015 31 Dec 2014 Shipping Finance 11.0 10.1 8.9 Aviation Finance 8.1 7.1 14.1 Offshore Finance 2.5 2.3 8.7 Land Transport Finance 1.8 2.0-10.0 ITF Suisse 1.1 1.0 10.0 Investment Management 0.6 0.6 Business no longer in line with DVB s strategy 0.2 0.2 Total 25.3 23.3 8.6 [US$ bn] 30 Jun 2015 31 Dec 2014 % % Aviation Finance 32.0% by business division Investment Management 2.4% ITF Suisse 4.3% Land Transport Finance 7.1% Offshore Finance 9.9% by region Business no longer in line with DVB s strategy 0.8% Shipping Finance 43.5% Shipping Finance 12.3 12.3 Aviation Finance 9.1 8.6 5.8 Offshore Finance 2.8 2.8 Land Transport Finance 2.0 2.4-16.7 ITF Suisse 1.2 1.2 Investment Management 0.7 0.7 Business no longer in line with DVB s strategy 0.2 0.3-33.3 Total 28.3 28.3 Middle East & Africa 4.3% South America 5.5% Asia 18.6% North America 22.1% Offshore 3.6% Australia & New Zealand 0.8% Europe 45.1% Corporate Presentation, August 2015 Transport Finance & Investment Management portfolios Slide 40

Shipping Finance portfolio (30 Jun 2015: 11.0 bn) Total lending volume by asset type Total lending volume by region Ferries, passenger vessels 2.3% Cruiser 2.4% Containerboxes 3.2% Car Carrier 4.1% Others 0.8% Tankers 44.7% thereof: 14.1% Crude oil tankers 11.5% Gas tankers 10.9% Product tankers 8.2% Chemical tankers Middle East & Africa 4.9% Offshore 4.4% Middle America & Caribes 2.6% Container carriers 17.7% North America 19.8% Europe 48.4% Bulk carriers 24.8% Asia & Australia 19.9% Corporate Presentation, August 2015 Transport Finance & Investment Management portfolios Slide 41

Aviation Finance portfolio (30 Jun 2015: 8.1 bn) Total lending volume by asset type Total lending volume by region Freighters 6.8% thereof: 6.2% Boeing 0.6% Airbus Regional jets 5.7% thereof: 5.1% Embraer 0.6% Bombardier 0.0% Airbus Turboprops 2.0% thereof: 1.6% ATR 0.4% Bombardier Narrowbody pax 53.2% thereof: 27.8% Boeing 25.4% Airbus South & Middle America 4.2% Middle East & Africa 5.5% Offshore 2.8% Australia & Oceania 1.0% Europe 36.3% Asia 24.4% Widebody pax 32.3% thereof: 16.5% Boeing 15.8% Airbus North America 25.8% Corporate Presentation, August 2015 Transport Finance & Investment Management portfolios Slide 42

Offshore Finance portfolio (30 Jun 2015: 2.5 bn) Total lending volume by asset type Total lending volume by region Seismic survey vessels 4.8% Multi-function service vessels 4.9% FPSOs 3.3% Others 8.6% Platform supply vessels 24.9% North America 7.0% Offshore 7.9% Middle East & Africa 0.6% Europe 51.9% Drillships 5.2% Asia 15.5% Offshore construction vessels 8.9% Rigs 15.0% Anchor handlers 24.4% Middle America & Caribes 17.1% Corporate Presentation, August 2015 Transport Finance & Investment Management portfolios Slide 43

Land Transport Finance portfolio (30 Jun 2015: 1.8 bn) Total lending volume by asset type Total lending volume by region On road 10.2% thereof: 9.9% Container chassis 0.3% Tank containers Australia & Oceania 3.1% Middle America 1.4% North America 38.2% Europe 57.3% On rail 89.8% thereof: 58.5% Freight cars 19.2% Locomotives 11.0% Regional train sets 0.9% Passenger coaches 0.2% City/commuter traffic Corporate Presentation, August 2015 Transport Finance & Investment Management portfolios Slide 44

Portfolio collateralisation Loan-to-value ratio (%) relation between drawn loans and the market value of the assets financed [%] 100 90 80 70 69.3 83.4 77.0 73.7 74.3 73.0 68.2 72.5 70.8 70.9 77.7 78.1 76.3 70.1 72.6 60 58.0 54.4 52.8 54.0 54.4 50 40 30 20 10 0 Shipping Finance Aviation Finance Offshore Finance Land Transport Finance 2010 2011 2012 2013 2014 Corporate Presentation, August 2015 Transport Finance & Investment Management portfolios Slide 45

Instruments for sustainable dealing with credit risks Intensive DVB in-house research Close contact with clients Close monitoring of compliance with all lending agreements Quarterly portfolio stress tests Early Warning List Closely Monitored List Watch List Forecasting future market developments and asset values forms the basis of our portfolio strategy and individual deal decisions Increased visit frequency depending on risk situation e. g. specific covenants in the Shipping Finance contracts, like value maintenance clauses Identification of potentially higher risks in case the market environment continues to deteriorate Basis: changing asset values (specific haircuts) and counterparties creditworthiness (increase of probability of default) Early detection of increased risks of potential problem exposures Close monitoring of transactions that have to be restructured and/or of transactions with a potential or already existing need to recognise allowance for credit losses Corporate Presentation, August 2015 Transport Finance & Investment Management portfolios Slide 46

Topics 1 Key facts about DVB 2 Journey of success since 1997 3 Financials 4 Transport Finance & Investment Management portfolios 5 Clients and accolades 6 Own funds and refinancing 7 Outlook and targets 2015 8 Appendices Slide 47

