<SEC-DOCUMENT>0000950157-18-000519.txt : 20180509
<SEC-HEADER>0000950157-18-000519.hdr.sgml : 20180509
<ACCEPTANCE-DATETIME>20180509170425
ACCESSION NUMBER:		0000950157-18-000519
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20180508
FILED AS OF DATE:		20180509
DATE AS OF CHANGE:		20180509

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DHT Holdings, Inc.
		CENTRAL INDEX KEY:			0001331284
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32640
		FILM NUMBER:		18819278

	BUSINESS ADDRESS:	
		STREET 1:		CLARENDON HOUSE
		STREET 2:		2 CHURCH STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 11
		BUSINESS PHONE:		1 441 299-4912

	MAIL ADDRESS:	
		STREET 1:		CLARENDON HOUSE
		STREET 2:		2 CHURCH STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 11

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DHT Maritime, Inc.
		DATE OF NAME CHANGE:	20080627

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Double Hull Tankers, Inc.
		DATE OF NAME CHANGE:	20050624
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6-k.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: cravath, swaine & moore llp
    Document created using EDGARfilings PROfile 4.4.0.0
    Copyright 1995 - 2018 Broadridge-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" text="#000000" bgcolor="#ffffff">
<div>
<hr style="BORDER-TOP: black 4px solid; HEIGHT: 10px; BORDER-RIGHT: medium none; BORDER-BOTTOM: black 1px solid; COLOR: #ffffff; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff; MARGIN-RIGHT: auto" align="center">
<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Washington, D.C. 20549</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">&#160;</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">
<hr style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; WIDTH: 15%; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
</div>

<div><br>
</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Form&#160;6-K</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">
<hr style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; WIDTH: 15%; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Report of Foreign Private Issuer</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Pursuant to Rule&#160;13a-16 or 15d-16 under<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font> the Securities Exchange Act of 1934</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">For the month of May 2018</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Commission File Number 001-32640</div>

<div>&#160;</div>

<div>
<hr style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; WIDTH: 20%; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 24pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">DHT HOLDINGS, INC.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">(Exact name of Registrant as specified in its charter)</div>

<div>&#160;</div>

<div>
<hr style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; WIDTH: 20%; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">Clarendon House</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-WEIGHT: bold">2 Church Street, Hamilton HM 11</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-WEIGHT: bold">Bermuda</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">(Address of principal executive offices)</div>

<div>&#160;</div>

<div>
<hr style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; WIDTH: 20%; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 12pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 99pt">Form&#160;20-F <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#9745;<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font></font></font> &#160;&#160;Form&#160;40-F <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#9744;</font></div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _____</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 12pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">)(7): _____</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 12pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 12pt">
<hr style="BORDER-TOP: black 1px solid; HEIGHT: 10px; BORDER-RIGHT: medium none; BORDER-BOTTOM: black 4px solid; COLOR: #ffffff; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff; MARGIN-RIGHT: auto" align="center">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 12pt">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left"><u>Press Release</u></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">The press release issued by DHT Holdings, Inc. (the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">&#8220;</font>Company<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">&#8221;</font> or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">&#8220;</font>DHT<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">&#8221;</font>) on May 7, 2018 related to its results for the first quarter of 2018 is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left"><u>Credit Agreement</u></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">On April 24, 2018, DHT, as guarantor, entered into a senior secured term loan facilities and revolving credit facility agreement (the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">&#8220;</font>Term Loan and Revolving Credit Facility<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">&#8221;</font>) with the companies listed in the schedules thereto, as joint and several borrowers, and ABN AMRO Bank N.V., Oslo Branch, Nordea Bank AB (Publ), filial i Norge, ING Bank, a branch of ING-DiBa AG, DNB Bank ASA, Cr&#233;dit Agricole Corporate and Investment Bank, Danish Ship Finance A/S, Skandinaviska Enskilda Banken AB, DVB Bank SE and Swedbank AB, as lenders. Maximum availability under the Term Loan and Revolving Credit Facility is $485 million, which the Company intends to use primarily to refinance certain of its existing credit facilities and for general corporate purposes. Borrowings will bear interest at a rate equal to LIBOR plus 2.40% and will have a 20-year repayment profile. To the extent used to fund a vessel acquisition, borrowings will be secured by customary ship mortgages on the applicable acquired vessels. The Term Loan and Revolving Credit Facility is attached hereto as Exhibit 10.1 and is incorporated herein by reference.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">This discussion under the heading <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">&#8220;</font>Credit Agreement<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">&#8221;</font> does not purport to be complete and is qualified in its entirety by the attached Exhibit 10.1.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify"><u>Incorporation by Reference</u></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Exhibits 10.1 and 99.1 to this Report on Form 6-K shall be incorporated by reference into the Company<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">&#8217;</font>s registration statements on Form F-3 (file Nos. 333-199697 and 333-219069), initially filed with the Securities and Exchange Commission on October 30, 2014 and June 30, 2017, respectively, as amended, in each case to the extent not superseded by information subsequently filed or furnished (to the extent the Company expressly states that it incorporates such furnished information by reference) by the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934, in each case as amended.</div>

<div><br>
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">EXHIBIT LIST</div>

<div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<table id="zc1d3691117044a92a98a5df68aebc3b1" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; WIDTH: 8.36%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ">
<div style="TEXT-ALIGN: left"><u>Exhibit</u></div>
</td>
<td style="WIDTH: 3.89%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; WIDTH: 87.75%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ">
<div style="TEXT-ALIGN: left"><u>Description</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.89%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 87.75%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">99.1&#160;</div>
</td>
<td style="WIDTH: 3.89%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 87.75%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Press Release dated May 7, 2018</div>
</td>
</tr>

<tr>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.89%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 87.75%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">10.1</div>
</td>
<td style="WIDTH: 3.89%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 87.75%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Senior Secured Term Loan Facilities and Revolving Credit, dated as of April 24, 2018, among ABN AMRO Bank N.V. Oslo Branch, Nordea Bank AB (Publ), filial i Norge, ING Bank, a branch of ING-DiBa AG, DNB Bank ASA, Cr&#233;dit Agricole Corporate and Investment Bank, Danish Ship Finance A/S, Skandinaviska Enskilda Banken AB, DVB Bank SE, Swedbank AB, DHT Mustang, Inc., DHT Bronco, Inc., DHT Puma Limited, DHT Panther Limited, DHT Lion Limited, DHT Leopard Limited, Samco Theta Ltd., Samco Iota Ltd., Samco Kappa Ltd., DHT Hawk, Inc., Samco Epsilon Ltd., DHT Falcon, Inc., DHT Condor, Inc., ABN AMRO Bank N.V. and DHT Holdings, Inc.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.89%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 87.75%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both"><font style="BACKGROUND-COLOR: #e8e8ec"></font>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">&#160;</div>

<div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; CLEAR: both">SIGNATURES</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">
<table id="z8fe7fdc3f9514649b096e7cc96d41897" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: separate" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 12px">
<td style="WIDTH: 50%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
<td style="WIDTH: 3%; PADDING-BOTTOM: 2px" valign="top" colspan="2">DHT Holdings, Inc.</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="WIDTH: 50%" valign="top">&#160;</td>
<td style="WIDTH: 3%" valign="top" colspan="2">(Registrant)</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="WIDTH: 50%" valign="top">&#160;</td>
<td style="WIDTH: 3%" valign="top">&#160;</td>
<td style="WIDTH: 35%" valign="top">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; PADDING-BOTTOM: 2px" valign="top" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date:&#160;May 9, 2018</div>
</td>
<td style="WIDTH: 3%; PADDING-BOTTOM: 2px" valign="top">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">By: </div>
</td>
<td style="WIDTH: 35%; BORDER-BOTTOM: #000000 2px solid" valign="top" nowrap="nowrap" align="left">/s/ Eirik Ub<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">&#248;</font>e</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="WIDTH: 50%" valign="top">&#160;</td>
<td style="WIDTH: 3%" valign="top">&#160;</td>
<td style="WIDTH: 35%" valign="bottom" nowrap="nowrap" align="left">Name:&#160;&#160;Eirik Ub<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">&#248;</font>e</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%" valign="top">&#160;</td>
<td style="WIDTH: 3%" valign="top">&#160;</td>
<td style="WIDTH: 35%" valign="top">Title:&#160;&#160;&#160;&#160;Chief Financial Officer</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%" valign="top">&#160;</td>
<td style="WIDTH: 3%" valign="top">&#160;</td>
<td style="WIDTH: 35%" valign="top">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: cravath, swaine & moore llp
    Document created using EDGARfilings PROfile 4.4.0.0
    Copyright 1995 - 2018 Broadridge-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" text="#000000" bgcolor="#ffffff">
<!--PROfilePageNumberReset%Num%1%%%-->
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">Exhibit 99.1</div>

<div>&#160;</div>

<div>&#160;</div>

<div><img src="image0.jpg"><br>
</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">DHT Holdings, Inc. First Quarter 2018 Results</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">HAMILTON, BERMUDA, May 7, 2018 &#8211; DHT Holdings, Inc. (NYSE:DHT) (&#8220;DHT&#8221; or the &#8220;Company&#8221;) today announced:</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">FINANCIAL AND OPERATIONAL HIGHLIGHTS:</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">
<table id="z64ac3060fc7d4eafaf22fa20a489cda0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-TOP-COLOR: #00b050; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-LEFT-COLOR: #00b050; BORDER-BOTTOM-COLOR: #00b050; BORDER-RIGHT-COLOR: #00b050" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 18px">
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 42%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; BORDER-BOTTOM-COLOR: ; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">USD in mill.<font style="FONT-FAMILY: Arial"> (except per share)</font></div>
</td>
<td style="BORDER-TOP: #00b050 4px solid; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; BORDER-BOTTOM-COLOR: ; BORDER-LEFT: #00b050 4px solid; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Q1 2018</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; BORDER-BOTTOM-COLOR: ; BORDER-LEFT: #00b050 4px solid; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Q4 2017</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Q3 2017</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Q2 2017</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Q1 2017</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">2017</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">2016</div>
</td>
</tr>

