Group of Companies

Global Shipping & Corporate Finance

February 2010

Table of Contents Who We Are

3

What We Offer

4

Shipping Finance

6

Consultant to KfW IPEX-Bank

7

Corporate Finance

9

Capital Markets

10

Yacht Financing

11

Fund Management

12

Medfin Ltd.

13

Seafin Pte Ltd.

14

Relationships

15

Key Executives

16

Contact Information

18

Who We Are Independent, privately held advisory group with a 25 year history & presence in major shipping centers  Offering financial advisory services since 1984  Transaction volume in excess of $20 billion  Activities cover Ship, Corporate Finance, M&A Advisory, Fund Management, Yacht Finance and Real Estate Finance

EUROFIN GROUP Global Presence

 Specialist advisors to Europe and the Middle East through: Eurofin International, Eurofin SA and Medfin Ltd

Medfin Ltd.

Eurofin Intl.

(Istanbul – Turkey)

(London – U.K.)

 Established presence in Asia: Seafin Pte Ltd  Consultant to KfW IPEX-Bank, a German, state-owned bank, for ship financing in Greece

 Executives and Associates possess expertise in several sectors, including shipping, financial institutions, energy, food & beverage, telecommunications, and transportation

 Independent and impartial advice to our clients  Independent market research, analysis and reporting

Eurofin S.A . (Athens – Greece)

Seafin Pte Ltd. (Singapore & Tokyo)

3

What We Offer Financial advisory services in shipping and other sectors Our Capabilities Debt

Equity

Project Finance

Investment Banking

Development Banking

 Ship financing

 Sale & Leaseback

 Structuring

 Privatization

 Bi-Lateral programs

 Plain vanilla and structured instruments

 Private placements

 Placement

 Restructuring

 EBRD/IFC/BSTDB

 IPO & Public offering services

 Monitoring

 Divestments

 Loan syndication  Mezzanine finance  Private placements (Euro, USA, 144A)

 M&A Advisory

 Structured products  Capacity to approach several investor pools

Public Sector  BOT/PPP advisory  Infrastructure projects

 In-depth market and product knowledge, accumulated from 25 years of experience and by employing seasoned professionals  Capacity to approach several investor pools and sources of funds in Europe, the Middle East and the Far East either directly or through partnerships with investment banks in the industrial and geographic sectors we cover

 Assisting corporate and private clients in acquisitions and divestments, providing full services, including valuation analysis, financial modelling and preparation of Information Memoranda, due diligence, execution support, negotiation and closing of transactions

 Expertise in advising and arranging project financing for the tourist development sector: hotels, casinos, marinas, golf courses.  M&A expertise. We can create liquidity and offer entry/exit options for clients by managing the entire M&A process and negotiating a purchase/sale. We offer strategic assessment of alternatives, merger candidate identification and transaction negotiation and execution

4

What We Offer Experienced professionals, servicing a wide range of products & clients Vessel Sale & Purchase Facilitation

Ship Financing

Specific Market/Sector Analysis

Capital Markets (Debt & Equity) Yacht Financing Fund Management

Real Estate Finance & Development

Structured Products Shipowning Companies

Chartering Corporate Entities

Investment Banking (M&A Advisory)

Product Capability

Client Base

Public Sector Shipyards Individual Investors

Financial Institutions

5

Shipping Finance Active in shipping finance since 1984, with over $20B in transactions Advisory Services: Shipowning Companies  Identification and Introduction to international sources of debt financing  Debt procurement , negotiation and placement & restructuring

Shipping Finance Advisory Services: Financial Institutions

Transactions  Arrangement of “club” loans between international financiers  Mezzanine financing procurement

 Identification of target clients and/or markets for banks

 Newbuilding acquisitions

 Plain vanilla or structured instruments  Arrangement of sale& leaseback transactions:

 Specific market and sector studies

 Single vessel financing

 Bank shipping portfolio evaluation

 Second-hand vessel financing

 Sale/Restructuring of shipping loans or portfolios

 Sale/Lease Back

 private equity investors or leasing companies  major international charterers  Financial engineering  IPO & stock exchange advisory  Private placements (equity & debt)  Joint ventures  Strategic alliances

 Assistance on non-performing loans

Preferred partner by both Shipowners and Financial Institutions

 Extensive experience, covering a wide range of advisory services, including debt, equity, financing, sale & purchase, portfolio workouts & evaluations and general advisory mandates for institutions

 Excellent track record for execution, confidentiality &reliability

 Fleet financing

 Conversion financing  Refinancing  Debt restructuring  Asset securitization  Port acquisition/development  Shipyard acquisition/development

 We network with clients and financial institutions from around the world to guarantee global coverage

