Company Company Company Company Company Company: Companies Highlighted in Blue Needs To Be Updated

Date 12/31/2008 Companies highlighted in Blue needs to be updated.
CONSOLIDATED LIST OF SHIPPING COMPS

Shipping - Tanker Shipping - Dry Bulk Shipping - Container Shipping - Offshore Shipping - Gas Shipping - Diversified
Company Company Company Company Company Company
#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Shipping - Barging Shipping - Ship Lessor Shipping - Container Lessor Shipping - Trust Shipping - Drilling Shipping - Cruise
Company Company Company Company Company Company
Shipping - Logisctic Shipping - Shipyard
Company Company
#REF! #REF! #REF! #REF!
Date to be Change 6/29/2009
Shipping - Tanker
Share Price as on 6/29/2009
Local Enterprise Value P/E Margin Margin Growth
Share % of 52 Market Ent. Net Sales EBIT EBITDA I/B/E/S EPS EBITDA Sales
Company Price Week High Value Value 2008A 2009E 2010E 2008A 2009E 2010E 2008A 2009E 2010E 2008A 2009E 2010E 2008A 2009E 2010E 2008A 2009E 2010E
Aries Maritime #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM* NA* NA NA NA NA NA NA NA NM
Dampskibsselskabet Torm #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Double Hull Tankers #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Frontline #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
General Maritime #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Knightsbridge #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Nordic American Tankers #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Omega Navigation #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Gulf Navigation #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM* NA* NA NA NA NA NA NA NA NM

Overseas Shipholding #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NM NA NA NA NA NA NA NM
Ship Finance Intl Ltd #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Teekay Corp #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Top Ships #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM* NA NA NA NA NA NA NA NA NM
Tsakos Energy #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

US Shipping Partners #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM* NA* NA NA NA NA NA NA NA NM
Teekay Tankers #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

D'amico Shipping #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
National Shipping Co. of S. Arab. #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Stolt Nielsen #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Odfjell #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Premuda #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA* NA NA NA NA NA NM
Eitzen Chemical #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA* NA NA NA NA NA NA NA NM
Euronav SA #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Capital Product Partners Lp #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
K-Sea #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Teekay Offshore Partners LP #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NM
Fisher J & Sons #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Berlian Laju Tankers #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
High #ADDIN? 0.00x 0.00x 0.00x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Median NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Mean NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Low #ADDIN? 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
COMPS INPUTS 1 2 3 4 5
x x x x x
Research Report Credit Suisse Cantor Fitzgera Pareto Jefferies & Company Enskilda Oppenheimer
Research Report Date 3/24/2009 7/23/2008 3/12/2009 2/11/2009 2/27/2009
Aries Arlington Dampskibsselskabet Double Hull Frontline

Date: 6/29/2009 Maritime Tankers Torm Tankers
Company Name Check #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
LTM Ended: 12/31/2008 6/30/2008 12/31/2008 12/31/2008 12/31/2008

LFY Ended: 12/31/2008 12/31/2007 12/31/2008 12/31/2008 12/31/2008
CURRENT MARKET INFORMATION

Currency #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
Exchange Ratio #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
Ticker RAMS ATB TORM-DK DHT FRO
Exchange rate USD/Euro !XREUR #ADDIN?
Price #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
52 Week High #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
52 Week Low #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
Price as % of High #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
FD Shares Outstanding #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
Common Shares Outstanding 29.000 15.500 69.244 39.239 77.9
Share Count Check #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
Warrants Dilution
Warrants
Warrants
Convertible Debt Dilution
Convertible Debt
Convertible Debt
Other Dilution
Other
Other
Second Ticker
Exchange Rate #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
Share Price 0 0 0 0 0
Shares Outstanding
Equity Value #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Net Debt 211.2 217.1 #ADDIN? 285.0 2,932.7
Enterprise Value #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
VALUATION MULTIPLES
Enterprise Value / Sales
2010E NM NM NM NM NM
LTM NM NM NM NM NM
Enterprise Value / EBITDA

LTM NM NM NM NM NM
Enterprise Value / EBIT

LTM NM NM NM NM NM
Share Price/ EPS (IBES)

2010E NA NA NA NA NA
LTM NA NA NA NA NA
IBES LT Growth Rate NA NA NA NA NA
Dividend Yield
LEVERAGE RATIOS
Total Debt/ EBITDA
Total Debt/2010 EBITDA 9.9x 5.0x NM 5.5x 5.7x
Total Debt/2006 EBITDA 4.0x 4.8x NM NM NM
Total Debt/2005 EBITDA NM NM NM NM NM
Net Financial Debt/ EBITDA

Net Debt/2010 EBITDA 9.3x 4.7x NM 4.6x 5.4x
Net Debt/2006 EBITDA 3.8x 4.5x NM NM NM
Net Debt/2005 EBITDA NM NM NM NM NM
EBITDA/ Interest
2010 EBITDA/Interest NM NM NM NM NM
EBIT/ Interest
2010 EBIT/Interest NM NM NM NM NM
Credit Rating Information

Moody's
Date
Outlook
Issuer Rating
Senior Unsecured
S&P
Date
Outlook
Long Term
Short Term
SUMMARY CAPITALIZATION
12/31/2008 6/30/2008 12/31/2008 12/31/2008 12/31/2008

Cash and Equivalents 12.5 12.4 #ADDIN? 59.0 190.8
Investments #ADDIN?
Equity Investments 4.5
Short-Term Debt 223.7 #ADDIN? 541.3
Long-Term Debt 229.5 #ADDIN? 344.0 2,580.1
Minority Interest 6.6
Preferred Stock
Stockholder's Equity 65.9 97.9 #ADDIN? 147.8 702.2
Total Book Capitalization 290 327 #ADDIN? 492 3,830

Net Financial Debt 211 217 #ADDIN? 285 2,931
Net Debt 211 217 #ADDIN? 285 2,933
Total Debt 223.7 229.5 #ADDIN? 344.0 3,121.4
CALENDARIZED VALUES
Fiscal Year Ended 12/31/2008 12/31/2007 12/31/2008 12/31/2008 12/31/2008

Adjustment for Calendarization 1.00000 1.00000 1.00000 1.00000 1.00000
EPS Data (IBES)

2009E NA 0.00 NA NA NA
2003E 0.00 NA 0.00 0.00 0.00
LTM 0.00 0.00 0.00 0.00 0.00
Sales
2010E 63.9 70.3 NA 90.6 969.0
2009E 72.1 70.1 NA 100.4 1,198.0
2008E 81.3 69.9 NA 114.6 2,104.0
2007E 99.4 70.2 NA 81.4 1,299.9
2006E 94.2 69.4 NA 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 81.3 70.1 NA 114.6 2,104.0
EBITDA
2010E 22.6 46.3 NA 62.5 545.0
2009E 25.5 46.2 NA 72.9 660.0
2008E 31.8 46.1 NA 88.4 932.3
2007E 52.4 47.8 NA 58.2 623.1
2006E 55.4 48.2 NA 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 31.8 49.3 NA 88.4 932.3
EBIT
2010E 3.1 30.5 NA 36.1 277.0
2009E 3.5 30.4 NA 46.5 410.0
2008E 3.9 30.5 NA 62.5 708.2
2007E 16.7 32.1 NA 41.0 401.0
2006E 22.4 32.1 NA 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 3.9 33.6 NA 62.5 708.2
Free cash flow

2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Interest
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Gross Profit
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Net Income
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 32.3 0.0
2008E 0.0 0.0 0.0 39.4 0.0
2007E 0.0 0.0 0.0 27.5 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 39.4 0.0
OPERATING STATISTICS
#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
EPS Data (IBES) (k) #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
2010E #ADDIN? #ADDIN? #ADDIN?
2009E #ADDIN? #ADDIN? #ADDIN? #ADDIN?
2008E #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
2004E #ADDIN?
2003E #ADDIN?
LTM 0.00 0.00 0.00 0.00 0.0
10-Q
10-Q -1
LFY
Sales
2010E 63.9 70.3 #ADDIN? 90.6 969.0
2009E 72.10 70.1 #ADDIN? 100.4 1,198.0
2008E 81.33 69.9 #ADDIN? 114.6 2,104.0
2007E 99.42 70.2 #ADDIN? 81.4 1,299.9
2006E 94.20 69.4
2005E
2004E
2003E
LTM 81.3 70.1 #ADDIN? 114.6 2,104.0
10-Q 35.0
10-Q -1 35.1
LFY 81.3 70.2 #ADDIN? 114.6 2,104.0
EBITDA
2010E $22.6 $46.3 #ADDIN? 62.5 545.0
2009E 25.5 46.2 #ADDIN? 72.9 660.0
2008E 31.8 46.1 #ADDIN? 88.4 932.3
2007E 52.4 47.8 #ADDIN? 58.2 623.1
2006E 55.4 48.2 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 31.8 49.3 NA 88.4 932.3
10-Q 0.0 25.5 0.0 0.0 0.0
10-Q -1 0.0 24.0 0.0 0.0 0.0
LFY 31.8 47.8 #ADDIN? 88.4 932.3
D&A
2010E 19.5 15.8 #ADDIN? 26.4 268.0
2009E 22.0 15.8 #ADDIN? 26.4 250.0
2008E 27.9 15.6 #ADDIN? 25.9 224.1
2007E 35.7 15.6 #ADDIN? 17.3 222.1
2006E 33.0 16.1
2005E
2004E
2003E
LTM 27.9 15.7 #ADDIN? 25.9 224.1
10-Q 7.6
10-Q -1 7.6
LFY 27.9 15.6 #ADDIN? 25.9 224.1
EBIT
2010E 3.1 30.5 #ADDIN? 36.1 277.0
2009E 3.5 30.4 #ADDIN? 46.5 410.0
2008E 3.9 30.5 #ADDIN? 62.5 708.2
2007E 16.7 32.1 #ADDIN? 41.0 401.0
2006E 22.4 32.1
2005E
2004E
2003E
LTM 3.9 33.6 #ADDIN? 62.5 708.2
10-Q 17.9
10-Q -1 16.4
LFY 3.9 32.1 #ADDIN? 62.5 708.2
Free cash flow

2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0
Gross Profit
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0
Net Income
2010E
2009E 32.3
2008E 39.4
2007E 27.5
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 39.4 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0 39.4 0.0
Recurring Tax Rate
Predicted Beta #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
FULLY DILUTED SHARES
Options Worksheet
Package 1:
Number of Outstanding Options 2.10 0.12 0.10
Average Exercise Price 190.00 - #ADDIN?
Number of Shares #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
Amount of Cash #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
Package 2:
Number of Outstanding Options 0.02
Average Exercise Price 12.00
Package 3:
Number of Outstanding Options
Average Exercise Price
Package 4:
Package 5:
Package 6:
Package 7:
Package 8:
Package 9:
Package 10:
Number of Exercisable Options
Package 11:
Package 12:
Package 13:
Package 14:
Package 15:
Package 16:
Package 17:
Package 18:
Package 19:
Package 20:
Package 21:
Total Shares from Exercise #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Total Cash from Exercise #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
EQUITY INVESTMENTS
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
DIVIDEND DATA
Calendarized Dividend Data (IBES)

LTM
Dividend Data (IBES) #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

LTM 0.00 0.00 0.00 0.00 0.00
LFY
Calendarized Dividend Yield (IBES)

Calendarized Payout Ratio (IBES)

6 7 8 9 10 11 12
x x x x x x x
Oppenheimer IBES Morgan Stanley Cantor - Oppenheimer JP Morgan
2/26/2009 5/6/2009 3/4/2009 - 3/3/2009 8/22/2008
General KnightsbridgeNordic American Omega Gulf Overseas Ship Finance

Maritime Tankers Navigation Navigation Shipholding Intl Ltd
#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
3/31/2009 12/31/2008 3/31/2009 12/31/2008 3/31/2009 3/31/2009 3/31/2009

12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008

GMR VLCCF NAT ONAV B16B4G OSG SFL

57.83 17.1 42.20 15.210 1,655.0 26.862 72.74

0 0 0 0 0 0 0

1,109.8 15.0 (63.3) 318.3 672.2 794.9 1,993.0
NM NM NM NM NM NM NM
NA NA NA NA NA NA NA
4.8x 1.5x 0.4x 5.4x NM 4.9x 9.4x
4.6x 2.0x 0.5x 6.5x NM 6.0x 9.5x
7.2x 1.6x 0.3x 6.2x 5.6x 2.1x 7.1x
5.5x 1.8x 0.5x 6.7x 8.2x 3.4x 8.7x
4.6x 0.2x NM 5.2x NM 2.9x 7.6x

4.3x 0.3x NM 6.1x NM 3.5x 7.7x
6.9x 0.2x NM 5.9x 3.1x 1.2x 5.7x
5.2x 0.3x NM 6.4x 4.5x 2.0x 7.0x
3/31/2009 12/31/2008 3/31/2009 12/31/2008 3/31/2009 3/31/2009 3/31/2009
47.9 88.0 109.3 16.9 542.4 588.1 50.1
431.0
125.7
42.6 0.1 113.7 26.8 318.5
940.5 60.5 46.0 335.1 1,100.9 1,381.2 2,155.6
100.7 0.0
0.0
448.1 222.3 882.3 166.6 1,646.0 1,868.9 562.8
1,389 325 928 502 2,861 3,378 3,037

893 15 (63) 318 672 820 1,993
1,110 15 (63) 318 672 795 1,993
940.5 103.0 46.0 335.3 1,214.6 1,408.1 2,474.1
12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008

1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000
0.00 0.00 0.00 0.00 0.00 0.00 0.00
359.8 94.2 197.1 93.0 0.0 1,184.8 356.0

378.4 72.4 149.3 75.4 0.0 1,178.1 365.0
326.1 82.9 228.0 77.7 395.9 1,704.7 458.3
325.2 88.2 187.0 69.9 272.1 1,129.3 398.8
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
327.3 82.9 225.4 77.7 383.0 1,618.8 373.7
194.1 70.0 131.3 61.6 0.0 285.5 262.0

205.8 52.4 92.7 51.8 0.0 233.5 260.0
129.9 63.0 169.6 53.9 217.7 666.3 348.1
170.5 58.3 95.6 49.9 148.2 408.9 283.8
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
133.0 58.3 163.6 49.9 189.5 567.3 260.9
108.5 48.0 67.5 34.7 0.0 63.1 233.0

120.2 38.6 36.5 31.6 0.0 51.3 231.0
71.9 49.1 121.3 35.0 147.9 477.1 320.0
105.2 41.2 53.2 32.3 96.7 223.4 263.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
70.1 41.2 113.8 32.3 111.4 385.5 238.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00 0.00 0.00 0.00 0.00 0.00 0.00
359.8 94.2 197.1 93.0 1,184.8 356.0

378.4 72.4 149.3 75.4 1,178.1 365.0
326.1 82.9 228.0 77.7 395.9 1,704.7 458.3
325.2 88.2 187.0 69.9 272.1 1,129.3 398.8
327.3 82.9 225.4 77.7 383.0 1,618.8 373.7

92.3 44.3 81.9 324.8 96.8
91.2 46.9 94.8 410.7 121.9
326.1 82.9 228.0 77.7 395.9 1,704.7 398.8
$194.1 70.0 $131.3 $61.6 $0.0 $285.5 $262.0

$205.8 52.4 $92.7 51.8 0.0 233.5 260.0
$129.9 $63.0 $169.6 53.9 217.7 666.3 348.1
$170.5 $58.3 $95.6 49.9 148.2 408.9 283.8
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
133.0 58.3 163.6 49.9 189.5 567.3 260.9
48.9 0.0 30.4 0.0 31.3 79.7 71.1
45.8 0.0 36.4 0.0 59.5 175.0 94.0
129.9 58.3 169.6 49.9 217.7 662.6 283.8
85.6 $22.0 63.8 26.8 222.4 29.0

85.6 $13.8 56.2 20.2 182.2 29.0
58.0 13.9 48.3 18.9 69.8 189.2 28.0
65.3 17.0 42.4 17.6 51.4 185.5 20.6
62.9 17.0 49.8 17.6 78.0 181.8 23.0

21.9 12.9 23.7 43.9 8.5
17.0 11.4 15.5 47.6 6.2
58.0 17.0 48.3 17.6 69.8 185.5 20.6
108.5 48.0 67.5 34.7 63.1 233.0

120.2 38.6 36.5 31.6 51.3 231.0
71.9 49.1 121.3 35.0 147.9 477.1 320.0
105.2 41.2 53.2 32.3 96.7 223.4 263.2
70.1 41.2 113.8 32.3 111.4 385.5 238.0

27.1 17.5 7.6 35.8 62.6
28.9 25.0 44.0 127.4 87.9
71.9 41.2 121.3 32.3 147.9 477.1 263.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00 0.24 1.53 0.56

10.88 24.81 50.98 24.18
0.01 0.08 0.71

16.84 24.81 -



















0.00 0.00 0.00 0.00 0.00 0.00 0.00
13 14 15 16 17 18 19
x x x x x x x
JP Morgan Cantor Credit Suisse JP Morgan J.P.Morgan IBES Estimates
2/25/2009 8/8/2008 5/18/2009 18/05/2009 2/24/2009
Teekay Top Tsakos US Shipping Teekay D'amico National Shipping

Corp Ships Energy Partners Tankers Shipping Co. of S. Arab.
9/30/2008 12/31/2008 3/31/2009 9/30/2008 12/31/2008 12/31/2008 3/31/2009

12/31/2007 12/31/2008 12/31/2008 12/31/2007 12/31/2008 12/31/2008 12/31/2008

TK TOPS TNP USSPZ TNK B1WTMX B128FX

72.378 30.303 36.912 18.254 25.000 149.950 315.0

0 0 0 0 0 0 0

6,022.5 243.7 1,154.4 627.1 302.1 #ADDIN? 2,004.8
10.6x 5.2x 7.6x NM 3.5x NM 4.5x
10.1x 5.0x 7.1x NM 4.7x NM 5.3x
8.1x 4.2x 4.5x NM 3.2x NM 3.7x
8.8x NM 5.7x 9.4x 5.1x NM 7.4x
10.7x NM NM NM NM NM NM
8.1x 3.7x 5.9x NM 3.2x NM 1.9x

7.8x 3.5x 5.5x NM 4.3x NM 2.3x
6.2x 3.0x 3.4x NM 2.9x NM 1.5x
6.7x NM 4.4x 9.1x 4.7x NM 3.1x
9/30/2008 12/31/2008 3/31/2009 9/30/2008 12/31/2008 12/31/2008 3/31/2009
1,610.3 98.8 338.0 17.2 26.7 #ADDIN? 1,325.3
1,194.5
#ADDIN?
281.6 91.8 432.0 3.6 #ADDIN? 248.2
6,682.7 342.5 1,400.5 126.8 325.2 #ADDIN? 4,104.5
668.6 85.5 171.9
2,785.8 211.4 908.7 25.4 122.3 #ADDIN? 4,937.9
10,419 554 2,401 670 451 #ADDIN? 9,462

5,354 244 1,154 542 302 #ADDIN? 1,833
6,023 244 1,154 627 302 #ADDIN? 2,005
6,964.3 342.5 1,492.3 558.8 328.8 #ADDIN? 4,352.7
12/31/2007 12/31/2008 12/31/2008 12/31/2007 12/31/2008 12/31/2008 12/31/2008

1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000
NA 0.00 0.00 NA NA NA NA
0.00 0.00 0.00 0.00 0.00 0.00 0.00
2,239.6 148.7 451.9 0.0 124.0 NA 2,682.0

2,341.0 154.9 457.2 0.0 109.0 NA 2,263.0
2,447.0 257.4 623.0 0.0 144.2 NA 2,594.5
2,707.0 252.3 500.6 176.7 146.3 NA 1,703.3
0.0 0.0 0.0 0.0 0.0 NA 0.0
0.0 0.0 0.0 0.0 0.0 NA 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
2,447.0 257.4 612.6 193.4 144.2 NA 2,479.4
660.1 66.0 195.2 0.0 94.0 NA 957.0

690.0 68.7 209.8 0.0 70.0 NA 814.0
863.0 81.1 335.3 0.0 103.5 NA 1,187.6
795.6 (16.4) 263.1 59.7 64.6 NA 584.8
653.4 0.0 0.0 0.0 0.0 NA 0.0
205.5 0.0 0.0 0.0 0.0 NA 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
863.0 81.1 325.3 47.9 64.6 NA 1,092.2
288.9 36.1 84.8 0.0 60.0 NA 584.0

302.0 37.6 107.6 0.0 46.0 NA 430.0
522.0 42.5 244.6 0.0 80.6 NA 854.9
449.9 (46.5) 178.3 21.9 49.0 NA 364.0
429.4 0.0 0.0 0.0 0.0 NA 0.0
0.0 0.0 0.0 0.0 0.0 NA 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
522.0 42.5 231.7 6.3 80.6 NA 745.8
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 #VALUE! 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

#ADDIN? #ADDIN? #ADDIN?
0.00 0.00 0.00 0.00 0.0 0.00 0.00
2,239.6 148.7 451.9 124.0 #ADDIN? 2,682.0

2,341.0 154.9 457.2 109.0 #ADDIN? 2,263.0
2,447.0 257.4 623.0 144.2 #ADDIN? 2,594.5
2,707.0 252.3 500.6 176.7 146.3 #ADDIN? 1,703.3
#ADDIN?
2,447.0 257.4 612.6 193.4 144.2 #ADDIN? 2,479.4

126.3 149.9 469.3
136.7 133.3 584.4
2,447.0 257.4 623.0 176.7 144.2 #ADDIN? 2,594.5
$660.1 $66.0 $195.2 0.0 $94.0 #ADDIN? $957.0

690.0 68.7 209.8 0.0 70.0 #ADDIN? 814.0
863.0 81.1 335.3 0.0 103.5 #ADDIN? 1,187.6
795.6 (16.4) 263.1 59.7 64.6 #ADDIN? 584.8
653.4 0.0 0.0 0.0 0.0 #ADDIN? 0.0
205.5 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
863.0 81.1 325.3 47.9 64.6 NA 1,092.2
0.0 0.0 63.5 34.4 0.0 0.0 185.7
0.0 0.0 73.5 46.2 0.0 0.0 281.2
863.0 81.1 335.3 59.7 64.6 #ADDIN? 1,187.6
371.2 29.9 110.4 34.0 #ADDIN? 373.0

388.0 31.2 102.2 24.0 #ADDIN? 384.0
341.0 38.6 90.7 22.9 #ADDIN? 332.7
345.7 30.1 84.8 37.8 15.7 #ADDIN? 220.8
224.0 #ADDIN?
205.5
341.0 38.6 93.5 41.6 22.9 #ADDIN? 346.4

24.8 32.9 92.2
22.0 29.2 78.4
341.0 38.6 90.7 37.8 22.9 #ADDIN? 332.7
288.9 36.1 84.8 60.0 #ADDIN? 584.0

302.0 37.6 107.6 46.0 #ADDIN? 430.0
522.0 42.5 244.6 80.6 #ADDIN? 854.9
449.9 (46.5) 178.3 21.9 49.0 #ADDIN? 364.0
429.4 #ADDIN?
522.0 42.5 231.7 6.3 80.6 #ADDIN? 745.8

38.7 1.4 93.6
51.5 17.0 202.7
522.0 42.5 244.6 21.9 80.6 #ADDIN? 854.9
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.04 0.50 2.63

8.44 3.50
0.20
11.99
0.68
19.57
0.23
20.58
0.40
33.63
0.88
38.94
#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
0.00
42.33
0.43
46.80
0.80
51.40
0.00
60.96











0.00 0.00 0.00 0.00 0.00 0.00 0.00
20 21 22 23 24 25 26
x x x x x x x
Carnegie Orion IBES Orion Danske Bank IBES Banca IMI Stifel Nicolaus
3/25/2009 5/7/2009 4/4/2009 5/8/2009 8/28/2008 4/3/2009 9/3/2008
Stolt Nielsen Odfjell Premuda Eitzen Brostroem EuronavNavigazione Montanari

Capital Product
Chemical SA SPA
2/28/2009 3/31/2009 12/31/2008 3/31/2009 6/30/2008 12/31/2008 6/30/2008

11/30/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2007 12/31/2008 12/31/2007

7068799 ODF-NO PR-IT ECHEM-NO B1Y4811 B04M8J 552000

59.634 65.690 140.836 170.768 63.543 50.080 122.858
ODFB-NO
0 #ADDIN? 0 0 0 0 0
21.08

#ADDIN? #ADDIN? 189.0 #ADDIN? 3,591.4 #ADDIN? 254.3
NM NM 4.1x NM 6.7x NM 2.9x

2/28/2009 3/31/2009 12/31/2008 3/31/2009 6/30/2008 12/31/2008 6/30/2008
#ADDIN? #ADDIN? 13.0 #ADDIN? 650.7 #ADDIN? 10.6
#ADDIN? 0.0 233.3 #ADDIN?
#ADDIN? 2.2 0.0 83.2 0.1
#ADDIN? #ADDIN? 0.1 0.0 18.1
0.0 0.0
#ADDIN? #ADDIN? 402 #ADDIN? 6,735 #ADDIN? 614

11/30/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2007 12/31/2008 12/31/2007

0.91507 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000
0.00 0.00 0.00 0.00 0.00 0.00 0.00
NA NA 141.7 NA 0.0 436.5 0.0

NA NA 136.7 NA 0.0 435.6 0.0
NA NA 150.6 NA 3,537.2 NA 141.6
NA NA 133.1 NA 3,504.0 NA 118.6
NA NA 0.0 NA 0.0 NA 0.0
NA NA 0.0 0.0 0.0 0.0 0.0
NA 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA NA 150.6 NA 3,504.0 NA 118.6
NA NA 50.4 NA 673.3 247.9 91.2

NA NA 59.3 NA 615.7 247.4 84.4
NA NA 39.6 NA 663.5 NA 66.0
NA NA 41.2 NA 772.0 NA 53.7
NA NA 0.0 NA 0.0 NA 0.0
NA NA 0.0 0.0 0.0 0.0 0.0
NA 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA NA 39.6 NA 663.5 NA 58.5
NA NA 21.9 NA 293.3 120.3 50.1

NA NA 34.0 NA 235.7 130.3 46.1
NA NA 15.5 NA 280.4 NA 37.4
NA NA 17.4 NA 398.6 NA 32.6
NA NA 0.0 NA 0.0 NA 0.0
NA NA 0.0 0.0 0.0 0.0 0.0
NA 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA NA 15.5 NA 280.4 NA 37.4
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 NA 0.0 0.0 0.0

0.0 0.0 0.0 NA 0.0 0.0 0.0
0.0 0.0 0.0 NA 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00 0.00 0.00 0.00 0.00 0.00 0.00
#ADDIN?
#ADDIN? #ADDIN? 141.7 #ADDIN? 436.5
#ADDIN? #ADDIN? 136.7 #ADDIN? 435.6
#ADDIN? #ADDIN?
#ADDIN?

#ADDIN?
#ADDIN? #ADDIN? 50.4 #ADDIN? 673.3 247.9 91.2
#ADDIN? #ADDIN? 0.0 0.0 0.0 0.0 0.0
#ADDIN? 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA NA 39.6 NA 663.5 NA 58.5
NA NA 0.0 NA 0.0 0.0 0.0
NA NA 0.0 NA 0.0 0.0 0.0
#ADDIN?
#ADDIN? #ADDIN?
#ADDIN?

#ADDIN?
#ADDIN? #ADDIN?
#ADDIN?

0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.10 1.03 0.00

#ADDIN? 19.19 78.60
0.22 0.28
#ADDIN? 98.10
0.07
#ADDIN?
0.37
#ADDIN?
0.47
#ADDIN?
0.43
#ADDIN?
0.01
#ADDIN?
0.02
#ADDIN?
0.05
#ADDIN?












0.00 0.00 0.00 0.00 0.00 0.00 0.00
27 28 29 30 31
x x x x x
Stifel Nicolaus
Macquarie Research
IBES Estimates Brewin Dolphin IBES
4/30/2009 5/4/2009 3/18/2009 5/22/2009
Capital Product K-Sea Teekay Offshore Fisher J & Berlian Laju

Partners Lp Partners LP Sons Tankers
3/31/2009 3/31/2009 12/31/2008 12/31/2008 3/31/2009

12/31/2008 6/30/2008 12/31/2008 12/31/2008 12/31/2008

CPLP KSP TOO 033950 BLTA-ID

24.817 15.74 20.95 49.52 4,589.281
#ADDIN?
2,916.1
#ADDIN?

0 0 0 0 0

442.3 416.9 1,636.3 90.1 #ADDIN?
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
5.2x 3.9x 5.4x 2.7x NM
5.2x 4.2x 5.6x 2.8x NM
4.8x 4.4x 5.9x 2.9x NM
7.6x 5.2x 5.8x 3.6x NM
NM 12.7x NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
4.9x 3.9x 4.9x 2.2x NM

4.9x 4.2x 5.1x 2.3x NM
4.5x 4.4x 5.4x 2.4x NM
7.1x 5.2x 5.3x 3.0x NM
NM 12.7x NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
3/31/2009 3/31/2009 12/31/2008 12/31/2008 3/31/2009
31.7 0.2 131.5 16.9 #ADDIN?
0.0 1.4 #ADDIN?
0.0 #ADDIN?
0.0 17.3 125.5 18.9 #ADDIN?
474.0 395.3 1,440.9 89.3 #ADDIN?
0.0 4.5 201.4 0.0
0.0 0.1 0.0
141.1 283.1 100.9 97.2 #ADDIN?
615 700 1,869 206 #ADDIN?

442 412 1,435 90 #ADDIN?
442 417 1,636 90 #ADDIN?
474.0 412.6 1,566.4 108.3 #ADDIN?
12/31/2008 6/30/2008 12/31/2008 12/31/2008 12/31/2008

1.00000 0.49589 1.00000 1.00000 1.00000
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
0.00 0.00 0.00 0.00 0.00
121.1 367.3 794.0 247.0 6,388,686.0

121.4 351.4 773.0 242.0 6,709,390.0
131.5 334.9 872.5 233.6 7,005,851.0
86.5 276.8 776.0 182.0 3,641,773.0
0.0 114.2 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
134.5 348.3 872.5 233.6 NA
90.6 106.4 292.0 40.2 3,057,545.0

91.0 99.3 281.0 39.3 3,010,386.0
98.5 94.3 266.6 36.9 2,880,744.0
62.5 79.3 269.1 29.9 1,410,548.0
0.0 32.5 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
103.3 94.3 266.6 36.9 NA
63.3 48.3 134.0 30.6 1,777,100.0

63.7 43.4 129.0 29.8 1,798,700.0
73.5 42.4 128.1 27.5 1,891,914.0
47.2 38.0 146.7 21.5 898,071.0
0.0 15.5 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
77.2 40.0 128.1 27.5 NA
0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0

#ADDIN? #ADDIN? #ADDIN? #ADDIN?
0.00 0.00 0.00 0.00 0.00
375.1
121.1 359.4 794.0 247.0 6,388,686.0
121.4 343.3 773.0 242.0 6,709,390.0
131.5 326.3 872.5 233.6 7,005,851.0
86.5 226.6 776.0 182.0 3,641,773.0
134.5 348.3 872.5 233.6 #ADDIN?

30.2 258.2 #ADDIN?
27.2 236.2 #ADDIN?
131.5 326.3 872.5 233.6 7,005,851.0
108.8
90.6 103.9 292.0 40.2 3,057,545.0
91.0 94.7 281.0 39.3 3,010,386.0
98.5 93.9 266.6 36.9 2,880,744.0
62.5 $64.5 269.1 29.9 1,410,548.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
103.3 94.3 266.6 36.9 NA
22.7 68.9 0.0 0.0 NA
17.9 68.5 0.0 0.0 NA
98.5 93.9 266.6 36.9 2,880,744.0
59.1
27.28 57.0 158.0 9.6 1,280,445.0
27.36 54.9 152.0 9.5 1,211,686.0
25.0 48.8 138.4 9.4 988,830.0
15.4 33.7 122.4 8.3 512,477.0
26.1 54.3 138.4 9.4 #ADDIN?

6.8 40.5 #ADDIN?
5.8 35.0 #ADDIN?
25.0 48.8 138.4 9.4 988,830.0
49.7
63.3 46.9 134.0 30.6 1,777,100.0
63.7 39.8 129.0 29.8 1,798,700.0
73.5 45.0 128.1 27.5 1,891,914.0
47.2 30.8 146.7 21.5 898,071.0
77.2 40.0 128.1 27.5 #ADDIN?

