Factbook, April 2017

TRUSTWORTHY.

FOCUSED.

DIVERSIFIED.

COMPETENT.

DVB Bank Group –

Factbook

Frankfurt/Main, May 2017

Disclaimer

This presentation has been prepared by DVB Bank Group.

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 Group. 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 Group.

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 Group. 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 Group to

be reliable. Any statements about DVB Bank Group’s market position are based on DVB Bank Group’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 Group’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 Group 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.

Factbook __ May 2017 __ Disclaimer Page 2

Contents

02/ DVB – Business divisions and services42 Lending volume and new business

45 Shipping Finance

58 Aviation Finance

68 Offshore Finance

78 Land Transport Finance

86 Financial Institutions and Syndications

89 DVB Corporate Finance

94 Investment Management

01/ DVB – Business model5 Brand profile

25 Competitive strengths

31 Expertise

32 Sustainability

03/ DVB – Financials and outlook99 Financial figures

106 Own funds and refinancing

109 Macroeconomic environment and targets

112 Financial calendar

04/ DVB – About us114 Structure

119 Board of Managing Directors

124 Supervisory Board

126 Staff

06/ DVB – Further information160 DVB worldwide

162 Corporate website

163 Social media

164 Imprint

165 Photo credits

05/ DVB – History137 Stages of development

149 Transport financier since 1997

Page 3

01/ DVB – Business model5 Competitive strengths

25 Expertise

31 Diversification

32 Sustainability

TRUSTWORTHY.

FOCUSED.

DIVERSIFIED.

COMPETENT.

THE SPECIALIST

IN INTERNATIONAL

TRANSPORT FINANCE

Seite 6

FOCUSED_Focus (cognitive process),

selectively concentrating on one

aspect of the environment while

ignoring other things.1

_A central point, as of attraction,

attention, or activity.2

We are focused –

this is our competitive edge.

1 en.wikipedia.org 2 dictionary.com

Seite 7

We are focused –

this is our competitive edge.

“DVB consistently pursues its strategic focus

on the transportation industry”,

says Bart Veldhuizen,

Member of the Board of Managing Directors,

responsible for Shipping Finance

and Offshore Finance.

Brand profile – Focused

Bart, how does the Bank set itself apart from its competitors?

”DVB enjoys a rather unique position, thanks to its strategic focus solely on international transport. Through specific industry expertise and clearly aligned business

divisions in the shipping, aviation, offshore and land transport segments, combined with focused and solid management, we differentiate ourselves from our competition as

a highly focused and specialised bank.

We are strongly committed to fulfil and, hopefully exceed our clients’ expectations through tailor-made and innovative solutions. We achieve this by continuously and

diligently analysing all aspects of the international transportation industry. In contrast to many of our competitors in the transport market, the unique services we offer

enable us to keep moving forward through all cycles. The new business we have generated with our transport finance clients throughout 2016, despite the prolonged

challenges that face the shipping industry, is a testament to DVB’s strength, resilience and expertise in both its traditional lending and advisory business.”

How does the focused business model contribute to the Bank's success?

”Our business model focuses on efficiency to drive contribution margins. These will further increase with time as we are striving to reduce allowances for credit losses

related to legacy exposures in the Shipping and Offshore Finance portfolio. In addition, we are boosting the Bank's profitability through "Liberty", a successfully-

implemented internal initiative designed to contain costs.

We will adhere to DVB's clear and exclusive focus on the international transport sector. This unique quality differentiates us from our competition, and is highly appreciated

by our clients and other stakeholders.”

Bart, how will DVB ensure that its focus will not turn into a hindrance?

”Although DVB is a focused transport finance bank, we are not devoted to a single mode of transportation. Goods will always need to be moved and people will always

need to travel. Today, we are challenged to ensure our banking processes and products remain at the cutting edge of technological innovation, in a rapidly changing

technological environment. We are also extending into complementary areas of business where we can create value for our clients, for example our Aviation Asset

Management and Corporate Finance divisions are complementary to our core businesses and are good net contributors.”

”We are building upon our strengths – we are close to the markets, close to our clients, and close to the assets!”

Page 8Factbook __ May 2017 __ Brand profile

01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ History 06/ Further information





DIVERSIFIED_Diverse comes from a medieval Latin

word diversificare, meaning "make

dissimilar." If you have diversified

something, you have made its parts

different from each other.1

We are diversified –

this is a strong differentiator.

1 vocabulary.com

Seite 12

We are diversified –

this is a strong differentiator.

“DVB’s high level of diversification

is a key pillar of the Bank”,

says Christian Hagemeyer,


responsible for credit and risk management

and the Bank’s research.

Brand profile – Diversified

Christian, why is diversification so important to the Bank, and how is this reflected in the business model?

”Diversification is a key pillar of our business model in combination with our strategic focus, and it has grown in importance and viability. Our business model is diversified

across five aspects: global clients; a broad market presence across the international transport markets; a well spread credit portfolio; diversified funding; and the diversity

of our employees. This high degree of diversification is a key risk-mitigating factor – and hence, a key element of our risk policy.”

What does risk mitigation through diversification mean for DVB's specific situation?

”To keep the composition of our credit portfolio as granular and economically efficient as possible, we use multiple diversification criteria and categories for managing the

portfolio. Thus, we maximise the value of our credit portfolio. Specifically, we diversify by:

/ Asset types (such as ships, aircraft, offshore vessels and platforms, as well as rail rolling stock),

/ users, manufacturers, employment and vintage, and in terms of:

/ sectors or sub-sectors of the asset to be financed,

/ borrowers and clients,

/ types of financing, and

/ geographic transport market exposure.

This extensive diversification strengthens our risk profile, providing us with an edge over many competitors. Our resilience in the prolonged market downturn of the

shipping industry has clearly been demonstrated through our performance in comparison with our peers. Despite the persistent crisis, we continue to be able to originate

valuable and profitable new business with selected clients, particularly on the grounds of these diversifying criteria.”

Christian, let us talk about diversification of staff, why are these important for DVB?

”Our teams are the key asset, the cornerstone of the Bank. We highly appreciate their expertise, their creativity and passion. We shape our internal collaboration through

working teams which are multinational and cross-cultural. This, quite naturally, creates a working environment in which people treat each other with respect, and in which

they see working with colleagues from different cultural backgrounds as nothing out of the ordinary. Reflecting this, we joined the Diversity Charter back in 2007. By joining

this corporate initiative we committed ourselves to ongoing active promotion of our workforce’s diversity. Hence, our staff bring a great variety of backgrounds, influences,

cultures and capabilities to the table – and not least, varied views on markets, assets, and stakeholders. This has tremendous benefits for collaboration. It’s also important

for our clients and business partners, many of whom have a multicultural and international profile themselves.

In discussions with colleagues I’m constantly hearing a high degree of identification with our focused and diversified business model, and a strong commitment to our

Bank.”

”This is truly remarkable!”





As of 31 December 2016

COMPETENT_Competent having suitable or

sufficient skill, knowledge,

experience, etc., for some purpose;

properly qualified.1

We are competent –

this makes us unique in our industry.

1 dictionary.com

Seite 16

We are competent –

this makes us unique in our industry.

“DVB’s core strength is our specialised teams”,

says David Goring-Thomas,


responsible for Aviation Finance

and Land Transport Finance.

Brand profile – Competent

David, what are DVB's core areas of competence and expertise?

“Our core strength, in my view, is our specialised teams, with a mix of bankers and others coming from the industry. This gives us an unparalleled view about the right strategies and

transactions to follow. Over the years, the fact that we have had specialists consistently contributing through the decision-making process has been a competitive advantage in that our

clients have experienced a great reliability in our decision-making. In turn, our clients have then approached us for our ability to execute transactions, often at premium terms and pricing.

We are lucky in DVB to have the specialised Asset & Market Research teams. Our competitors do not have access to that type of capability, which over time enables us to make smarter

decisions, be it on strategy, deal-by-deal, or otherwise.”

How will we be able to continue to sustainably strengthen the DVB brand as a transport finance specialist?

“I am certain, that over the past years, we have successfully established the DVB brand. Market participants have gained a clear perception of DVB as a specialist institution and an expert

in our space. To sustain that brand, and strengthen it, is an equal challenge, but we will do so by maintaining our critical focus on our markets, intensifying our industry contacts, and by

further developing our key competencies, all of which will enable us to be active for our customers in both favourable and more difficult times. It will be during the challenging markets, when

we are consistently active in supporting our clients, whilst many of our less specialised competitors have withdrawn from the market, that DVB's 'value' will be most evident.”

David, what steps will the Bank take to ensure the present high level of competency is sustained?

“Our biggest assets is our staff and the expertise they bring, but of almost equal importance is how the skills of each individual are harnessed and effectively utilised. So, people and

processes!

For a bank of the size of DVB, with just 624 staff, we must be deeply committed to human resource development and should use all of the tools at our disposal to do. This of course requires

training, but it is also about looking first for the internal solution when promotion and other development opportunities arise. Turning to our processes, the other significant investment we

must make is in technology: which is required to further optimise the way in which we do things, and the efficiency of what we do. With the right systems and processes, we will be able to

maximise the impact of the competencies of our staff.

Our core competency, for which we are most renowned, is that we deliver effective financing solutions to our customers. This is what they are used to - and what they expect - from us.

Following 2016's bruising result, we must work to ensure a continuing trust in our stakeholder relationships, which should not be taken for granted, but are necessary for us to deliver the

capital and services which our clients expect.

The expertise and competency of our staff is of course needed to bring us through these tougher times, but moreover it is our ability to learn the lessons of the past, as well as to install and

follow best-practices, which will define our future success. For this reason, we will continue to foster and enhance the DVB "one bank, one culture, one spirit" concept, with teamwork being a

central pillar.”

“It is all about competence!”








TRUSTWORTHY_worthy of being trusted:

honest, reliable, or dependable.1

_able to be relied on to do or

provide what is needed or right:

deserving of trust.2

We are trustworthy –

this facilitates

reliable business relationships. 1 dictionary.com 2 learnersdictionary.com

Seite 21

We are trustworthy –

this facilitates reliable business

relationships.

“DVB’s goal is to maintain trusting relationships

on numerous levels”, says Ralf Bedranowsky,

CEO and Chairman of the Board of Managing Directors.

Brand profile – Trustworthy

"The banking sector is still in a crisis of confidence." Does this statement continue to apply?

“The banking sector has been in a crisis of confidence – for several years now. Many clients have had bad experiences with bank advisors, whereby banks have not exerted their influence

(or did so wrongly), exploited gaps in regulation, or abused the trust their clients have placed in them. Such a distorted perception of banks – which mainly work for themselves and their

owners – has strongly affected the public's view of our industry up until today. At DVB, we have always been committed to put the client focus into the center of our business conduct –

resulting in mutually beneficial business propositions followed by swift transaction execution. This is how we meet our clients’ expectations.”

Ralf, what makes DVB a trusted partner for its stakeholders?

“Trust is essential in business, especially so during these difficult times. Without trust, we can have no stable business relationship that is fair and profitable for both sides. In this context, we

always need to cater for different relationships having different needs. Our goal is always to maintain and strengthen trusting relationships on numerous levels – between the Bank and our

clients, investors, as well as other key stakeholders (industry participants, competitors, service providers, media or employees).”

What, in your opinion, are the specific and key benefits DVB offers clients?

“I am convinced that clients and business partners will perceive the following seven key benefits as compelling and stabilising:

/ We offer customised financing, structuring and advisory services that benefit from our renowned expertise in transportation assets and markets.

/ We offer a high level of execution competence.

/ We run a credit portfolio that is diversified in several ways.

/ We engage in professional and successful restructuring measures.

/ We developed our research know-how which is unique and enjoys a high reputation.

/ We enjoy a stable and reliable shareholder structure.”

Ralf, will clients and business partners continue to be able to place their trust in DVB as a reliable partner?

“Yes, running a cycle-neutral business model makes DVB a reliable partner to our selected clients in financing and advisory services, even in a market environment that continues to be

challenging. Despite the length and depth of the present shipping markets downturn, this isn’t the first storm the Bank has weathered – and on previous occasions we did not withdraw

availability and presence either. This strengthens trust and deepens the intensity of our client relationships for the long term. I am convinced that the strengths of our focus, our diversified

business model, and our continuous quest for further development, will see us through these difficult times as well.

2017, we will seek to protect our business model against the persistent market distortions in shipping and offshore markets, in order to satisfy the expectations of all our stakeholders, to the

extent possible – as required by our duty as diligent people of business.”

“Our success on the field requires well thought-out tactics and a sound defence!”








DVB’s mission statement

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.

The specialist in international transport finance

Page 25


Factbook __ May 2017 __ Competitive strengths

DVB’s business model (1)

Asset & Market Research

Structured Asset Lending

Private Equity Sourcing & Investments

Asset Management

Client Account

Risk Distribution & Loan Participations

Corporate Finance Solutions

Shipping

Finance

Aviation

Finance

Offshore

Finance

Land Transport

Finance

Page 26



DVB’s business model (2)

Business divisions Business areas Products Customers Core region

/ Tankers

/ Bulk carriers

/ Container ships

/ Car carriers

/ Container boxes

/ Smaller to larger public and private

companies (shipowners, shipping

companies, charterers)

/ Europe

/ North/South America

/ Asia/Australia

/ Passenger aircraft

/ Freighter aircraft

/ Aircraft engines

/ Airlines

/ Operating lessors

/ Logistic companies

/ Europe


/ Asia

/ Middle East/Africa

/ Offshore support vessels

/ Subsea & construction vessels

/ Drilling units

/ Floating Production Storage

and Offloading

/ Owners and operators of offshore

vessels

/ Experienced financial investors within

the offshore sphere

/ Europe


/ Asia/Pacific

/ Offshore

/ Rail-based (freight cars, loco-

motives, passenger train sets)

/ Rail-related

(container chassis)

/ Equipment lessors

/ Railway companies

/ Shippers or industrial clients with own

rail equipment fleets

/ Europe

/ North America

/ Australia

Shipping Finance

Aviation Finance

Offshore Finance

Land Transport Finance

Investment Management Fundmanagement:

/ Shipping & Intermodal

Investment Management

/ Aviation Investment

Management

/ Private Equity Sourcing &

Investments

/ SIIM: ship/rail car/intermodal owners,

leasing companies, financial

institutions

/ AIM: institutional investors (pension

funds, hedge funds, private equity

firms)

/ Global coverage

/ Asset & Market

Research

/ Risk Distribution &

Loan Participations

/ Corporate Finance

Solutions

/ Client Account

In all Transport

Finance divisions:

Aviation Finance

solely:

/ Aviation Asset

Management

/ Advisory Services

/ Structured Asset

Lending

Page 27



DVB’s ten competitive strengths

Business model clearly focused, distinctively specialised, diversified in many aspects, cycle-neutral and

international in scope

Business policy conservative and sustainable

Organisation transparent structures, swift information flow and prompt decision-making

Human resources highly qualified 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 granular and maturity-matched

Own funds sound capital base 10Page 28



Strengths

/ Clearly focused business model with a

unique specialisation, cycle-neutral

business approach, and a global

presence in all key transport markets

/ Conservative and sustainable business

policy

/ Transparent structures, with a high

degree of flexibility and fast decisions

/ Highly qualified, experienced staff

/ Customised products and services, high

level of client service, as well as 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

/ Granular and matched-maturity funding

/ Sound capital base through own funds

S

/ Higher liquidity costs, compared to most

competitors

/ Direct relationship between the Bank's

business development and GDP growth

/ Relatively high sector exposure

/ Global presence requires high staff

resources

/ High staff costs due to high levels of

employee qualification in terms of

academic expertise and experience

/ No material client deposits

/ Exposure to the euro/US dollar

exchange rate, with an impact on growth

and results

W

/ Realisation of margins in line with risks

taken

/ Expansion of anti-cyclical Investment

Management activities

/ Building new client relationships

/ Numerous initiatives taken to broaden

the product portfolio and enhance cross-

selling

/ Funding available through access to the

extensive liquidity offered by the

German Cooperative Financial Services

Network

/ Expanding the advisory and other

services offered to clients, banks, and

investors

/ Boosting DVB's reputation as a reliable

partner to the international transport

industry

O

/ High level of early repayments,

negatively impacting the net interest

margin

/ Rising number of insolvencies,

especially in the shipping and offshore

markets

/ Significant decline in transport asset

values, in various market segments

/ Rising threat of recession, on a global

scale

/ Distortions on the global financial

markets

/ Indebtedness of certain industrial

nations and emerging economies

/ Rise of the US dollar against the euro

/ Further increasing regulatory

requirements

/ Development of commodity prices, in

particular oil prices

T

DVB’s SWOT analysis

Weaknesses Opportunities Threats

Page 29



Instruments for sustainably dealing with credit risks

/ 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

Intensive

research and

close client

contact

/ e.g. specific covenants

in the Shipping Finance

contracts, like value

maintenance clauses

Close monitoring

of compliance

with all lending

agreements

/ Identification of

potentially higher risks

in case the market

environment

continues to deteriorate

by quarterly portfolio

stress tests

/ Basis: changing asset

values (specific haircuts)

and counterparties’

creditworthiness

(increase of probability

of default)

Early

Warning

List

/ Early detection of

increased risks of

potential problem

exposures

Closely

Monitored

List

/ 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

Watch

List

/ In general, transactions

are placed on the LLP

List if risks have

materialised, and the

deal has been classified

as defaulted.

