Fortis Merchant Banking successfully arranges and structures a EUR 250 million club deal for Resolution Shipping Ltd.

Rotterdam, 10 September 2008

Fortis Transportation, part of the business unit Energy, Commodities & Transportation (ECT) within Fortis Merchant Banking arranges and jointly finances one existing and two new building Windmill Installation Vessels.

Resolution Shipping Ltd is a Cyprus based shipping company owning, a subsidiary of Vroon Group BV, and operates a Windmill Installation Vessel, the ‘MV Resolution’. The vessel is currently on time charter to Centrica (a leading UK utility company), installing wind turbines in the North Sea.

This vessel is more efficient in the installation of wind turbines on a large scale than some of the other concepts currently operating in the offshore installation of wind turbines. Also, the offshore wind energy market is expected to make a quantum leap in the coming years. As a result the company has embarked on a new building program by ordering two new buildings. These new vessels will be built at Cosco Nantong Shipyard in China with delivery in 2011. The new vessels will be even more efficient with next generation equipment and fully fitted for stand-alone windmill installation as well as offshore capabilities.

In order to finance the existing vessel and the two new buildings, Fortis Merchant Banking has arranged and structured a EUR 250 million club deal bringing in Commerzbank, Dexia Bank, Lloyds TSB and Rabobank. The facility consists of pre-delivery finance and post delivery finance. Fortis Merchant Banking managed to structure the transaction satisfactorily for all parties concerned, in spite of the fact that the offshore wind energy market is still in its infancy.

Fortis is an international financial services provider engaged in banking and insurance. We offer our personal, business and institutional customers a comprehensive package of products and services through our own channels, in collaboration with intermediaries and through other distribution partners. Fortis ranks among the 20 largest financial institutions in Europe. Our sound solvency position, our presence in over 50 countries and our dedicated, professional workforce of 65,000 enable us to combine global strength with local flexibility and provide our clients with optimum support. More information is available at www.fortis.com.

Fortis Merchant Banking provides high-value tailor-made services to medium-sized companies, large corporates and institutionals. As a worldwide organisation, we have developed special expertise in cash & treasury management, debt, equity and structured finance, trading & financial risk hedging, financial advisory and structuring. We serve commodity producers, traders and distributors all over the world. We are a world leader in fund administration, global custody, securities lending and clearing services.

Energy, Commodities & Transportation (ECT) is a high growth business line within Fortis Merchant Banking that offers a full range of banking solutions to companies active in the industrial value chain of energy, commodities and transportation. Our extensive market knowledge and diversity of people located globally have made us leaders in these industries. Whether it is oil & gas exploration, conventional or renewable power production, energy marketing and trading or infrastructure Fortis is active throughout the complete energy chain. For the physical flow of commodities, we provide financing at all stages – pre production, pre export, transportation, storage of stocks and receivables as well as commodities derivatives, currency hedging, carbon trading and risk management. To connect producers and off takers in the industrial value chain of energy and commodities Fortis is one of the world’s leading international transport financiers. We provide coverage to clients in the deepsea shipping, offshore and oil field services, aviation and intermodal industries. More than 500 ECT professional in 23 offices worldwide are ready to assist you with all your energy, commodities and transportation banking requirements. For more information: www.merchantbanking.fortis.com

Vroon Group B.V. Breskens (the Netherlands) is a privately held shipping company, with a large diversified fleet. The Company’s windwill installation and maintenance activities are handled by its subsidiary MPI Offshore Ltd. (Stokesly, UK). For more information www.vroon.nl Press contacts Brussels: +32 (0)2 565 35 84 Utrecht: +31 (0)30 226 32 19

Fortis Merchant Banking press release