Slide 1

Dubai, UAE – 14th October 2014

Opening Remarks &

Market Overview

Polis D. PolycarpouHead of Airline Market Research – DVB Aviation

12th Annual Middle East and Africa AirFinance Conference

Slide 2

DVB Aviation Finance – Integrated Platform Solutions

Aviation Relationship & Lending

Structured

Asset

Financing

Advisory

Services

Aviation

Asset

Management

Aero Engine

Financing and

Engine Asset

Management

Private Equity

Sourcing and

Investments

Risk

Distribution

Asset &

Market

Research

12th Annual Middle East and Africa AirFinance Conference

Slide 3

Uneven & Slow Global Recovery

12th Annual Middle East and Africa AirFinance Conference

Slide 4

Airline Share Prices UP 11% YTD

12th Annual Middle East and Africa AirFinance Conference

Slide 5

Crude Oil Price Slips As Supply Conditions Improve

12th Annual Middle East and Africa AirFinance Conference

30

40

50

60

70

80

90

100

110

120

130

140

150

Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14

Sp

ot

Pri

ce

FO

B (

$/b

bl)

Cushing, OK WTI Spot Price FOB(Dollars per Barrel)

U.S. Gulf Coast Kerosene-Type Jet FuelSpot Price FOB(Dollars per Barrel)

Slide 6

Passenger Volumes Increasing Strongly

12th Annual Middle East and Africa AirFinance Conference

70%

72%

74%

76%

78%

80%

82%

84%

-12%

-9%

-6%

-3%

0%

3%

6%

9%

12%

Aug-08 Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14

Pa

ss

en

ge

r L

oa

d F

ac

tor

%

% G

row

th (

Y-o

-Y)

Pax Load Factor%

ASK % Growth

RPK % Growth

Slide 7

Air Freight Market – Continuing Positive Trend

12th Annual Middle East and Africa AirFinance Conference

40%

42%

44%

46%

48%

50%

52%

54%

56%

58%

-25%

-15%

-5%

5%

15%

25%

35%

Aug-08 Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14

Fre

igh

t L

oa

d F

ac

tor

%

% G

row

th (

Y-o

-Y)

Freight Load Factor%

AFTK % Growth

FTK % Growth

Slide 8

Airline Industry Profitability – Upward Trend to Slow

12th Annual Middle East and Africa AirFinance Conference

8.2 8.5

3.7

-13.0-11.3

-7.6-5.6

-4.1

5.0

14.7

-26.1

-4.6

17.3

7.56.1

10.6

18.0

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

-30.0

-20.0

-10.0

0.0

10.0

20.0

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

% R

eve

nu

es

US

$ b

illi

on

Net Profit (Losses), $bn (LHS)

Operating Margin, % (RHS)

$746 bn Revenues

4.2% Op. Margin

2.4% NP Margin

Slide 9

Airbus: Global Market Forecast 2014-2033

12th Annual Middle East and Africa AirFinance Conference

Slide 10

Boeing: Current Market Outlook 2014-2033

12th Annual Middle East and Africa AirFinance Conference

Slide 11

Middle East: Airbus GMF & Boeing CMO

12th Annual Middle East and Africa AirFinance Conference

BoeingAirbus

Slide 12

Africa: Airbus GMF & Boeing CMO

12th Annual Middle East and Africa AirFinance Conference

BoeingAirbus

Slide 13

Aircraft Finance – An Uncertain Landscape

12th Annual Middle East and Africa AirFinance Conference

Slide 14

Disclaimer

This presentation has been prepared by DVB Bank SE.

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 SE. 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 SE.

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

Bank SE’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 SE’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 SE 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.

12th Annual Middle East and Africa AirFinance Conference

Slide 15Title of presentation