 We assist and advise during the negotiation, documentation and completion stages of transactions

6

Consultant to KfW IPEX-Bank Strong partnership / Multinational reach KFW IPEX-Bank

 Multinational reach

Eurofin

 Eurofin’s Athens office appointed as consultant to

 Strong equity base

KfW IPEX-Bank, aiming at enhancing the bank’s

 Wholly-owned subsidiary of KfW Bankengruppe  Access to financing at market rates at all times  5th largest shipping bank globally, with a shipping

focus and exposure to the Greek shipping market

portfolio of $22.5 billion

 Comprehensive range of financial services in which KfW Bankengruppe competes with other banks - corporate finance, structured finance, short-term trade finance, etc

 Total loan portfolio of EUR 62.1 billion  KfW IPEX-Bank Credit Rating: AA- by S&P; Aa3

 Eurofin assists KfW in developing a high quality Greek shipping loan portfolio by:

 Providing the bank with ongoing market intelligence on the Greek shipping market,

 Introducing Greek ship owners to the bank and

 Identifying ship financing opportunities for the bank

by Moody’s

 Solid market position in international project and export finance

7

Consultant to KfW IPEX-Bank KfW IPEX-Bank: 5th largest shipping bank with a $20.7 billion portfolio 2008 Shipping Loan Portfolio League Table 60.0

Total Portfolio Value (in USD Billion)

58.0 50.0

40.0 36.0 30.0

20.0

30.0 22.9

20.7

19.5

18.7 16.1

10.0

14.6

13.0

0.0

As at May 2009

8

Corporate Finance Seasoned advisors with access to investors and sources of capital M&A Advisory Venture Capital: UK, USA and Europe

Financial Institutions

M&A Advisory

 Valuation  Sector Analysis

Institutional Investors

Private Equity Sources

 Buyer/Seller Research  Due Diligence  Pricing/Financing

Sovereign Wealth Funds

Quoted Capital Markets and/or Stock Exchanges

 Negotiation/Closing

IPO/Public Offering Services We Possess Expertise To:  Introduction  Perform financial evaluations and modelling  Participate in technical and financial due diligence & execute commercial due diligence  Transfer knowledge and analysis of shipping (both of market fundamentals and trends of a particular transaction or investment opportunity) to sector or client specific deals

 Valuation  Stock Exchange Committee Submissions  Investor Presentations  Pricing/Launch 9

Capital Markets In-house expertise in a wide variety of products, both equity & debt

Private Placements

Bond Issuance (Euro, US)

Equity Transaction Clients Hybrid Instruments

 Pharmaceutical – Rights Issue  Software House – Venture Capital Fund

Investor Pools Total Return Swaps

IPO Advisory

 Oilfield Services – Financial Investor  Shipping Group – Financial Investor

High Yield Instruments

Public Offerings

Our Strengths

 Stock Exchange – Sector Analysis

Debt Transaction Clients

 Familiar with a variety of products and the structuring of transactions aimed at international equity and debt markets

 Shipping – Various Facilities

 Experience with sophisticated investors

 Utility – Eurobond, 144A

 We approach several investor pools in the execution of our mandates

 Transportation – Commercial Credit

 In larger transactions we may associate ourselves with one or more prime international financial institutions

 Utility – Syndicated Loan

 Shipyard – Construction Finance  Infrastructure – Project Finance

10

Yacht Financing Wide range of Yacht Financing solutions Advisory Services

Advisory Services Offered To

 Newbuilding Acquisition

 High Net-Worth Individuals  Yacht Operators  Yacht Dealers  Shipyards

 Second-hand Vessel Financing    

Refinancing Debt Restructuring Loan Agreement Negotiations Assistance with logistics and project completion

 Identification of Target Clients and/or

 Financial Institutions

markets for Banks

 Sale / Restructuring of loans  Assistance on non-performing loans.

11

Fund Management Capitalizing on opportunities in the shipping industry Eurofin is seeking to establish and manage one or more funds, encompassing a variety of investment alternatives in the shipping sector Opportunity • Prevailing shipping and financial market conditions open up a wide range of investment opportunities in shipping

Objective • The establishment of a Fund geared towards investments directly related to the shipping industry • The creation of tailor-made investment vehicles, based on investor risk profile and investment horizon

Specialised & Innovative • • • • •

Investments in shipping projects only Moderate to high expected dividend yield High expected overall annual returns Thorough analysis, well chosen projects, transparent reporting Variable maturity periods and exit strategies

Track Record • In-depth knowledge and experience in all aspects of the shipping industry • Established relationships with shipowners, charterers, financial institutions • Seasoned professionals with a long history in shipping

12

International Presence - Medfin Ltd. Covering the Turkish market since 1999  Activities cover Ship Finance, Sale & Purchase Services and Corporate Finance

 Transactions totaling close to $3 billion since

EUROFIN GROUP Global Presence

1999

 Assisted by Eurofin, acts as financial advisors to the Turkish shipping industry

 In-depth knowledge of the Turkish shipping market helps potential financiers avoid pitfalls

Medfin Ltd.

