MEDCOSHIPBROKERS ESTABLISHED IN 1979 Member of MEDCOSHIPBROKERS

MEDCOSHIPBROKERS ESTABLISHED IN 1979 Member of:

MEDCOSHIPBROKERS S. L. Ø Well established and fully respected Maritime Consultancy and Ship broking company. Ø 34 Years of Extensive Experience in the International Markets. Ø Ranked #1 Ship broking house by our clients. Ø International Reputation among Charterers, Owners and other Shipbrokers. Ø International Staff. Ø 350 -400 Tanker Fixtures between T/C, Spot and COA contracts per year. Ø No claims whatsoever received in all our experience from any part. Ø Based in Madrid, Spain

BUSINESS AREAS 1. Shipbroking a) Spot Business • Crude Tankers • Product Tankers • Chemical Tankers • Operations b) T/C Business c) S&P Business, New Building and Projects 2. Maritime Consultancy • • Assessment to Charterers and Owners on future Shipping strategies. Research and Assessment to different Shipping institutions Consultancy to Academic Institutions M&A

1. SHIPBROKING A) SPOT BUSINESS Ø Strong relationship with over 150 market players. Ø Very High Experienced and Qualified Brokers. Crude Tankers: • Ranked #1 in all the different evaluation parameters which include, Market Knowledge, Information, Fixtures, Post- Fixture, Managing Own Fleet by clients. • Presence in all the different markets in Eastern and Western basins as well as in the Pacific Ocean. Product Tankers: • Ranked #1 in service providing by charterers. • Chartering of all the Clean and Dirty Oil Products including Naphta, Gasoline, Jet, Fuel Oil, VGO, etc. • Worldwide presence

1. SHIPBROKING CHARTERING cont. MEDCO IS PRESENT IN THE FOLLOWING CHARTERING PANELS: :

1. SHIPBROKING B) T/C BUSINESS • Involved in all different types of T/C contracts. • Medco constantly has a good number of Vessels in T/C contracts allowing us to be active players in this kind of business.

2. MARITIME CONSULTANCY • Our Founder Director has been a member of BIMCO Sale and Purchase Panel , being the only Spanish representative for more than 22 years. • Active advisor to Charterers on future strategies focusing on the shipping of their cargoes. • Assessment on financing of different operations • Sold over 60 vessels including 6 VLCC’s and 9 Suezmaxes. • Over 4 Million DWT sold. • M&A/Joint Ventures. • Medco has assessed and carried out different Joint Ventures between Shipyards, Owners and Chartering. • Participated in Fleet expansion projects presenting different possibilities and constantly adapting to the new times coming. • Found solutions for Owners and Charterers with problems risen from bad advice from third parties.

2. MARITIME CONSULTANCY S&P SOME CLIENTS THAT HAVE BEEN ASSESED BY MEDCO IN THE S&P OF THEIR VESSELS OVER THE YEARS: ALVARGONZALEZ (SPAIN) DELMEX (MEXICO) ANTARES NAVIERA (ARGENTINA) EMPREMAR (CHILE) ARGONAUT (SUECIA) ERSHIP (SPAIN) AZNAR (SPAIN) FLOPEC (ECUADOR) B. DE CREDITO INDUSTRIAL (SPAIN) FLOTA MERCANTE GRANCOLOMBIANA B. POPULAR (SPAIN) GRUPO BARRERAS (SPAIN) BBVA (SPAIN) GRUPO FEIRE (SPAIN) BOLIVARIANA DE NAVEGACION (PERU) IBERNAVES (SPAIN) BOURGAS (BULGARIA) JAHRE SHIPPING (NORWAY) BUTANO (SPAIN) KAI-ALDE (SPAIN) CEPSA (SPAIN) LINEAS ASMAR (SPAIN) CCNI (CHILE) MERCATOR (INDIA) C. L. H (SPAIN MULTIMARES (PERU) CONFERRY (VENEZUELA) NATIONAL SHIPPING (ARGENTINA) DEL BENE (ARGENTINA) NAVIERA ARTOLA(SPAIN) NAVIERA BOLUDA (SPAIN) NAVIERA DE CASTILLA (SPAIN)

2. MARITIME CONSULTANCY S&P NAVIERA FIERRO (SPAIN) NAVIERA F. TAPIAS (SPAIN) NAVIERA DE ODIEL (SPAIN) NAVIERA PETROGAS (SPAIN) NAVIERA PINILLOS (SPAIN) NAVIERA QUIMICA (SPAIN) NAVIERA RESMAR (SPAIN) NAVIERA SKORPIOS (SPAIN) NAVIERA VIZCAINA (SPAIN) NAVISUPE (ARGENTINA) ORBIPETROL (SPAIN-NORWAY) OMI (U. S. A. ) P. D. V. MARINA (VENEZUELA) QUEENSWAY NAVIGATION (GREECE) RESPOL (SPAIN) SOPONATA (PORTUGAL) SUDOIMPORT (URSS) TRADEWIND TANKERS (VENEZUELA) TRASNPORTES RIVA (ESPAÑA) TRASNVAN, VIA NAVIERA (PERU) TRANSMEDITERRANEA (ESPAÑA) GIJONESA DE DESGUACES SL (ESPAÑA) TRANSOCENICA (PERU) TRADEWIND TANKERS (INDIA) U. S. NAVY (U. S. A. )

