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www.jaccar.net

Summary

About JACCAR Holdings p. 03

JACCAR Holdings Track record p. 03

JACCAR today p. 05

JACCAR Holdings board and management p. 05

Governance: Board of Directors p. 06

JACCAR Values p. 07

BOURBON p. 08

Greenship Gas p. 09

Greenship Bulk p. 10

SAPMER Holding p. 11

Sinopacific Group p. 12

Other Vietnam investments p. 13

Other China investments p. 14

www.jaccar.net

About JACCAR Holdings

JACCAR Holdings Track record

JACCAR Holdings is a private investment company held and lead by Jacques de Chateauvieux whose strategy is to actively manage and develop, with a dedicated team, a portfolio of businesses and assets with bold and contrarian entrepreneur mind set.

Mainly exposed to the maritime industry, the company is a major shareholder of BOURBON, Greenship Gas, Greenship Bulk, Sinopacific Shipbuilding and Sapmer Holding. JACCAR Holdings seeks to support fully empowered managers to achieve our strategies by inspiring growth and delivering value.

Looking backward more than 30 years ago, JACCAR Holdings was solely invested in BOURBON, a sugar production company based in Reunion Island. To be part of the most advanced players of this sector locally, BOURBON entered into a 10-year restructuring and consolidation phase in order to replace its numerous and old sugar plants into fewer, modern and highly productive ones.

The second decade of BOURBON’s growth consisted in a portfolio diversification with investments in new businesses such as retail business and marine services, with a view to develop them internationally. With 3 different businesses, BOURBON gradually became a growing conglomerate that listed on the Paris Stock Exchange in 1998.

A new decade opened for BOURBON with the decision to allocate the major part of its resources to invest massively into its highest growth potential business. All proceeds from the sale of the sugar business to Tereos and the sale of the retail business to Casino were invested in the marine services business to acquire new generation vessels and serve the strong growth of the offshore industry.

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Management Track Record: BOURBON - JACCAR Holdings

Reunion Island Sugar Business

Bourbon becomes a conglomerate of food manufacturing, retail and marine activities

Bourbon focus on offshore marine

services to become world #1

• Ship owning and operating

• Ship building• Fishing and

property developpment

• Vietnam and China private equity fund

1981 - 1990(10 years)

Restructuration and Consolidation

1991 - 2000(10 years)

Acquire - Grow - Diversify geographically

2001 - 2010(10 years)

Portfolio Management: Focus

2004 - 2010(7 years)

Built up a diversified portfolio

30 years of Growth and Value CreationBOURBON

JACCAR

About JACCAR Holdings

Within 3 decades, BOURBON has progressed from a family owned sugar cane producer in Reunion Island to a regional conglomerate and finally to a pure player in offshore marine service, now being the world leader with around 480 vessels in operation in 50 different countries, over 95% outside of Europe, 11 000 people and 85 nationalities.

BOURBON being totally focused on offshore Marine Services, Jacques de Chateauvieux continued his portfolio driven investment strategy at JACCAR Holdings level, and from 2003, accelerated his diversification mainly in the shipping industry with new investments in:

• Sinopacific, a shipbuilding group started from scratch 10 years ago that now delivers more than 50 fuel efficient and new design vessels per year in bulk, offshore and more recently in gas.

• Piriou, a French shipbuilding group that developed internationally with new shipbuilding and ship repairing facilities in Africa and Asia, beside its historical French site (Piriou shares held by Jaccar were sold in 2013).

• Sapmer, a fishing company involved in premium seafood with Rock lobster and toothfish that strongly invested from 2009 in the super frozen Yellowfin and Skipjack tuna fishing, to serve a growing market of international customers eager to savour wild catch and first quality seafood products.

• Greenship, a ship owning and ship operating vehicule set up in Singapore in 2012, that ordered around 40 new generation and fuel-efficient vessels in bulk and gas at down cycle stage. More than half of them are already in operation, bridging international ports.

• Real estate as well as emerging market investments and private equity funds, mainly in Vietnam and China.

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Management Track Record: BOURBON - JACCAR Holdings

• Under the leadership of Jacques de Chateauvieux, BoUBon became a conglomerate of business and, then, decided to focus on becoming world #1 in marine services to oil and gas offshore indutry;

• While JACCAR Holdings was just owning BoURBon shares for more than 20 years, in 2004, it became the investment company used to diversify family holdings into an all range of new businesses.

offshore

offshore & Bulk

Maritime Services

Retail

Sugar: food

Bourbon*

Sinopacific

Sapmer

Piriou

Cbo Territoria

Inv. in Vietnam

Inv. in China

Bulk & Gas

1980 1985 1990 1995 2000 2005 2010 2015

BOURBON

JACCAR Holdings

2,5% 10% 20% 25% 25%31%

*JACCAR ownership in BOURBON 1980 - 2010

About JACCAR Holdings

JACCAR today

After 30 years, our measurable success is reflected in a diversified portfolio of businesses with Gross Asset value of over one billion euros at end of 2013.