<tr style="HEIGHT: 19px">
<td style="FONT-FAMILY: Arial; WIDTH: 42%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Adjusted Net Revenue<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>
</td>
<td style="FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;46.2</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-WEIGHT: normal">&#160;&#160;&#160;56.6</font></div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; BORDER-BOTTOM-COLOR: ">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;54.8</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; BORDER-BOTTOM-COLOR: ">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;59.6</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; BORDER-BOTTOM-COLOR: ">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;70.7</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; BORDER-BOTTOM-COLOR: ">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;241.8</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; BORDER-BOTTOM-COLOR: ">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;290.7</div>
</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="FONT-FAMILY: Arial; WIDTH: 42%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Adjusted EBITDA</div>
</td>
<td style="FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: right; BORDER-LEFT: #00b050 4px solid">24.0</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BORDER-LEFT: #00b050 4px solid">33.5</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; TEXT-ALIGN: right">31.4</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; TEXT-ALIGN: right">36.7</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; TEXT-ALIGN: right">50.6</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; TEXT-ALIGN: right">152.1</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; TEXT-ALIGN: right">209.4</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="FONT-FAMILY: Arial; WIDTH: 42%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net income/(Loss)</div>
</td>
<td style="FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-WEIGHT: bold">(9.2)</font></div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(7.5)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2</sup></div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(5.1)</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4.8</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14.3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2</sup></div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.6<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2</sup></div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9.3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2</sup></div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; WIDTH: 42%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">EPS &#8211; basic</div>
</td>
<td style="FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-WEIGHT: bold">(0.06)</font></div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(0.05)</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(0.04)</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.04</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.15</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.05</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.10</div>
</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="FONT-FAMILY: Arial; WIDTH: 42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">EPS &#8211; diluted<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">3</sup></div>
</td>
<td style="FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-WEIGHT: bold">(0.06)</font></div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(0.05)</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(0.04)</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.04</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.15</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.05</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.10</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; WIDTH: 42%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Interest Bearing Debt</div>
</td>
<td style="FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-WEIGHT: bold">764.4</font></div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;786.2</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;826.0</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;841.1</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;674.6</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;786.2</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;701.5</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; WIDTH: 42%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Cash</div>
</td>
<td style="FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-WEIGHT: bold">69.8</font></div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;77.3</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;86.5</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;104.0</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;72.2</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;77.3</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;109.3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">4</sup></div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; WIDTH: 42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Dividend<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">5</sup></div>
</td>
<td style="FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-WEIGHT: bold">0.02</font></div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.02</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.02</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.02</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.08</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.14</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.58</div>
</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="FONT-FAMILY: Arial; WIDTH: 42%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Spot Exposure<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-WEIGHT: bold">70.7%</font></div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;73.6%</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;67.9%</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;63.5%</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;58.1%</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;66.4%</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;57.8%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; WIDTH: 42%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Unscheduled off hire<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-WEIGHT: bold">0.1%</font></div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.1%</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.3%</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.2%</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.2%</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.2%</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1.8%</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; WIDTH: 42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; PADDING-BOTTOM: 2px; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Scheduled off hire<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup></div>
</td>
<td style="FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #00b050 4px solid; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-WEIGHT: bold">0.7%</font></div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; PADDING-BOTTOM: 2px; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.3%</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2.7%</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2.8%</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2.4%</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2.0%</div>
</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1.7%</div>
</td>
</tr>
</table>

<br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">HIGHLIGHTS:</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<table id="z781ec2a2b0394be18e881f07b064ac12" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#9679;</div>
</td>
<td style="WIDTH: 97%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Adjusted EBITDA for the quarter of $24.0 million. Net loss for the quarter of $9.2 million or loss of $0.06 per basic share.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 97%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#9679;</div>
</td>
<td style="WIDTH: 97%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">The Company&#8217;s VLCCs achieved time charter equivalent earnings of $21,400 per day in the first quarter of 2018 of which the Company&#8217;s VLCCs on time-charter earned $25,000 per day and the Company&#8217;s VLCCs operating in the spot market achieved $20,200 per day (after adoption of IFRS 15 as per January 1, 2018).</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 97%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#9679;</div>
</td>
<td style="WIDTH: 97%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">For the quarter the Company generated positive cash flow from operations after payment of ordinary debt amortization and drydocking costs.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 97%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#9679;</div>
</td>
<td style="WIDTH: 97%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">So far in the second quarter of 2018, 55% of the available VLCC spot days have been booked at an average rate of $14,200 per day.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 97%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#9679;</div>
</td>
<td style="WIDTH: 97%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">For the first quarter of 2018, the Company will return $2.9 million to shareholders in the form of a cash dividend of $0.02 per share, payable on May 30, 2018 for shareholders of record as of May 21, 2018.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 97%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#9679;</div>
</td>
<td style="WIDTH: 97%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">In April 2018 the Company entered into a $485 million secured credit facility agreement with a six year tenor for the refinancing of 13 of the Company&#8217;s VLCCs. The new credit facility will bear interest at a rate equal to Libor + 2.40% and will have a 20-year repayment profile.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 97%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#9679;</div>
</td>
<td style="WIDTH: 97%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">In April 2018, the Company also entered into an agreement with ABN Amro to increase the Company&#8217;s revolving credit facility to $57.0 million from the current availability of $43.4 million. The revolving credit is currently undrawn.</div>
</td>
</tr>
</table>

<div><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">1</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>

<div>&#160;</div>

<table id="z6f4b38e83577443489e3d54134b45b93" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#9679;</div>
</td>
<td style="WIDTH: 97%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">On April 27, 2018 the Company took delivery of the first of its two VLCC newbuildings from DSME. The vessel is named DHT Stallion. The second newbuilding from DSME will be delivered in May 2018 while the two newbuildings from HHI are expected to be delivered in June 2018 and September 2018.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 97%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#9679;</div>
</td>
<td style="WIDTH: 97%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">DHT has a fleet of 27 VLCCs, 24 in the water and three under construction scheduled for delivery in 2018, as well as two Aframaxes. The total dwt of the fleet is 8,590,740.&#160; Six of the VLCCs and one of the Aframaxes are on time charters. For more details on the fleet, please refer to our web site: <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>http://dhtankers.com/index.php?name=About_DHT%2FFleet.html</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #0000ff">.</font></div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
 &#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><u>Footnotes:</u></div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup>Shipping Revenues net of voyage expenses.</div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2</sup>Q4 2017 includes a non-cash impairment charge of $1.1 million and a net loss of $3.3 million related to the sale of DHT Eagle and DHT Utah. Q1 2017 includes a non-cash impairment charge of $7.5 million related to the sale of DHT Ann and DHT Phoenix. 2017 includes&#160; impairment charges of $8.5 million and net loss of $3.5 million related to sale of vessels. 2016 includes total impairment charges of $84.7 million.</div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">3</sup>Diluted shares include the dilutive effect of the convertible senior notes and restricted shares granted to management and members of the board of directors.</div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">4</sup>The cash balance as of December 31, 2016 includes $48.7 million relating to the financing for DHT Tiger which was drawn in 2016 in advance of the delivery of the DHT Tiger on January 16, 2017.</div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">5</sup>Per common share.</div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup>As % of total operating days in period.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
 &#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">2</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>
</div>

<div style="LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><u>FIRST QUARTER 2018 FINANCIALS</u></div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Shipping revenues for the first quarter of 2018 of $79.9 million compared to shipping revenues of $92.1 million in the first quarter of 2017.</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">The change from the 2017 period to the 2018 period was due lower tankers rates partly offset by an increase in the fleet and non-cash IFRS 15 adjustment of $3.7 million.</font></div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Voyage expenses for the first quarter of 2018 were $33.7 million, compared to voyage expenses of $21.4 million in the first quarter of 2017.&#160;The increase was mainly due to a larger fleet in the 2018 period in addition to a non-cash IFRS 15 adjustment of $1.0 million.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">The Company&#8217;s VLCCs achieved time charter equivalent earnings for the vessels operating in the spot market of $20,200 per day in the first quarter of 2018. If IFRS 15 had not been adopted in the first quarter of 2018, the time charter equivalent earnings would have been $18,400 per day.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Vessel operating expenses for the first quarter of 2018 were $17.2 million, compared to $13.9 million in the first quarter of 2017. The increase was due to an increase in the fleet.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Depreciation and amortization was $23.7 million for the first quarter of 2018, compared to $20.9 million in the first quarter of 2017. The increase was due to an increase in the fleet.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">General &amp; administrative expense (&#8220;G&amp;A&#8221;) for the first quarter of 2018 was $5.0 million, consisting of $3.8 million cash and $1.2 million non-cash charges, compared to $6.3 million in the first quarter of 2017, consisting of $4.3 million cash and $2.0 million non-cash charges. Non-cash G&amp;A includes accrual for social security tax.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Net financial expenses for the first quarter of 2018 were $9.5 million compared to $7.7 million in the first quarter of 2017. The increase is mainly due to increased borrowings in connection with an increase in the fleet.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">The Company had net loss in the first quarter of 2018 of $9.2 million, or loss of $0.06 per basic share and $0.06 per diluted share, compared to net income in the first quarter of 2017 of $14.3 million, or $0.15 per basic share and $0.15 per diluted share.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Net cash provided by operating activities for the first quarter of 2018 was $17.4 million compared to $41.4 million for the first </font>quarter of 2017<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">. The decrease is mainly due to net loss of $9.2 million in the first quarter 2018 compared to net income of $14.3 million in the first quarter 2017 due to a weaker tanker market.</font></div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Net cash provided by investing activities was $1.5 million in the first quarter of 2018 comprising $20.7 million related to sale of vessel offset by $17.5 million related to investment in vessels under construction and $1.7 million related to vessel undergoing special survey and drydocking. Net cash used in investing activities was $46.7 million in the first quarter of 2017 comprising $6.0 million related to investment in vessels and $63.9 million related to investment in vessels under construction, offset by $23.3 million related to the sale of DHT Chris.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Net cash used in financing activities for the first quarter of 2018 was $26.4 million comprising $2.9 million related to cash dividend paid, $14.8 million related to scheduled repayment of long term debt and $8.7 million related to repayment of long term debt in connection with sale of vessels. Net cash used in financing activities for the first quarter of 2017 was $31.8 million comprising $7.6 million related to cash dividend paid, $11.6 million related to scheduled repayment of long term debt and $12.0 million related to repayment of long term debt in connection with sale of vessels</font>.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">As of March 31, 2018, our cash balance was $69.8 million, compared to $77.3 million as of December 31, 2017.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">We declared a cash dividend of $0.02 per common share for the first quarter of 2018 </font>payable on May 30, 2018 for shareholders of record as of May 21, 2018.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">We monitor our covenant compliance on an ongoing basis. As of the date of our most recent compliance certificates submitted for the first quarter of 2018, we are in compliance with our financial covenants.</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">3</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">As of March 31</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">, 2018</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">, we had </font>143,572,543 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">shares of our common stock outstanding compared to </font>142,417,407<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff"> as of December 31</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">, 2017.</font></div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><u>RECONCILIATION OF NON-GAAP FINANCIAL MEASURES</u></div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<table id="z08a0cf439105451ca8f094ac45e264fe" style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: 'Times New Roman'; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #6a6a6a" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: medium none; WIDTH: 42.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">USD in thousands except per share</div>
</td>
<td style="BORDER-TOP: #00b050 4px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Q1 2018</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Q4 2017</div>
</td>
<td style="BORDER-TOP: #959595 2px solid; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Q3 2017</div>
</td>
<td style="BORDER-TOP: #959595 2px solid; BORDER-RIGHT: medium none; WIDTH: 8.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Q2 2017</div>
</td>
<td style="BORDER-TOP: #959595 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Q1 2017</div>
</td>
<td style="BORDER-TOP: #959595 2px solid; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">2017</div>
</td>
<td style="BORDER-TOP: #959595 2px solid; BORDER-RIGHT: #666666 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">2016</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 42.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Reconciliation of Adjusted Net Revenue</div>
</td>
<td style="BORDER-TOP: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #666666 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #959595 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 42.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="BORDER-TOP: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #666666 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #959595 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 42.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Shipping revenues</div>
</td>
<td style="BORDER-TOP: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;79,911</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;92,244</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;84,374</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;86,335</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #666666 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;92,100</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;355,052</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #959595 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;356,010</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 42.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Voyage expenses</div>
</td>
<td style="BORDER-TOP: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(33,721)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(35,619)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(29,594)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(26,701)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #666666 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(21,387)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(113,301)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #959595 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(65,349)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 42.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Adjusted Net Revenue</div>
</td>
<td style="BORDER-TOP: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;46,191</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;56,625</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;54,780</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;59,634</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #666666 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;70,712</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;241,751</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #959595 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;290,661</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 42.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="BORDER-TOP: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #666666 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #959595 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 42.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Reconciliation of Adjusted EBITDA</div>
</td>
<td style="BORDER-TOP: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #666666 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #959595 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 42.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="BORDER-TOP: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #666666 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #959595 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 42.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net income/(loss) after tax</div>
</td>
<td style="BORDER-TOP: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,213)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(7,514)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(5,067)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,836</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #666666 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,346</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,602</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #959595 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,260</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 42.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Income tax expense/(income)</div>
</td>
<td style="BORDER-TOP: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;18</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;55</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;39</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #666666 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;40</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;131</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #959595 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;95</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 42.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Other financial (income)/expenses</div>
</td>
<td style="BORDER-TOP: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(92)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;253</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;81</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(460)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #666666 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(318)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(443)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #959595 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;40</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 42.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Fair value (gain)/loss on derivative financial instruments</div>
</td>
<td style="BORDER-TOP: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(359)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(435)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(478)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(521)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #666666 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(719)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,154)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #959595 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,235)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 42.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Interest expense</div>
</td>
<td style="BORDER-TOP: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,244</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,664</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,586</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,902</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #666666 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,956</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;40,109</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #959595 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;35,070</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 42.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Interest income</div>
</td>
<td style="BORDER-TOP: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(71)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(41)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(28)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(36)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #666666 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(35)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(140)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #959595 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(66)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 42.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Share of profit from associated companies</div>
</td>
<td style="BORDER-TOP: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(258)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(172)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(235)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(208)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #666666 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(187)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(802)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #959595 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(649)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 42.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">(Profit)/loss, sale of vessel</div>
</td>
<td style="BORDER-TOP: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;46</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,257</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;228</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #666666 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;55</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,540</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #959595 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(138)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 42.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Impairment charges</div>
</td>
<td style="BORDER-TOP: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,053</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #666666 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,487</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,540</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #959595 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;84,700</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 42.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Depreciation and amortization</div>
</td>
<td style="BORDER-TOP: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;23,674</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;26,417</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;26,468</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22,940</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #666666 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;20,933</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;96,758</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #959595 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;84,340</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 42.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; PADDING-BOTTOM: 2px; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Adjusted EBITDA</div>
</td>
<td style="BORDER-TOP: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #00b050 4px solid; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;23,990</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; PADDING-BOTTOM: 2px; BORDER-LEFT: #00b050 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;33,479</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #959595 2px solid; PADDING-BOTTOM: 2px; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;31,382</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #959595 2px solid; PADDING-BOTTOM: 2px; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;36,720</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #666666 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #959595 2px solid; PADDING-BOTTOM: 2px; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;50,559</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #959595 2px solid; PADDING-BOTTOM: 2px; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;152,141</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: #959595 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #959595 2px solid; PADDING-BOTTOM: 2px; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;209,415</div>
</td>
</tr>
</table>

