Financial Results Presentation

Financial Results Presentation

Third Quarter 2012

Highlights

Financial Performance

Business Review

Financial Highlights

From 1 January to 30 September 2012

Key highlights:

• Decline in charter revenue was due mainly to MV Kaethe C. Rickmers contracting a lower net daily rate of US$7,600 in 2012.

• High operational efficiency with 99.5% fleet utilisation in 3Q2012

• Gearing improved to 60% after paying down US$38.3 million in bank loans year-to-date • Distribution of 0.60 US cents per unit in 3Q2012, payable on 29 November 2012

Highlights

Financial Performance

Business Review

Income Statement

3Q2012 3Q2011 % ∆ 9M2012 9M2011 % ∆

Charter revenue 36,315 38,243 (5) 108,011 111,672 (3) Other income 1,815 1,628 11 5,186 4,799 8 Other (losses)/gains - net (267) 948 NM 1,423 2,312 (38)

Total income 37,863 40,819 (7) 114,620 118,783 (4)

Add/(less):

Depreciation (9,387) (9,468) (1) (28,247) (28,305) (0) Write-back of vessel impairment 0 0 0 0 2,850 NM Impairment of goodwill 0 0 0 0 (4,097) NM Amortisation of favourable charter contracts (128) (128) 0 (384) (384) 0 Vessel operating expenses (8,821) (8,376) 5 (26,621) (24,610) 8 Trustee-Manager fee (778) (772) 1 (2,298) (2,267) 1 Other trust expenses (139) (124) 12 (468) (535) (13) Finance expenses (10,381) (10,834) (4) (31,224) (32,436) (4)

8,229 11,117 (26) 25,378 28,999 (12)

Income tax expense 0 (2) NM 4 (3) NM

8,229 11,115 (26) 25,382 28,996 (12)

Net Profit Margin _{23% 29% 23% 26%}

* NM: Not Meaningful

Profit before income tax

In US$'000

Balance Sheet Highlights

Notes:

1) Total Outstanding Bank Loans above differs slightly from the Total Secured Bank Loans in the Financial Statements (US$583.6 million as at 30 September 2012 and US$621.9 million as at 31 December 2011) due to the accounting treatment for borrowings, which is initially recognised at fair value (net of transaction cost) and subsequently stated at amortised cost

2) Based on total issued units of 423,675,000

In US$'000 As at 30 Sep 2012 As at 31 Dec 2011 _{% ∆}

Assets

Cash and cash equivalents 54,384 55,321 (2)

Net book value of vessels 1,010,137 1,035,763 (2)

Other current and non-current assets 48,721 49,071 (1)

Total assets 1,113,242 1,140,155 (2)

Liabilities Secured bank loans 1 582,055 620,133 (6)

Derivative financial instruments 41,697 55,157 (24)

Convertible loan 49,496 49,198 1

Other current and non-current liabilities 22,648 28,137 (20)

Total liabilities 695,896 752,625 (8)

Total unitholders' funds 417,346 387,530 8

Statement of Cash Flows

In US$'000 3Q2012 3Q2011 9M2012 9M2011

Cash flow from:

Operating activities 27,628 30,259 79,118 83,710

Investing activities (304) (45) (2,572) (1,303)

Financing activities (25,775) (25,261) (76,608) (75,351)

Net change in cash & cash equivalents 1,549 4,953 (62) 7,056

Cash & cash equivalents at beginning of period 51,931 48,532 53,536 46,423

Effects of exchange rate changes on cash and cash equivalents 11 (23) 17 (17)

Cash & cash equivalents at end of period 53,491 53,462 53,491 53,462

Restricted cash 893 1,785 893 1,785

Cash Flow Available for Distribution

In US$'000 (8 months)

FY2007 FY2008 FY2009 FY2010 FY2011 9M2012 9M2011 3Q2012 3Q2011

Profit/(Loss) after tax 20,596 34,437 40,741 (28,553) 40,326 25,382 28,996 8,229 11,115

Add/(less):

Non-cash adjustments and others 1,451 22,280 36,379 78,566 30,542 23,366 23,812 8,555 7,409

Interest expense - net 2,323 19,900 34,267 42,169 42,636 30,686 32,038 10,219 10,712

EBITDA 24,370 76,617 111,387 92,182 113,504 79,434 84,846 27,003 29,236

Non-recurring expenses 4,399 762 441 21,765 0 0 0 0 0

Adjusted EBITDA 28,769 77,379 111,828 113,947 113,504 79,434 84,846 27,003 29,236

