17 November 2008

1. Shipping & Corporate Finance Corporate Presentation 17 November 2008

2. 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 Relationship w/ Barclays Marine Finance 12 Merlin Tankers 13 Fund Management 14 Medfin Ltd. 15 Seafin Pte Ltd. 16 Relationships 17 Key Executives 18 Contact Information 20

3. Who We Are EUROFIN GROUP Global Presence Independent, privately held advisory group with a 25 year history Offering financial advisory services since 1984 Transaction volume in excess of $20 billion Activities cover Ship, Yacht and Corporate Finance, M&A Advisory, Fund Management and Real Estate Finance Specialization in Europe, the Middle East and the Far East Offices in the United Kingdom, Greece, Turkey and Singapore Consultant to KfW IPEX-Bank, a German, state-owned bank, for ship financing in Greece Representative of Barclays Marine Finance in Greece for yacht financing 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 Founder and manager of Merlin Tankers.

4. What We Offer Financial advisory services in shipping and other sectors Our Capabilities In-depth marketandproductknowledge, 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 corporateand privateclients 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 Debt Investment Banking Development Banking Equity Project Finance • Private placements • IPO & Public offering services • Structured products • Capacity to approach several investor pools • Ship financing • Plain vanilla and structured instruments • Loan syndication • Mezzanine finance • Private placements (Euro, USA, 144A) • Privatization • Restructuring • Divestments • M&A Advisory • Bi-Lateral programs • EBRD/IFC/BSTDB • Structuring • Placement • Monitoring Public Sector • BOT/PPP advisory • Infrastructure projects

5. What We Offer Experienced professionals, servicing a wide range of products & clients Vessel Sale & Purchase Facilitation Ship Financing Real Estate Finance & Development Specific Market/Sector Analysis Capital Markets (Debt & Equity) Client Base Structured Products Yacht Financing Shipowning Companies Fund Management Chartering Corporate Entities Investment Banking (M&A Advisory) Public Sector Shipyards Individual Investors Financial Institutions Product Capability

6. Shipping Finance Active in shipping finance since 1984, with over $15B in transactions Shipping Finance 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 Advisory Services: Shipowning Companies Transactions Advisory Services: Financial Institutions • Debt procurement , negotiation and placement • Plain vanilla or structured instruments • Sale & Leaseback transactions • Financial restructuring • Financial engineering • IPO advisory • Stock exchange advisory • Private placements (equity & debt) • Joint ventures • Strategic alliances • Newbuilding acquisitions • Fleet financing • Single vessel financing • Second-hand vessel financing • Sale/Lease Back • Conversion financing • Refinancing • Debt restructuring • Asset securitization • Port acquisition/development • Shipyard acquisition/development • Identification of target clients and/or markets for banks • Specific market and sector studies • Bank shipping portfolio evaluation • Sale/Restructuring of shipping loans or portfolios • Assistance on non-performing loans Preferred partner by both Shipowners and Financial Institutions • 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

7. Consultant to KfW IPEX-Bank Strong partnership / Multinational reach KFW IPEX-Bank Eurofin • Multinational reach • Strong equity base • Wholly-owned subsidiary of KfW Bankengruppe • Access to financing at market rates at all times • 5thlargest shipping bank globally, with a shipping 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 by Moody’s • Solid market position in international project and export finance • Eurofin’s Athens office appointed as consultant to KfW IPEX-Bank, aiming at enhancing the bank’s focus and exposure to the Greek shipping market • 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

8. Consultant to KfW IPEX-Bank KfW IPEX-Bank: 5th largest shipping bank with a $22.5 billion portfolio 2008 Shipping Loan Portfolio League Table Total Portfolio Value (in USD billion) * Combined HVB and Unicredit portfolios are $12.7 billion. Sources: Marine Money Research, Petrofin S.A., Petrofin Bank Research

9. Corporate Finance Seasoned advisors with access to investors and sources of capital M&A Advisory M&A Advisory Venture Capital: UK, USA and Europe Financial Institutions • Valuation • Sector Analysis • Buyer/Seller Research • Due Diligence • Pricing/Financing • Negotiation/Closing Private Equity Sources Institutional Investors Sovereign Wealth Funds Quoted Capital Markets and/or Stock Exchanges IPO/Public Offering Services We Possess Expertise To: • Introduction • Valuation • Stock Exchange Committee Submissions • Investor Presentations • Pricing/Launch • 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