15.9 28.4 #ADDIN?
12.2 33.5 #ADDIN?
73.5 45.0 128.1 27.5 1,891,914.0
0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.98
4.42
0.24
-


















NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA

0.00 0.00 0.00 0.00 0.00
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
This page is intentionally left blank.
Shipping - Dry Bulk
Pacific Basin Ship #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA * NA NA NA NA NA NM
#ADDIN? #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM * NM NM NM * NM NA NA NA NA NA NA NA NA NM

Cmb (Cie Maritime) #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
D/S Norden #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Dryships #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Diana Shipping #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Eagle Bulk Shipping #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Excel Maritime Carriers #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Globus Maritime #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM * NM NM NM NA NA NA * NA NA NA NA NA NM

Genco Shipping #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Golden Ocean #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Goldenport Holding #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Jinhui Shipping #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Navios Maritime #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Precious Shipping #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
TBS International #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Thoresen Thai #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Sincere Navigation #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Mercator Lines #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Paragon Shipping #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Arpeni Pratama Ocean Line #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA * NA NA NA NA NA NM

STX Pan Ocean Co. #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM * NM * NM NM NM NA NA NA * NA NA NA NA NA NM
Oceanfreight #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA * NA NA NA NA NA NM
Star Bulk #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Safe Bulkers #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Chinese Maritime #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM * NM * NM NM * NM * NA * NA NA * NA NA NA NA NA NM

Taiwan Navigation #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM * NM * NM NM * NM * NA * NA NA * NA NA NA NA NA NM
U-Ming Marine #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Median NA NA NA NA NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA
Mean NA NA NA NA NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA
Low #ADDIN? 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
x x x x x
Research Report CIMB Orion IBES Carnegie Jefferies
Pacific Basin #ADDIN? Cmb D/S Norden Dryships

Date: 6/29/2009 Ship (Cie Maritime)
LTM Ended: 12/31/2008 3/31/2009 3/31/2009 12/31/2008 3/31/2009

LFY Ended: 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008

Ticker B01RQM 410917 B04M8H B1WP65 DRYS
Exchange rate USD/Euro !XREUR
Common Shares Outstanding 1,747.3 24.9 34.9 42.4 184.8
Warrants Dilution
Warrants
Warrants
Convertible Debt Dilution #ADDIN?
Convertible Debt #ADDIN?
Convertible Debt 23.05
Other Dilution
Other
Other
Second Ticker
Shares Outstanding

Net Debt #ADDIN? #ADDIN? 266.0 #ADDIN? 2,128.5
VALUATION MULTIPLES
LTM NM NM NM NM NM

LTM NM NM NM NM NM

LTM NM NM NM NM NM

LTM NA NA NA NA NA
Dividend Yield
LEVERAGE RATIOS
12/31/2008 3/31/2009 6/30/2008 12/31/2008 3/31/2009

Cash and Equivalents #ADDIN? #ADDIN? 133.7 #ADDIN? 722.4
Investments #ADDIN? 28.2 #ADDIN?
Equity Investments #ADDIN? 19.1
Short-Term Debt #ADDIN? #ADDIN? 22.1 #ADDIN? 1,970.6
Long-Term Debt #ADDIN? #ADDIN? 424.9 #ADDIN? 880.4
Minority Interest #ADDIN?
Preferred Stock
Stockholder's Equity #ADDIN? #ADDIN? 551.4 #ADDIN? 1,656.2
Total Book Capitalization #ADDIN? #ADDIN? 998 #ADDIN? 4,507

Net Financial Debt #ADDIN? #ADDIN? 285 #ADDIN? 2,129
Net Debt #ADDIN? #ADDIN? 266 #ADDIN? 2,129
Total Debt #ADDIN? #ADDIN? 447.0 #ADDIN? 2,850.9
CALENDARIZED VALUES

EPS Data (IBES)

LTM 0.0 0.0 0.0 0.0 0.0
Sales
2010E NA NA 460.0 NA 874.6
2009E NA NA 438.0 NA 829.5
2008E NA NA 482.2 NA 1,080.7
2007E NA NA 359.9 NA 791.7
2006E NA NA 0.0 NA 0.0
2005E NA 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM NA NA 477.4 NA 1,045.3
EBITDA
2010E NA NA 150.0 NA 558.1
2009E NA NA 140.0 NA 520.5
2008E NA NA 132.3 NA 772.3
2007E NA NA 147.1 NA 554.1
2006E NA NA 0.0 NA 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM NA NA 137.6 NA 692.0
EBIT
2010E NA NA 100.0 NA 342.6
2009E NA NA 96.0 NA 287.3
2008E NA NA 90.3 NA 614.3
2007E NA NA 111.0 NA 423.4
2006E NA NA 0.0 NA 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM NA NA 92.9 NA 510.0
Free cash flow

2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Interest
2010E 0.0 NA 0.0 0.0 0.0
2009E 0.0 NA 0.0 0.0 0.0
2008E NA NA 0.0 NA 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Gross Profit
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Net Income
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
LTM 0.00 0.00 0.00 0.00 0.00
10-Q
10-Q -1
LFY
Sales
2010E #ADDIN? #ADDIN? 460.0 #ADDIN? 874.6
2008E #ADDIN? #ADDIN? 482.2 #ADDIN? 1,080.7
2006E
2005E
2004E
2003E
LTM #ADDIN? #ADDIN? 477.4 #ADDIN? 1,045.3
10-Q #ADDIN? 92.6 196.6
10-Q -1 #ADDIN? 97.4 232.1
LFY #ADDIN? #ADDIN? 482.2 #ADDIN? 1,080.7
EBITDA
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM NA NA 137.6 NA 692.0
10-Q 0.0 #ADDIN? 32.6 0.0 114.1
10-Q -1 0.0 #ADDIN? 27.3 0.0 194.4
LFY #ADDIN? #ADDIN? 132.3 #ADDIN? 772.3
D&A
2006E
2005E
2004E
2003E
LTM #ADDIN? #ADDIN? 44.7 #ADDIN? 182.0
10-Q #ADDIN? 12.2 48.4
10-Q -1 #ADDIN? 9.6 24.4
EBIT
2006E
2005E
2004E
2003E
LTM #ADDIN? #ADDIN? 92.9 #ADDIN? 510.0
10-Q #ADDIN? 20.4 65.7
10-Q -1 #ADDIN? 17.8 170.0
Free cash flow

2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY
Gross Profit
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY
Net Income
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0 0.0 0.0
Recurring Tax Rate
Options Worksheet
Package 1:
Number of Outstanding Options 1.18 0.08 0.83
Average Exercise Price 2.50 13.11 377.40
Package 2:
Average Exercise Price -
Package 3:
Package 4:
Package 5:
Package 6:
Package 7:
Package 8:
Package 9:
Package 10:
Package 11:
Package 12:
Package 13:
Package 14:
Package 15:
Package 16:
Package 17:
Package 18:
Package 19:
Package 20:
Package 21:

EQUITY INVESTMENTS
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
DIVIDEND DATA

LTM

LTM 0.00 0.00 0.00 0.00 0.00
LFY


6 7 8 9 10 12 13
x x x x x x x
BB&T Oppenheimer Jefferies IBES JP Morgan Orion Jefferies
5/7/2009 5/7/2009 4/2/2009 4/7/2009 5/1/2009 3/19/2009 3/10/2009
Diana Eagle Bulk Excel Maritime Globus Genco Golden Goldenport

Shipping Shipping Carriers Maritime Shipping Ocean Holding
3/31/2009 3/31/2009 12/31/2008 12/31/2008 3/31/2009 12/31/2008 12/31/2008

12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008

DSX EGLE EXM B1XDPQ GNK B04X7M B0PJKZ

80.4 47.0 46.226 28.665 31.710 #ADDIN? 70.112

0 0 0 0 0 0 0

8.6 770.8 1,394.8 #ADDIN? 974.5 #ADDIN? #ADDIN?
3/31/2009 3/31/2009 12/31/2008 12/31/2008 3/31/2009 12/31/2008 12/31/2008
205.4 31.7 140.0 #ADDIN? 175.8 #ADDIN? #ADDIN?
0.0 23.0
203.9 #ADDIN? #ADDIN? #ADDIN?
214.0 802.5 1,315.9 #ADDIN? 1,173.3 #ADDIN? #ADDIN?
14.9
912.3 484.5 1,007.3 #ADDIN? 749.5 #ADDIN? #ADDIN?
1,126 1,287 2,542 #ADDIN? 1,923 #ADDIN? #ADDIN?

9 771 1,380 #ADDIN? 998 #ADDIN? #ADDIN?
9 771 1,395 #ADDIN? 974 #ADDIN? #ADDIN?
214.0 802.5 1,519.8 #ADDIN? 1,173.3 #ADDIN? #ADDIN?
12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008

1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000
0.0 0.0 0.0 0.0 0.0 0.0 0.0
232.1 233.4 543.1 NA 325.0 NA NA

231.1 201.2 697.5 NA 361.0 NA NA
337.4 185.4 696.1 NA 405.4 NA NA
190.5 124.8 556.3 NA 185.9 NA NA
0.0 0.0 266.5 NA 133.2 NA NA
0.0 0.0 0.0 NA 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
321.2 204.7 696.1 NA 410.4 NA NA
168.7 108.5 371.2 NA 232.0 NA NA

166.8 104.9 492.8 NA 278.0 NA NA
268.7 114.6 509.9 NA 333.3 NA NA
140.7 85.9 422.0 NA 138.4 NA NA
0.0 0.0 179.3 NA 97.3 NA NA
0.0 0.0 0.0 NA 0.0 NA 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
251.1 125.1 509.9 NA 334.5 NA NA
114.7 46.0 229.1 NA 135.0 NA NA

123.0 61.3 352.4 NA 189.0 NA NA
225.4 80.6 403.7 NA 261.9 NA NA
116.3 59.5 299.4 NA 104.0 NA NA
0.0 0.0 104.0 NA 70.3 NA NA
0.0 0.0 0.0 NA 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
207.3 88.0 403.7 NA 258.0 NA NA
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 NA 0.0 NA NA
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00 0.00 0.00 0.00 0.00 0.00 0.00

266.5 #ADDIN? 133.2

62.7 56.0 96.7
78.9 36.7 91.7
$168.7 108.5 $371.2 #ADDIN? $232.0 #ADDIN? #ADDIN?

0.0 0.0 179.3 #ADDIN? 97.3 #ADDIN? 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
251.1 125.1 509.9 NA 334.5 NA NA
46.0 34.2 0.0 0.0 76.1 0.0 0.0
63.5 23.7 0.0 0.0 74.9 0.0 0.0

75.3 #ADDIN? 27.0

10.8 10.5 20.9
10.3 7.4 15.9

104.0 #ADDIN? 70.32

35.1 23.7 55.1
53.2 16.3 59.1
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
1.47 0.10 0.45 10.25

- 31.79 - #ADDIN?




















0.00 0.00 0.00 0.00 0.00 0.00 0.00
14 15 16 17 18 19 20
x x x x x x x
Pareto Fitzgerald Bualuang Dahlman IBES IBES Factset
2/27/2009 2/20/2009 4/17/2009 5/7/2009 5/19/2009 5/19/2009
Jinhui Navios Precious TBS Thoresen Sincere Mercator

Shipping Maritime Shipping International Thai Navigation Lines
12/31/2008 12/31/2008 3/31/2009 3/31/2009 3/31/2009 3/31/2009 12/31/2008

12/31/2008 12/31/2008 12/31/2008 12/31/2008 9/30/2008 12/30/2008 3/31/2008

443448 B0JT2G 669452 TBSI 656175 681073 B05H3T

84.045 100.515 1,039.521 29.891 708.004 568.304 235.992
#ADDIN?
51.43
4165.58

0 0 0 0 0 0 0

#ADDIN? 852.7 (1,287.9) 277.6 #ADDIN? 5,896.7 12,579.8
NM NM NM NM NM NM
12/31/2008 12/31/2008 3/31/2009 3/31/2009 3/31/2009 3/31/2009 12/31/2008
#ADDIN? 133.6 3,912.0 51.9 11,800.4 6,037.4 10,031.4
#ADDIN? 22.4 10.1 0.0 75.8
5.6 117.0 0.0 474.4
#ADDIN? 15.2 18.8 488.7 1,526.8
#ADDIN? 872.5 2,737.7 310.7 #ADDIN? 8,987.3 22,611.3
126.6 13.5 0.0 4,674.6 1,420.2
0.0
#ADDIN? 814.9 16,204.2 578.0 #ADDIN? 13,823.9 16,206.8
#ADDIN? 1,829 18,955 907 #ADDIN? 25,758 38,818

#ADDIN? 732 (1,184) 278 #ADDIN? 4,477 12,580
#ADDIN? 853 (1,288) 278 #ADDIN? 5,897 12,580
#ADDIN? 887.7 2,737.7 329.5 #ADDIN? 10,514.0 22,611.3
12/31/2008 12/31/2008 12/31/2008 12/31/2008 9/30/2008 12/30/2008 3/31/2008

1.00000 1.00000 1.00000 1.00000 0.74795 0.99726 0.24658
NA NA NA NA### NA NA NA
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA 590.9 4,906.0 304.3 19,999.8 6,689.5 23,629.4

NA 478.0 6,490.0 282.9 21,147.6 6,242.0 21,935.2
NA 1,246.1 8,538.6 611.6 31,206.8 6,584.8 19,205.1
NA 758.4 7,297.3 352.9 23,894.2 5,123.5 13,787.2
NA 206.0 9,076.5 0.0 5,130.8 14.0 10,712.6
0.0 0.0 0.0 0.0 0.0 0.0 6,350.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA 1,246.1 8,513.7 292.5 29,610.4 6,827.3 21,251.5
NA 242.7 3,483.0 119.2 4,393.9 5,276.4 10,905.2

NA 184.4 4,322.0 86.4 3,565.8 4,817.9 9,982.2
NA 110.5 5,992.4 282.8 9,110.8 4,972.5 8,638.0
NA 149.9 4,558.2 138.5 7,931.2 3,818.2 6,491.9
NA 82.5 5,784.9 0.0 1,735.6 985.5 3,347.9
0.0 0.0 0.0 0.0 0.0 2.7 2,719.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA 110.5 5,984.1 79.8 7,054.4 5,124.6 10,951.0
NA 160.7 2,496.0 25.4 1,594.9 4,085.4 8,113.1

NA 110.2 3,395.0 (5.5) 1,560.9 3,578.0 7,342.5
NA 53.5 4,906.6 209.3 7,120.7 3,876.1 6,233.3
NA 118.0 2,733.6 102.4 6,082.0 2,774.1 4,974.0
NA 44.8 3,691.5 0.0 1,286.5 7.6 2,334.9
0.0 0.0 0.0 0.0 0.0 0.0 2,013.5
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA 53.5 4,878.8 34.5 4,993.7 3,991.9 8,621.1
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 323.5 3.3 5,556.8

0.0 0.0 0.0 0.0 1,326.6 2.9 2,993.5
NA 0.0 0.0 0.0 2,781.2 13.6 5,687.5
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00 0.00 0.00 0.00 0.00 0.00 0.00
21,908.0 24,054.7
#ADDIN? 590.9 4,906.0 304.3 19,356.7 6,707.9 22,330.0
#ADDIN? 478.0 6,490.0 282.9 21,751.1 6,240.8 20,729.0
#ADDIN? 1,246.1 8,538.6 611.6 34,393.4 6,585.7 14,548.7
#ADDIN? 758.4 7,297.3 352.9 20,356.1 5,119.5 11,460.2
206.0 9,076.5 8,428.4
#ADDIN? 1,246.1 8,513.7 292.5 29,610.4 6,827.3 21,251.5

1,974.0 71.2 10,639.4 1,670.1 16,731.2
1,998.9 131.6 15,422.4 1,428.5 10,028.4
#ADDIN? 1,246.1 8,538.6 352.9 34,393.4 6,585.7 14,548.7
5,426.8 $11,101.4
#ADDIN? 242.7 3,483.0 119.2 4,045.8 5,290.9 $10,305.5
#ADDIN? 184.4 4,322.0 86.4 3,404.0 4,816.6 8,994.5
#ADDIN? 110.5 5,992.4 282.8 11,034.0 4,972.9 7,548.8
#ADDIN? 149.9 4,558.2 138.5 6,885.6 3,815.0 3,262.4
0.0 82.5 5,784.9 0.0 0.0 977.7 3,609.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA 110.5 5,984.1 79.8 7,054.4 5,124.6 10,951.0
0.0 0.0 1,319.4 5.2 1,283.4 1,222.2 7,375.4
0.0 0.0 1,327.7 64.0 5,263.0 1,070.6 3,973.2
#ADDIN? 110.5 5,992.4 138.5 11,034.0 4,972.9 7,548.8
3,445.8
#ADDIN? 81.9 987.0 93.8 2,581.1 1,194.3 2,638.5
#ADDIN? 74.2 927.0 91.9 1,810.7 1,240.0 2,643.5
#ADDIN? 57.1 1,085.9 73.5 2,050.6 1,096.0 1,675.0
#ADDIN? 31.9 1,824.6 36.0 1,781.4 1,044.0 1,038.0
37.7 2,093.4 977.7 936.7
#ADDIN? 57.1 1,105.3 45.2 2,060.7 1,132.7 2,329.9

288.0 22.7 904.2 309.0 1,855.7
268.5 13.5 894.1 272.4 1,200.8
#ADDIN? 57.1 1,085.9 36.0 2,050.6 1,096.0 1,675.0
1,981.0 8,259.2
#ADDIN? 160.7 2,496.0 25.4 1,464.7 4,096.7 7,667.0
#ADDIN? 110.2 3,395.0 (5.5) 1,593.3 3,576.6 6,351.0
#ADDIN? 53.5 4,906.6 209.3 8,983.4 3,876.9 5,873.8
#ADDIN? 118.0 2,733.6 102.4 5,104.2 2,771.0 2,224.4
44.8 3,691.5 2,672.5
#ADDIN? 53.5 4,878.8 34.5 4,993.7 3,991.9 8,621.1

1,031.4 (17.5) 379.2 913.2 5,519.7
1,059.2 50.5 4,368.9 798.2 2,772.4
#ADDIN? 53.5 4,906.6 102.4 8,983.4 3,876.9 5,873.8
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
5.10 7.80 0.11

#ADDIN? 4.10 0.01
1.25 0.29 0.21

#ADDIN? 16.75 0.01
0.63 0.15
#ADDIN?
8.12
#ADDIN?


















0.00 0.00 0.00 0.00 0.00 0.00 0.00
21 22 23 24 25 26 27
x x x x x x
Dahlman Bloomberg IBES Cantor IBES Dahlman No Estimates No Estimates
3/19/2009 5/19/2009 5/19/2009 3/12/2009 4/8/2009 2/10/2009
Paragon Arpeni Pratama STX Pan Oceanfreight Star Bulk Safe Chinese
Shipping Ocean Line Ocean Co. Bulkers Maritime
12/31/2008 3/31/2009 3/31/2009 3/31/2009 12/31/2008 12/31/2008 3/31/2009

12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008

PRGN B1J2PH5 B09YDW OCNF SBLK SB 603789

27.139 2,998.604 204.730 21.69 54.531 54.504 256.474
#ADDIN?
0.29
$ 10.00

0 0 0 0 0 0 0

313.0 3,867,831.1 #ADDIN? 288.2 267.0 468.3 (2,773.9)
#ADDIN? #ADDIN?
12/31/2008 3/31/2009 3/31/2009 3/31/2009 12/31/2008 12/31/2008 3/31/2009
74.4 919,101.9 #ADDIN? 33.5 29.5 5,163.4
#ADDIN? 116.1
148,858.8 #ADDIN? 5,546.5
53.2 1,358,861.3 #ADDIN? 65.3 49.3 3,627.5
334.3 3,547,988.1 #ADDIN? 256.4 247.3 468.3 4,424.6
28,942.5 #ADDIN? 0.0
0.0
308.4 1,507,894.5 #ADDIN? 255.5 560.1 (35.5) 10,017.9
696 6,443,686 #ADDIN? 577.2 856.6 433 18,070

313 3,987,747 #ADDIN? 288.2 267.0 468 2,773
313 3,867,831 #ADDIN? 288.2 267.0 468 (2,774)
387.5 4,906,849.3 #ADDIN? 321.7 296.5 468.3 8,052.1
0.56 0.35
12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008

1.00000 1.00000 1.00000 1.00 1.00 1.00000 1.00000
0.0 0.0 0.0 0.0 0.0 0.0 0.0
115.9 4,307,000.0 NA 122.2 159.5 230.6 0.0

137.6 3,184,000.0 NA 133.2 186.6 218.3 0.0
161.1 2,570,052.1 NA 157.4 238.9 208.4 6,396.1
73.2 1,617,553.1 NA 41.1 3.7 161.1 4,737.3
0.0 0.0 NA 0.0 0.0 0.0 3,649.8
0.0 0.0 NA 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
161.1 1,548,362.8 NA 153.2 238.9 208.4 6,221.4
72.9 1,466,000.0 NA 71.9 111.9 170.0 0.0

95.4 1,165,000.0 NA 81.0 134.6 170.3 0.0
127.6 697,118.0 NA 104.3 187.5 174.3 3,787.1
32.3 596,163.2 NA 24.8 (3.1) 123.4 2,427.1
0.0 0.0 NA 0.0 0.0 0.0 347.3
0.0 0.0 NA 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
127.6 539,430.9 NA 98.8 187.5 174.3 3,763.3
37.9 1,085,000.0 NA 18.7 69.1 146.5 0.0

60.4 805,000.0 NA 28.8 80.8 154.5 0.0
94.7 695,461.3 NA 60.7 136.5 163.7 3,380.2
15.1 429,163.2 NA 11.6 (5.6) 113.9 2,047.2
0.0 0.0 NA 0.0 0.0 0.0 0.0
0.0 0.0 NA 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
94.7 355,853.1 NA 52.5 136.5 163.7 3,343.8
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 NA 0.0 0.0 0.0 0.0

0.0 0.0 NA 0.0 0.0 0.0 0.0
0.0 0.0 NA 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00 0.00 0.00 0.00 0.00 0.00 0.00
#ADDIN?
115.9 4,307,000.0 #ADDIN? 122.2 159.5 230.57
137.6 3,184,000.0 #ADDIN? 133.2 186.6 218.34
161.1 2,570,052.1 #ADDIN? 157.4 238.9 208.41 6,396.1
73.2 1,617,553.1 #ADDIN? 41.1 3.7 161.12 4,737.3
#ADDIN? 3,649.8
161.1 1,548,362.8 #ADDIN? 153.2 238.9 208.4 6,221.4

446,203.8 #ADDIN? 34.2 1,271.0
515,394.2 #ADDIN? 38.4 1,445.8
161.1 1,617,553.1 #ADDIN? 157.4 238.9 208.4 6,396.1
72.9 $1,466,000.0 #ADDIN? 71.9 111.9 170.0 $0.0

95.4 1,165,000.0 #ADDIN? 81.0 134.6 170.3 0.0
127.6 697,118.0 #ADDIN? 104.3 187.5 174.3 3,787.1
32.3 596,163.2 #ADDIN? 24.8 (3.1) 123.4 2,427.1
0.0 0.0 #ADDIN? 0.0 0.0 0.0 347.3
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
127.6 539,430.9 NA 98.8 187.5 174.3 3,763.3
0.0 131,316.6 NA 20.2 0.0 0.0 776.7
0.0 188,048.8 NA 25.7 0.0 0.0 800.4
127.6 596,163.2 #ADDIN? 104.3 187.5 174.3 3,787.1
35.0 381,000.0 #ADDIN? 53.1 42.8 23.6

35.0 360,000.0 #ADDIN? 52.2 53.8 15.8
32.9 246,695.0 #ADDIN? 43.7 51.1 10.6 406.9
17.2 167,000.0 #ADDIN? 13.2 2.4 9.6 379.9
#ADDIN? 347.3
32.9 183,577.8 #ADDIN? 46.3 51.1 10.6 419.6

82,341.0 #ADDIN? 12.8 108.9
65,763.3 #ADDIN? 10.2 96.2
32.9 167,000.0 #ADDIN? 43.7 51.1 10.6 406.9
37.9 1,085,000.0 #ADDIN? 18.7 69.1 146.5

60.4 805,000.0 #ADDIN? 28.8 80.8 154.5
94.7 695,461.3 #ADDIN? 60.7 136.5 163.7 3,380.2
15.1 429,163.2 #ADDIN? 11.6 (5.6) 113.9 2,047.2
#ADDIN?
94.7 355,853.1 #ADDIN? 52.5 136.5 163.7 3,343.8

48,975.5 #ADDIN? 7.4 667.8
122,285.5 #ADDIN? 15.6 704.3
94.7 429,163.2 #ADDIN? 60.7 136.5 163.7 3,380.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.03
12.00
0.09
-

0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00

NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA

0.00 0.00 0.00 0.00 0.00
NA NA NA NA NA
NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
697 740
408.8 473.0
#ADDIN? NA
28 29
x x
No Estimates Yuanta Research
4/28/2009
Taiwan U-Ming
Navigation Marine
#ADDIN? #ADDIN?
3/31/2009 3/31/2009
12/31/2008 12/31/2008
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
612224 6911377
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
417.295 858.0
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
0 0
#ADDIN? #ADDIN?
(2,059.2) (16,350.2)
#ADDIN? #ADDIN?
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
3/31/2009 3/31/2009
3,811.3 27,495.4
123.3 0.1
214.2 1,231.2
59.8 5,208.2
2,029.9 7,168.2
0.0 0.0
0.0 0.0
10,604.5 29,736.0
12,694 42,112
(1,845) (15,119)
(2,059) (16,350)
2,089.7 12,376.4
12/31/2008 12/31/2008
1.00000 1.00000
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
0.0 13.7
0.0 7,030.0
0.0 9,565.0
6,434.0 18,171.9
3,965.6 14,757.8
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
6,456.9 16,326.8
0.0 2,721.0
0.0 4,868.0
4,038.4 12,496.7
2,136.8 10,436.9
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
4,146.9 11,034.8
0.0 977.0
0.0 3,204.0
3,508.6 11,016.5
1,608.0 8,860.3
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
3,619.3 9,509.6
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
0.00 13.67
7,030.0
9,565.0
6,434.0 18,171.9
3,965.6 14,757.8
6,456.9 16,326.8
1,330.7 2,618.0
1,307.9 4,463.0
6,434.0 18,171.9
$0.0 2,721.0
0.0 4,868.0
4,038.4 12,496.7
2,136.8 10,436.9
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
4,146.9 11,034.8
908.7 1,539.8
800.2 3,001.7
4,038.4 12,496.7
1,744.0
1,664.0
529.8 1,480.3
528.9 1,576.7
527.6 1,525.2
130.4 429.2
132.6 384.3
529.8 1,480.3
977.0
3,204.0
3,508.6 11,016.5
1,608.0 8,860.3
3,619.3 9,509.6
778.3 1,110.6
667.6 2,617.4
3,508.6 11,016.5
0.0 0.0
0.0
0.0 0.0
0.0
0.0 0.0
0.0 0.0
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
0.00 0.00
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
Shipping - Offshore
China Oilfield Services #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Asl Marine Holdings #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Ch Offshore #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Seacor Holdings #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Deep Sea Supply #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Dof #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Eidesvik Offshore #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Ezra Holdings #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Farstad Shipping #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Bourbon SA #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
GulfMark Offshore #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Havila Shipping #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Hornbeck Offshore #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Jaya Holdings #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Solstad #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Tidewater Inc #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Trico Marine Services #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA * NA NA

* NA NA NA NA NM
Great Eastern Shipping #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Garware Offshore #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA
* NA NA NA NA NA NM
Swissco International #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA

* NA NA NA NA NM
Great Offshore #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Acergy SA #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Saipem #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Subsea 7 #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Swiber Holdings #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Dockwise #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA
* NA NA NA NA NA NA NM
Fairstar Heavy Transport #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM

* NM NM NM
* NM NA NA
Global Geo Services ASA #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM
* NM NM NM NM NA NA
Petroleum Geo-Services #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Sevan Marine #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM

* NM
* NM NM
* NM NA NA
* NA
* NA NA NA NA NA NM
BW Offshore #ADDIN? #ADDIN? ### #ADDIN? NM NM NM ### * NM NM NM NM NM NA NA
SBM Offshore #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Median NA ### ### ### ### ### ### ### ### ### ### ### ### NA NA NA NA NA NA
Mean NA #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! NA NA NA NA NA NA
Low #ADDIN? 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
x x x x x
Research Report Deutsche KIM ENG No Estimates IBES Pareto
Research Report Date 4/30/2009 5/12/2009 5/22/2009 5/8/2009
China Oilfield Asl Marine Ch Offshore Seacor Deep Sea

Date: 6/29/2009 Services Holdings Holdings Supply
#ADDIN?
LTM Ended: 3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009

LFY Ended: 12/31/2008 6/30/2008 6/30/2008 12/31/2008 12/31/2008

Ticker 601808-CN A04-SG C13-SG CKH DESSC-NO
Common Shares Outstanding 2,960.47 299.589 705.091 #ADDIN? 129.960
Warrants Dilution
Warrants
Warrants
Convertible Debt $ 73.15
Convertible Debt $ 248.00
Other Dilution
Other
Other
Second Ticker 2883-HK

Share Price #ADDIN? 0 0 0 0
Shares Outstanding 1,534.85

Net Debt 25,688.1 49.7 #ADDIN? #ADDIN? #ADDIN?
VALUATION MULTIPLES
LTM NM NM NM NM NM

LTM NM NM NM NM NM

LTM NM NM NM NM NM

LTM NA NA NA NA NA
Dividend Yield
LEVERAGE RATIOS
Total Debt/ EBITDA
Total Debt/2008 EBITDA NM 1.8x NM NM NM

Net Debt/2008 EBITDA NM 0.5x NM NM NM
EBITDA/ Interest
2010 EBITDA/Interest NM 3.2x NM NM NM
EBIT/ Interest
2010 EBIT/Interest NM 2.4x NM NM NM
2007 EBIT/Interest NM #ADDIN? NM NM NM

Moody's
Date
Outlook
Issuer Rating
Senior Unsecured
S&P
Date
Outlook
Long Term
Short Term
3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009

Cash and Equivalents 3,892.8 128.4 #ADDIN? 427.5 #ADDIN?
Investments 27.2 0.0
Equity Investments 3.8 #ADDIN? 150.1 0.0
Short-Term Debt 17,623.7 56.9 #ADDIN? 13.2 #ADDIN?
Long-Term Debt 11,984.4 119.2 #ADDIN? #ADDIN?
Minority Interest 5.7 8.3 0.0
Preferred Stock 0.0
Stockholder's Equity 20,765.4 273.8 #ADDIN? #ADDIN? #ADDIN?
Total Book Capitalization 50,374 456 #ADDIN? #ADDIN? #ADDIN?