Loan Loss

Provision

List

Page 30



It’s all about expertise!

We are well aware …

of the opportunities and

risks presented by the

cyclical transport markets

– both regionally and

internationally.We are familiar …

with the challenging

business issues faced

by our clients.

We understand …

the technical and

commercial details of

the assets we finance.

Page 31


Factbook __ May 2017 __ Expertise

Sustainability (1)

Developing a sustainability programme

/ To act sustainably is to act responsibly – on economic, environmental, social and governance criteria.

/ DVB is well aware of its multiple roles in society and makes a valuable contribution to society.

/ To further align this performance contribution with ethical, social and environmental values and to support

sustainable business development, the Board of Managing Directors has initiated a sustainability project.

/ A dedicated project team comprises members from various disciplines in the Bank. It is presently working on

various sustainability aspects.

/ In pursuit of this goal, we look to the German Sustainability Code to develop a customised, holistic sustainability

programme.

Page 32


Factbook __ May 2017 __ Sustainability

Sustainability (2)

Responsible corporate governance

/ Fostering fair and transparent competition is a cornerstone of our business philosophy. This is underpinned by our

compliance guidelines and our code of conduct. Our employees receive regular training on these and other issues.

/ DVB does not exert direct political influence. We are, however, an active member of various banking associations.

As donations to organisations with a political background are specifically excluded from the supportive funding

within our corporate citizenship concept, we made no political contributions in 2016.

/ DVB pursues a cycle-neutral business model, and has remained a reliable partner to its 607 clients – even in a

market environment that continues to be challenging. This strengthens trust and deepens the intensity of our client

relationships for the long term. As at year-end 2016, 54.6% of our clients had been using our range of services for

more than five years.

/ Our customer orientation is also appreciated by market experts. Since 2016, we have been awarded eleven

accolades by renowed industry magazines like Marine Money Shipping, Global Transport Finance and

Transport News.

Page 33





(January 2016 until March 2017)

Page 34

Sustainability (4)

Social responsibility vis-à-vis our staff

/ Our staff members are the key pillars of DVB. Our business model is based on their market and asset expertise,

their experience and diversity.

/ Given the Bank's international market profile, people at DVB work in cross-cultural, heterogeneous working groups

and project teams.

/ It is of particular importance to us to create a positive working environment in which employees are treated with

fairness and respect, where they feel motivated, and which offers them opportunities for personal career

development.

/ In pursuit of this goal, we promote diversity at all internal levels and sustainable human resources management.

/ Further information on our staff is available in the chapter „04/ About us“ (pages 126 to 135 of this presentation).

Page 35



Page 36Factbook __ May 2017 __ Sustainability



Sustainability (6)

Social responsibility vis-à-vis society (corporate citizenship)

/ Social responsibility matters to us. Therefore we regularly support charities through donations – be it money, time,

or resources.

/ Within the scope of our sustainability programme, we developed a corporate citizenship concept, to assume more

social responsibility, to build team spirit and motivation amongst our staff, and to take a more systematic approach

with the integration of our social activities into the business divisions, boosting the economic benefit of individual

measures.

/ Employees are welcome to bring forward suggestions for projects that they feel should be supported. We do not

support organisations whose main interest are political or religious in nature, and no organisations that discriminate

or are perceived as discriminatory.

/ To ensure compliance with our internal guidelines and self-regulatory codes adopted on a voluntary basis, our

evaluation team, in cooperation with our Group Compliance Office, closely assesses incoming suggestions.

/ The number and diversity of suggestions brought forward by our employees during 2016 is proof that our staff have

embraced the diversified corporate citizen concept and that our goals have been reached.

Page 37






Sustainability (8)

Environmental responsibility

/ As a financial services provider, i.e. a non-manufacturing business, our ecological footprint is largely shaped by

office operations such as facility management, materials usage, information technology and business-related

travel.

/ Within the scope of our sustainability project we are currently evaluating what we can do in the future to help

protect the global climate even more, and how we can get involved in environmental projects that align with our

business strategy. The results, measures and indicators stemming from these evaluations will be taken into

account as part of our sustainability programme.

/ The 2016 energy audit yielded additional insights for us – regarding our energy consumption and the establishment

of an efficient management of resources. Both in terms of electricity consumption per employee and heat

consumption per employee, DVB did very well in comparison with its German peers. Additionally, the group-wide

electricity, heat and paper consumption went down in 2016 thanks to several initiatives.

/ Through the cooperation with AfB gemeinnützige GmbH, we managed to avoid creating more than four tonnes of

electronic scrap in the past three years, and saved considerable amounts of energy, gas and solid material.

/ Since 2015, we have implemented a partnership with aireg – dedicated to supporting the climate efforts in the

aviation industry; we consider this initiative to be business transformational. We also want to identify a business

transformational project for DVB in the shipping industry.










02/ DVB – Business divisions and services42 Lending volume and new business

45 Shipping Finance

58 Aviation Finance

68 Offshore Finance





Customer lending volume

US$ bn 31 Mar 2017 31 Mar 2016 %

Shipping Finance 12.5 12.6 -0.8

Aviation Finance 8.7 9.1 -4.4

Offshore Finance 2.5 2.5 –

Land Transport Finance 1.8 1.7 5.9

Investment Management 0.6 0.6 –

ITF Suisse 0.4 0.6 -33.3

Business no longer in line

with DVB’s strategy 0.1 0.2 -55.0

Total 26.6 27.3 -2.6

€ bn 31 Mar 2017 31 Mar 2016 %

Shipping Finance 11.7 11.9 -1.7

Aviation Finance 8.1 8.7 -6.9

Offshore Finance 2.3 2.4 -4.2

Land Transport Finance 1.7 1.6 6.3

Investment Management 0.6 0.6 –

ITF Suisse 0.4 0.6 -33.3

Business no longer in line

with DVB’s strategy 0.1 0.1 –

Total 24.9 25.9 -3.9

by business division

by region

47.0% Shipping Finance

0.4% Business no longer in

line with DVB’s strategy1.6% ITF Suisse

2.4% Investment Management

6.8% Land Transport Finance

9.3% Offshore Finance

32.5% Aviation Finance

47.1% Europe

0.3% Australia & New Zeeland2.4% South America

4.0% Offshore

6.0% Middle East & Africa

16.5% Asia

23.7% North Amerika

Page 42


Factbook __ May 2017 __ Lending volume and new business

83.4

72.5

52.8

76.377.0

70.8

54.0

70.168.2

70.9

54.4

72.670.0 71.1

63.0

72.3

80.2

71.375.3

70.6

0

10

20

30

40

50

60

70

80

90

100

Shipping Finance Aviation Finance Offshore Finance Land Transport Finance

2012 2013 2014 2015 2016

Portfolio collateralisation

Loan-to-value ratio – relation between drawn loans and the market value of the assets financed

%

Page 43



New Transport Finance business

Shipping

Finance

Aviation

Finance

Offshore

Finance

Land Transport

Finance

New business

in Transport

Finance

31 Mar 2017

New business

in Transport

Finance

31 Mar 2016

Number of new deals 19 15 – 2 36 27

Underwritten €445.6 mn €509.1 mn – €90.9 mn €1,045.6 mn €1,222.5 mn

Avg. deal size €23.5 mn €33.9 mn – €45.5 mn €29.0 mn €45.9 mn

Leading role 63.4% 83.8% – 100.0% 76.5% 84.3%

Page 44



Shipping Finance –

In-depth expertise

Page 45

Shipping Finance – In-depth expertise

Our mission statement: „To create sustainable risk-adjusted income through providing bespoke financial

solutions to our diversified client base, leveraging our unique global position in the shipping industry”

/ Our dedicated approach and our commitment to the shipping industry bring us closer to our clients.

/ Our Shipping Finance portfolio is strongly diversified across sectors and geographic regions.

/ Our target assets include, amongst others, tankers (crude oil, gas, chemical, product), dry bulk vessels,

container vessels, container boxes, car carriers and ferries.

/ 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.

Page 46


Factbook __ May 2017 __ Shipping Finance

Shipping Finance portfolio (31 Mar 2017: €11.7 bn)

Total lending volume by vessel type

1.2% Ferries, passenger vessels

47.9% Tankers

thereof:

14.6% Crude oil tankers

11.3% Gas tankers

11.1% Chemical tankers

10.9% Product tankers

Total lending volume by country risk

54.0% Europe

3.3% Offshore


15.7% Asia

21.6% North & South America25.0% Bulk carriers

0.8% Central America &

Caribbean

1.3 % Others

1.6% Cruise ships

2.7% Container boxes

3.6% Car carrier

16.7% Container carriers

Page 47



Shipping Finance – Deal of the year 2016

IVS Bulk

In 2016, DVB closed a deal with IVS Bulk Pte Ltd (IVS Bulk), a subsidiary of Grindrod Shipping Pte Ltd, established in 2013. On the

back of our marketing efforts since 2008, we have established an active and engaging relationship with Grindrod Shipping since our

first ship finance deal for a fleet of tanker and dry bulk vessels in 2011. We closed our first deal with IVS Bulk in 2014 for six of the

twelve newbuildings. With the lowest dry bulk markets, the follow-on deal with existing club banks for the remaining six newbuildings

did not materialise at that time.

Given the relationship established with Grindrod over the years and our commitment to support the company’s shipping ventures, we

were asked to assist in structuring a deal for their remaining Supramax and Handysize vessels. Together with the client, we arranged

a conservatively structured finance package as back-stop finance for the state-of-the-art newbuildings.

The deal was syndicated in close cooperation with our Financial

Institutions and Syndications team.

Despite challenging markets, DVB was able to successfully syndicate

the remaining commitment to a European and Japanese lender.

customers. Grindrod Shipping was very appreciative of our continuous

support, providing structured services at times when other lenders were

withdrawing from dry bulk deals – even for their relationship.

Page 48



Shipping Finance – Some important deals 2016

Pacific Gas

PDP Financing

1 x newbuild Very Large Gas Carrier

US$13.3 million

Sole Arranger & Underwriter

Scorpio Tankers

364-Day Refinancing Facility

4 x product tankers

US$90 million

Sole Arranger, Underwriter & Lender

Sloman Neptun

Financing for

2 x newbuild Capesize bulk carriers

US$48 million

Mandated Lead Arranger

Trafigura

Sale-and-Lease-Back Financing

3 x newbuild MR product tankers

(2015 and 2016)

Co-investment with MSEA Capital

MTMM

Refinancing for

6 x chemical tankers

US$37.2 million

Arranger & Agent

MSC Mediterranean Shipping Company

Financing for

Fleet of container vessels

US$80 million


Minsheng Financial Leasing/Trafigura

Senior Loan Facility

8 x bitumen tankers

US$149 million

Arranger

Lavinia/Laskaridis

Amortising Term Loan

2 x newbuild Newcastlemax dry bulk vessels

US$50 million

Bilateral

Grindrod/IVS

Senior Secured Term Loan Facility

2 x newbuild Handysize and

3 x newbuild Supramax dry bulk vessels

US$21 million

Sole Arranger & Bookbuilder

Goldenport

Refinancing for

5 x Supramax dry bulk vessels

US$27 million

Bilateral

Awilco Eco Tankers

Financing for 4 x Eco design

Very Large Crude Carriers

US$230 million (club deal with ABN,

Nordea and Credit Agricole)


CMA CMG

Japanese Operating Lease

with Call Option

Fleet of reefer container boxes

Mandated Lead Arranger &

JOLCO Arranger

Tsakos Energy Navigation (TEN)

Refinancing of

2 x Suezmax tankers

1 x Very Large Crude Carrier

US$30 million

Co-Arranger

Page 49



Shipping/Offshore Finance – Accolades

__ 2016

/ Bank Debt – West; Deal of the Year 2015 Marine Money Shipping

/ Export Credit Agency – West; Deal of the Year 2015 Marine Money Shipping

__ 2013

/ Editor’s Choice Award – Navigator Gas Marine Money

/ Editor’s Choice Award – Sovcomflot Marine Money

/ Contribution to Ship Financier Marine Money

/ Bank Debt Deal of the Year 2012 Marine Money Offshore

/ Editor’s Choice Award 2012 – Norskan Offshore Marine Money Offshore

/ The Ship Finance Award Seatrade Asia

__ 2012

/ Shipping Financier of the Year Greek Shipping Awards (Lloyd’s List)

/ Leasing (East) Deal of the Year 2011 Marine Money

/ Securizations Deal of the Year 2011 Marine Money

Page 50




__ 2011

/ Editor’s Choice of the Year – West Marine Money

/ Editor’s Choice of the Year – Shipping Research Marine Money

/ Leasing Deal of the Year – East Marine Money

/ Project Finance Deal of the Year Marine Money

/ Export Credit Deal of the Year – West Marine Money

__ 2010

/ Asia Ship Finance Award 2010 Seatrade Asia

/ Shipping Debt Deal of the Year – South America Jane’s Transport Finance

/ Shipping Leasing Deal of the Year Jane’s Transport Finance

__ 2009

/ Shipping Deal of the Year – North America Jane’s Transport Finance

/ Award for Contribution to Ship Finance 2008 Marine Money

Page 51




__ 2008

/ Best Shipping Finance Research Lloyd’s Shipping Economist

__ 2006

/ Restructuring Deal of the Year 2006 Marine Money


/ Ship Finance Personality for Dagfinn Lunde Lloyd’s Shipping Economist

/ M&A Deal of the Year 2005 Marine Money

__ 2007

/ Shipping Debt Deal of the Year – Europe Jane’s Transport Finance

__ 2005

/ Best Shipping Finance Research Lloyd’s List Economist

Page 52




__ 2004


/ Shipping Equity Deal of the Year Jane’s Transport Finance

/ Most Innovative Shipping Finance Deal Lloyd’s Shipping Economist

/ Best Ship Financier Lloyd’s List Maritime Asia

__ 2002

/ Most Professional Overall Finance Service to Shipping Lloyd’s Shipping Economist

__ 1999


__ 2001

/ Best Overall Knowledge of the Tanker Sector Lloyd’s Shipping Economist

__ 2000

/ Most Innovative Ship Finance Institution Worldwide Lloyd’s Shipping Economist

Page 53



2017

Shipping markets – Outlook 2017

/ Economic growth expectations for 2017 are lower than previously anticipated. This lower growth mode means that

it will take longer for most shipping sectors to see a noticeable uptick in demand.

