1. Page 1 China – Friend or Foe? Panel Discussion

2. Page 2 China – Friend or Foe?

3. Page 3 China – Friend or Foe? Sources: SSY, Tufton

4. Page 4 China – Friend or Foe? Sources: SSY, Tufton

5. Page 5 China – Friend or Foe? Sources: Clarksons, DNV, MSI World Orderbook DWT 31/12/2010

6. Page 6 China – Friend or Foe?

7. Page 7 China – Friend or Foe? Panel  Amir MaghamiMD, Simatech Shipping LLC  Harry TheochariPartner, Norton Rose LLP  Julian ProctorMD, Tiger Group Investments Ltd.  Simon DeefholtsDirector of Shipping, HSBC Bank plc  Scott JonesCEO, ESHIPS  Zefeng GaoDep Director Shipping Finance, Export-Import Bank of China  Moderators:  Jonathan HillMD Shipping Funds, Tufton Oceanic (Middle East) Ltd., Dubai  Nigel AntonMD and Hd of Shipping Finance, Standard Chartered Bank Panel  Amir MaghamiMD, Simatech Shipping LLC  Harry TheochariPartner, Norton Rose LLP  Julian ProctorMD, Tiger Group Investments Ltd.  Simon DeefholtsDirector of Shipping, HSBC Bank plc  Scott JonesCEO, ESHIPS  Zefeng GaoDep Director Shipping Finance, Export-Import Bank of China  Moderators:  Jonathan HillMD Shipping Funds, Tufton Oceanic (Middle East) Ltd., Dubai  Nigel AntonMD and Hd of Shipping Finance, Standard Chartered Bank

8. Page 8 Tufton Oceanic – Contact Details Tufton Oceanic - London 1 Albemarle Street London W1S 4HA, England Phone: +44 20 7518 6700 Fax: +44 20 7518 6701 Erik Lind Email:erik.lind@tuftonoceanic.com Tel:+44 20 7518 6751 Andrew Hampson Email:ah@tuftonoceanic.com Tel: +44 20 7518 6718 Tufton Oceanic (Middle East) - Dubai Level 1, Gate Village 6, DIFC Dubai Phone: +971 4 702 6500 Fax: +971 4 702 6501 Jonathan Hill Email: jonathan.hill@tuftonoceanic.com Tel:+971 4 702 6504 Marcus Machin Email:marcus.machin@tuftonoceanic.com Tel:+971 4 702 6503 Tufton Oceanic - Singapore Mario Lusian Email:mario.lusian@tuftonoceanic.com Tel:+65 6438 6105 Web: www.tuftonoceanic.com

9. Page 9 Important Notice Tufton Oceanic (Middle East) is regulated by the Dubai Financial Services Authority. Tufton Oceanic Limited is regulated by the Financial Services Authority. Tufton Oceanic (Isle of Man) Limited is licensed by the Isle of Man Financial Supervision Commission to conduct Investment Business. Tufton Oceanic (Middle East) issues this presentation, on a confidential basis, for the sole purpose of providing information about its ship finance and leasing activities. This presentation should not be distributed, published or reproduced in whole or in part, nor should its content be disclosed by the recipients to any other person. Prospective clients must rely on their own examination of the legal, taxation, financial and other consequences of any transaction with the finance lease fund, including the merits of the transaction and the risks involved. Prospective clients should not treat the contents of this presentation as advice relating to legal, taxation or investment matters and are advised to consult their own professional advisors concerning their involvement with the fund. The views expressed are solely those of Tufton Oceanic (Middle East). Whilst this presentation has been prepared in good faith, Tufton Oceanic (Middle East) makes no warranty or representation (express or implied) and accepts no responsibility or liability for the accuracy of any opinions, forecasts or the material presented which have not been independently verified. Any liability is expressly disclaimed.