0.0 0.0 0.0 4.0 3.0 4.0 7.1 5.5 8.8 8.0 10.1 9.5 10.0 9.5 12.1 15.2 19.9 17.5 22.0 25.1 22.7 22.0 24.3 24.2 24.0 29.9 35.8 37.9 39.4 48.3 Length of client relationship by business division 2014 By business division [%] Total 10 to 15 years 9.7% 15 years and longer 5.7% Less than 1 year 8.4% 1 to 3 years 20.9% < 1 year 1 3 years 3 5 years 5 10 years 10 15 years 15 years and longer 5 to 10 years 36.2% 3 to 5 years 19.1% Shipping Finance Offshore Finance Investment Management Aviation Finance Land Transport Finance Corporate Presentation, August 2015 Clients and accolades Slide 48

Deal of the Year 2014 Shipping Finance China Shipping Container Lines In September 2014, our Shipping Finance division structured and lead-arranged a US$191.2 million senior debt post-delivery financing facility for China Shipping Container Lines (CSCL), the seventh-largest container liner operator globally. The facility helped to finance 70% of two 19,000 TEU new building container vessels. It is 95% covered by K-sure with full repayment in twelve years. Whilst DVB acts as facility co-ordinator, arranger, facility agent and ECA agent in the transaction, we invited Credit Suisse to join as arranger and underwriter of 50% of the facility. The vessels themselves have an overall length of 400 metres each, and beam of 59 metres thus making them the largest container vessels ever built. They were ordered in 2013 at lower cost than CSCL s competitors and consume 20% less fuel than common 10,000 TEU container vessels currently afloat. The 19,000 TEU vessels provide CSCL and its alliance partners with the necessary assets to operate in the current, highly competitive market environment. This is the second high-profile transaction we lead-arranged for CSCL and the successful closing further strengthened our close relationship with CSCL and its parent company China Shipping Group. In addition, it enhances our sound track record as a leading shipping financier in Asia as we were mandated amidst strong competition from international banks. Corporate Presentation, August 2015 Clients and accolades Slide 49

Deal of the Year 2014 Aviation Finance Apollo In August 2014, DVB closed its third senior debt portfolio financing facility for Sciens Aviation Special Opportunities Investment Fund II (SASOF II), managed by Apollo. SASOF II s objective is to invest in aircraft and aircraft engines, primarily mid-/end-of-life equipment, with the intention to lease and eventually part-out these assets. The US$129.4 million financing was arranged and co-underwritten by DVB and Goldman Sachs on a 50:50 basis, and is secured by a pool of 13 aircraft consisting of Airbus A319s/A320s/A321s, A330s and Boeing 737-700s/800s on operating lease. DVB acted as Administrative Agent. Unlike the two earlier-term financings, this latest facility was structured as a short-term, twelve-month bridge, with a term-out option, which would give Apollo the flexibility to consider and pursue certain capital market refinancing options for some or all of the aircraft without incurring significant prepayment penalties. The three facilities arranged by DVB financed in total 35 aircraft, making us the largest lender to SASOF II. DVB is a natural financing partner for Apollo-managed funds, given their focus on mid-/end-of-life equipment, and in view of our ability (through the Aviation Asset Management team) to analyse and project the physical condition, maintenance cash position and any lessor contributions for each aircraft until lease maturity. Corporate Presentation, August 2015 Clients and accolades Slide 50

Deal of the Year 2014 Offshore Finance Songa Offshore In March 2014, DVB (as Agent) arranged a six-year senior loan agreement for Songa Offshore alongside a similar junior loan agreement, thus cementing a DVB structured transaction involving commercial, ECA and junior lenders. The purpose of the loans was to assist DVB s long-term client in part-financing the first two (of a series of four) new generation, harsh environment, semi-submersible drilling rigs, with estimated delivery during 2015. The rigs have already obtained long-term drilling charters with the Norwegian oil company Statoil (each drilling contract is eight-year firm with additional twelve years of options). The deal was very challenging to conclude, due to many moving parts. Yet it was ultimately brought together through equity contributions from the majority shareholder, increased charter rates by Statoil, a willingness by the commercial lenders to underwrite a larger loan amount than initially intended, alongside a continued push by DVB towards both ECA providers and the junior loan provider. The successful closing of the transaction has allowed Songa Offshore to continue its quest for change from being an owner/operator of primarily older drilling equipment to being the leading drilling operator and partner of Statoil on the Norwegian Continental Shelf. Corporate Presentation, August 2015 Clients and accolades Slide 51

Deal of the Year 2014 Land Transport Finance Florida East Coast Railway Florida East Coast Railway (FECR) is a 351-mile freight rail line located along the east coast of Florida and the exclusive rail provider for Port Miami, Port Everglades, and Port of Palm Beach. In January 2014, FECR entered into an agreement to purchase 24 GE ES44C4 Evolution Series Tier 3 locomotives from GE Transportation. DVB was able to provide the financing for this equipment in June. We closed the transaction in October 2014 as the sole arranger and lender in a fully amortising loan, that included three separate delivery dates prior to year-end. The GE ES44C4 is the latest Evolution Series locomotive offered by General Electric, providing lower maintenance costs and fuel savings. Furthermore, these locomotives are being built as LNGready, allowing optionality between the use of diesel or natural gas as fuel, further reducing costs for the railroad. FECR was the first railroad to be selected by the Federal Railroad Administration for testing of the LNG fuel, ahead of any Class I railroad. With this successful transaction, DVB once again proved its capacity to combine client relationship management with the assessment of a fleet of innovative assets, and its execution capability. Corporate Presentation, August 2015 Clients and accolades Slide 52