Today, with a portfolio of businesses mainly in the maritime industry, JACCAR Holdings benefits from extensive knowledge in shipbuilding, ship owning, ship operating, ship financing, in various and diversified segments such as offshore, bulk, gas and fishing.

Such positioning and cumulated experience, with global reach and established connections is leveraged to serve further developments of our companies and any new development in the maritime sector.

JACCAR Holdings board and management

JACCAR Holdings is based in Luxemburg, with additional offices in Shanghai, Singapore, Ho Chi Minh City and Paris, and has a total team of 25 people.

In 2011, JACCAR Holdings board of directors has been extended and strengthened. It is composed of 11 members with strong, diversified and international backgrounds, representing 7 different nationalities, with significant knowledge of western and Asian developing economies, in shipping, finance, capital markets, business development, macro-economy, international accounting and banking…

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2013 GROSS ASSET VALUE (€m)

• Bourbon 388

• Greenship 199

• Sapmer Holding 74

• Sinopacific 227

• Others 132

Total 1 020

Evolution of JACCAR GAV & NAV in em

1400

1200

191

275

684

818

1140

642

782

1017

691 716

1020

735

1000

800

600

400

200

02003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Gross Asset Value

Net Asset Value

About JACCAR Holdings

Governance: Board of Directors

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  Vo Thi Huyen Lan

42 years old, Vietnamese

Board Member (2009) ! Managing Director of Jaccar Holdings  ! Board Member of Bourbon, Sinopacific

Shipbuilding Group and other companies in Vietnam  

! Finance degree from the HEC business school  

Jacques de Chateauvieux 63 years old, French

Chairman and CEO ! Chairman of Bourbon, and CEO of Bourbon

from 1979 to 2011  ! Chairman of Sapmer - Chairman of SAGES

(Michelin group)  ! Board member of Axa from 2005 to 2010

and Chairman from 2008 to 2010  ! Graduate of the Institut Supérieur de Gestion,

Paris and of Columbia University, NYC (USA)  

  Non  Independent     Independent    

About JACCAR Holdings

JACCAR Values

30 years of experience has taught us that agility, adaptability to fast changing environments, humility in front of reality, openness to new ideas and new ways, combined with pragmatism and resilience are key factors to achieve true value creation in the long term.

As we grow, our core values do not change. They synergize. The cornerstones of our achieved measurable successes have been and remain: consistently identifying opportunities for growth, analysing with prudence to determine unshakable conviction and make the right decision, fostering value creation and redefining future with boldness, enthusiasm and vision.

We’ve come to understand the power of being where the wind blows, of navigating growth and their direct connection to value.

JACCAR Holdings’ DNA is all about growth, as we believe in the virtuous effects of growing businesses on people’s personal development.

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BoURBon

Founded in 1948, BOURBON was a family owned sugar cane producer in Reunion Island, which then became a regional conglomerate and is today a pure player in offshore marine services. With a fleet of more than 480 modern vessels under operation in over 50 different countries BOURBON is the world leader.

BOURBON offers the most demanding oil & gas companies a comprehensive range of exploration, development and production support services for shallow and deepwater offshore oil & gas fields and wind farms, through its Marine Services and Subsea Services Activities. BOURBON’s highly skilled and qualified personnel are available to support the most sophisticated marine and subsea projects.

BOURBON’s fleet includes:• Terminal tugs dedicated to assistance and operations on offshore oil and gas terminals.• Assistance and salvage tugs dedicated to preventing wrecks, assisting and salvaging

vessels in distress, and fighting pollution risks.• AHTS (Anchor Handling Tug Supply Vessels) ensure the implementation and maintenance

of oil and gas platforms.• PSV (Platform Supply Vessels) supply equipment and special products to offshore platforms.• Crewboats - FSIV (Fast Support and Intervention Vessels) for emergency service teams,

and surfers for the transport of staff to oil and gas platforms.• IMR vessels - support for subsea operations and surface interventions, and Inspection

Maintenance and Repair operations in ultra-deepwater oil fields.• ROV (undersea robots) conduct a broad range of Inspection, Maintenance and Repair

operation on Subsea structures.

BOURBON has more than 11,000 employees of 85 different nationalities.