/ Meanwhile, overcapacity in the existing fleets remains a challenge.

/ Difficult market conditions for shipping and offshore sectors are putting pressure on shipyards, which in turn

encourage ordering activity by lowering prices – thereby further delaying recovery prospects.

/ The lack of private equity activity and bank financing in the second-hand market will continue to stress market

values especially for older tonnage.

/ Defaults and consolidation of ship owners and charterers have occurred and are expected to continue.

/ Major regulatory changes are on the way, starting with the Ballast Water Treatment becoming effective in

September 2017. As this new regulation translates into additional investments, it is expected to accelerate the

phasing out of older units (especially larger ones for which ballast water treatment installations are most

expensive).

Page 54Factbook __ May 2017 __ Shipping Finance


2017

Shipping markets – Outlook 2017 (container vessels)

/ The demand for container shipping is changing with lower demand growth as the new normal. The GDP Multiplier

(global TEU growth to global GDP growth) is shrinking and projected in the area of 1 to 1.5 in the next years. This

compares to a GDP Multiplier of 3 before the financial crisis and of 2 post the financial crisis.

/ Contracting of new vessels slowed down in 2016 and the beginning of 2017. However, the high contracting activity

in previous years will accelerate the delivery of larger container vessels.

/ The order book stands at 13.7% of the existing fleet. However, this capacity is scheduled for delivery during a

relatively short period of time: i.e. 210 vessels (1.4 million TEU) in 2017 and 170 vessels (1.4 million TEU) in 2018.

The order book for very large container ships (VLCS) accounts for 81.1% of the existing fleet, which compounds

problems in the container segment – leading to significant continued cascading pressure on the smaller segments.

/ The supply-demand imbalance is expected to continue and freight rates to remain low and under pressure as the

container market struggles to employ the large vessels that are being delivered.



2017

Shipping markets – Outlook 2017 (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.

/ The dry bulk market is expected to have bottomed out in 2016. 2017 will see a gradual improvement before

reaching a market balance in 2018 equivalent to the balance of demand and supply observed in 2012‒2013. The

main challenge is that fleet growth has outpaced demand growth for a period of time. So while market

fundamentals have been improving in 2017 with demand growth expected to outpace supply growth, there is still a

significant amount of excess capacity that needs to be absorbed before a fundamentally supported rebound

occurs.

/ The dry bulk market has experienced a strong start to 2017 and the Baltic Dry Index has increased by 161%

compared to the same period in 2016. As per end of the first quarter of 2017, the order book stood at 7.7% of the

existing fleet. The majority of these vessels is scheduled for delivery in 2017 and 2018.

/ The newly ratified ballast water treatment convention could potentially lead to increased scrapping of older

tonnage, which would ensure a faster return to better-balanced market fundamentals.



2017

Shipping markets – Outlook 2017 (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 grow at a slow but steady pace. The total growth in 2017 is

predicted to be around another 1.4%, to 98 million barrels per day. This increase will be generated entirely from non-OECD countries, namely

China, India and Brazil.

/ The OPEC’s production cuts are starting to get effective, with the new output ceiling set at around 33 million barrels per day ‒ a reduction of

about 1.2 million barrels per day compared to the production peak in 2016. We expect the overall oil inventory levels starting to drop during

the first half of 2017.

/ Non-OPEC production is still expected to account for the largest share of the world production growth in the next five years. OPEC production

is likely to remain at high levels at around 33 million barrels per day, representing a decrease around 3% over the previous year.

/ Meanwhile, on the vessel supply side, although ordering activity has been limited in the past few years, newbuilding contracts picked up in

2015 and a large portion (62%) of the order book will be delivered in 2017. In the coming 18 months, the Very Large Crude Carrier fleet is

forecast to increase by 7% and the Suezmax and Aframax fleets by 14% and 7%, respectively.

/ Even with slippage of some scheduled deliveries, the low scrapping rate ‒ coupled with new deliveries ‒ continues to be a setback, with the

increase in capacity exceeding the growth in demand. Hence, fleet utilisation for crude tankers is expected to be under pressure throughout

the year which will lead to a decrease in earnings. Both earnings and asset values are likely to have further minor downward corrections and

return to levels more in line with the underlying longer-term supply and demand fundamentals.



Aviation Finance –

Integrated platform

solutions

Page 58

Aviation Finance – Integrated platform solutions (1)

Our mission statement: As a hybrid institution, we provide our customers with the most efficient

blend of capital and services at any period in time and at any point along the industry cycle.

/ 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.

Page 59


Factbook __ May 2017 __ Aviation Finance

2017

Aviation Finance – Integrated platform solutions (2)

Aviation

Investment

Management

Aviation

Asset

Management

Aviation

Financial

Consultancy

Asset Research

Structured

Asset

Financing

Information & Strategic Marketing

DVB Aviation

Page 60



Aviation Finance portfolio (31 Mar 2017: €8.1 bn)

Total lending volume by aircraft type Total lending volume by country risk

6.1% Regional jets

thereof:

5.8% Embraer

0.3% Bombardier

5.2% Freighters

thereof:

4.6% Boeing

0.6% Airbus

1.9% Turboprops

thereof:

1.7% ATR

0.2% Bombardier

50.1% Narrowbody pax

thereof:

25.8% Boeing

24.3% Airbus

32.5% Europe

2.2% South & Central America

4.3% Offshore


23.9% Asia & Australia

36.7% Widebody pax

thereof:

22.9% Boeing

13.8% Airbus

26.2% North America

Page 61



Aviation Finance – Deal of the year 2016

KDAC

In April 2016, Aviation Investment Management (AIM), in its capacity as consultant to the Deucalion Aviation Funds, signed a sale

agreement with one of DVB’s long-standing partners, AerCap, for the purchase of a portfolio of 37 aircraft.

The well-diversified portfolio of mid-life assets formed the basis for a new joint venture ‒ called KDAC ‒ between Deucalion Limited

and one of its investment firm partners. The subject deal, with its substantial size, offered the opportunity to build a platform with the

flexibility to grow and explore multiple exit opportunities.

The portfolio’s size, equity requirement, and average age of ten years represented challenges for some competing bidders. By

utilising the resources and expertise of our wider Aviation platform, AIM was able to identify value in the portfolio where others had

been unable to do so. Furthermore, the execution capabilities of AIM were an added attraction for the seller which was looking to

meet a tight closing timetable.

Our Aviation Asset Management team was appointed servicer of the

portfolio and our structured lending team joined the senior debt facility

as a co-underwriter with BNP Paribas (lead arranger) and Citibank (co-

underwriter). The transaction reinforced our position as a market leader

when it comes to managing experienced third-party equity in large mid-

life aircraft deals.

Page 62



Aviation Finance – Some important deals 2016

Allegiant

Full Recourse Financing

5 x A320-200

Bilateral

Asiana Airlines

Finance Lease

Portfolio of 9 used aircraft

Agent & Arranger

Avolon

Limited Recourse Financing

Portfolio of 7 aircraft

Debt Arranger & Underwriter

Gulf Air

Financial Advisory Mandate

Arrange financing for 20 aircraft

delivering 2018‒2020

Sole Advisor

LOT Polish Airlines

Aircraft Sourcing, Lease Negotiation

and Analysis

B737 family and A320 family aircraft

Sole Advisor

Nordic Aviation Capital

Japanese Operating Lease with

Call Option

3 x ATR72-600 on lease to Garuda


Singapore Airlines

Sale of 5 x A320 aircraft

on behalf of the airline's subsidiary

Tiger Airways

Remarketing Agent

Guggenheim (now Altavair)

Limited Recourse Financing

2 x A330-300 on lease to Delta

Agent & Arranger

DVB

Aviation

Asset

Management

DVB's Aviation Asset Management

139 aircraft under lease management

in 2016

DVB’s Aviation Investment Management

Investment Consultant to equity funds owning

132 commercial aircraft on lease

2 airline equity investments

More than US$1 billion of equity

currently managed

DVB

Aviation

Investment

Management

SPDB Financial Leasing

Operating Lease Financing

2x B737-800 on lease to Shandong Airlines

Agent & Arranger

Vietnam Airlines

Finance Lease Financing

1 x B787-9

Arranger

Virgin Atlantic

JOLCO Financing

B787-9


Page 63



Aviation Finance – Accolades

__ 2017

/ Aircraft Securisation Deal of the Year – US Global Transport Finance

/ Aircraft Finance Portfolio Acquisition Global Transport Finance

__ 2012

/ Sale/Leaseback Deal of the Year 2011 Airfinance Journal

/ Predelivery Payment Deal of the Year 2011 Airfinance Journal

/ North America Deal of the Year 2011 Airfinance Journal

__ 2016

/ Europe Deal of the Year Airfinance Journal

/ Used Aircraft Deal of the Year Airfinance Journal

__ 2015

/ Commercial Loan Deal of the Year Airfinance Journal

__ 2013

/ Used Aircraft Deal of the Year 2012 Airfinance Journal

Page 64




__ 2010

/ Regional Jet Deal of the Year Airfinance Journal

/ Aviation Research House of the Year Jane’s Transport Finance

__ 2009

/ Aircraft Debt Deal of the Year – North America Jane’s Transport Finance

/ Aircraft Debt Deal of the Year – South America Jane’s Transport Finance

__ 2008

/ Aircraft Debt Deal of the Year – Asia Jane’s Transport Finance

/ Aircraft Debt Deal of the Year – Middle East Jane’s Transport Finance

/ Aircraft Capital Markets Award Jane’s Transport Finance

/ PDP Deal of the Year Airfinance Journal

/ Cargo Finance Deal of the Year Airfinance Journal

/ Africa Deal of the Year Airfinance Journal

Page 65




__ 2007

/ Aircraft Debt Deal of the Year – Africa Jane’s Transport Finance

__ 2005

/ Long Term Aircraft Finance Deal of the Year – Middle East Jane’s Transport Finance

__ 2002

/ Aircraft Debt Deal of the Year – Europe Jane’s Transport Finance

Page 66



2017

Aviation markets – Outlook 2017

/ Demand perspectives for passenger transport still remain very positive. Airfreight volumes have recovered strongly in 2017 year-to-date.

Passenger yields were falling as a result of low oil prices, but this trend has probably come to an end.

/ Global airline results are strong and – thanks to the low oil price and high load factors – reached record levels during 2016 on an aggregated

level. With increasing fuel and labour cost, 2016 has probably marked the peak in the cycle and indeed some carriers are coming under

pressure. There are no industry reasons to expect a dramatic downturn, but global political instability, terrorism, populist and protectionist

rhetoric could undermine the confidence of the consumers in international travel as well as international trade.

/ Despite lower order volumes during 2015/2016 vs 2013/2014, the backlog for commercial jets is still very high at around 13,225. The majority

of orders is for the Airbus A320neo and Boeing 737 MAX. At 2016 delivery levels, the backlog is equivalent to just over eight years of

production. The volume of commercial jet orders (western-built, all civil operators) during 2016 was 10% down compared to 2015 and even

40% down compared to the record order year 2014. The Q1 2017 orders were at the same level as during the first quarter of 2016.

/ The generation change in terms of aircraft technology is taking place over the full spectrum of jet categories. There is market speculation

about new variants of existing programmes, but these are unlikely to be launched this year. We do expect the launch of the Boeing 737MAX-

10 later in 2017. A decision on Boeing’s “Middle-of-the-Market” jet concept is not expected any time soon. The twin-aisle market has seen

some order deferrals as airlines start to notice some overcapacity developing from an extended use of their older aircraft.

/ Aircraft lessors control an increasing share of the global commercial jet fleet. They enjoy good popularity with the global investor community.

Consolidation has already taken place in the top 10 of the league and some more can be expected. At the same time, new lessors are

entering the market, frequently driven by Asian investors seeking currency protection in US-dollar denominated assets.

/ Aircraft values seem to be just past a cyclical peak; select larger twin-aisle jets are showing clear weakness. In general, there is currently

ample commercial financing available for new and increasingly also for used aircraft, especially if sold with a lease attached. There is no

reason to expect a sharp downturn in the short term for single aisles, but an unexpected economic slowdown or a fuel price spike could

change things rapidly, similar to 2008.

Page 67Factbook __ May 2017 __ Aviation Finance


Offshore Finance –

Highly specialised industry

Page 68

Offshore Finance – Highly specialised industry

Our mission statement: „To create sustainable risk-adjusted income through providing bespoke financial

solutions to our diversified client base, leveraging our unique global position in the offshore industry”

/ 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 company-specific strategic alternatives

with them, offering added-value services like Advisory and M&A.

/ Our clients within the industry range from owners/operators of offshore vessels to experienced financial investors

within the offshore sphere, the majority of which is concentrated in the offshore hubs of Europe, the Americas, and

Asia/Pacific.

/ Clients and prospective clients are serviced from three different locations: Singapore, New York and Oslo.

Page 69


Factbook __ May 2017 __ Offshore Finance

Offshore Finance portfolio (31 Mar 2017: €2.3 bn)

Total lending volume by asset type Total lending volume by country risk

22.5% Drilling

thereof:

17.5% Rigs

5.0% Drillships

8.1% Floating Production –

F(P)SO

50.9% Europe

0.7% Middle East &

Africa 8.1% North & South America

11.7% Offshore

13.4% Central America &

Caribbean

15.2% Asia/Pacific24.1% Subsea

thereof:

9.9% Offshore construction vessels

5.2% Seismic survey vessels

5.1% Multi-function service vessels

1.4% Standby rescue vessels

2.5% Others

45.3% Offshore support

thereof:

23.1% Platform supply

vessels

19.7% Anchor handlers

2.5% Oil well service

vessels

Page 70



Offshore Finance – Deal of the year 2016

Greatship

Wholly-owned by the Great Eastern Shipping Company, the Greatship Group started operations in 2006. Today, the company owns a

fleet of four jack-up drilling rigs and more than 20 offshore support vessels.