Deal of the Year 2014 Corporate Finance Jetscape DVB Corporate Finance (DVBCF) was a Joint Bookrunner on Jetscape Aviation Group Ltd s debut ABS issuance. Aviation Finance has had a long-standing deep relationship with Jetscape. The offering consisted of senior and subordinated classes of notes that relied solely on cash flows derived from rental and disposition proceeds of 21 aircraft ring-fenced in a newly formed, bankruptcy-remote special purpose entity. Placed into the US institutional 144A market, the transaction included a number of firsts, including the first aircraft ABS comprised solely of the Embraer E-Jet family of regional aircraft, and the first to include timetranched sequential pay senior securities together with a highyield subordinated tranche since before the financial crisis. The offering included two subclasses of single-a rated notes, a class of BBB-rated notes, and a subordinated BB rated class, with the investment grade notes benefiting from a liquidity facility from DVB to support the timely payment of interest. The deal successfully launched and priced in December 2014. This transaction represented a significant co-operation between Aviation Finance and DVBCF by providing an important client with a tailor-made integrated financing solution that combines loan and debt capital markets products. Corporate Presentation, August 2015 Clients and accolades Slide 53

Some important deals 2014 Shipping Finance Ace Tankers/Kotani SIIM invested in a fleet of 4 x modern 20,000 dwt chemical tankers Joint Venture Minnetonka Tankers II Minnetonka Tankers II Senior Secured Term Loan Facility 6 x medium-range product tankers US$117 million Arranger Ray Car Carriers Term Loan 2 x 6,700 CEU PCTCs US$104 million Arranger China Shipping Container Lines ECA-covered Term Loan 2 x 19,100 TEU container vessels US$191.2 million Facility Co-ordinator, Arranger, Facility Agent & ECA Agent Navig8 Product Tankers Financing for 8 x newbuilt LR2 product tankers US$58 million Co-Arranger VT Bulk Carriers Senior Secured Post-Delivery Financing 3 x newbuilt Handymaxes to be delivered in 2015 US$42 million Bilateral ENESEL Senior Secured Post-Delivery Facility 1 x 13,800 TEU container vessel on time charter to Evergreen US$81 million Arranger & Sole Lender Oceanus Financing for 4 x newbuilt LNG carriers US$96 million - DVB (Commercial Tranche) US$50 million - DZ BANK (Kexim Guaranteed Tranche) Arranger & Global Co-ordinator GasLog Partners Refinancing 5 x LNG tankers US$75 million Club Deal Pangaea Logistics Solutions Bilateral Post-Delivery Financing 1 x Ice Class 1A Panamax newbuilding 2014 bulker US$22.5 million Facility Agent, Security Agent & Sole Lender Gram Car Carriers Refinancing 14 x PCTCs of different sizes US$70 million Mandated Lead Arranger Pioneer Marine Senior Debt Facility 8 x Handysize bulk carriers US$72 million Mandated Lead Arranger, Agent & Security Trusee Corporate Presentation, August 2015 Clients and accolades Slide 54

Some important deals 2014 Aviation Finance AWAS Operating Lease Financing 1 x new A330-300 on lease to Air Asia X Arranger DVB s Aviation Investment Management DVB's Aviation Investment Management Investment Advisor to equity funds owning 106 commercial aircraft 160 engines 2 airline equity investments Philippine Airlines Remarketing Agent 8 x A330-300 4 x A340-300 4 x B747-400 Aircraft sold on behalf of client BoComm Leasing Operating Lease Financing 3 x B737-800 on lease to KLM and SAS Arranger Korean Air Term Loan Refinancing 5 x B737-900 4 x B747-400 /-400F 2 x B777-200/-200ER Arranger of two 'repeat' facilities United Airlines Term Loan 1 x new B787-9 Arranger Cebu Pacific Air Finance Lease 4 x new A320-200 Arranger Korean Air Junior Debt Financing Portfolio of 6 x Boeing aircraft Arranger on behalf of a Korean financial institution Dragon Aviation Leasing Bridge Finance 1 x new B737-800 on lease to Air Europa Arranger LATAM Term Loan 4 x A320-200 Arranger DVB s Aviation Asset Management DVB's Aviation Asset Management 32 commercial aircraft sold/leased, 155 aircraft under management in 2014 Merx Aviation Finance Operating Lease Financing 1 x B777-200LRF on lease to Lan Cargo Arranger Corporate Presentation, August 2015 Clients and accolades Slide 55

Some important deals 2014 Offshore Finance DOF Subsea Senior Secured Term Loan NOK550 million Arranger & Underwriter Songa Offshore Term Loan 2 x harsh water semi-sub drilling rigs US$86 million Mandated Lead Arranger Minsheng/Global Offshore Services Senior Term Loan 1 x PSV in a Sale-and-Lease-Back Transaction US$29.3 million Bilateral Toisa Term Loan to refinance 1 x offshore construction vessel 1 x well testing vessel US$91.7 million Bilateral Pacific Radiance Sale-and-Lease-Back Transaction 1 x offshore support vessel US$40 million Arranger Corporate Presentation, August 2015 Clients and accolades Slide 56

Some important deals 2014 Land Transport Finance Alpha Trains Project: Rosenheim Sale-and-Lease-Back Transaction 35 x Flirt train sets Arranger & Security Agent Florida East Coast Railway Senior Secured Term Loan 24 x new GE ES44C4 locomotives Arranger & Security Agent ELL European Locomotive Leasing Senior Secured Pre- & Post-Delivery Finance Modern e-locos Facility & Security Agent Touax Rail Finance Senior Secured Warehousing Facility Co-lead Arranger, Facility & Security Agent Corporate Presentation, August 2015 Clients and accolades Slide 57

Accolades 2015-2013 2015 Commercial Loan Deal of the Year Airfinance Journal May 2015 2014 Rail Finance Innovator of the Year Rail Finance Deal of the Year Europe Global Transport Finance Dec 2014 Global Transport Finance Dec 2014 2013 The Ship Finance Award 2013 Used Aircraft Deal of the Year 2012 Editor s Choice Award 2013 Navigator Gas Editor s Choice Award 2013 Sovcomflot Contribution to Ship Finance 2013 Seatrade Asia Jun 2013 Airfinance Journal Apr 2013 Marine Money Mar 2013 Marine Money Mar 2013 Marine Money Mar 2013 Corporate Presentation, August 2015 Clients and accolades Slide 58