10. Capital Markets In-house expertise in a wide variety of products, both equity & debt Bond Issuance (Euro, US) Equity Transaction Clients Private Placements Hybrid Instruments • Pharmaceutical – Rights Issue • Software House – Venture Capital Fund • Oilfield Services – Financial Investor • Shipping Group – Financial Investor • Stock Exchange – Sector Analysis IPO Advisory Investor Pools Public Offerings High Yield Instruments Total Return Swaps Debt Transaction Clients Our Strengths • Shipping – Various Facilities • Utility – Syndicated Loan • Utility – Eurobond, 144A • Transportation – Commercial Credit • Shipyard – Construction Finance • Infrastructure – Project Finance • Familiar with a variety of products and the structuring of transactions aimed at international equity and debt markets • Experience with sophisticated investors • We approach several investor pools in the execution of our mandates • In larger transactions we may associate ourselves with one or more prime international financial institutions

11. Yacht Financing Wide range of Yacht Financing solutions Advisory Services Offered To • High Net-Worth Individuals • Yacht Operators • Yacht Dealers • Shipyards Advisory Services • Newbuilding Acquisition • Second-hand Vessel Financing • Refinancing • Debt Restructuring • Loan Agreement Negotiations • Assistance with logistics and project completion • Identification of Target Clients and/or markets for Banks • Sale / Restructuring of loans • Assistance on non-performing loans. • Financial Institutions

12. Relationship with Barclays Marine Finance Dynamic partnership Barclays Marine Finance Eurofin • Barclays Bank PLC • One of the largest banks in the world by market capitalization • Has been in existence for over 300 years • Operates in 60 countries worldwide • Has more than 118,000 employees and 25 million customers • Barclays Marine Finance Division • One of the key global financiers for yachts, with a dedicated team based in the UK, possessing a profound knowledge of the industry and an established track record • 30 years of experience in yacht lending • Global customer base; 5,000 marine customers • 1,000 marine advances per annum • Barclays Marine Finance and Eurofin have signed an agreement with the objective of jointly developing the Greek yacht financing market • Eurofin’s involvement in shipping for close to 25 years and its in depth knowledge of the yacht financing industry has made Eurofin an ideal partner for Barclays Marine Finance in the Greek yacht financing market • This partnership can offer to the Greek market tailor made solutions to their financing requirements

13. Merlin Tankers An opportunity for investors to participate in the ownership of specialized vessels Specialized vessels performed well in an otherwise difficult market. Strategy: Capitalize on opportunities that exist in the seaborne transportation of edible oils, biofuel and easy bulk chemical products by investing in suitable ships and aiming to become a major international player in the sector Merlin Tankers Launched in 2006. Founded and managed by Eurofin. Incorporated in the Marshall Islands Principal Objectives Invest in shipping through the acquisition of specialized vessels Generate profits by managing and operating the vessels Pay a substantial annual dividend Achieve capital gains from the eventual disposal of the vessels or through an IPO on a major Stock Exchange Vessel Types 35,000-50,000 dwt Large Medium-Range (MR) IMO II / IMO III Chemical Product Tankers Target Number of Vessels: 5-10 vessels Term: 7 years from June 2006 Exit Strategy Outright sale of vessels or Initial Public Offering (IPO). If the company were to be liquidated today, the cumulative return to investors would be 60%. • 2007 Performance • Revenues: $30.0m • Net Income: $2.7m • EBITDA: $10.0m • Equity: $19.9m • Net Debt: $13.7m * • Dividend: $2.0m * Net Debt at YE 2008 estimated at $8.4m.

14. 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

15. Medfin Ltd. Covering the Turkish market since 1999 EUROFIN GROUP Medfin Ltd. Activities cover Ship Finance, Sale & Purchase Services and Corporate Finance Transactions totaling close to $3 billion since 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 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 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

16. Seafin Pte Ltd. Servicing Asian markets and clients EUROFIN GROUP Seafin Pte Ltd. Formed in 2007 as a Joint Venture between Eurofin and the Japanese shipbroking firm Seven Oceans Objective: To maximize the synergies between the 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 Involved primarily in Asian-based deals…. ….but at the same time, it connects Eurofin’s existing clients (both owners and banks in Europe) with Asian shipping, and vice versa 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 Mediation and facilitation services to regional banks with an interest in participating in club deals structured in Europe Sale and Lease-back transactions by raising equity funds through investment vehicles which target investors with an interest in shipping but with no previous exposure in the industry