Greatship entered the contract drilling business in 2009 after it took delivery of two Keppel FELS jack-up drilling rigs (Mod V-B

design). Two newbuildings from Lamprell (LeTourneau Super 116E design) were added to the fleet in 2013 and 2015. These four

units are on charter to Oil and Natural Gas Corp (ONGC) in India and are the most established designs for modern, non-harsh

environment jack-ups. They have been enhanced to meet the operating challenges of the Indian continental shelf, and also to drill

high-pressure/high-temperature wells.

Having continually banked the offshore business of the Great Eastern Shipping Group for over 15 years, we were invited into the

senior secured facility for the refinancing of Greatship’s four modern high-spec jack-up rigs.

The client approached us due to our longstanding relationship, and our

ability to assess the viability of the project despite the challenges in the

offshore sector. The modern assets with long-term ONGC contracts, and

Greatship’s financial strength attracted heavy competition. In this

transaction we partnered with four more financial institutions, each

taking equal stakes.

Page 71



Offshore Finance – Some important deals 2016

Greatship (India) Limited

Financing for

4 x modern high-specification

jack-up drilling rigs

US$268 million


Gulf Agency Company

Fleet refinancing for

14 x offshore support vessels

Leveraging up to part-finance the acquisition

of 2 x anchor handling tug vessels

US$20 million

Bilateral

Volstad Maritime

Financing for “Grand Canyon III”,

a state-of-the-art ST259 offshore

construction vessel newbuilding

US$70 million

Co-Arranger

Page 72




__ 2016

/ Bank Debt – West; Deal of the Year 2015 Marine Money Shipping

/ Export Credit Agency – West; Deal of the Year 2015 Marine Money Shipping

__ 2012

/ Shipping Financier of the Year Greek Shipping Awards (Lloyd’s List)

/ Leasing (East) Deal of the Year 2011 Marine Money

/ Securizations Deal of the Year 2011 Marine Money

__ 2013

/ Editor’s Choice Award – Navigator Gas Marine Money

/ Editor’s Choice Award – Sovcomflot Marine Money

/ Contribution to Ship Financier Marine Money

/ Bank Debt Deal of the Year 2012 Marine Money Offshore

/ Editor’s Choice Award 2012 – Norskan Offshore Marine Money Offshore

/ The Ship Finance Award Seatrade Asia

Page 73




__ 2009

/ Shipping Deal of the Year – North America Jane’s Transport Finance

/ Award for Contribution to Ship Finance 2008 Marine Money

__ 2011

/ Editor’s Choice of the Year – West Marine Money

/ Editor’s Choice of the Year – Shipping Research Marine Money

/ Leasing Deal of the Year – East Marine Money

/ Project Finance Deal of the Year Marine Money

/ Export Credit Deal of the Year – West Marine Money

__ 2010

/ Asia Ship Finance Award 2010 Seatrade Asia

/ Shipping Debt Deal of the Year – South America Jane’s Transport Finance

/ Shipping Leasing Deal of the Year Jane’s Transport Finance

Page 74




__ 2005

/ Best Shipping Finance Research Lloyd’s List Economist

__ 2008


__ 2006

/ Restructuring Deal of the Year 2006 Marine Money


/ Ship Finance Personality for Dagfinn Lunde Lloyd’s Shipping Economist

/ M&A Deal of the Year 2005 Marine Money

__ 2007

/ Shipping Debt Deal of the Year – Europe Jane’s Transport Finance

Page 75




__ 1999


__ 2001

/ Best Overall Knowledge of the Tanker Sector Lloyd’s Shipping Economist

__ 2004


/ Shipping Equity Deal of the Year Jane’s Transport Finance

/ Most Innovative Shipping Finance Deal Lloyd’s Shipping Economist


__ 2002

/ Most Professional Overall Finance Service to Shipping Lloyd’s Shipping Economist

__ 2000

/ Most Innovative Ship Finance Institution Worldwide Lloyd’s Shipping Economist

Page 76



2017

Offshore markets – Outlook 2017

/ Continued oil price uncertainty is leading to further cuts in exploration and production (E&P) spending

as oil and gas majors not only implement cost-cutting programmes, but also delay investments. It is expected that

offshore E&P spending will decrease by another 8% in 2017, with capital expenditures being more affected than

operational expenditures.

/ Demand for most offshore asset types is expected to further decline. Demand in regions with comparatively higher

oil price breakevens – such as the North Sea, West Africa or Brazil – continued to be more affected than lower-cost

production regions such as the Middle East.

/ On the supply side, the number of units on order remains large for most asset types. Rig owners and shipowners

are expected to continue to take measures to reduce supply growth as much as possible, by delaying deliveries

and scrapping older units.

/ In the short term, the initiatives for supply adjustment measures will not be sufficient to make up for the lost

demand. Hence, fleet utilisation is still expected to decline. As a consequence, the number of stacked units is likely

to continue to grow as shipowners and rig owners strive to preserve cash.

/ As the market continues to remain difficult, cash reserves amongst rig owners and shipowners are becoming

depleted. Hence, we expect restructurings, distressed sales and bankruptcies to continue to be major topics during

2017.

Page 77Factbook __ May 2017 __ Offshore Finance


Land Transport Finance –

Consistent client franchise

Page 78

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 transactions, 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.

Page 79


Factbook __ May 2017 __ Land Transport Finance

Land Transport Finance portfolio (31 Mar 2017: €1.7 bn)

Total lending volume by asset type Total lending volume by country risk

52.8% Europe

2.8% Australia

44.4% North America

91.7% Rail-based

thereof:

62.8% Freight cars

19.4% Locomotives

8.1% Regional passenger train sets

1.4% Passenger coaches

8.3% Rail-related

thereof:

8.2% Container chassis

0.1% Tank containers

Page 80



Land Transport Finance – Deal of the year 2016

ELL European Locomotive Leasing

ELL European Locomotive Leasing (ELL), Vienna, Austria, is a young but already leading lessor in the European locomotive full-

service leasing market. Set up in 2014, the company developed swiftly into a prominent position by leasing out the most modern

Siemens Vectron electric locomotives, offering the best market prospects in the European rail sector.

ELL approached us and other lenders early 2016 with the request for an extended refinancing facility that would allow optimising the

existing facility; provide debt for the future investments in 30 additional state-of-the-art electric locomotives; and support an even

further growth potential. In June 2016, the new eight-year term loan and revolving facility for ELL was signed. The security package

comprised typical asset-based elements. We acted as Hedging Bank as well as Facility and Security Agent for an international club of

six banks, and took the largest debt share.

This transaction improved ELL’s financing structure and pushed its

range of operational possibilities. We were pivotal for the closing of this

important deal and was again fully recognised as leading lender and

reference bank in this landmark transaction.

Page 81



Land Transport Finance – Some important deals 2016

ELL European Locomotive Leasing

Senior Secured Term Loan & Capex Facility

Portfolio of Siemens Vectron E-Locomotives

€93 million

Hedging Bank, Facility and Security Agent &

Club Lender

NACCO, a CIT Company

Senior Secured Term Loan

Portfolio of freight railcars

Co-Arranger

SMBC Rail Services

Term Loan

Various railcars

US$50 million

Lead Arranger, Administrative &

Syndication Agent

Touax Rail

Three Term Loans

Diversified fleets of European freight cars

€97.6 million

Arranger, Facility and Security Agent &

Lender in two club deals and one direct loan

Napier Park

First ever Liquidity Facility for

Railcar ABS Notes

2,905 railcars

Arranger & Sole Provider (DVB)

Structuring Agent (DVBCF)

Page 82



Land Transport Finance – Accolades

__ 2014

/ Rail Finance Innovator of the Year Global Transport Finance

/ Rail Finance Deal of the Year – Europe Global Transport Finance

__ 2017


/ Rail Capital Markets Deal of the Year – Americas Global Transport Finance

/ Rail Finance Deal of the Year – Americas Global Transport Finance

/ Best International Transport Finance Provider – Germany Transport News

__ 2015

/ Rail Finance Deal of the Year – Europe Global Transport Finance

__ 2012


__ 2011

/ Rail Finance Innovator of the Year Jane’s Transport Finance

Page 83



Land Transport Finance – Accolades

__ 2007

/ Rail Finance House of the Year Jane’s Transport Finance

/ US Rail Deal of the Year Jane’s Transport Finance

__ 2009

/ Americas Rail Deal of the Year Jane’s Transport Finance

__ 2006

/ European Rail Deal of the Year Jane’s Transport Finance

__ 2005

/ Road Finance Innovator Jane’s Transport Finance

__ 2010

/ European Rail Deal of the Year Jane’s Transport Finance

__ 2008

/ Rail Finance House of the Year Jane’s Transport Finance

/ US Rail Deal of the Year Jane’s Transport Finance

Page 84



2017

Land transport markets – Outlook 2017

/ Demand perspectives for freight transport are positive in Australia and neutral for Europe and North America. The outlook for the European

rail passenger market is positive. Transport price, lease rate and utilisation rate increases can be expected in Australia, whereas the picture is

flat in the other two geographies.

/ In its reference scenario, the European Commission expects an annual 1.6% increase of European logistics and freight transport activity

between 2010 and 2030. SCI Verkehr forecasts a 1.4% rail freight performance (tonne-km) growth p.a. in Europe, 1% growth p.a. for new

locomotives and new freight cars as well as 4% p.a. for new urban rail equipment worldwide between 2016 and 2020. The U.S. Department

of Transportation’s Bureau of Transportation Statistics and Federal Highway Administration projected a compound annual growth rate of

+0.8% in rail freight for the period 2016‒2045. Moody’s projects a neutral to ‒1.8% rail volumes scenario for North America for 2017.

/ The US freight car backlog now predominantly consists of cars which are not built for the now waning oil industry. Regulatory changes for

flammable liquid tank cars distort the economics for a large part of the existing flammable liquid tank car fleet. However, recent large

investments into the general chemical industry due to low natural gas prices in the US will start to trigger more transport by tank cars and

jumbo covered hoppers.

/ Coal markets are still depressed in the United States (tighter emission regulations) and the United Kingdom (doubling of the carbon tax and

closure of some coal-powered stations), subdued in Australia (lower growth in demand from Asia, but the China-Australia Free Trade

Agreement lifts many import duties), but doing fine in continental Europe (more import due to mine closures). President Trump’s emphasis on

the reliance on coal could stimulate the important coal sector in USA. The largest iron ore mines and iron ore railroads will grow, the others

will decline or shut down until iron ore prices considerably rise again.

/ Intermodal transport is likely to stay stable in Australia and North America. It will probably decrease slightly in Europe.

/ Locomotive and freight car demand is weak in all three geographical areas, since current fleets must be better utilised first. Asset prices are

stable or increasing outside energy sectors (coal, oil and sand).

/ Leasing companies continue to gain market share in Europe and for freight cars also in North America.

Page 85



Financial Institutions and Syndications

Our skills and expertise as an arranger and syndicator mean that clients can rely on DVB to place their financing

requirements. We support our four Transport Finance divisions in raising non-public mezzanine and market debt globally.

The key drivers of our successful strategy are:

/ We coordinate existing and establish new relationships with global financial institutions.

/ We develop and maintain a good understanding of each financial institution’s risk appetite and requirements.

/ We ensure close cooperation with DVB’s global transport finance network, research and advisory teams.

/ We provide competitive pricing structures based on up-to-date information, access to global networks and ad-hoc analysis.

/ We empower effective management of the syndication process and provide a personalised bespoke approach towards

the banking partners.

/ We understand the wider economic conditions and how they affect transportation financing.

/ We offer shipping ECA (primarily maritime) arranging and coordination.

/ We coordinate secondary loan purchasing.

Page 86Factbook __ May 2017 __ Financial Institutions and Syndications


Financial Institutions and Syndications portfolio

(31 Mar 2017: €322.1 mn)

Total sell-down volume by business division

62.3% Aviation Finance37.7% Shipping Finance



Financial Institutions and Syndications – Outlook 2017

/ The banking industry is at the cross roads with both threats as well as opportunities on the horizon. The advent of Basel IV regulation coupled

US dollar/euro exchange rates and a requirement to refocus on capital efficiency and non-risk-weighted-asset income (instead of loan

production) appear to be the key near-term issues facing banks. Macroeconomic and geopolitical uncertainty caused by the above factors is

increasing long-term costs of liquidity: this has partially contributed to shorter loan tenors being preferred across all industries.

/ With challenging shipping and offshore markets, it is expected that banks will continue to exit or scale down lending activity for the remainder

of the year and new appetite for shipping and offshore is likely to remain muted. We note however a more positive sentiment in the dry bulk

market which will potentially impact opportunistic lending towards this sector the second quarter of 2017. Capacity will either be reserved for

existing and core clients or focus on credit quality and vessel employment.

/ Within the world of aviation, senior secured debt remains popular, with some financial institutions continuing to expand their remits to include

limited-recourse portfolios, non-recourse balloons, operating leases, warehouse facilities and junior loans – all whilst attempting to minimise

balance sheet usage (utilising institutional funds and debt securitisation vehicles). Young narrowbodies continue to be regarded as the most

appealing aviation asset, due to their liquid element.

/ In rail, activity is expected to still be focused around the North American and European regions. Liquidity will remain available for portfolio

deals benefiting from a good diversification in terms of railcars and younger equipment. Appetite for small leasing companies with strong

financial track records as well as larger leasing companies and/or publicly-owned borrowers will likely be present.

/ For the remainder of the year, the Financial Institutions and Syndications team expects the number of deals closed for Aviation Finance and

Land Transport Finance to be similar to 2016. This however may not be enough to offset the expected slowdown in shipping and offshore

transactions. Despite the challenges facing the transportation industry, the Financial Institutions and Syndications team aims to continue to

leverage our asset and arranging expertise in order to strengthen existing and newly formed bank partnerships; and to work with our industry

partners in the sourcing of liquidity for our clients and wherever applicable, the distribution of loans.



DVB Corporate Finance

Our overall objective is to increase non-capital binding revenue, enhance cross-selling of DVB’s products

and services, and contribute to sustainable top- and bottom-line growth of the DVB franchise.

/ As a bank-wide resource, DVB Corporate Finance (DVBCF) renders strategic and financial advisory services to

our corporate clients.

/ By leveraging our specialised transportation industry focus, in-depth corporate finance experience, and DVB’s

asset-based lending, we create tailor-made financial solutions for our clients.

/ Our traditional activities include mergers and acquisitions (M&A), advisory services, private and public placements

of debt and equity. We continue to grow our debt capital markets and structured asset finance/asset-backed

securities (ABS) presence as a natural extension of DVB’s core loan business.

/ Utilising our strong network of corporate clients and lending relationships, we develop strategic dialogues with our

clients ultimately to deliver integrated financial solutions.

Page 89Factbook __ May 2017 __ DVB Corporate Finance


DVB Corporate Finance portfolio (31 Mar 2017)

Revenue by business division Revenue by products

95.0% Capital Markets

5.0% Advisory and

Mergers & Acquisitions


5.4% Land Transport Finance




DVB Corporate Finance – Deal of the year 2016

ERR

DVBCF was the exclusive financial adviser on the sale of 100% of the share capital in ERR Rail Rent Vermietungs GmbH (ERR

Vienna) and 33.3% of the share capital in ERR European Rail Rent GmbH (ERR Duisburg) to Aves One AG. The ERR Rail Rent

Group (ERR Group) is a leading European freight car lessor, owning and managing a modern, high-quality and diversified fleet of

about 4,000 freight cars. Aves One, the acquirer, is a Hamburg-based publicly listed owner of logistics equipment.

