[letterhead Wadan Yards Group AS]

Wadan Yards MTW GmbH Wadan Yards Warnow GmbH

Dear Mr Odebrecht, we learned from recent news articles that significant parts of the companies belonging to Wadan Yards Group AS have been sold to a company called Gevor IV AG based in Zug, Switzerland, which presumably belongs to Witalij or Igor Yusufow. It has been announced that the first instalment of the purchase price of 40.5 Mio Euros has already been paid, but that further instalments have not yet been paid. We are surprised about the swift closing of the purchase agreement, particularly, since we advised you that we were preparing an offer to acquire the yards. Regrettably, further negotiations did not take place for lack of time on your side. We are concerned that the sale of significant parts of Wadan Yards Group to Gevor IV AG might not be in the best interest of the debtors companies and of the creditors. News articles reported that the buyers have difficulties paying the full purchase price. We are particularly concerned about the buyers inability to acquire orders for the construction of new ships from Russia. Recent news articles reported that neither Norisk Nickel nor Gazflot would order any new ships from Wadan Yards and that there are hardly any prospects for new orders from Russia. We do not know whether the purchase agreement is dependant on the buyers demonstration of binding orders for the constructions of new ships. Furthermore, we do not know who actually owns the buyer Gevor IV AG based in Zug, Switzerland. In order to observe our rights as a shareholder, to protect the interests of the debtors companies and to resolve these uncertainties, we kindly request you to send us a copy of the purchase agreement with Gevor IV AG.

DAC5863418/2+ PER-101562

Furthermore, we would like to point out that the signing of the purchase agreement should have been approved by the creditors assembly, which did not happen. Instead, only the board of creditors accepted the closing of the purchase agreement The requirement of an approval by the creditors assembly stems from the fact that the buyers, Mr Igor and Witalij Yusufow, who presumably own the Gevor IV AG, are at the same time shareholder of the debtor. The equity holding of Igor and Witalij Yusufow derives from their ownership of 74% of FLC West Holding S..r.L., which in turn holds 70% of the debtor. According to Section 162 (I) Nr. 1 of the German Insolvency Code, the sale of the enterprise shall require the approval of the creditors' assembly if the purchaser or a person holding at least one fifth of the purchaser's capital belongs to the persons with a close relationship to the debtor. The persons with a close relationship to the debtor shall be, according to section 138 (II) Nr. 1 of the German Insolvency Code, persons holding more than one quarter of the debtor's capital. It is established that a person with a close relationship to the debtor includes persons who have an indirect share in the debtor, i.e. who are shareholders of a company which in turn is a shareholder of the debtor (Braun, InsO, 3. ed., 138 marginal number. 12; Stodolkowitz/Bergmann in: MnchKommInsO, 2. ed., 138 marginal number 24). We assure you that we strive for the best solution possible for the Wadan Yards in Wismar and Rostock-Warnemnde. Your sincerely,

DAC5863418/2+ PER-101562

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