<br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">EARNINGS CONFERENCE CALL AND WEBCAST INFORMATION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">The company will host a conference call </font>and webcast which will include a slide presentation<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"> at 8:00 a.m. EDT/14:00 CEST on Tuesday May 8, 2018</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">to discuss the results for the quarter.</font></div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">All shareholders and other interested parties are invited to join the conference call, which may be accessed by calling 1&#160;323&#160;701 0225 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">within the United States, 21002610 within Norway and +44&#160;330&#160;336 9105 for international callers</font>. The passcode is &#8220;DHT&#8221; or &#8220;4264945&#8221;.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">The webcast which will include a slide presentation will be available on the following link:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #0000ff"><u>https://edge.media-server.com/m6/p/i8sjfybn</u></font> and can also be accessed in the Investor Relations section on DHT's website at <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #0000ff"><u>http://www.dhtankers.com</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">.</font></div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">An audio replay of the conference call will be available through May 15, 2018.&#160; To access the replay, dial 1&#160;719&#160;457 0820</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">within the United States, 23500077 within Norway or +44&#160;207&#160;660 0134 for international callers and enter </font>&#8220;4264945&#8221;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"> as the pass code.</font></div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">ABOUT DHT HOLDINGS, INC.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">DHT is an independent crude oil tanker company. Our fleet trades </font>internationally and consists of crude oil tankers in the VLCC and Aframax segments. We operate through our integrated management companies in Oslo, Norway and Singapore. You shall recognize us by our business approach with an experienced organization with focus on first rate operations and customer service, quality ships built at quality shipyards, prudent capital structure with robust cash break even levels to accommodate staying power through the business cycles, a combination of market exposure and fixed income contracts for our fleet and a transparent corporate structure maintaining a high level of integrity and good governance.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">&#160; For further information: </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #0000ff"><u>www.dhtankers.com</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">.</font></div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
 &#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">4</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>
</div>
</div>
</div>
</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">FORWARD LOOKING STATEMENTS</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">This press release contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company&#8217;s management as well as assumptions, expectations, projections, intentions and beliefs about future events, in particular regarding dividends (including our dividend plans, timing and the amount and growth of any dividends), daily charter rates, vessel utilization, the future number of newbuilding deliveries, oil prices and seasonal fluctuations in vessel supply and demand. When used in this document, words such as &#8220;believe,&#8221; &#8220;intend,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;forecast,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;will,&#8221; &#8220;may,&#8221; &#8220;should&#8221; and &#8220;expect&#8221; and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. &#160;These statements reflect the Company's current views with respect to future events and are based on assumptions and subject to risks and uncertainties. &#160;Given these uncertainties, you should not place undue reliance on these forward-looking statements. &#160;These forward-looking statements represent the Company&#8217;s estimates and assumptions only as of the date of this press release and are not intended to give any assurance as to future results. &#160;For a detailed discussion of the risk factors that might cause future results to differ, please refer to the Company's Annual Report on Form 20-F, filed with the Securities and Exchange Commission on April 24, 2018.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, except as required by law. &#160;In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and the Company's actual results could differ materially from those anticipated in these forward-looking statements.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">CONTACT:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Eirik Uboe, CFO</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Phone: +1 441&#160;299 4912 and +47 412 92 712</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">E-mail:</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #0000ff"><u>eu@dhtankers.com</u></font></div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">5</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>

<div>&#160;</div>

<div>
<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">DHT HOLDINGS, INC.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">AS OF MARCH 31, 2018</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">6</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">($ in thousands)</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
<table id="z82a36c605f2745b2b2108936135f3493" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="BORDER-TOP: #808080 2px solid; WIDTH: 5.22%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Note</div>
</td>
<td style="BORDER-TOP: #808080 2px solid; WIDTH: 3.3%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="BORDER-TOP: #808080 2px solid; WIDTH: 16.86%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">March 31, 2018</div>
</td>
<td style="BORDER-TOP: #808080 2px solid; WIDTH: 3.3%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="BORDER-TOP: #808080 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">December 31, 2017</div>
</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; COLOR: #ffffff; BORDER-BOTTOM-COLOR: ; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #00b050">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">ASSETS</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="BORDER-RIGHT: #666666 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #00b050">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Current assets</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Cash and cash equivalents</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;69,761</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;77,292</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Accounts receivable and accrued revenues</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2, 8</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;35,286</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;42,212</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Capitalized voyage expenses</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,291</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Prepaid expenses</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,505</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,197</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Bunkers, lube oils and consumables</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22,003</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;23,675</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Asset held for sale</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;20,762</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total current assets</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 16.86%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;133,845</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;167,137</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Non-current assets</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Vessels and time charter contracts</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,422,261</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,444,146</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Advances for vessels under construction</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;132,237</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;114,759</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Other property, plant and equipment</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;459</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;464</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Investment in associated company</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,294</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,992</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total non-current assets</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 16.86%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,559,252</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,563,360</div>
</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 16.86%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">TOTAL ASSETS</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 16.86%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,693,096</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,730,497</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 16.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #00b050">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">LIABILITIES AND STOCKHOLDERS' EQUITY</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="BORDER-RIGHT: #666666 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #00b050">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Current liabilities</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Accounts payable and accrued expenses</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,519</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,427</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Derivative financial liabilities</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;187</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;545</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Current portion long term debt</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;55,824</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;65,053</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total current liabilities</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 16.86%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;73,531</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;83,026</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 16.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Non-current liabilities</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Long term debt</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;708,620</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;721,151</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Other non-current liabilities</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;435</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;428</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total non-current liabilities</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 16.86%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;709,055</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;721,579</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 16.86%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">TOTAL LIABILITIES</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 16.86%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;782,585</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;804,605</div>
</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 16.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Stockholders' equity</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Stock</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">6, 7</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,436</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,424</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Additional paid-in capital</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">6, 7</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,147,005</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,140,794</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Accumulated deficit</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(238,906)</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(222,087)</div>
</td>
</tr>

<tr style="HEIGHT: 20px">
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Translation differences</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;129</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;85</div>
</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Other reserves</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 16.86%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;846</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,676</div>
</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total stockholders equity</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 16.86%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;910,511</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;925,892</div>
</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 16.86%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54.45%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 16.86%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">1,693,096</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 16.87%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">1,730,497</div>
</td>
</tr>
</table>
</div>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">7</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">($ in thousands except per share amounts)</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
<table id="z2eab6ce9d23a4dc8b801f0bb2c6000f4" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: #00b050" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 17px">
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="BORDER-TOP: #6a6a6a 2px solid; WIDTH: 5.16%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="BORDER-TOP: #6a6a6a 2px solid; WIDTH: 3.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="BORDER-TOP: #6a6a6a 2px solid; WIDTH: 17.12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1Q 2018</div>
</td>
<td style="BORDER-TOP: #6a6a6a 2px solid; WIDTH: 2.18%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="BORDER-TOP: #6a6a6a 2px solid; BORDER-RIGHT: #666666 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1Q 2017</div>
</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top; COLOR: #ffffff; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Note</div>
</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top; COLOR: #ffffff; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Jan. 1 - Mar. 31 2018</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top; COLOR: #ffffff; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="BORDER-RIGHT: #666666 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top; COLOR: #ffffff; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Jan. 1 - Mar. 31 2017</div>
</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Shipping revenues</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2</div>
</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;79,911</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;92,100</div>
</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Operating expenses</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Voyage expenses</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2</div>
</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(33,721)</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(21,387)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Vessel operating&#160; expenses</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(17,238)</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(13,873)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Depreciation and amortization</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5</div>
</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(23,674)</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(20,933)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Impairment charge</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5</div>
</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(7,487)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Profit /( loss), sale of vessel</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5</div>
</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(46)</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(55)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">General and administrative expense</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4,963)</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(6,280)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: 2px solid; WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total operating expenses</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 17.12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(79,642)</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(70,016)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: 2px solid; WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 17.12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: 2px solid; WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Operating income/(loss)</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 17.12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;270</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22,084</div>
</td>
</tr>

