Company Profile October 2007

We are pleased to present a short introduction to our Company – Prosperity Bay Shipping Company Limited, and its principals – the Lignos Family of Greece. Prosperity Bay Shipping Company Limited is a ‘traditional family-orientated’ Greek Shipping Company owning and operating dry bulk carriers, and stretching back over four generations. Enclosed is a brief history of our Company, details of the executives and staff, an encapsulation of our Company philosophy and track record, and technical and financial data concerning our existing dry bulk fleet. Under the direction and guidance of the current generation of the Lignos Family the Company is looking for a more dynamic expansion program linked with the raising of Equity Funds and accessing the American Capital Markets in order to achieve growth in our industry segment which is both meaningful and sustainable. October 2007

Michael Lignos Managing Director

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The Lignos Family Origins The Lignos family Originates from Oinousses, a small island near Chios in the Eastern Aegean Sea, which has spawned a large number of successful Greek shipping families. The ‘Family’ shipping activities date back over one hundred years to the current generation’s great-grandfather who was a shipowner in his own right.

Port Said, Egypt: 1948 – 1962 Captain George M. Lignos and Mrs. Ourania Lignos at their Port Said office circa 1960.

1 Oinousses Island (NE Chios Island) CIRCA 1900. View of the port. 2 S/S GIOVANA LIGNOU, a 3 masts Barque (circa 1900), of about 1,000 dwt owned by G. Lignos. (Water colour from the Oinoussian Maritime Museum). 3 Captain George M. Lignos in 1947, on upper bridge of a/n Endeavour. 4 Port Said in mid "50s". View of the offices of Atlantic Shipping Agency along the Suez Canal.

Captain George M. Lignos and Mrs Ourania Lignos (the parents of Michael, Anna and Stelios Lignos) started their shore business in Port Said, Egypt, in the late 1940s where they founded a Ship-servicing Agency – the Atlantic Shipping Agency. By the early 1960s Atlantic had risen to be the leading agency for the Suez Canal, having thirty-five employees, and servicing more than five hundred vessels transiting the Suez Canal each year. Amongst the numerous clients were some of the prominent Greek owners on an exclusive basis, such as: C.M. Lemos, and the Pateras and Lyras families.

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By 1960 Captain Lignos had instigated plans for the establishment of a ship management company, however, due to the then deterioration in the political climate in Egypt, and in particular the hostile climate against foreign owned companies, the Lignos family left Egypt in 1962 and moved its business activities to Piraeus, Greece.

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company incorporated in Liberia in 1975 and legally established in Greece since 1977 as a Piraeus based ship management company providing a full and complete range of services to international ship owning companies. The Company has direct responsibility for the management of vessels of the Lignos Family.

Piraeus, Greece: 1962 – 2006

Quality of management, and quality of vessels purchased and managed, are of paramount importance to the Company.

It was, therefore, in 1962 that Captain George Lignos and Mrs. Ourania Lignos established Mediterranean Marine Enterprises Ltd., a Greek limited company providing ship management services.

Since 1977 the Company has successfully managed dry-bulk carriers of various types and sizes through individual Ship Management Agreements with their respective owning companies.

Against the background of a liberalization in Greek legislation relating to the local operation of international shipping companies in the mid1970s Prosperity Bay Shipping Company Limited was established as a direct continuation of the activities of Mediterranean Marine Enterprises Ltd.

The Company has pursued a long commitment to shipping having established a ‘Quality’ name and reputation as a successful, efficient, and wellorganized ship manager.

Prosperity Bay Shipping Company Limited (‘the Company’) is a private limited

Under the younger generation Prosperity Bay Shipping Company Limited has moved towards a more corporate orientated management structure fully embracing corporate governance ‘best practices’.

People & Organisation Management Team Directors (Executives) Michael G. Lignos Managing Director Anna G. Lignos Deputy Managing Director Stelios G. Lignos Deputy Managing Director

Department Managers & Staff Captain Andreas Stanou Operations Manager

Directors Michael G. Lignos Managing Director Born 1954 in Egypt (Port Said). Michael G. Lignos studied Economics at Athens University and in London where he graduated from the London School of Economics with the Master degree (M. Sc. Econ) in Economics in 1982. M.G. Lignos has been actively involved in the company from 1978 and was appointed Managing Director in 1984.

Captain Julius Perakis Marine Superintendent George Stanou Assistant Operations Department Alexander Livanios Technical Manager (Supt.Engineer) George Sotiriou Accounts Department Manager Elena Toliou ISM Manager Maria Tsolia Assistant Accounts Department

Anna G. Lignos Deputy Managing Director

Katerina Chrysanthakopoulou Secretariat

Born in Egypt 1956. Anna G. Lignos studied Economics at Piraeus University and Maritime Economics in London. A.G. Lignos has been actively involved in the company from 1979 and was appointed Deputy Managing Director in 1984.

