1. MEDCO SHIPBROKERS ESTABLISHED IN 1979 Member of:

2. MEDCO SHIPBROKERS S.L.  Well established and fully respected Maritime Consultancy and Ship broking company.  36 Years of Extensive Experience & Reputation in the International Markets.  Ranked #1 Ship broking house by our clients.  International Staff.  450+ Tanker Fixtures between Spot, Time Charter and COA contracts annualy.  Member of INTERTANKO, Founder member of ANCOR and BIMCO (20 years advisor for S&P and research of Bimco)  HQ Based in Madrid, Spain and representative office in Lima, Peru.

3. BUSINESS AREAS Chartering Consultancy, S&P, Projects, Off-Shore Spot Business: Crude Oil Products : Clean & Dirty Chemicals Time Charter Contracts COA´s Post Fixture Operations Consultancy: Assessment to charterers and owners on future shipping strategies. Research and assessment to different shipping institutions. Consultancy to Academic Institutions Assessment in M & A operations Development of Joint Ventures for specific tender contracts. S&P New building Projects Off Shore LNG/ FSRU

4. CLIENTS MEDCO IS PRESENT IN THE FOLLOWING CHARTERING PANELS: :

5. CHARTERING CRUDE & FUEL OIL VLCC (200KT – 300KT DWT) SUEZMAX (125KT – 160KT DWT) AFRAMAX (80KT – 120KT DWT) PANAMAX (60KT-75KT DWT) DISTILLATE PRODUCTS CLEAN DIRTY CHEMICALS LR2 (80KT – 120KT DWT) LR1 (60KT-75KT DWT) MR (42KT – 55KT DWT) HANDY (30KT – 40KT) SMALL TANKERS <20KT DWT

6. MARKET INTELLIGENCE Live Reports Live Reports including constantly updated New & Recent Fixtures Sent 3 Times a Day +/- Highlighted Changes Outstanding Cargoes in the Market Divided by Size and Loading Area Vessel on Subs with No Details Time Charter Requirements in the Market Bunker Prices and Change from the Day Before Crude Benchmark Prices and Change Baltic Exchange Daily Rates and Change FFA Rates for the Three Following Months Daily End of Day Reports Crude & Fuel Oil Market Report Clean Report Dirty products Report Recap of All the Fixtures of the Day Divided by Loading Areas and Sizes Sent at the End of the Day

7. ACTIVITY OVERVIEW Markets: Mediterranean and Black Sea West Africa North Sea and Baltic East Coast Mexico and Caribbean Arabian Gulf Main trades: Cross Mediterranean West Africa / UKCont-Med ECM-CARIBS / Trans Atlantic N. Sea- Baltic / UKCont-Med Arabian Gulf / UKCont-Med 450+ Fixtures Every Year 275+ Clean and Dirty Products 160+ Clean 115+ Dirty 175+ Crude Fixtures Markets: Mediterranean and Black Sea West Africa North Sea and Baltic East Coast Mexico and Caribbean Arabian Gulf Main trades: Cross Mediterranean (MR’s & Handies) Mediterranean / AG – ASIA (LR2 & LR1) UK Continent / USA - Caribs UK Continent / Brazil - Argentina

8. Consultancy, S&P, Projects Advice, assess and develop M & A operations as well as Joint Ventures for specific tenders. Walked along with clients until the end of the tender. Participated in Fleet expansion projects presenting different possibilities and constantly adapting to the new times coming. Present shipping opportunities to Equity Funds introducing asset opportunities and ship managements team to manage the shipping asset. We have been agents for the last 20 years of international Shipyards such as Hyundai Mipo dock yard from Korea, Arab ship building repair yard from Bahrein, Setenave, Lisnave from Portugal,Bethlehem Steel build yard from USA. Our Founder Director has been a member of BIMCO Ships Sale and Purchase Advisory Panel, being the only Spanish representative for more than 22 years. Medco is covering spanish shipyards especially in oceanographic vessels,PSV, Off- shore, Construction vessels, Chemical vessels, Ferries and Modern vessels. Assessment on financing of different operations Giving commercial and ship broking advice over 60 vessels including 6 VLCC’s and 9 Suezmaxes sold by our principals. Over 4 Million DWT sold via our intermediaries. Medco and in a Joint Venture with associated engineers are able to provide different types of services related to asset acquisition in the oil and gas industry together with subsequently design, engineering, chartering and contracting consultancy activities.