Topics 1 Key facts about DVB 2 Journey of success since 1997 3 Financials 4 Transport Finance & Investment Management portfolios 5 Clients and accolades 6 Own funds and refinancing 7 Outlook and targets 2015 8 Appendices Slide 59

Total capital (CRR) and capital ratios [ mn] 30 Jun 2015 1,617.8 1,157.7 460.1 0.0 Common equity tier 1 Additional tier 1 Tier 2 Modified available equity Capital ratios Basel III Common equity tier 1 ratio: 16.6% Total capital ratio: 23.3% Corporate Presentation, August 2015 Own funds and refinancing Slide 60

Refinancing activities 2014 DVB has emphasised matched-maturity funding for many years a goal the Bank consistently adhered to in 2014 as well. DVB continued to broaden its investor base throughout 2014, once again also raising funding outside the Volksbanken Raiffeisenbanken cooperative financial network. Funding consisted of the following amounts and instruments: Placement of promissory note loans in an aggregate amount of 1.2 billion Issuance of six bonds under the Debt Issuance Programme, with an aggregate nominal amount of 775.0 million, comprising: a 500.0 million senior unsecured benchmark bond, a 75.0 million subordinated bearer bond, and four bond issues of 50.0 million each Placement of a 75.0 million ship covered bond Placements of 115.0 million in tier 2 capital 40.0 million with institutional investors 75.0 million with private investors (for the first time!) Corporate Presentation, August 2015 Own funds and refinancing Slide 61

Funding composition (30 Jun 2015: 22.7 billion) Products 1) Investors 2) Short-term funding 7.1% thereof: 5.0% Short-term deposits from clients/banks 2.1% Cash collateral Banks 10.8% Retail 2.2% Institutional investors 40.7% DZ BANK 40.1% Long-term funding 92.9% thereof: 51.1% Uncovered bearer debt securities 35.8% Promissory notes/long-term deposits 3.5% Subordinated liabilities 2.5% Ship covered bonds 1) Nominal volume Diversified, granular funding base Approx. 1,000 investors 2) Estimates Volksbanken Raiffeisenbanken co-operative financial network 6.2% Corporate Presentation, August 2015 Own funds and refinancing Slide 62

Topics 1 Key facts about DVB 2 Journey of success since 1997 3 Financials 4 Transport Finance & Investment Management portfolios 5 Clients and accolades 6 Own funds and refinancing 7 Outlook and targets 2015 8 Appendices Slide 63

Macroeconomic environment (1) The recovery of the global economy continues to show a mixed picture in the industrial nations and emerging economies. The International Monetary Fund forecasts global economic growth of 3.3% in the year 2015 slightly below the previous year's level. Hence, economic growth remains inconsistent and is subject to certain risks: At present it is impossible to predict the impact of the interest rate turnaround in the US on asset prices in industrial countries, as well as on capital flows in major emerging economies. The current economic environment in China might also lead to serious burdens for the international financial sector: Chinese property prices are falling significantly. Chinese companies and regional public-sector entities are highly indebted. At the beginning of August 2015, a long rally has led to significant losses on Chinese equity markets. Greece's persistent financial troubles pose a lower risk to the European economy. The crude oil price (Brent Crude) hit a trough at the beginning of 2015: it slightly recovered during the first half of the year, moving in a range between US$55 and US$70 per barrel. Looking at the most recent oil market developments, there is no discernible trend towards higher prices. Corporate Presentation, August 2015 Outlook and targets 2015 Slide 64

Macroeconomic environment (2) On the other hand, constructive trends are evident in the industrial nations: The US economy is likely to show positive momentum, with GDP growth projected to be 2.5% in 2015. In this context, domestic demand remains the biggest contributor to US GDP growth which is being supported by lower oil prices and continued low interest rate policy of the US Federal Reserve. Although interest rates are expected to rise in the medium term, the economy appears to have gained stability at present. Euro-zone GDP growth is projected to remain positive, albeit at a low level, with the 2015 growth rate forecast at 1.5%. This raises the risk of a drawn-out phase of weak growth and low inflation. The difficult political climate between various member countries, however, holds significant risks for the region's overall economic growth. Corporate Presentation, August 2015 Outlook and targets 2015 Slide 65

Outlook 2015 Shipping markets (1) Demand growth will generally be positive, with a cyclic recovery expected to take hold in some key consuming markets but also with an expected slowdown in the previous decade s strong demand growth for dry bulk commodities. Oversupply remains the current key issue in most sectors, and additional newbuildings can weigh down the nascent recovery in fleet utilisation expected in some sectors within the next one or two years. Excess shipyard capacity remains a challenge. The structural oversupply will further impact ship values and charter rates within the three challenging sectors (container vessels, bulk ships and crude oil tankers) especially in the dry bulk sector. The tanker market is currently experiencing a temporary rebound benefitting from the low oil price which leads to stocking up of oil reserves and use of tankers as floating storage. This eventually results in a stronger demand for crude tankers than supported by fundamentals. Lower bunker costs can postpone scrapping of older, inefficient vessels and might prolong the supply overhang. The lack of private equity activity and bank financing in the second-hand market will stress market values for older tonnage. Defaults and consolidation of ship owners and charterers cannot be ruled out. Corporate Presentation, August 2015 Outlook and targets 2015 Slide 66