ERR Group and the transaction benefited from our corporate finance specialists’ extensive experience in M&A and the considerable

asset and rail market expertise available through Land Transport Research.

DVBCF provided timely advice throughout the entire sale process, including, amongst others, positioning ERR Group for the sale

process, identifying the potential investor universe, valuation, process structuring and management, as well as negotiation and

transaction execution support.

This sell-side M&A advisory mandate was one in a series of value-added

services that DVB has provided to the ERR Group throughout the long-

standing client relationship developed across DVB’s Land Transport

platform.

Page 91


Factbook __ May 2017 __ DVB Corporate Finance

DVB Corporate Finance – Some important deals 2016

Apollo Aviation Group

2 x Aircraft ABS Offerings

US$1.15 billion

Joint Bookrunner & Joint Arranger

Ardmore Shipping Corporation

Follow-on Equity Offering ‒ NYSE US

US$77 million

Co-Manager

Page 92


Factbook __ May 2017 __ DVB Corporate Finance

2017

DVB Corporate Finance – Outlook 2017

/ Following the record-high volume of €4.7 trillion in 2015, global M&A slowed its pace in 2016 to €3.8 trillion, as Brexit, the US

presidential election, volatile oil prices and slowing economic growth in China weighed down on activity. In 2017, we expect steady

activity in M&A as limited organic growth and a drive to profitability by realising synergies contribute to ongoing deal-making.

/ Strong demand for corporate bonds and institutional high-yield alternative debt products continued globally during the first quarter

of 2017, supported by improving risk appetite, low interest rates and low volatility, with new bond issuance in the shipping and

offshore sector accelerating. Year-to-date, we have seen high yield bond transactions in the US and Norwegian markets, and debt-

like placements of preferred shares receive strong investor support. We expect continuing primary market activity and return of

confidence to benefit middle-market borrowers in 2017, while transportation borrowers will continue to explore bilateral direct

funding with alternative non-bank investors both in high yield and investment grade categories.

/ Issuance of transport-related ABS was healthy in 2016, down only marginally from the year earlier, at €4.7 billion. The aircraft

sector was particularly robust, reaching a post-crises record of €3.9 billion in issuance volume as seven deals came to market, the

most since 2000. We expect to see continuation of healthy issuance in aircraft ABS in 2017, steady volume in the railcar sector,

and a return of container ABS with overall volumes to be in line with 2016 levels.

/ Our product specialists focused on corporate bonds, private placements, and structured finance products employ their expertise to

complement the financing requirements of clients, support M&A activity, and diversify capital sources and distressed/balance sheet

repair activities. The formation of the Private Placement Group has strengthened DVBCF’s capabilities and focus on sourcing

private capital on behalf of its clients.



Investment Management

/ We are active as an investment consultant and asset manager for closed-end investment vehicles in

the international transport sector.

/ We assume an investment management function on behalf of institutional clients – but where DVB

aligns its interest with institutional clients with a material but minority equity risk participation.

/ The Aviation Investment Management (AIM) team manages the Deucalion aircraft and aviation

investments.

/ Our Shipping & Intermodal Investment Management (SIIM) team unites the Bank’s investment

management activities in the shipping, offshore, intermodal transport and rail transport sectors.

/ Investors profit from DVB’s asset know-how and strong market penetration.

Page 94Factbook __ May 2017 __ Investment Management


Investment Management – Investment volume (31 Mar 2017)

Breakdown of the investment volume

71.2%

AIM

28.8%

SIIM

SIIM: thereof: 25.6% NFC Shipping Funds 1.8% Stephenson Capital 1.4% Container Funds

AIM by asset type €863.6 mn

thereof:

15.9% Widebody

2.3% Engines

0.1% Narrowbody

1.0% Freighter widebody

26.5% Passenger widebody

53.0% Passenger narrowbody

1.2% Other

18.3% Disassembly


SIIM-shipping portfolio by asset type €310.9 mn

16.3% Other investments

54.0% Tankers

thereof:

18.2% LPG tanker

17.2% Chemical tankers

7.5% Product tankers

6.1% Crude oil tankers

5.0% LNG tankers

4.8% Car carriers

6.9% Bulk carriers

7.9% Containerships

10.1% Offshore vessels


2017

Investment Management (AIM) – Outlook 2017

/ For 2017, AIM expects the aviation market to remain stable as operators will likely benefit from a stable fuel price

environment, relatively low interest rates, good access to liquidity and a high level of new aircraft deliveries.

However, there will be challenges in certain regions where yields will be stressed by increased capacity and

currency concerns. While there is speculation within the market that the industry is at a peak in the cycle, there is

no signal of a downturn in the leasing sector as the still very significant flow of capital into the market should help

buoy asset prices.

/ Investor appetite for the funds will not likely lessen in 2017, as DVB’s knowledge of the industry, the strength of its

Aviation platform, and its asset-based approach provide the funds with a truly unique asset-focused platform to

take advantage of the current market conditions with a well-informed and researched view of the future.



2017

Investment Management (SIIM) – Outlook 2017

/ After a downward correction of most sectors in recent years, shipping markets are expected to remain weak without significant

improvements in 2017. Oversupply remains the current key issue in many sectors, especially in the offshore market which suffers

heavily as a result of low oil prices.

/ However, the outlook for certain niche sectors, most of which with relatively high entry barriers – such as gas and chemicals, in

which SIIM is represented – continues to be stable or points to an early recovery stage. The dry bulk market is expected to see a

gradual improvement in 2017. Crude and product tanker markets have been in decline since the second half 2016 without reaching

a full down-cycle, so still leaving cushion for positive operating cash flow. Oversupply and fundamental changes on the demand

side are changing dynamics of the container liner industry, particularly affecting tonnage provided in the mid-size ship categories.

Yet SIIM exposure in this segment is limited to smaller feeder container vessels.

/ From an equity investment perspective, there are opportunities to enter or expand certain shipping segments at attractive asset

prices. Other financial investors are reassessing their view on and presence in the shipping markets. This has created attractive

opportunities for players with a longer-term investment horizon.

/ For our intermodal investments, the container box leasing market is bottoming out with improving per diem rates and container box

prices. Our container box investments are expected to continue to show good operational and cash flow performance, supported

by a diversified group of lessees. SIIM’s rail investment portfolio is performing well with a positive profit contribution.

/ Our main focus for 2017 is to control the risks in the shipping investment portfolio and enhance diversification of the total SIIM

investment portfolio. Despite some challenges in the short term, the medium term outlook for the SIIM investment portfolio is

moderately positive.



03/ DVB – Financials and outlook99 Financial figures

106 Own funds and refinancing

109 Macroeconomic environment and targets

112 Financial calendar

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 31 March 2017,

and have not been certified by the auditors.

Page 99


Factbook __ May 2017 __ Financial figures

Press release as of 11 May 2017 (1)

DVB Bank Group posts results for the first quarter of 2017

/ Positive development of operating income

/ Allowance for credit losses remains on an elevated level

/ Volatile effects from the IAS 39 result

Frankfurt/Main, 11 May 2017 – DVB Bank Group (DVB), the specialist in international transport finance, reported a consolidated net loss before taxes

of €83.8 million in the first quarter of 2017 (previous year: net income of €25.9 million). This was heavily influenced by a negative net result from

financial instruments in accordance with IAS 39 (€–61.3 million). Furthermore, reflecting market developments, additional allowance for credit losses was recognised in the amount of €65.9 million.

Ralf Bedranowsky, CEO and Chairman of DVB Bank SE's Board of Managing Directors, commented on the Bank's consolidated results:

“On a positive note, income generated by our operating activities continued to show a stable development. Specifically, net interest income (before

allowance for credit losses) was up 4.7%, to €60.5 million, net fee and commission income rose 20.0%, to €32.4 million, and net other operating

income/expenses improved from €4.4 million, to €10.0 million. In particular, we originated 36 new international transport finance transactions, with an

aggregate volume of €1.0 billion (previous year: 27 new financings with a total volume of €1.2 billion).

Due to the persistent structural excess tonnage capacity, the continued deterioration in vessel values and charter rates (especially in container shipping),

and the challenging environment for the offshore industry – caused by low oil prices – allowance for credit losses required predominantly for legacy

exposures in the Shipping Finance portfolio, and for financings in the Offshore Finance portfolio, rose by €29.6 million to €65.9 million (previous year:

€36.3 million).

To be continued on next slide

Page 100




As mentioned, the net result from financial instruments in accordance with IAS 39 amounted to €–61.3 million (previous year: €27.9 million); this was largely

driven by the measurement of cross-currency swaps, which the Bank is not allowed to include in its hedge accounting. Based on prudent economic risk

management, these derivatives form hedging relationships with the related hedged items, whereby measurement gains and losses reported on a particular

record date are neutralised over the entire term of the financings extended.”

The detailed items of the interim financial statements are as follows:

Net interest income increased by 4.7%, from €57.8 million to €60.5 million. Allowance for credit losses amounted to €65.9 million (previous year:

€36.3 million). New allowance recognised for credit losses totalled €103.0 million, €98.9 million of which in Shipping Finance and Offshore Finance. Conversely,

allowance for credit losses of €36.9 million was reversed, of which €32.8 million in Shipping Finance and Offshore Finance. Net interest income after

allowance for credit losses amounted to €–5.4 million (previous year: €21.5 million). Total allowance for credit losses (comprising specific allowance

for credit losses, portfolio-based allowances for credit losses, and provisions) rose to €679.1 million, up 7.3% from year-end 2016 (€633.1 million).

Net fee and commission income, which primarily includes fees and commissions from new Transport Finance business, asset management fees, and

fees generated from Corporate Finance advisory mandates, was up 20.0%, from €27.0 million to €32.4 million.

Results from investments accounted for using the equity method stood at €–0.6 million (previous year: €–0.2 million).

Net other operating income/expenses amounted to €10.0 million (previous year: €4.4 million), largely due to two non-recurring effects.

Moreover, DVB managed to keep general administrative expenses of €47.0 million stable and in line with the previous year (€46.2 million) – in spite

of continued high expenses incurred from regulatory-driven projects. Staff expenses increased by 5.1%, to €28.8 million (previous year: €27.4 million),

whilst non-staff expenses (including depreciation, amortisation and write-downs) were down 3.2%, from €18.8 million to €18.2 million.

Page 101

To be continued on next slide




Net result from financial instruments in accordance with IAS 39 (comprising the trading result, the hedge result, the result from derivatives entered into

without intention to trade, and the result from investment securities) amounted to €–61.3 million (previous year: €27.9 million).

Consolidated net income/loss before bank levy, BVR Deposit Guarantee Scheme, and taxes totalled €–71.9 million (previous year: €34.4 million).

Estimated bank levy charges of €7.5 million for 2017 (2016: actual bank levy of €6.4 million) as well as €4.4 million in expenses for the Deposit Guarantee

Scheme of the National Association of German Cooperative Banks (2016: actual expenses of €4.7 million) needed to be deducted from consolidated net

income/loss before taxes already at the beginning of the year.

Consolidated net income/loss before taxes declined from €25.9 million to €–83.8 million, whilst consolidated net income/loss (after taxes) amounted to

€–72.9 million (previous year: €19.2 million).

DVB's total assets increased to €27.8 billion as at 31 March 2017, up 0.4% from the 2016 year-end (31 December 2016: €27.7 billion).

DVB's nominal volume of customer lending (the aggregate of loans and advances to customers, guarantees and indemnities, contingent liabilities from

irrevocable loan commitments, and derivatives) declined by 3.9% to €24.9 billion. In US dollar terms, it was down by 2.6%, to US$26.6 billion.

Key financial indicators developed as follows:

Return on equity (before taxes) decreased to –5.4% (previous year: 1.3%). The Bank managed to lower its cost/income ratio by 4.2 percentage points, to

50.1% (previous year: 54.3%). Risk-adjusted Economic Value Added amounted to €–48.1 million (previous year: €–21.2 million).

DVB discloses capital ratios determined in accordance with Basel III (Advanced Approach). On this basis, DVB's common equity tier 1 ratio as at

31 March 2017 was 11.3% (31 December 2016: 13.2%), whilst the total capital ratio amounted to 18.8% (31 December 2016: 20.7%).

Page 102



At a glance – Income statement

1 National Association of German Cooperative Banks

1 Jan 2017−

31 Mar 20171 Jan 2016−

31 Mar 2016

Net interest income 60.5 57.8 4.7

Allowance for credit losses -65.9 -36.3 81.5

Net interest income after allowance for credit losses -5.4 21.5 –

Net fee and commission income 32.4 27.0 20.0

Results from investments in companies accounted for using the equity method -0.6 -0.2 –

Net other operating income/expenses 10.0 4.4 –

Total income (before IAS 39) 36.4 52.7 -30.9

General administrative expenses -47.0 -46.2 1.7

Consolidated net income/loss before IAS 39, bank levy,

BVR1 Deposit Guarantee Scheme and taxes -10.6 6.5 –

Net result from financial instruments in according with IAS 39 -61.3 27.9 –

Consolidated net income/loss before bank levy,

BVR1 Deposit Guarantee Scheme and taxes -71.9 34.4 –

Consolidated net income/loss before taxes -83.8 25.9 –

Consolidated net income/loss (after taxes) -72.9 19.2 –

IFRS

Page 103



€ mn %

Consolidated net income/loss, as at 31 March

Consolidated

net income/

loss

Income

taxes

Total

income1

General

administrative

expenses

Expenses for the

bank levy and

the BVR2

Deposit

Guarantee Scheme

(financial year)

Net result from

financial

instruments in

accordance

with IAS 39

Consolidated

net income/

loss

Income

taxes

Total

income1

General

administrative

expenses

Expenses for the

bank levy and

the BVR2

Deposit

Guarantee Scheme

(financial year)

Net result from

financial

instruments in

accordance

with IAS 39

2017

€ mn

2016

€ mn

1 Composing net interest income after allowance for credit losses, net fee and commission income, result from investments in companies accounted for using the equity method and net other operating

income/expenses;

2 National Association of German Cooperative Banks

Page 104



36.4

-46.2

+27.9

-8.5 -6.7

19.2

-11.9

-61.3 -72.9

+10.9

52.7

-47.0

Development of key ratios

Return on equity before taxes

%

Cost/income ratio

%

Economic Value Added

€ mn

31 Mar 2017 31 Mar 2016 31 Mar 2017 31 Mar 2016 31 Mar 2017 31 Mar 2016

Page 105



-48.1

1.3

54.3

-21.2

-5.4

50.1

Own funds (in accordance with the CRR) and capital ratios

(31 Mar 2017)

€ mn

856.1

0.0

564.7

Common equity tier 1capital

Additional tier 1capital

Tier 2 capital Modified availableequity

1,420.8

Total capital ratio: 18.8%Common equity tier 1 ratio: 11.3%

Capital ratios – Basel III

Page 106


Factbook __ May 2017 __ Own funds and refinancing

Diversified funding composition (31 Mar 2017: €26.0 bn)

1 Nominal volume

Diversified, granular funding base

/ More than 1,200 investors

Products1 Investors2

7.3% Short-term funding

thereof:

5.3% Short-term deposits

banks/customers

2.0% Cash collateral

8.8% Volksbanken

Raiffeisen-

banken

cooperative

financial

network

1.8% Retail

13.8% Banks

47.9% Institutional investors

27.7% DZ BANK

92.7% Long-term funding thereof:

50.9% Senior-unsecured bonds

36.2% Promissory notes

3.3% Subordinated liabilities

3.1% Ship covered bonds

0.2% Long-term deposits

2 Estimates

Page 107



Refinancing activities 2016

DVB has emphasised granular and matched-maturity funding for many years – a goal the Bank

consistently adhered to in 2016 as well. We continued to broaden our investor base – not only through

the placement of promissory note loans outside the German cooperative banking sector, but also by

way of the successful placement of two public bond issues, both of which €500 million benchmark

issues.

