1. March 2012 Abraaj Capital Private Equity and shipping in the Middle East

2. Private equity vs. other sources of capital Common stock Preferred stock Mezzanine Subordinated debt w/ warrants Private Equity Mezzanine funds Hedge funds Corporate Banks Leasing / Financing Companies Long-term Medium term Short - Medium term + + + + + Capital structure Cost / Return Tenure Flexibility / Restrictions Capital Source -Amortizating - Covenant testing - Corporate restrictions and undertakings -Non-amortizing -Covenant light -No repayment / maturity -Shareholder alignment Based on directional guidance and approximate terms generally prevailing in the marketplace Senior debt / Term loan Asset financing / Asset backed loans 2

3. Private equity vs. other sources of capital Alignment Better alignment with shareholders/ management with “skin in the game” and strive for common goal (e.g. liquidity event) More flexible / less restrictive given focus on growth Full downside sharing Misalignment (except a few exceptions) given seniority in capital structure No downside sharing (debt is downside protected) Private EquityDebt Lenders Involvement / Value Creation Clear drive for value creation Contribute additional expertise (e.g. strategic thinking, M&A, financial engineering, etc.) Access to extended relationships and potential deal opportunities Introduction of best practices such as reporting, governance, internal audits, policies/procedures Involvement limited to consents/waivers Control Dependent on ownership structure but most likely private equity to be detached from day to day operational decision making and seek control of certain key reserve matters Restriction through imposed undertakings and restrictive covenants Backing / Access to Capital Strong backing to management team Good sparing / deep pocket partner Dependent on debt capacity, bank liquidity, and credit exposure 3

4. Acquisitions / Divestments Strategic expansion / Operational enhancements Financial engineering 20102011 May 2007: 100% acquisition by Abraaj and co- investors 20092008 2007-2008: fleet rejuvenation Q4 2007: focus on core Marine Nov 2009: $100m bridge facility Q4 2009: assets acquisitions Dec 2009: MMPL acquisition April 2010: $185m senior term loan Oct 2010: $60m convertible loan H2 2011/2012: continued M&A, BD, JV efforts Jan 2011: IPO preparation Q3 2011: DMC relocation 2012 Dec 2011: $150m senior vessel financing facility Case study – Stanford Marine Group 4 April 2011: non-core disposal

5. 5 2011e Geographical presence 2009a2007a Operational performance Fleet Value by Type Fleet value of $97m Fleet age: 5.6 years * Fleet value of $324m Fleet age: 2.9 years * Fleet age: 19 years Fleet value of $29m 23.7% 12.6% CAGR 07-11e Revenue * value weighted average Case study – Stanford Marine Group $22m $33m $51m $118m$160m$191m EBITDA Number of vessels 20 32 35 Employees 1,5532,8422,443

6. MENA Private Equity Landscape Source: Zawya  Leading private equity manager investing in the rapidly growing economies of the Middle East, Turkey, Asia and Africa  Raised over US$ 7 billion since inception with over US$ 6 billion under management  Over 40 investments made in 12 countries, with 21 exits  Distributed approximately US$ 3 billion to investors  3 investments in the energy sector including 1 investment in the marine offshore sector Other active players in MENA 6