Net Financial Debt 25,688 48 #ADDIN? #ADDIN? #ADDIN?
Net Debt 25,688 50 #ADDIN? #ADDIN? #ADDIN?
Total Debt 29,608.1 176.2 #ADDIN? #ADDIN? #ADDIN?
CALENDARIZED VALUES

Adjustment for Calendarizati 1.00000 0.49589 0.49589 1.00000 1.00000
EPS Data (IBES)

2009E NA NA 0.0 NA NA
LTM 0.0 0.0 0.0 0.0 0.0
Sales
2010E 19,275.0 518.8 0.0 1,457.0 NA
2009E 15,762.0 471.0 0.0 1,399.1 NA
2008E NA 424.3 NA 1,656.0 NA
2007E NA 359.8 NA 1,359.2 NA
2006E NA 160.5 NA 0.0 NA
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM NA 448.6 NA 1,701.0 NA
EBITDA
2010E 9,073.0 113.7 0.0 432.0 NA
2009E 7,642.0 113.3 0.0 398.0 NA
2008E NA 99.9 NA 410.0 NA
2007E NA 70.1 NA 379.5 NA
2006E NA 29.0 NA 0.0 NA
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM NA 94.2 NA 442.0 NA
EBIT
2010E 5,931.0 88.0 0.0 238.7 NA
2009E 5,027.0 90.0 0.0 224.4 NA
2008E NA 78.7 NA 253.5 NA
2007E NA 52.7 NA 225.2 NA
2006E NA 21.7 NA 0.0 NA
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM NA 69.2 NA 284.1 NA
Free cash flow

2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Interest
2010E NA 36.0 NA 0.0 NA
2009E NA 30.1 NA 0.0 NA
2008E NA 41.6 NA 0.0 NA
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Gross Profit
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Net Income
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
#ADDIN?
LTM 0.00 0.00 0.00 0.00 0.00
10-Q
10-Q -1
LFY
Sales 543.2
2010E 19,275.0 493.9 1,457.0 #ADDIN?
2009E 15,762.0 447.8 1,399.1 #ADDIN?
2008E #ADDIN? 400.4 #ADDIN? 1,656.0 #ADDIN?
2007E #ADDIN? 318.4 #ADDIN? 1,359.2 #ADDIN?
2006E 6,524.2
2005E
2004E
2003E
LTM #ADDIN? 448.6 #ADDIN? 1,701.0 #ADDIN?
10-Q 3,928.6 333.2 #ADDIN? 399.5 #ADDIN?
10-Q -1 2,503.6 285.1 #ADDIN? 354.5 #ADDIN?
LFY #ADDIN? 400.4 #ADDIN? 1,656.0 #ADDIN?
EBITDA 117.6
2010E 9,073.0 109.7 432.0 #ADDIN?
2009E 7,642.0 117.0 398.0 #ADDIN?
2008E #ADDIN? 82.4 #ADDIN? 410.0 #ADDIN?
2006E 826.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM NA 94.2 NA 442.0 NA
10-Q NA 71.4 NA 112.4 #ADDIN?
10-Q -1 NA 59.7 NA 80.4 #ADDIN?
LFY #ADDIN? 82.4 #ADDIN? 410.0 #ADDIN?
Interest Expense
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY
D&A 26.9
2010E 3,142.0 24.4 193.3 #ADDIN?
2009E 2,615.0 22.2 173.6 #ADDIN?
2006E 826.0
2005E
2004E
2003E
LTM #ADDIN? 25.0 #ADDIN? 157.9 #ADDIN?
10-Q #ADDIN? 20.0 #ADDIN? 39.3 #ADDIN?
10-Q -1 #ADDIN? 15.3 #ADDIN? 37.8 #ADDIN?
EBIT 90.7
2010E 5,931.0 85.3 238.7 #ADDIN?
2009E 5,027.0 94.8 224.4 #ADDIN?
2006E
2005E
2004E
2003E
LTM #ADDIN? 69.2 #ADDIN? 284.1 #ADDIN?
10-Q 1,172.5 51.3 #ADDIN? 73.2 #ADDIN?
10-Q -1 1,089.4 44.4 #ADDIN? 42.6 #ADDIN?
Free cash flow

2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY
Gross Profit
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY
Net Income
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0 0.0 0.0
Recurring Tax Rate
Options Worksheet
Package 1:
Number of Outstanding Options 0.06 0.17
Average Exercise Price 0.55 34.20
Package 2:
Package 3:
Package 4:
Package 5:
Package 6:
Average Exercise Price -
Package 7:
Package 8:
Package 9:
Package 10:
Package 11:
Package 12:
Package 13:
Package 14:
Package 15:
Package 16:
Package 17:
Package 18:
Package 19:
Package 20:
Package 21:

EQUITY INVESTMENTS
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
DIVIDEND DATA

LTM

LTM 0.00 0.00 0.00 0.00 0.00
LFY


6 7 8 9 10 11 12
x x x x x x x
Carnegie Carnegie JP Morgan Seb Enskilda Factset Jefferies IBES
5/12/2009 5/25/2009 1/16/2009 5/15/2009 2/24/2009 6/2/2009
Dof Eidesvik Ezra Farstad Bourbon SA GulfMark Havila

Offshore Holdings Shipping Offshore Shipping
3/31/2009 3/31/2009 11/30/2008 3/31/2009 6/30/2008 3/31/2009 3/31/2009

12/31/2008 12/31/2008 8/31/2008 12/31/2008 12/31/2007 12/31/2008 12/31/2008

DOF-NO EIOF-NO 667442 FAR-NO GBB-FR GLF B06DMG

82.768 30.150 579.949 39.0 55.5 25.8 16.0

0 0 0 0 0 0 0

10,251.8 3,145.2 #ADDIN? 4,197.1 1,250.2 360.8 2,537.1
4.4x 5.2x NM 3.8x 3.3x 2.6x 4.5x
6.3x 4.6x NM 3.4x 4.1x 2.3x 5.5x
8.0x 8.4x NM 3.6x 4.8x 1.9x 6.6x
8.6x 13.0x NM 5.0x 4.7x 2.6x 8.6x
3.5x 4.7x NM 2.7x 2.7x 2.0x 4.0x

5.0x 4.1x NM 2.4x 3.3x 1.8x 4.9x
6.3x 7.5x NM 2.5x 3.9x 1.5x 5.9x
6.8x 11.6x NM 3.6x 3.8x 1.9x 7.7x
3/31/2009 3/31/2009 11/30/2008 3/31/2009 6/30/2008 3/31/2009 3/31/2009
1,923.5 347.7 #ADDIN? 1,720.9 267.0 116.4 299.1
152.7 29.1 #ADDIN? 5.1
#ADDIN? 12.9 14.4
483.6 #ADDIN? 584.8 284.0 19.0 274.6
9,860.6 3,038.4 #ADDIN? 5,337.7 1,173.0 458.2 2,560.2
2,467.4 #ADDIN? 0.6 73.1 15.9
0.0
3,131.0 1,199.1 #ADDIN? 4,733.5 1,049.9 874.0 1,250.6
15,459 4,721 #ADDIN? 10,657 2,580 1,351 4,101

7,784 3,145 #ADDIN? 4,197 1,190 361 2,536
10,252 3,145 #ADDIN? 4,197 1,250 361 2,537
9,860.6 3,522.0 #ADDIN? 5,922.5 1,457.0 477.2 2,834.8
12/31/2008 12/31/2008 8/31/2008 12/31/2008 12/31/2007 12/31/2008 12/31/2008

1.00000 1.00000 0.66575 1.00000 1.00000 1.00000 1.00000
0.0 0.0 0.0 0.0 NA NA 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
6,033.0 1,283.0 NA 3,128.0 1,204.5 399.5 1,184.6

4,732.0 1,199.0 NA 3,160.0 1,030.6 414.1 955.4
3,969.7 941.3 NA 2,943.2 885.8 466.8 810.5
3,285.6 714.3 NA 2,318.2 769.7 377.7 527.9
0.0 0.0 NA 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
4,020.0 1,027.3 NA 3,066.4 832.3 492.2 881.3
2,217.0 675.0 NA 1,542.0 436.6 180.9 636.6

1,558.0 759.0 NA 1,728.0 356.9 206.0 516.6
1,237.9 421.5 NA 1,652.7 303.5 245.3 428.2
1,141.7 270.6 NA 1,180.8 309.7 186.2 330.2
0.0 0.0 NA 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
1,155.9 487.5 NA 1,724.1 309.9 260.6 476.2
1,454.0 348.0 NA 988.0 283.2 110.3 486.8

899.0 479.0 NA 1,229.0 225.1 138.7 375.4
594.7 194.5 NA 1,287.3 197.3 192.1 329.7
611.9 112.3 NA 844.0 214.2 142.2 249.7
0.0 0.0 NA 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
460.0 250.2 NA 1,346.0 210.9 203.9 372.3
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 NA 0.0 0.0 0.0 0.0

0.0 0.0 NA 0.0 0.0 0.0 0.0
0.0 0.0 NA 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

#ADDIN? #ADDIN?
0.00 0.00 0.00 0.00 0.00 0.00 0.00
#ADDIN?
6,033.0 1,283.0 #ADDIN? 3,128.0 1,204.5 399.5 1,184.6
4,732.0 1,199.0 #ADDIN? 3,160.0 1,030.6 414.1 955.4
3,969.7 941.3 #ADDIN? 2,943.2 885.8 466.8 810.5
3,285.6 714.3 #ADDIN? 2,318.2 769.7 377.7 527.9
4,020.0 1,027.3 #ADDIN? 3,066.4 832.3 492.2 881.3

964.0 291.0 #ADDIN? 741.2 433.6 108.8 212.1
913.6 205.0 #ADDIN? 618.1 371.0 83.3 141.3
3,969.7 941.3 #ADDIN? 2,943.2 769.7 466.8 810.5
#ADDIN? $0.0
$2,217.0 675.0 #ADDIN? 1,542.0 $436.6 180.9 $636.6
1,558.0 759.0 #ADDIN? 1,728.0 356.9 206.0 516.6
1,237.9 421.5 #ADDIN? 1,652.7 303.5 245.3 428.2
1,141.7 270.6 #ADDIN? 1,180.8 309.7 186.2 330.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
1,155.9 487.5 NA 1,724.1 309.9 260.6 476.2
230.7 150.5 NA 389.3 138.1 55.5 111.4
312.7 84.5 NA 317.9 137.9 40.2 63.4
1,141.7 421.5 #ADDIN? 1,652.7 309.7 245.3 428.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0
#ADDIN? 0.0
763.0 327.0 #ADDIN? 554.0 153.4 70.6 149.9
659.0 280.0 #ADDIN? 499.0 131.8 67.3 141.2
643.3 227.0 #ADDIN? 365.4 106.2 53.2 98.4
529.8 158.2 #ADDIN? 336.8 95.5 44.0 80.5
695.9 237.4 #ADDIN? 378.1 99.0 56.8 103.8

163.6 63.1 #ADDIN? 101.6 47.7 12.4 28.1
111.0 52.8 #ADDIN? 88.9 44.2 8.7 22.7
643.3 227.0 #ADDIN? 365.4 95.5 53.2 98.4
#ADDIN? 0.0
1,454.0 348.0 #ADDIN? 988.0 283.2 110.3 486.8
899.0 479.0 #ADDIN? 1,229.0 225.1 138.7 375.4
594.7 194.5 #ADDIN? 1,287.3 197.3 192.1 329.7
611.9 112.3 #ADDIN? 844.0 214.2 142.2 249.7
460.0 250.2 #ADDIN? 1,346.0 210.9 203.9 372.3

67.1 87.4 #ADDIN? 287.7 90.4 43.2 83.3
201.7 31.7 #ADDIN? 229.0 93.7 31.4 40.7
594.7 194.5 #ADDIN? 1,287.3 214.2 192.1 329.7
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.28 0.24
19.17 7.26
0.58 0.33
29.77 16.63
0.04 0.10
36.41 21.21
1.29
43.98


















0.00 0.00 0.00 0.00 0.00 0.00 0.00
13 14 15 16 17 18 19
x x x x x x x
JP Morgan IBES Pareto Pritchard IBES Religare Pinc Research
5/4/2009 6/1/2009 5/14/2009 5/18/2009 5/13/2009 4/29/2009
Hornbeck Jaya Solstad Tidewater Trico Marine Great Eastern Garware

Offshore Holdings Inc Services Shipping Offshore International
3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009

12/31/2008 6/30/2008 12/31/2008 3/31/2009 12/31/2008 3/31/2009 3/31/2009

HOS 620756 534859 TDW TRMA 500620-IN 6313296

26.0 771.702 37.658 51.538 19.3 152.028 23.82
#ADDIN?
$ 5.16
$ 62.59
#ADDIN? #ADDIN?
$ 250.00 $ 150.00
$ 48.48 $ 43.44

0 0 0 0 0 0 0.00

#ADDIN? 260.4 3,472.9 12.0 721.7 623.0 2,510.9
NM 4.8x 4.5x 0.7x 6.7x 3.5x 1.6x
NM 2.9x 4.2x 0.6x 7.3x 3.9x 2.1x
NM 2.8x NM 0.5x NM 2.8x 3.3x
NM 3.5x NM 0.6x NM 3.1x 4.6x
NM 7.2x NM 0.6x NM 5.0x 10.2x
NM NM NM 0.8x NM NM NM
NM NM 4.2x NM 8.5x NM NM
NM 3.6x 2.8x 0.1x 6.3x 0.1x 1.6x

NM 2.2x 2.7x 0.1x 6.8x 0.1x 2.0x
NM 2.0x NM 0.1x NM 0.0x 3.1x
NM 2.6x NM 0.1x NM 0.0x 4.4x
NM 5.3x NM 0.1x NM 0.1x 9.6x
NM NM 2.7x NM 7.9x NM NM
NM NM NM 1.3x NM 1.3x 1.2x
NM NM NM 1.0x NM 1.1x 0.9x
3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2008
20.9 102.9 728.0 250.8 47.8 20,583.0 85.7
1,240.0 0.0 19,175.0 56.4
31.9 37.2 0.0
229.0 787.1 210.9 425.8
#ADDIN? 166.1 4,632.0 300.0 539.8 40,381.0 2,227.2
0.1 21.8 18.8 0.0
0.0 0.0
#ADDIN? 440.5 4,050.0 2,244.7 197.4 56,124.0 1,972.0
#ADDIN? 836 9,491 2,545 967 96,505 4,625

#ADDIN? 292 3,451 49 703 623 2,511
#ADDIN? 260 3,473 12 722 623 2,511
#ADDIN? 395.1 5,419.0 300.0 750.7 40,381.0 2,653.0
12/31/2008 6/30/2008 12/31/2008 3/31/2009 12/31/2008 3/31/2009 3/31/2009

1.00000 0.49589 1.00000 0.24658 1.00000 0.24658 0.24658
NA NA NA 0.0 NA 0.0 0.0
0.0 0.0 0.0 0.0 NA 0.0 0.0
560.0 202.6 2,850.0 1,048.0 737.7 28,363.5 2,735.6

449.0 209.8 2,590.0 1,208.6 701.1 26,951.3 2,200.5
432.1 254.0 2,145.3 1,361.1 703.6 37,481.2 1,624.0
339.0 307.4 2,107.5 1,234.4 586.7 32,919.5 1,004.0
0.0 155.1 0.0 847.8 0.0 17,356.1 451.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
444.2 270.1 2,260.2 1,390.8 766.2 37,915.6 1,783.5
285.0 82.0 1,512.0 442.6 147.5 11,641.3 1,608.8

233.0 135.1 1,400.0 490.3 122.6 10,235.1 1,255.5
230.4 143.6 1,213.8 551.4 111.3 14,606.8 813.8
179.2 113.9 1,280.7 511.4 103.1 13,071.6 571.4
0.0 55.2 0.0 509.7 0.0 8,042.8 260.7
0.0 0.0 0.0 380.2 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
241.6 148.6 1,283.8 564.4 88.8 14,852.5 868.9
203.0 57.6 980.0 316.6 68.8 7,483.0 1,252.0

166.0 109.8 890.0 364.2 53.6 6,320.7 977.6
178.4 122.8 723.0 426.5 29.8 12,033.3 604.3
144.1 97.7 843.4 390.0 46.7 14,006.2 428.0
0.0 47.2 0.0 292.6 0.0 7,917.7 191.6
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
186.6 131.7 779.4 438.2 (4.1) 11,013.0 643.3
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 425.3 0.0 11,190.2 654.7
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00 0.00 0.00 0.00 #ADDIN? 0.00 0.00
#ADDIN?
187.8 1,015.0 30,000.0 2,866.00

560.0 217.7 2,850.0 1,149.0 737.7 23,363.0 2,337.0
449.0 201.7 2,590.0 1,390.8 701.1 37,915.6 1,783.5
432.1 307.2 2,145.3 1,270.2 703.6 36,154.0 1,136.7
339.0 307.6 2,107.5 1,125.3 586.7 23,036.3 598.6
444.2 270.1 2,260.2 1,390.8 766.2 37,915.6 1,783.5

109.6 170.9 565.1 121.8
97.5 208.0 450.3 59.2
432.1 307.2 2,145.3 1,390.8 703.6 37,915.6 1,783.5
62.1 0.0 435.0 12,596.0 1,683.0

285.0 102.2 1,512.0 466.0 147.5 8,724.0 1,382.0
233.0 168.6 1,400.0 564.4 122.6 14,852.5 868.9
230.4 118.1 1,213.8 511.4 111.3 13,856.0 645.1
179.2 109.6 1,280.7 511.4 103.1 10,675.0 346.1
0.0 0.0 0.0 504.6 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
241.6 148.6 1,283.8 564.4 88.8 14,852.5 868.9
60.3 104.4 284.3 0.0 (7.1) 0.0 0.0
49.1 73.9 214.2 0.0 15.4 0.0 0.0
230.4 118.1 1,213.8 564.4 111.3 14,852.5 868.9
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0
22.9 126.0 4,230.0 377.0

82.0 25.7 532.0 126.0 78.7 3,939.0 295.0
67.0 24.9 510.0 126.2 69.1 3,839.5 225.6
52.0 16.5 490.7 120.8 81.5 13,856.0 160.3
35.2 15.9 437.3 116.2 56.4 91.7
55.0 16.9 504.4 126.2 92.8 3,839.5 225.6

15.1 12.4 131.4 18.1
12.2 12.1 117.6 6.7
52.0 16.5 490.7 126.2 81.5 3,839.5 225.6
39.1 309.0 8,366.0 1,306.00

203.0 76.5 980.0 340.0 68.8 4,785.0 1,087.0
166.0 143.7 890.0 438.2 53.6 11,013.0 643.3
178.4 101.6 723.0 390.6 29.8 15,150.8 484.8
144.1 93.7 843.4 388.4 46.7 10,509.0 254.4
186.6 131.7 779.4 438.2 (4.1) 11,013.0 643.3

45.2 92.0 153.0 (25.2)
37.0 61.8 96.6 8.7
178.4 101.6 723.0 438.2 29.8 11,013.0 643.3
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.97 0.12 0.81 0.21 5.01

18.10 0.77 31.82 22.35 312.75
0.06 0.34 0.26 0.26

1.02 39.60 -
1.14 0.10 0.74 0.49

1.24 56.64 18.75
0.93 0.13
1.24 -
0.50
1.46
6.49
1.46
















0.00 0.00 0.00 0.00 0.00 0.00 0.00
20 21 22 24 25 26 28
x x x x x x x
DBS BNP Paribas Orion JPMorgan Carnegie OCBC Carnegie
8/14/2008 5/12/2009 4/17/2009 4/23/2009 4/22/2009 5/18/2009 3/2/2009
Swissco Great Acergy SA Saipem Subsea 7 Swiber Dockwise

International Offshore Holdings
3/31/2009 3/31/2009 2/28/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009

12/31/2008 3/31/2009 11/30/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008

5FG-SG B1HLWL7 5258246 476876 744897 B1GGM6 B1P5824

197.209 37.1 194.950 441.263 146.919 421.355 229.760
#ADDIN? #ADDIN?
#ADDIN?
#ADDIN?
SPMR-IT
0 0 0 #ADDIN? 0 0 0
0.15

14.3 6,267.3 #ADDIN? 2,494.0 #ADDIN? #ADDIN? #ADDIN?
1.6x 1.6x NM 3.1x NM NM NM
NM 4.8x NM NM NM NM NM

#ADDIN? NM NM NM NM NM NM
3/31/2009 3/31/2009 2/28/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009
14.3 46.0
26.9 #ADDIN? 2,776.0 #ADDIN? #ADDIN?
#ADDIN? 26.0 #ADDIN?
0.0
155 18,277 #ADDIN? 6,870 #ADDIN? #ADDIN? #ADDIN?

12/31/2008 3/31/2009 11/30/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008

1.00000 0.24658 0.91507 1.00000 1.00000 1.00000 1.00000
NA 0.0 0.0 0.0 NA NA NA
NA 0.0 0.0 0.0 0.0 0.0 0.0
45.4 15,349.3 NA 9,065.0 NA NA NA

49.0 13,310.0 NA 9,821.0 NA NA NA
52.9 9,984.1 NA 10,094.0 NA NA NA
31.2 7,052.8 NA 9,350.0 NA NA NA
0.0 4,378.5 NA 0.0 NA NA NA
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
56.3 10,810.5 NA 9,752.0 NA NA NA
21.3 5,784.3 NA 1,278.0 NA NA NA

24.0 5,644.8 NA 1,386.0 NA NA NA
22.0 4,900.9 NA 1,393.0 NA NA NA
7.8 3,164.2 NA 1,082.0 NA NA NA
0.0 1,980.3 NA 0.0 NA NA NA
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
24.9 5,411.9 NA 1,313.0 NA NA NA
16.7 4,234.0 NA 844.0 NA NA NA

18.0 4,241.4 NA 981.0 NA NA NA
18.6 3,793.1 NA 1,040.0 NA NA NA
4.8 2,246.5 NA 801.0 NA NA NA
0.0 1,446.1 NA 0.0 NA NA NA
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
19.5 4,264.2 NA 986.0 NA NA NA
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 NA 0.0 NA NA NA

0.0 0.0 NA 0.0 NA NA NA
0.0 4,077.5 NA 0.0 NA NA NA
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
2.3 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.6 0.0 0.0 0.0 0.0 0.0 0.0

#ADDIN? 0.00 0.00 0.00 0.00 0.00 0.00
#ADDIN?
15,749.0 #ADDIN? #ADDIN?


14.0 #ADDIN? 2,236.0 #ADDIN? #ADDIN? #ADDIN?
10.7 #ADDIN? 2,578.0 #ADDIN? #ADDIN? #ADDIN?
5,805.0 #ADDIN?
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
24.9 5,411.9 NA 1,313.0 NA NA NA
7.6 0.0 #ADDIN? 311.0 NA NA NA
5.9 0.0 #ADDIN? 391.0 NA NA NA
0.0 0.0 0.0 0.0 0.0 0.0 0.0

4.6 1,487.0 #ADDIN? 434.0 #ADDIN? #ADDIN? #ADDIN?
4.6 986.0 #ADDIN? 353.0 #ADDIN? #ADDIN? #ADDIN?
2.9 709.0 #ADDIN? 281.0 #ADDIN? #ADDIN? #ADDIN?

1.9 #ADDIN? 81.0 #ADDIN? #ADDIN? #ADDIN?


0.0 0.0 0.0 0.0 0.0 0.0 0.0
2.3 0.0 0.0 0.0 0.0 0.0 0.0

7.9
5.6
0.6 0.0 0.0 0.0 0.0 0.0 0.0

5.4
4.9
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.20 1.84 0.40 2.51

0.76 #ADDIN? 6.19 107.46
0.30 1.03 0.09

0.76 #ADDIN? 6.82 -
1.10 0.79 0.36

0.81 #ADDIN? 7.59
0.86 0.67
#ADDIN? 11.88
1.94
17.52
1.33
26.52
1.34
25.87















0.00 0.00 0.00 0.00 0.00 0.00 0.00
30 31 32 33 34 35
x x x x x x
IBES IBES Arctic SecuritiesArctic Securities DnBNOR IBES
6/5/2009 6/5/2009 5/27/2009 5/7/2009 5/20/2009 4/17/2009
Fairstar Heavy Global Geo Petroleum Sevan BW SBM

Transport Services ASA Geo-Services Marine Offshore Offshore
3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009 12/31/2008

12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008

FAIR-NO GGS-NO PGS-NO B00RQ8 B13V1Q B156T5

43.18 134.21 198.00 333.63 453.42 145.61
#ADDIN? #ADDIN?
#ADDIN?
#ADDIN?


NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM #ADDIN? NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009 12/31/2008

12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008

1.00000 1.00000 1.00000 1.00000 1.00000 1.00000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA 0.0 NA NA NA
0.0 0.0 0.0 0.0 0.0 0.0
NA 843.2 NA NA NA 2,015.9
NA 728.5 NA NA NA 2,158.8
NA 458.5 NA NA NA NA
NA 8.4 NA NA NA NA
NA 0.0 NA NA NA NA
NA 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
NA NA NA NA NA NA
NA 445.3 NA NA NA 494.1
NA 352.2 NA NA NA 467.9
NA 125.7 NA NA NA NA
NA (32.4) NA NA NA NA
NA 0.0 NA NA NA NA
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
NA NA NA NA NA NA
NA 347.1 NA NA NA 250.0
NA 252.1 NA NA NA 249.3
NA 10.3 NA NA NA NA
NA (49.8) NA NA NA NA
NA 0.0 NA NA NA NA
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
NA NA NA NA NA NA
0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
NA NA NA NA NA 0.0
NA NA NA NA NA 0.0
NA 0.0 NA NA NA NA
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0

0.00 0.00 0.00 0.00 0.00 0.00
#ADDIN? 790.8 #ADDIN? #ADDIN?

#ADDIN? 843.2 #ADDIN? #ADDIN? #ADDIN? 2,015.9
#ADDIN? 728.5 #ADDIN? #ADDIN? #ADDIN? 2,158.8
#ADDIN? 458.5 #ADDIN? #ADDIN? #ADDIN? #ADDIN?
#ADDIN?

0.0 #ADDIN? #ADDIN? #ADDIN? #ADDIN?
#ADDIN? 386.6
#ADDIN? 445.3 #ADDIN? #ADDIN? #ADDIN? 494.1
#ADDIN? (32.4) #ADDIN? #ADDIN? #ADDIN? #ADDIN?
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
NA NA NA NA NA NA
NA NA NA NA NA 0.0
NA NA NA NA NA 0.0
0.0 0.0 0.0 0.0 0.0 0.0



#ADDIN? (49.8) #ADDIN? #ADDIN? #ADDIN? #ADDIN?

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.72 1.33 0.23 0.57

5.00 111.50 9.80 9.49
0.19 0.02 1.67

140.41 16.60 12.86
0.01 0.02 1.53

152.11 15.00 19.05
0.03 0.10 1.75

116.14 15.50 25.91
2.99 0.22 1.69

133.05 19.30 25.82
0.85
24.00
0.40
30.90
0.40
38.40
0.47
38.80
0.36
37.90
0.16
35.20
0.10
33.50
0.14
37.60
0.09
53.00
3.80
57.25
0.55
58.75
0.06
58.25




NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA

0.00 0.00 0.00 0.00 0.00 0.00
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
Shipping - Container
Local Enterprise Value P/E Margin Revenues/ Admin. Cost/
Share % of 52 Market Ent. Net Sales EBIT EBITDA I/B/E/S EPS EBITDA EBIT EBIT TEU TEU
Company Price Week High Value Value LTM 2008E 2009E 2010E LTM 2008E 2009E 2010E LTM 2008E 2009E 2010E 2008E 2009E 2010E 2008E 2009E 2010E 2008E 2009E 2010E LTM LTM
Hanjin Shipping #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NA NM NM NM NA NM NM NM NA NA NA NA NA NA NA NA NA NA #ADDIN? #ADDIN?
Evergreen Marine #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NA NM NM NM NA NM NM NM NA NA NA NA NA NA NA NA NA NA #ADDIN? #ADDIN?

Yang Ming Marine #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NA NM NM NM NA NM NM NM NA NA NA NA NA NA NA NA NA NA #ADDIN? #ADDIN?
Wan Hai Lines #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NA NM NM NM NA NM NM NM NA NM NA NA NA NA NA NA NA NA #ADDIN? #ADDIN?
China Shipping Container Lines #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NA NM NM NM NA NM NM NM NA NM NA NA NA NA NA NA NA NA #ADDIN? #ADDIN?
Orient Overseas Intl #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NA NM NM NM NA NM NM NM NA NA NA NA NA NA NA NA NA NA #ADDIN? #ADDIN?
Alexander & Baldwin #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NA NM NM NM NA NM NM NM NA NA NA NA NA NA NA NA NA NA #ADDIN? #ADDIN?
Danaos #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NA NM NM NM NA NM NM NM NA NA NA NA NA NA NA NA NA NA #ADDIN? #ADDIN?
Horizon Lines #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NA NM NM NM NA NM NM NM NA NA NA NA NA NA NA NA NA NA #ADDIN? #ADDIN?
CSAV #ADDIN? #ADDIN? ### #ADDIN? NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
AP Moller Maersk #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NA NM NM NM NA NM NM NM NA NA NA NA NA NA NA NA NA NA #ADDIN? #ADDIN?
Neptune Orient Line #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NA NM NM NM NA NM NM NM NA NA NA NA NA NA NA NA NA NA #ADDIN? #ADDIN?

Regional Container Lines #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NA NM NM NM NA NM NM NM NA NA NA NA NA NA NA NA NA NA #ADDIN? #ADDIN?
Samudera Shipping Line #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NA NM NM NM NA NM NM NM NA NA NA NA NA NA NA NA NA NA #ADDIN? #ADDIN?

Seaspan Corp. #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NA NM NM NM NA NM NM NM NA NA NA NA NA NA NA NA NA NA #ADDIN? #ADDIN?
Hubline Berhad #ADDIN? #ADDIN? ### #ADDIN? NM NM NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA #ADDIN? #ADDIN?