<tr style="HEIGHT: 19px">
<td style="BORDER-TOP: 2px solid; WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 17.12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Share of profit from associated companies</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;258</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;187</div>
</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Interest income</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;71</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;35</div>
</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Interest expense</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(10,244)</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(8,956)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Fair value gain/(loss) on derivative financial instruments</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;359</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;719</div>
</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Other financial income/(expenses)</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;92</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;318</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: 2px solid; WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Profit/(loss) before tax</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 17.12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,195)</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,386</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: 2px solid; WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 17.12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Income tax expense</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(18)</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(40)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: 2px solid; WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net income/(loss) after tax</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 17.12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,213)</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,346</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: 2px solid; WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Attributable to the owners of parent</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 17.12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,213)</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,346</div>
</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Basic net income/(loss) per share</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(0.06)</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.15</div>
</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Diluted net income/(loss) per share</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(0.06)</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.15</div>
</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Weighted average number of shares (basic)</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;143,044,483</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;94,134,052</div>
</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Weighted average number of shares (diluted)</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;143,044,483</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;112,617,393</div>
</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid">&#160;</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="BORDER-RIGHT-WIDTH: 0px; WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #00b050">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="BORDER-RIGHT: #666666 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #00b050">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Profit/(loss) for the period</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,213)</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,346</div>
</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Other comprehensive income:</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Items that will not be reclassified to income statement:</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Remeasurement of defined benefit obligation (loss)</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: 2px solid; WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 17.12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Items that may be reclassified to income statement:</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Exchange gain (loss) on translation of foreign currency</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">denominated associate and subsidiary</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;44</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;65</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: 2px solid; WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 17.12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;44</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;65</div>
</td>
</tr>

<tr>
<td style="WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: 2px solid; WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Other comprehensive income</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 17.12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;44</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;65</div>
</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="BORDER-TOP: 2px solid; WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 17.12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: 2px solid; WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total comprehensive income for the period</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 17.12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,169)</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,411</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: 2px solid; WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 17.12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: 2px solid; WIDTH: 53.94%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Attributable to the owners of parent</div>
</td>
<td style="WIDTH: 5.16%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #6a6a6a 2px solid">&#160;</td>
<td style="WIDTH: 3.26%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #6a6a6a 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 17.12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #6a6a6a 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,169)</div>
</td>
<td style="WIDTH: 2.18%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #6a6a6a 2px solid">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #6a6a6a 2px solid; WIDTH: 18.35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #6a6a6a 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,411</div>
</td>
</tr>
</table>
</div>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">8</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED</u></font>)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">($ in thousands)</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
<table id="ze501ded665f1432dbb2644fe0dbb6eb2" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 5.65%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 3.57%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 19.93%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Q1 2018</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 3.57%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Q1 2017</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-FAMILY: Arial; WIDTH: 5.65%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Note</div>
</td>
<td style="FONT-FAMILY: Arial; WIDTH: 3.57%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-FAMILY: Arial; WIDTH: 19.93%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Jan. 1 - Mar. 31, 2018</div>
</td>
<td style="FONT-FAMILY: Arial; WIDTH: 3.57%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Jan. 1 - Mar. 31, 2017</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; COLOR: #ffffff; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #00b050">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">CASH FLOW FROM OPERATING ACTIVITIES</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="BORDER-RIGHT: #666666 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #00b050">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net income / (loss)</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,213)</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,346</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 20px">
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Items included in net income not affecting cash flows</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;26,224</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;31,471</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;Depreciation</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;23,674</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;20,933</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;Impairment charge</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,487</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;Amortization of debt issuance costs</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,727</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,879</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;(Profit) / loss, sale of vessel</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;46</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;55</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;&#160;&#160;&#160;&#160;&#160; <font style="FONT-FAMILY: Arial; FONT-STYLE: italic">Fair value (gain) / loss on derivative financial instruments</font></td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top; TEXT-ALIGN: right">&#160;<font style="FONT-FAMILY: Arial; FONT-STYLE: italic">(359)</font></td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top; TEXT-ALIGN: right">&#160;<font style="FONT-FAMILY: Arial; FONT-STYLE: italic">(719)</font></td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;Compensation related to options and restricted stock</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,393</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,275</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;(Gain) / loss purchase of convertible bond</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(253)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;Share of profit in associated companies</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(258)</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(187)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Income adjusted for non-cash items</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 19.93%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,011</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;45,817</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 19.93%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Changes in operating assets and liabilities</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;364</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4,428)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;Accounts receivable and accrued revenues</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2, 8</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(511)</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,992</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;Capitalized voyage expenses</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;597</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;Prepaid expenses</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,307)</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,251)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;Accounts payable and accrued expenses</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;907</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,784</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;Deferred shipping revenues</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,109)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;Bunkers, lube oils and consumables</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,672</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(7,844)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;Pension liability</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net cash provided by operating activities</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 19.93%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,375</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;41,389</div>
</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 19.93%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #00b050">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">CASH FLOW FROM INVESTING ACTIVITIES</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="BORDER-RIGHT: #666666 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #00b050">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Investment in vessels</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,715)</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(6,046)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Investment in vessels under construction</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(17,479)</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(63,871)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Sale of vessels</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;20,715</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;23,339</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Investment in property, plant and equipment</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(69)</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(87)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net cash provided by/(used in) investing activities</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 19.93%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,452</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(46,666)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 19.93%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #00b050">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">CASH FLOW FROM FINANCING ACTIVITIES</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #00b050">&#160;</td>
<td style="BORDER-RIGHT: #666666 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #00b050">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Cash dividends paid</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">7</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,871)</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(7,570)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Issuance of long term debt</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(624)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Scheduled repayment of long-term debt</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(14,824)</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(11,620)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Repayment of long-term debt, sale of vessels</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(8,663)</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(12,024)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net cash used in financing activities</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 19.93%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(26,359)</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(31,837)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 19.93%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net increase/(decrease) in cash and cash equivalents</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(7,531)</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(37,114)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Cash and cash equivalents at beginning of period</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;77,292</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;109,295</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Cash and cash equivalents at end of period</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 19.93%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;69,761</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;72,182</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">&#160;</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 19.93%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Specification of items included in operating activities:</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Interest paid</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,717</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,017</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Interest received</div>
</td>
<td style="WIDTH: 5.65%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">&#160;</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">&#160;</td>
<td style="WIDTH: 19.93%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;71</div>
</td>
<td style="WIDTH: 3.57%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 20.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;35</div>
</td>
</tr>
</table>
</div>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">9</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS&#8217; EQUITY (UNAUDITED)</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">($ in thousands except shares)</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
<table id="zcb029e2202a04695b389d14ecc34d775" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 14px">
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 30%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Paid-in</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 30%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Additional</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Retained</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Translation</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Other</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Total</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 30%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 5%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Note</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Shares</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Stock</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Capital</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Earnings</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Differences</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Reserves</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; BORDER-RIGHT: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Equity</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 30%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Balance at January 1, 2017</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;93,433,804</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;934</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;881,097</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(205,195)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(108)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,283</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; BORDER-RIGHT: #808080 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;685,011</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 30%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net income/(loss) after tax</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,346</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; BORDER-RIGHT: #808080 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,346</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 30%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Other comprehensive income</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;65</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; BORDER-RIGHT: #808080 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;65</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 30%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total comprehensive income</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,346</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;65</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; BORDER-RIGHT: #808080 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,411</div>
</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 30%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Cash dividends declared and paid</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(7,570)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; BORDER-RIGHT: #808080 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(7,570)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 30%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Purchase of convertible bonds</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(760)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; BORDER-RIGHT: #808080 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(760)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 30%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Compensation related to options and restricted stock</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,189,099</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;12</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,173</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4,910)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; BORDER-RIGHT: #808080 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,275</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 30%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Balance at March 31, 2017</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;94,622,903</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;946</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;887,509</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(198,419)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(43)</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,373</div>
</td>
<td style="FONT-SIZE: 9pt; FONT-FAMILY: Arial; WIDTH: 2.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; FONT-FAMILY: Arial; BORDER-RIGHT: #808080 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;693,367</div>
</td>
</tr>
</table>
</div>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>
<table id="zc71efe40eae04c099c3c6f7db46feca7" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 29.96%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 2.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 2.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Paid-in</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 2.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 2.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 2.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 2.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; WIDTH: 29.96%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Additional</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Retained</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Translation</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Other</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-RIGHT: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Total</div>
</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="FONT-SIZE: 9pt; WIDTH: 29.96%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Note</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Shares</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Stock</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Capital</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Earnings</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Differences</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Reserves</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; COLOR: #ffffff; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-RIGHT: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Equity</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; WIDTH: 29.96%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Balance at January 1, 2018, as previously reported</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;142,417,407</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,424</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,140,794</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(222,087)</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;85</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,676</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-RIGHT: #808080 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;925,892</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; WIDTH: 29.96%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Impact of change in accounting policy</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4,734)</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-RIGHT: #808080 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4,734)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 29.96%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Adjusted balance at January 1, 2018</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;142,417,407</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,424</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,140,794</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(226,821)</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;85</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,676</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;921,158</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 29.96%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net income/(loss) after tax</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,213)</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,213)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; WIDTH: 29.96%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Other comprehensive income</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;44</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-RIGHT: #808080 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;44</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 29.96%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total comprehensive income</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,213)</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;44</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,169)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 29.96%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Cash dividends declared and paid</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,871)</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,871)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; WIDTH: 29.96%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Compensation related to options and restricted stock</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,155,136</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;12</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,211</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4,829)</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-RIGHT: #808080 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,393</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: 2px solid; WIDTH: 29.96%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Balance at March 31, 2018</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;143,572,543</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,436</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,147,005</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(238,906)</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;129</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;846</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 2.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;$</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #808080 2px solid; WIDTH: 7.04%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;910,511</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">10</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>FOR THE PERIOD ENDED MARCH 31, 2018</u></div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
 &#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Note 1 &#8211; General information</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">DHT Holdings, Inc. (&#8220;DHT&#8221; or the &#8220;Company&#8221;) is a company incorporated under the laws of the Marshall Islands whose shares are listed on the New York Stock Exchange. The Company&#8217;s principal executive office is located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. The Company is engaged in the ownership and operation of a fleet of crude oil carriers.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">The financial statements were approved by the Company&#8217;s Board of Directors (the &#8220;Board&#8221;) on May 4, 2018 and authorized for issue on May 7, 2018.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Note 2 &#8211; General accounting principles</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">The condensed consolidated interim financial statements do not include all information and disclosure required in the annual financial statements and should be read in conjunction with DHT&#8217;s audited consolidated financial statements included in its Annual Report on Form 20-F for 2017. Our interim results are not necessarily indicative of our results for the entire year or for any future periods.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">The interim condensed financial statements have been prepared in accordance with IAS 34 &#8220;Interim Financial Reporting&#8221; as issued by the International Accounting Standards Board (&#8220;IASB&#8221;).</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">The interim condensed financial statements have been prepared on a historical cost basis, except for derivative financial instruments that have been measured at fair value. The accounting policies that have been followed in these interim condensed financial statements are the same as presented in the 2017 audited consolidated financial statements.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">These interim condensed consolidated financial statements have been prepared on a going concern basis.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><u>Application of new and revised International Financial Reporting Standards (&#8220;IFRSs&#8221;)</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">New and revised IFRSs, and interpretations mandatory for the first time for the financial year beginning January 1, 2018 are listed below. With the exception of IFRS 15, the adoption did not have any effect on the financial statements:</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">IFRS 9 Financial Instruments</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">IFRS 15 Revenue from Contracts with Customers</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Amendments to IFRS 2 Classification and Measurement of Share-based Payment Transactions</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Annual Improvements to IFRS Standards 2014-2016 Cycle</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">IFRIC 22 Foreign Currency Transactions and Advance Consideration</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><u>Adoption of IFRS 15 Revenue from Contracts with Customers</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Effective from January 1, 2018, we adopted the new accounting standard IFRS 15 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Revenue from Contracts with Customers</font> using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of accumulated deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">For vessels operating on spot charterers, voyage revenues are, under the new revenue standard, recognized ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. Voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port if they qualify as fulfillment costs under IFRS 15. To recognize costs incurred to fulfil a contract as an asset, the following criteria shall be met: (i) the costs relate directly to the contract, (ii)&#160;the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered. Reference is also made to note 2 in the Annual Report on Form 20-F for 2017.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
 &#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">11</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>
</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Time charters continue to be accounted as operating leases in accordance with IAS 17 and related interpretations and the implementation of the new revenue standard therefore did not have an effect on income recognition from such contracts.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">The cumulative effect of the adjustments made to our condensed consolidated statement of financial position at January 1, 2018 from the adoption of IFRS 15 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Revenue from Contracts with Customers</font> was as follows:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z10516987acc140fb9795b3bca8aa3d37" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 75%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" align="left" border="0">
<tr>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Balance at</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Adjustments</div>
</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #666666 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25"><font style="COLOR: #ffffff">Balance at</font>t</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; COLOR: #ffffff; BORDER-BOTTOM-COLOR: ; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">$ in thousands</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">December 31, 2017</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">due to IFRS 15</div>
</td>
<td style="BORDER-RIGHT: #666666 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">January 1, 2018</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">ASSETS</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Accounts receivable and accrued revenues</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;42,212</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(7,437)</div>
</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;34,775</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Capitalized voyage expenses</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,888</div>
</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,888</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">LIABILITIES</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Accounts payable and accrued expenses</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,427</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(815)</div>
</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16,613</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">EQUITY</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Accumulated deficit</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(222,087)</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4,734)</div>
</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(226,821)</div>
</td>
</tr>
</table>
</div>
</div>

