What s new? Unchanged. Old model: Eksportfinans. New model: Export Credit Norway. Legal set-up. Ownership 85% banks 15% government 100% government

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2 What s new? Legal set-up Old model: Eksportfinans Limited liability company, financial institution New model: Export Credit Norway Limited liability company created by special law Ownership 85% banks 15% government 100% government Funding Capital market Bank of Norway (government) Lender of record Eksportfinans Export Credit Norway Loan book Eksportfinans Government Loan products Unchanged Export credits Corporate / bank finance Export credits Credit risk GIEK / acceptable banks GIEK / acceptable banks Pricing policy Commercial Commercial 2

company created by special law Ownership 85% banks 15% government 100% government Funding Capital market Bank of Norway (government)

3 Norwegian export finance set-up 1 2 = risk cover (guarantees in favor of the lender) = loan to the buyer Guarantors, total lending portfolio International banks 14 % GIEK Norwegian 76 % banks 10 % 3

4 Norwegian export financing - supporting the Norwegian export industry for decades Eksportfinans ASA started to provide governmentsupported loans on behalf of the Ministry of Trade & Industry The government announced that it would take over the lending operations and establish a new state-owned entity for this purpose. Export Credit Norway fully operational as of July 2012 providing long-term financing with funding from the Norwegian government. Continued growth for the export financing scheme 4

over the lending operations and establish a new state-owned entity for this purpose.

5 Financing of capital goods and vessels from Norway 50% - Shipping, mostly oil related 40% - Oil and gas related equipment 10% - other 5

7 The lender in the Norwegian export financing scheme The solutions Exporter Exporter or buyer must apply for financing before contract award Export Credit Norway Funding Buyer/borrower GIEK/Bank Loan guarantees 7

for financing before contract award Export Credit

8 All loans must comply with the OECD Arrangement on Officially Supported Export Credits The Norwegian exporter must be the responsible contracting party Export Credit Norway offers financing for up to 85 % of the contract value Norwegian content must account for at least 30 % of the contract amount. Deliveries from companies based in Norway or companies abroad under Norwegian majority control generally qualify as Norwegian content The repayment period is generally up to 5 years (for ships up to 12 years, and for renewable energy projects up to 18 years) All loans must be secured by guarantee(s) from The Norwegian Guarantee Institute for Export Credits (GIEK) and/or acceptable financial institutions 8

Deliveries from companies based in Norway or companies abroad under Norwegian majority control generally qualify as Norwegian content The repayment period is generally up to 5

9 Export Credit Norway in brief Offers competitive export financing to companies buying Norwegian capital goods and services Manages the whole lending process, including sales and promotion, loan application processing, documentation, disbursement and loan administration All prospective borrowers that meet the requirements will receive a loan offer By year end 2013, total lending was approximately US$ 7 billion 9

processing, documentation, disbursement and loan administration All prospective borrowers that meet the

10 Choice between fixed or floating interest rate Fixed rate Commercial Interest Reference Rate ( CIRR ) Floating rate The rate is quoted by the OECD on the 15th of every month ( Export Credit Norway quotes CIRR rates before contract award a freeof-charge fixed interest rate option LIBOR etc. + a fixed loan margin Priced on commercial terms and in compliance with the EU state aid regulations Most convertible currencies available All OECD currencies available 10

org) Export Credit Norway quotes CIRR rates before contract award a freeof-charge fixed interest rate option LIBOR etc.