Rederi Ab Transatlantic #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NA NM NM NM NA NM NM NM NA NA NA NA NA NA NA NA NA NA NA NA
PDZ Hldgs Berhad #ADDIN? #ADDIN? ### #ADDIN? NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA #ADDIN? #ADDIN?
Irish Continental Group #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NA NM NM NM NA NM NM NM NA NA NA NA NA NA NA NA NA NA #ADDIN? #ADDIN?
Hyundai Merchant Marine #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA #ADDIN? NA
China Cosco Holding #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA #ADDIN? #ADDIN?
Tempuran Emas #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NA NM NM NM NA NM NM NM NA NA NA NA NA NA NA NA NA NA NA NA
Qatar Navigation #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA NA NA
Shreyas Shipping #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA NA NA

SWEE JO Berhad #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA #ADDIN? #ADDIN?
High #ADDIN? 0.00x 0.00x 0.00x 0.00x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
### 0.0x
### 0.0% 0.0% 0.0%
### 0.0%
### 0.0%
### 0.0%
### #ADDIN?
### #ADDIN?
Median NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
NA NA
NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Mean NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
NA NA
Low #ADDIN? 0.00 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
### 0.0
### 0.0% 0.0% 0.0%
### 0.0%
### 0.0%
### 0.0%
### #ADDIN?
### #ADDIN?
x x x x x
Research Report Hyundai IBES IBES IBES RBS
Hanjin Evergreen Yang Ming Wan Hai China Shipping

Date: 6/29/2009 Shipping Marine Marine Lines Container Lines Overseas Intl
#ADDIN?
LTM Ended: 12/31/2008 3/31/2009 3/31/2009 3/31/2009 12/31/2008
LFY Ended: 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008

Ticker 649707 2603-TW 2609-TW 2615-TW B29PXW
Common Shares Outstanding 88.368 3,060.939 2,562.466 2,117.533 7,932.13
Warrants Dilution
Warrants
Warrants
Other Dilution
Other
Other
Second Ticker B018L7

Currency #ADDIN? #ADDIN? #ADDIN? #ADDIN? CNY
Share Price 0 0 0 0 #ADDIN?
Shares Outstanding 3,751.000

Net Debt 3,021,091.0 #ADDIN? 43,463.0 3,797.5 1,637.7
TEU (Twenty Equivalent Unit) 3.4 3.1 0.49
VALUATION MULTIPLES
Admistration Costs/TEU - NA 290.22 NA -
LTM NM NM NM NM NM

LTM NM NM NM NM NM

LTM NM NM NM NM NM

LTM NA NA NA NA NA
Dividend Yield
LEVERAGE RATIOS
Total Debt/ EBITDA
Total Debt/2010 EBITDA 8.5x NM 14.3x 4.2x 9.4x
Total Debt/2009 EBITDA 17.8x NM 802.8x 4.4x NM
Total Debt/2006 EBITDA NM NM NM NM 4.7x

Net Debt/2010 EBITDA 6.0x NM 11.4x 0.7x 0.7x
Net Debt/2009 EBITDA 12.6x NM 640.7x 0.7x NM
Net Debt/2006 EBITDA NM NM NM NM 0.4x
EBITDA/ Interest
EBIT/ Interest

Moody's
Date
Outlook
Issuer Rating
Senior Unsecured
S&P
Date
Outlook
Long Term
Short Term
1,000,000.0
12/31/2008 3/31/2009 3/31/2009 3/31/2009 12/31/2008
Cash and Equivalents 969,558.2 25,603.7 7,713.4 19,287.6 11,676.0
Investments 353,176.1 5,684.1 3,957.7 148.5 163.3
Equity Investments 53,531.8 25,390.7 3,112.7 46.4 38.9
Short-Term Debt 598,858.7 5,595.0 11,028.4 6,646.9 4,727.4
Long-Term Debt 3,897,827.1 #ADDIN? 46,773.5 16,487.4 8,075.0
Minority Interest (99,328.8) 3,845.4 445.0 145.6 713.5
Preferred Stock 0.0 0.0 0.0
Stockholder's Equity 2,966,835.8 62,180.9 44,919.2 27,551.9 31,738.4
Total Book Capitalization 7,364,193 #ADDIN? 103,166 50,832 45,254

Net Financial Debt 3,173,952 #ADDIN? 46,131 3,698 963
Net Debt 3,021,091 #ADDIN? 43,463 3,798 1,638
Total Debt 4,496,685.9 #ADDIN? 57,801.8 23,134.4 12,802.4
CALENDARIZED VALUES

EPS Data (IBES)

LTM 0.0 0.0 0.0 0.0 0.0
Sales
2010E 8,591,131.0 115,982.3 124,340.0 61,419.1 25,963.0
2009E 8,170,868.0 108,896.9 115,050.0 57,231.2 23,575.0
2008E 9,988,172.0 129,002.3 137,817.3 66,003.2 34,756.2
2007E 6,936,019.5 144,924.5 0.0 144,924.5 38,825.6
2006E 0.0 0.0 0.0 0.0 30,502.4
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 9,988,172.0 117,409.7 127,287.1 59,734.2 34,756.2
EBITDA
2010E 529,568.0 3,712.0 4,035.0 5,508.0 1,359.9
2009E 252,391.0 4,487.7 72.0 5,220.3 (1,099.0)
2008E 728,032.3 8,424.9 7,454.8 6,121.8 1,843.5
2007E 446,554.5 15,075.1 11,576.6 14,657.8 5,322.5
2006E 0.0 0.0 0.0 0.0 2,713.3
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 728,032.3 4,420.8 3,662.0 6,147.3 1,843.5
EBIT
2010E 232,809.0 (4,501.9) (2,676.0) 1,489.7 (132.1)
2009E (84,158.0) (9,250.1) (6,418.0) 392.0 (2,542.0)
2008E 406,361.7 2,829.5 1,412.4 1,786.5 490.5
2007E 235,921.9 10,322.4 5,723.9 10,322.4 4,044.0
2006E 0.0 0.0 0.0 0.0 1,529.5
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 406,361.7 (1,276.6) (2,551.1) 1,812.0 490.5
Free cash flow

2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Interest
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Gross Profit
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Administration Costs
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 824.6 0.0 0.0
2007E 0.0 0.0 873.5 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 899.7 0.0 0.0
LTM 0.00 0.00 0.00 0.00 0.00
10-Q
10-Q -1
LFY
Sales 151,594.0
2010E 8,591,131 115,982.3 124,340.0 61,419.1 25,963.0
2009E 8,170,868 108,896.9 115,050.0 57,231.2 23,575.0
2008E 9,988,172 129,002.3 137,817.3 66,003.2 34,756.2
2007E 6,936,020 144,924.5 144,924.5 38,825.6
2006E 30,502.4
2005E
2004E
2003E
LTM 9,988,172 117,409.7 127,287.1 59,734.2 34,756.2
10-Q 19,753.1 23,322.0 10,877.5
10-Q -1 31,345.6 33,852.2 17,146.5
LFY 9,988,172 129,002.3 137,817.3 66,003.2 34,756.2
EBITDA 10,918.0
2010E 529,568.0 3,712.0 4,035.0 5,508.0 1,359.9
2009E 252,391.0 4,487.7 72.0 5,220.3 (1,099.0)
2008E 728,032 8,424.9 7,454.8 6,121.8 1,843.5
2007E 446,555 15,075.1 11,576.6 14,657.8 5,322.5
2006E 0 0.0 0.0 0.0 2,713.3
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 728,032.3 4,420.8 3,662.0 6,147.3 1,843.5
10-Q 0.0 (1,254.4) (1,939.7) 121.7 0.0
10-Q -1 0.0 2,749.8 1,853.1 96.2 0.0
LFY 728,032.3 8,424.9 7,454.8 6,121.8 1,843.5
Interest Expense
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0 0.0
D&A 148,108.0
2010E 296,759.0 8,213.9 127,016.0 4,018.4 1,492.0
2009E 168,233.0 13,737.8 121,468.0 4,828.2 1,443.0
2008E 321,670.5 5,595.4 6,042.4 4,335.3 1,353.1
2007E 210,632.7 4,752.68 5,852.7 4,335.33 1,278.5
2006E 1,183.8
2005E
2004E
2003E
LTM 321,670.5 5,697.4 6,213.0 4,335.3 1,353.1
10-Q 1,436.5 1,535.1 1,319.1
10-Q -1 1,334.5 1,364.4 1,319.1
LFY 321,670.5 5,595.4 6,042.4 4,335.3 1,353.1
EBIT 3,486.0
2010E 232,809 (4,501.9) (2,676.0) 1,489.7 (132.1)
2009E (84,158) (9,250.1) (6,418.0) 392.0 (2,542.0)
2008E 406,362 2,829.5 1,412.4 1,786.5 490.5
2007E 235,922 10,322.4 5,723.9 10,322.4 4,044.0
2006E 1,529.5
2005E
2004E
2003E
LTM 406,361.7 (1,276.6) (2,551.1) 1,812.0 490.5
10-Q (2,690.8) (3,474.7) (1,197.4)
10-Q -1 1,415.3 488.8 (1,222.9)
LFY 406,361.7 2,829.5 1,412.4 1,786.5 490.5
Free cash flow

2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY
Gross Profit
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY
Administration Costs
2010E
2009E
2008E 824.6
2007E 873.5
2006E
2005E
2004E
2003E
LTM 0.0 0.0 899.7 0.0 0.0
10-Q 193.2
10-Q -1 118.2
LFY 0.0 0.0 824.6 0.0 0.0
Recurring Tax Rate
Options Worksheet
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Package 5:
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Package 9:
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Package 21:

EQUITY INVESTMENTS
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
DIVIDEND DATA

LTM NA NA NA NA NA

LTM 0.00 0.00 0.00 0.00 0.00
LFY


Benchmarking Analysis
MARKET INFORMATION
Average Annual Share Price (FY)
31-Dec-08 #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
EPS Data
2008A #ADDIN? #ADDIN?
2007A 1,403.32 #ADDIN? 2.58 #ADDIN? 0.34
2006A 2,707.06 0.13 0.49 0.13 0.09
2005A 6,473.00 3.96 4.06 3.96 0.59
2004A 8,742.00 4.43 4.34 4.43 0.80
2003A
CALENDARIZED VALUES
EPS
2007A 1403.32 NA 2.58 NA 0.34

2006A 2707.06 NA 0.49 NA 0.09
2005A 6473.00 3.96 4.06 3.96 0.59
2004A 8742.00 4.43 4.34 4.43 0.80
2003A 0.00 0.00 0.00 0.00 0.00
VALUATION MULTIPLES
Share Price/ EPS
2007A NA NA NA NA NA
2006A NA NM NA NM NA
Sales/ TEU 2,915,187.26 NA 41,060.34 NA 70,497.01

6 7 8 9 10 11 12
x x x x x x x
Macquarie Wachovia Jefferies Morgan Keegan No Estimates Deutsche Bank OCBC
4/21/2009 5/20/2009 4/30/2009 4/27/2009 5/4/2009 5/13/2009
Orient Alexander & Danaos Horizon CSAV AP Moller Neptune

Overseas Intl Baldwin Lines Maersk Orient Line Container Lines

12/31/2008 3/31/2009 3/31/2009 3/22/2009 3/31/2009 3/31/2009 3/31/2009
12/31/2008 12/31/2008 12/31/2008 12/21/2008 12/31/2008 12/31/2008 12/31/2008

316-HK ALEX DAC HRZ VAPORES-CL 425304 662885
#ADDIN? #ADDIN?
625.793 41.021 54.558 30.176 769.518 2.198 1,473.442
#ADDIN?
$ 294.77
$ 37.13
425305
0 0 0 0 0 #ADDIN? 0
2.198

383.0 271.0 1,913.5 #ADDIN? 4,551.4 63,921.0 1,057.1
0.37 0.03 0.1 0.04 NA 1.90 4.50
NA - - - NA - -
NM NM NM NM NA NM NM
NM 2.1x 7.9x NM NM 1.8x 1.4x
NM 2.7x 10.7x NM NM 2.1x 1.7x
NM 1.9x 11.4x NM NM 1.3x 2.0x
NM 1.9x 12.3x NM NM 1.6x 1.9x
NM 2.1x 7.0x NM NM 1.3x 1.0x

NM 2.6x 9.4x NM NM 1.5x 1.2x
NM 1.9x 10.1x NM NM 0.9x 1.4x
NM 1.9x 10.9x NM NM 1.2x 1.3x
12/31/2008 3/31/2009 3/31/2009 3/22/2009 3/31/2009 3/31/2009 3/31/2009
1,804.9 10.0 251.1 5.0 102,105.7 18,929.0 444.1
92.8 0.0 0.0 9,192.0
212.0 0.0 154,829.2 23,016.0 28.9
28.1 33.0 32.2 9.7 31,357.1 11,968.0 139.2
2,218.3 460.0 2,132.4 #ADDIN? 220,448.6 94,237.0 1,348.8
34.3 0.0 0.0 9,680.6 8,853.0 42.2
0.0 0.0 0.0 0.0 0.0
#ADDIN? 1,062.0 274.0 125.0 322,685.2 149,541.0 2,341.0
#ADDIN? 1,555 2,439 #ADDIN? 584,171 264,599 3,871

349 483 1,914 #ADDIN? 149,700 78,084 1,044
383 271 1,914 #ADDIN? 4,551 63,921 1,057
2,246.4 493.0 2,164.6 #ADDIN? 251,805.7 106,205.0 1,488.0
12/31/2008 12/31/2008 12/31/2008 12/21/2008 12/31/2008 12/31/2008 12/31/2008

1.00000 1.00000 1.00000 0.97260 1.00000 1.00000 1.00000

0.0 0.0 NA 0.0 0.0 0.0 NA
NA 1,625.7 416.3 1,191.0 0.0 296,990.0 NA

NA 1,523.5 319.7 1,155.9 0.0 279,018.0 NA
NA 1,898.0 298.9 1,300.1 NA 311,821.0 9,285.1
NA 1,680.1 258.8 1,209.2 NA 278,872.0 8,160.0
NA 0.0 0.0 33.1 NA 0.0 0.0
NA 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA 1,421.1 304.3 1,172.9 NA 269,998.0 7,295.9
NA 231.4 272.3 120.5 0.0 58,529.0 1,069.7

NA 185.0 202.7 116.1 0.0 50,683.0 895.8
NA 260.0 190.4 116.9 NA 82,418.0 759.0
NA 258.6 175.7 159.3 NA 64,842.0 799.4
NA 0.0 0.0 4.4 NA 0.0 0.0
NA 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA 206.5 192.8 109.4 NA NA 116.0
NA 148.4 173.4 76.2 0.0 26,340.0 (87.7)

NA 97.6 130.7 70.9 0.0 19,760.0 (341.0)
NA 159.0 132.1 71.3 NA 58,355.0 182.9
NA 166.0 129.0 94.5 NA 39,593.0 544.8
NA 0.0 0.0 2.6 NA 0.0 0.0
NA 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA 104.5 131.7 64.1 NA NA (157.7)
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA 0.0 0.0 0.0 0.0 0.0 0.0

NA 0.0 0.0 0.0 0.0 0.0 0.0
NA 0.0 0.0 0.0 NA 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
526.9 0.0 0.0 0.0 0.0 0.0 0.0
NA 0.0 0.0 0.0 0.0 0.0 0.0
NA 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA 0.0 0.0 0.0 0.0 0.0 0.0

0.00 0.00 #ADDIN? 0.00 0.00 0.00 #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? 1,625.7 416.3 1,224.6 296,990.0 6,902.9

#ADDIN? 1,523.5 319.7 1,154.0 279,018.0 6,542.5
#ADDIN? 1,898.0 298.9 1,304.3 #ADDIN? 311,821.0 9,285.1
#ADDIN? 1,680.1 258.8 1,206.5 #ADDIN? 278,872.0 8,160.0
#ADDIN?
#ADDIN? 1,421.1 304.3 1,172.9 #ADDIN? 269,998.0 7,295.9

319.0 75.3 272.4 471,148.8 62,970.0 1,542.9
578.0 69.9 305.9 590,332.4 71,844.0 2,406.9
#ADDIN? 1,680.1 298.9 1,206.5 #ADDIN? 278,872.0 8,160.0
#ADDIN? $231.4 272.3 123.9 $58,529.0 1,069.7

#ADDIN? 185.0 202.7 115.9 50,683.0 895.8
#ADDIN? 260.0 190.4 116.9 #ADDIN? 82,418.0 759.0
#ADDIN? 258.6 175.7 160.5 #ADDIN? 64,842.0 799.4
#ADDIN? 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA 206.5 192.8 109.4 NA NA 116.0
NA 27.7 48.1 15.9 (90,762.2) #ADDIN? (148.4)
NA 81.2 45.6 23.5 2,907.0 17,717.0 181.1
#ADDIN? 260.0 190.4 116.9 #ADDIN? 64,842.0 759.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0
#ADDIN? 83.0 98.9 45.6 32,189.0 0.0

#ADDIN? 87.4 72.0 45.2 0.0 30,923.0 0.0
#ADDIN? 101.0 58.3 45.6 #ADDIN? 24,063.00 262.5
#ADDIN? 92.6 46.7 65.4 #ADDIN? 25,249.00 254.6
#ADDIN?
#ADDIN? 102.0 61.1 45.3 #ADDIN? #ADDIN? 273.7

26.0 16.1 11.0 6,032.8 #ADDIN? 77.1
25.0 13.4 11.3 4,742.8 5,382.0 65.9
#ADDIN? 101.0 58.3 45.6 #ADDIN? 25,249.0 262.5
#ADDIN? 148.4 173.4 78.3 26,340.0 (87.7)

#ADDIN? 97.6 130.7 70.7 19,760.0 (341.0)
#ADDIN? 159.0 132.1 71.3 #ADDIN? 58,355.0 182.9
#ADDIN? 166.0 129.0 95.2 #ADDIN? 39,593.0 544.8
#ADDIN?
#ADDIN? 104.5 131.7 64.1 #ADDIN? #ADDIN? (157.7)

#ADDIN? 1.7 31.9 5.0 (96,795.0) #ADDIN? (225.5)
#ADDIN? 56.2 32.2 12.1 (1,835.8) 12,335.0 115.2
#ADDIN? 159.0 132.1 71.3 #ADDIN? 39,593.0 182.9
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
526.9
#ADDIN?
#ADDIN? 0.0 0.0 0.0 0.0

#ADDIN?
#ADDIN?
526.9 0.0 0.0 0.0 0.0
2.50 1.56 0.00 0.45

39.68 15.67 53,500.00 #ADDIN?
0.44 0.76 4.58

- - #ADDIN?
0.19 0.55
- #ADDIN?
14.30
#ADDIN?
0.38
#ADDIN?
6.30
#ADDIN?
8.95
#ADDIN?
1.19

1.17

2.06













0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.88 2.52 2.26 1.59 82.71 4,462.60 0.35

0.84 2.14 1.40 2.15 (41.88) 3,749.05 0.25
0.98 2.55 1.79 (1.05) #ADDIN? 4,784.38 0.55
1.09 2.23 1.68 0.44 #ADDIN? 6,348.79 0.65
0.88 2.52 2.26 1.55 82.71 4462.60 0.35

0.84 2.14 1.40 2.14 -41.88 3749.05 0.25
0.98 2.55 1.79 -0.96 NA 4784.38 0.55
1.09 2.23 1.68 0.40 NA 6348.79 0.65
0.00 0.00 0.00 0.01 NA 0.00 0.00
NA 48,929.21 2,032.35 26,265.65 NA 142,104.21 1,621.32

13 14 15 16 17 18 19
x x x x x x x
Tisco IBES Jefferies No Estimates No Estimates No Estimate IBES
5/27/2009 6/11/2009 4/24/2009 6/12/2009
Irish
Regional Samudera Seaspan Hubline Rederi Ab PDZ Hldgs Continental
Container Lines Shipping Line Corp. Berhad Transatlantic Berhad Group Merchant Marine

3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009 12/31/2008
12/31/2008 12/31/2008 12/31/2008 9/30/2008 12/31/2008 6/30/2008 12/31/2008

669383 607090 SSW 630150 415746 628332 333945

663.000 538.038 67.169 1,243.353 28.413 869.321 24.617

0 0 0 0 0 0 0

8,493.0 #ADDIN? 1,551.0 251.9 683.3 (19.6) 48.7
2.3 0.03 0.2 0.01 NA 0.00 0.53
- NA 28.70 5,561.43 NA - 55.99

NM NM NM NA NM NA NM
NM NM NM NM NM NA NM
3.6x NM 6.1x NM NM NM 1.4x
15.8x NM 10.6x 13.3x 2.8x 0.0x 1.2x
3.2x NM 12.0x 5.5x 2.7x 0.0x 1.0x

13.0x NM 9.3x 8.6x 1.5x NM 0.7x
2.6x NM 10.5x 3.5x 1.4x NM 0.6x
3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009 12/31/2008
1,839.7 #ADDIN? 210.2 150.3 573.7 24.5 28.5
30.9 #ADDIN? 0.0
222.5 #ADDIN? 17.2 0.0
3,684.0 #ADDIN? 87.5 0.0 0.0 10.7
6,873.2 #ADDIN? 1,761.2 331.9 1,228.0 0.0 66.5
28.8 #ADDIN? 29.0 4.8
0.0 0.0 0.0
15,219.5 #ADDIN? 844.1 464.5 1,390.0 98.2 152.2
25,806 #ADDIN? 2,605 884 2,647 103 229

8,687 #ADDIN? 1,551 269 654 (24) 49
8,493 #ADDIN? 1,551 252 683 (20) 49
10,557.2 #ADDIN? 1,761.2 419.4 1,228.0 0.0 77.2
12/31/2008 12/31/2008 12/31/2008 9/30/2008 12/31/2008 6/30/2008 12/31/2008

1.00000 1.00000 1.00000 0.74795 1.00000 1.00000 1.00000
#ADDIN? #ADDIN? #ADDIN? NA NA #ADDIN? #ADDIN?

0.0 0.0 0.0 0.0 6.5 NA 0.0
18,370.0 437.2 402.3 0.0 0.0 0.0 286.5

15,821.0 452.6 288.8 0.0 0.0 0.0 281.2
19,532.1 NA 229.4 598.8 2,120.5 236.1 342.9
19,728.8 NA 199.2 618.8 2,530.0 230.1 355.8
0.0 NA 0.0 140.5 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
18,738.9 NA 238.3 714.5 2,445.0 223.9 342.9
2,922.0 44.3 290.5 0.0 0.0 0.0 55.7

2,308.0 41.5 199.1 0.0 0.0 0.0 53.4
666.5 NA 166.1 31.4 432.1 61.7 66.1
3,344.6 NA 147.1 76.4 454.5 14.2 80.2
0.0 0.0 0.0 22.2 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
(199.6) NA 169.7 11.5 328.5 47.1 66.1
1,771.0 18.1 193.4 0.0 0.0 0.0 35.4

922.0 17.9 128.8 0.0 0.0 0.0 33.5
(589.3) NA 108.6 7.5 292.4 54.6 41.8
2,184.2 NA 96.9 51.4 309.8 7.3 50.1
0.0 0.0 0.0 16.5 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
(1,491.0) NA 110.2 (17.0) 178.8 41.1 41.8
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 13.0 0.0 0.0 0.0 0.0

0.0 0.0 10.4 0.0 0.0 0.0 0.0
0.0 NA 8.9 51.6 0.0 0.0 29.9
0.0 NA 6.0 42.7 0.0 0.0 32.8
0.0 0.0 0.0 8.5 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 NA 6.3 66.7 0.0 0.0 29.9

0.00 0.00 0.00 0.00 6.55 #ADDIN? 0.00
6.55 #ADDIN?
18,370.0 437.2 402.3 286.5

15,821.0 452.6 288.8 281.2
19,532.1 #ADDIN? 229.4 800.6 2,120.5 236.1 342.9
19,728.8 #ADDIN? 199.2 557.6 2,530.0 230.1 355.8
18,738.9 #ADDIN? 238.3 714.5 2,445.0 223.9 342.9

3,664.4 #ADDIN? 63.1 284.6 378.0 166.7
4,654.3 #ADDIN? 54.2 370.6 463.0 178.8
19,728.8 #ADDIN? 229.4 800.6 2,530.0 236.1 342.9
2,922.0 $44.3 $290.5 $0.0 0.0 0.0 55.7

2,308.0 41.5 199.1 0.0 0.0 0.0 53.4
666.5 #ADDIN? 166.1 42.0 432.1 61.7 66.1
3,344.6 52.1 147.1 87.9 454.5 14.2 80.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
(199.6) NA 169.7 11.5 328.5 47.1 66.1
(344.4) NA 43.4 25.2 0.0 (6.2) 0.0
521.6 NA 39.8 55.6 126.0 8.3 0.0
666.5 #ADDIN? 166.1 42.0 454.5 61.7 66.1
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
1,151.0 26.1 97.0 20.3

1,386.0 23.7 70.3 19.9
1,255.8 #ADDIN? 57.4 32.0 139.71 7.13 24.3
1,160.4 16.7 50.2 22.6 144.76 6.86 30.1
1,291.5 #ADDIN? 59.5 28.6 149.8 6.1 24.3

340.7 #ADDIN? 15.8 11.4 38.0 4.0
305.0 #ADDIN? 13.7 14.8 33.0 5.1
1,255.8 #ADDIN? 57.4 32.0 144.8 7.1 24.3
1,771.0 18.15 193.4 0.0 35.4

922.0 17.86 128.8 33.5
(589.3) #ADDIN? 108.6 10.0 292.4 54.6 41.8
2,184.2 35.36 96.9 65.3 309.8 7.3 50.1
(1,491.0) #ADDIN? 110.2 (17.0) 178.8 41.1 41.8

(685.1) #ADDIN? 27.6 13.8 (38.0) (10.3)
216.6 #ADDIN? 26.1 40.8 93.0 3.2
(589.3) #ADDIN? 108.6 10.0 309.8 54.6 41.8
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
13.0
10.4
#ADDIN? 8.9 69.1 29.9
13.0 6.0 33.8 32.8
#ADDIN? 6.3 66.7 0.0 0.0 29.9

#ADDIN? 2.1 18.5
#ADDIN? 1.8 20.8
#ADDIN? 6.0 69.1 0.0 0.0 29.9
1.44
13.77





















0.00 0.00 0.00 0.00 0.00 0.00 0.00

#ADDIN? 0.1
3.98 0.06 (0.20) 0.03 6.60 0.08 1.79
4.30 0.03 0.98 0.02 6.20 0.09 1.09
7.17 0.16 0.40 0.04 10.20 0.11 0.54
5.55 0.12 0.03 3.20 0.06 0.63
3.98 0.06 -0.20 NA 6.60 0.08 1.79

4.30 0.03 0.98 0.02 6.20 0.09 1.09
7.17 0.16 0.40 0.04 10.20 0.11 0.54
5.55 0.12 0.00 0.03 3.20 0.06 0.63
0.00 0.00 0.00 0.01 0.00 0.00 0.00
8,112.08 NA 1,092.97 59,542.36 NA 105,981.07 642.13

20 21 22 23 24 25
x x x x x x
IBES IBES Bloomberg Beltone No Kenanga
6/12/2009 6/12/2009 2/24/2009 Estimates 5/26/2009
Hyundai China Cosco Tempuran Qatar Shreyas SWEE JO

Merchant Marine Holding Emas Navigation Shipping Berhad

12/31/2008 12/31/2008 3/31/2009 3/31/2009 12/31/2008 3/31/2009
12/31/2008 12/31/2008 12/31/2008 12/31/2008 3/31/2008 9/30/2008

640586 B0B8Z18 B11HQP 6148205 6377311 b1g2h05

133.073 2,580.600 1,141.030 72.025 21.958 200.000
#ADDIN?
B1YQ5Q
0 #ADDIN? 0 0 - 0
7,635.67

339,761.8 #ADDIN? 869,703.3 (2,593.0) 2,319.6 446.3
0.23 0.50 NA NA NA 0.22
- NA NA NA NA 132.09
NM NM NA NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NA NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NA NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NM NM 4.1x 2.8x NM NM
NM NM 5.1x 3.2x 136.1x 13.8x
2.6x NM 2.5x 2.2x 8.0x 9.1x
4.1x NM 4.5x 3.3x 5.8x 7.1x
NM NM NM NM NM 27.2x
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM 4.0x NM NM NM
NM NM 5.0x NM 128.8x 12.8x
0.2x NM 2.4x NM 7.6x 8.5x
0.3x NM 4.3x NM 5.5x 6.7x
NM NM NM NM NM 25.4x
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
12/31/2008 12/31/2008 3/31/2009 3/31/2009 3/31/2008 3/31/2009
1,266,328.7 #ADDIN? 26,233.3 203.0 78.5 32.2
937,031.9 #ADDIN? 3,332.3 44.4
#ADDIN? 41.6 0.0
816,137.2 #ADDIN? 269,246.9 454.2 156.4 188.4
1,530,294.2 #ADDIN? 626,584.9 529.6 2,156.1 288.2
96,691.0 #ADDIN? 104.9 0.0 0.0 1.8
100,000.0 0.0 130.0 0.0
2,802,185.4 #ADDIN? 472,939.1 4,473.8 1,400.2 203.6
5,345,308 #ADDIN? 1,368,876 5,458 3,843 682

143,071 #ADDIN? 869,598 (2,551) 2,190 444
339,762 #ADDIN? 869,703 (2,593) 2,320 446
2,346,431.4 #ADDIN? 895,831.8 983.9 2,312.5 476.6
12/31/2008 12/31/2008 12/31/2008 12/31/2008 3/31/2008 9/30/2008

1.00000 1.00000 1.00000 1.00000 1.00000 0.74795
NA NA NA NA NA NA
0.0 NA NA NA NA NA
3,844.1 NA NA NA NA NA
NA NA NA NA 3.1 NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
0.0 0.0 0.0 0.0 0.0 0.0
0.0 NA 853,000.0 1,456.6 0.0 415.6

0.0 NA 739,000.0 1,347.2 2,873.1 404.6
8,930,970.8 NA 1,171,594.5 1,342.0 2,901.2 389.1
5,934,795.3 NA 835,342.3 1,040.6 1,791.1 319.7
0.0 NA 0.0 0.0 0.0 75.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
8,930,970.8 NA 1,108,923.4 1,369.0 2,894.3 362.7
0.0 NA 219,000.0 346.8 0.0 NA

0.0 NA 174,000.0 311.2 17.0 34.6
888,796.4 NA 358,248.5 438.1 288.8 52.2
566,988.6 NA 201,204.2 297.8 395.4 66.8
0.0 NA 0.0 0.0 0.0 17.5
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
888,796.4 NA 319,383.8 448.9 276.0 68.0
0.0 2,597.9 104,000.0 269.8 0.0 10.7

0.0 (543.4) 68,000.0 241.7 (122.9) 7.0
605,519.2 (543.4) 236,512.1 241.7 (122.9) 7.0
353,249.5 NA 91,918.6 368.5 148.9 25.7
0.0 NA 0.0 238.1 299.1 44.5
0.0 NA 0.0 0.0 0.0 12.3
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
605,519.2 NA 189,356.3 376.0 137.7 35.6
0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 93.3 0.0 0.0

0.0 0.0 0.0 85.6 0.0 0.0
302,843.5 NA 55,564.0 78.0 0.0 24.0
0.0 NA 38,671.2 65.2 0.0 28.0
0.0 0.0 0.0 0.0 0.0 6.7
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 NA 56,586.4 75.2 0.0 28.6

#ADDIN? 30.00 #ADDIN? #ADDIN? #ADDIN?
3,844.13 #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
#ADDIN? #ADDIN? #ADDIN? 3.10 3.10 #ADDIN?
0.00 0.00 0.00 0.00 0.00 0.00
424.1
#ADDIN? 853,000.0 1,456.6 412.8
#ADDIN? 739,000.0 1,347.2 2,873.1 401.8
8,930,971 #ADDIN? 1,171,594.5 1,342.0 2,901.2 384.9
5,934,795 #ADDIN? 835,342.3 1,040.6 1,791.1 297.7
8,930,970.8 #ADDIN? 1,108,923.4 1,369.0 2,894.3 362.7

217,179.3 294.62 415.41 69.19
279,850.4 267.67 422.23 91.39
8,930,970.8 #ADDIN? 1,171,594.5 1,342.0 2,901.2 384.9
#NAME?
#ADDIN? 219,000.0 346.8 0.0 38.8
#ADDIN? 174,000.0 311.2 17.0 33.2
888,796 #ADDIN? 358,248.5 438.1 288.8 58.6
566,989 #ADDIN? 201,204.2 297.8 395.4 69.5
0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
888,796.4 NA 319,383.8 448.9 276.0 68.0
0.0 0.0 38,893.7 105.7 371.4 31.1
0.0 0.0 77,758.4 95.0 384.2 21.8
888,796.4 #ADDIN? 358,248.5 438.1 288.8 58.6
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
28.9
0.0 #ADDIN? 115,000.0 77.0 28.2
0.0 #ADDIN? 106,000.0 69.5 144.5 27.4
283,277.2 #ADDIN? 121,736.4 69.5 139.9 26.3
213,739.1 #ADDIN? 109,285.7 59.6 96.3 20.9
283,277.2 #ADDIN? 130,027.5 72.8 138.3 32.4

30,554.2 23.2 32.87 19.92
22,263.2 19.9 34.48 13.78
283,277.2 #ADDIN? 121,736.4 69.5 139.9 26.3
10.9
2,597.9 104,000.0 269.8 10.6
(543.4) 68,000.0 241.7 (122.9) 5.8
605,519 #ADDIN? 236,512.1 368.5 148.9 32.4
353,250 #ADDIN? 91,918.6 238.1 299.1 48.6
605,519.2 #ADDIN? 189,356.3 376.0 137.7 35.6

8,339.5 82.56 338.51 11.23
55,495.2 75.07 349.71 7.99
605,519.2 #ADDIN? 236,512.1 368.5 148.9 32.4
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
93.3
85.6
302,843.5 #ADDIN? 55,564.0 78.0 32.0
38,671.2 65.2 26.6
0.0 #ADDIN? 56,586.4 75.2 0.0 28.6

11,098.9 16.2 5.1
10,076.4 19.1 8.6
0.0 #ADDIN? 55,564.0 78.0 0.0 32.0
5.00
13.75
1.00
13.75
2.41
9.54
16.32
13.75
16.88
19.30
0.05
9.54
1.12
13.75














NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA

0.00 0.00 0.00 0.00 0.00 0.00
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA

6.60
6.20
10.20
3.20
0.00 0.00 6.60 0.00 0.00 0.00

0.00 0.00 6.20 0.00 0.00 0.00
0.00 0.00 10.20 0.00 0.00 0.00
0.00 0.00 3.20 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
38,977,915.35 NA NA NA NA 1,677.75
Shipyard Comps
Share % of 52 Market Ent. Net Sales EBIT EBITDA EBITDA I/B/E/S EPS EBITDA EBITDA Sales
Company Price Week High Value Value LTM 2008A 2009E 2010E LTM 2008A 2009E 2010E LTM 2008A 2009E 2010E 2008A 2009E 2010E 2008A 2009E 2010E 2008A 2009E 2010E
Bharati Shipyard #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA* NA* NA NA NA NA NA NA NM
Abg Shipyard #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Mitsubishi Hvy Ind #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Jaya Holdings #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Guangzhou Shipyard #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA * NA NA NA NA NA NM
Yangzijiang Shipbu #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Keppel Corp #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Samsung Heavy Ind #ADDIN? #ADDIN? ### ### NM * NM * NM * NM * NM * NM * NM * NM * NM* NM* NM * NM * NA NA NA NA NA NA NA NA NM
Stx Pan Ocean #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM * ### * NM NM NM NM NA NA* NA* NA NA NA NA NA NM
Sumitomo Heavy Ind #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Asl Marine Holdings #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Marco Polo Marine #ADDIN? #ADDIN? ### ### NM NM NM * NM * NM NM NM * NM * NM NM NM * NM * NA * NA * NA * NA NA NA NA NA NM
DSME #ADDIN? #ADDIN? ### ### NM * NM * NM * NM * NM * NM * NM * NM * NM* NM* NM * NM * NA NA NA NA NA NA NA NA NM

Otto Marine #ADDIN? #ADDIN? ### ### NM NM NM * NM * NM NM NM * NM * NM NM NM * NM * NA * NA * NA * NA NA NA NA NA NM
High #ADDIN? 0.00x 0.00x 0.00x 0.00x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Median NA ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### NA NA NA NA NA NA
Mean NA #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! NA NA NA NA NA NA
Low #ADDIN? 0.00 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
*Excluded from Mean

x x x x x
Research Report IBES Sushil finance Deutsche Bank IBES HSBC Credit Suisse
Bharati Abg Mitsubishi Jaya Guangzhou

