1. Page 1 Page 1 CEXIM SHIPPING FINANCE PROGRAM PROGRAM March 9, 2011 March 9, 2011 Marine Money 7 th Gulf Ship Finance Forum

2. Page 2 Page 2 1.CEXIM Overview 2.CEXIM Shipping Finance 3.Credentials CONTENTS

3. Page 3 Page 3 1. CEXIM OVERVIEW 1. CEXIM OVERVIEW

4. Page 4 Page 4 OVERVIEW Government Policy Bank ECA Sovereign Status The largest ECA by loan portfolio amongst its peers in the world. Total assets of RMB 1 Trillion as of 31 December 2010. Awarded “the Best Excellence Asian ECA” by Trade Finance in 2006 & 2007. Established in 1994 and solely owned by government. Headquartered in Beijing, 19 domestic branches and 3 overseas representative offices. Correspondent banking relations with more than 500 banks worldwide.

5. Page 5 Page 5 MISSION  Implementing state policies in industry, foreign trade and economy, finance and diplomacy;  Promoting the export of China-made machinery and equipment and import of natural resources and high- and new-tech products;  Helping Chinese companies undertake overseas construction contracts and investment projects;  Enhancing international economic and trade cooperation between China and foreign countries.

6. Page 6 Page 6 BUSINESS SCOPE  Export Credit  Import Credit  Concessional Loans  On-lending Loans  Guarantee

7. Page 7 Page 7 CEXIM LOAN PORTFOLIO

8. Page 8 Page 8 2. CEXIM SHIPPING FINANCE

9. Page 9 Page 9  Since 1994, full support for Chinese shipbuilding industry  Intimate contact with governmental authorities  Broad client spectrum - Banker to over 60 of the world’s top shipping companies - Full coverage of major Chinese shipyards  Package solutions - Buyer’s Credit Committed to foreign shipowners USD 10.5bn - Seller’s credit disbursed to shipyards: RMB 25bn - Refund Guarantee issued for shipyards: USD 12.5bn OVERVIEW CEXIM ----- one of the largest shipping finance banks in the world and market leader in China

10. Page 10 Page 10 Conventional Tonnage WIDE RANGE OF VESSEL TYPES Liquefied Gas Carriers Offshore - Oil Tankers - Product and Chemical Tankers - Bulk Carriers - Containerships/ Boxes - Ro/Ros - LNG Carriers - LPG Carriers - Drilling Rigs - Construction Vessels - Ancillary Vessels - Production Vessels

11. Page 11 Page 11 SHIPPING PORTFOLIO BREAKDOWN By geographyBy vessel type

12. Page 12 Page 12 A TYPICAL SHIPPING FINANCE STRUCTURE CEXIM S PV Shipyard Classification Society Insurance Company Management Company Refund Guarantor Building Contract Refund Guarantee Equity Charterer Bareboat Charter / Time Charter Charter hire US$ Senior Loan US$ Debt Corporate Guarantee Considerations: Domicile of Parent/SPV Nature of support from Parent Level of equity contribution Shipyard Mortgage and security Shipowner

13. Page 13 Page 13 FINANCING MODEL  Bilateral  Co-financing  Club deal  Syndication  Lending against bank guarantee  Onlending

14. Page 14 Page 14 MAIN TERMS FOR SHIPPING FINANCE  Facility Type: Pre- and Post Delivery Senior Term Loan  Chinese Content Requirement: 30% of Contract Price  Currency: USD EUR RMB  Leverage Ratio: Up to 80% of Contract Price  Interest Rate: Floating （ Libor+Margin ） or Fixed  Maturity: Up to 12 years from Vessel Delivery  Repayment: Straight line/ Balloon/Annuity  Fees: Arranging Fee, Management Fee, Commitment Fee  Security: Corporate guarantee; assignment of building contract and refund guarantee; first priority ship mortgage; assignment of charterparty, earnings, insurances; pledge of shares of SPCs; pledge of earnings account

15. Page 15 Page 15 WORK FLOW  Loan Application by Client  Initial Acceptance by CEXIM  Discussions on Indicative Term Sheet  Credit Approval by CEXIM  Negotiations on Documentation  Financial Close

16. Page 16 Page 16 3. CREDENTIALS 3. CREDENTIALS

17. Page 17 Page 17 Selected Clients

18. Page 18 Page 18 Our Partner Banks

19. Page 19 Page 19 Selected Shipping Credentials Sole Arranger and Lender Master Facility Agreement $1.5billion Lead Arranger and Lender for 3X Containerships $200million Joint Arranger and Lender for 14X Containerships $150million Mandated Lead Arranger and Joint Lender for 4 VLCCs $200million Sole Arranger and Lender for 6X Chemical Tankers $200million Sole Arranger and Lender Master Facility Agreement $400 million Joint Lead Arranger and Lender for 6X Bulkers $100million

20. Page 20 Page 20 Sole Arranger and Lender for 2 VLCCs and 3 Aframax $400million Selected Shipping Credentials Mandated Lead Arranger And Joint Lender for 2 Containerships $ 85million Mandated Lead Arranger And Joint Lender for 2 VLCCs $120million Tranche III Lender for 25 X LNG Carriers $200million Sole Arranger and Lender for 2X VLCC Tankers $150million Mandated Lead Arranger And Joint Lender for 10X AHTS $170million Mandated Lead Arranger and Joint Lender for 1X Deepwater Drillship $100million

21. Page 21 Page 21 OUR CONTACT Mr. Gao Zefeng, Deputy Director, Shipping Finance Division II, Transport Finance Department, CEXIM Tel:+8610-8357 8420 Fax:+8610-8357 8428 Email: gaozefeng@eximbank.gov.cn Mr. Pan Zhanjun, Relationship Manager, Shipping Finance Division II, Transport Finance Department, CEXIM Tel:+8610-8357 8419 Fax:+8610-8357 8428 Email: panzhanjun@eximbank.gov.cn Mr. Wang Wei, Relationship Manager, Shipping Finance Division II, Transport Finance Department, CEXIM Tel:+8610-8357 8410 Fax:+8610-8357 8428 Email: eric.wang@eximbank.gov.cn Address: No.30,Fu Xing Men Nei Street,Xicheng District, Beijing,100031,P.R.China Website ： www.eximbank.gov.cn

22. Page 22 Page 22 CEXIM endeavors to provide you with best financial services for your business development! Thank you!

23. Page 23 Page 23 Disclaimer The contents are intended to provide a general guide to the subject matter only and should not be treated as a substitute for specific advice concerning individual situations. You may not copy or modify the materials or use them for any commercial purpose without our express prior written permission.