Eurofin Intl.

(Istanbul – Turkey)

(London – U.K.)

 Carries own due diligence to ensure accuracy and completeness of information

 Assisting clients in formulating investment and borrowing strategies

 Advice provided both in terms of negotiating

Eurofin S.A . (Athens – Greece)

with financial institutions and with commercial aspects of loan documentation

 In-depth local knowledge & intelligence  Catering exclusively to the financial requirements of the most prominent names in Turkish shipping

Seafin Pte Ltd. (Singapore & Tokyo)

13

Far Eastern Presence - Seafin Pte Ltd. Servicing Asian markets and clients  Formed in 2007 as a Joint Venture between Eurofin and the Japanese shipbroking firm Seven Oceans

 Objective: To maximize the synergies between the

EUROFIN GROUP Global Presence

Japanese and Asian shipping network and experience with the European knowhow and expertise in shipping finance

 Provides to shipowners, charterers, investors, banks and finance houses with a full range of financial services including financial advice, deal structuring, transaction and financial support, and financial market intelligence

Medfin Ltd.

Eurofin Intl.

(Istanbul – Turkey)

(London – U.K.)

 Seafin operates in a vital maritime environment, bridging the group’s existing network in Europe and the Far East with their Asia-Pacific shipping counterparts in exploring cross continental opportunities for cooperation by providing: (i)

Assistance to shipping companies in raising debt financing (bilateral or club deals) for specific projects involving the acquisitions of newbuildings and 2nd hand vessels in cooperation with Asian Banks

(ii) Advisory, consultancy and liaison services to regional banks with an interest in participating in deals structured in Europe

club

Eurofin S.A . (Athens – Greece)

Seafin Pte Ltd. (Singapore & Tokyo)

(iii)

Mediation for the facilitation of Sale and Leaseback transactions through the combination of international participants ; i.e. private equity funds, charterers and shipowners.

14

Relationships Global, deep & established relationships Financial Institutions Alliance & Leicester Bank of America Bank of Ireland Bank of Scotland BNP Paribas Bremer Landesbank Barclays Bank Calyon Caterpillar Finance Credit Suisse Corner Banca Deutsche Schiffsbank Den Norske Bank Dekabank DVB Nedship EBRD

Consulting Firms Boston Consulting Group Buck Consultants First Consulting KPMG McKinsey & Co Price Waterhouse Coopers

Fortis Bank GE Capital HSH Nordbank JP Morgan Chase KfW IPEX-Bank Lloyds TSB Marfin Bank National Bank of Australia NIB Capital Nord - Deutsche Landesbank Piraeus Bank Royal Bank of Scotland Societe Generale Unicredito/San Paolo IMI Vereins und Westbank West LB

Rating Agency Standard & Poors

Institutional Partners BOT-UFJ BZW Barclays CCF Cantor Fitzgerald Charterhouse Credit Suisse CSFP Citigroup Dahlman Rose

Law Firms Allen & Overy Clifford Chance Constant & Constant/TLT Hill Dickinson Holman Fenwick Willan Ince & Co Linklater & Paines Norton Rose Reed Smith Stephenson Harwood Watson, Farley & Williams

Deutsche Bank HSBC Lazard Frères Lehman Brothers Macquarie Bank Morgan Stanley Royal Bank of Scotland Sanwa Warburg Dillon Read (SBC)

Shipowner Nationalities British Chinese French Greek Indian Italian Kuwaiti Lebanese Maltese

Norwegian Romanian Spanish Swedish Syrian Portuguese Russian Turkish UAE

15

Key Executives Anthony B. Zolotas, CEO MSc, M.I.T. Prior to establishing Eurofin, Anthony held executive positions with a number of International Banks in London specializing in shipping and corporate finance. At Eurofin he has been instrumental in building a strong and successful financing placement business and in establishing Eurofin as a pre-eminent force in shipping finance in Greece, Italy and internationally, as well as in directing the diversification of the group’s portfolio of activities.

Janos F. Koenig, CFO MA (Econ), University of Sussex. Janos has had extensive experience in a wide variety of global sectors, including ship financing, oil trade financing, corporate and project funding, international syndications, loan restructuring and vessel management. A cofounding member since 1986 when he joined Eurofin from BAII plc, a London-based merchant bank where he was Director responsible for International Finance. Prior to that he was with Bank of America in Greece, Egypt and London, specializing in corporate and shipping finance, loan restructuring, specifically in connection with the Turkish Sovereign debt in the late 1970s and with the shipping portfolio in the early 1980s.