17. Eurofin Intl. (London – U.K.) Eurofin S.A . (Athens – Greece) Real Estate Expanding Eurofin Group’s offering in the realm of Real Estate EUROFIN GROUP Eurofin - Real Estate Eurofin-Real Estate was established in the summer of 2008 with two key objectives: To expand the offering of the Eurofin Group in the realm of Real Estate. Eurofin-Real Estate supports the Group’s clients in raising and structuring debt and equity capital for their real estate projects. On the debt side in particular, Eurofin-Real Estate provides specialist’s advisory services for work-outs and restructuring of existing investment and development loans amidst the current challenging credit environment. To pursue private equity real estate investment opportunities across Europe and other target territories, on behalf of Eurofin’s investor base. Investment themes are driven by the current challenging credit and economic environment and follow recent dislocations in the real estate capital markets. Current target investments include (i) direct acquisition of property assets in specific European geographic areas (ii) capital injections at mezzanine or preferred equity level in the capital structure for income producing as well as development real estate projects.   The real estate platform utilizes its strong in-house expertise and professional network in the real estate sector, complemented by the input of international affiliates.

18. Relationships Global, deep & established relationships Institutional Partners Financial Institutions BOT-UFJ BZW Barclays CCF Cantor Fitzgerald Charterhouse Credit Suisse CSFP Citigroup Dahlman Rose Deutsche Bank HSBC Lazard Frères Lehman Brothers Macquarie Bank Morgan Stanley Royal Bank of Scotland Sanwa Warburg Dillon Read (SBC) 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 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 Law Firms Shipowner Nationalities 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 British Chinese French Greek Indian Italian Kuwaiti Lebanese Maltese Norwegian Romanian Spanish Swedish Syrian Portuguese Turkish UAE Consulting Firms Rating Agency Boston Consulting Group Buck Consultants First Consulting KPMG McKinsey & Co Price Waterhouse Coopers Standard & Poors

19. 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 co-founding 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 Scotlandshipping 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 and launched Merlin Tankers. 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.

20. Key Executives 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 different industries in the UK and Singapore as a Business Development Manager, 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. Masashi Hiruta After graduating from Doshisha University, Masashi joined " Kintetsu World Express Co. in 1999, Ltd ", a  forwarding company, where he was involved in air and ocean cargo sales and operations, including custom clearance operation in Tokyo, Yokohama and Atlanta Georgia. In 2004, Masashi joined Team Shipbrokers in Singapore where he was engaged in chartering, S&P and new building project broking activities. Masashi joined Seafin in Singapore in 2007, with the goal of establishing Seafin and developing the company’s activities in Sale & Leaseback transactions, ship financing, as well as general advisory work for shipping. Anggelos P. Skutaris MBA, American Graduate School of International Management (Thunderbird). BSc Economics, Arizona State University. Anggelos was an Investment Banker for 15 years, having worked for major financial institutions such as Morgan Stanley, Goldman Sachs and Calyon. Following that, he served as the Group Treasurer of Titan Cement Co. SA, where he structured one of the largest Syndicated Facilities for Greek corporate entities and helped design and implement the company’s global debt and liquidity management structure. Before joining Eurofin he gained experience in shipping as the CFO of Atlas Maritime, an Aframax owner/operator. Tassos Kitsantas, (Real Estate) MBA qualification, RSM-Erasmus, NL; MSc, UCL London, UK; Masters Degree in Architecture and Building Engineering, University of Thessaloniki, GR & Delft University of Technology, NL. Tassos is a co-founding partner and head of Eurofin Real Estate, based in London. He has over 15 years of experience in the Real Estate industry, having worked in finance, investment, construction and development projects across Europe and other territories, including USA. Key appointments include those at ING Real Estate and Hypo Real Estate Bank. On the property finance side, Tassos has dealt with investment & development loans, OpCo/PropCo structures, CMBS, Sharia loans, bridge & mezzanine financings, with transaction volume in excess of EUR 10 billion. He is also a member of the Technical Chamber of Greece.

21. Contact Information Eurofin International Ltd Suite 301B Harbour Yard Chelsea Harbour London SW10 OXD United Kingdom Tel +44 207 751 5515 Fax +44 207 751 5516 eurofin@eurofingroup.com Eurofin SA 5 Koumbari Street GR-10671 Athens Greece Tel +30 210 362 3334 Fax +30 210 364 0373 eurofin@eurofingroup.com Seafin Pte Ltd. 390 Havelock Rd No 04-02 King's Centre 169662 Singapore Tel +65 (6733) 0298 Fax +65 (6733) 0698 seafin@seafin.com.sg Medfin Limited Bagdat Cd.Nurullah Bey Apt.No:394/1234740 Suadiye-IstanbulTurkey Tel +90 216 363 0025 Fax +90 216 411 4436 medfin@medfin.com