CEXIM OFFSHORE FINANCE

25th June 2015

1THE EXPORT-IMPORT BANK OF CHINA

CONTENTS

BRIEF INTRODUCTION OF CEXIM

CEXIM SHIPPING BRIEFING

CEXIM OFFSHORE FINANCE

INTRODUCTION OF CEXIM TEAM

THE EXPORT-IMPORT BANK OF CHINA 2

BRIEF INTRODUCTION OF CEXIM

THE EXPORT-IMPORT BANK OF CHINA 3

Founded in 1994 and solely owned by the Chinese government One of the only two policy banks in China Largest ECA in the world since 2007 Enjoy ratings compatible to China’s sovereign ratings Correspondent relationship with more than 1000 international banks

China’s Sovereign Ratings The Export-Import Bank of China

Moody’s Investors Service Aa3 Aa3

Standard & Poor’s AA- AA-

Fitch Ratings A+ A+

Financial Highlights

0

500

1000

1500

2000

2500

2008 2009 2010 2011 2012 2013 2014

567792 887

11991559

1885

2368

RM

B B

illio

nTotal Assets

71 88 103124176232321451

592707

914

13431452

1742

0200400600800

100012001400160018002000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

RM

B B

illio

n

Loan Outstanding

6%

10%

37%

10%

8%

18%

3% 8%

Actual Disbursement of Export SellerEquipment Export

Shipping Export

High- and New-products

General Mechanical &Electronic ProductsOverseas ContractingProjectsOverseas Investment

Agricultural ProductsExportOthers

0

100

200

300

400

500

600

2010 2011 2012 2013 2014

294.53326.3

439.01 425.39

542.98

RM

B B

illio

n

Actual Disbursement of Export Seller

Business Scope Export credit and import credit

Loans for offshore contracts and overseas investment

Chinese government concessional loans

International guarantees

On-lending loans from foreign governments and international financial institutions

By the end of 2014, CEXIM has 24 domestic branches in China

CEXIM’s Worldwide Coverage

THE EXPORT-IMPORT BANK OF CHINA 9

CEXIM’S SHIPPING BRIEFING

9

CEXIM’s Shipping Finance in a Nutshell

No.1shipping finance

portfolio in China

$16 billion exposure

plus commitment

80 world’s top-tier clients

No. 8shipping finance

portfolio worldwide

20years

700vessels

300 projects

The largest shipping finance bank in China

Comprehensive support to the domestic shipbuilding industry

One of the leading contributors to the shipping sector worldwide

Active participant within the international Marine family

Package solutions Buyer’s Credit Seller’s Credit Refund guarantee

Bulk Carrier18%

Crude29%

Container 11%

Tanker6%

Offshore21%

LNG7%

LPG5%

Others3%

Breakdown by Vessel Type

Bulk Carrier• VLOC• Capesize• Panamax• Handysize

Crude• VLCC• Suezmax• Aframax• PanamaxContainer

• Container Vessel• Container Box

Offshore• PSV/AHTS• Accommodation• Construction• Offshore drilling• Production

LNG

LPG

Product / Chemical Tanker• Stainless Steel• LR / MR

Breakdown by Geography

Regions / markets with a strategic presence: Canada, USA, Mexico, Singapore, Scandinavian Europe, UK, Germany, France, Greece, Netherlands, Italy, Russia, China (Mainland), Hong Kong, Middle East, Brazil etc.

THE EXPORT-IMPORT BANK OF CHINA 13

CEXIM OFFSHORE FINANCE

13

WHAT WE’VE DONE

Before 2014

CEXIM financed more than 100 offshore equipments/vessels built in China, for a total commercial contract price over USD 13.8 billion.

2014

CEXIM signed offshore loan agreements more than USD 1 billion within this single year, which supported 46 offshore equipments/vessels being built in China.

14THE EXPORT-IMPORT BANK OF CHINA

THE EXPORT-IMPORT BANK OF CHINA

COMMITTED PROJECTS

15

THE EXPORT-IMPORT BANK OF CHINA

HIGH LEVEL SIGNINGS

16

FRAMEWORK AGREEMENT BETWEEN CEXIM, ING BANK AND SBM OFFSHORE MARCH 2014 NOORDWIJK, NETHERLANDS

THE EXPORT-IMPORT BANK OF CHINA

HIGH LEVEL SIGNINGS

17

FRAMEWORK AGREEMENT BETWEEN CEXIM AND BANCOMEX JUNE 2013 MEXICO CITY, MEXICO

THE EXPORT-IMPORT BANK OF CHINA

HIGH LEVEL SIGNINGS

18

FRAMEWORK AGREEMENT BETWEEN CEXIM, ABN AMRO BANK AND VROON NOVEMBER 2013 BEIJING, CHINA

THE EXPORT-IMPORT BANK OF CHINA

HIGH LEVEL SIGNINGS

19

LOAN AGREEMENT BETWEEN CEXIM, CITI BANK AND SEADRILL DECEMBER 2012 BEIJING, CHINA

THE EXPORT-IMPORT BANK OF CHINA

MAIN PARTNER BANKS

20

LenderSPV

Shipyard

Insurance company

Management company

Refund bank

Building contract

Refund guarantee

Equity

Charterer

Charter

Charter payment

Loan

Repayment

Corporate guarantee

OWNER

Assignment of charter party

21THE EXPORT-IMPORT BANK OF CHINA

TYPICAL OFFSHORE FINANCE STRUCTURE

THE EXPORT-IMPORT BANK OF CHINA

Pre- and post-delivery finance

Currency: USD、RBM or other currencies

Finance ratio: Up to 80% delivery cost

Interest: Floating or fixed rate

Drawdown period：match against building period

Repayment period: Up to 15 years

Repayment method: equal principal, annuity repayment, payment with balloon.

Security: mortgage, corporate guarantee, assignment of charter earnings and insurance, ECA insurance, etc.

COMMON FINANCE TERMS

2222

CEXIM’S OFFSHORE FINANCE TEAM

Mainly conducted by Transport Finance Department

Four divisions in the department for offshore finance：

Division I：Shipping/Offshore Finance for European clients.

Division II：Shipping/Offshore Finance for Non-European clients.

Division III：Shipping/Offshore Finance for Chinese shipyards.

Division IV：Issuing refund guarantees for Chinese shipyards.

23THE EXPORT-IMPORT BANK OF CHINA

24

伴您走向世界，助您领先全球

Want to be the best

in a better world?

THANKS!!

THE EXPORT-IMPORT BANK OF CHINA

Disclaimer

This material has been prepared by The Export-Import Bank of China (CEXIM). 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.

THE EXPORT-IMPORT BANK OF CHINA 25