Classified by ICB (Industry Classification Benchmark) in the « Oil Services » sector, BOURBON is listed for trading on Euronext Paris, Compartment A, and is included in the Deferred Settlement Service SRD, the SBF 120 and CAC Mid 60 indices.

http://www.bourbon-online.com

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Key Figures

• Turnover 2013 1,312 em

• EBITDA 2013 576 em

• # Vessels operated*: 485

• # Employees: 11,000

• Jaccar ownership: 26.2%

• Established in: 1948

*As at end 2013

Greenship Gas

Greenship Gas is JACCAR Holdings’ investment vehicle for all assets within the transportation of petrochemical gasses, ethane, LPG and Liquefied Natural Gas (LNG) including the ownership of the Denmark based ship operator Evergas.

Greenship Gas owns and operates gas carriers on long term contracts (LNG, LPG) and is a major player in the niche Ethylene transportation market. Its owned young fleet includes 6 LPG 5,000 cbm ECO Gas carriers, 9 Ethylene LEG 12,000 cbm Gas Carriers and 6 LNG multigas 27,500 cbm Dual Fuel Gas Carriers, including 9 still in construction.

The 6 LNG/Multigas state-of-the-art vessels are currently under construction at Sinopacific Offshore & Engineering. They are specifically built for shale gas export on a very long term transportation contract between the USA and Europe with INEOS Europe (the world’s first and largest US ethane export contract).

Evergas was formally known as Eitzen Gas, established in 1883 in Denmark. Acquired by JACCAR Holdings in 2010 and renamed in 2011, Evergas operates a fleet of highly advanced ethylene carriers, pressurized LPG carriers and is committed to new-buildings consisting of ethylene and LNG carriers. With offices in Copenhagen and Dubai, Evergas on its own is one of the largest operators within the ethylene segment.

www.evergas.net

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Key Figures

• Turnover 2013: 66 $m

• EBITDA 2013: 14 $m

• # Vessels operated*: 15

• # Employees: 36

• Jaccar ownership: 100%

• Established in: 2012

*As at end 2013

Greenship Bulk

Greenship Bulk is JACCAR Holdings’ investment vehicle for all assets within the dry bulk segment including the ownership of the French ship operator Setaf Saget.

Listed on the Norwegian OTC (ticker: GREE) since June 2013, Greenship Bulk is based in Singapore and currently owns 16 new fuel efficient Crown 63 Supramax (63.5k DWT) dry bulk vessels. 2 additional sisterships will be delivered in H1 2015. The vessels were ordered in 2012 at down cycle stage, where prices of vessels were at a low level. Greenship Bulk strategy consists in benefiting from cycle upturn with increased day rates and value of the vessels. The fleet is fully employed by Setaf.

Established in 1968 and wholly owned by Greenship Bulk, Setaf Saget is a key player in operation/management of Supramax and Ultramax dry bulk carriers with more than 45 years experience. The company also benefits from a strong know-how in designing and building state of the art vessels and has its own supervision team (STCO) providing expertise to ship owners to ensure that their ship performs in accordance with their own views and standards.

www.setaf.fr

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Key Figures

• Turnover 2013: 312 $m

• EBITDA 2013: 32 $m

• # Vessels operated*: 16

• # Employees: 67

• Jaccar ownership: 50.1%

• Established in: 2012

*As at end 2013

Nominal and inflation adj. Supramax NB values

0

10

20

30

40

50

60

USDm

1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012

Supramax nominal NB prices Inflation adi Supramax NB prices

Vessels ordered by greenship

SAPMER Holding

SAPMER Holding is a fast growing premium seafood player whose strategy is to secure access to the resource, fish, process, value enhance, promote and distribute premium wild catches such as Rock Lobster, Patagonian Toothfish, Yellowfin and Skipjack Tuna to international customers keen to savour first quality seafood products from the sea to their plate.

Established in 1948, SAPMER was focused until 2008 on Rock Lobster and Patagonian Toothfish fishing. Following JACCAR Holdings entry in SAPMER’s capital in 2006, a new plan for growth was decided. From 2009, SAPMER strongly invested in new tuna vessels, with -40°C frozen capacity on board, to catch Yellowfin and Skipjack Tuna in the Indian Ocean under French and Mauritian licenses. Simultaneously, SAPMER Holding invested in 2 processing plants in Mauritius in order to value enhance the tuna catch, still frozen, and distribute to final customers premium natural frozen products.

SAPMER Holding is aiming to build up a vertical chain from access to the resource to distribution to final customers of high quality and healthy seafood products ensuring full traceability.