9. TEAM S&P, N/B and Maritime consultancy Diego Azqueta: Lawyer by Deusto University. Founder of Medco Shipbrokers in 1979. Founder, board director SegurosBroker.com. Ex-vicepresident of Spanish Newspaper Diario 16. Founder, ex president Survival International (Spain) and Watu Indigenous Action. Vice-president Spanish Geographic Society. Maritime consultant. Mobile:+34 619 287 430 Direct Line:+34 91 431 80 10 Mail: medco@medcoshipbrokers.com 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. Mobile:+34 607 201 362 Direct Line:+34 91 431 66 19 Mail: projects@medcoshipbrokers.com

10. TEAM CHARTERING Luis Bernar: Business Administration CEU (Luis Vives) (Madrid). Working in the shipping industry since 1981 (Sale and Purchase, dry cargo chartering and tanker chartering). Mobile:+34 619 287 447 Direct Line:+34 91 432 81 86 Nacho Polo: Graduated by the Spanish Maritime Institute. Working in the shipping industry since 1983. (Sale & purchase, dry cargo chartering and tanker chartering). Mobile:+34 606 453 900 Direct Line:+34 91 432 81 85 Juan Cervigon: B.A. in International Business Management with a Concentration in Finance by the University of Massachusetts, Boston. Mobile:+34 616 554 022 Direct line:+34 91432 81 88 CHARTERING – CRUDE BROKERS

11. TEAM 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 CitiBank. Working in the shipping industry since 1994 when joined Medco (Sale & purchase, new building contracts and conversions, tanker chartering). Mobile: +34 639 144 121 Direct Line:+34 91 432 81 84 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). Mobile:+34 6149 287 460 Direct line:+34 91 432 81 83 CHARTERING – PRODUCTS BROKERS

12. Damyan Ivanov: MSc in Marine Engineering and MSc in Industrial Management, has been active in shipping, trading and projects with different companies in Europe for more than 10 years. Mobile:+34 608 254 310 Direct line:+34 91 432 81 82 TEAM Pepe Alvarez: Graduated in European Law by San Pablo CEU (Madrid). Specialized in Competition law by IEB (Madrid) and postgraduate program in Politics, Economy and Law of the European Union by La Sorbonne (Paris). Master in Business and Maritime Law by ICADE Business School. He has been working as a lawyer and as a Broker before joining Medco in 2014.Direct line: +34 91 432 81 87 Eusebio Gálvez: Graduated in law by Universidad Complutense de Madrid. Master in Business and Maritime Law by ICADE Business School. Training. CHARTERING – PRODUCTS BROKERS

13. TEAM OPERATIONS Francisco Matía: Graduated in Sea Transport and Navigation by the Civil Marine University. Master in Business and Maritime Law by ICADE, Madrid. Working in the shipping industry since 2002. He also worked in Repsol’s Fleet department before joining MEDCO. Mobile: +34 686 754 547 Direct Line: + 34 91 432 81 81 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. Mobile: +34 629 627 599 Direct Line:+34 91 432 81 84 Enrique Ayala: Double graduated in Law and Business Administration by Carlos III University, Madrid. Master Maritime Law and Business, IME / ICADE Business School. Previously, he worked in MSC and ASTA Logistik Group. Mobile: +34 619 287 440 Direct Line: +34 91 432 81 84

14. AMERICAN OFFICE presentante oficina Francisco Vera: AMERICAN OFFICE REPRESENTATIVE: 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. Tel: (+51) (1) 42 12 462 Mob: (+51) 948 523 215 MOB ESPAÑA: (+34) 628 562 617 Email: fran.vera@medcoshipbrokers.com

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