Outlook 2015 Shipping markets (2) The global ship building capacity has reduced from its peak in 2012 due to the adverse shipping market condition. However, the drop is smaller than what is needed to secure a balanced demand/supply of building capacity. The capacity which has transferred from ship building to offshore building may behave as a type of swing capacity it swings to the market that provides better business and profit prospects. Hence given the deteriorating market fundamentals in the offshore market, it is an uncertainty to both shipping and offshore markets whether and when this swing capacity may move back to the ship building business and provide more available slots to the shipping market oddities. The order book coverage measured by the lead time (difference from contracting date to delivery date) is currently below 20 months compared to 40-50 months in 2007. This eventually means that when expectations are for a rebound, orders can be placed to impact on the rebound at a relatively early time horizon thereby hindering the traditional cyclical nature of the shipping industry. The feature of the inflexibility of modern shipyard capacity is the reason that shipyards often drop their prices to encourage speculative counter-cyclical orders. Meanwhile liquid investors often take advantage of the bargains. This combination of demand-side opportunism and supply-side inflexibility tends to slow the market adjustment process, leading to lengthy shipbuilding cycles and prolonging shipping cycles. In terms of niche shipping sectors, mitigation to this ongoing overcapacity comes from: focus on owners, operators, commercial operations, i.e. access to cargo which can provide owners, operators, premiums in their earnings and can achieve full potential of specialised assets; focus on technical management as specialised assets built in established shipyards and operated by established shipmanagement companies can usually better withstand value depreciation; keeping a diversified portfolio which contains assets with both high and low volatility of earnings and values. Corporate Presentation, August 2015 Outlook and targets 2015 Slide 67

Outlook 2015 Shipping markets (container vessels) Containerised trade growth is closely linked with growth of global gross domestic product (GDP), global trade and consumer demand. Container port volumes grew between three and four times of the global GDP in the period up to 2005, but since then the ratio has been volatile down to less than two times. Meanwhile, owners have displayed a continued interest in ordering new vessels with larger capacity, due to the benefit from economies of scale, attraction of more fuel-efficient ships and relatively low newbuilding prices. The total capacity ordered during the first half of 2015 is just under one million TEU, which is close to the total capacity ordered in 2014. Although the order book at 19% of the existing fleet seems reasonable, the order book for very large container ships (VLCS) accounts for 64% of the fleet, which compounds problems in the container segment. As overall containerised demand continues to lag fleet growth, charter rates remain under pressure for the overall container market. But with the order book concentrated on the VLCS, the supply-demand balance for the smaller segments is positive for the short- and medium-term. The cascading pressure on the smaller segments gives temporary relief for some sectors but the overall cascading end game questions the long-term supply-demand balance. Scrapping activity is unlikely to provide much relief as owners may delay their demolition plans due to low bunker prices. 2013 and 2014 were record years as 192 vessels aggregating 439,000 TEU and 171 vessels aggregating 381,000 TEU in container capacity were demolished, respectively. However, in the first half of 2015 only 47 vessels aggregating 87,000 TEU were scrapped. Corporate Presentation, August 2015 Outlook and targets 2015 Slide 68

Outlook 2015 Shipping markets (dry bulk carrier) The demand for dry bulk commodities is projected to be moderate in the coming years. The traditional demand drivers are changing as the Chinese economy is rebalancing and shifting towards a more consumption-driven growth. Demand growth from India is expected to support the dry bulk trade, however at a lower level. Dry bulk seaborne demand is expected to grow 1.0% in 2015 and reach 4.3 billion tonnes. Eco tonnage will continue to be delivered in larger numbers. Given the low oil price, it remains to be seen if they will be able to benefit from these eco features. Older non-eco vessels will be able to compete with the younger eco vessels due to lower breakeven costs, although the older non-eco vessels will incur additional retro-fit costs to comply with the upcoming environmental regulations. The Baltic Dry Index (BDI) hit a historical low level in February 2015. Slow growth in demand coupled with a rapidly expanding fleet led to the fall. The fundamental supply-demand balance remains extremely weak. Scrapping activity has accelerated in 2015 compared to last year and only a limited number of new orders has been placed. However, restocking of iron ore in China and seasonal respites in the second half of 2015 might positively impact market conditions, limiting the scrapping activity. Oversupply in the market, a massive order book and slowing demand will keep both asset values and earnings at low levels during 2015. Temporary and seasonal effects may cause freight rates to increase in the second half of 2015. Corporate Presentation, August 2015 Outlook and targets 2015 Slide 69

Outlook 2015 Shipping markets (crude oil tankers) Crude oil tanker demand is mainly driven by oil demand, supply capacity and geographical dislocation between refining location and production regions. As per the International Energy Agency, global oil demand is expected to increase by 1.2% in 2015 to 93.6 million barrels per day. Growth will come primarily from Asia, the Middle East and South America. Oil supply growth in 2015 is primarily expected to come from the US and the Middle East. In 2015, demand for crude tankers is benefitting from short-term effects. The low oil price is triggering stock building and opportunistic purchase of crude oil despite lower oil prices, continued oil production especially in the Middle East translates into additional volumes requiring transportation. Crude oil trade is thus expected to grow by more than 3% in 2015 versus 0.7% in 2014. Vessel demand is also inflated by speculation on the oil price which fuelled demand for floating storage, although as of mid-year 2015 this is progressively reversing as the oil price stabilises. Meanwhile, fleet growth is expected to be low in 2015 with a stable Aframax and Suezmax fleet, while the very large crude carrier (VLCC) fleet is forecast to increase by 2.4%. Moreover, delays in ports artificially reduce the available supply. With supply growth expected to be lower than demand growth in 2015, fleet utilisation is improving for all tankers, leading to an increase in earnings and values. A fundamental underlying fleet oversupply remains one of the challenges for the crude oil tanker market. Short-term effects described above vanish, earnings and values are expected to decrease and return to levels more in line with the underlying longer term supply and demand fundamentals. Corporate Presentation, August 2015 Outlook and targets 2015 Slide 70