Date: 6/29/09 Shipyard Shipyard Hvy Ind Holdings Shipyard
LTM Ended: 3/31/2009 12/31/2008 3/31/2009 3/31/2009 3/31/2009

LFY Ended: 3/31/2009 3/31/2008 3/31/2009 6/30/2008 12/31/2008

Ticker 532609-IN B00CWW 7011-JP 620756 639331
Common Shares Outstanding 27.6 50.9 3,373.6 771.7 157.4
Warrants Dilution
Warrants
Warrants
Convertible Debt
Convertible Debt 497.9
Other Dilution
Other
Other
Second Ticker 600685-CN

Share Price 0 0 0 0 #ADDIN?
Shares Outstanding 337.28

Net Debt 2,025.0 4,296.1 941,387.0 260.4 (5,766.1)
VALUATION MULTIPLES
LTM NM NM NM NM NM

LTM NM NM NM NM NM

LTM NM NM NM NM NM

LTM NA NA NA NA NA
Dividend Yield
LEVERAGE RATIOS
Total Debt/ EBITDA
Total Debt/2010 EBITDA 1.2x 0.8x 6.6x 4.8x 0.8x
Total Debt/2006 EBITDA 4.0x 3.5x 9.9x 7.1x NM

Net Debt/2010 EBITDA 1.1x 0.7x 3.7x 3.6x NM
EBITDA/ Interest
2008 EBITDA/Interest 1.7x 1.7x 1.3x NM NM
EBIT/ Interest
2008 EBIT/Interest 1.6x 1.6x 0.6x NM NM

Moody's
Date
Outlook
Issuer Rating
Senior Unsecured
S&P
Date
Outlook
Long Term
Short Term
3/31/2009 3/31/2008 3/31/2009 3/31/2009 3/31/2009

Cash and Equivalents 127.5 867.7 438,048.0 102.9 6,537.8
Investments 34.5 58.2 274,195.0 283.0
Equity Investments 1,743.1 31.9 42.0
Short-Term Debt 1,878.5 492,301.0 229.0 752.8
Long-Term Debt 2,038.9 5,222.0 1,120,557.0 166.1 233.1
Minority Interest 12.8 40,772.0 0.1 110.8
Preferred Stock
Stockholder's Equity 5,788.0 7,663.2 1,253,443.0 440.5 3,331.3
Total Book Capitalization 9,718 12,885 2,907,073 836 4,428

Net Financial Debt 3,755 4,296 900,615 292 (5,835)
Net Debt 2,025 4,296 941,387 260 (5,766)
Total Debt 3,917.4 5,222.0 1,612,858.0 395.1 986.0
CALENDARIZED VALUES

EPS Data (IBES)

LTM 0.0 0.0 0.0 0.0 0.0
Sales
2010E 19,665.8 24,478.3 2,891,438.4 202.6 9,055.4
2009E 12,699.4 18,474.2 2,979,618.2 209.8 7,920.9
2008E 8,628.5 13,565.1 3,333,117.8 254.0 7,939.2
2007E 5,750.9 9,021.2 3,169,900.6 307.4 6,766.7
2006E 2,720.0 5,306.8 2,311,886.6 155.1 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 6,451.4 13,180.3 3,375,674.0 270.1 8,032.8
EBITDA
2010E 3,294.9 6,580.2 243,835.6 82.0 1,168.8
2009E 2,501.9 4,966.6 233,346.1 135.1 854.0
2008E 2,409.5 3,732.9 260,189.9 143.6 1,570.3
2007E 1,764.7 2,704.1 252,264.5 114.7 1,188.2
2006E 969.3 1,483.3 162,378.1 55.9 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 1,921.2 3,828.0 258,848.0 149.7 1,334.1
EBIT
2010E 2,586.5 6,310.6 66,301.4 51.1 1,033.3
2009E 2,140.1 4,773.7 67,540.6 62.6 735.5
2008E 2,313.6 3,624.0 113,298.4 83.3 1,451.5
2007E 1,690.7 2,633.8 129,343.4 98.4 1,092.4
2006E 930.7 1,438.7 82,057.0 47.9 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 1,839.7 3,727.9 105,859.0 131.9 1,213.9
Free cash flow

2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Interest
2010E 0.0 2,117.8 0.0 0.0 0.0
2009E 0.0 1,452.3 0.0 0.0 0.0
2008E 1,447.5 2,218.7 195,022.5 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Gross Profit
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Net Income
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
2011E #ADDIN? 42.84 #ADDIN? #ADDIN? #ADDIN?
LTM 0.00 0.00 0.00 0.00 0.00
10-Q
10-Q -1
LFY
Sales 21,586.0 26,054.1 2,905,000.0 187.8

2010E 13,798.5 19,663.5 2,850,000.0 217.7 9,055.4
2009E 9,341.0 14,840.4 3,375,674.0 201.7 7,920.9
2008E 6,451.4 9,668.4 3,203,085.0 307.2 7,939.2
2007E 3,610.2 7,043.6 3,068,504.0 307.6 6,766.7
2006E
2005E
2004E
2003E
LTM 6,451.4 13,180.3 3,375,674.0 270.1 8,032.8
10-Q 10,413.4 170.9 1,698.1
10-Q -1 6,901.5 208.0 1,604.5
LFY 6,451.4 9,668.4 3,375,674.0 307.2 7,939.2
EBITDA 3,561.7 $7,003.8 250,000.0 62.1 $0.0

2010E 2,479.8 5,285.9 225,000.0 102.2 $1,168.8
2009E 2,569.3 3,990.8 258,848.0 168.6 854.0
2008E 1,921.2 2,944.8 264,290.0 118.3 1,570.3
2007E 1,286.5 1,968.8 215,520.0 111.0 1,188.2
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 1,921.2 3,828.0 258,848.0 149.7 1,334.1
10-Q 0.0 2,810.8 0.0 105.2 248.9
10-Q -1 0.0 1,927.6 0.0 73.9 485.1
LFY 1,921.2 2,944.8 258,848.0 118.3 1,570.3
Interest Expense
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0
D&A 793.9 287.0 180,000.0 19.8

2010E 447.2 216.6 170,000.0 42.2 135.5
2009E 100.6 120.3 152,989.0 103.4 118.5
2008E 81.5 74.0 128,260.0 16.6 118.8
2007E 51.1 59.3 106,608.0 15.9 95.8
2006E
2005E
2004E
2003E
LTM 81.5 100.0 152,989.0 17.8 120.2
10-Q 79.8 13.3 25.4
10-Q -1 53.7 12.1 24.0
LFY 81.5 74.0 152,989.0 16.6 118.8
EBIT 2,767.7 6,716.8 70,000.0 42.2

2010E 2,032.6 5,069.3 55,000.0 60.1 1,033.3
2009E 2,468.7 3,870.5 105,859.0 65.2 735.5
2008E 1,839.7 2,870.8 136,030.0 101.7 1,451.5
2007E 1,235.4 1,909.5 108,912.0 95.1 1,092.4
2006E
2005E
2004E
2003E
LTM 1,839.7 3,727.9 105,859.0 131.9 1,213.9
10-Q 2,731.1 92.0 223.5
10-Q -1 1,873.9 61.8 461.1
LFY 1,839.7 2,870.8 105,859.0 101.7 1,451.5
Free cash flow

2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0
Gross Profit
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0
Net Income
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0 0.0 0.0
Recurring Tax Rate
Options Worksheet
Package 1:
Package 2:
Package 3:
Package 4:
Package 5:
Package 6:
Average Exercise Price - 1.46
Package 7:
Package 8:
Package 9:
Package 10:
Package 11:
Package 12:
Package 13:
Package 14:
Package 15:
Package 16:
Package 17:
Package 18:
Package 19:
Package 20:
Package 21:

EQUITY INVESTMENTS
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
DIVIDEND DATA

LTM

LTM 0.00 0.00 0.00 0.00 0.00
LFY


6 7 8 9 10 11 12
x x x x x x x
Credit Suisse DBS VickersHyundai Securities IBES FactSet Kim Eng -
11/12/2008 5/4/2009 5/12/2009 5/27/2009 Estimates 5/12/2009 -
Yangzijiang Keppel Corp Samsung Stx Pan Sumitomo Asl Marine Marco Polo
Shipbu Heavy Ind Ocean Heavy Ind Holdings Marine
3/31/2009 3/31/2009 12/31/2008 3/31/2009 3/31/2009 3/31/2009 3/31/2009

12/31/2008 12/31/2008 12/31/2008 12/31/2008 3/31/2009 6/30/2008 9/30/2008

B1VT03 BN4-SG 677221 B09YDW 6302-JP A04-SG B28Z26
#ADDIN?
3,653.3 1,593.1 230.9 204.7 605.7 299.589 285.8

0 0 0 0 0 0 0

#ADDIN? (1,647.4) ### #ADDIN? 75,770.0 49.7 32.1
NM NM NM #ADDIN? NM NM NM
NM 1.7x 0.3x NM 2.9x 1.5x NM
NM 1.6x 0.5x NM 2.6x 1.6x NM
NM 1.5x 0.6x NM 1.4x 1.8x 5.8x
NM 1.8x 0.9x NM 1.3x 2.5x 4.1x
NM NM NM NM 2.0x 6.1x 15.8x
NM NM NM NM 1.7x 0.4x NM
NM NM NM NM 1.5x 0.4x NM
NM NM NM NM NM 3.2x 0.0x
NM NM NM NM NM #ADDIN? NM
3/31/2009 3/31/2009 12/31/2008 3/31/2009 3/31/2009 3/31/2009 3/31/2009
#ADDIN? 2,493.2 7,206,580.4 #ADDIN? 44,685.0 128.4 5.4
106.8 8,270,509.0 #ADDIN?
#ADDIN? 3,264.0 29,993.0 #ADDIN? 3.8
#ADDIN? 604.5 324,948.3 #ADDIN? 69,312.0 56.9 14.7
1,387.5 301,905.6 #ADDIN? 41,027.0 119.2 22.8
2,224.7 #ADDIN? 10,116.0 5.7
574.2
#ADDIN? 4,859.5 2,304,765.7 #ADDIN? 228,581.0 273.8 60.3
#ADDIN? 9,076 2,932,194 #ADDIN? 349,036 456 98

#ADDIN? (608) (14,850,236) #ADDIN? 65,654 48 32
#ADDIN? (1,647) (14,879,654) #ADDIN? 75,770 50 32
#ADDIN? 1,991.9 626,853.9 #ADDIN? 110,339.0 176.2 37.5
12/31/2008 12/31/2008 12/31/2008 12/31/2008 3/31/2009 6/30/2008 9/30/2008

1.00000 1.00000 1.00000 1.00000 0.24658 0.49589 0.74795
NA 0.0 NA NA NA NA NA
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA 9,785.0 14,896,100.0 NA 540,348.5 518.8 0.0

NA 10,153.0 12,998,100.0 NA 555,944.2 471.0 0.0
NA 11,805.4 10,689,593.1 NA 647,319.6 424.3 34.4
NA 10,431.3 8,519,066.3 NA 645,848.0 359.8 39.3
NA 0.0 0.0 NA 452,247.7 160.5 9.4
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA 12,572.0 8,519,066.3 NA 642,918.0 448.6 53.6
NA 1,177.0 1,812,700.0 NA 38,399.0 113.7 0.0

NA 1,219.0 1,365,700.0 NA 42,391.1 113.3 0.0
NA 1,324.0 999,824.1 NA 79,283.6 99.9 6.4
NA 1,114.6 673,246.1 NA 87,459.0 70.1 9.2
NA 0.0 0.0 NA 56,411.2 29.0 2.4
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA 1,385.2 673,246.1 NA 91,578.0 94.2 11.8
NA 1,024.0 1,474,700.0 NA 25,815.4 88.0 0.0

NA 1,073.0 1,053,900.0 NA 26,717.9 90.0 0.0
NA 1,184.9 742,000.2 NA 62,081.1 78.7 4.1
NA 988.9 457,244.8 NA 74,445.0 52.7 6.2
NA 0.0 0.0 NA 48,387.9 21.7 1.6
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA 1,237.9 457,244.8 NA 56,940.0 69.2 7.8
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA 0.0 0.0 NA 0.0 36.0 1.9

NA 0.0 0.0 NA 0.0 30.1 1.1
NA 0.0 0.0 NA 68,997.1 41.6 2.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00 0.00 0.00 0.00 0.00 0.00 0.00
#ADDIN? 8,763.0 544,560.0 543.2

#ADDIN? 9,785.0 14,896,100.0 #ADDIN? 527,480.0 493.9
#ADDIN? 10,153.0 12,998,100.0 #ADDIN? 642,918.0 447.8
#ADDIN? 11,805.4 10,689,593.1 #ADDIN? 660,769.0 400.4 45.9
#ADDIN? 10,431.3 8,519,066.3 #ADDIN? 600,256.0 318.4 37.1
#ADDIN? 12,572.0 8,519,066.3 #ADDIN? 642,918.0 448.6 53.6

#ADDIN? 2,978.0 #ADDIN? 333.2 24.1
#ADDIN? 2,211.4 #ADDIN? 285.1 16.4
#ADDIN? 11,805.4 8,519,066.3 #ADDIN? 642,918.0 400.4 45.9
#ADDIN? $0.0 40,613.0 117.6

#ADDIN? $1,177.0 $1,812,700.0 #ADDIN? 31,634.0 109.7 $0.0
#ADDIN? 1,219.0 1,365,700.0 #ADDIN? 75,260.0 117.0 0.0
#ADDIN? 1,324.0 999,824.1 #ADDIN? 91,578.0 82.4 8.6
#ADDIN? 1,114.6 673,246.1 #ADDIN? 74,873.0 57.6 9.4
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA 1,385.2 673,246.1 NA 91,578.0 94.2 11.8
NA 355.9 0.0 NA 0.0 71.4 7.4
NA 294.6 0.0 NA 0.0 59.7 4.3
#ADDIN? 1,324.0 673,246.1 #ADDIN? 91,578.0 82.4 8.6
0.0 0.0 0.0 0.0 0.0 0.0 0.0
#ADDIN? 11,856.0 26.9

#ADDIN? 153.0 338,000.0 #ADDIN? 14,807.0 24.4
#ADDIN? 146.0 311,800.0 #ADDIN? 18,320.0 22.2
#ADDIN? 139.1 257,823.9 #ADDIN? 13,788.0 20.2 3.2
#ADDIN? 125.7 216,001.3 #ADDIN? 10,649.0 14.6 2.9
#ADDIN? 147.3 216,001.3 #ADDIN? 18,320.0 25.0 3.9

#ADDIN? 40.6 #ADDIN? 20.0 2.4
#ADDIN? 32.4 #ADDIN? 15.3 1.6
#ADDIN? 139.1 216,001.3 #ADDIN? 18,320.0 20.2 3.2
#ADDIN? 28,757.0 90.7

#ADDIN? 1,024.0 1,474,700.0 #ADDIN? 16,827.0 85.3
#ADDIN? 1,073.0 1,053,900.0 #ADDIN? 56,940.0 94.8
#ADDIN? 1,184.9 742,000.2 #ADDIN? 77,790.0 62.2 5.4
#ADDIN? 988.9 457,244.8 #ADDIN? 64,224.0 43.0 6.5
#ADDIN? 1,237.9 457,244.8 #ADDIN? 56,940.0 69.2 7.8

#ADDIN? 315.2 #ADDIN? 51.3 5.1
#ADDIN? 262.3 #ADDIN? 44.4 2.7
#ADDIN? 1,184.9 457,244.8 #ADDIN? 56,940.0 62.2 5.4
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
37.77 0.45 0.06

7.80 5,000.00 0.55
0.23
5,000.00
0.01
5,000.00
0.28
5,400.00


















0.00 0.00 0.00 0.00 0.00 0.00 0.00
13 14
x x
Macquarie -
5/13/2009 -
DSME Otto
Marine
#ADDIN? #ADDIN?
12/31/2008 3/31/2009
12/31/2008 12/31/2008
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
042660-KR G4F-SG
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
191.4 1,184.2
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
0 0
#ADDIN? #ADDIN?
(5,791,815.3) 113.9
#ADDIN? #ADDIN?
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
0.7x NM
0.8x NM
0.7x 3.9x
NM 5.9x
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM 1.6x
NM 2.4x
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
12/31/2008 3/31/2009
2,999,569.6 241.0
3,377,495.2 3.2
107,640.7 55.9
320,878.2 267.1
504,888.5 146.9
(132,876.5) 0.0
0.0 0.0
1,915,087.4 236.6
2,607,978 651
(5,551,298) 170
(5,791,815) 114
825,766.7 414.0
12/31/2008 12/31/2008
1.00000 1.00000
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
0.0 0.0
14,011,000.0 0.0
12,316,000.0 0.0
12,220,726.7 483.6
7,844,146.0 314.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
12,220,726.7 498.0
1,166,000.0 0.0
1,019,000.0 0.0
1,158,791.7 106.3
0.0 70.4
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
1,158,791.7 107.4
1,023,000.0 0.0
879,000.0 0.0
975,340.7 103.5
0.0 69.3
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
975,340.7 104.7
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
0.00 0.00
14,011,000.0
12,316,000.0
12,220,726.7 483.6
7,844,146.0 314.0
12,220,726.7 498.0
71.7
57.3
12,220,726.7 483.6
$1,166,000.0 $0.0
1,019,000.0 0.0
1,158,791.7 106.3
0.0 70.4
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
1,158,791.7 107.4
0.0 10.7
0.0 9.5
1,158,791.7 106.3
0.0 0.0
143,000.0
140,000.0
183,451.0 2.8
1.1
183,451.0 2.8
0.6
0.6
183,451.0 2.8
1,023,000.0
879,000.0
975,340.7 103.5
69.3
975,340.7 104.7
10.1
8.9
975,340.7 103.5
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
0.00 0.00
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
Shipping - Container Lessor
Local Enterprise Value P/E PEG PEG PEG Margin Growth
Share % of 52 Market Ent. Net Sales EBIT EBITDA I/B/E/S EPS Ratio Ratio Ratio EBITDA EBIT Sales
Company Price Week High Value Value 2008E 2009E 2010E 2008E 2009E 2010E 2008E 2009E 2010E 2008E 2009E 2010E 2008E 2009E 2010E 2008E 2009E 2010E 2008E 2009E 2010E 2008E 2009E 2010E
Tal International Group #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA NA NA NA NA NA NM
Textainer Group #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA NA NA NA NA NA NM
High #ADDIN? 0.00x 0.00x 0.00x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
### 0.0x
### 0.0x
### 0.0x
### 0.0% 0.0% 0.0% 0.0%
### 0.0%
### 0.0%
### 0.0% 0.0% 0.0%
Median #ADDIN? NA NA NA NA NA NA NA NA NA NA NA NA
NA NA
NA NA
NA NA
NA NA NA NA NA NA NA NA NA
NA NA NA NA
Mean #ADDIN? NA NA NA NA NA NA NA NA NA NA NA NA
NA NA
NA NA
NA NA
NA NA NA NA NA NA NA NA NA
NA NA NA NA
Low #ADDIN? 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
### 0.0
### 0.0
### 0.0
### 0.0% 0.0% 0.0% 0.0%
### 0.0%
### 0.0%
### 0.0% 0.0% 0.0%
COMPS INPUTS 1 2
x x
Research Report Jefferies Jefferies & Co.
Research Report Date 5/15/2009 5/15/2009
Tal International Textainer

Date: 6/29/2009 Group Group
Company Name Check #ADDIN? #ADDIN?
LTM Ended: 3/31/2009 3/31/2009

LFY Ended: 12/31/2008 12/31/2008

Currency #ADDIN? #ADDIN?
Exchange Ratio #ADDIN? #ADDIN?
Ticker B0LXSX6 TGH
Price #ADDIN? #ADDIN?
52 Week High #ADDIN? #ADDIN?
52 Week Low #ADDIN? #ADDIN?
Price as % of High #ADDIN? #ADDIN?
FD Shares Outstanding #ADDIN? #ADDIN?
Common Shares Outstanding 31.35 47.761
Share Count Check #ADDIN? #ADDIN?
Warrants Dilution
Warrants
Warrants
Convertible Debt
Convertible Debt
Other Dilution
Other
Other
Second Ticker
Company Name Check #ADDIN? #ADDIN?
Currency #ADDIN? #ADDIN?
Exchange Rate #ADDIN? #ADDIN?
Share Price 0
Shares Outstanding
Equity Value #ADDIN? #ADDIN?

Net Debt 1,264.5 570.7
Enterprise Value #ADDIN? #ADDIN?
VALUATION MULTIPLES
2010E NM NM
2009E NM NM
2008E NM NM
2007E NM NM
2006E NM NM
2005E NM NM
2004E NM NM
2003E NM NM
LTM NM NM

2010E NM NM
2009E NM NM
2008E NM NM
2007E NM NM
2006E NM NM
2005E NM NM
2004E NM NM
2003E NM NM
LTM NM NM

2010E NM NM
2009E NM NM
2008E NM NM
2007E NM NM
2006E NM NM
2005E NM NM
2004E NM NM
2003E NM NM
LTM NM NM

2010E NA NA
2009E NA NA
2008E NA NA
2007E NA NA
2006E NA NA
2005E NA NA
2004E NA NA
2003E NA NA
LTM NA NA
IBES LT Growth Rate NA NA
Dividend Yield
LEVERAGE RATIOS
Total Debt/ EBITDA
Total Debt/2010 EBITDA 4.6x 3.5x
Total Debt/2007 EBITDA NM 3.8x
Total Debt/2006 EBITDA NM NM

Net Debt/2010 EBITDA 4.4x 2.7x
Net Debt/2007 EBITDA NM 2.9x
Net Debt/2006 EBITDA NM NM
EBITDA/ Interest
2010 EBITDA/Interest NM NM
2009 EBITDA/Interest NM 3.2x
2008 EBITDA/Interest NM 3.4x
EBIT/ Interest
2010 EBIT/Interest NM NM
2009 EBIT/Interest NM 2.2x
2008 EBIT/Interest NM 2.4x

Moody's
Date
Outlook
Issuer Rating
Senior Unsecured
S&P
Date
Outlook
Long Term
Short Term
3/31/2009 3/31/2009
Cash and Equivalents 48.8 80.3
Investments 90.6
Equity Investments
Short-Term Debt 57.0
Long-Term Debt 1,313.3 622.6
Minority Interest 62.0
Preferred Stock
Stockholder's Equity 372.6 522.6
Total Book Capitalization 1,686 1,264

Net Financial Debt 1,265 509
Net Debt 1,265 571
Total Debt 1,313.3 679.6
CALENDARIZED VALUES
Fiscal Year Ended 12/31/2008 12/31/2008

Adjustment for Calendarization 1.00000 1.00000
EPS Data (IBES)

2010E NA NA
2009E NA NA
2008E NA NA
2007E NA NA
2006E NA NA
2005E NA NA
2004E NA NA
2003E NA NA
LTM 0.0 0.0
Sales
2010E 401.5 262.6
2009E 384.3 238.6
2008E 420.0 277.1
2007E 0.0 255.8
2006E 0.0 0.0
2005E 0.0 0.0
2004E 0.0 0.0
2003E 0.0 0.0
LTM 419.0 264.4
EBITDA
2010E 287.1 191.8
2009E 262.4 172.3
2008E 260.9 192.7
2007E 0.0 177.9
2006E 0.0 0.0
2005E 0.0 0.0
2004E 0.0 0.0
2003E 0.0 0.0
LTM 261.7 186.3
EBIT
2010E 154.6 132.1
2009E 139.1 118.7
2008E 150.5 136.8
2007E 0.0 125.5
2006E 0.0 0.0
2005E 0.0 0.0
2004E 0.0 0.0
2003E 0.0 0.0
LTM 149.0 132.5
Free cash flow

2010E 0.0 0.0
2009E 0.0 0.0
2008E 0.0 0.0
2007E 0.0 0.0
2006E 0.0 0.0
2005E 0.0 0.0
2004E 0.0 0.0
2003E 0.0 0.0
LTM 0.0 0.0
Interest
2010E 0.0 0.0
2009E 0.0 53.6
2008E 0.0 55.9
2007E 0.0 0.0
2006E 0.0 0.0
2005E 0.0 0.0
2004E 0.0 0.0
2003E 0.0 0.0
LTM 0.0 0.0
Gross Profit
2010E 0.0 0.0
2009E 0.0 0.0
2008E 0.0 0.0
2007E 0.0 0.0
2006E 0.0 0.0
2005E 0.0 0.0
2004E 0.0 0.0
2003E 0.0 0.0
LTM 0.0 0.0
Net Income
2010E 0.0 0.0
2009E 0.0 0.0
2008E 0.0 0.0
2007E 0.0 0.0
2006E 0.0 0.0
2005E 0.0 0.0
2004E 0.0 0.0
2003E 0.0 0.0
LTM 0.0 0.0
#ADDIN? #ADDIN?
EPS Data (IBES) (k) #ADDIN? #ADDIN?
2010E #ADDIN? #ADDIN?
LTM 0.00 0.00
10-Q
10-Q -1
LFY
Sales
2010E 401.5 262.6
2009E 384.3 238.6
2008E 420.0 277.1
2007E 255.8
2006E
2005E
2004E
2003E
LTM 419.0 264.4
10-Q 100.2 59.6
10-Q -1 101.1 72.2
LFY 420.0 277.1
EBITDA
2010E 287.1 $191.8
2009E 262.4 172.3
2008E 260.9 192.7
2007E 0.0 177.9
2006E 0.0 0.0
2005E 0.0 0.0
2004E 0.0 0.0
2003E 0.0 0.0
LTM 261.7 186.3
10-Q 63.9 42.3
10-Q -1 63.2 48.7
LFY 260.9 192.7
Interest Expense
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0
10-Q
10-Q -1
LFY
D&A
2010E 132.5 59.7
2009E 123.3 53.6
2008E 110.5 55.9
2007E 52.4
2006E
2005E
2004E
2003E
LTM 112.7 53.8
10-Q 29.1 12.8
10-Q -1 26.8 14.9
LFY 110.5 55.9
EBIT
2010E 154.6 132.1
2009E 139.1 118.7
2008E 150.5 136.8
2007E 125.5
2006E
2005E
2004E
2003E
LTM 149.0 132.5
10-Q 34.8 29.6
10-Q -1 36.3 33.9
LFY 150.5 136.8
Free cash flow

2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0
10-Q
10-Q -1
LFY
Gross Profit
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0
10-Q
10-Q -1
LFY
Net Income
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0
10-Q
10-Q -1
LFY 0.0
Recurring Tax Rate
Predicted Beta #ADDIN? #ADDIN?
Options Worksheet
Package 1:
Number of Shares #ADDIN? #ADDIN?
Amount of Cash #ADDIN? #ADDIN?
Package 2:
Package 3:
Package 4:
Package 5:
Package 6:
Package 7:
Package 8:
Package 9:
Package 10:
Package 11:
Package 12:
Package 13:
Package 14:
Package 15:
Package 16:
Package 17:
Package 18:
Package 19:
Package 20:
Package 21:
Total Shares from Exercise #ADDIN? #ADDIN?

Total Cash from Exercise #ADDIN? #ADDIN?
EQUITY INVESTMENTS
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
DIVIDEND DATA

2010E NA NA
2009E NA NA
2008E NA NA
2007E NA NA
2006E NA NA
2005E NA NA
2004E NA NA
2003E NA NA
LTM
Dividend Data (IBES) #ADDIN? #ADDIN?

LTM 0.00 0.00
LFY

2010E NA NA
2009E NA NA
2008E NA NA
2007E NA NA
2006E NA NA
2005E NA NA
2004E NA NA
2003E NA NA

2010E NA NA
2009E NA NA
2008E NA NA
2007E NA NA
2006E NA NA
2005E NA NA
2004E NA NA
2003E NA NA
Shipping - Ship Lessor
Local Enterprise Value Enterprise Value Price / Earnings P/E PEG PEG PEG Margin Margin Growth
Share % of 52 Market Ent. Net Sales Net Sales EBIT EBIT EBITDA EBITDA I/B/E/S EPS I/B/E/S EPS Ratio Ratio Ratio I/B/E/S Dividend EBITDA EBITDA EBIT Sales
Company Price Week High Value Value LTM 2007E 2008E 2009E 2010E LTM 2007E 2008E 2009E 2010E LTM 2007E 2008E 2009E 2010E 2007E 2008E 2009E 2010E 2008E 2009E 2010E LT Growth Yield 2007A 2008E 2009E 2010E 2007A 2008E 2009E 2010E 2008E 2009E 2010E
Rickmers Maritime #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA B1WHG1 NA NA NM
First Ship Lease #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA B1S9KF NA NA NM

Pacific Shipping Trust #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA P48U-SG NA NA NM
High #ADDIN? 0.00x 0.00x 0.00x 0.00x 0.00x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
### 0.0x
### 0.0x
### 0.0x
### 0.0x
### 0.0%
### 0.0%
### 0.0% 0.0% 0.0% 0.0% 0.0%
### 0.0%
### 0.0%
### 0.0%
### 0.0% 0.0% 0.0%
Median #ADDIN? NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Mean #ADDIN? NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Low #ADDIN? 0.00 0.00 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
### 0.0
### 0.0
### 0.0
### 0.0
### 0.0%
### 0.0%
### 0.0% 0.0% 0.0% 0.0% 0.0%
### 0.0%
### 0.0%
### 0.0%
### 0.0% 0.0% 0.0%
COMPS INPUTS 1 2 3
x x x
Research Report DBS Vickers DBS Vickers OCBC Securities
Research Report Date 4/27/2009 6/4/2009 4/24/2009
Rickmers First Ship Pacific Shipping

Date: 6/29/2009 Maritime Lease Trust
Company Name Check #ADDIN? #ADDIN? #ADDIN?
LTM Ended: 3/31/2009 3/31/2009 3/31/2009

LFY Ended: 12/31/2008 12/31/2008 12/31/2008

Currency #ADDIN? #ADDIN? #ADDIN?
Exchange Ratio #ADDIN? #ADDIN? #ADDIN?
Ticker B1WHG1 B1S9KF P48U-SG
Price #ADDIN? #ADDIN? #ADDIN?
52 Week High #ADDIN? #ADDIN? #ADDIN?
52 Week Low #ADDIN? #ADDIN? #ADDIN?
Price as % of High #ADDIN? #ADDIN? #ADDIN?
FD Shares Outstanding #ADDIN? #ADDIN? #ADDIN?
Common Shares Outstanding 423.675 518.665 589.750
Share Count Check #ADDIN? #ADDIN? #ADDIN?
Warrants Dilution
Warrants
Warrants
Convertible Debt
Convertible Debt
Other Dilution
Other
Other
Second Ticker
Exchange Rate #ADDIN? #ADDIN? #ADDIN?
Share Price 0 0 0
Shares Outstanding
Equity Value #ADDIN? #ADDIN? #ADDIN?