Funding in 2016 consisted of the following amounts and instruments:

/ Long-term securities in the amount of €2.3 billion were issued under the Bank's Debt Issuance

Programme.

/ Promissory note loans totalling €1.4 billion also contributed to the funding mix.

Page 108



Macroeconomic environment (1)

Global growth as forecasted by the International Monetary Fund (IMF) is projected to rise to a rate of 3.5% in 2017 – slightly

above the previous year's level (projection for 2016: 3.1%). Consistently good economic news since summer 2016 are starting to

add up to a brightening global outlook and the economic upswing that the IMF has expected for some time seems to be

materialising. Global economic activity is picking up with a long-awaited cyclical recovery in investment, manufacturing, and trade.

Stronger activity and expectations of more robust global demand, coupled with agreed restrictions on oil supply, have helped

commodity prices recover from their troughs in early 2016. Financial markets are buoyant and expect continued policy support in

China and fiscal expansion and deregulation in the United States.

DVB agrees with this expert opinion and expects further economic growth to remain uncertain on the back of the following risk

factors:

/ further political development with regard to the benefits of cross-border economic integration – increased restrictions on global

trade and migration would hurt productivity and incomes;

/ a faster-than-expected pace of interest rate hikes in the United States, which could trigger a more rapid tightening in global

financial conditions and a sharp dollar appreciation, with adverse repercussions for vulnerable economies

/ financial tightening in emerging markets, made more likely by mounting vulnerabilities in China’s financial system associated

with fast credit growth and continued balance sheet weaknesses in other emerging markets;

/ increased geopolitical tensions and terrorism and their impact on the global economy;

/ further development of commodity prices, in particular oil prices.

Page 109Factbook __ May 2017 __ Macroeconomic environment and targets

Source: IMF, April 2017


Macroeconomic environment (2)

The following developments are evident in the world:

/ The US economy is projected to expand at a faster pace in 2017. The stronger near-term outlook reflects the momentum from the

second half of 2016, driven by a cyclical recovery in inventory accumulation, solid consumption growth, and the assumption of a looser

fiscal policy stance. The anticipated shift in the policy mix so far has buoyed financial markets and strengthened business confidence,

which could further fuel the current momentum. Over a longer horizon, however, the outlook for the US economy is more subdued.

/ Growth in China is projected to slow down, projections are bit higher than before, reflecting the stronger-than-expected momentum

in 2016 and the anticipation of continued policy support in the form of strong credit growth and reliance on public investment to achieve

growth targets. The medium-term outlook, however, continues to be clouded by increasing resource misallocation and growing

vulnerabilities associated with the reliance on near-term policy easing and credit-financed investment.

/ The euro zone recovery is expected to proceed at a broadly similar pace in 2017 as in 2016. The modest recovery is projected to be

supported by a mildly expansionary fiscal stance, accommodative financial conditions, a weaker euro, and beneficial spillovers from a

likely US fiscal stimulus; political uncertainty as elections approach in several countries, coupled with uncertainty about the European

Union’s future relationship with the UK, is expected to weigh on activity.

/ Oil prices have continued to increase following the agreement by OPEC members to cut oil production. The effectiveness of the

production agreements could thus be partially offset by an increase in US shale oil production, which, unlike conventional oil, can

commence within a year of initial investment. Amid a significant cutback in production, fairly robust demand could move the oil market

from surplus to deficit in the first half of 2017, in turn reducing oil inventory levels. However, rapid investment recovery in the US shale

sector could tip the market back into surplus as early as the second half of 2017.

Page 110Factbook __ May 2017 __ Macroeconomic environment and targets

Source: IMF, April 2017


Targets 2017

/ We plan to sustain the positive business development in Aviation Finance as well as in Land Transport Finance and

strengthen the profit contribution of these businesses.

/ We will undertake every effort to avoid having to record a loss as in 2016. We intend to reduce the higher risk costs

in Shipping Finance and Offshore Finance during 2017 and 2018. This is based on assumptions that the persistent

tonnage overcapacity in some shipping segments will not rise beyond existing levels, and that charter rates and

asset values will not decline further. Hence, we will continue to focus strongly on managing risks in these

businesses.

/ We strive to preserve our sound core operational earnings before risk costs and before IAS 39. This means that, in

addition to our lending business, we will focus on value-added services for clients in our Transport Finance

business – such as capital markets products and advisory services.

/ We will keep supporting our shipping clients in a market environment characterised by less liquidity supply as many

international shipping financiers are continuing to withdraw from the shipping markets.

/ We will continue to successfully address regulatory-driven projects. This will also contribute to our ability to

distinguish ourselves from our competitors, as well as raising the entry barriers for new participants in our fields of

business.

Page 111


Factbook __ May 2017 __ Macroeconomic environment and targets

Financial calender

__ 2017

/ Publication of the single-entity and Group Annual Reports 2016

/ Publication of the Quarterly Statement – Three-month results 2017

(for the first three months ending 31 March 2017)

/ Annual General Meeting at the Deutsche Nationalbibliothek,

Adickesallee 1, Frankfurt/Main

/ Publication of the Half-Yearly Financial Report 2017

/ Publication of the Quarterly Statement – Nine-month results 2017

(for the first nine months ending 30 September 2017)

/ Publication of the 16th Declaration of Compliance (2017/2018)

31 March 2017

11 May 2017

22 June 2017

10 August 2017

14 November 2017

4 December 2017

Page 112


Factbook __ May 2017 __ Financial calender

04/ DVB – About us114 Structure

119 Board of Managing Directors

124 Supervisory Board

126 Staff

Integrated into Germany’s second-largest banking group

Page 114

*

*

Retail Banking Corporate Banking Capital MarketsTransaction

Banking

Cooperative Banks/

Verbund

*at equity

Factbook __ May 2017 __ Structure


Full member of the BVR Deposit Guarantee Scheme

Page 115

Members

994 cooperative banks, 1 central institution and special

cooperative network institutes

Monitoring

By Federal Financial Supervisory Authority (BaFin)

Deposit Protection

Comprehensive protection of customer deposits and

bearer bonds issued by member banks and held by non-

banks

Institution protection

Comprehensive institution protection for all members,

no bankruptcy among members since 1934, preventing or

remedying impending or existing economic difficulties at

institutions affiliated

Factbook __ May 2017 __ Structure


Current shareholder base

4.53% Other shareholders

95.47%

Page 116Factbook __ May 2017 __ Structure


Operational legal structure (including subsidiaries, principal branches and representative offices)

Subsidiaries of DVB (each 100%)

DVB Holding (US) Inc. (New York, USA)

/ DVB Capital Markets 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)

ITF International Transport Finance Suisse AG

(Zurich, Switzerland)

LogPay Financial Services GmbH (Eschborn, Germany)

/ LogPay Transport Services GmbH (Eschborn, Germany)

Branches and representative offices of DVB

DVB Bank SE Amsterdam Branch (The Netherlands)

DVB Bank SE Athens Branch (Greece)

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 New York (USA)

DVB Bank SE Hamburg Office (Germany)



Two-tier management system

/ Management body

/ Corporate strategy

/ Controlling

/ Risk management

/ Compliance

/ Preparation of the financial statements and management

reports

/ Supervising body

/ 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 of the Supervisory Board

per year

/ 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

Board of Managing Directors Supervisory Board

General Meeting


close cooperation to the

benefit of the enterprise

reports to

advises, approves, controls,

appoints, dismisses

reports toformally

approves ofreports to

formally

approves of


Responsibilities of DVB’s Board of Managing Directors

as of 1 January 2017

Client areas in business divisions Client areas at affiliatesProduct/service areas

Ralf

Bedranowsky

CEO and Chairman

of the Board of

Managing Directors

David

Goring-Thomas

Member of the

Board of

Managing Directors

Christian

Hagemeyer

Member of the

Board of

Managing Directors

L.H. (Bart)

Veldhuizen

Member of the

Board of

Managing Directors

Page 119Factbook __ May 2017 __ Board of Managing Directors

Corporate

Finance

Shipping

Finance

Offshore Finance

Shipping and

Intermodal

Investment

Management

Information

Technology

DVB Capital

Markets LLC

Aviation

Credit

Credit and

Asset Solution

Group

Land Transport

Research

Aviation

Research

Land Transport

Credit

Shipping and

Offshore

Credit

Group Risk

Management

Aviation

Finance

Aviation

Investment

Management

Land Transport

Finance

Aviation

Financial

Consultancy

Financial

Institutions

and

Syndications

Group

Treasury

Transaction

and

Loan Services

DVB Transport

Finance Ltd

Business Process

Support

Group Compliance

Office

Group

Corporate

Communications

Group

Audit

Group Controlling

Group

Finance

ITF

International

Transport Finance

Suisse AG

LogPay Financial

Services GmbH

Group Human

Resources

Group

Legal

Shipping and

Offshore

Research


Members of the Board of Managing Directors

Ralf

BedranowskyCEO and Chairman of

the Board of Managing Directors,

Bank director

Since July 2015

2013–2015

2007–2013

2004–2007

1980–2004

DVB Bank SE, CEO and Chairman of the Board of Managing Directors

DVB Bank SE, Member of the Board of Managing Directors

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

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 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

Responsibilities

Product/service areas

Business Process Support

Group Audit

Group Compliance Office

Group Controlling

Group Corporate Communications

Group Finance

Group Human Resources

Group Legal

Client areas in affiliates


LogPay Financial Services GmbH

Curriculum Vitae




David

Goring-ThomasMember of the Board of

Managing Directors,

Bank director

Since December 2016

1998–2016

1997–1998

1995–1997

1994–1995

1990–1994

1987–1990

1984–1987


DVB Bank SE London Branch, Deputy General Manager of London Branch, Managing Director and

Global Head of Aviation Finance

The Long-Term Credit Bank of Japan Ltd, London Branch, Deputy General Manager and

Head of Aviation Finance – Europe, Middle East & Africa

LTCB Merchant Bank (Singapore) Ltd/The Long-Term Credit Bank of Japan Ltd, Singapore Branch,

Senior Vice President, Head of Aviation Finance – Asia

The Long-Term Credit Bank of Japan Ltd, London Branch, Manager/Senior Manager, Aviation Group

Swiss Bank Corporation, London, Merchant Banking, Assistant Manager/Manager in the Aviation Finance Group,

and Manager Corporate Finance

National Westminster Bank, International Banking Division, London, Graduate Trainee, Account Officer in

Transportation (Aerospace) and Assistance Manager (Personnel)

University of Manchester, B.A. Economics Honours

Offices held


DVB Transport Finance Ltd, London,

United Kingdom




Responsibilities


Group Treasury

Transaction and Loan Services

Client areas in business divisions

Aviation Finance

Aviation Financial Consultancy

Aviation Investment Management

Financial Institutions and Syndications

Land Transport Finance


DVB Transport Finance Ltd

Curriculum Vitae




Christian

HagemeyerMember of the Board of

Managing Directors,

Bank director

Since January 2017

2005–2016

2001–2005

1995–2001

1993–1995

1991–1993

1989–1991

1987–1989

1984–1987


Landesbank Hessen Thüringen, Head of Credit Risk Management

Deutsche Bank AG, Senior Credit Officer

Deutsche Bank AG, Head of Credit Large Caps

Deutsche Bank de Bary N.V., Group Head Risk Management Commodity Trade Finance

Deutsche Bank de Bary N.V., Relationship Manager Commodity Trade Finance

Deutsche Bank de Bary N.V., Relationship Manager German Desk

Deutsche Bank AG, Traineeship

University of Hamburg, M.A. Business Administration

Offices held

None

Responsibilities


Group Risk Management

Aviation Credit

Aviation Research

Credit and Asset Solution Group

Land Transport Credit

Land Transport Research

Shipping and Offshore Credit

Shipping and Offshore Research

Curriculum Vitae




L.H. (Bart)

VeldhuizenMember of the Board of

Managing Directors,

Bank director

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


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, M.A. Business Economics

Offices held





DVB Group Merchant Bank (Asia) Ltd, Singapore

Member of the Supervisory Board

DVB Bank America N.V., Willemstad, Curaçao

Non-executive Member of the Board and Chairman of the

Compensation Committee

Eagle Bulk Shipping Inc., New York, USA

Responsibilities


Information Technology

Client areas in business divisions

Corporate Finance

Offshore Finance

Shipping Finance

Shipping and Intermodal Investment Management


DVB Capital Markets LLC

Curriculum Vitae



DVB’s Supervisory Board – Members

As of May 2017

Wolfgang

Köhler

Chairman

Shareholder

representative

Frank

Westhoff

Deputy Chairman

Shareholder

representative

Ulrike

Donath

Shareholder

representative

Anders

Ingebrigtsen

Shareholder

representative

Dr Peter

Jansen

Shareholder

representative

Dr Kirsten

Siersleben

Shareholder

representative

Adnan

Mohammed

Employee

representative

Ivo

Monhemius

Employee

representative

Martin

Wolfert

Employee

representative

Page 124


Factbook __ May 2017 __ Supervisory Board

DVB’s Supervisory Board – Committees

Credit and Risk Committee Audit Committee Nomination CommitteeRemuneration Control

Committee

Supervisory Board –

Committees

Frank

Westhoff

Chairman

Anders

Ingebrigtsen

Dr Peter

Jansen

Martin

Wolfert

Ulrike

Donath

Chairwoman

Wolfgang

Köhler

Deputy Chairman

Ivo

Monhemius

Wolfgang

Köhler

Chairman

Frank

Westhoff

Deputy Chairman

Adnan

Mohammed

Wolfgang

Köhler

Chairman

Frank

Westhoff

Deputy Chairman

Adnan

Mohammed

Page 125


Factbook __ May 2017 __ Supervisory Board

Dr Kirsten

Siersleben

As of May 2017

Staff – Live diversity

We value our employees – our unique business model relies upon the in-depth expertise, experience and

international diversity of our staff. They support our clients everyday in every respect – from research through

customer service and credit management up to smooth processing.

DVB's business model is international in every respect. Diversity management has thus been a part of day-to day life

at DVB for quite some time. Once again, this was evident in the structure of our team: our employees hailed from a

total of 39 different countries. There are 30 different nationalities represented within our core Transport Finance

business. 286 employees work in Germany and 345 in our international locations.

Back in 2007 we joined the corporate initiative „Diversity Charta“ and thus committed ourselves to ongoing active

promotion of our workforce’s diversity.

