US$ 293.5 MILLION FACILITY TO SILVERSEA, FINANCING ACQUISITION FROM OF AN ULTRA-LUXURY CRUISE VESSEL

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Monaco/Milano/Paris/Hannover/Frankfurt, July 1st, 2015

BNP Paribas, NORD/LB and SACE announce the finalisation of a US$ 293.5 million Export Credit facility in favour of a special purpose company fully owned by Silversea.

The facility, in force from June 26th, 2015, benefits from a comprehensive cover from SACE, and finances part of the acquisition costs of a 596-berth, 40,000-ton luxury cruise vessel, , to be built by Fincantieri for delivery in Spring 2017, an exciting enhancement of the , delivered in 2009 and in turn the largest ship owned and operated by Silversea.

Silversea, founded in 1994, is the market leader in the ultra-luxury cruise segment. Renowned for its exceptional on-board experience, which satisfies the uncompromising requirements for comfort, service and quality of the world's most discerning travellers, Silversea, with the addition of this new build will expand its fleet to nine ships. According to Enzo Visone, Silversea's CEO, "With enhanced design specifications, Silver Muse will continue to build on the sophistication, innovative styling, and ground-breaking concepts for which Silversea ships are renowned. This new order contributes to our ambitious growth plans that will ensure our continued leadership in ultra-luxury cruising."

With this transaction, SACE confirms its support to the international competitiveness of Fincantieri and the hundreds of Italian SMEs active in the shipbuilding industry.

BNP Paribas Fortis, KfW IPEX-Bank, NORD/LB and Unicredit S.p.A. are MLAs and Lenders under the facility, while NORD/LB acts as Facility Agent and Security Trustee and BNP Paribas acts as Structuring & Documentation Bank and SACE Agent. The finance parties were supported by Clifford Chance as Lenders’ and SACE’s legal counsel, while Silversea was assisted by Morgan Lewis.

SACE Press Office BNP Paribas Tel. +39 06 6736888 iCorporate Email: [email protected] Elisa Piacentino – [email protected] - 02/4678754

Rita Arcuri – [email protected] - o2/4678753

NORD/LB Media and Communications Michaela Stamme – [email protected] +49 511 361 8930

Company profiles

Silversea Cruises, which is chaired by Manfredi Lefebvre d’Ovidio, is recognized as an innovator in the ultra-luxury cruise line industry, offering guests large-ship amenities aboard its intimate, all-suite vessels: , , , and Silver Spirit – all designed to offer an atmosphere of conviviality and casual elegance. With the inclusion of the expedition ships Silver Explorer, Silver Galapagos, and Silver Discoverer, ' itineraries encompass all seven continents and feature worldwide luxury cruises to the Mediterranean, Caribbean, both polar regions and over 700 fascinating destinations in between.

BNP Paribas, through its Corporate and Institutional Banking Division (CIB), is a global leader in financial services for a wide range of clients such as corporates, sovereigns, financial institutions and international investors. The division has a direct presence in 45 countries in the world, with more than 19,000 employees, and offers customized solutions supporting the needs of its clients as well as the development of their businesses. BNP Paribas CIB top-ranks in its three core activities: 1) Advisory and Capital Markets, in which it acts as a leader in M&A, Debt and Equity Capital Markets; 2) Financing Solutions, for which it leads structured financing, trade finance and cash management activities; 3) Derivatives, in which it is one of the major global player in rates, credit, foreign exchange, commodities and equity derivatives www.cib.bnpparibas.com

KfW IPEX-Bank Within the KfW Group, KfW IPEX-Bank is responsible for international project and export finance. Its function of providing financing to boost the German and European economy is derived from the legal mandate assigned to KfW. It offers medium- and long-term financing to support key export industries, to develop economic and social infrastructure and to fund environmental and climate protection projects. KfW IPEX-Bank operates as a legally independent group subsidiary and plays a major role in fulfilling KfW’s promotional mission. It is represented in the most important economic and financial centers across the globe.

NORD/LB For over 45 years, NORD/LB has developed the Ship Finance business segment into a strategic core segment. Over the long tradition of its engagement for the maritime industry, NORD/LB has grown through the cycles into one of the leading global ship financiers. Not only the many years of experience, but also NORD/LB’s drive to pursue new financing paths with its customers support in the process. This willingness is complemented by an extensive range of additional services, which allow NORD/LB to offer holistic competency around the globe from one source. Solution expertise in all matters related to ships and corporate activities – including cruise, ship yard and ECA financings - in long-term relationships guide NORD/LB’s understanding in business with the maritime economy. www.nordlb.com

SACE offers export credit, credit assurance, foreign investment protection services, financial guarantees, sureties and factoring. With operations worth €74 billion assured in 189 countries, the SACE Group supports the competitiveness of Italian and foreign businesses, guaranteeing more stable cash flows and transforming enterprise insolvency risks into development opportunities. www.sace.it

UniCredit is a leading European commercial bank, with leadership positions in Italy, Germany and Austria and a strong presence in high-growth CEE countries. We are one of the largest European networks with approx. 9,100 branches. With more than 3,500 professionals in 50 countries, Corporate & Investment Banking serves corporate and institutional clients out of the largest group of network banks in Western, Central and Eastern Europe, providing them unparalleled access to these markets and offering Corporate Banking and Transaction Services as well as tailor-made Structured Finance, Capital Markets and Investment Products. www.unicreditgroup.eu

SACE Press Office BNP Paribas Tel. +39 06 6736888 iCorporate Email: [email protected] Elisa Piacentino – [email protected] - 02/4678754

Rita Arcuri – [email protected] - o2/4678753

NORD/LB Media and Communications Michaela Stamme – [email protected] +49 511 361 8930