Ilhan Yirmibesoglou BA in Business Administration and Finance, Bosphorous University, Turkey. Ilhan has specialized in ship management, S&P, dry cargo contracting, chartering and shipping finance. He held majority shares and senior executive positions in a number of ship owning companies controlling dry cargo vessels and several maritime service companies in Turkey. Between 1996 and 1998 he has also acted as non-exclusive marketing and protecting agent for Bank of Scotland shipping portfolio in Turkey. As co-founding partner and Managing Director of Medfin, since 1999, he has been instrumental in building a strong and selective portfolio of clients and in establishing Medfin as a pre-eminent force in shipping finance in Turkey.

Alexandros Zaracoudis MSc in Finance, Bentley College, Boston. After pursuing a port management project in the Caribbean, Alexandros joined Eurofin in 1997 where he was involved with mergers & acquisitions, private placements, debt finance & ship finance. From 1999 to 2001, Alexandros was responsible for a private equity fund for the valuation, implementation and follow-up investments in the technology, animation & financial related sectors. In addition, he was responsible for private placements and active portfolio management in equities and fixed income securities in Europe, Asia and the Americas. Since 2001, Alexandros has been active in expanding Eurofin’s shipping & corporate finance activities worldwide, started the yacht finance division . From 2006 to 2010, he was an executive director overseeing the day to day operations of Merlin Tankers Inc., a shipping company owning 3 chemical tankers specializing in the transportation of veg oils and bio fuels.

16

Key Executives Victoria Santos-Pires Victoria joined Eurofin as an Executive in January 2003. She is a ship finance specialist, with particular expertise in loan portfolio management and loan transaction implementation. In addition to her extensive experience of the shipping sector, she has outstanding client, transaction and bank syndicate skills, along with financial and documentary administration abilities. Her areas of expertise also include loan restructuring, foreclosures and vessel sales. In a ship finance career spanning more than fifteen years to date, Victoria has held management positions with Chancery Bank PLC and with the Tufton Oceanic Group, where she was Loan Portfolio Manager.

Alan A. McCarthy Alan has been a shipping financier since 1970. He has held senior positions for what is now the ANZ Bank with special emphasis for Greek clients. In 1977 he joined Oceanic (now Tufton Oceanic Group) as one of the founding members. He held various positions, including head of loan portfolio, marketing the emerging markets of Eastern Europe and specialised in shipping debt restructuring and recovery. More recently he has advised shipping banks in conjunction with Theissen on the development and marketing of cutting edge credit risk modelling products for banks in the light of the New Basel Capital Accord.

Yannis Alexopoulos MSc. Shipping, Trade and Finance, City University Business School, BSc. Economics and Business Economics, Southampton University. Gained experience in shipping through short-term employment in the Piraeus operations of Golden Union Shipping Co. and Carriers Chartering S.A. and Angus Graham & Partners in London. Joined Laiki Private Banking, an HSBC Group associate in 1999. Held positions in both portfolio management and client advice, servicing expatriate as well as offshore High Net Worth Individuals. Was recruited by the Athens office of Eurofin in 2002.

Dimitris Belbas

MBA, INSEAD. BSc & MSc in Mechanical Engineering, National Technical University of Athens (ΕΜΠ). After working as a Logistics Manager for a plastic pipes' manufacturer in Greece, Dimitris joined Lamda Shipyards as Deputy Commercial and Technical Director, focusing on account management, drafting quotations and negotiating contracts. After his MBA, Dimitris worked in the UK and Singapore where he gained experience in business plan development and execution, while assessing, establishing and enhancing relationships with key accounts. He joined Seafin in 2008 in order to expand the group's corporate finance as well as shipping finance activities in the Asia Pacific region.

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Contact Information Eurofin International Ltd Suite 301B Harbour Yard Chelsea Harbour London SW10 OXD United Kingdom

Eurofin SA 5 Koumbari Street GR-10671 Athens Greece

Tel +44 207 751 5515 Fax +44 207 751 5516 [email protected]

Tel +30 210 362 3334 Fax +30 210 364 0373 [email protected]

Seafin Pte Ltd. 138 Robinson Road #16-06 The Corporate Office 068906 Singapore

Medfin Limited Bagdat Cd. Nurullah Bey Apt.No:394/12 34740 Suadiye-Istanbul Turkey

Tel +65 (6733) 0298 Fax +65 (6733) 0698 [email protected]

Tel +90 216 363 0025 Fax +90 216 411 4436 [email protected]

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