Add/(less):

Movement in working capital 735 23 738 2,384 (2,500) (141) (532) 793 1,046

Dry-dock reserve (550) (1,656) (2,205) (2,033) (3,755) (3,198) (2,856) (407) (236)

Cash flow available for distribution before payment

to debt capital providers 28,954 75,746 110,361 114,298 107,249 76,095 81,458 27,389 30,046

Payment to debt capital providers (3,721) (23,774) (43,050) (164,368) (92,266) (69,824) (68,567) (23,233) (22,719)

Repayment of bank loans 0 0 (9,804) (104,999) (49,037) (38,282) (35,844) (13,109) (12,001) Interest paid - bank loans, int. rate swaps and conv. loan (3,001) (19,536) (33,246) (41,691) (42,336) (30,649) (31,830) (10,124) (10,718)

Loan restructuring fees 0 0 0 (2,678) (893) (893) (893) 0 0

Debt arrangement fees (720) (4,238) 0 0 0 0 0 0 0

Cash compensation fee 0 0 0 (15,000) 0 0 0 0 0

Cash flow available for distribution to unitholders 25,233 51,972 67,311 (50,070) 14,983 6,271 12,891 4,156 7,327 Amount to be distributed to unitholders 22,740 37,665 16,566 9,787 10,168 7,626 7,626 2,542 2,542

^ Distribution was partly funded from cash retained in prior periods

Cash flow available for distribution before

payment to debt capital providers (US$'000) 28,954 75,746 110,361 114,298 107,249 76,095 Distribution declared (US$'000) 22,740 37,665 16,566 9,787 10,168 7,626

DPU (US cents) 5.64 8.89 3.91 2.31 2.40 1.80

Weighted average number of units ('000) 389,356 417,262 423,675 423,675 423,675 423,675

0 30,000 60,000 90,000 120,000 2007 (8 months) 2008 2009 2010 2011 9M2012 US$'000 Distributions

Cash flow available for distribution before payment to debt capital providers (US$'000) Distribution declared (US$'000)

• As part of the Trust’s financial restructuring, DPU is capped at 0.60 US cents per

quarter during the waiver period of the value-to-loan (VTL) covenants

79%

Distribution to Unitholders

Loan Facility Security

IPO Facility 1.75% 2017 315.3 315.0 110% Secured against the initial 10 vessels in the IPO Fleet.

VTL covenant for the IPO Facility is 125% if more than half of the vessels secured against the IPO Facility have remaining charter periods of less than one year.

VTL covenant for the IPO Facility is 133% as long as Top Up Facility is outstanding.

Top Up Facility 1.75% 2015 56.0 56.0 133%

First Facility 1.75% 2019 178.8 177.8 110% Secured against the five Mitsui vessels.

Second Facility 1.75% 2021 33.5 33.3 110% Secured against the vessel Hanjin Newport.

TOTAL 583.6 582.1

^ Before the deduction of unamortised debt transaction costs of US$1.5 million

Margin above US$ 3-month LIBOR VTL Requirement in Loan Facility Face Value US$' million Year of Maturity Carrying Amount US$'million ^

Outstanding Bank Loans

As at 30 September 2012

• The Group had obtained a waiver of the loan covenants for all loan facilities for a three year period, expiring on 15 May 2013. If the value-to-loan ratios are not met then, the Group may be required to furnish additional security, prepay part of the value-to-loans, or negotiate a further waiver to avoid a technical breach. We are currently exploring various options to address the expiry of the waiver next year.

Bank Loans Repayment Schedule

• Total bank debt repaid in 9M2012: US$38.3 million

• Total bank debt remaining: US$583.6 million (at 30 September 2012)

Repayment (in US$ million) 9M2012 4Q2012 2013 2014 2015 - 2021

Scheduled Repayments 32.4 10.8 68.1 71.1 430.7

Excess Cash Repayments 5.9 2.9 Depends on Excess Cash

Generated

Total 38.3 13.7 68.1 71.1 430.7

Excludes repayment of Convertible Loan

Estimated Actual

Gearing

67% 66%

60% 37%

>>> Interest Coverage for 9M2012 at 2.5x

63%

Note: Gearing ratio = (external bank loans + convertible loan) / (total unitholders’ funds + external bank loans + convertible loan)

Highlights

Financial Performance

Business Review

* Excluding positioning and scheduled dry-docking but including 29 days of Kaethe C. Rickmers’ pending delivery to MSC in 1Q2012