Independent Advisors & Consultants

Stelios G. Lignos Deputy Managing Director

Antony Protonotarios Technical Consultant

Born in Athens 1970. Stelios G. Lignos studied Managerial Economics in Athens and Maritime Economics and Shipping Law at Plymouth University where he was awarded a Masters degree in 1995. He further graduated from the City University of London with a Masters degree in Shipping Economics,Trade & Finance in 1996.

Nicolas.S.Apostolopoulos Insurance Consultant

S.G. Lignos joined the company as Deputy Managing Director in January 1999.

MARSOFT INC., Boston

Shipping Markets’ Analyst Thomas F Jackson Financial Advisor

Constantine Laskaratos Lawyer Clive Aston Barrister & Arbitrator CONSULT MARINE LTD., London

Organisation

Track Record

Quality and Continuity of Management Operations

• The Group enjoys an impeccable track record with its domestic and major international banks since its establishment in 1962 despite the substantial shipping crisis of the mid-1980s.

• Prosperity Bay Shipping Co. Ltd. possesses a strong, experienced management team – the core of which have been with the company for over 15 years. • Safety Management Systems (ISM) are fully implemented, monitored and controlled to ensure the optimum benefit for managed vessels. A Group corporate structure is being established fully encompassing corporate governance “best practices” to the benefit of all shareholders. The Group closely follows market developments, overall fundamentals and relative data in conjunction with independent expert prognosis (MARSOFT Inc.-Boston) to ensure the co-ordination of the Business Plan Timetable. The Group remains fully cognizant of shipping market risk and considers that continuity of cash flow is of paramount importance. Policy therefore looks to mitigate risk by locking in income stream by way of period time charter whenever possible. Long contacts signed during “good” freight market conditions protects the Company from the downturn risks.

• The Group ensures that all insurance and protection and indemnity risks are covered by highly respected brokers / clubs in first class markets. • A great deal of the exceptional standing the Group enjoys is its philosophy to own and manage modern vessels, e.g: – the M/V Ourania Smile Built 1984 – was purchased in 1993 when 9 years old, and sold in January 2006, – the M/V Captain George L. Built 1984 – was purchased in 1995 when 11 years, – and the M/V Ourania Hope Built 1989 – was purchased in 2005 when 16 years old. – and the M/V Anna Smile Built 2004 – was purchased in 2007 when 3 years old. – future acquisitions are expected to be in the age bracket of 5-12 years old at the time of purchase.

Prosperity Bay Shipping Co Ltd • Managed Vessels

M/V Captain George L. Vessel’s Details

Owners :

Clendora Shipping Ltd. - Cyprous

Built in :

1984

Builders :

B+W Shipyard, Denmark

Port of Registry :

Limassol, Cyprus

Registered Flag :

Cyprus

Official Registry Number:

710501

IMO No. :

8102000

Call Sign :

P3MU6

Class Society :

ABS

Class I.D. Number :

8430423

Class Notation :

A1, Bulk Carrier, AMS, ACCU, ESP

P+I Club :

Skuld – Norway

Deadweight :

64,000 m.t.

Lightweight :

12,500 m.t.

Prosperity Bay Shipping Co Ltd • Managed Vessels

M/V Anna Smile Vessel’s Details

Owners :

Anna Smile Shipping Corp. Marshall Islands

Built in :

2004

Builders :

Hudong & Zhonghua Shipbuilding (Group) Co. Ltd

Port of Registry :

Majuro, Marshall Islands

Registered Flag :

Marshall Islands

Official Registry Number:

2838

IMO No. :

9280770

Call Sign :

V7MD5

Class Society :

Lloyd’s Register of Shipping

Class I.D. Number :

9280770

Class Notation :

+100A1 Bulk Carrier Strengthend for heavy cargoes Hold No. 2 4 & 6 maybe empty ESP, Shipright (S.D.A. F.D.A CM) LI> ESN. * IWS + LMC.UMS

P+I Club :

SKULD, Norway

Deadweight :

74,823 m.t.

Lightweight :

12,514.23 m.t.

INCORPORATED IN LIBERIA IN 1975

124 Vouliagmenis Ave. • 166 74 Glyfada, Athens • Greece Tel: (+30) 210 4225127 • Fax: (+30) 210 4225130 • Telex: 213092 PROS GR e-mail: [email protected] • www.prosperity.gr