Abu Dhabi November 20th, 2017

Global Marine Transport Capital LLC

Four Wood Capital Partners LLC 100 Wall Street – 11th Floor New York, NY 10005 Main: 212.701.4500 www.fourwoodcapital.com

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Important Notices & Disclosures

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GMTC Introduction

Global Marine Transport Capital LLC GMTC is currently among the most active middle-market shipping

lenders and providers of alternative capital in the maritime industry. • Funding Gap Opportunity: Global Marine Transport Capital LLC GMTC and the Company focuses on the significant funding gap created by the withdrawal and reduction in the exposure to the maritime industry, by the traditional lenders. • Lending Opportunity: GMTC capitalizes on the funding gap opportunity in the middle market shipping industry, the company

provides senior secured loans, to private fleet owners/operators

―This requires GMTC’s unique extensive industry and relationships and experience across lending, owning and operating • Experienced Management Team: Over 150 years of collective experience in commercial banking, ship finance, ownership,

operations, investment banking. • Proprietary Underwriting Process: Company employs a sophisticated, comprehensive and proprietary loan screening,

approval and monitoring system that combines extensive credit capabilities with real maritime experience amongst its team. • Conservative, Risk-Averse Business Model: Focusing on the conservative financing of well maintained vessels with

experienced and effective managers and operators, creates the opportunity to generate superior relative returns and downside

protection through providing senior secured loan issuance with substantial asset coverage ratios • Multiple Revenue Sources: Structuring fees, interest payments, exit fees and to a lesser degree, commitment fees

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The GMTC Concept

- In 2013/14 the concept of GMTC was focused primarily in the launch of a retail oriented NYSE IPO.

- The market window closed on us, so that effort has frozen at the moment. However GMTC has been underwritten to public company

standards which helped us significantly when we focused on other sources of capital.

- More recently and successfully the marketing focus is primarily in institutional investors, more specifically:

- Private Equity firms primarily with expertise in shipping and a trade in the equity side that want to diversify with a debt

investment

- Credit Managers with no expertise in shipping that want to take advantage of superior returns at the top of the capital structure

- Insurance Companies

- Pension Funds – much longer cycle

- Geographically our marketing efforts to raise capital have been focused 90% in the US, where we have the largest footprint and 10%

in Europe mostly England and Germany.

- The Gulf Region is seen as a market with significant potential to raise capital.

- Discussions are very different when you have a solid track record

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Experienced Management Team

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GMTC has built a 12 member, integrated management team across shipping finance, credit underwriting and risk

management, transactional banking, technical fleet management, capital markets, investment banking and strategic advisory. • Over 150 years combined experience with a strong operating track record, extensive domain expertise and practical experience across both the

global shipping industry and the public securities markets • Expertise includes private and public sector deal experience with underwriting and managing shipping credits, performing and non-performing • Principals have been involved in the commercial and technical aspects of fleet management, overseeing approximately 50 vessels.

Years Professional Experience 5 10 15 20 25 30 35 40 45 50 Expertise Select Past Experience

Andrew J. Simmons | Chief Executive Officer 45 Public Company - CFO & CEO StealthGas, Super Eco, Lloyd’s, Heath-Lambert, Bankers’ Trust

David Stuart | Chief Credit Officer 36

Banking & Finance Specialist Bank of Nova Scotia, HDS, British Ministry of Defense

Nicholas Dracoulis | Chief Technical Officer 50 Shipowner, Operator Tarpon Shipping, Astra Shipping (Monaco, London)

Dimitri Andonatos | Chief Operating Officer 45 Banking & CFO, Business Dev Bankers Trust, Den norske, Credit Suisse

Steven A. Baffico | Managing Partner 21

Capital Markets OIB Blackrock, Guggenheim

Jennifer M. Wilson | Chief Financial Officer 20

CPA, Finance and Operations Deloitte, Merrill Lynch, Bank of America

Lily Kondakou | Assistant Vice President 25

Loan Admin & Compliance Commerzbank AG, AIG, Grant Thornton

Efthymios Efthymiou | Vice President 5

Capital Raising Stratum Capital

Four Wood Capital Partners Additional Shared Resources 50+

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GMTC Portfolio

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2015 to 2017 Portfolio highlights

• GMTC Portfolio was built up to in excess of $100million by 1st quarter 2017 • During 2016 and 2017 we have sourced close to $ 500m in loans, issued term sheets for $200m and

funded in excess of $100m • All our loans are currently floating Rate and our pricing has increased in response to our investor

demands from Libor + 8.5% to L+9.50% on average. • Industry pricing has increased (including bank pricing) but new players are emerging and banks are

reentering on a limited basis. So competition maybe increasing! • LTVs ranged from below 50% to 75% depending upon the transaction • No maturity exceeds 5 years • The weighted average age of the portfolio is 7 years • Applicants included owners ranging from single ship owning companies to owners with 30 or more

vessels.