<div style="CLEAR: both">&#160;</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">The impact of the adoption of IFRS 15 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Revenues from Contracts with Customers</font> on our condensed consolidated statement of financial position, condensed consolidated income statement and condensed consolidated statement of cash flow for the three-month period ending March 31, 2018 were as follows:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z0cb6b8d86a194630a2659cffff85a6e9" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 75%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" align="left" border="0">
<tr>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #666666 2px solid; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Balance at March 31, 2018&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Adjustments</div>
</td>
<td style="BORDER-RIGHT: #666666 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Balance without</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; COLOR: #ffffff; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">$ in thousands</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">As reported</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">due to IFRS 15</div>
</td>
<td style="BORDER-RIGHT: #666666 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">adoption of IFRS 15</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">ASSETS</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Accounts receivable and accrued revenues</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;35,286</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,694</div>
</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;38,980</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Capitalized voyage expenses</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,291</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,291)</div>
</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">LIABILITIES</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Accounts payable and accrued expenses</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,519</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;384</div>
</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,903</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">EQUITY</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Accumulated deficit</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(238,906)</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,019</div>
</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(236,887)</div>
</td>
</tr>
</table>
</div>
</div>

<div style="CLEAR: both">&#160;</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">CONDENSED CONSOLIDATED INCOME STATEMENT</div>

<div>
<table id="z634ff97f59184d6aab01e3ab0834a364" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 75%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" align="left" border="0">
<tr>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #666666 2px solid; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">For the period ended March 31, 2018</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Adjustments</div>
</td>
<td style="BORDER-RIGHT: #666666 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Balance without</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; COLOR: #ffffff; BORDER-BOTTOM-COLOR: ; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">$ in thousands</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">As reported</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">due to IFRS 15</div>
</td>
<td style="BORDER-RIGHT: #666666 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">adoption of IFRS 15</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Shipping revenues</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;79,911</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,743)</div>
</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;76,168</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Voyage expenses</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(33,721)</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,028</div>
</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(32,693)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net income/(loss) after tax</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,213)</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,715)</div>
</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(11,928)</div>
</td>
</tr>
</table>
</div>

<div style="CLEAR: both">&#160;</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z1b60a8809432455190845cc8784a2406" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 75%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" align="left" border="0">
<tr>
<td style="BORDER-TOP: #666666 2px solid; WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="BORDER-TOP: #666666 2px solid; BORDER-RIGHT: #666666 2px solid; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">For the period ended March 31, 2018</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #153153">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Adjustments</div>
</td>
<td style="BORDER-RIGHT: #666666 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Balance without</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; COLOR: #ffffff; BORDER-BOTTOM-COLOR: ; BORDER-LEFT: #666666 2px solid; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">$ in thousands</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">As reported</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">due to IFRS 15</div>
</td>
<td style="BORDER-RIGHT: #666666 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #153153">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">adoption of IFRS 15</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net income / (loss)</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,213)</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,715)</div>
</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(11,928)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Accounts receivable and accrued revenues</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(511)</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,743</div>
</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,232</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Capitalized voyage expenses</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;597</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(597)</div>
</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Accounts payable and accrued expenses</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;907</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(431)</div>
</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;476</div>
</td>
</tr>

<tr>
<td style="WIDTH: 39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #666666 2px solid; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net cash provided by operating activities</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,375</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
<td style="BORDER-RIGHT: #808080 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,375</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; CLEAR: both; LINE-HEIGHT: 1.25">&#160;</div>
</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">12</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port and amortized between load port and discharge port. The closing balance of assets recognized from the costs to obtain or fulfil a contract was $1.3 million as per March 31, 2018. During first quarter of 2018, $1.0 million was amortized and no impairment losses were recognized in the period.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">IFRS 15 requires disclosure on the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period and an explanation of when an entity expects to recognize these amounts as revenue. We have applied the practical expedient related to performance obligation with reference to IFRS 15:121 (a), as the original expected duration of the underlying contract is one year or less. Consequently, no disclosure is presented in the notes to the interim condensed consolidated financial statements.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">According to IFRS 15:114 an entity shall disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. DHT&#8217;s business is to operate a fleet of crude oil tankers and management has organized the entity as one segment based upon on the service provided. Consequently, the Company does not disaggregate revenue recognized from contracts with customers.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
 &#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Note 3 &#8211; Segment reporting</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Since DHT&#8217;s business is limited to operating a fleet of crude oil tankers, management has organized the entity as one segment based upon the service provided. Consequently, the Company has one operating segment as defined in IFRS 8, Operating Segments.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">As of March 31, 2018, the Company had 25 vessels in operation; 7 vessels were on time charters and 18 vessels operating in the spot market.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><u>Information about major customers:</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">For the period from January 1, 2018 to March 31, 2018 five customers represented $11.5 million, $10.8 million, $7.2 million, $6.5 million and $5.8 million, respectively, of the Company&#8217;s revenues.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">For the period from January 1, 2017 to March 31, 2017 five customers represented $13.8 million, $10.5 million, $10.0 million, $7.7 million and $6.1 million, respectively, of the Company&#8217;s revenues.</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">13</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
<font style="FONT-FAMILY: Arial; FONT-WEIGHT: bold">Note 4 &#8211; Interest bearing debt</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">As of March 31, 2018, DHT had interest bearing debt totaling $764.4 million (including the </font>$105.8 million convertible senior notes)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">.</font></div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>
</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Scheduled debt repayments (USD million) and margin above Libor</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">
<div style="LINE-HEIGHT: 1.25">
<table id="z647c131412a84d8caf9ed1eaff10a960" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 90%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: #808080 2px solid; WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-TOP: #808080 2px solid; WIDTH: 6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Margin</div>
</td>
<td style="BORDER-TOP: #808080 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Q2</div>
</td>
<td style="BORDER-TOP: #808080 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Q3-Q4</div>
</td>
<td style="BORDER-TOP: #808080 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-TOP: #808080 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-TOP: #808080 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-TOP: #808080 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; FONT-STYLE: italic; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">$ in thousands</div>
</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">above</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Libor</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">2018</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">2018</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">2019</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">2020</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">2021</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Thereafter</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">ABN Amro Credit Facility *</div>
</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">2.60%</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,283</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,941</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,882</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,882</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;96,371</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;118,360</div>
</td>
</tr>

<tr style="HEIGHT: 19px">
<td style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Nordea Samco Credit Facility</div>
</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">2.50%</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,008</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;10,015</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;200,177</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;215,199</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Credit Agricole Credit Facility</div>
</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">2.19%</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,649</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,299</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,597</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,597</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,597</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;42,925</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;67,665</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Danish Ship Finance Credit Facility</div>
</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">2.25%</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,300</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,300</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,600</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;39,000</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;44,200</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Nordea/DNB Credit Facility</div>
</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">2.25%</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;625</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,250</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,500</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;40,000</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;44,375</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Nordea/DNB Credit Facility</div>
</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">2.75%</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;434</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;869</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,251</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,554</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Nordea BW VLCC Acquisition Credit Facility</div>
</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">2.40%</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,200</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,400</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16,800</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16,800</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16,800</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;109,483</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;172,483</div>
</td>
</tr>

<tr style="HEIGHT: 20px">
<td style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">ABN Amro Revolving Credit Facility **</div>
</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">2.50%</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Convertible Senior Notes</div>
</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;105,826</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;105,826</div>
</td>
</tr>

<tr style="HEIGHT: 19px">
<td style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total</div>
</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;15,499</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;29,073</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;350,634</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;110,280</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;119,769</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;152,408</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;777,663</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Unamortized upfront fees bank loans</div>
</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(6,695)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Difference amortized cost/notional amount convertible note&#160;</div>
</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #333333 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font>(6,523)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; BORDER-LEFT: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total interest bearing debt</div>
</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; BORDER-LEFT-COLOR: #808080">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; BORDER-LEFT-COLOR: #808080; BORDER-RIGHT-COLOR: #808080">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; BORDER-LEFT-COLOR: #808080; BORDER-RIGHT-COLOR: #808080">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; BORDER-LEFT-COLOR: #808080; BORDER-RIGHT-COLOR: #808080">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; BORDER-LEFT-COLOR: #808080; BORDER-RIGHT-COLOR: #808080">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; BORDER-LEFT-COLOR: #808080; BORDER-RIGHT-COLOR: #808080">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;764,444</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">*In addition to the scheduled installments under the ABN Amro/Nordea/DVB credit facility we are, through the first quarter 2020, required to pay quarterly installments equal to free cash flow during the preceding quarter, capped at $0.3 million per borrower per quarter. <font style="FONT-FAMILY: Arial; COLOR: #000000">Free cash flow is defined as an amount calculated as of the last day of each quarter equal to the positive difference, if any, between&#160;(a) the sum of the earnings of the vessels during the quarter and (b) the sum of ship operating expenses, voyage expenses, estimated capital expenses for the following two quarters, general &amp; administrative expenses, interest expenses and change in working capital.</font></div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">**$43.4 mill. available as of March 31, 2018.&#160; Quarterly reduction of $1.3 million.</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">14</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
<u style="FONT-FAMILY: Arial; FONT-WEIGHT: bold">ABN Amro Credit Facility</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">In July 2014 we entered into a credit facility with ABN Amro, Nordea and DVB as lenders and DHT Holdings, Inc. as guarantor for the financing of three VLCC newbuildings.&#160; Borrowings bear interest at a rate equal to Libor + 2.60% and the loan is repayable in quarterly installments of $2.0 million through Q3 2021 and a final payment of $91.2 with the last installment. In addition to the scheduled instalments, each borrower shall the first three years make additional repayments of a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">variable amount equal to free cash flow in the prior quarter capped at $0.3 million per quarter to be applied against the balloon. Free cash flow is defined as an amount calculated as of the last day of each quarter equal to the positive difference, if any, between (a) the sum of the earnings of the vessels during the quarter and (b) the sum of ship operating expenses, voyage expenses, estimated capital expenses for the following two quarters, general &amp; administrative expenses, interest expenses and change in working capital.</font></div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">The credit facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings. Also, DHT covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain:</div>

