7th Annual MM Gulf Ship Finance Conference Growing pain in an growing OSV industry? Geir Sjurseth Managing Director DVB Bank SE Dubai 9 March 2011

2 Page 2 European Company (SE), listed on the Frankfurt Stock Exchange, with market capitalisation of c. EUR 1.14bn (Nov 10) 95% owned by DZ Group, the largest co-operative banking group in Germany Rated A for long term debt and A1 for short term debt by Standard & Poor’s Basel II core capital ratio of 15.5% Introducing DVB DVB Facts Over 500 professionals, all specialising in transport finance Over 500 clients worldwide, all active in the transport sector EUR 18.4bn (USD 25.1bn) loan book (Sep 2010) Net profit of EUR 98.0m YTD 2010 vs. EUR 56.9m YTD 2009 Return on equity before tax of 16.9% New York Curaçao Global Presence Through 13 Offices Tokyo Singapore Market Approach AviationShippingLand Transport Structured Asset Financing Advisory and M&A Asset Management Risk Distribution Loan Participations Asset & Market Research Bergen Oslo Hamburg London Cardiff Rotterdam Frankfurt Piraeus Zurich

3 Page 3 DVB’s Global Offshore Support Group Restructuring Financing Ability to finance Mexican and Brazilian flag vessels S&P and Newbuild Finance Sale & Leasebacks, Acquisition Finance and Mezzanine Finance Advisory and M&A Valuations & Fairness Opinions Mergers & Acquisitions (M&A) Debt & Equity Capital Raisings Shipping / Offshore Investment Fund Structured Equity and Mezzanine Finance Equity Investments Sale & Leasebacks Offshore Support Group

4 Page 4 Overview of the Offshore Support Sector Supply & Anchor HandlingCrew AccommodationTransportHydrocarbon Exploration Anchor Handling Tug (AHT) Anchor Handling, Tug & Supply (AHTS) Platform Supply Vessel (PSV) Crew Boat Stand-by Vessel Emergency Response Rescue Vessel (ERRV) Utility Vessel Supply Jack-up Platforms Semisubmersible Platforms Mono-hull Vessels Accommodation Barges Hybrids Accommodation Float on / Float off (Flo / Flo) Lift on / Lift off (Lo / Lo) Roll on / Roll off (Ro / Ro) Semi-submersible Heavy Lift Barge Heavy Lift Seismic Survey Vessel (SSV) Electro Magnetic Survey Vessel Seismic Seabed Installation Diving Support Vessel (DSV) Lay Support Vessel ROV Support Vessel Lay Barge Reel Lay Vessel Well Intervention Vessels Derrick Barge Pipe Carrier Subsea & Construction Offshore Support Market

5 Page 5 Right now – still recovering OSV Cycle Growth in E&P spending Oil price The banks Unfunded NB capex? Is equity available? Supply And demand?  Cycle trough was Q2 2010, however..  We’re back on trend but there are leads..  Above 100 again  Capacity is 40% down but improving  yes but less so  Always, but things have changed a bit..  2011 worse year ever..  Focus on large PSVs, subsea, seismic, accommodation units – DEEP WATER

6 Page 6 How’s the public markets doing – an important indicator Any IPOs out there?

7 Page 7 The Middle East OSV players – keeping track?  Growth is elsewhere  Local focus while market is increasingly regional or global  Age limitations on vessels & equipment  A fragmented market with many small to mid cap companies  Enough capital to replenish old fleet?  IRAN  Or just stay local with aging vessels?

8 Page 8 Vessel CAPEX – current state of affairs  NBs, yard terms  No debt no equity  No employment no debt  Debt leverage  Equity returns Mid size to large PSVs Small to mid size AHTSs Large AHTS, subsea, CVs Accommodation units Most likely Attractive: 10/90 or 5X4 + 80: Challenge is LC Yes Maybe notYes Max 50%?Max 70%? HigherLower

9 Page 9 Fast Expanding OSV players - crisis no obstacle? Far EastAmericasEurope Middle East

10 Page 10 Thank you for your attention!