Net Debt #ADDIN? #ADDIN? 211.1
Enterprise Value #ADDIN? #ADDIN? #ADDIN?
VALUATION MULTIPLES
2010E NM NM NM
2009E NM NM NM
2008E NM NM NM
2007E NM NM NM
2006E NM NM NM
2005E NM NM NM
2004E NM NM NM
2003E NM NM NM
LTM NM NM NM

2010E NM NM NM
2009E NM NM NM
2008E NM NM NM
2007E NM NM NM
2006E NM NM NM
2005E NM NM NM
2004E NM NM NM
2003E NM NM NM
LTM NM NM NM

2010E NM NM NM
2009E NM NM NM
2008E NM NM NM
2007E NM NM NM
2006E NM NM NM
2005E NM NM NM
2004E NM NM NM
2003E NM NM NM
LTM NM NM NM

2010E NA NA NA
2009E NA NA NA
2008E NA NA NA
2007E NA NA NA
2006E NA NA NA
2005E NA NA NA
2004E NA NA NA
2003E NA NA NA
LTM NA NA NA
IBES LT Growth Rate NA NA NA
Dividend Yield
LEVERAGE RATIOS
Total Debt/ EBITDA
Total Debt/2010 EBITDA NM NM 4.6x
Total Debt/2006 EBITDA NM NM NM

Net Debt/2010 EBITDA NM NM 4.3x
Net Debt/2006 EBITDA NM NM NM
EBITDA/ Interest
2010 EBITDA/Interest NM NM NM
EBIT/ Interest
2010 EBIT/Interest NM NM NM

Moody's
Date
Outlook
Issuer Rating
Senior Unsecured
S&P
Date
Outlook
Long Term
Short Term
3/31/2009 3/31/2009 3/31/2009

Cash and Equivalents #ADDIN? #ADDIN? 14.7
Investments
Equity Investments
Short-Term Debt #ADDIN? 17.2
Long-Term Debt #ADDIN? #ADDIN? 208.6
Minority Interest
Preferred Stock
Stockholder's Equity #ADDIN? #ADDIN? 226.6
Total Book Capitalization #ADDIN? #ADDIN? 452

Net Financial Debt #ADDIN? #ADDIN? 211
Net Debt #ADDIN? #ADDIN? 211
Total Debt #ADDIN? #ADDIN? 225.7
CALENDARIZED VALUES
Fiscal Year Ended 12/31/2008 12/31/2008 12/31/2008

Adjustment for Calendarization 1.00000 1.00000 1.00000
EPS Data (IBES)

2010E NA NA NA
2009E NA NA NA
2008E NA NA NA
2007E NA NA NA
2006E NA NA NA
2005E NA NA NA
2004E NA NA NA
2003E NA NA NA
LTM 0.0 0.0 0.0
Sales
2010E NA NA 56.1
2009E NA NA 57.5
2008E NA NA 44.6
2007E NA NA 34.5
2006E NA NA 0.0
2005E 0.0 0.0 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM NA NA 51.0
EBITDA
2010E NA NA 49.2
2009E NA NA 50.7
2008E NA NA 40.8
2007E NA NA 32.5
2006E NA NA 0.0
2005E 0.0 NA 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM NA NA 46.2
EBIT
2010E NA NA 31.9
2009E NA NA 33.4
2008E NA NA 28.4
2007E NA NA 20.4
2006E NA NA 0.0
2005E 0.0 0.0 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM NA NA 32.1
Free cash flow

2010E 0.0 0.0 0.0
2009E 0.0 0.0 0.0
2008E 0.0 0.0 0.0
2007E 0.0 0.0 0.0
2006E 0.0 0.0 0.0
2005E 0.0 0.0 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM 0.0 0.0 0.0
Interest
2010E 0.0 0.0 0.0
2009E 0.0 0.0 0.0
2008E 0.0 0.0 0.0
2007E 0.0 0.0 0.0
2006E 0.0 0.0 0.0
2005E 0.0 0.0 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM 0.0 NA 0.0
Gross Profit
2010E 0.0 0.0 0.0
2009E 0.0 0.0 0.0
2008E 0.0 0.0 0.0
2007E 0.0 0.0 0.0
2006E 0.0 0.0 0.0
2005E 0.0 0.0 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM 0.0 0.0 0.0
Net Income
2010E 0.0 0.0 0.0
2009E 0.0 0.0 0.0
2008E 0.0 0.0 0.0
2007E 0.0 0.0 0.0
2006E 0.0 0.0 0.0
2005E 0.0 0.0 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM 0.0 0.0 0.0
EPS Data (IBES) (k) #ADDIN? #ADDIN? #ADDIN?
LTM 0.00 0.00 0.00
10-Q
10-Q -1
LFY
Sales
2010E #ADDIN? #ADDIN? 56.1
2006E
2005E
2004E
2003E
LTM #ADDIN? #ADDIN? 51.0
10-Q #ADDIN? #ADDIN? 15.2
10-Q -1 #ADDIN? #ADDIN? 8.9
LFY #ADDIN? #ADDIN? 44.6
EBITDA
2010E #ADDIN? #ADDIN? $49.2
2006E 0.0 #ADDIN? 0.0
2005E 0.0 0.0 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM NA NA 46.2
10-Q NA NA 13.6
10-Q -1 NA NA 8.2
Interest Expense
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 #VALUE! 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0
D&A
2006E
2005E
2004E
2003E
EBIT
2006E
2005E
2004E
2003E
Free cash flow

2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0
Gross Profit
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0
Net Income
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0
Recurring Tax Rate
Predicted Beta #ADDIN? #ADDIN? #ADDIN?
Options Worksheet
Package 1:
Number of Shares #ADDIN? #ADDIN? #ADDIN?
Amount of Cash #ADDIN? #ADDIN? #ADDIN?
Package 2:
Package 3:
Package 4:
Package 5:
Package 6:
Package 7:
Package 8:
Package 9:
Package 10:
Package 11:
Package 12:
Package 13:
Package 14:
Package 15:
Package 16:
Package 17:
Package 18:
Package 19:
Package 20:
Package 21:
Total Shares from Exercise #ADDIN? #ADDIN? #ADDIN?

Total Cash from Exercise #ADDIN? #ADDIN? #ADDIN?
EQUITY INVESTMENTS
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
DIVIDEND DATA

2010E NA NA NA
2009E NA NA NA
2008E NA NA NA
2007E NA NA NA
2006E NA NA NA
2005E NA NA NA
2004E NA NA NA
2003E NA NA NA
LTM
Dividend Data (IBES) #ADDIN? #ADDIN? #ADDIN?

LTM 0.00 0.00 0.00
LFY

2010E NA NA NA
2009E NA NA NA
2008E NA NA NA
2007E NA NA NA
2006E NA NA NA
2005E NA NA NA
2004E NA NA NA
2003E NA NA NA

2010E NA NA NA
2009E NA NA NA
2008E NA NA NA
2007E NA NA NA
2006E NA NA NA
2005E NA NA NA
2004E NA NA NA
2003E NA NA NA
Shipping - Barging
American Commercial Lines #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Kirby #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Smit International #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Wilson Sons #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Osg America #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
High #ADDIN? 0.00x 0.00x 0.00x 0.00x 0.0x 0.0x 0.0x

### 0.0x
### 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Median NA NA NA NA NA NA NA NA
NA NA
Mean NA NA NA NA NA NA NA NA
NA NA
Low #ADDIN? 0.00 0.00 0.00 0.00 0.0 0.0 0.0

### 0.0
### 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
x x x x x
Research Report Morgan Keegan JP Morgan IBES IBES Macquarie Research
American Kirby Smit Wilson Sons Osg America

Date: 6/29/2009 Commercial Lines International
LTM Ended: 3/31/2009 3/31/2009 12/31/2008 3/31/2009 3/31/2009

LFY Ended: 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008

Ticker ACLID KEX B1G55G WSON11-br OSP
Warrants Dilution
Warrants
Warrants
Convertible Debt
Convertible Debt
Other Dilution
Other
Other
Second Ticker
Shares Outstanding

Net Debt 425.4 221.5 264.4 64.6 69.2
VALUATION MULTIPLES
LTM NM NM NM NM NM

LTM NM NM NM NM NM

LTM NM NM NM NM NM

LTM NA NA NA NA NA
Dividend Yield
LEVERAGE RATIOS
Total Debt/ EBITDA

Net Debt/2010 EBITDA 3.1x 0.6x 1.6x 0.2x 0.9x
EBITDA/ Interest
2008 EBITDA/Interest 5.8x 25.7x 9.6x 10.3x NM
EBIT/ Interest
2008 EBIT/Interest 3.9x 19.2x 6.1x 8.1x NM

Moody's
Date
Outlook
Issuer Rating
Senior Unsecured
S&P
Date
Outlook
Long Term
Short Term
3/31/2009 3/31/2009 12/31/2008 3/31/2009 3/31/2009

Cash and Equivalents 3.0 6.0 69.8 378.3 11.8
Investments 0.0
Equity Investments 4.3 2.2 0.4
Short-Term Debt 1.0 1.2 20.9 43.4 3.1
Long-Term Debt 431.7 225.0 313.1 391.5 78.0
Preferred Stock 0.0 0.0
Stockholder's Equity 156.1 921.5 567.0 803.6 437.8
Total Book Capitalization 589 1,151 902 1,247 519

Net Financial Debt 430 220 264 57 69
Net Debt 425 221 264 65 69
Total Debt 432.7 226.3 334.0 435.0 81.0
CALENDARIZED VALUES

EPS Data (IBES)

LTM 0.0 0.0 0.0 0.0 0.0
Sales
2010E 1,044.4 1,236.0 652.4 998.9 309.2
2009E 973.5 1,167.0 666.0 917.8 291.1
2008E 1,196.8 1,360.2 704.8 1,164.5 286.3
2007E 1,050.4 1,172.6 546.5 715.7 214.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 1,123.1 1,307.2 704.8 1,192.3 297.4
EBITDA
2010E 138.8 345.0 162.5 246.4 79.0
2009E 111.8 320.0 173.3 220.7 72.4
2008E 154.8 361.6 173.2 285.1 81.1
2007E 0.0 0.0 0.0 0.0 64.7
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 139.1 346.4 173.2 319.7 85.2
EBIT
2010E 90.0 246.0 91.9 130.8 22.8
2009E 63.4 226.0 104.0 137.2 20.7
2008E 102.9 270.4 110.1 223.8 29.1
2007E 0.0 0.0 0.0 0.0 17.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 86.3 255.3 110.1 249.7 33.6
Free cash flow

2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Interest
2010E 27.3 6.0 70.6 0.0 0.0
2009E 26.3 10.0 69.3 0.0 0.0
2008E 26.7 14.1 18.1 27.7 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 28.5 13.1 18.1 30.0 0.0
Gross Profit
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Net Income
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
LTM 0.00 0.00 0.00 0.00 0.00
10-Q
10-Q -1
LFY
Sales 332.3
2010E 1,044.4 1,236.0 652.4 998.9 309.2
2009E 973.5 1,167.0 666.0 917.8 291.1
2008E 1,196.8 1,360.2 704.8 1,164.5 286.3
2007E 1,050.4 1,172.6 546.5 715.7 214.0
2006E
2005E
2004E
2003E
LTM 1,123.1 1,307.2 704.8 1,192.3 297.4
10-Q 196.8 277.7 239.8 74.1
10-Q -1 270.5 330.6 212.0 63.0
LFY 1,196.8 1,360.2 704.8 1,164.5 286.3
EBITDA $84.9
2010E 138.8 345.0 162.5 246.4 79.0
2009E 111.8 320.0 173.3 220.7 72.4
2008E 154.8 361.6 173.2 285.1 81.1
2007E 0.0 0.0 0.0 0.0 64.7
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 139.1 346.4 173.2 319.7 85.2
10-Q 6.5 70.7 0.0 72.3 21.5
10-Q -1 22.2 85.8 0.0 37.8 17.4
LFY 154.8 361.6 173.2 285.1 81.1
Interest Expense
2010E 27.3 6.0 70.6
2009E 26.3 10.0 69.3
2008E 26.7 14.1 18.1 27.7
2007E
2006E
2005E
2004E
2003E
LTM 28.5 13.1 18.1 30.0 0.0
10-Q 8.5 2.8 5.8
10-Q -1 6.7 3.8 3.5
LFY 26.7 14.1 18.1 27.7 0.0
D&A 60.5
2010E 48.8 99.0 115.6 56.2
2009E 48.4 94.0 83.5 51.7
2008E 51.9 91.2 63.1 61.4 52.0
2007E 47.8
2006E
2005E
2004E
2003E
LTM 52.8 91.1 63.1 69.9 51.6
10-Q 13.5 22.3 17.2 12.6
10-Q -1 12.6 22.3 8.6 13.0
LFY 51.9 91.2 63.1 61.4 52.0
EBIT 24.4
2010E 90.0 246.0 91.9 130.8 22.8
2009E 63.4 226.0 104.0 137.2 20.7
2008E 102.9 270.4 110.1 223.8 29.1
2007E 17.0
2006E
2005E
2004E
2003E
LTM 86.3 255.3 110.1 249.7 33.6
10-Q (7.0) 48.4 55.1 8.9
10-Q -1 9.6 63.5 29.1 4.4
LFY 102.9 270.4 110.1 223.8 29.1
Free cash flow

2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0
Gross Profit
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0
Net Income
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0 0.0 0.0
Recurring Tax Rate 35.0%
Options Worksheet
Package 1:
Number of Outstanding Options 1.53 0.03 3.78 0.00
Average Exercise Price 9.44 21.28 10.95 0.00
Package 2:
Package 3:
Package 4:
Package 5:
Package 6:
Package 7:
Package 8:
Package 9:
Package 10:
Package 11:
Package 12:
Package 13:
Package 14:
Package 15:
Package 16:
Package 17:
Package 18:
Package 19:
Package 20:
Package 21:

EQUITY INVESTMENTS
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
DIVIDEND DATA

LTM

LTM 0.00 0.00 0.00 0.00 0.00
LFY


uarie Research
Shipping - Diversified
Camillo Eitzen #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NM NA NA NA NA NA NM
MISC #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Berlian Laju Tankers #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Shipping Corp. of India #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Mitsui OSK #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NM NA NA NA NA NA NM

Grindrod Ltd #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Kawasaki Kisen Kaisha Ltd #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NM NA NA NA NA NA NM

Nippon Yusen KK #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA ### NA NA NA NA NA NM
Great Eastern Shipping #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Essar Shipping #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
High #ADDIN? 0.00x 0.00x 0.00x 0.00x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x ### 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Median #ADDIN? ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Mean #ADDIN? ### #DIV/0! #DIV/0! #DIV/0! ### #DIV/0! #DIV/0! #DIV/0! ### #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! ### #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Low #ADDIN? 0.00 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ### 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
x x x x x
Research Report IBES IBES No Estimates Mizuho SecuritiesThebe securities
Camillo MISC Berlian Laju Shipping Corp. Mitsui OSK

Date: 6/29/2009 Eitzen Tankers of India
LTM Ended: 3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009

LFY Ended: 12/31/2008 3/31/2009 12/31/2008 3/31/2009 3/31/2009

Ticker B01QHK 655799 BLTA-ID 523598-IN 9104-JP
Common Shares Outstanding 40.226 3,719.828 4,176.930 423.454 1,206.286
Warrants Dilution
Warrants
Warrants
Convertible Debt 2,916.1
Other Dilution
Other
Other
Second Ticker
Shares Outstanding

Net Debt #ADDIN? 5,147.6 #ADDIN? (12,166.0) 491,614.0
VALUATION MULTIPLES
LTM NM NM NM NM NM

LTM NM NM NM NM NM

LTM NM NM NM NM NM

LTM NA NA NA NA NA
Dividend Yield
LEVERAGE RATIOS
Total Debt/ EBITDA
Total Debt/2010 EBITDA NM 3.2x NM NM 5.0x
Total Debt/2009 EBITDA NM 3.4x NM NM 4.1x
Total Debt/2008 EBITDA NM 3.4x NM 1.4x 2.4x
Total Debt/2007 EBITDA NM 4.2x NM 2.1x 2.1x

Net Debt/2010 EBITDA NM 2.2x NM NM 3.6x
EBITDA/ Interest
EBIT/ Interest

Moody's
Date
Outlook
Issuer Rating
Senior Unsecured
S&P
Date
Outlook
Long Term
Short Term
3/31/2009 3/31/2009 3/31/2009 3/31/2008 3/31/2009

Cash and Equivalents #ADDIN? 3,725.4 #ADDIN? 22,562.0 113,797.0
Investments #ADDIN? 4,146.0 88,719.0
Equity Investments #ADDIN? 3,320.0 #ADDIN? 91,642.0
Short-Term Debt #ADDIN? 3,104.3 #ADDIN? 186,580.0
Long-Term Debt #ADDIN? 8,747.6 #ADDIN? 14,542.0 529,192.0
Minority Interest #ADDIN? 341.1 0.0 70,000.0
Preferred Stock 0.0
Stockholder's Equity #ADDIN? 20,953.2 #ADDIN? 56,321.0 625,021.0
Total Book Capitalization #ADDIN? 33,146 #ADDIN? 70,863 1,410,793

Net Financial Debt #ADDIN? 8,127 #ADDIN? (12,166) 513,256
Net Debt #ADDIN? 5,148 #ADDIN? (12,166) 491,614
Total Debt #ADDIN? 11,852.0 #ADDIN? 14,542.0 715,772.0
CALENDARIZED VALUES

EPS Data (IBES)

LTM 0.0 0.0 0.0 0.0 0.0
Sales
2010E 8,397.0 13,925.8 6,237,777.0 NA 1,431,643.8
2009E 7,664.0 14,324.6 5,933,620.0 NA 1,514,855.3
2008E NA 15,086.6 7,005,851.0 40,582.0 1,885,501.9
2007E NA 9,762.4 3,641,773.0 28,078.9 1,852,672.7
2006E 0.0 0.0 0.0 0.0 1,181,697.6
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM NA 15,783.5 NA 41,666.4 1,568,435.0
EBITDA
2010E 1,171.9 3,724.5 2,353,848.0 NA 144,345.6
2009E 933.4 3,473.0 2,336,605.0 NA 175,369.5
2008E NA 3,497.9 2,880,744.0 10,436.8 297,655.9
2007E NA 2,834.2 898,071.0 6,865.4 333,945.9
2006E 0.0 0.0 0.0 0.0 178,353.7
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM NA 3,411.5 NA 10,870.3 236,724.0
EBIT
2010E 438.9 2,072.7 1,046,105.9 NA 84,376.7
2009E 95.4 1,847.6 1,094,202.0 NA 111,915.0
2008E NA 1,792.3 1,891,914.0 7,249.1 220,407.1
2007E NA 1,730.5 898,071.0 4,581.2 260,903.2
2006E 0.0 0.0 0.0 0.0 126,630.3
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM NA 1,627.2 NA 7,631.5 168,073.0
Free cash flow

2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Interest
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Gross Profit
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Net Income
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
LTM 0.00 0.00 0.00 0.00 0.00
10-Q
10-Q -1
LFY
Sales 13,951.5 1,442,000.0

2010E 8,397.0 13,847.2 6,237,777.0 NA 1,400,000.0
2009E 7,664.0 15,783.5 5,933,620.0 41,666.4 1,865,802.0
2008E #ADDIN? 12,957.4 7,005,851.0 37,268.4 1,945,696.0
2007E 3,641,773.0 1,568,435.0
2006E
2005E
2004E
2003E
LTM #ADDIN? 15,783.5 #ADDIN? 41,666.4 1,568,435.0
10-Q #ADDIN? #ADDIN?
10-Q -1 #ADDIN? #ADDIN?
LFY #ADDIN? 15,783.5 7,005,851.0 41,666.4 1,568,435.0
EBITDA 3,800.2 144,902.7

2010E 1,171.9 3,493.1 2,353,848.0 #VALUE! 142,643.4
2009E 933.4 3,411.5 2,336,605.0 10,870.3 275,366.0
2008E #ADDIN? 3,761.7 2,880,744.0 9,112.3 365,764.0
2007E 0.0 0.0 898,071.0 0.0 236,724.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM NA 3,411.5 NA 10,870.3 236,724.0
10-Q NA 0.0 NA 0.0 0.0
10-Q -1 NA 0.0 NA 0.0 0.0
LFY #ADDIN? 3,411.5 2,880,744.0 10,870.3 236,724.0
Interest Expense
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0
D&A 1,677.4 60,402.7

2010E 733.0 1,573.4 1,307,742.1 NA 58,643.4
2009E 838.0 1,784.3 1,242,403.0 3,238.8 78,155.0
2008E #ADDIN? 1,464.8 988,830.0 3,031.8 74,480.0
2007E 68,651.0
2006E
2005E
2004E
2003E
LTM #ADDIN? 1,784.3 #ADDIN? 3,238.8 68,651.0
LFY #ADDIN? 1,784.3 988,830.0 3,238.8 68,651.0
EBIT 2,122.80 84,500.0

2010E 438.9 1,919.70 1,046,105.9 NA 84,000.0
2009E 95.4 1,627.22 1,094,202.0 7,631.5 197,211.0
2008E #ADDIN? 2,296.90 1,891,914.0 6,080.5 291,284.0
2007E 898,071.0 168,073.0
2006E
2005E
2004E
2003E
LTM #ADDIN? 1,627.2 #ADDIN? 7,631.5 168,073.0
LFY #ADDIN? 1,627.2 1,891,914.0 7,631.5 168,073.0
Free cash flow

2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0
Gross Profit
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0
Net Income
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0 0.0 0.0
Recurring Tax Rate
Options Worksheet
Package 1:
Average Exercise Price 1,569.00
Package 2:
Average Exercise Price 1,105.30
Package 3:
Package 4:
Package 5:
Package 6:
Package 7:
Package 8:
Package 9:
Package 10:
Package 11:
Package 12:
Package 13:
Package 14:
Package 15:
Package 16:
Package 17:
Package 18:
Package 19:
Package 20:
Package 21:

EQUITY INVESTMENTS
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
DIVIDEND DATA

LTM

LTM 0.00 0.00 0.00 0.00 0.00
LFY


6 7 8 9 10
x x x x x
Thebe securitiesMorgan StanleyMizuho Securities SSKI No Estimates
3/10/2009 4/27/2009 5/25/2009 5/5/2008
Grindrod Kawasaki Kisen Nippon Great Eastern Essar

Ltd Kaisha Ltd Yusen KK Shipping Shipping
12/31/2008 3/31/2009 3/31/2009 3/31/2009 3/31/2009

12/31/2008 3/31/2009 3/31/2009 3/31/2009 3/31/2009

B0LNLV5 648468 9101-JP 500620-IN 500630-IN

480.606 638.882 1,230.188 152.290 615.683
#ADDIN? #ADDIN?
55,000.0
843.0

0 0 0 0 0

(882.7) #ADDIN? #ADDIN? 17,459.2 38,764.7
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
1.3x NM NM 3.0x NM
0.9x NM NM 3.5x 20.3x
0.7x NM NM 2.8x 5.8x
1.6x NM NM 3.5x 11.1x
NM NM NM 5.5x 15.4x
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM 1.2x NM
NM NM NM 1.4x 18.7x
NM NM NM 1.2x 5.3x
NM NM NM 1.4x 10.2x
NM NM NM 2.3x 14.2x
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM 1.3x NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM 0.9x NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
NM NM NM NM NM
12/31/2008 3/31/2009 3/31/2009 3/31/2009 3/31/2009
2,541.6 103,144.0 136,549.0 25,124.5 3,089.1
50.2 253,879.0 75.5 172.7
316.7 89,618.0
1,166.6 77,343.0 263,163.0 0.0 3,073.3
797.0 #ADDIN? #ADDIN? 42,659.2 38,627.2
62.3 21,379.0 37,116.0 0.0 326.0
0.0 0.0
6,712.7 334,773.0 544,121.0 52,321.0 29,944.3
8,739 #ADDIN? #ADDIN? 94,980 71,971

(628) #ADDIN? #ADDIN? 17,459 38,439
(883) #ADDIN? #ADDIN? 17,459 38,765
1,963.6 #ADDIN? #ADDIN? 42,659.2 41,700.5
12/31/2008 3/31/2009 3/31/2009 3/31/2009 3/31/2009

1.00000 0.24658 0.24658 0.24658 0.24658
NA ### NA NA NA NA
NA ### NA NA NA NA
NA ### NA NA NA NA
NA ### NA NA NA NA
NA ### NA NA NA NA
NA ### NA NA NA NA
NA ### NA NA NA NA
NA ### NA NA NA NA
0.0### 0.0 0.0 0.0 0.0
17,710.0### 1,006,064.6 1,932,739.7 33,705.8 0.0

23,615.0### 1,022,571.3 2,015,609.5 31,131.3 6,347.3
33,727.4### 1,265,702.7 2,468,105.9 34,929.9 23,937.5
17,077.4### 1,270,511.5 2,480,978.8 24,350.1 17,971.3
0.0### 817,871.8 1,630,621.2 14,991.7 12,497.5
0.0### 0.0 0.0 0.0 0.0
0.0### 0.0 0.0 0.0 0.0
0.0### 0.0 0.0 0.0 0.0
17,077.4### 1,331,048.0 2,584,626.0 37,915.6 25,741.9
1,568.7### 57,655.8 129,170.4 14,158.8 0.0

2,091.3### 62,111.2 150,426.8 12,123.7 2,057.6
2,988.3### 124,586.5 257,228.9 15,053.9 7,229.3
1,213.3### 148,167.1 267,590.0 12,088.9 3,767.3
0.0### 70,558.2 139,706.8 7,692.7 2,715.7
0.0### 0.0 0.0 0.0 0.0
0.0### 0.0 0.0 0.0 0.0
0.0### 0.0 0.0 0.0 0.0
1,213.3### 166,009.0 294,479.0 15,823.1 8,344.9
1,462.0### 25,777.9 49,534.2 9,443.1 0.0

1,949.0### 29,710.3 67,376.1 7,905.6 1,126.0
2,785.1### 85,915.5 159,009.5 11,320.5 3,836.6
1,030.7### 112,808.9 178,127.2 8,866.0 1,822.4
0.0### 46,227.1 79,065.1 5,694.2 1,871.6
0.0### 0.0 0.0 0.0 0.0
0.0### 0.0 0.0 0.0 0.0
0.0### 0.0 0.0 0.0 0.0
1,030.7### 129,648.0 202,079.0 11,983.6 4,566.7
0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 11,921.5 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0

0.00 0.00 0.00 0.00 0.00
1,024,413.0 1,950,000.0 35,275.0

17,710.0 950,000.0 1,880,000.0 28,911.0
23,615.0 1,244,317.0 2,429,972.0 37,915.6 25,741.9
33,727.4 1,331,048.0 2,584,626.0 25,807.1 18,424.2
17,077.4 1,085,539.0 2,164,279.0 19,898.1 16,587.6
17,077.4 1,331,048.0 2,584,626.0 37,915.6 25,741.9
17,077.4 1,331,048.0 2,584,626.0 37,915.6 25,741.9
$61,437.2 $132,347.3 15,221.0

$1,568.7 $46,101.4 119,463.1 10,913.0 0.0
2,091.3 111,030.0 245,038.0 15,823.1 8,344.9
2,988.3 166,009.0 294,479.0 12,703.7 3,820.6
1,213.3 93,650.0 185,429.0 10,210.3 3,604.4
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
1,213.3 166,009.0 294,479.0 15,823.1 8,344.9
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
1,213.3 166,009.0 294,479.0 15,823.1 8,344.9
0.0 0.0 0.0 0.0 0.0
0.0
32,459.2 80,347.3 4,838.0

106.7 30,101.4 77,463.1 4,342.0
142.3 39,427.0 100,124.0 3,839.5 3,778.2
203.2 36,361.0 92,400.0 3,409.5 2,214.8
182.6 32,294.0 80,488.0 2,652.5 1,120.3
182.6 36,361.0 92,400.0 3,839.5 3,778.2

0.0
0.0
182.6 36,361.0 92,400.0 3,839.5 3,778.2
28,978.0 52,000.0 10,383.0

1,462.0 16,000.0 42,000.0 6,571.0
1,949.0 71,603.0 144,914.0 11,983.6 4,566.7
2,785.1 129,648.0 202,079.0 9,294.2 1,605.8
1,030.7 61,356.0 104,941.0 7,557.8 2,484.1
1,030.7 129,648.0 202,079.0 11,983.6 4,566.7
1,030.7 129,648.0 202,079.0 11,983.6 4,566.7

0.0 0.0 0.0 0.0 0.0
0.0
0.0 0.0 0.0 0.0 0.0
0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
9.45 0.03 0.69

6.53 156.00 100.00
0.37 0.31
278.00 135.00
0.21
633.00
0.49
693.00
0.01
195.00
















NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA

0.00 0.00 0.00 0.00 0.00
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
Logistics Comps
Local Enterprise Value Enterprise Value P/E Margin Margin Growth
Share % of 52 Market Ent. Net Sales Net Sales EBIT EBIT EBITDA EBITDA Fixed Assets I/B/E/S EPS EBITDA Sales
Company Price Week High Value Value LTM 2008E 2009E 2010E LTM 2008E 2009E 2010E LTM 2008E 2009E 2010E Latest 2008E 2009E 2010E 2008E 2009E 2010E 2008E 2009E 2010E
K&S Corp #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA NM
Wincanton #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA NM

Logwin Ag #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA NM
Aramex #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA NM
Century Logistics #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA NM
Sinotrans Limited #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA NM

Tonami Holdings #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA NM
Expeditors Intl Wash Inc #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA NM

C H Robinson Worldwide Inc #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA NM
Kuehne&Nagel #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA NM

Panalpina Welt Ag #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA NM
Lindsay Australia #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA NM

Toll Holdings #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA NM
Uti Worldwide Inc #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA NM
High #ADDIN? 0.00x 0.00x 0.00x 0.00x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Median NA NA NA NA NA NA NA NA NA NA NA NA NA 0.0 NA NA NA NA NA NA NA NA NA
Mean NA NA NA NA NA NA NA NA NA NA NA NA NA 0.0 NA NA NA NA NA NA NA NA NA
Low #ADDIN? 0.00 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
x x x x x
Research Report Factset Factset Oppenheimer Prime Research S&P
K&S Corp Wincanton Logwin Ag Aramex Century

Date: 6/29/2009 Logistics
LTM Ended: 12/31/2008 3/31/2009 3/31/2009 3/31/2009 3/31/2009

LFY Ended: 6/30/2008 3/31/2009 12/31/2008 12/31/2008 12/31/2008

Ticker KSC-AU WIN-GB TGH-DE ARMX-AE 7117-MY
Common Shares Outstanding 69.870 121.384 111.47 1,331.00 81.641
Warrants Dilution
Warrants
Warrants
Convertible Debt
Convertible Debt
Other Dilution
Other
Other
Second Ticker
Shares Outstanding

Net Debt 56.9 161.7 136.7 (296.4) 32.9
VALUATION MULTIPLES
LTM NM NM NM NM NM

LTM NM NM NM NM NM

LTM NM NM NM NM NM

2007E NA NA #ADDIN? NA NA
2006E NA NA #ADDIN? NA NA
LTM NA NA NA NA NA
Dividend Yield
LEVERAGE RATIOS
Total Debt/ EBITDA
Total Debt/2007 EBITDA 1.5x 2.7x 3.4x 0.2x NM

Net Debt/2010 EBITDA 1.1x 1.6x 2.3x NM 1.2x
Net Debt/2007 EBITDA 1.2x 1.9x 2.4x NM NM
EBITDA/ Interest
EBIT/ Interest

Moody's
Date
Outlook
Issuer Rating
Senior Unsecured
S&P
Date
Outlook
Long Term
Short Term
12/31/2008 3/31/2009 3/31/2009 3/31/2009 3/31/2009

Cash and Equivalents 12.5 48.3 60.0 342.8 19.3
Investments 15.3
Equity Investments 0.0
Short-Term Debt 17.9 12.2 13.0 21.8 6.9
Long-Term Debt 51.6 212.5 183.6 11.1 44.4
Preferred Stock
Stockholder's Equity 152.6 (33.9) 206.5 1,448.3 138.7
Total Book Capitalization 222 191 403 1,495 191

Net Financial Debt 57 161 137 (310) 32
Net Debt 57 162 137 (296) 33
Total Debt 69.5 224.7 196.6 32.9 51.3
CALENDARIZED VALUES

EPS Data (IBES)

LTM 0.0 0.0 0.0 0.0 0.0
Sales
2010E 495.6 2,424.3 1,962.6 2,200.7 158.0
2009E 477.5 2,351.3 1,854.4 1,970.2 150.6
2008E 473.0 2,312.8 2,046.3 2,080.0 163.7
2007E 442.2 2,107.6 2,043.1 1,783.8 0.0
2006E 210.7 1,456.4 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 490.7 2,164.7 1,925.2 1,752.8 165.2
EBITDA
2010E 51.1 102.3 59.5 240.3 27.4
2009E 47.6 98.8 42.3 211.0 24.3
2008E 48.3 94.0 44.9 219.2 31.0
2007E 47.2 83.5 57.1 178.6 0.0
2006E 22.2 58.3 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 48.9 85.5 45.3 186.4 21.3
EBIT
2010E 34.2 58.8 19.2 184.7 14.5
2009E 30.3 54.6 2.9 165.7 12.0
2008E 30.0 51.0 19.6 175.2 21.1
2007E 28.0 50.7 27.3 143.0 0.0
2006E 12.7 34.3 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 28.4 52.4 16.0 149.9 11.3
Free cash flow

2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Interest
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Gross Profit
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Net Income
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
LTM 0.00 0.00 0.00 0.00 0.00
10-Q
10-Q -1
LFY
2,542.70
Sales 515.62 2,449.26 2,038.20 2,636.10
2010E 475.29 2,348.08 1,962.60 2,200.70 158.00
2009E 479.77 2,361.30 1,854.40 1,970.20 150.60
2008E 466.09 2,164.70 2,046.32 2,079.95 163.69
2007E 417.98 1,933.10 2,043.11 1,783.79
2006E
2005E
2004E
2003E
LTM 490.7 2,164.7 1,925.2 1,752.8 165.2
10-Q 248.3 405.3 463.4 39.6
10-Q -1 223.7 523.2 494.5 38.1
LFY 466.1 2,164.7 2,043.1 1,783.8 163.7
EBITDA $53.4 $103.3 $74.9 $277.1