As of today, SAPMER Holding operates 4 longliners and 1 pot vessel for its historical fishing business and 7 new tuna vessels, with 2 additional sisterships currently under construction which will join the fleet in the coming months.

www.sapmer.com

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Key Figures

• Turnover 2013: 123 $m

• EBITDA 2013: 20 $m

• # Vessels operated*: 12

• # Employees: 880

• Jaccar ownership: 80%

• Established in: 1947

*As at end 2013

Sinopacific Group

Sinopacific Shipbuilding Group is the first private shipbuilder in China founded with a foreign partner. In 2004, delivery capacity of Sinopacific was 4 vessels per year, against more than 50 today. Sinopacific is one of the few private shipbuilders in China to cover all aspects of engineering from the initial concept to final production design for its international customer base (Bourbon, Geden Lines, Greenship, Hartmann Reederei, IRISL, Seaspan, Tidewater, etc.). The group portfolio covers a wide range of products through its 3 shipyards:

• Yangzhou Dayang Shipbuilding Co.: Covering a total area of 1.2 million square meters, Dayang is focused on “simple but perfect” mid-size commercial vessels. Its major products are bulk carriers, container vessels. The annual capability of production achieves 2 million deadweight tons.

• Zhejiang Shipbuilding Co.: With its 5 modern production lines, Zhejiang is a global leader in the manufacturing of offshore service vessels (OSV). It is located in Ningbo and covers 1.3 million square meters.

• Sinopacific Offshore & Engineering Co Ltd (SOE) operates within the oil & gas industry. Founded in 2008, SOE is a leader in the gas shipbuilding market providing fully integrated solutions from tanks and handling systems to complete vessel construction. Beside gas transportation and storage vessels, SOE product portfolio spans offshore cranes, offshore drilling and offshore production.

www.sinopacificshipbuilding.com

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Key Figures

• Turnover 2013: 6,272 CnYm

• EBIT 2013: 418 CnYm

• # Employees: 15,000

• Jaccar ownership: >23%

• Established in: 2003

Number of vessels delivered per year:

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

0

20

40

60

SOE

DAYANG

ZHEJIANG

other Vietnam investment

Capitalizing on BOURBON’s presence in Vietnam since 1994 with the setup of a sugar plant and later the expansion of a super market ultimately sold in the 2000s, JACCAR Holdings established a local team in Ho Chi Minh City in 2006 to manage our new investments, owned directly or through our funds. The objective was to take advantage of the fast growing country in an environment known by our people.

Under direct investments, asset value under management represents around 50 $m and covers various sectors of which mainly real estate, port and logistics.

Under two investment funds, Jaccar Capital Fund and Vietnam Century Fund, our team managed around 180 $m. Being opened in 2006 and 2009, the funds were invested in diversified sectors such as dairy, petrochemical, banking, food and beverage, real estate, printing media etc. and are now in the exit phase.

The strategy for Vietnam investment consists in leveraging on cumulated experience and knowledge of the country and increasing our exposure to activities we now managed by our own people.

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Hiep Phuoc Industrial Park Viet Au Corporation My Lan Group

Direct investment 5 companies - Investment amount of 50 $m• Agrex Saigon - www.agrexland.com • Long Hau Industrial Park -www.longhau.com.vn • Hiep Phuoc Industrial Park - www.hiepphuoc.vn • Viet Au Corporation - http://vietaucorp.com • Bourbon Ben Luc - www.bourbonbenluc.vn

Indirect investment • Jaccar Capital Fund (since 2006) – 26 $m • Vietnam Century Fund (since 2009) –36 $m

other China investments

Asia Pacific Medical Group (APMG), established in 1992 is the holding company for 6 hospitals in China, and 12 clinics in SE Asia, and one clinic in Beijing. APMG is one of the oldest and largest specialty private hospital chains in China. APMG focuses on delivering affordable quality health care targeting the growing middle to upper income Chinese population, specializing in Neural Oncology, Maternity, Cardiology and Cosmetology. APMG is in 3 major cities, Beijing, Shanghai and Tianjin.

Since April 2012, one of APMG’s major shareholders with JACCAR Holdings is IFC (World Bank Group).

ZAP designs, develops, manufactures and sells fully electric and advanced technology vehicles. The company made the acquisition of 51% of the equity shares of Zhejiang Jonway Automobile Co. Ltd., in January 2011.

ZAP has twenty years of experience designing, developing, manufacturing and selling innovative electric transportation products and Jonway has more than 2.6 million square feet of manufacturing space, with the ability to produce up to 50,000 automobiles per year, and an extensive distribution network in China.

ZAP Jonway intends to focus on the rapidly growing market for electric vehicles in taxi and corporate fleets in China and internationally. In April the company announced the receipt of 25,000 committed direct orders for its newest EV models of URBEE and SPARKEE

ZAP

• Turnover 2013: 52 $m

• Net result group share: -15 $m

• Jaccar ownership: 42%

http://www.zapworld.com

APMG

• Turnover 2013: 352 CnYm

• EBITDA 2013: 28 CnYm

• Jaccar ownership: 46%

http://www.apmg.com.cn

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