<table id="zc929a532c9dd435194fdc6d4f1a3e176" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#9679;</div>
</td>
<td style="WIDTH: 94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Value <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">adjusted* tangible net worth of $300 million</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">&#9679;</font></div>
</td>
<td style="WIDTH: 94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">&#9679;</font></div>
</td>
<td style="WIDTH: 94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">Unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt</font></div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">* Value adjusted defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company&#8217;s vessels (as determined quarterly by an approved broker).</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><u>Nordea Samco Credit Facility</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">The credit facility is guaranteed by DHT Holdings, Inc., borrowings bear interest at a rate equal to Libor + 2.50% and are repayable in quarterly installments of $5.0 million with a final payment of $180.2 in December 2019. The credit facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings. Also, DHT covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain:</div>

<table id="z505b26cd3a394c53b81a001703b08b41" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#9679;</div>
</td>
<td style="WIDTH: 94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Value <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">adjusted* tangible net worth of $300 million</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">&#9679;</font></div>
</td>
<td style="WIDTH: 94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">&#9679;</font></div>
</td>
<td style="WIDTH: 94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">Unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt</font></div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">*</font> Value adjusted defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company&#8217;s vessels (as determined quarterly by an approved broker).</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><u>Credit Agricole Credit Facility</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">In June 2015 Samco Gamma Ltd and DHT Tiger Limited entered into a credit agreement with Credit Agricole for the financing of the Samco Scandinavia and the newbuilding DHT Tiger that was delivered in January 2017.&#160; In June 2016 we made a voluntary prepayment of $5.0 million and the financing of the Samco Scandinavia is repayable with 30 quarterly installments of $0.97 million each. The $48.7million financing of DHT Tiger was drawn in 2016 in advance of the delivery of the DHT Tiger which took place in January 2017 and is </font>repayable in quarterly installments of $0.7 million with a final payment of $29.7 in December 2023<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">.&#160; The loan bears interest at Libor plus a margin of 2.1875%.&#160; </font>The credit agreement is guaranteed by DHT and contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings. Also, DHT covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain:</div>

<table id="zf9773d5fddef4e769ce12b00639f8660" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#9679;</div>
</td>
<td style="WIDTH: 94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Value <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">adjusted* tangible net worth of $200 million</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">&#9679;</font></div>
</td>
<td style="WIDTH: 94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">&#9679;</font></div>
</td>
<td style="WIDTH: 94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">Unencumbered consolidated cash of at least the higher of (i) $20 million and (ii) 6% of our gross interest bearing debt</font></div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">*</font> Value adjusted defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company&#8217;s vessels (as determined quarterly by an approved broker).</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">15</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><u>Danish Ship Finance Credit Facility</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">In November 2014 we entered into a credit facility totaling $49.4 million with Danish Ship Finance (&#8220;DSF&#8221;) as lender and DHT Holdings, Inc. as guarantor for the financing of the VLCC newbuilding DHT Jaguar delivered in Q4 2015.&#160; The full amount of the credit facility was drawn in November 2015.&#160; Borrowings bear interest at a rate equal to Libor + 2.25% and are repayable in 10 semiannual installments of $1.3 million each from May 2016 to November 2020 and a final payment of $36.4 million in November 2020. The credit facility contains a covenant requiring that at all times the charter-free market value of the vessel that secure the credit facility be no less than 130% of borrowings. Also, DHT covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain:</div>

<table id="z3122cb47f60d4895bcd152d1c1933ac5" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#9679;</div>
</td>
<td style="WIDTH: 94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Value <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">adjusted* tangible net worth of $300 million</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">&#9679;</font></div>
</td>
<td style="WIDTH: 94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">&#9679;</font></div>
</td>
<td style="WIDTH: 94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">Unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt</font></div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">*</font> Value adjusted defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company&#8217;s vessels (as determined quarterly by an approved broker).</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><u>Nordea/DNB Credit Facility</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">In October 2015 we entered into a credit facility totaling $50.0 million with Nordea and DNB as lenders and DHT Holdings, Inc. as guarantor for the financing of the VLCC newbuilding DHT Leopard delivered in Q1 2016.&#160; The full amount of the credit facility was drawn on December 29, 2015 in advance of the delivery of the DHT Leopard on January 4, 2016.&#160; Borrowings bear interest at a rate equal to Libor + 2.25% and are repayable in 20 quarterly installments of $0.625 million from March 2016 to December 2020 and a final payment of $37.5 million in December 2020. In September 2016, the four vessels financed by RBS (DHT Ann, DHT Chris, DHT Cathy and DHT Sophie) were included in the credit facility as a separate tranche totaling $40.0 million.&#160; Borrowings under the $40.0 million tranche bear interest at a rate equal to Libor + 2.75% and are repayable in 11 quarterly installments of $2.1 million from December 2016 to June 2019 and a final payment of $17.3 million in August 2019. Subsequent to the sale of DHT Chris which was delivered to the buyers in January 2017 and the sale of the DHT Ann which was delivered to the buyers in May 2017, the separate tranche is repayable in quarterly installments of $0.4 million and a final payment of $6.9 million in August 2019. The credit facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings. Also, DHT covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain:</div>

<table id="zec41c78739d94bbc831aae90992f025a" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#9679;</div>
</td>
<td style="WIDTH: 94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Value <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">adjusted* tangible net worth of $300 million</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">&#9679;</font></div>
</td>
<td style="WIDTH: 94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">&#9679;</font></div>
</td>
<td style="WIDTH: 94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">Unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt</font></div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">*</font> Value adjusted defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company&#8217;s vessels (as determined quarterly by an approved broker).</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><u>Nordea BW VLCC Acquisition Credit Facility</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">$204 million of the $300 million credit facility was borrowed during the second quarter of 2017 in connection with delivery of the nine VLCCs in water from BW.&#160; The final $96 million is expected to be borrowed in connection with the delivery of the two VLCC newbuildings from DSME in the second quarter of 2018.&#160; The credit facility is guaranteed by DHT Holdings, Inc., borrowings bear interest at a rate equal to Libor + 2.40%. Subsequent to the sale of the DHT Utah and DHT Utik, the current outstanding is repayable in quarterly installments of $4.2 million with a final payment of $84.3 million in the second quarter of 2023. When the facility is fully drawn, the quarterly installments will be $5.4 million with a final payment of $156.3 million in the second quarter of 2023. The credit facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings. Also, DHT covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain:</div>

<table id="z50ce0b0ea0064ff6971a5a0da7748c25" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#9679;</div>
</td>
<td style="WIDTH: 94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Value <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">adjusted* tangible net worth of $300 million</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">&#9679;</font></div>
</td>
<td style="WIDTH: 94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">&#9679;</font></div>
</td>
<td style="WIDTH: 94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">Unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt</font></div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">*</font> Value adjusted defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company&#8217;s vessels (as determined quarterly by an approved broker).</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">16</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><u>ABN Amro Revolving Credit Facility</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">In November 2016, we entered into a secured five year revolving credit facility with ABN Amro totaling $50.0 million to be used for general corporate purposes, including security repurchases and the acquisition of ships. The financing bears interest at a rate equal to Libor + 2.50%.&#160; Availability under the facility is reduced by $1.3 million quarterly. The credit facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings. Also, DHT covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain:</div>

<table id="z247757ee20dd4f2595a71819d0b103bd" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#9679;</div>
</td>
<td style="WIDTH: 94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Value <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">adjusted* tangible net worth of $300 million</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">&#9679;</font></div>
</td>
<td style="WIDTH: 94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">&#9679;</font></div>
</td>
<td style="WIDTH: 94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">Unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt</font></div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">*</font>Value adjusted defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company&#8217;s vessels (as determined quarterly by an approved broker).</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><u>Convertible Senior Notes</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">In February 2016 we </font>repurchased $3.0 million of the convertible senior notes in the open market at a price of 99% of par and in April 2016 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">we </font>repurchased $1.0 million of the convertible senior notes in the open market at a price of 99% of par<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">.&#160; During the fourth quarter of 2016 we </font>repurchased $23.0 million of the convertible senior notes in the open market at an average price of 90.4% of par.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">&#160; During the first quarter of 2017 we </font>repurchased $5.0 million of the convertible senior notes in the open market at a price of 100.4% of par. <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">During the second quarter of 2017 we </font>repurchased $12.2 million of the convertible senior notes in the open market at a price of 98.4% of par.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><u>Interest rate swaps</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">As of March 31, 2018, DHT has three interest rate swaps totaling $73.5 million with maturity in the second quarter of 2018.&#160; The fixed interest rates range from 2.86% to 3.57%.&#160; As of March 31, 2018, the fair value of the derivative financial liability related to the swaps amounted to $0.2 million.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><u>Covenant compliance</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">As of the date of our most recent compliance certificates submitted to the banks, we are in compliance with our financial covenants.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
 &#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Note 5 &#8211; Vessels</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">The carrying values of our vessels may not represent their fair market value at any point in time since the market prices of second-hand vessels tend to fluctuate with changes in charter rates and the cost of constructing new vessels. Historically, both charter rates and vessel values have been cyclical. The carrying amounts of vessels held and used by us are reviewed for potential impairment or reversal of prior impairment charges whenever events or changes in circumstances indicate that the carrying amount of a particular vessel may not accurately reflect the recoverable amount of a particular vessel. The Company is of the view that there were no events or changes in circumstances indicating that the carrying amount of a particular vessel may not accurately reflect the recoverable amount of a particular vessel as of March 31, 2018.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25">
<table id="zb06ae4908cc3478ba22c98fcdf0e0e09" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 16px">
<td style="WIDTH: 37%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Cost of Vessels</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">&#160;</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 36.79%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Depreciation, impairment and amortization*</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">$ in thousands</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">&#160;</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 36.79%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">$ in thousands</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">At January 1, 2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">1,810,158</div>
</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 36.79%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">At January 1, 2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">366,012</div>
</td>
</tr>

<tr>
<td style="WIDTH: 37%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Additions</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">1,715</div>
</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 36.79%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Depreciation and amortization</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">23,600</div>
</td>
</tr>

<tr>
<td style="WIDTH: 37%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Retirement **</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">(1,244)</div>
</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 36.79%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Retirement **</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">(1,244)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 37%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; BORDER-TOP-WIDTH: 2px; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">At March 31, 2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">1,810,629</div>
</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 36.79%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; BORDER-TOP-WIDTH: 2px; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">At March 31, 2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">388,368</div>
</td>
</tr>
</table>