Outlook 2015 Aviation markets Demand perspectives for passenger transport remain very positive, while airfreight markets have recovered but do not show robust growth yet. Global airline results are strong and partly thanks to the low oil price may even reach record levels on an aggregated level. European flag carriers remain under pressure from expanding Middle Eastern long-haul competitors as well as European low-cost carriers. Some carriers are contemplating structural changes in their business model. The backlog for commercial jets has reached an unprecedented level. At 2014 production levels, the backlog is equivalent to almost nine years production. Now order intake during the first half of 2015 is still high albeit well below the (record) 2014 levels. A generation change in terms of aircraft technology is taking place over the full spectrum of jet categories. Eventually, this will result in replacement of current generation jets. Aircraft lessors control an increasing share of the global commercial jet fleet. They enjoy good popularity with the global investor community. Increasingly, professional lessors create joint ventures with investors to buy aircraft portfolios. This could signal that aircraft values are approaching a cyclical peak. In general, there is currently ample commercial financing available for new and increasingly also used aircraft. Corporate Presentation, August 2015 Outlook and targets 2015 Slide 71

Outlook 2015 Offshore markets Offshore activity is highly reliant on exploration and production (E&P) spending, which in turn correlates to the level of oil and gas prices and availability of cash flows at the oil and gas producers level. The current lower oil price environment and cash flow issues tackled through cost cutting campaigns have a negative impact on the E&P spending. Based on current programmes, it is expected that E&P spending will decrease by 12% in 2015. Activities related to the early stages of an offshore field lifecycle such as seismic research and exploration will be the most affected. Demand for most offshore asset types is expected to decrease. Demand in regions with comparatively higher oil price breakevens such as the North Sea, West Africa or Brazil may be more affected than lower cost regions such as the Middle East. Meanwhile, supply is expected to increase significantly in 2015 for jack-up drilling units and platform supply vessels. Thanks to a lower order book, anchor handlers are to witness a slower fleet growth, while floaters are so far have benefitted from a strong scrapping activity so far. In order to mitigate the increasing oversupply risks, shipowners take supply adjustment measures, such as scrapping or idling of older units, as well as delaying of new deliveries. This trend is expected to continue into next year. Since the beginning of 2015, earnings and asset values continue to decrease as supply growth is outpacing demand growth. In the short term, the initiatives for supply adjustment measures will not be sufficient to match the lower demand. Hence, fleet utilisation is still expected to decrease. This will continue to put downward pressure on earnings and asset values, with older and less sophisticated units to be even more affected. Corporate Presentation, August 2015 Outlook and targets 2015 Slide 72

Outlook 2015 Land Transport markets Demand perspectives for passenger and freight transport are positive in our three geographical areas. In order of increasing strength: Europe, Australia and North America. Transport prices, lease rates and utilisation rates increases can be expected across the board. US freight car backlog predominantly consists of cars for the booming oil industry, but recent orders show an uptick for most of the other car types as well. Envisaged regulatory changes for flammable liquid tank cars could distort the economics for a large part of the existing fleet. Coal markets are still depressed in US (tighter emission regulations) and Australia (lower growth in demand from Asia and Chinese import duties), but doing fine in Europe (more import due to mine closures). The largest iron ore mines and railroads will grow, the others decline or shut down. Locomotive and freight car demand is weak in Australia and Europe. Current fleets must be better utilised first. Only one main line freight diesel locomotive manufacturer will operate in the market in the US. Leasing companies continue to gain market share in Europe. Corporate Presentation, August 2015 Outlook and targets 2015 Slide 73

Targets 2015 We keep on working intensely on reducing our risk positions in parts of our shipping lending business. We will further reinforce our new clients approach, particularly in our Shipping Finance division. We expect a significant contribution from our Investment Management activities. We focus on additional service offers for our clients, with a particular focus on the capital markets business. We continuously expand our funding sources, as well as funding tools and structures. Corporate Presentation, August 2015 Outlook and targets 2015 Slide 74

Topics 1 Key facts about DVB 2 DVB s journey of success since 1997 3 DVB Group s financials 4 Transport Finance & Investment Management portfolios 5 DVB s clients and accolades 6 Own funds and refinancing 7 Outlook and targets 2015 8 Appendices Slide 75

The Board of Managing Directors Ralf Bedranowsky CEO and Chairman of the Board of Managing Directors, Bank director RESPONSIBILITIES Client areas in business divisions Shipping & Offshore Credit Aviation Credit Land Transport Credit Shipping & Offshore Research Aviation Research Land Transport Research Strategic Management and Restructuring Client areas in affiliates ITF International Transport Finance Suisse AG LogPay Financial Services GmbH Product/service areas Group Compliance Office Group Controlling Group Corporate Communications Group Human Resources Group Legal Group Risk Management OFFICES HELD Chairman of the Supervisory Board DVB Bank America N.V., Willemstad, Curaçao Chairman of the Board of Directors DVB Holding (US) Inc., New York, USA DVB Transport (US) LLC, New York, USA DVB Group Merchant Bank (Asia) Ltd, Singapore ITF International Transport Finance Suisse AG, Zurich, Switzerland Member of the Board of Directors DVB Capital Markets LLC, New York, USA Member of the Advisory Board Hellmann Worldwide Logistics GmbH & Co KG, Osnabrück, Germany CURRICULUM VITAE Since 2015 2013-2015 2007-2013 2004-2007 1980-2004 CEO and Chairman of the Board of Managing Directors of DVB Bank SE Member of the Board of Managing Directors of DVB Bank SE Deutsche Bank AG, Global Head Deutsche Shipping, global responsibility for the business development and coverage of the shipping clients in ship financing and investment banking Landesbank Hessen Thüringen, Member of the Board of Managing Directors Deutsche Bank AG, from 2001 to 2004 Member of the Regional Management Board for Northern and Eastern Germany and Deputy Chairman of the Supervisory Board of Schiffshypothekenbank zu Lübeck AG Corporate Presentation, August 2015 Appendices Slide 76

