A New Breed in Shipping Finance

Creative Finance GroupGolden Bridge Finance Group

1

Index

Ⅰ. New Industry Entrant, but Growing Rapidly

Ⅱ. Blue Marine Funds by GBAMC

Ⅲ. A new breed in Korean Shipping Funds

Ⅳ. Closing Remarks

2

Ⅰ. New Industry Entrant, but Growing Rapidly !

3

GoldenBridge Finance Group: Specialized in Alternative Investment.

GoldenBridge Finance Group

Securities CapitalSavings

Bank

Asset Management

Company

GBAMC ranked 11th on Alternative Investment out of 72 AMCs !

Date of Establishment 9 Feb, 1999

C.E.O Jakap Koo

Capital KRW 10 billion

Employee 36 Employees

AUM USD 1.12 billion

Specialty Alternative Investment including

Real estate, Ship Financing, PEF

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■ Real Estate : 609 mil

■ Shipping : 266 mil

■ Other A.I. : 149 mil

■ Stock and bonds : 104 mil

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Total : USD 1.12 billion

GoldenBridge AMC: AUM USD 1.12 billion, a Quarter in Shipping Finance

Portfolio

55%22%

16%7%

Established USD 266 mil AUM in shipping finance within 1~2 years!

• Intensively focused on Alternative Investment segment• Approximately, 90% of our Portfolio invested in the field of

Shipping & Real Estate Finance• Recently, Built up USD 266 mil assets in Shipping Finance

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Ⅱ. Blue Marine Funds by GBAMC

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Blue Marine Fund Series Track Record

No. Ship TypeInvestment

AmountTerm Target Rate Investment Type

GB-Blue Marine Fund 1

Capesize Bulker 20 mil 5 yrs 10.8% BBCHP

GB-Blue Marine Fund 2

15,000 DWT Chemical Tanker *2

10.8 mil 10 yrs 9% BBCHP

GB-Blue Marine Fund 3

Cape, Panamax, Supramax, Kamsarmax

Bulkers

215.2 mil(Contract-

640mil)5 yrs 12~15% Equity

GB-Blue Marine Fund 4

Panamax Bulker 20 mil 10 yrs 9.8% BBCHP

Total USD 266 mil (Contract value : USD 690.8 mil)

Already Launched Blue Marine 1st through 4th Fund

Enter firstly into the market right after confirming the bottom of the industry in mid 2009

Successfully generating minimum 9% to expected 15% in IRR basis

Offered various types of Investment : Dept type, Hybrid type and Pure Equity type

Efficiently managing the owned vessels by outsourcing Shipping Service Companies

* Various Source of Investors : Insurance companies, Savings Banks, Pensions& other Institutional Investors!

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Structure 1: Debt Type Financing

Senior

Bank

GB-Blue Marine Fund

Fund Management

BBCHP

Investment Trust

Senior Loan from the bank

Contractedprice

CharteringIncome

Equity InvestmentBy Charterer

Institutional Investors

Seller

Charterer

SPC(Buyer/Owner)

Junior Loan

From the Fund

Golden

Bridge

AMC

Vessels

Principal&Interest

Principal&Interest

Senior

Bank

GB-Blue Marine Fund

Fund Management

Time Charter

Contract

Investment Trust

Senior Loan from the bank

Contractedprice

CharteringIncome

Institutional Investors

Seller

Charterer

SPC(Buyer/Owner)

Equity investment

From the Fund

Golden

Bridge

AMC

Vessels

Principal&Profit

Principal&Interest

Shipping Service

Company

Service Contract

Shipping relatedServices

Structure 2: Equity Type Financing

Fund Structures

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Ⅲ. A New Breed in Korean Shipping Funds

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Recent Trend: Hybrid & Equity types like BlueMarineFund 3 currently launched

Case 1. Asiapacific SIC 16th set up mid 2010.

: 57K, Bulker

: 55% Senior Loan by SPDB, BBC 5yrs,

Extra Capital Gain expected at sales

Case 2. Badaro SIC 17th set up mid 2010.

: 82K, Bulker * 4

: 40% Senior Loan by BNP Paribas, TC 5yrs with Cargill ,

Extra Capital Gain expected at sales

Case 3. Hi Gold-Ocean Shipping Fund set up mid 2010.

: 56K, Bulker * 2

: BBC 5yrs with first class shipping company,

Extra Capital Gain expected at sales

Case 4. Badaro SIC 14~16th set up mid 2010.

: Bulkers

: 40~60% Senior Loan Raised

: BBCHP 5yrs with first class shipping company,

Profit Sharing at sales at the rate of 2:8

Starting from 2H 2009, Equity type Funds launched for the purpose of an asset play.

Among Korean investors, Shipping Finance considered as not only pursuing Capital gain, but alsogenerating consistent & stable Cash Flow.

More Korean Institutional investors start to look at Shipping finance as their Major Alternativeinvestment Vehicle.

Due to the short history of Equity type investment, Success story needed to facilitate moreinvestors to come on board.

As asset price appreciates, some Investors preferred more risk adverse investment, such as Debttype finance.

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Providing various structures for Different Investors’ Needs & Market Cycles

③ Debt Type Financing

Generating Fixed Interest

over 5 to 10 years

Principal is guaranteed

Participating Bond Issuance is

possible

② Hybrid Type Financing

Debt+Equity type of financing

Pursuance of asset sale for

extra capital gain

Bare Boat Charter contract is

possible

① Equity Type Financing

Pure Asset player type

Consistent cash flow by time

Charter contract

Outsourcing shipping related

businesses

FlatMarket

HardMarket

SoftMarket

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Total Solution for Shipping Financing & Alternative Investment

Well trained and experienced Shipping finance Team

Built up Strategic Cooperation System with various industry players

Directly managing the owned vessels

Providing Total Portfolio Solution for A.I. Investors

Investors increasingly express their interest in Shipping finance.

Allocating Assets in Shipping Finance, Real estate & other Investments

Specialized Shipping Finance Team

Closed deals with Taiwan & Venezuela based companies

Raised Overseas Senior Loan

Close relationship with A.I. Investors

Global Investment Opportunity

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Ⅳ. Closing Remarks

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Providing Financial Solutions for both investors & shipping companies

Major institutional Investors in Korea manage their assets up to approximately USD800 billion.

Over the past 5years, Real Estate investment is the major alternative investmentamong Korean institutional investors.

Exposure of Alternative investments by Korean investors has increased substantially,and Shipping finance becomes a key role in the sector.

Golden Bridge AMC eager to provide Financial solutions for both investors andshipping companies.

Overseas expansion is planned and global partners are secured.

We expect more Golden Bridge Blue Marine funds to come in the near future.

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FL 5, Goldenbridgebuilding, 222, Chungjeongro 3Ga, Seodaemun Gu,Seoul, Korea

Tel: 02) 360-9523 Fax: 02) 360-9559

Golden Bridge AMC Between Investors and Shipping industry