2010E $48.8 $99.5 $59.5 $240.3 27.4
2009E 46.4 96.8 42.3 $211.0 24.3
2008E 50.3 85.5 44.9 219.2 31.0
2007E 44.1 77.4 57.1 178.6 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 48.9 85.5 45.3 186.4 21.3
10-Q 30.2 0.0 4.7 60.2 4.4
10-Q -1 31.5 0.0 16.5 52.4 14.1
LFY 50.3 85.5 57.1 178.6 31.0
D&A 16.3 43.6 41.7 63.5

2010E 17.4 43.6 40.3 55.6 12.9
2009E 17.2 46.3 39.4 45.3 12.3
2008E 19.4 33.1 25.4 43.9 9.9
2007E 19.0 31.9 29.8 35.6
2006E
2005E
2004E
2003E
LTM 20.5 33.1 29.4 36.5 10.0
10-Q 10.7 6.0 11.4 2.4
10-Q -1 9.5 6.4 10.5 2.3
LFY 19.4 33.1 29.8 35.6 9.9
EBIT 37.0 59.7 33.2 213.6

2010E 31.4 55.9 19.2 184.7 14.5
2009E 29.2 50.5 2.9 165.7 12.0
2008E 30.9 52.4 19.6 175.2 21.1
2007E 25.1 45.5 27.3 143.0
2006E
2005E
2004E
2003E
LTM 28.4 52.4 16.0 149.9 11.3
10-Q 19.5 (1.2) 48.8 2.0
10-Q -1 22.0 10.1 41.9 11.8
LFY 30.9 52.4 27.3 143.0 21.1
Free cash flow

2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0 0.0 0.0
Gross Profit
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0 0.0 0.0
Net Income
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0 0.0 0.0
Total Fixed Assets 189.8 249.1 174.7 238.8 99.5
Options Worksheet
Package 1:
Package 2:
Package 3:
Package 4:
Package 5:
Package 6:
Package 7:
Package 8:
Package 9:
Package 10:
Package 11:
Package 12:
Package 13:
Package 14:
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Package 21:

EQUITY INVESTMENTS
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
DIVIDEND DATA

LTM

LTM 0.00 0.00 0.00 0.00 0.00
LFY


Fixed Asset Ratio NA NA NA NA NA

6 7 8 9 10 11 12
x x x x x x x
HSBC No Estimates Stiefel Nicolaus Morgan Keegan Credit Suisse Deutsche Bank ABN Amro
5/19/2009 5/7/2009 4/22/2009 4/21/2009 6/1/2009 2/23/2009
Sinotrans Tonami Expeditors C H Robinson Kuehne&Nagel Panalpina Lindsay

Limited Holdings Intl Wash Inc Worldwide Inc Welt Ag Australia
12/31/2008 3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009 12/31/2008

12/31/2008 3/31/2009 12/31/2008 12/31/2008 12/31/2008 12/31/2008 6/30/2008

598-HK 9070-JP EXPD CHRW KNIN-CH PWTN-CH LAU-AU
#ADDIN?
4,249.002 97.610 212.345 169.552 118.068 25.000 153.388

0 0 0 0 0 0 0

#ADDIN? 14,176.0 (874.9) (451.7) (705.0) (479.8) 54.2
NA #ADDIN? NA NA NA NA NA
NM NM 0.0x 0.0x 0.3x 0.1x 2.8x
NM NM 0.0x 0.0x 0.3x 0.1x 2.8x
NM 6.6x 0.0x 0.0x 0.3x 0.1x 3.0x
NM 5.4x 0.0x 0.0x 0.3x 0.1x 3.2x
NM 7.1x NM NM NM NM 6.5x
NM NM NM NM NM NM 2.7x
NM NM NM NM NM NM 2.8x
12/31/2008 3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009 12/31/2008
#ADDIN? 11,497.0 884.3 451.7 980.0 508.1 0.7
#ADDIN? 0.0 0.1
#ADDIN? 10.0 0.0
#ADDIN? 16,656.0 211.0 16.4 20.9
#ADDIN? 8,404.0 65.0 4.0 34.1
#ADDIN? 613.0 9.3 9.0 7.9
0.0
#ADDIN? 44,269.0 1,413.2 1,103.2 2,251.0 889.6 38.0
#ADDIN? 69,942 1,423 1,103 2,536 918 93

#ADDIN? 13,563 (884) (452) (704) (488) 54
#ADDIN? 14,176 (875) (452) (705) (480) 54
#ADDIN? 25,060.0 0.0 0.0 276.0 20.5 55.0
12/31/2008 3/31/2009 12/31/2008 12/31/2008 12/31/2008 12/31/2008 6/30/2008

1.00000 0.24658 1.00000 1.00000 1.00000 1.00000 0.49589
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA 0.0 4,673.1 8,255.0 17,926.0 7,172.0 224.0

NA 0.0 4,177.7 7,380.5 17,271.7 7,319.0 218.4
NA 127,733.3 5,633.9 8,578.6 17,992.0 8,877.6 204.3
NA 130,146.3 5,235.2 7,316.2 17,119.9 8,684.2 186.7
0.0 97,959.5 0.0 0.0 0.0 0.0 90.8
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA 126,930.0 5,239.2 8,281.4 16,973.0 8,160.3 211.4
NA 0.0 519.5 665.2 903.8 211.0 19.9

NA 0.0 474.2 617.7 887.6 158.0 19.5
NA 3,796.1 514.1 602.8 1,020.0 239.9 18.3
NA 4,653.7 462.7 537.1 1,001.4 359.7 17.0
0.0 3,517.0 0.0 0.0 0.0 0.0 8.4
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA 3,517.0 449.4 603.9 988.0 315.3 19.0
NA 0.0 480.2 632.3 638.4 164.0 9.4

NA 0.0 435.9 586.4 637.7 111.0 8.9
NA 1,010.8 472.4 571.6 751.0 192.1 7.5
NA 2,087.3 423.4 509.7 732.5 309.6 6.5
0.0 1,647.0 0.0 0.0 0.0 0.0 3.3
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
NA 669.0 409.9 572.9 717.0 265.4 8.1
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00 0.00 0.00 0.00 0.00 0.00 0.00
226.60
#ADDIN? 4,673.10 8,255.00 17,926.00 7,172.00 221.30
#ADDIN? 126930.0 4,177.70 7,380.50 17,271.70 7,319.00 215.40
#ADDIN? 130188.0 5,633.88 8,578.61 17,992.00 8,877.65 193.08
130019.0 5,235.17 7,316.22 17,119.90 8,684.23 180.12
#ADDIN? 126,930.0 5,239.2 8,281.4 16,973.0 8,160.3 211.4

912.7 1,688.0 4,291.0 1,610.1 113.5
1,307.3 1,985.2 5,310.0 2,134.0 95.2
#ADDIN? 126,930.0 5,633.9 8,578.6 17,992.0 8,684.2 193.1
$20.1
#ADDIN? $0.0 $519.5 $665.2 903.8 211.0 $19.7
#ADDIN? 3,517.0 474.2 617.7 887.6 158.0 19.3
#ADDIN? 4,649.0 514.1 602.8 1,020.0 239.9 17.3
0.0 4,668.0 462.7 537.1 1,001.4 359.7 16.7
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
#ADDIN? 3,517.0 449.4 603.9 988.0 315.3 19.0
0.0 0.0 101.4 144.8 230.0 14.2 10.8
0.0 0.0 114.8 143.7 262.0 58.6 9.0
#ADDIN? 3,517.0 462.7 602.8 1,020.0 359.7 17.3
10.5
#ADDIN? 39.3 32.9 265.4 47.0 10.5
#ADDIN? 2,848.0 38.3 31.3 249.9 47.0 10.7
#ADDIN? 2,594.0 41.6 31.2 269.0 47.7 10.8
2,482.0 39.3 27.4 268.9 50.2 10.0
#ADDIN? 2,848.0 39.5 31.0 271.0 49.9 10.9

10.0 7.5 67.0 11.5 5.5
9.8 7.7 65.0 11.8 5.4
#ADDIN? 2,848.0 39.3 31.2 269.0 50.2 10.8
9.6
#ADDIN? 480.2 632.3 638.4 164.0 9.2
#ADDIN? 669.0 435.9 586.4 637.7 111.0 8.6
#ADDIN? 2,055.0 472.4 571.6 751.0 192.1 6.5
2,186.0 423.4 509.7 732.5 309.6 6.6
#ADDIN? 669.0 409.9 572.9 717.0 265.4 8.1

91.5 137.4 163.0 2.6 5.3
105.0 136.1 197.0 46.8 3.6
#ADDIN? 669.0 423.4 571.6 751.0 309.6 6.5
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
#ADDIN? 63,857.0 101.8 1,257.0 61.0
18.83 2.85 1.86 0.04 3.60

26.44 16.87 77.73 111.63 0.25
0.04
206.49
0.04
130.84


















0.00 0.00 0.00 0.00 0.00 0.00 0.00
13 14
x x
Macquarie Jesup & Lamont
6/5/2009 6/10/2009
Toll Uti
Holdings Worldwide Inc
#ADDIN? #ADDIN?
12/31/2008 4/30/2009
6/30/2008 1/31/2009
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
TOL-AU UTIW
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
691.377 100.1
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
0 0
#ADDIN? #ADDIN?
377.0 47.6
#ADDIN? #ADDIN?
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
2.0x 1.6x
2.3x 1.6x
2.4x 1.5x
2.1x 1.4x
3.7x 1.6x
NM NM
NM NM
NM NM
0.8x 0.2x
1.0x 0.2x
1.0x 0.2x
0.9x 0.1x
1.6x 0.2x
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
NM NM
12/31/2008 4/30/2009
823.7 $261.0
59.3 2.8
324.4
387.7 155.8
1,150.9 136.8
45.8 18.7
-
2,620.0 713.6
4,204 1,025
656 29
377 48
1,538.6 292.7
6/30/2008 1/31/2009
0.49589 0.08493
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
0.0 0.0
7,392.0 4,024.4
6,949.6 3,855.5
6,240.1 4,529.7
5,224.2 4,309.6
2,444.2 3,258.9
0.0 0.0
0.0 0.0
0.0 0.0
6,407.1 4,127.6
785.5 185.5
673.4 183.3
651.1 190.8
745.8 207.6
411.4 179.7
0.0 0.0
0.0 0.0
0.0 0.0
726.3 170.8
497.9 141.0
447.0 140.6
396.3 148.2
318.9 159.2
145.4 141.8
0.0 0.0
0.0 0.0
0.0 0.0
374.6 129.3
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN? 0.759
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN?
0.00 0.00
7,756.00 4,046.0
7,022.00 3,791.6
6,876.00 4,543.7
5,593.70 4,379.0
4,848.60 3,561.4
6,407.1 4,127.6
3,513.2 768.4
2,699.8 1,184.5
5,593.7 4,543.7
$850.0 $185.7
$720.0 $182.8
$626.0 189.1
676.6 208.7
816.1 196.3
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
726.3 170.8
335.8 24.2
286.1 42.5
676.6 189.1
306.0 44.6
269.0 42.9
183.0 42.0
327.8 49.1
527.6 41.4
351.7 41.5
94.7 9.9
70.8 10.3
327.8 42.0
544.0 141.1
451.0 140.0
443.0 147.1
348.8 159.6
288.5 154.9
374.6 129.3
241.1 14.4
215.3 32.2
348.8 147.1
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
1,346.3 170.0
#ADDIN? #ADDIN?
0.34 0.59
10.29 15.78
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
3.69 0.86
10.55 21.62
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
1.35 0.07
6.32 25.47
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
0.25
30.50
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
1.30
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
0.00 0.00
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
Shipping - Gas
Company Price Week High Value Value LTM 2008E 2009E 2010E LTM 2008E 2009E 2010E LTM 2008E 2009E 2010E 2008E 2009E 2010E 2008E 2009E 2010E 2008E 2009E 2010E
StealthGas #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Varun #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Iino Kaiun Kaisha #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Golar LNG #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
Exmar #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Teekay LNG #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
I.M. Skaugen #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Berlian Laju Tankers #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM
High #ADDIN? 0.00x 0.00x 0.00x 0.00x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Median #ADDIN? NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Mean #ADDIN? NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Low #ADDIN? 0.00 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
x x x x x
Research Report Morgan Keegan IBES ICICI Direct No Estimates Orion Securities
ACQUIRED
StealthGas BW Gas Varun Iino Kaiun Golar LNG
Date: 6/29/2009 Kaisha
LTM Ended: 3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009

LFY Ended: 12/31/2008 12/31/2008 3/31/2009 3/31/2009 12/31/2008

Ticker GASS B39RLM 500465-IN 9119 GLNG
Warrants Dilution
Warrants
Warrants
Convertible Debt
Convertible Debt
Other Dilution
Other
Other
Second Ticker
Shares Outstanding

Net Debt 254.5 #ADDIN? 21,085.9 81,570.0 1,499.6
VALUATION MULTIPLES
LTM NM NM NM NM NM

LTM NM NM NM NM NM

LTM NM NM NM NM NM

LTM NA NA NA NA NA
Dividend Yield
LEVERAGE RATIOS
Total Debt/ EBITDA
Total Debt/2010 EBITDA 4.0x NM 3.9x NM 9.2x
Total Debt/2009 EBITDA 4.1x NM 3.9x NM 12.8x
Total Debt/2006 EBITDA 7.1x NM 7.6x 6.7x NM

Net Debt/2010 EBITDA 3.7x NM 3.8x NM 8.5x
Net Debt/2009 EBITDA 3.8x NM 3.7x NM 11.8x
Net Debt/2006 EBITDA 6.6x NM 7.3x 5.4x NM
EBITDA/ Interest
2008 EBITDA/Interest NM NM NM 1.4x NM
EBIT/ Interest
2008 EBIT/Interest NM NM NM 0.8x NM

Moody's
Date
Outlook
Issuer Rating
Senior Unsecured
S&P
Date
Outlook
Long Term
Short Term
3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009

Cash and Equivalents 22.7 #ADDIN? 700.9 11,087.0 122.3
Investments #ADDIN? 221.4 9,522.0 0.0
Equity Investments #ADDIN? 3,069.0 30.7
Short-Term Debt 23.6 #ADDIN? 0.0 22,697.0 79.9
Long-Term Debt 253.6 #ADDIN? 22,008.2 82,237.0 1,528.6
Minority Interest #ADDIN? 0.0 314.0 44.1
Preferred Stock 0.0 0.0
Stockholder's Equity 314.1 #ADDIN? 9,450.0 52,258.0 449.9
Total Book Capitalization 591 #ADDIN? 31,458 157,506 2,102

Net Financial Debt 255 #ADDIN? 21,086 84,325 1,486
Net Debt 255 #ADDIN? 21,086 81,570 1,500
Total Debt 277.2 #ADDIN? 22,008.2 104,934.0 1,608.5
CALENDARIZED VALUES

EPS Data (IBES)

2010E NA #ADDIN? NA NA NA
LTM 0.0 0.0 0.0 0.0 0.0
Sales
2010E 121.7 NA 10,420.2 NA 299.0
2009E 117.2 NA 9,871.7 NA 236.0
2008E 112.6 NA 8,989.1 94,642.5 228.8
2007E 90.0 NA 8,098.0 91,496.4 224.7
2006E 73.3 NA 5,157.2 60,662.7 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 114.7 NA 9,146.6 94,496.0 223.9
EBITDA
2010E 69.2 NA 5,602.3 NA 174.0
2009E 67.8 NA 5,683.1 NA 126.0
2008E 63.8 NA 5,944.8 21,830.7 116.0
2007E 49.8 NA 4,645.0 23,871.2 142.3
2006E 38.8 NA 2,880.8 15,672.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 64.1 NA 6,282.1 20,834.0 100.8
EBIT
2010E 39.1 NA 3,193.9 NA 107.0
2009E 40.0 NA 3,095.4 NA 61.0
2008E 40.4 NA 3,378.7 13,059.8 54.0
2007E 33.2 NA 2,646.1 15,724.6 82.1
2006E 25.7 NA 1,653.4 10,007.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 39.7 NA 3,570.1 11,926.0 39.1
Free cash flow

2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Interest
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 15,696.8 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Gross Profit
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Net Income
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
2009E #ADDIN? #ADDIN? 8.20 #ADDIN? #ADDIN?
LTM 0.00 0.00 0.00 0.00 0.00
10-Q
10-Q -1
LFY
Sales #ADDIN? 10,522.0

2010E 121.7 #ADDIN? 10,109.0 NA 299.0
2009E 117.2 #ADDIN? 9,146.6 94,496.0 236.0
2008E 112.6 #ADDIN? 8,508.1 95,090.0 228.8
2007E 90.0 #ADDIN? 6,845.0 80,516.0 224.7
2006E 73.3
2005E
2004E
2003E
LTM 114.7 #ADDIN? 9,146.6 94,496.0 223.9
10-Q 29.2 #ADDIN? 53.9
10-Q -1 27.0 #ADDIN? 58.8
LFY 112.6 #ADDIN? 9,146.6 94,496.0 228.8
EBITDA #ADDIN? 5,640.0

2010E $69.2 #ADDIN? 5,487.0 #VALUE! $174.0
2009E $67.8 #ADDIN? 6,282.1 20,834.0 126.0
2008E 63.8 #ADDIN? 4,913.9 24,876.0 116.0
2007E 49.8 #ADDIN? 3,823.6 20,801.0 142.3
2006E 38.8 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 64.1 NA 6,282.1 20,834.0 100.8
10-Q 16.1 NA 0.0 0.0 22.1
10-Q -1 15.8 NA 0.0 0.0 37.3
LFY 63.8 #ADDIN? 6,282.1 20,834.0 116.0
Interest Expense
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0
D&A #ADDIN? 2,363.0

2010E 30.1 #ADDIN? 2,547.0 NA 67.0
2009E 27.8 #ADDIN? 2,712.1 8,908.0 65.0
2008E 23.4 #ADDIN? 2,120.0 8,352.0 62.0
2007E 16.6 #ADDIN? 1,629.1 7,519.0 60.2
2006E 13.1
2005E
2004E
2003E
LTM 24.4 #ADDIN? 2,712.1 8,908.0 61.8
10-Q 6.3 #ADDIN? 15.5
10-Q -1 5.3 #ADDIN? 15.7
LFY 23.4 #ADDIN? 2,712.1 8,908.0 62.0
EBIT #ADDIN? 3,277.0

2010E 39.1 #ADDIN? 2,940.0 NA 107.0
2009E 40.0 #ADDIN? 3,570.1 11,926.0 61.0
2008E 40.4 #ADDIN? 2,793.9 16,524.0 54.0
2007E 33.2 #ADDIN? 2,194.6 13,282.0 82.1
2006E 25.7
2005E
2004E
2003E
LTM 39.7 #ADDIN? 3,570.1 11,926.0 39.1
10-Q 9.7 #ADDIN? 6.6
10-Q -1 10.5 #ADDIN? 21.5
LFY 40.4 #ADDIN? 3,570.1 11,926.0 54.0
Free cash flow

2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY
Gross Profit
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY
Net Income
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0 0.0 0.0
Recurring Tax Rate
Options Worksheet
Package 1:
Package 2:
Package 3:
Package 4:
Package 5:
Package 6:
Package 7:
Package 8:
Package 9:
Package 10:
Package 11:
Package 12:
Package 13:
Package 14:
Package 15:
Package 16:
Package 17:
Package 18:
Package 19:
Package 20:
Package 21:

EQUITY INVESTMENTS
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
DIVIDEND DATA

LTM

LTM 0.00 0.00 0.00 0.00 0.00
LFY


6 7 8 9
x x x x
I/B/E/S I/B/E/S I/B/E/S IBES
6/16/2009 6/16/2009 6/16/2009 5/22/2009
Exmar Teekay LNG I.M. Skaugen Berlian Laju

Tankers
12/31/2008 12/31/2008 3/31/2009 3/31/2009

12/31/2008 12/31/2008 12/31/2008 12/31/2008

EXM-BE TGP B0ZDQ4 BLTA-ID

33.82 48.389 27.142 4,176.930
#ADDIN? #ADDIN?
66.80 2,916.1
28.20 #ADDIN?

0 0 0 0

#ADDIN? 2,056.8 #ADDIN? #ADDIN?
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NM 7.3x NM NM
NM 8.2x NM NM
NM 10.8x NM NM
NM 12.2x NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM 6.8x NM NM
NM 7.7x NM NM
NM 10.1x NM NM
NM 11.3x NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
NM NM NM NM
12/31/2008 12/31/2008 3/31/2009 3/31/2009
#ADDIN? 2.9 #ADDIN? 0.0
0.0
#ADDIN? 3,009 #ADDIN? #ADDIN?

12/31/2008 12/31/2008 12/31/2008 12/31/2008

1.00000 1.00000 1.00000 1.00000
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
0.0 0.0 0.0 0.0
544.0 449.1 NA 6,237,777.0

483.4 400.9 NA 5,933,620.0
NA 303.8 NA 7,005,851.0
NA 253.8 NA 3,641,773.0
NA 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
NA 253.8 NA NA
212.5 301.6 NA 2,353,848.0

149.0 268.3 NA 2,336,605.0
NA 203.2 NA 2,880,744.0
NA 181.1 NA 898,071.0
NA 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
NA 181.1 NA NA
109.2 230.7 NA 1,046,105.9

69.5 204.8 NA 1,094,202.0
NA 126.3 NA 1,891,914.0
NA 115.6 NA 898,071.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 115.6 NA NA
0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0

0.00 0.00 0.00 0.00
544.0 449.1 #ADDIN? 6,237,777.0

483.4 400.9 #ADDIN? 5,933,620.0
#ADDIN? 303.8 #ADDIN? 7,005,851.0
#ADDIN? 253.8 3,641,773.0

#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? 253.8 #ADDIN? 7,005,851.0
212.5 301.6 #ADDIN? 2,353,848.0

149.0 268.3 #ADDIN? 2,336,605.0
#ADDIN? 203.2 #ADDIN? 2,880,744.0
#ADDIN? 181.1 0.0 898,071.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
NA 181.1 #ADDIN? NA
0.0 NA NA
0.0 NA NA
#ADDIN? 181.1 #ADDIN? 2,880,744.0
0.0 0.0 0.0 0.0
70.8 #ADDIN? 1,307,742.1

63.5 #ADDIN? 1,242,403.0
#ADDIN? 76.9 #ADDIN? 988,830.0
#ADDIN? 65.5

#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? 65.5 #ADDIN? 988,830.0
109.2 230.7 #ADDIN? 1,046,105.9

69.5 204.8 #ADDIN? 1,094,202.0
#ADDIN? 126.3 #ADDIN? 1,891,914.0
115.6 898,071.0
0.0 115.6 #ADDIN? #ADDIN?

#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
0.0 115.6 #ADDIN? 1,891,914.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.12
8.86
0.28
15.53
0.36
23.08
0.20
21.16
0.27
8.56
















NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA

0.00 0.00 0.00 0.00
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
Shipping - Trust
Local Enterprise Value Price / Earnings Margin Growth
Rickmers Maritime #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA
First ShipLease #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NM NM NA NA NA NA NA NA
Pacific Shipping Trust #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA
High #ADDIN? 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.0%
### 0.0%
### 0.0%
###
### 0.0%
### 0.0%
### 0.0%
Median #ADDIN? 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 #VALUE!
NA #VALUE!
NA #VALUE!
NA
NA #VALUE!
NA #VALUE!
NA #VALUE!
Mean #ADDIN? 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 #DIV/0!
NA #DIV/0!
NA #DIV/0!
NA
NA #DIV/0!
NA #DIV/0!
NA #DIV/0!
Low #ADDIN? 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0%
### 0.0%
### 0.0%
###
### 0.0%
### 0.0%
### 0.0%
COMPS INPUTS 1 2 3
x x x
Research Report DBS Vickers DBS Vickers OCBC Securities
Rickmers First Ship Pacific Shipping

Date: 6/29/2009 Maritime Lease Trust
LTM Ended: 3/31/2009 3/31/2009 3/31/2009

LFY Ended: 12/31/2008 12/31/2008 12/31/2008

Ticker B1WHG1 B1S9KF P48U-SG
Common Shares Outstanding 423.675 518.665 589.750
Warrants Dilution
Warrants
Warrants
Convertible Debt
Convertible Debt
Other Dilution
Other
Other
Second Ticker
Share Price 0 0 0
Shares Outstanding

Net Debt #ADDIN? #ADDIN? 211.1
VALUATION MULTIPLES
2010E NM NM NM
2009E NM NM NM
2008E NM NM NM
2007E NM NM NM
2006E NM NM NM
2005E NM NM NM
2004E NM NM NM
2003E NM NM NM
LTM NM NM NM

2010E NM NM NM
2009E NM NM NM
2008E NM NM NM
2007E NM NM NM
2006E NM NM NM
2005E NM NM NM
2004E NM NM NM
2003E NM NM NM
LTM NM NM NM

2010E NM NM NM
2009E NM NM NM
2008E NM NM NM
2007E NM NM NM
2006E NM NM NM
2005E NM NM NM
2004E NM NM NM
2003E NM NM NM
LTM NM NM NM

2010E NA NA NA
2009E NA NA NA
2008E NA NA NA
2007E NA NA NA
2006E NA NA NA
2005E NA NA NA
2004E NA NA NA
2003E NA NA NA
LTM NA NA NA
Dividend Yield
LEVERAGE RATIOS
Total Debt/ EBITDA

EBITDA/ Interest
EBIT/ Interest

Moody's
Date
Outlook
Issuer Rating
Senior Unsecured
S&P
Date
Outlook
Long Term
Short Term
3/31/2009 3/31/2009 3/31/2009

Cash and Equivalents #ADDIN? #ADDIN? 14.7
Investments
Equity Investments
Short-Term Debt #ADDIN? 17.2
Long-Term Debt #ADDIN? #ADDIN? 208.6
Minority Interest
Preferred Stock
Stockholder's Equity #ADDIN? #ADDIN? 226.6
Total Book Capitalization #ADDIN? #ADDIN? 452

Net Financial Debt #ADDIN? #ADDIN? 211
Net Debt #ADDIN? #ADDIN? 211
Total Debt #ADDIN? #ADDIN? 225.7
CALENDARIZED VALUES

Adjustment for Calendarizati 1.00000 1.00000 1.00000
EPS Data (IBES)

2010E NA NA NA
2009E NA NA NA
2008E NA NA NA
2007E NA NA NA
2006E NA NA NA
2005E NA NA NA
2004E NA NA NA
2003E NA NA NA
LTM 0.0 0.0 0.0
Sales
2010E NA NA 56.1
2009E NA NA 57.5
2008E NA NA 44.6
2007E NA NA 34.5
2006E NA NA 0.0
2005E 0.0 0.0 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM NA NA 51.0
EBITDA
2010E NA NA 49.2
2009E NA NA 50.7
2008E NA NA 40.8
2007E NA NA 32.5
2006E NA NA 0.0
2005E 0.0 NA 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM NA NA 46.2
EBIT
2010E NA NA 31.9
2009E NA NA 33.4
2008E NA NA 28.4
2007E NA NA 20.4
2006E NA NA 0.0
2005E 0.0 0.0 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM NA NA 32.1
Free cash flow

2010E 0.0 0.0 0.0
2009E 0.0 0.0 0.0
2008E 0.0 0.0 0.0
2007E 0.0 0.0 0.0
2006E 0.0 0.0 0.0
2005E 0.0 0.0 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM 0.0 0.0 0.0
Interest
2010E 0.0 0.0 0.0
2009E 0.0 0.0 0.0
2008E 0.0 0.0 0.0
2007E 0.0 0.0 0.0
2006E 0.0 0.0 0.0
2005E 0.0 0.0 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM 0.0 NA 0.0
Gross Profit
2010E 0.0 0.0 0.0
2009E 0.0 0.0 0.0
2008E 0.0 0.0 0.0
2007E 0.0 0.0 0.0
2006E 0.0 0.0 0.0
2005E 0.0 0.0 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM 0.0 0.0 0.0
Net Income
2010E 0.0 0.0 0.0
2009E 0.0 0.0 0.0
2008E 0.0 0.0 0.0
2007E 0.0 0.0 0.0
2006E 0.0 0.0 0.0
2005E 0.0 0.0 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM 0.0 0.0 0.0
LTM 0.00 0.00 0.00
10-Q
10-Q -1
LFY
Sales
2006E
2005E
2004E
2003E
EBITDA
2010E #ADDIN? #ADDIN? $49.2
2006E 0.0 #ADDIN? 0.0
2005E 0.0 0.0 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM NA NA 46.2
10-Q NA NA 13.6
10-Q -1 NA NA 8.2
Interest Expense
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 #VALUE! 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0
D&A
2006E
2005E
2004E
2003E
EBIT
2006E
2005E
2004E
2003E
Free cash flow

2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0
Gross Profit
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0
Net Income
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0
Recurring Tax Rate
Options Worksheet
Package 1:
Package 2:
Package 3:
Package 4:
Package 5:
Package 6:
Package 7:
Package 8:
Package 9:
Package 10:
Package 11:
Package 12:
Package 13:
Package 14:
Package 15:
Package 16:
Package 17:
Package 18:
Package 19:
Package 20:
Package 21:

EQUITY INVESTMENTS
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
DIVIDEND DATA

2010E NA NA NA
2009E NA NA NA
2008E NA NA NA
2007E NA NA NA
2006E NA NA NA
2005E NA NA NA
2004E NA NA NA
2003E NA NA NA
LTM

LTM 0.00 0.00 0.00
LFY

2010E NA NA NA
2009E NA NA NA
2008E NA NA NA
2007E NA NA NA
2006E NA NA NA
2005E NA NA NA
2004E NA NA NA
2003E NA NA NA

2010E NA NA NA
2009E NA NA NA
2008E NA NA NA
2007E NA NA NA
2006E NA NA NA
2005E NA NA NA
2004E NA NA NA
2003E NA NA NA
Shipping - Cruise
Royal Caribbean Cruises #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA
Carnival Corp #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA
Star Cruises #ADDIN? #ADDIN? ### ### NM NM NM NM NM* NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA
Mean #ADDIN? 0.00 0.00x 0.00x 0.00x 0.0x ### 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Median #ADDIN? 0.00 0.00x 0.00x 0.00x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
COMPS INPUTS 1 2 3
x x x
Research Report Stifel Nicolaus Morgan Stanley No Estimates
Research Report Date 6/10/2009 6/9/2009
Royal Caribbean Carnival Star Cruises

Date: 6/29/2009 Cruises Corp
LTM Ended: 3/31/2009 2/28/2009 12/31/2008

LFY Ended: 12/31/2008 11/30/2008 12/31/2008

Ticker RCL CCL 678-HK

Common Shares Outstanding 213.753 #ADDIN? 7,426.246
Warrants Dilution
Warrants
Warrants
Convertible Debt
Convertible Debt
Other Dilution
Other
Other
Second Ticker 3121522

Share Price 0 #ADDIN? 0

Net Debt 6,511.4 #ADDIN? #ADDIN?
VALUATION MULTIPLES

2010E NM NM NM
2009E NM NM NM
2008E NM NM NM
2007E NM NM NM
2006E NM NM NM
2005E NM NM NM
2004E NM NM NM
2003E NM NM NM
LTM NM NM NM

2010E NM NM NM
2009E NM NM NM
2008E NM NM NM
2007E NM NM NM
2006E NM NM NM
2005E NM NM NM
2004E NM NM NM
2003E NM NM NM
LTM NM NM NM

2010E NM NM NM
2009E NM NM NM
2008E NM NM NM
2007E NM NM NM
2006E NM NM NM
2005E NM NM NM
2004E NM NM NM
2003E NM NM NM
LTM NM NM NM

2010E NA NA NA
2009E NA NA NA
2008E NA NA NA
2007E NA NA NA
2006E NA NA NA
2005E NA NA NA
2004E NA NA NA
2003E NA NA NA
LTM NA NA NA
Dividend Yield
LEVERAGE RATIOS
Total Debt/ EBITDA

Total Debt/2010 EBITDA 5.7x NM NM

Net Debt/2010 EBITDA 5.3x NM NM
EBITDA/ Interest
EBIT/ Interest

Moody's
Date
Outlook
Issuer Rating
Senior Unsecured
S&P
Date
Outlook
Long Term
Short Term
3/31/2009 2/28/2009 12/31/2008

Cash and Equivalents 455.9 607.0 #ADDIN?
Investments
Equity Investments #ADDIN?
Short-Term Debt 473.6 #ADDIN? #ADDIN?
Long-Term Debt 6,493.7 7,690.0 #ADDIN?
Minority Interest #ADDIN?
Preferred Stock
Stockholder's Equity 6,749.7 #ADDIN? #ADDIN?
Total Book Capitalization 13,717 #ADDIN? #ADDIN?