The Board of Managing Directors Bertrand Grabowski Member of the Board of Managing Directors, Bank director RESPONSIBILITIES Client areas in business divisions Aviation Finance Aviation Financial Consultancy Aviation Investment Management Financial Institutions and Syndications Land Transport Finance Client areas in affiliates DVB Transport Finance Ltd TES Holdings Ltd (40% shareholding) Product/service areas Group Audit Group Treasury Transaction & Loan Services OFFICES HELD Chairman of the Board of Directors DVB Transport Finance Ltd, London, United Kingdom Member of the Board of Directors DVB Transport (US) LLC, New York, USA DVB Capital Markets LLC, New York, USA DVB Holding (US) Inc., New York, USA Non-executive director Bravo Passenger Solutions Pte. Ltd, Singapore CURRICULUM VITAE Since 2005 2001-2004 1998-2000 1990-1997 1984-1990 1981-1984 1979-1981 1975-1978 Member of the Board of Managing Directors of DVB Bank SE Citigroup London, Direktor Asset Finance Group Crédit Agricole Indosuez, New York, Head of Aerospace Group for the Americas and Branch Manager Crédit Agricole Indosuez, Tokyo, Head of Asian Aerospace Group and Branch Manager (as from 1995) Banque Indosuez, Paris, Director Aerospace Group Société Navale Delmas-Vieljeux, Paris, Vice President Finance & Treasury Agefaforia, Paris, Associate Ecole Supérieure des Sciences Economiques et Commerciales (ESSEC), Paris, MBA Corporate Presentation, August 2015 Appendices Slide 77

The Board of Managing Directors L.H. (Bart) Veldhuizen Member of the Board of Managing Directors, Bank director RESPONSIBILITIES Client areas in business divisions Shipping Finance Offshore Finance Corporate Finance Shipping & Intermodal Investment Management Shipping Execution Management Client areas in affiliates DVB Capital Markets LLC Product/service areas Business Process Support Group Finance Information Technology OFFICES HELD Chairman of the Board of Directors DVB Capital Markets LLC, New York, USA Member of the Board of Directors DVB Transport (US) LLC, New York, USA DVB Holding (US) Inc., New York, USA DVB Group Merchant Bank (Asia) Ltd, Singapore Non-executive Member of the Board and Chairman of the Compensation Committee Eagle Bulk Shipping Inc., New York, USA CURRICULUM VITAE Since April 2015 Since 2014 2014-2015 2013-2015 2013-2015 2012-2015 2011-2015 2007-2011 2002-2007 2000-2002 1995-1999 1993-1995 1989-1991 Member of the Board of Managing Directors of DVB Bank SE Eagle Bulk Shipping Inc., Non-executive Member of the Board and Chairman of the Compensation Committee Armi Investments Pte, Costamare MLP, Member of the Board Apollo Global Management, Senior Advisor Seadrill Partners LLC, Member of the Board Swaen Marine Ltd, sole director Golar LNG Partners LP, Member of the Board Lloyds Banking Group, Managing Director and Global Head of Shipping NIBC Bank, Shipping Coverage Banker Transport & Energy Smit Internationale, Member of the Management Team Singapore and Manager Greece Nedship Bank, Relationship Shipping Banker Van Ommeren Shipping, Management Trainee Erasmus University Rotterdam, The Netherlands, Master in Business Economics Corporate Presentation, August 2015 Appendices Slide 78

Employees at DVB 30 Jun 2015: 588 active employees 30 Jun 2014: 575 active employees LogPay Financial Services 57 Transport Finance/ Investment Management LogPay Financial Services 51 Transport Finance/ Investment Management 227 304 216 308 Service areas Service areas Corporate Presentation, August 2015 Appendices Slide 79

Nationalities in DVB 588 active employees DVB Bank Group 304 active employees Transport Finance/ Investment Management Norwegian 2.7% Greek 3.6% US-American 4.7% Singaporean 6.5% 34 other nationalities 15.2% British 12.2% Dutch 12.9% German 42.2% 23 other nationalities 20.7% Norwegian 4.6% Greek 5.9% US-American 6.6% Singaporean 9.9% Dutch 19.4% British 16.4% German 16.5% Corporate Presentation, August 2015 Appendices Slide 80

Accolades 2012 2012 Bank Debt Deal of the Year 2012 Editor s Choice Award 2012 Norskan Offshore Shipping Financier of the Year 2012 Rail Finance Innovator of the Year 2011 Bank of the Year International Transport Markets Sale/Leaseback Deal of the Year 2011 Predelivery Payment Deal of the Year 2011 North America Deal of the Year 2011 Leasing (East) Deal of the Year 2011 Securitization Deal of the Year 2011 Marine Money Offshore 2013 Marine Money Offshore 2013 Lloyd s List Dec 2012 Global Transport Finance Nov 2012 DealMakers Monthly Sep 2012 Airfinance Journal Apr 2012 Airfinance Journal Apr 2012 Airfinance Journal Apr 2012 Marine Money Mar 2012 Marine Money Mar 2012 Corporate Presentation, August 2015 Appendices Slide 81