Page 126


Factbook __ May 2017 __ Staff

Nationalities in DVB (31 Mar 2017)

631 active employees

DVB Bank Group

327 active employees

Transport Finance/Investment Management

15.2% 32 other nationalities 42.3% German

12.2% Dutch

3.2% Norwegian

12.8% British

3.3% Greek

4.8% US-American

6.2% Singaporean

19.9% 23 other nationalities 18.4% Dutch

5.5% Greek

16.8% British

5.8% Norwegian

7.0% US-American

9.5% Singaporean

17.1% German

Page 127



Staff – Female quota (1)

In accordance with the Act for Equal Participation of Woman and Men in Executive Positions in the Private and Public Sector,

DVB Bank SE – exchanged-listed company and subject to what is called ‚one third co-determination‘ – laid down the following

targets1 valid until 30 June 2017:

/ Supervisory Board – Female quota of 11%

/ Board of Managing Directors – Female quota of 0%

/ First management level – Female quota of 19%

/ Second management level – Female quota of 33%

In 2016, the actual female quota on DVB Bank SE's Supervisory Board doubled versus the defined target quota, reaching 22%.

Under a local court order dated 23 February 2016, Dr Kirsten Siersleben was appointed, with effect from 1 March 2016, to fill a

position on the Supervisory Board that had been vacant since 31 October 2015. On 23 June 2016, the Annual General Meeting

elected Dr Siersleben to the Supervisory Board as a shareholder representative.

1 The targets match the gender quotas DVB Bank SE achieved as at 30 September 2015.

Page 128



Staff – Female quota (2)

The Board of Managing Directors of DVB Bank SE currently consists of four members, none of whom is a woman. This is in line

with the target quota. Members of the Board of Managing Directors are appointed without regard to nationality, gender or religion. It is

whether a candidate – male or female – has the required knowledge, skills and professional expertise necessary to properly perform

their duties and whether he or she complies with the principles laid down in the Company's Memorandum and Articles of Association

that decides on their appointment.

At 31 December 2016, the two top management levels below the Board of Managing Directors comprised 86 executives, who either

reported directly to the Board of Managing Directors or who worked as team leaders. Women held 21 (24.4%; previous year: 26.9%)

of these executive positions. While the share of female executives on the first management level rose slightly to 18.2% (previous

year: 17.6%), it decreased to 28.3% on the second management level (previous year: 34.1%) against restructuring measures and

minor fluctuations in some parts of the Bank. When filling positions, assuming the same level of qualifications, the Bank is committed

to give preference to internal applicants and does not regard criteria such as nationality, gender or religion in its decision-making

process.

Page 129



Women in management positions (31 December 2016)

Numbers

16.9%

22.1%

24.3%

26.9%

24.4%

0

10

20

30

40

50

60

70

80

90

100

2012 2013 2014 2015 2016

Men – Report directly to the Board

Women – Report directly to the Board

Men – Team Head

Women – Team Head

Men in management positions – Total

Women in management positions – Total

Female quota

Page 130



Staff – Be entrepreneurial

Notwithstanding the high cyclicality of the transport markets, the transport sector overall remains on a long-term

growth trend. Understanding this recurring cycle of sequential transport market phases, DVB has developed a cycle-

neutral business model that offers a wide variety of business opportunities, even in a challenging market

environment.

Our solution-oriented approach to business is focused on entrepreneurial action and efficiency, as well as on a

forward-looking, sustainable approach to risk management. In this way, we continuously develop and fine-tune our

core areas of expertise – arranging and providing structured financing solutions, advisory services, and investment

activities on behalf of our clients. This is the only way for us to adequately respond to new and complex issues in our

corporate environment, and to meet our clients’ requirements.

Page 131



Staff – Work flexibly

Flexibility is a cornerstone of achieving a work/life balance. Wherever possible and viable we help to

make part-time arrangements. The percentage of part-time employees in DVB's staff has remained

virtually constant for several years.

We are generally receptive to setting up schedules on an individual basis to make it possible to better

balance professional and personal demands.

Page 132



Staff – Develop your personal & professional skills

Annual appraisal discussions provide a platform for open dialogue, between manager and employee, regarding

collaboration, skills and development needs. These discussions facilitate the individual planning of personal

development steps tailored to each employee’s requirements.

Special in-house courses are designed to provide effective and hands-on training to our staff at the various locations.

When developing such courses, we take our employees’ diverse cultural backgrounds into account, as well as new

learning technologies.

We organise a special introduction programme for new members of staff: this event at our Frankfurt head office takes

place over several days, during which new employees familiarise themselves with the business divisions and

departments. They will benefit from the personal contacts established on this occasion over the long term.

Page 133



Staff – Recruiting

DVB's business environment is focused on diversity. We strive to promote a heterogeneous personnel

structure at all of our office locations, in terms of nationality, age and gender.

To fill open positions, DVB looks for experienced specialists, whether it be in Transport Finance or in our

service divisions. Accordingly, we generally recruit personnel with the help of recruitment consultants.

We do, however, accept direct applications for our trainee programme.

Page 134



Staff – Join our trainee programme

We offer talented individuals the opportunity to work in an international, highly professional and customer-focused

environment, in two of the key sectors in the world economy, banking and transportation.

To help us get the best from our people we believe in equipping them with the knowledge and skills in all areas of the

Bank which is the underlying principle of our specially designed rotational International Trainee Programme.

Our trainee programme will lay the foundation for an exciting future with DVB. The two-year programme offers

placements across the range of commercial areas within a specialist transportation field. Trainees will learn from

some of the best in the business, while working on world-class projects. They will also have first-class professional

training and the chance to gain experience in locations around the world in real roles and with real responsibilities.

Page 135



05/ DVB – History137 Stages of development

149 Transport financier since 1997

Stages of development 1923–1932

The Bank‘s foundation and development during the Weimar Republic –

becoming the principal banking partner to Deutsche Reichsbahn, the German National Railway

Deutsche Verkehrs-Kredit-Bank AG (DVKB)

is founded on 18 June 1923. Founding

members are Dresdner Bank, the Bayerische

Vereinsbank, Bayerische Hypothekenbank,

Commerz- und Privatbank, the private

banking house Bleichröder and various

industrial corporations. The establishment's

purpose was to introduce a bankable practice

for handling the freight payments and fee

settlements of the Reichsbahn (German

State Railway) in Germany.

The Reichsbahn acquires the majority (51%)

of the DVKB. DVKB also functions as the

Reichsbahn's principal bank and manages all

of its financial transactions.

The Reichsbahn acquires a 75% stake in

DVKB's share capital in the wake of a capital

increase. The residual 25% are transferred to

a banking syndicate consisting of major and

private banks. DVKB starts to participate in

the Reichsbahn's exchange

office business.

39 DVKB exchange offices exists in

railway stations and border crossings.

1923

Foundation of Deutsche Verkehrs-Kredit-Bank

AG (DVKB)

1924

The Reichsbahn acquires the majority of the

DVKB.

1925

DVKB starts to participate in the Reichsbahn‘s

exchange office business.

1930

Increasing number of exchange offices

Page 137


Factbook __ May 2017 __ Stages of development


The Bank during the Nazi regime

1933

NSDAP member as a provisional Managing

Director

1935

Move into a new premises

1944

Last annual report before end of war

1945

Structure of DVKB before the end of the war

DVKB moves into its own premises:

„Unter den Linden 10“ in Berlin, Germany

Members of the Nationalsozialistische

Betriebszellenorganisation (NSBO) dissolve

the three-person Board of Managing

Directors and replace it with a single NSDAP

member to serve as provisional Managing

Director.

August: DVKB presents its last annual report

before the end of the war.

23 regional offices, four agencies and

45 exchange offices are part of the Bank

before the end of the war.

Page 138




A new start in West Germany

1949

Headquarters in Frankfurt/Main, Germany

DVKB receives a special permit to operate

freight payments, fee settlements, freight

credits, money transactions and exchange

offices in the three Western zones of

occupation. The Bank's main offices in

Frankfurt and Hamburg are brought together

at the new headquarters in Frankfurt.

Page 139




The „Wirtschaftswunder“ – during the “Wirtschaftswunder” a reliable partner to Deutsche Bahn,

the German Federal Railways

1952

„Special tasks“ of the DVKB

1958

Deutsche Bundesbahn is sole shareholder

1973

DVKB turns 50

In a federal law on the setting up of credit

institutes, the “special tasks” of the DVKB,

especially the handling of freight payments,

are laid down. Besides the Frankfurt

headquarters and the Berlin office, there are

now 13 branches.

Having finally resolved the ownership

structure, Deutsche Bundesbahn (German

Federal Railway) hold 100% of DVKB’s share

capital. The first postwar balance sheet is

presented on 20 December of that year and

the first postwar Annual General Meeting

takes place in Berlin.

The DVKB is 50 years old. Of around 800 staff members, 170 work in

the Frankfurt headquarters.

Page 140




The „Wirtschaftswunder“ ends – partial privatisation and IPO

1986

Change of corporate logo

1987

DVKB shares admitted to trading and official

quotation

1988

Initial Public Offering

On 16 November 1987, the DVB shares –

bearer shares with a nominal value of DM50

– are admitted to sharetrading and official

quotation at the Frankfurt and Berlin stock

exchanges.

Initial Public Offering – DVB shares are listed at the Frankfurt and

Berlin Stock Exchanges on 6 April 1988. Deutsche Bundesbahn retains

a 75.1% stake in the share capital, with the remaining 24.9% held in

free float.

Page 141




German reunification – DZ BANK acquires a majority shareholding –

the Bank evolves from a railway bank into a transport finance house

1991

Change of the corporate name to Deutsche

Verkehrs-Bank AG

1993

Conversion into new share certificates

1995

DG Bank AG, the new majority shareholder

1996

Foundation of the subsidiary ReiseBank AG

Conversion of DVKB shares into new share

certificates registered under Deutsche

Verkehrs-Bank AG.

With 50.1% of the share capital, the DG Bank

AG (today: DZ BANK AG) owns a majority of

Deutsche Verkehrs-Bank AG.

The Bureaux de Change Division is

transferred retroactively to 1 January 1996 to

the newly founded subsidiary ReiseBank AG.

Page 142




The Bank develops into a global specialist for international transport finance

1997

Change of corporate name to Deutsche

VerkehrsBank AG and realignment of the Bank

1998

Expansion of aviation finance

1999

Expansion of the international rail finance and

shipping division, change to Euro

2000

Focusing on Transport Finance and capital

increase

The "International Aircraft and Ship

Financing" division at the Long Term Credit

Bank of Japan Ltd. is taken over by the

Deutsche VerkehrsBank making it one of the

leading aircraft financiers in Europe.

Establishment of the international rail finance

division

Completion of the takeover of Nedship

Bank N.V. Closing of all remaining German

branches and establishment of the

Transport Finance divisions (Shipping,

Aviation and Land Transport)

Wolfgang Driese is appointed Chairman of

the Board of Managing Directors with effect

as of 1 April 1997.Rabobank Netherland and Deutsche

VerkehrsBank reach an agreement about the

transfer of ownership of Nedship Bank to

Deutsche VerkehrsBank.

The par-value shares are converted to

notional no-par-value shares. The shares are

denominated in euro after the share capital

and other amounts contained in the Articles

of Association and Memorandum had been

changed from DM to Euro.

Share capital increase according to a

resolution passed by the Annual General

Meeting via the issue of 754,000 new

notional no-par value bearer shares.

DVB’s strategy focuses on the transport

industry.

Change of the corporate name to Deutsche

VerkehrsBank AG

Page 143





2002

Change of corporate name to DVB Bank AG,

establishment of the Land Transport

Division and new Board Member

2004

DVB Bank N.V. and

new Board Member

Following a decision of the Annual General

Meeting the corporate name of the Bank is

changed from Deutsche VerkehrsBank AG to

DVB Bank AG.

Consolidation of DVB's Road & Logistics

business and Rail activities and transfer to

DVB's new Land Transport Division.

Transport Finance now consists of four

divisions: Shipping, Aviation, Land Transport

and Transport Infrastructure.

DZ BANK increases its stake in the share

capital of DVB from 67.02% to 78.21% via the

acquisition of the interest previously held by

KRAVAG.

DVB sells ReiseBank AG to

DZ BANK AG with effect from

31 December 2003.

DZ BANK increases its stake in the share

capital of DVB to 92.27% via the acquisition

of the interest previously held by Sparda

banks.

The name of Nedship Bank N.V. in

Rotterdam is changed to

DVB Bank N.V.

Dagfinn Lunde is appointed Member of the

Board of Managing Directors with effect from

22 February 2002.

Bertrand Grabowski is appointed Member

of the Board of Managing Directors with

effect from 1 May 2005.

2003

Sale of ReiseBank AG

Page 144





2008

Sectorisation, transformation into a European

public limited-liability company and share

capital increase

Formation of DVB Capital Markets LLC in

New York, a US registered broker-dealer.

The unit will function as the US investment

banking office of DVB, serving clients in the

shipping, aviation, and land transport.

DVB establishes Aviation Asset

Management.

DVB Bank's shipping division introduces a

new organisational structure, focusing on

shipping sectors. Clients, who are active in a

sector, will meet highly experienced sector

experts.

The Bank is transformed into a European

public limited-liability company (Societas

Europaea). The Bank is registered under the

new name DVB Bank SE.

DVB's share capital increased via the issue

of 664,000 new notional no-par value bearer

shares. Following the capital increase,

DZ BANK holds 95.44% of DVB's share

capital.

DVB purchases a majority shareholding in

TES Aviation Services Limited, a leading

aircraft engine asset management service

provider headquartered in Cardiff, Wales.

Expiration of the employee profit participation

programme “DVB shares”, through which

136,594 shares were issued and options

were exercised, respectively. DVB rose own

funds in the aggregate amount of

€14.7 million in the years 2001 through 2007.

DVB shares are delisted from the Berlin-

Bremen Stock Exchange on

31 October 2005.

DVB's share capital has been increased via

the issue of 850,000 new notional no-par

value bearer shares. The new shares are

listed at the Frankfurt Stock Exchange.

New shareholder structure: 93.21%

DZ BANK, with 6.79% in free float.

2005

Share capital increase

2006

Formation of DVB Capital

Markets LLC and Aviation Asset Management

2007

Purchase of a majority shareholding

in TES

Page 145





2009

Shipping Asset Management

2010

Placement of DVB‘s first public ship covered

bond

2012

Disposal of a share of TES,

Award as “Bank of the Year”

DVB establishes Shipping Asset

Management.

Placement of DVB’s first public ship covered

bond in the amount of €250 million –

a traditional German funding instrument.

In June, DVB sells a 60% shareholding in TES Holdings Ltd. Besides the new

shareholders, Mitsubishi Corporation (35%) and Development Bank of Japan (25%), DVB

remains the largest stakeholder, with 40% of TES shares.

Accolade as „Bank of the Year – International Transport Markets” DealMakersMounthly –

Sep 2012

Page 146





2013

Establishment of Offshore Finance

2015

Changes on the Board of Managing Directors

Ralf Bedranowsky joins from Deutsche

Bank and strengthens DVB Bank's

management team with effect from 1 July

2013.