Net Financial Debt 6,511 #ADDIN? #ADDIN?
Net Debt 6,511 #ADDIN? #ADDIN?
Total Debt 6,967.3 #ADDIN? #ADDIN?
CALENDARIZED VALUES

Adjustment for Calendarizati 1.00000 0.91507 1.00000
EPS Data (IBES)

2010E NA NA NA
2009E NA NA NA
2008E NA NA NA
2007E NA NA NA
2006E NA NA NA
2005E NA NA NA
2004E NA NA NA
2003E NA NA NA
LTM 0.0 0.0 0.0
Sales
2010E 6,636.3 14,573.6 0.0
2009E 6,002.1 13,363.9 0.0
2008E 6,532.5 14,528.5 NA
2007E 6,149.1 13,170.0 NA
2006E 0.0 1,106.9 NA
2005E 0.0 0.0 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM 6,429.0 14,358.0 NA
EBITDA
2010E 1,230.2 3,286.0 0.0
2009E 1,092.9 3,362.2 0.0
2008E 1,348.6 3,900.1 NA
2007E 1,384.4 3,836.7 NA
2006E 0.0 324.9 0.0
2005E 0.0 0.0 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM 1,270.8 3,961.0 NA
EBIT
2010E 626.0 2,153.9 0.0
2009E 534.4 1,999.1 0.0
2008E 828.3 2,642.4 NA
2007E 901.3 2,723.1 NA
2006E 0.0 231.4 0.0
2005E 0.0 231.4 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM 735.0 2,702.0 NA
Free cash flow

2010E 0.0 0.0 0.0
2009E 0.0 0.0 0.0
2008E 0.0 0.0 0.0
2007E 0.0 0.0 0.0
2006E 0.0 0.0 0.0
2005E 0.0 0.0 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM 0.0 0.0 0.0
Interest
2010E 0.0 0.0 0.0
2009E 0.0 0.0 0.0
2008E 0.0 0.0 0.0
2007E 0.0 0.0 0.0
2006E 0.0 0.0 0.0
2005E 0.0 0.0 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM 0.0 0.0 0.0
Gross Profit
2010E 0.0 0.0 0.0
2009E 0.0 0.0 0.0
2008E 0.0 0.0 0.0
2007E 0.0 0.0 0.0
2006E 0.0 0.0 0.0
2005E 0.0 0.0 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM 0.0 0.0 0.0
Net Income
2010E 0.0 0.0 0.0
2009E 0.0 0.0 0.0
2008E 0.0 0.0 0.0
2007E 0.0 0.0 0.0
2006E 0.0 0.0 0.0
2005E 0.0 0.0 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM 0.0 0.0 0.0
2003E
LTM 0.00 0.00 0.00
10-Q
10-Q -1
LFY
Sales 7,328.7 15,895.0

2010E 6,636.3 14,451.0
2009E 6,002.1 13,263.0
2008E 6,532.5 14,646.0 #ADDIN?
2007E 6,149.1 13,033.0 #ADDIN?
2006E
2005E
2004E
2003E
LTM 6,429.0 14,358.0 #ADDIN?
10-Q 1,325.6 2,864.0
10-Q -1 1,429.1 3,152.0
LFY 6,532.5 14,646.0 #ADDIN?
EBITDA
2010E 1,230.2 3,591.0 0.0
2009E 1,092.9 3,341.0 0.0
2008E 1,348.6 3,952.0 #ADDIN?
2007E 1,384.4 3,826.0 0.0
2006E 0.0 0.0 0.0
2005E 0.0 0.0 0.0
2004E 0.0 0.0 0.0
2003E 0.0 0.0 0.0
LTM 1,270.8 3,961.0 NA
10-Q 184.1 622.0 0.0
10-Q -1 262.0 613.0 0.0
LFY 1,348.6 3,952.0 #ADDIN?
Interest Expense
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0
D&A 647.7 1,483.0

2010E 604.2 1,483.0
2009E 558.5 1,352.0
2008E 520.4 1,249.0 #ADDIN?
2007E 483.1 1,101.0
2006E
2005E
2004E
2003E
LTM 535.8 1,259.0 #ADDIN?
10-Q 139.9 311.00
10-Q -1 124.4 301.00
LFY 520.4 1,249.0 #ADDIN?
EBIT 733.8 2,649.0

2010E 626.0 2,108.0
2009E 534.4 1,989.0
2008E 828.3 2,703.0 #ADDIN?
2007E 901.3 2,725.0
2006E
2005E
2004E
2003E
LTM 735.0 2,702.0 #ADDIN?
10-Q 44.3 311.0
10-Q -1 137.6 312.0
LFY 828.3 2,703.0 #ADDIN?
Free cash flow

2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0
Gross Profit
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0
Net Income
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0
Recurring Tax Rate
Options Worksheet
Package 1:
Number of Outstanding Opti 6.65 16.69 5.42
Average Exercise Price 34.44 42.03 #ADDIN?
Package 2:
Number of Outstanding Opti 0.86 1.43 3.30
Average Exercise Price - - #ADDIN?
Package 3:
Package 4:
Package 5:
Average Exercise Price $1.78
Package 6:
Package 7:
Package 8:
Package 9:
Package 10:
Package 11:
Package 12:
Package 13:
Package 14:
Package 15:
Package 16:
Package 17:
Package 18:
Package 19:
Package 20:
Package 21:

EQUITY INVESTMENTS
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
DIVIDEND DATA

2010E NA NA NA
2009E NA NA NA
2008E NA NA NA
2007E NA NA NA
2006E NA NA NA
2005E NA NA NA
2004E NA NA NA
2003E NA NA NA
LTM

LTM 0.00 0.00 0.00
LFY

2010E NA NA NA
2009E NA NA NA
2008E NA NA NA
2007E NA NA NA
2006E NA NA NA
2005E NA NA NA
2004E NA NA NA
2003E NA NA NA

2010E NA NA NA
2009E NA NA NA
2008E NA NA NA
2007E NA NA NA
2006E NA NA NA
2005E NA NA NA
2004E NA NA NA
2003E NA NA NA
Shipping - Drilling
Share % of 52 Market Ent. Net Sales Net Sales EBIT EBITDA I/B/E/S EPS EBITDA Sales
Ensco International #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA
Aban Offshore #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA
Rowan Companies #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA
Hercules Offshore #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA

Scorpion Offshore #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA
Petrojack #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA
TransOcean #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA
Seadrill #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA
Noble Corp #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA
China OilfieldServices #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA
Pride International #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA
Atwood Oceanics #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA
Diamond Offshore #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA
Fred Olsen Energy #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA

Songa Offshore #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA
Odfjell #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NA
Mean #ADDIN? 0.00 0.00x 0.00x 0.00x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0% 0% 0% 0% 0% 0%
Median #ADDIN? 0.00 0.00x 0.00x 0.00x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0% 0% 0% 0% 0% 0%
Local Enterprise Value Enterprise Value Price / Earnings PEG
Share % of 52 Market Ent. Net Sales Net Sales EBIT EBIT EBITDA EBITDA I/B/E/S EPS Ratio
Company Price Week High Value Value LTM 2008A 2009E 2010E LTM 2008A 2009E 2010E LTM 2008A 2009E 2010E 2008A 2009E 2010E
Jackup
Ensco International #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA
Aban Offshore #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA
Rowan Companies #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA
Hercules Offshore #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA

Scorpion Offshore #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA
Petrojack #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA
Mean #ADDIN? 0.0x 0.00x 0.00x 0.00x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Median #ADDIN? 0.0x 0.00x 0.00x 0.00x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Diversified
TransOcean #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA
Seadrill #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA
Noble Corp #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA
China OilfieldServices #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA
Pride International #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA
Atwood Oceanics #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA
Mean #ADDIN? 0.00 0.00x 0.00x 0.00x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Median #ADDIN? 0.00 0.00x 0.00x 0.00x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Floating
Diamond Offshore #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA
Fred Olsen Energy #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA
Songa Offshore #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA
Odfjell #ADDIN? #ADDIN? ### ### NM NM NM NM NM NM NM NM NM NM NM NM NA NA NA
Mean #ADDIN? 0.00 0.00x 0.00x 0.00x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Median #ADDIN? 0.00 0.00x 0.00x 0.00x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Shipping - Offshore Drilling Companies
Margin Growth Growth
EBITDA EBIT Sales Sales
Company 2007A 2008A 2009E 2010E 2007A 2008A 2009E 2010E 2008A 2009E 2010E
Jackup
Ensco International NA NA NA NA NA NA NA NA NA NA NA
Aban Offshore NA NA NA NA NA NA NA NA NA NA NA
Rowan Companies NA NA NA NA NA NA NA NA NA NA NA
Hercules Offshore NA NA NA NA NA NA NA NA NA NA NA
Scorpion Offshore NA NA NA NA NA NA NA NA NA NA NA
Petrojack NA NA NA NA NA NA NA NA NA NA NA
Diversified
TransOcean NA NA NA NA NA NA NA NA NA NA NA
Seadrill NA NA NA NA NA NA NA NA NA NA NA
Noble Corp NA NA NA NA NA NA NA NA NA NA NA
China OilfieldServices NA NA NA NA NA NA NA NA NA NA NA
Pride International NA NA NA NA NA NA NA NA NA NA NA
Atwood Oceanics NA NA NA NA NA NA NA NA NA NA NA
Floating
Diamond Offshore NA NA NA NA NA NA NA NA NA NA NA
Fred Olsen Energy NA NA NA NA NA NA NA NA NA NA NA
Songa Offshore NA NA NA NA NA NA NA NA NA NA NA
Odfjell NA NA NA NA NA NA NA NA NA NA NA
x x x x x
Research Report Orion Pareto Securities Pareto Morgan KeeganJesup & Lamont
BMO Capital Markets
Odfjell Scorpion Seadrill Ensco Hercules

Date: 6/29/2009 Offshore International Offshore
LTM Ended: 3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009

LFY Ended: 12/31/2008 6/30/2008 12/31/2008 12/31/2008 12/31/2008

Ticker ODF-NO B0SJDS B09RMQ ESV HERO
Warrants Dilution #ADDIN?

Warrants
Warrants
Convertible Debt Dilution #ADDIN? #ADDIN?
Convertible Debt $ 40.00 #ADDIN?
Convertible Debt - #ADDIN?
Other Dilution #ADDIN?
Other
Other
Second Ticker ODFB-NO

Share Price #ADDIN? 0 0 0 0

Net Debt #ADDIN? #ADDIN? #ADDIN? (690.7) 867.3
VALUATION MULTIPLES
LTM NM NM NM NM NM

LTM NM NM NM NM NM

LTM NM NM NM NM NM

LTM NA NA NA NA NA
Dividend Yield
LEVERAGE RATIOS
Total Debt/ EBITDA
Total Debt/2009 EBITDA NM NM NM 0.2x 1.7x

EBITDA/ Interest
2007 EBITDA/Interest NM NM NM 1.2x NM
EBIT/ Interest
2007 EBIT/Interest NM NM NM 1.0x NM

Moody's
Date
Outlook
Issuer Rating
Senior Unsecured
S&P
Date
Outlook
Long Term
Short Term
3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009

Cash and Equivalents #ADDIN? #ADDIN? #ADDIN? 927.3 158.7
Investments #ADDIN? 61.9
Equity Investments #ADDIN? #ADDIN?
Short-Term Debt #ADDIN? #ADDIN? #ADDIN? 17.2 9.0
Long-Term Debt #ADDIN? #ADDIN? #ADDIN? 274.3 1,017.1
Minority Interest #ADDIN? #ADDIN? 7.0
Preferred Stock 0.0
Stockholder's Equity #ADDIN? #ADDIN? #ADDIN? 4,895.9 924.6
Total Book Capitalization #ADDIN? #ADDIN? #ADDIN? 5,194 1,951

Net Financial Debt #ADDIN? #ADDIN? #ADDIN? (698) 867
Net Debt #ADDIN? #ADDIN? #ADDIN? (691) 867
Total Debt #ADDIN? #ADDIN? #ADDIN? 291.5 1,026.1
CALENDARIZED VALUES

EPS Data (IBES)

LTM 0.00 0.0 0.0 0.0 0.0
Sales
2010E NA NA NA 2,090.2 858.1
2009E NA NA NA 2,098.8 787.9
2008E NA NA NA 2,450.4 1,111.8
2007E NA NA NA 2,088.6 726.3
2006E NA 0.0 NA 0.0 0.0
2005E NA 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM NA NA NA 2,396.0 1,122.8
EBITDA
2010E NA NA NA 0.0 0.0
2009E NA NA NA 1,282.9 594.7
2008E NA NA NA 1,628.6 473.7
2007E NA NA NA 1,368.8 441.7
2006E NA NA NA 0.0 0.0
2005E NA NA 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM NA NA NA 1,587.4 391.9
EBIT
2010E NA NA NA 919.0 9.5
2009E NA NA NA 1,072.8 (16.6)
2008E NA NA NA 1,406.6 206.0
2007E NA NA NA 1,177.7 332.7
2006E NA NA NA NA 0.0
2005E NA NA 0.0 NA 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM NA NA NA 1,364.1 193.8
Free cash flow

2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Interest
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 1,177.7 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Gross Profit
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
Net Income
2010E 0.0 0.0 0.0 0.0 0.0
2009E 0.0 0.0 0.0 0.0 0.0
2008E 0.0 0.0 0.0 0.0 0.0
2007E 0.0 0.0 0.0 0.0 0.0
2006E 0.0 0.0 0.0 0.0 0.0
2005E 0.0 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0 0.0
LTM 0.0 0.0 0.0 0.0 0.0
LTM 0.00 0.00 0.00 0.00 0.00
10-Q
10-Q -1
LFY
Sales #ADDIN?
2010E #ADDIN? #ADDIN? #ADDIN? 2090.2 858.1
2008E #ADDIN? #ADDIN? #ADDIN? 2450.4 1,111.81
2007E #ADDIN? #ADDIN? 2088.6 726.28
2006E #ADDIN?
2005E
2004E
2003E
LTM #ADDIN? #ADDIN? #ADDIN? 2,396.0 1,122.8
10-Q #ADDIN? #ADDIN? #ADDIN? 514.1 223.5
10-Q -1 #ADDIN? #ADDIN? #ADDIN? 568.5 212.5
LFY #ADDIN? #ADDIN? #ADDIN? 2,450.4 1,111.8
EBITDA
2009E #ADDIN? #ADDIN? #ADDIN? 1,282.9 594.7
2006E #ADDIN? #ADDIN? 0.0 0.0
2005E 0.0 0.0 0.0 0.0
2004E 0.0 0.0 0.0 0.0
2003E 0.0 0.0 0.0 0.0
LTM NA NA NA 1,587.4 391.9
10-Q NA NA NA 336.9 NA
10-Q -1 NA NA NA 378.1 NA
LFY #ADDIN? #ADDIN? #ADDIN? 1,628.6 399.0
Interest Expense
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0
D&A #ADDIN?
2006E #ADDIN?
2005E
2004E
2003E
LTM #ADDIN? #ADDIN? #ADDIN? 223.3 198.1
10-Q #ADDIN? 39.4 #ADDIN? 56.00 48.846
10-Q -1 #ADDIN? 13.3 #ADDIN? 54.70 43.626
LFY #ADDIN? #ADDIN? #ADDIN? 222.0 192.9
EBIT #ADDIN?
2009E #ADDIN? #ADDIN? #ADDIN? 1,072.8 (16.6)
2006E #ADDIN?
2005E
2004E
2003E
LTM #ADDIN? #ADDIN? #ADDIN? 1,364.1 193.8
10-Q #ADDIN? #ADDIN? #ADDIN? 280.9 9.1
10-Q -1 #ADDIN? #ADDIN? #ADDIN? 323.4 21.4
LFY #ADDIN? #ADDIN? #ADDIN? 1,406.6 206.0
Free cash flow
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0 0.0
Gross Profit
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0 0.0
Net Income
2010E
2009E
2008E
2007E
2006E
2005E
2004E
2003E
LTM 0.0 0.0 0.0 0.0 0.0
10-Q
10-Q -1
LFY 0.0 0.0 0.0 0.0 0.0
Recurring Tax Rate
Options Worksheet
Package 1:
Number of Outstanding Options 1.63 5.98 0.30 2.75
Average Exercise Price - #ADDIN? 27.31 17.73
Package 2:
Package 3:
Package 4:
Package 5:
Package 6:
Package 7:
Package 8:
Package 9:
Package 10:
Package 11:
Package 12:
Package 13:
Package 14:
Package 15:
Package 16:
Package 17:
Package 18:
Package 19:
Package 20:
Package 21:

EQUITY INVESTMENTS
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
Ticker
Share Price
Shares Outstanding
Equity Value
Ownership
Market Value
DIVIDEND DATA

LTM

LTM 0.00 0.00 0.00 0.00 0.00
LFY


6 7 8 9 10 11 12
x x x x x x x
BMO Capital Markets

No Estimates Wachovia Stifel Nicolaus Deutsche Jefferies Deutsche BankPritchard Capital
7/30/2008 6/5/2009 5/8/2009 4/30/2009 6/26/2008 5/13/2009
Noble Petrojack Diamond Atwood China Oilfield Songa Pride

Energy Offshore Oceanics Services Offshore International
#ADDIN?
6/30/2008 3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009

12/31/2007 12/31/2008 12/31/2008 9/30/2008 12/31/2008 12/31/2008 12/31/2008

NBL B05H5P DO ATW 601808-CN B097LJ PDE

172.697 64.975 139.001 64.187 2,960.47 105.308 173.579
#ADDIN?
#ADDIN?
2883-HK
0 0 0 0 #ADDIN? 0 0
1,534.85

868.0 #ADDIN? (307.4) 86.1 25,688.1 #ADDIN? 79.0
NM NM 0.5x 1.1x 3.3x NM 1.7x
0.5x NM 0.5x 0.9x 3.9x NM 1.7x
0.6x NM 0.4x 1.0x NM NM 2.1x
0.8x NM 0.7x 1.4x NM NM 1.4x
NM NM NM 0.3x 2.8x NM 0.1x

0.2x NM NM 0.3x 3.4x NM 0.1x
0.3x NM NM 0.3x NM NM 0.1x
0.4x NM NM 0.4x NM NM 0.1x
6/30/2008 3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009
983.0 #ADDIN? 1,009.9 213.9 3,892.8 #ADDIN? 1,137.2
300.9 27.2
#ADDIN?
#ADDIN? 17,623.7 #ADDIN? 30.3
1,851.0 #ADDIN? 1,003.3 300.0 11,984.4 #ADDIN? 1,185.9
4,985.0 #ADDIN? 3,432.3 982.5 20,765.4 #ADDIN? 4,070.3
6,836 #ADDIN? 4,436 1,282 50,374 #ADDIN? 5,287

868 #ADDIN? (307) 86 25,688 #ADDIN? 79
868 #ADDIN? (307) 86 25,688 #ADDIN? 79
1,851.0 #ADDIN? 1,003.3 300.0 29,608.1 #ADDIN? 1,216.2
12/31/2007 12/31/2008 12/31/2008 9/30/2008 12/31/2008 12/31/2008 12/31/2008

1.00000 1.00000 1.00000 0.74795 1.00000 1.00000 1.00000
NA NA NA NA 0.0 NA NA
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 431.0 3,551.1 645.1 19,275.0 NA 1,890.1

5,007.9 697.0 3,562.6 594.3 15,762.0 NA 1,915.2
4,463.6 NA 3,544.1 540.5 NA NA 1,757.3
3,272.0 NA 2,567.7 434.2 NA NA 2,043.8
0.0 0.0 0.0 101.6 NA NA 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
3,965.0 NA 3,643.7 608.2 NA NA 1,825.3
0.0 0.0 2,118.3 265.4 9,073.0 NA 708.9

3,803.4 429.7 2,156.5 333.6 7,642.0 NA 695.2
3,288.4 NA 2,239.3 291.1 NA NA 589.5
2,249.2 NA 1,454.2 214.1 NA NA 873.0
0.0 0.0 0.0 48.4 NA NA 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
2,813.2 NA 2,311.1 352.9 NA NA 647.5
0.0 206.6 1,746.3 320.5 5,931.0 NA 478.9

3,019.2 429.7 1,810.4 296.6 5,027.0 NA 478.1
2,481.8 NA 1,952.5 256.1 NA NA 439.4
1,521.2 NA 1,218.9 180.4 NA NA 648.6
0.0 0.0 0.0 40.0 NA NA 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
2,035.2 NA 2,008.4 319.1 NA NA 494.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 NA 0.0 0.0

0.0 0.0 0.0 0.0 NA 0.0 0.0
0.0 0.0 0.0 0.0 NA 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

#ADDIN?
0.00 0.00 0.00 0.00 0.00 0.00 0.00
685.45 #ADDIN?
431.0 3,551.1 631.5 19,275.0 #ADDIN? 1,890.1
5,007.9 697.0 3,562.6 581.8 15,762.0 #ADDIN? 1,915.20
4,463.6 #ADDIN? 3,544.1 526.6 #ADDIN? #ADDIN? 1,757.30
3,272.0 4.2 2,567.7 403.0 #ADDIN? #ADDIN? 2,043.8
6,524.2

2,230.0 #ADDIN? 885.7 306.2 3,928.6 #ADDIN? 459.0
1,537.0 #ADDIN? 786.1 224.6 2,503.6 #ADDIN? 391.0
$2,118.3 $354.8 9,073.0 #ADDIN? $708.9

3,803.4 429.7 2,156.5 326.4 7,642.0 #ADDIN? 695.2
3,288.4 #ADDIN? 2,239.3 279.2 #ADDIN? #ADDIN? 589.5
2,249.2 (24.9) 1,454.2 192.2 #ADDIN? #ADDIN? 873.0
0.0 0.0 0.0 826.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
2,813.2 NA 2,311.1 352.9 NA NA 647.5
1,635.0 NA 543.6 179.9 NA NA 210.5
1,071.0 NA 471.9 106.2 NA NA 152.5
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
44.61 #ADDIN?
372.0 41.1 3,142.0 #ADDIN? 230.0
784.2 346.1 35.6 2,615.0 #ADDIN? 217.1
806.6 #ADDIN? 286.9 34.8 #ADDIN? #ADDIN? 150.10
728.0 17.46 235.3 33.4 #ADDIN? #ADDIN? 224.40
826.0

340.50 #ADDIN?
206.6 1,746.3 313.7 5,931.0 #ADDIN? 478.9
3,019.2 429.7 1,810.4 290.8 5,027.0 #ADDIN? 478.1
1,521.2 (42.31) 1,218.9 158.8 #ADDIN? #ADDIN? 648.6

1,236.0 #ADDIN? 458.6 163.8 1,172.5 #ADDIN? 170.8
722.0 #ADDIN? 402.7 89.1 1,089.4 #ADDIN? 116.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

6.18 0.12 1.52 0.90 2.64
32.98 88.31 17.98 72.15 26.77
0.57 0.59 1.70

-



















0.00 0.00 0.00 0.00 0.00 0.00 0.00
13 14 15 16 17 18
x x x x x x
Pritchard
Pritchard Capital First Global First Securities Natixis Deutsche
Capital
6/3/2009 6/3/2009 5/4/2009 5/7/2009 6/2/2009 4/30/2009
Rowan Aban Fred Olsen TransOcean Noble China Oilfield

Companies Offshore Energy Corp Services
#ADDIN?
3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009 3/31/2009

12/31/2008 3/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008

RDC B07Y0K 534410 RIG NE 601808-CN

113.077 37.802 66.690 320.714 261.255 2,960.47
#ADDIN? 0.0 #ADDIN?

$ 1.00 $ 6,339.00
2883-HK
0 0 0 0 0 #ADDIN?
1,534.85

#ADDIN? 120,654.3 4,877.7 #ADDIN? 237.1 25,688.1
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NM 22.0x 1.8x NM 0.3x 3.3x
NM 5.8x 1.9x NM 0.3x 3.9x
NM 8.0x 2.5x NM 0.3x NM
NM NM 4.3x NM 0.4x NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM 19.8x 1.0x NM 0.1x 2.8x

NM 5.2x 1.1x NM 0.1x 3.4x
NM 7.2x 1.5x NM 0.1x NM
NM NM 2.5x NM 0.1x NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
NM NM NM NM NM NM
3/31/2009 3/31/2008 3/31/2009 3/31/2009 3/31/2009 3/31/2009
192.8 6,453.1 3,621.9 1,414.0 513.7 3,892.8
6,390.9 0.0 0.0 27.2
0.0 0.0
64.9 1,469.7 2,040.0 0.0 17,623.7
#ADDIN? 130,434.0 7,025.6 #ADDIN? 750.8 11,984.4
0.0 4.2 4.3 0.0
0.0 3,060.0 0.0 0.0
#ADDIN? 5,059.0 6,379.1 #ADDIN? 5,652.6 20,765.4
#ADDIN? 138,557 14,879 #ADDIN? 6,403 50,374

#ADDIN? 117,590 4,873 #ADDIN? 237 25,688
#ADDIN? 120,654 4,878 #ADDIN? 237 25,688
#ADDIN? 130,434.0 8,495.3 #ADDIN? 750.8 29,608.1
12/31/2008 3/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008

1.00000 0.24658 1.00000 1.00000 1.00000 1.00000
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA 0.0
0.0 0.0 0.0 0.0 0.0 0.0
1,745.0 43,216.2 7,661.0 11,549.1 3,611.8 19,275.0

1,772.5 41,080.4 7,255.0 11,405.1 3,649.9 15,762.0
2,212.7 28,969.0 5,786.8 12,674.0 3,446.5 NA
2,095.0 NA 4,276.9 11,022.0 2,995.3 NA
0.0 NA 0.0 0.0 0.0 NA
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
2,222.1 31,835.4 6,728.8 12,682.0 3,481.2 NA
568.5 5,925.0 4,735.0 6,646.2 2,163.9 9,073.0

765.2 22,453.0 4,517.0 6,963.4 2,408.8 7,642.0
756.0 16,350.2 3,337.4 7,120.0 2,228.6 NA
812.2 NA 1,954.8 5,773.5 1,801.9 NA
0.0 NA 0.0 0.0 0.0 NA
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
814.7 17,637.5 4,175.5 7,107.0 2,298.3 NA
385.2 17,311.5 3,668.0 5,100.7 1,653.0 5,931.0

597.6 16,510.1 3,466.0 5,482.0 1,988.9 5,027.0
614.6 11,008.1 2,644.7 5,684.0 1,871.9 NA
693.4 NA 1,454.4 4,967.0 1,508.9 NA
0.0 NA 0.0 0.0 0.0 NA
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
665.9 11,554.4 3,358.7 5,683.0 1,931.6 NA
0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 NA

0.0 0.0 0.0 0.0 0.0 NA
0.0 0.0 0.0 0.0 0.0 NA
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0

0.00 0.00 0.00 0.00 0.00 0.00
42,925.0
1,745.0 44,106.0 7,661.0 11,549.1 3,611.8 19,275.0
1,772.50 31,835.4 7,255.0 11,405.10 3,649.9 15,762.0
2,212.74 20,210.6 5,786.8 12,674.00 3,446.5 #ADDIN?
2,095.02 #ADDIN? 4,276.9 11,022.00 2,995.3 #ADDIN?
6,524.2
2,222.1 31,835.4 6,728.8 12,682.0 3,481.2 #ADDIN?

494.8 2,030.0 3,118.0 896.2 3,928.6
485.5 1,088.0 3,110.0 861.4 2,503.6
2,212.7 31,835.4 5,786.8 12,674.0 3,446.5 #ADDIN?
$568.5 $24,029.0 4,735.0 6,646.2 $2,163.9 9,073.0

765.2 17,637.5 4,517.0 6,963.4 2,408.8 7,642.0
756.0 12,416.6 3,337.4 7,120.0 2,228.6 #ADDIN?
812.2 #ADDIN? 1,954.8 5,773.5 1,801.9 #ADDIN?
0.0 0.0 0.0 0.0 0.0 826.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
814.7 17,637.5 4,175.5 7,107.0 2,298.3 NA
234.0 0.0 1,450.8 1,891.0 619.1 NA
175.4 0.0 612.7 1,904.0 549.4 NA
756.0 17,637.5 3,337.4 7,120.0 2,228.6 #ADDIN?
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
6,115.0
183.3 5,897.0 1,067.0 1,545.5 510.9 3,142.0
167.6 6,083.2 1,051.0 1,481.4 419.9 2,615.0
141.4 3,077.5 692.7 1,436.00 356.7 #ADDIN?
118.80 #ADDIN? 500.4 806.51 293.0 #ADDIN?
826.0
148.8 6,083.2 816.8 1,424.0 366.7 #ADDIN?

40.5 251.7 355.00 93.0 #ADDIN?
33.1 127.6 367.00 82.9 #ADDIN?
141.4 6,083.2 692.7 1,436.0 356.7 #ADDIN?
17,043.0
385.2 18,132.0 3,668.0 5,100.7 1,653.0 5,931.0
597.6 11,554.4 3,466.0 5,482.0 1,988.9 5,027.0
614.6 9,339.1 2,644.7 5,684.0 1,871.9 #ADDIN?
693.4 #ADDIN? 1,454.4 4,967.00 1,508.9 #ADDIN?
665.9 11,554.4 3,358.7 5,683.0 1,931.6 #ADDIN?

193.5 1,199.1 1,536.0 526.1 1,172.5
142.3 485.1 1,537.0 466.5 1,089.4
614.6 11,554.4 2,644.7 5,684.0 1,871.9 #ADDIN?
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0

0.11 0.13 2.36 0.22
4.82 3,622.85 44.50 10.61
0.49 0.43 2.00

16.05 - 17.95
0.70 0.50 0.73

21.37 - 27.15
0.79 0.60
27.74 38.57
0.32
-















NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA

0.00 0.00 0.00 0.00 0.00 0.00
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA

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CONSOLIDATED LIST OF SHIPPING COMPS

Frontline #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

General Maritime #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Nordic American Tankers #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Gulf Navigation #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM* NA* NA NA NA NA NA NA NA NM

Ship Finance Intl Ltd #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Teekay Corp #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Tsakos Energy #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Teekay Tankers #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

National Shipping Co. of S. Arab. #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Stolt Nielsen #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Premuda #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA* NA NA NA NA NA NM

Eitzen Chemical #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA* NA NA NA NA NA NA NA NM

Euronav SA #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

K-Sea #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Fisher J & Sons #ADDIN? #ADDIN? ### #ADDIN? NM NM NM NM NM NM NM NM NM NA NA NA NA NA NA NA NA NM

Aries Arlington Dampskibsselskabet Double Hull Frontline

Company Name Check #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

LTM Ended: 12/31/2008 6/30/2008 12/31/2008 12/31/2008 12/31/2008

CURRENT MARKET INFORMATION

Equity Value #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Enterprise Value / EBITDA

Enterprise Value / EBIT

Share Price/ EPS (IBES)

IBES LT Growth Rate NA NA NA NA NA

Net Financial Debt/ EBITDA

Credit Rating Information

12/31/2008 6/30/2008 12/31/2008 12/31/2008 12/31/2008

Total Book Capitalization 290 327 #ADDIN? 492 3,830

Fiscal Year Ended 12/31/2008 12/31/2007 12/31/2008 12/31/2008 12/31/2008

EPS Data (IBES)

Free cash flow

Free cash flow

Recurring Tax Rate

Predicted Beta #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

FULLY DILUTED SHARES

Total Shares from Exercise #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Calendarized Dividend Data (IBES)

Dividend Data (IBES) #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Calendarized Dividend Yield (IBES)

Calendarized Payout Ratio (IBES)

General KnightsbridgeNordic American Omega Gulf Overseas Ship Finance

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

3/31/2009 12/31/2008 3/31/2009 12/31/2008 3/31/2009 3/31/2009 3/31/2009

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

4.6x 0.2x NM 5.2x NM 2.9x 7.6x

1,389 325 928 502 2,861 3,378 3,037

12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008

359.8 94.2 197.1 93.0 0.0 1,184.8 356.0

194.1 70.0 131.3 61.6 0.0 285.5 262.0

108.5 48.0 67.5 34.7 0.0 63.1 233.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

359.8 94.2 197.1 93.0 1,184.8 356.0

327.3 82.9 225.4 77.7 383.0 1,618.8 373.7

$194.1 70.0 $131.3 $61.6 $0.0 $285.5 $262.0