<br style="LINE-HEIGHT: 1.25">
<table id="z89a2fc51c5784abca7622251c838ef8b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 47%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" align="left" border="0">
<tr>
<td style="WIDTH: 37%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Carrying Amount</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">$ in thousands</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">At January 1, 2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">1,444,146</div>
</td>
</tr>

<tr>
<td style="WIDTH: 37%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; BORDER-TOP-WIDTH: 2px; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">At March 31, 2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">1,422,261</div>
</td>
</tr>
</table>
</div>
</div>

<div style="CLEAR: both; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">*Accumulated numbers</div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">**Relates to completed depreciation of drydocking for DHT Sophie.</div>
</div>

<div style="CLEAR: both; LINE-HEIGHT: 1.25">&#160;</div>

<div style="CLEAR: both; LINE-HEIGHT: 1.25">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">17</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>

<div style="CLEAR: both; LINE-HEIGHT: 1.25">&#160;</div>
</div>
</div>
</div>

<div style="LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff"><u>Vessels under construction</u></font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">We have entered into agreements with HHI for the construction of two VLCCs with a contract price of $82.4 million each (including scrubbers). As of March 31, 2018 we have paid pre-delivery installments totaling $49.4 million for the two newbuildings to be delivered in 2018. Borrowing costs are capitalized as part of vessels under construction.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">In connection with the acquisition of BW Group&#8217;s VLCC fleet, DHT novated the agreement with the shipbuilder Daewoo Shipbuilding &amp; Marine Engineering Co., Ltd for the construction of two VLCCs. First and second installments were already paid by BW Group and the agreed purchase price was $29.9 million each. As of March 31, 2018 we have paid pre-delivery installments totaling $17.4 million for the two newbuildings to be delivered in 2018. Borrowing costs are capitalized as part of vessels under construction.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25">
<table id="z145a25bd88114e3a811c7e6ed124e03e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 80%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Cost of vessels under construction</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">$ in thousands</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 55%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">At January 1, 2018</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">114,759</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Additions</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">17,479</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; BORDER-TOP-WIDTH: 2px; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">At March 31, 2018</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; BORDER-TOP-WIDTH: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">132,237</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Carrying Amount</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">$ in thousands</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">&#160;</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="WIDTH: 55%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">At January 1, 2018</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">114,759</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; BORDER-TOP-WIDTH: 2px; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">At March 31, 2018</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #808080 2px solid; PADDING-BOTTOM: 2px; BORDER-TOP-WIDTH: 2px; BACKGROUND-COLOR: #bfbfbf">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">132,237</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #ffffff">The following table is a timeline of future expected payments and dates relating to vessels under construction as of March 31, 2018:</font></div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<table id="zf84b64d5b88543ae815d3c4ab6428987" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 80%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" align="left" border="0">
<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-WIDTH: 2px; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Vessels under construction</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">$ in thousands</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-WIDTH: 2px; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">March 31, 2018</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-WIDTH: 2px; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">January 1, 2018</div>
</td>
</tr>

<tr style="HEIGHT: 20px">
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Not later than one year</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">202,094</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">218,565</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Later than one year and not later than three years</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">-</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">-</div>
</td>
</tr>

<tr style="HEIGHT: 20px">
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Later than three years and not later than five years</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">-</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">202,094</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">218,565</div>
</td>
</tr>
</table>

<div style="CLEAR: both; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
 &#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">18</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Note 6 &#8211; Equity and Convertible Bond Offerings</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><u>Convertible Senior Note Offering</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">On September 16, 2014 we completed a private placement of $150 million aggregate principal amount of convertible senior notes due 2019 (the "Notes"). DHT will pay interest at a fixed rate of 4.5% per annum, payable semiannually in arrears. Net proceeds to DHT were approximately $145.9 million after the payment of placement agent fees. The value of the conversion right has been estimated to $21.8 million; hence $21.8 million of the aggregate principal amount of $150.0 million was classified as equity. The Notes will be convertible into common stock of DHT at any time after placement until one business day prior to their maturity. The initial conversion price was $8.125 per share of common stock (equivalent to 18,461,538 shares of common stock), and is subject to customary anti-dilution adjustments. As a result of the cumulative effect of previously announced cash dividends, the conversion price was adjusted to $6.3282 effective November 27, 2017. Based on the adjusted conversion price and after adjusting for the repurchase of $44.2 million of the convertible senior notes in the open market at an average price of 94.5% of par, the total number of shares to be issued would be 16,722,923.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">We have concluded that the adjustment of the conversion rate upon the payment of cash dividends does not result in an accounting entry as the liability and equity components of the instrument are not re-measured as a result of the cash dividend. This is based on the fact that we have determined that the Notes are non-derivative financial instruments that contain both liability and equity components. The financial liability is the contractual obligation to make interest and principal payments and the equity component is the right of the holders of the Notes to convert the Notes into a fixed number of the Company&#8217;s common shares. In accordance with IAS 32, the liability component was measured first and is recorded at its amortized cost over the life of the instrument. The equity component was assigned the residual amount after deducting the amount separately determined for the liability component. The equity component was recorded as part of additional paid-in capital and is never re-measured.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">The determination that the conversion feature is an equity instrument (rather than a derivative liability accounted for under IAS 39) was made on the basis that there is no variability in the number of equity instruments delivered upon conversion (i.e. the exchange meets the &#8220;fixed for fixed&#8221; requirements set forth under IAS 32). In making the determination, the Company considered that the Notes contain a mechanism whereby the conversion rate of the Notes is adjusted for cash dividends paid by the Company. Although this adjustment results in variability in the number of common shares delivered, the fact that this variability serves to maintain the relative economic rights of the holders of the Notes results in no violation of the &#8220;fixed for fixed&#8221; requirement.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>
</div>
</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">19</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Note 7 &#8211; Stockholders equity and dividend payment</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
<table id="z703af98dca054322bddbbbcaad725481" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 80%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #002060">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Common stock</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #002060">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #002060">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; COLOR: #ffffff; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Preferred stock</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Issued at March 31, 2018</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">143,572,543</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Shares to be issued assuming conversion of</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;&#160;&#160;convertible notes*</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">20,904,879</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Numbers of shares authorized for issue</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;&#160;&#160;at March 31, 2018</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;250,000,000</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,000,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Par value</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">$ 0.01</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">$ 0.01</div>
</td>
</tr>
</table>
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 45pt">*assuming the maximum Fundamental Change conversion rate.</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><u>Common stock:</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><u>Preferred stock:</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">In the first quarter 2017, the board established two series of preferred stock: Series C Preferred Stock and Series D Preferred Stock, the terms of which are detailed in Current Reports on Form 6-K dated January 30, 2017 and March 24, 2017, respectively. &#160;As of March 31, 2018, no shares of Series C Preferred Stock or Series D Preferred Stock were outstanding. &#160; Terms and rights of any other preferred shares will be established by the board when or if such shares would be issued. &#160;</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><u>Dividend payment</u></div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Dividend payment as of March 31, 2018:</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
<div>
<table id="z270ac753c8d0437b99fedb2e68e8c35d" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 80%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" align="left" border="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Payment date</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total Payment</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Per common share</div>
</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">February 28, 2018</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$2.9 million</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$0.02</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #808080 2px solid; BACKGROUND-COLOR: #d4d4d4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total payment as per March 31, 2018</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$2.9 million</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #808080 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$0.02</div>
</td>
</tr>
</table>
</div>

<div style="FONT-FAMILY: Arial; CLEAR: both">&#160;</div>

<div style="FONT-FAMILY: Arial">Dividend payment as of December 31, 2017:</div>

<div>&#160;</div>
</div>

<div style="CLEAR: both; LINE-HEIGHT: 1.25">
<table id="z491e307131244c1ebb93b5252ab4c010" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 80%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" align="left" border="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Payment date</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Total Payment</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #002060">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Per common share</div>
</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dbdbdb">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">December 6, 2017</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$2.8 million</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$0.02</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dbdbdb">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">August 31, 2017</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$2.8 million</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$0.02</div>
</td>
</tr>

<tr style="HEIGHT: 20px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dbdbdb">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">May 31, 2017</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$10.1 million</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$0.08</div>
</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="FONT-FAMILY: Arial; WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #808080 2px solid; BACKGROUND-COLOR: #dbdbdb">February 22, 2017</td>
<td style="FONT-FAMILY: Arial; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #808080 2px solid; TEXT-ALIGN: center">$7.6 million</td>
<td style="FONT-FAMILY: Arial; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #808080 2px solid; TEXT-ALIGN: center">$0.08</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #808080 2px solid; BACKGROUND-COLOR: #dbdbdb">&#160;<font style="FONT-FAMILY: Arial; FONT-WEIGHT: bold">Total payment as per December 31, 2017</font></td>
<td style="FONT-FAMILY: Arial; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #808080 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center">$23.3 million</td>
<td style="FONT-FAMILY: Arial; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #808080 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center">$0.20</td>
</tr>
</table>
</div>
</div>

<div style="CLEAR: both; LINE-HEIGHT: 1.25">&#160;</div>

<div style="CLEAR: both; LINE-HEIGHT: 1.25">&#160;</div>

<div style="CLEAR: both; LINE-HEIGHT: 1.25">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">20</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>
</div>

<div style="CLEAR: both; LINE-HEIGHT: 1.25">&#160;</div>

<div style="CLEAR: both; LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Note 8 &#8211; Accounts receivable and accrued revenues</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Accounts receivable and accrued revenues totaling $35.3 million as of March 31, 2018 consists mainly of accounts receivable with no material amounts overdue.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
 &#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Note 9 - Financial risk management, objectives and policies</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Note 9 in the 2017 annual report on Form 20-F provides for details of financial risk management objectives and policies.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">The Company&#8217;s principal financial liability consists of long-term debt with the main purpose being to partly finance the Company&#8217;s assets and operations. The Company&#8217;s financial assets mainly comprise cash. The Company is exposed to market risk, credit risk and liquidity risk. The Company&#8217;s senior management oversees the management of these risks.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
 &#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Note 10 &#8211; Subsequent Events</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">On May 4, 2018 the Board approved a dividend of $0.02 per common share related to the first quarter 2018 to be paid on May 30, 2018 for shareholders of record as of May 21, 2018.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">On April 27, 2018 the Company took delivery of the first of its two VLCC newbuildings from DSME.&#160; The vessel is named the DHT Stallion.&#160; A total of $48 million of debt was drawn in connection with the delivery.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">On April 24, 2018 the Company entered into a $485 million secured credit facility agreement with a six year tenor for the refinancing of 13 of the Company&#8217;s VLCCs. The new credit facility will bear interest at a rate equal to Libor + 2.40% and will have a 20-year repayment profile.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">On April 24, 2018, the Company entered into an agreement with ABN Amro to increase the Company&#8217;s revolving credit facility to $57.0 million from the current availability of $43.4 million.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>
</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">21</font></div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>ex10-1.htm
<DESCRIPTION>SENIOR SECURED TERM LOAN FACILITIES AND REVOLVING CREDIT
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: cravath, swaine & moore llp
    Document created using EDGARfilings PROfile 4.4.0.0
    Copyright 1995 - 2018 Broadridge-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" text="#000000" bgcolor="#ffffff">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">Exhibit 10.1</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><img style="HEIGHT: 57px; WIDTH: 206px" border="0" src="image00004.jpg"></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">DATED 24 April 2018</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Up to USD 485,000,000</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SENIOR SECURED TERM LOAN FACILITIES AND REVOLVING CREDIT</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">for</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">the companies</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">listed in Schedule 1B hereto as joint and several borrowers</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">with</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">DHT Holdings, Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">as Guarantor</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">arranged by</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">ABN AMRO Bank N.V. Oslo Branch,</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Nordea Bank AB (Publ), filial i Norge</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">ING Bank, a branch of ING&#8211;DiBa AG</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">DNB Bank ASA,</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Credit Agricole Corporate and Investment Bank,</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">as Bookrunners</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">ABN AMRO Bank N.V. Oslo Branch,</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Nordea Bank AB (Publ), filial i Norge</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">ING Bank, a branch of ING&#8211;DiBa AG</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">DNB Bank ASA,</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Credit Agricole Corporate and Investment Bank,</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Danish Ship Finance A/S,</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Skandinaviska Enskilda Banken AB</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">as Mandated Lead Arrangers</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">with</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">ABN AMRO Bank N.V.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font> as Agent and Security Agent</div>