Dagfinn Lunde retires from the Board of

Managing Directors for reasons of age.

In January, DVB establishes its existing

offshore financing activities as an independent

“Offshore Finance” business division. It

provides debt financing and further value-

added services to our clients in the highly

specialised offshore sector.

After 18 years at the helm, Wolfgang Driese retires for reasons of age, Ralf

Bedranowsky takes over the position of CEO and Chairman of the Board of

Managing Directors.

L.H. (Bart) Veldhuizen, Member of the

Board of Managing Directors since 1 April

2015, assumes responsibility for Shipping

Finance and Offshore Finance

Closing of DVB‘s first aircraft asset-backet

securisation

DZ BANK owns 95.47% of DVB's share

capital, with 4.53% in free float.

Page 147





2016


2017


David Goring-Thomas is appointed Member

of the Board of Managing Directors with

effect from 1 December 2016. He assumes

responsibility for Aviation Finance and Land

Transport Finance.

Bertrand Grabowski retires from the Board

of Managing Directors.

Christian Hagemeyer is appointed

Member of the Board of Managing

Directors with effect from 1 January

2017. He assumes responsibility for the

credit and risk management and also for

the banks research.

Page 148



Location development

Berlin

Rostock

Magdeburg

Leipzig

DresdenErfurt

Munich

Stuttgart

Karlsruhe

Basel

Frankfurt

Cologne

Muenster

Hannover

Hamburg

Essen

Kassel

Mainz

NuernbergSaarbruecken

Page 149


Factbook __ May 2017 __ Transport financier since 1997

Deutsche VerkehrsBank AG 1997 DVB Bank Group 2017

Customer lending

1997 – €1.6 bn 2016 – €25.9 bn

2.3% Investment Management


0.4% Business no longer in line

with DVB‘s strategy

2.3% ITF Suisse

6.2 % Land Transport Finance

9.3% Offshore Finance


3.7% Transport Finance

96.3% Domestic Corporate

Lending

Page 150



Development of business areas and products

Year Development

1998

Acquisition of LTCB’s Shipping & Aviation portfolio

Formation of 1st foreign offices

outsourcing of non-core activities

1999

First external rating (S&P and Moody’s)

Establishment of International Rail Finance (Frankfurt/Main)

Representative office Tokyo; Closure of nine domestic branches

2000

Acquisition of Nedship Bank

Closing of remaining domestic branches

Non-core domestic lending compiled in special exit unit

Sale of DVB Processing GmbH

2001

Start of Corporate Finance

Kick-off Internal Rating Model (Basel II)

Establishment of Shipping Research

2002

Rail Finance Team (New York)

Central bank function for Sparda banks

Streamlining of head office operations

Sale of shareholding in Union Asset Management Holding

2003

Establishment of Aviation Research

Introduction risk-bearing concept

Sale of ReiseBank Group

Year Development

2006

Establishment of DVB Capital Markets in New York

Establishment of Aviation Asset Management

Establishment of Land Transport Research

Withdrawal from the Transport Infrastructure segment

2007Founding of ITF Suisse AG, Zurich

Expansion of Investment Management activities

with railway and cruise funds

2008

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

2009Merging Shipping & Intermodal Investment Management activities under SIIM

2010Establishment of Financial Institutions and Syndications

Issuance of DVB’s first ship covered bond

2011 Merger of Restructuring Unit Shipping & Shipping Asset Management into

Restructuring & Asset Management (RAM)

2012 Sale of a 60% stake in

TES Holdings Ltd to Japanese investors

2013 Offshore Finance and Client Account established

2014Formation 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.

2015Regional modell in Shipping Finance

ITF Suisse – marketing activities were ceased

2016 Establishment of Credit and Asset Solution Group

Typical German commercial bank; small, unsustainable business model; no particular strengthProduct 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

1997

Page 151



Total assets and customer lending volume

1 German Commercial Code (HGB) 2 Aggregate of loans and advances to customers, guarantees and indemnities, irrevocable loan commitments and derivatives – nominal volume

€ bn

5.3 6.6 6.99.5

11.09.3 9.1 9.3

10.9 11.113.2

17.4 17.319.3

22.023.8 23.4 24.5

26.6 27.7

1997 1999 2001 2003 2005 2007 2009 2011 2013 31 Dec2016

Total assets

+423%

2.0 3.0 4.27.7 8.6 8.0 7.6 8.2

10.8 12.014.4

18.5 17.319.2

21.7 22.2 20.823.3

25.3 25.9

1997 1999 2001 2003 2005 2007 2009 2011 2013 31 Dec2016

Customer lending volume

+1,195%

IFRSHGB1

2

Page 152



Operating profit/consolidated net income/loss before taxes

€ mn

1.9 6.722.8

35.7 36.147.0

44.8

51.8

58.5

101.5

118.7

100.286.6

131.1

147.7 141.4

123.8

98.2

46.1

-135.3

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

IFRSHGB1

Conversion

completed

1 German Commercial Code (HGB)

Page 153



Development of results (before IAS 39 and taxes)

as at 31 December

€ mn

341.2

284.8308.9

164.1

56.0

141.4123.8

98.2

46.1

-135.3

-250

-150

-50

50

150

250

350

2012 2013 2014 2015 2016

Total income (before IAS 39) Consolidated net income/loss before taxes

Page 154



Business volume & consolidated net income

Business volume Consolidated net income/loss

€ bn € mn

23.8 23.4 24.5 26.6 27.7

1.3 1.2 1.7 1.6 1.5

124.9

110.6

79.1

45.6

-138.7

-150

-100

-50

0

50

100

150

-150

-100

-50

0

50

100

150

2012 2013 2014 2015 2016

Total assets Contingent liabilities Consolidated net income/loss

Page 155



Share price performance 2007–2016

0

50

100

150

200

250

300

350

400

450

500

0

5

10

15

20

25

30

DVB share’s

last price:

€23.50

Dow Jones

EURO STOXX

Bank Index last

price: 117.67

points

DVB Bank SE Dow Jones EURO STOXX Bank Index

Price performance Bank Index

€ in points

Page 156



Market capitalisation and dividends

1 Previous years’ figures adjusted in order to reflect the 10-for-1 share split carried out on 15 November 2008

Market capitalisation Dividends

€ mn €1

178

177 212

306 270240 264

314

709

811

1,1231,213 1,162 1,162

1,1131.127 1,143 1,145

1,1501,092

0.84

0.26

0.36 0.36

0.15 0.150.20 0.20

0.23

0.30

0.50

0.60 0.60 0.60 0.60 0.60 0.60 0.60

0.30

0.000,00

0,20

0,40

0,60

0,80

1,00

1,20

1,40

0

200

400

600

800

1.000

1.200

1.400

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Page 157


1,400

1,200

1,000

1.40

1.20

1.00

0.80

0.60

0.40

0.20

0.00


Rating development

Feb

2017

Oct

2016

Dec

2011

Mar

2011

Jan

2009

Dec

2006

Aug

2006

Jul

2005

Aug

2004

Aug

2001

Long-term counterparty

credit rating A+ A+ A+ A A A A- A- BBB+ BBB+

Short-term credit rating A-1 A-1 A-1 A-1 A-1 A-1 A-2 A-2 A-2 A-2

Outlook negative negative stable stable negative stable positive stable stable negative

Debt Issuance Programme:

– Subordinated A

Since 1999 DVB has been rated by Standard & Poor's (S&P) at regular intervals. Within the scope of the German Cooperative Financial Services Network's rating,

DVB has also been evaluated by Fitch Ratings since 2005.

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+

Page 158



06/ DVB – Further information160 DVB worldwide

162 Corporate website

163 Social media

164 Imprint

165 Photo credits

DVB worldwide

Page 160


Factbook __ May 2017 __ DVB worldwide

Head office

Frankfurt/Main

DVB Bank SE

Platz der Republik 6

60325 Frankfurt/Main

Germany

Phone +49 69 9750 40

Fax +49 69 9750 4444

Europe

Amsterdam

DVB Bank SE

Amsterdam Branch

WTC Schipol, Tower F, 6th Floor

Schiphol Boulevard 255

1118 BH Schiphol, The Netherlands

Phone +31 88 3997 900

Fax +31 88 3998 301

Athens

DVB Bank SE

Athens Branch

3, Moraitini Street &

1, Palea Leof. Posidonos, Bldg. K4

Delta Paleo Faliro

175 61 Athens, Greece

Phone +30 210 4557 400

Fax +30 210 4557 420

Hamburg

DVB Bank SE

Hamburg Office

Ballindamm 6

20095 Hamburg, Germany

Phone +49 40 3080 040

Fax +49 40 3080 0412

London

DVB Bank SE

London Branch

Park House, 6th Floor

16-18 Finsbury Circus

London EC2M 7EB, United Kingdom

Phone +44 20 7256 4300

Fax +44 20 7256 4450

Oslo

DVB Bank SE

Nordic Branch

Haakon VII's gate 1

0161 Oslo, Norway

Phone +47 2301 2200

Fax +47 2301 2250

Zurich


Wasserwerkstrasse 12

8006 Zurich, Switzerland

Phone +41 44 3656 100

Fax +41 44 3656 200

DVB worldwide

Page 161


Factbook __ May 2017 __ DVB worldwide

North and South America

Curaçao

DVB Bank America N.V.

Gaitoweg 35

Willemstad, Curaçao

Phone +5999 431 8700

Fax +5999 431 8749

New York

DVB Bank SE

Representative Office New York

609 Fifth Avenue

New York, NY 10017-1021, USA

Phone +1 212 588 8864

Fax +1 212 588 8936

DVB Capital Markets LLC

609 Fifth Avenue

New York, NY 10017-1021, USA

Phone +1 212 858 2624

Fax +1 212 858 0424

Asia

Singapore

DVB Bank SE

Singapore Branch

77 Robinson Road #30-02

Singapore 068896

Phone +65 6511 3433

Fax +65 6511 0700

DVB Group Merchant Bank (Asia) Ltd

77 Robinson Road #30-02

Singapore 068896

Phone +65 6511 3433

Fax +65 6511 0700

Tokyo

DVB Transport Finance Ltd

Tokyo Branch

The Imperial Hotel Tower 14th Floor (A-2)

1-1, Uchisaiwaicho 1-chome, Chiyoda-ku

Tokyo 100-0011, Japan

Phone +81 3 3593 7700

Fax +81 3 3593 7860

Corporate website

As the cornerstone of our entire online communications, our corporate website bundles extensive, up-to-date

information on the Bank, its business divisions, financial markets and media activities – all of this is available on a

24/7 basis, offering interested visitors a first glance into the DVB universe. Our website currently draws some

13,000 visits and around 37,000 page views per month.

Our website offers easy-to-read, clearly structured information

that is comprehensive, transparent, and tailored to the needs of

our various stakeholder groups. This focus on clients and

stakeholders is also recognised by the market. In early 2016,

a survey that looked at 254 websites of exchange-listed

companies awarded DVB’s site the top score in the Banks segment.

In the overall ranking, we reached the 29th place.

www.dvbbank.com

After scanning this QR with your smartphone,

you will have direct access to our website.

Page 162


Factbook __ May 2017 __ Corporate website

Social media activities

Those who want to stay informed about the Bank – without visiting the company website – have been able to find us

on various social media platforms. Besides the official Twitter account, we also feed DVB profiles on Slideshare and

YouTube with corporate news, financial publications, presentations and videos on a regular basis. Additionally, there

are profiles on the business networks LinkedIn and Xing. We thus offer another real-time service to our stakeholders

for increased online visibility.

@dvbbankse

dvbbankse

dvbbankse

DVB Bank SE

DVB Bank SE

Page 163


Factbook __ May 2017 __ Social Media

http://www.linkedin.com/company/dvb-bank-se

http://www.linkedin.com/company/dvb-bank-se

Imprint

Responsible for the content of this presentation

and contact:

Elisabeth Winter

Head of Group Corporate Communications

Managing Director

Phone: +49 69 9750 4329

E-mail: [email protected]

DVB Bank SE

Platz der Republik 6

60325 Frankfurt/Main, Germany

[email protected],

www.dvbbank.com

For further information please visit

www.dvbbank.com

After scanning this QR with your smartphone,

you will have direct access to our website.

Page 164


Factbook __ May 2017 __ Imprint

Photo credits

Page 165


Factbook __ May 2017 __ Photo credits

Front Cover:

Shipping Finance:

Pages 1, 45, 100: M.T. Maritime Management (USA) LLC, Southport, USA

Aviation Finance:

Pages 1, 58, 100: Bert van Leeuwen, DVB Bank SE, Amsterdam, The Netherlands

Offshore Finance

Pages 1, 68, 100: Volstad Management AS, Ålesund, Norway

Land Transport Finance:

Pages 1, 78, 100: Wouter Radstake, DVB Bank SE, Frankfurt/Main, Germany

01/ DVB – Business model

Page 4: DZ BANK AG/DVB Bank SE

Page 6: Shutterstock, Inc., New York, USA

Pages 7, 12, 16, 21 L.H. (Bart) Veldhuizen, David Goring-Thomas, Christian Hagemeyer and Ralf Bedranowsky:

Andreas Fechner, Dusseldorf, Germany and DVB Bank SE, Frankfurt/Main, Germany

Page 11: Getty Images/Robert Daly

Page 15: Getty Images/BFG Images

Page 20: Getty Images/Bartosz Hadyniak

02/ DVB – Business divisions and services

Page 41: Getty Images

Shipping Finance:

Page 46: Linda Slingerland, DVB Bank SE, Amsterdam, The Netherlands; iStock/davelogan and iStock/fstockfoto

Page 48: IVS Bulk Pte Ltd, Singapore

Aviation Finance:

Page 59: Bert van Leeuwen, DVB Bank SE, Amsterdam, The Netherlands; iStock/hunur

Page 62: Bert van Leeuwen, DVB Bank SE, Amsterdam, The Netherlands

Offshore Finance:

Page 69: Shutterstock, Inc., New York, USA

Page 71: Greatship (India) Limited, Mumbai, India

Land Transport Finance:

Page 79: Wouter Radstake, DVB Bank SE, Frankfurt/Main, Germany

Page 81: ELL Austria GmbH, Vienna, Austria

Financial Institutions and Syndications:

Page 86: iStock/bagotaj

DVB Corporate Finance:

Page 89: iStock/LdF

Page 91: ERR Rail Rent GmbH, Duisburg, Germany

Investment Management:


03/ DVB – Financials and outlook

Page 98: iStock/SusanneB

04/ DVB – About us


Pages 119–125 Board of Managing Directors and Supervisory Board of DVB Bank SE:


Pages 126, 133–135: Getty Images

Pages 128–129: iStock/Emre Ogan

Page 131: iStock/Janos Gehring

Page 132: iStock/Yuri Arcurs

05/ DVB – History

Pages 136–146: DVB Picture Archives/no details provided (The History of DVB Bank

1923–2013, DVB Bank SE, Frankfurt/Main, Germany)

Page 147: Petrosev S.A., Rio de Janeiro, Brazil

Pages 147–148 Ralf Bedranowsky, L.H. (Bart) Veldhuizen, David Goring-Thomas and Christian Hagemeyer:


06/ DVB – Further information

Pages 159, 164: DVB Picture Archives

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Factbook, April 2017

Economy & Finance