Business Review

Fleet Utilisation

Vessel Ownership Days 1,472 1,472 4,384 4,368

Off-Hire Days* 6.9 0.2 63.5 2.1

9M2012 – US$108.01 million

9M2011 – US$111.67 million

• Charter revenue remained stable on the back of long-term charters with reputable counterparties

• Revenue decline mainly due to lower contribution from Kaethe C. Rickmers Hanjin 6% CMA CGM 38% CSAV 5% MOL 33% Italia Marittima 18%

Diversified Portfolio of Charterers

Italia Marittima 20% CMA CGM 38% CSAV 1% Hanjin 6% MOL 34% MSC 1%

Source: Clarkson Research Services

Container Time Charter Market

Rickmers Maritime’s Average Daily Charter Rate for 2012: ~US$25,000

US$27,328 (4,400 TEU 10-year average)

At 30 September 2012:

Average age of vessels: 5.0 years

Average remaining charter period: 3.4 years Remaining committed revenue: US$511.5 million

Staggered Remaining Charter Periods

Name TEU Charterparty Net Daily Charter Hire

2012 2013 2014 2015 2016 2017 2018 2019

Kaethe C. Rickmers 5,060 MSC US$7,600 US$23,750

Ital Fastosa 3,450 Italia Marittima US$25,870

Ital Festosa 3,450 Italia Marittima US$25,870

ANL Warringa 4,250 CMA CGM US$25,000

ANL Windarra 4,250 CMA CGM US$25,000

Ital Fiducia 3,450 Italia Marittima US$25,870

CMA CGM Azure 4,250 CMA CGM US$25,000

ANL Warrain 4,250 CMA CGM US$25,000

CMA CGM Jade 4,250 CMA CGM US$27,000

CMA CGM Onyx 4,250 CMA CGM US$27,000

Hanjin Newport 4,250 Hanjin US$25,950 US$27,950

MOL Dominance 4,250 MOL US$26,850

MOL Dedication 4,250 MOL US$26,850

MOL Delight 4,250 MOL US$26,850

MOL Destiny 4,250 MOL US$26,850

MOL Devotion 4,250 MOL US$26,850

Highlights

Financial Performance

Business Review

• Dry-docking of merchant vessels is a regulatory requirement and is carried out in 5 year

intervals in order to allow maintenance of the vessels’ underwater areas

• By end of 2014, all of Rickmers Maritime’s vessels would have undergone their first

scheduled dry-docking

• After completing their first dry-docking, all of the 16 vessels are participating in an

extended dry-dock trial program in which the next scheduled dry-docking for vessel maintenance is extended from 5 years to 7.5 years

Outlook

Future Scheduled Dry-dockings

4Q2012 2013 2014

No. of vessels scheduled for dry-docking 1 4 2

* Clarkson Research Services, September 2012

• Continued supply of new vessel capacity resulted in renewed downward pressure on freight rates during 3Q2012, with high bunker price having a continuing negative effect on the liner operators’ earnings.

• No material increase in time charter rates and vessel values is expected in the short term.

• For 2012, containership capacity growth is estimated at 6.6%* while expected trade growth to reach 4.9%*.

• Trade growth is subject to risks from global economic developments, with downside risks being high oil prices, sovereign credit risk, and continued uncertainty in the global economy.

• Our fleet of modern container vessels, except for one vessel, Kaethe C. Rickmers, is fully employed until early 2014. Kaethe C. Rickmers is fixed to MSC until March 2013, with the charterer having an option to extend for a further 12 months at a fixed net daily charter hire of US$23,750.

• Barring any unforeseen circumstances, we believe these existing long-term leases will continue to generate ongoing cash flow for the Trust.

This presentation should be read in conjunction with Rickmers Maritime’s Financial Statements for the period ended 30 September 2012, released via the SGXNET.

This presentation may contain looking statements that involve risks and uncertainties. Such forward-looking statements and financial information involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and financial information. Such forward-looking statements and financial information are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. As these statements and financial information reflect our current views concerning future events, these statements and financial information necessarily involve risks, uncertainties and assumptions. Actual future performance could differ materially from these forward-looking statements and financial information. You are cautioned not to place undue reliance on these forward looking statements, which are based on the Trustee-Manager’s current view of future events.

THANK YOU

For more information, please visit

www.rickmers-maritime.com

Note: The picture of MV ANL Warrain on the cover and on this page was taken by Angela Wylie / Fairfax Syndication