11 CIRR rates currently at historically low levels Contract CIRR rates Tenor: <5 yr 5,5-8,5 yr 9-12 år NOK 3,23 3,23 3,23 USD 1,69 2,58 3,29 EUR 1,45 1,99 2,52 Send the loan application prior to signing of the commercial contract! 11

2013 Tenor: <5 yr 5,5-8,5 yr 9-12 år NOK 3,23 3,23 3,23 USD

12 Financing equipment to a series of vessels «part of ships» If there is a series of vessels, two alternative models are available: 1.Finance applicable amount on each vessel 2.Aggregate all Norwegian content to finance up to maximum 80% of the last vessel (or a combination thereof) Example: Total contract price each vessel: USD 50 million Total Norwegian equipment and services per vessel: USD 12.5 million Min. 20 % equity Loan amount max: USD 40 million 12

Aggregate all Norwegian content to finance up to maximum 80% of the last vessel (or a combination thereof) Example:

13 Turkey financing ship equipment from Norway Norwegian exporter Supply contract for ship equipment Turkish shipyard Building contract Export Credit Norway Loan agreement equipment financing Shipowner shipyard Credit Insurance (60-90%) GIEK Bank Payment guarantee (10-40%) Guarantee agreement Max repayment period: 12 years Equal, semi-annual instalments 13

equipment financing Shipowner shipyard Credit Insurance (60-90%) GIEK Bank Payment

14 Part-of-ships financing: A flexible process, make your choice under construction of the vessel 14

15 Status innen norsk maritim sektor Flere av de tradisjonelle shippingsegmentene er på vei ut av krisen. Nykontraheringer er i gang igjen i de tunge markedene (Kina Sør- Korea og Japan) og for norsk skipsutstyrsindustri er pendelen i ferd med å snu! Vi støtter norsk skipsutstyrsindustri på to måter: 1) Indirekte gjennom å finansiere skip bygget ved norskeide verft 2) Direkte ved å finansiere selve utstyrs- og tjenesteleveransen På tide å satse mer mot utstyrssegmentet!

16 Utsikter innen norsk maritim sektor Negative tendenser: Oljeavhengigheten Kostnadsbildet Maritim sektor s attraktivitet (media mer stas enn sveising.?)

17 Utsikter innen norsk maritim sektor Positive tendenser: De norske designmiljøene - fra proteksjonister til internasjonalister Tilpasningsdyktighet, lettbenhet, innovasjonsevne feks. Kleven sin robotisering Verdensledende på flere «tidsriktige felt» så som miljø og LNG Eksportkreditt: Mange gjennomførte transaksjoner gir oss en flott plattform Økt fleksibilitet innen Parts of Ships bør gi uttelling Norsk interesse øker vårt mulighetsområde

Kleven sin robotisering Verdensledende på flere «tidsriktige felt» så som miljø og LNG Eksportkreditt: Mange

18 => New owner - some minor changes same people! OLAV E. RYGG Director of Lending Shipping and Oil & Gas (+47) OER@eksportkreditt.no STIG GJETHAMMER Shipping (Møre) (+47) STG@eksportkreditt.no TELLEF TELLEFSEN Head of Shipping (+47) TKT@eksportkreditt.no DAGNY ASTRUP Shipping and Maritime Equipment Chile & Peru (+47) DEA@eksportkreditt.no OLAV TORE BREILID JØRGEN HAUGE Head of Oil & Gas (+47) JHA@eksportkreditt.no Shipping (+47) OTB@eksportkreditt.no ANNA MUSIEJ AANENSEN Oil & Gas (Brazil) (+47) AMA@eksportkreditt.no LAILA JOHNSEN Oil & Gas (+47) LAJ@eksportkreditt.no LARS BØRRE HASLE Renewable Energy, Environment & other Capital Goods (+47) LBH@eksportkreditt.no JOSÉ REYES MARTINEZ Renewable Energy, Environment & other Capital Goods (+47) JRM@eksportkreditt.no IVAR SLENGESOL Renewable Energy and Environment (+47) IVS@eksportkreditt.no 18

no DAGNY ASTRUP Shipping and Maritime Equipment Chile & Peru (+47) 926 10 725 DEA@eksportkreditt.no OLAV TORE BREILID JØRGEN HAUGE Head of Oil & Gas (+47) 986 28 387 JHA@eksportkreditt.

19 Successful story continues We serve all hours Located close to Oslo City Hall: Hieronymus Heyerdahlsgate 1

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