1 Every line represents a borrower/vessel SPV, lines with the same color group represent management companies,

$1B

$200mm

$100

mm

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Challenging Market Problems

APC Breaches: In 2016, the dry market experienced a sharp drop in dry bulk asset prices wherein GMTC moved to monthly

valuations on our portfolio. In select cases where asset values decreased and four APC breaches occurred, we immediately enforced

margin calls successfully. In all cases, GMTC borrowers met capital calls and/or posed additional collateral required to bring LTV

within policy and to date have had no defaults, restructuring or late payments.

One client was very close to a default but we devised a viable strategy and we avoided default

We lived through the lowest-ever dry market, a slumping tanker, container and offshore market but incurred no losses.

One of the challenges for lenders is to lend counter cyclically – Traditionally Banks not good at this!!

The highly experienced GMTC team has handled special situations and restructurings.

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Current Portfolio Metrics

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1Source: Four Wood Capital Partners LLC / Global Marine Transport Capital LLC. IRR Indicative calculations assume redeployment of capital and average loan duration of 2.5 years.

Past performance does not guarantee future results

Portfolio Characteristics1

Avg. Loan Maturity 4 years

Avg. Loan Duration 2.5 years

Avg. Loan-to-Value 56%

Avg. Loan Size $7.9 mm

Average Yield 11.72%

Avg. Vessel Age 7 years

Diversification <10% in any single borrower

# of Borrowers 15

Indicative Performance and IRR1

Unlevered Levered

Indicative Annualized Net Performance 10.72% 14.00%

Indicative Annualized Net IRR 11.56% 15.68%

• Majority of portfolio is priced at Floating Rate: Currently Libor plus 8.5% to Libor plus 10% • Additional fees and portfolio churn contribute to an unlevered blended yield in the 11.60% • Diversified Portfolio: No borrower represents more than % of GMTC’s loan origination portfolio

Some helpful vital statistics include:

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Market Presence

• GMTC has access to independent private companies, which comprise 56% of the world’s tonnage

―This segment of the shipping industry has high barriers to entry for lenders, given its closed-nature and family-owned structure • Company is NOT taking sovereign risk since the majority of the global fleet is legally owned by Single Purpose Vehicles in tax-

effective jurisdictions

• GMTC’s main business development office is based in Athens Greece home to % of the global fleet. Its investment banking partner Four Wood Capital is based in New York whose prime function is to source funding for the Platform

GMTC ‘S core competency is deploying debt capital into the Greek market but it also now has a growing presence in the UAE and has also considered transactions our of the Far East and Indian Sub Continent

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34%

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High Profile Publicity and Competition

The platform has received significant publicity despite its small size

Several efforts have been made by competitors to raise money in the space, while other competitors have

been considering partnerships

However all the Alternative lenders are miniscule in comparison to the enormous funding gap the traditional

lenders created

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The Future???

The GMTC platform is approaching a tipping point during 2017 • We are seeking to be a more diverse global portfolio, which is going to be more challenging to manage

• We have an abundance of forward looking transactions and we are only constrained by the available capital as

demand for capital still outstrips supply • We have raised two new sources of funding in 2017 and are in final discussions with another funder expecting to

close in early 2018

If we continue to have a robust performance we expect the assets to grow exponentially

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Thank you and Back to the Question?

Thank you for your kind attention and back to my original question.

FOR THE FIRST TIME IN MANY YEARS THERE APPEARS TO BE GROWTH ACROSS THE GLOBE, VESSEL DELIVERIES SEEM TO BE MODERATING AND THERE IS A SENSE OF RENEWED OPTIMISM ACROSS MOST

SHIPPING SECTORS. IS THIS REALLY THE BEGINNING OF SUSTAINED PROFITABILITY FOR THE INDUSTRY OR

WILL IT BE SHORT TERM WITH REGULATION, PROTECTIONISM AND PERHAPS NEW BUILDING ORDERS

THREATENING TO SPOIL THE RECOVERY?

What do you think or believe???