2. MARITIME CONSULTANCY S&P SOME OF THE VESSELS MEDCO HAS SOLD/BOUGHT OVER THE YEARS: SETTEBELLO 323, 000 DWT MONICA MARIA 300, 000 DWT MUNDACA 300, 000 DWT MUNGUIA 300, 000 DWT T. AUGUSTA 270, 000 DWT SANTILLANA 260, 000 DWT AL. ROTAECHE 174, 000 DWT ALVARO DE BAZAN 165, 000 DWT JAHRE TRADER 135, 000 DWT ARGO ARTEMIS 135, 000 DWT ROSARIO DEL MAR 132, 000 DWT ELVIRA C 130, 000 DWT VITORIA 130, 000 DWT IRANZU 130, 000 DWT TAVIRA 130, 000 DWT PLAYA DE RIAZOR 103, 000 DWT MOSTOLES 96, 000 DWT CARIPE 53, 000 DWT MANABI 51, 511 DWT SEA CORAL 42, 000 DWT CARUAO 38, 000 DWT MAR ATLANTICO 35, 000 DWT CAMPOAMOR 35, 000 DWT GUERNICA 33, 000 DWT DRY SACK 30, 500 DWT CASELLBLANCH 30, 500 DWT MARA PACIFICO 27, 000 DWT ASPIS 27, 000 DWT TROMPETEROS 25, 000 DWT DUILIO 7, 500 DWT LOJA 20, 000 DWT M. PROGRESS 24, 000 DWT PRESI. IBAÑEZ 17, 000 DWT PAXO 16, 000 DWT PONTE SAMPAYO 15, 000 DWT + around 25 vessels more.

TEAM S&P, N/B and Maritime consultancy Diego Azqueta: Lawyer by Deusto University. Founder of Medco Shipbrokers in 1979. Founder, board director Seguros. Broker. com. Exvicepresident of Spanish Newspaper Diario 16. Founder, ex president Survival International (Spain) and Watu Indigenous Action. Vicepresident Spanish Geographic Society. Maritime consultant Enrique Ribot B. A. in International Business Management by Boston University with an expertise in international sale and corporate management. Entrepreneur with an extensive boatbuilding experience for the last 20 years. Joined Medco in spring 2013 as a shipbroker, maritime consultant and key account manager.

TEAM CHARTERING CRUDE BROKERS Luis Bernar: Business Administration CEU (Luis Vives) (Madrid). Working in the shipping industry since 1981 (Sale and Purchase, dry cargo chartering and tanker chartering). Nacho Polo: Graduated by the Spanish Maritime Institute. Working in the shipping industry since 1983. (Sale & purchase, dry cargo chartering and tanker chartering). Juan Cervigon: B. A. in International Business Management with a Concentration in Finance by the University of Massachusetts, Boston.

TEAM CHARTERING PRODUCTS BROKERS Lalo Pacheco: Graduated in “Business Administration” by “San Pablo C. E. U University” (Madrid). Master “Business Negotiating” Berkeley University, San Francisco (California). 2 years in Citi. Bank. Working in the shipping industry since 1994 when joined Medco (Sale & purchase, new building contracts and conversions, tanker chartering). Alfonso Bernar: Degree by the Royal Agricultural College, Cirencester England, part of the City of London Polytechnic (1978/1981). Working in the shipping industry since 1984 when joined Medco (tanker chartering).

TEAM FLETAMENTOS BROKERS DE PRODUCTOS DERIVADOS Damyan Ivanov: MSc in Marine Engineering and MSc in Industrial Management, have been active in shipping, trading and projects with different companies in Europe for more than 10 y Francisco Vera: Maritime expert Attorney. Law Degree in Argentina by Buenos Aires University (UBA) and Spanish law expert. Master in Business and Maritime Law by IME/ Icade. Working in various offices related to law and international business. He also worked in Repsol Trading before joining MEDCO.

TEAM OPERATIONS Francisco Matía: Graduated in Sea Transport and Navigation by the Civil Marine University. Master in “Shipping business” by ICADE, Madrid. Working in the shipping industry since 2002. Sara Parmo: Chief Officer and Bachelor degree in Sea Transport and Navigation by civil Marine University in Santander (Spain). Tanker operator specialized in chemical cargo. She also worked in Stolt Tankers and Tokyo Marine Europe before joining MEDCO.

TEAM ACOUNTING, FINANCIAL & TAX Juan Fernandez Blanco: • Accountant • Finance • Legal

CONTACT DETAILS MEDCO SHIPBROKERS, S. L. c/ Velázquez, 41 – Madrid 28001 - Spain. Email: medco@medcoshipbrokers. com Email: projects@medcosjipbrokers. com Tankers: +34 91431 52 35 S+P: +34 91 431 52 35 Fax: +34 91 575 05 00 Tlx: 49656 MDCE E