Accolades 2011-2009 2011 Rail Finance Innovator of the Year Jane s Transport Finance Nov 2011 Editor s Choice of the Year West Marine Money Feb 2011 Editor s Choice of the Year Shipping Research Marine Money Feb 2011 Leasing Deal of the Year East Marine Money Feb 2011 Project Finance Deal of the Year Marine Money Feb 2011 Export Credit Deal of the Year West Marine Money Feb 2011 2010 2009 Asia Ship Finance Award 2010 Regional Jet Deal of the Year Shipping Debt Deal of the Year South America Shipping Leasing Deal of the Year European Rail Deal of the Year Aviation Research House of the Year Shipping Deal of the Year North America Award for Contribution to Ship Finance 2008 Aircraft Debt Deal of the Year North America Aircraft Debt Deal of the Year South America Americas Rail Deal of the Year Seatrade Asia Apr 2010 Airfinance Journal Apr 2010 Jane s Transport Finance Nov 2010 Jane s Transport Finance Nov 2010 Jane s Transport Finance Nov 2010 Jane s Transport Finance Nov 2010 Jane s Transport Finance Nov 2009 Marine Money Feb 2009 Jane s Transport Finance Nov 2009 Jane s Transport Finance Nov 2009 Jane s Transport Finance Nov 2009 Corporate Presentation, August 2015 Appendices Slide 82

Accolades 2008-2006 2008 2007 2006 Rail Finance House of the Year US Rail Deal of the Year Aircraft Debt Deal of the Year Asia Aircraft Debt Deal of the Year Middle East Aircraft Capital Markets Award Best Shipping Finance Research PDP Deal of the Year Cargo Finance Deal of the Year Africa Deal of the Year Aircraft Debt Deal of the Year Africa Rail Finance House of the Year US Rail Deal of the Year Shipping Debt Deal of the Year Europe Restructuring Deal of the Year 2006 Best Shipping Finance Research Ship Finance Personality 2006 (Dagfinn Lunde) European Rail Deal of the Year M&A Deal of the Year 2005 Jane s Transport Finance Nov 2008 Jane s Transport Finance Nov 2008 Jane s Transport Finance Nov 2008 Jane s Transport Finance Nov 2008 Jane s Transport Finance Nov 2008 Lloyd s Shipping Economist Nov 2008 Airfinance Journal Jan 2008 Airfinance Journal Jan 2008 Airfinance Journal Jan 2008 Jane's Transport Finance Jane's Transport Finance Jane's Transport Finance Jane's Transport Finance Marine Money Lloyd's Shipping Economist Lloyd's Shipping Economist Jane's Transport Finance Marine Money Corporate Presentation, August 2015 Appendices Slide 83

Accolades 2005-1999 2005 2004 2002 2001 2000 1999 Best Shipping Finance Research Long Term Aircraft Finance Deal of the Year Middle East Road Finance Innovator Best Shipping Finance Research Shipping Equity Deal of the Year Most Innovative Shipping Finance Deal Best Ship Financier Most Professional Overall Finance Service to Shipping Aircraft Debt Deal of the Year Europe Lloyd's Shipping Economist Jane's Transport Finance Jane's Transport Finance Lloyd's Shipping Economist Jane's Transport Finance Lloyd's Shipping Economist Lloyd's List Maritime Asia Lloyd's Shipping Economist Jane's Transport Finance Best Overall Knowledge of the Tanker Sector Lloyd's Shipping Economist Most Innovative Ship Finance Institution Worldwide Lloyd's Shipping Economist Best Ship Financier Lloyd's List Maritime Asia Corporate Presentation, August 2015 Appendices Slide 84

Chronicle and logos 1923 1988 1995 1997 1998 1999/2000 2002 2008 Foundation of Deutsche Verkehrs-Kredit-Bank AG (DVKB) in Berlin DVKB shares introduced to official trading on the FSE and BSE; Deutsche Bundesbahn retains 75.1% and a free float of 24.9% DG BANK takes a majority share of 50.1% in Deutsche Verkehrs-Bank AG (DVB) DVB s strategy focuses on the transportation industry Acquisition of the Global Aviation and Shipping Finance division of the Long-Term Credit Bank of Japan: DVB goes international Acquisition and integration of Nedship Bank N.V., closing of all German branches and establishment of Transport Finance divisions (Shipping, Aviation and Land Transport) Change of corporate name: DVB Bank AG Merger of DVB Bank N.V. into DVB Bank AG and new legal form: DVB Bank SE Corporate Presentation, August 2015 Appendices Slide 85

Contact For further information please visit www.dvbbank.com > Investors Scanning this QR code with your smartphone will forward you directly to our website Contact person: Elisabeth Winter Head of Group Corporate Communications Managing Director Phone: +49 69 9750 4329 E-mail: elisabeth.winter@dvbbank.com DVB Bank SE Platz der Republik 6 60325 Frankfurt/Main, Germany info@dvbbank.com, www.dvbbank.com Corporate Presentation, August 2015 Appendices Slide 86

Disclaimer This presentation has been prepared by DVB Bank SE. This presentation does not contain or constitute an offer, or the solicitation of an offer, to buy or subscribe for securities to any person. This document is not a prospectus. The presentation is a short summary description of certain aspects in respect of DVB Bank SE. It may not contain all relevant information in respect of the topics covered. This presentation is therefore not a sufficient basis for any investment decision in respect of any securities of DVB Bank SE. This presentation contains forward-looking statements which include statements about our beliefs and expectations as well as the assumptions underlying them. Such statements speak only as of the day they are made since they are based on plans, estimates and projections currently available to the management of DVB Bank SE. Forward-looking statements contain risks and uncertainties, and it cannot be guaranteed that they will turn out to be correct in light of future events or developments. Information and opinions contained in this presentation have been compiled or arrived from sources believed by DVB Bank SE to be reliable. Any statements about DVB Bank SE s market position are based on DVB Bank SE s own estimates, unless explicitly stated otherwise herein. Although the information shown herein has been taken from sources which are believed to be reliable or is based on DVB Bank SE s own estimates, no warranty or representation is made as to the correctness, completeness and accuracy of the information or the assessments made on its basis. DVB Bank SE accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this presentation. Corporate Presentation, August 2015 Appendices Slide 87