<div><br>
 &#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 2 of 126</font></div>
</div>
</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">TABLE OF CONTENTS</div>

<div><br>
</div>

<table id="z895b6486df8540f5a3756219b05a52ac" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 14px">
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Clause</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;<font style="FONT-WEIGHT: bold">Page</font></td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; WORD-SPACING: 0px; LETTER-SPACING: 0px; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; WORD-SPACING: 0px; LETTER-SPACING: 0px; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; WORD-SPACING: 0px; LETTER-SPACING: 0px; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">1.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">DEFINITIONS AND INTERPRETATION</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">9</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">1.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Definitions</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">9</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">1.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Construction</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">25</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">2.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">THE FACILITIES</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">26</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">2.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">The Facilities</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">26</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">2.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Finance Parties&#8217; rights and obligations</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">26</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">2.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Borrowers&#8217; liabilities and obligations</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">27</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">2.4</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Financial Agreements Act</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">27</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">3.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">PURPOSE</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">28</div>
</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">3.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Purpose</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">28</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">3.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Monitoring</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">29</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">4.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">CONDITIONS OF UTILISATION</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">29</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">4.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Initial conditions precedent</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">29</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">4.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Further conditions precedent</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">29</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">4.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Maximum number of Loans</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">29</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">4.4</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Form and content</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">30</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">4.5</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Waiver of conditions precedent</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">30</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">5.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">UTILISATION</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">31</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">5.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Delivery of a Utilisation Request</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">31</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">5.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Completion of a Utilisation Request</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">31</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">5.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Currency and amount</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">31</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">5.4</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Lenders&#8217; participation</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">31</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">5.5</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Cancellation of Commitments</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">31</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">6.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">REPAYMENT</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">33</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">6.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Repayment of Loans</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">33</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">6.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Re-borrowing</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">33</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">7.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">PREPAYMENT AND CANCELLATION</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">34</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">7.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Voluntary cancellation</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">34</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">7.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Voluntary prepayment of Loans</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">34</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">7.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Illegality</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">34</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">7.4</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Total Loss or sale of a Vessel</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">34</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">7.5</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Market Value</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">35</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">7.6</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Change of Control</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">35</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">7.7</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Right of replacement or repayment and cancellation in relation to a single Lender</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">35</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">7.8</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Restrictions</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">36</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">8.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">INTEREST</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">37</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">8.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Calculation of interest</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">37</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">8.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Payment of interest</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">37</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">8.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Default interest</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">37</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">8.4</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Notification of rates of interest</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">38</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">9.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">INTEREST PERIODS</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">38</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">9.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Selection of Interest Periods</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">38</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">9.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Non-Business Days</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">38</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">10.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">CHANGES TO THE CALCULATION OF INTEREST</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">38</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">10.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Obligation of Reference Banks to quote</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">38</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">10.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Quotations by Reference Bank</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">38</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">10.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Market disruption</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">39</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">10.4</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Notification of market disruption</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">39</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 3 of 126</font><br>
</div>
</div>

<table id="zbd043e46bd0d4bdba32706b7713c9251" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">10.5</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Suspension of Utilisation</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">39</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">10.6</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Negotiation of alternative rate of interest</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">39</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">10.7</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Application of agreed alternative rate of interest</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">39</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">10.8</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Alternative rate of interest in absence of agreement</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">39</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">10.9</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Notice of prepayment</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">40</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">10.10</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Prepayment</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">40</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">10.11</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Break Costs</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">40</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">11.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">FEES</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">40</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">11.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Commitment fee</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">40</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">11.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Arrangement Fee</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">40</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">11.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Agency Fee</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">40</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">12.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">TAX GROSS UP AND INDEMNITIES</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">41</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">12.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Definitions</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">41</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">12.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Tax gross-up</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">41</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">12.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Tax indemnity</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">41</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">12.4</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Tax Credit</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">42</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">12.5</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Stamp taxes</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">42</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">12.6</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">VAT</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">42</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">12.7</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">FATCA Information</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">43</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">12.8</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">FATCA Deduction</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">44</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">12.9</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Secured Hedging Agreements</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">44</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">13.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">INCREASED COSTS</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">44</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">13.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Increased costs</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">44</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">13.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Increased cost claims</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">45</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">13.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Exceptions</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">45</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">14.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">OTHER INDEMNITIES</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">45</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">14.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Currency indemnity</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">45</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">14.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Other indemnities</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">46</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">14.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Indemnity to the Agent and Security Agent</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">46</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">15.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">MITIGATION BY THE LENDERS</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">47</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">15.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Mitigation</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">47</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">15.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Limitation of liability</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">47</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">16.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">COSTS AND EXPENSES</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">47</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">16.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Transaction expenses</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">47</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">16.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Amendment and enforcement costs</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">47</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">17.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">SECURITY</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">49</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">17.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Security</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">49</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">17.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Perfection etc.</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">49</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">17.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Further assignment of Earnings, Charterparty and Intra Group Loans</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">49</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">17.4</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Security &#8211; Secured Hedging Agreement</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">50</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">17.5</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Parallel Debt</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">50</div>
</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">18.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">GUARANTEE AND INDEMNITY</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">51</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">18.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Guarantee and indemnity</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">51</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">18.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Continuing guarantee</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">51</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">18.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Reinstatement</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">51</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">18.4</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Waiver of defences</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">52</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">18.5</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Immediate recourse</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">52</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">18.6</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Appropriations</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">52</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">18.7</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Deferral of the Guarantor&#8217;s rights</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">53</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">18.8</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Additional security</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">53</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">18.9</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Norwegian Financial Agreements Act</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">53</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">18.10</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Guarantee Limitations</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">54</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">19.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">REPRESENTATIONS</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">56</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Status</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">56</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Binding obligations</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">56</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Non-conflict with other obligations</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">56</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.4</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Power and authority</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">56</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 4 of 126</font><br>
</div>
</div>

<table id="z870fcbe7cb7c4b1f813700760a1e6fdf" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.5</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Validity and admissibility in evidence</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">57</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.6</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Governing law and enforcement</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">57</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.7</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Insolvency</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">57</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.8</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Deduction of Tax</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">57</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.9</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">No filing or stamp taxes</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">57</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.10</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">No default</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">58</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.11</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">No misleading information</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">58</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.12</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Financial statements</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">58</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.13</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Pari passu ranking</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">58</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.14</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">No proceedings pending or threatened</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">58</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.15</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Title</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">58</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.16</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">No security</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">58</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.17</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">No immunity</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">59</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.18</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Ranking of Security Documents</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">59</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.19</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Taxation</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">59</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.20</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Environmental compliance</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">59</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.21</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Environmental Claims</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">59</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.22</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">ISM Code and ISPS Code compliance</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">59</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.23</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">The Vessels</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">60</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.24</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Financial Indebtedness</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">60</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.25</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Sanctions</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">60</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.26</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Shares</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">60</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">19.27</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Repetition</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">61</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">20.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">INFORMATION UNDERTAKINGS</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">61</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">20.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Financial statements</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">61</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">20.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Compliance Certificate</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">61</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">20.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Requirements as to financial statements</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">61</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">20.4</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Information: miscellaneous</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">62</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">20.5</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Notification of default</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">62</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">20.6</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Notification of Environmental Claims</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">63</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">20.7</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Market Value</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">63</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">20.8</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">&#8220;Know your customer&#8221; checks</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">63</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">20.9</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Disclosure of information</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">64</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">21.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">FINANCIAL COVENANTS</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">64</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">21.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Financial covenants - the Guarantor</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">64</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">21.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Amended financial covenants &#8211; Obligors</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">65</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">22.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">GENERAL UNDERTAKINGS</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">65</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">22.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Authorisations</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">65</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">22.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Compliance with laws</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">65</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">22.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Negative pledge</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">65</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">22.4</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Disposals, loans and acquisitions</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">66</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">22.5</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Merger</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">67</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">22.6</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Shareholding</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">67</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">22.7</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Change of business</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">67</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">22.8</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Title</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">67</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">22.9</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Insurances &#8211; general</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">67</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">22.10</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Earnings Accounts</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">68</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">22.11</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Derivative transactions</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">68</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">22.12</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Distribution restrictions and subordination of inter-company debt</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">68</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">22.13</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Transaction Documents</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">68</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">22.14</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Taxation</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">69</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">22.15</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">No change of name etc.</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">69</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">22.16</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Sanctions</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">69</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">22.17</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">US Tax Obligor</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">69</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">22.18</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Use of Proceeds and repayments</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">69</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">22.19</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Listing</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">70</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">23.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">VESSEL UNDERTAKINGS</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">70</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">23.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">General</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">70</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">23.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Insurance &#8211; Vessels</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">70</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">23.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Flag, name and registry</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">71</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">23.4</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Classification and repairs</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">72</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">23.5</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Inspections and class records</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">72</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">23.6</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Surveys</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">72</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 5 of 126</font><br>
</div>
</div>

<table id="z2d34d3a64f764d38bb3927b8d063e3cd" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">23.7</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Notification of certain events</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">73</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">23.8</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Operation of the Vessels</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">73</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">23.9</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">ISM Code compliance</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">74</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">23.10</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Environmental compliance</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">74</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">23.11</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Arrest</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">74</div>
</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">23.12</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Chartering</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">75</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">24.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">EVENTS OF DEFAULT</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">75</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">24.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Non-payment</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">75</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">24.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Financial covenants</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">75</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">24.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Other obligations</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">75</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">24.4</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Misrepresentation</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">76</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">24.5</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Cross default</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">76</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">24.6</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Insolvency</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">76</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">24.7</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Insolvency proceedings</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">76</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">24.8</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Creditors&#8217; process</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">77</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">24.9</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Unlawfulness</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">77</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">24.10</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Repudiation</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">77</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">24.11</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Material adverse change</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">77</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">24.12</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Cessation of business</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">77</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">24.13</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Insurances</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">77</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">24.14</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Failure of security</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">77</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">24.15</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Litigation</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">77</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">24.16</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Breach of the terms of a Secured Hedging Agreement</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">77</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">24.17</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Sanctions</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">78</div>
</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">24.18</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Acceleration</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">78</div>
</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">25.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">CHANGES TO THE LENDERS</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">79</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">25.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Assignments and transfers by the Lenders</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">79</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">25.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Conditions of assignment or transfer</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">79</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">25.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Limitation of responsibility of Existing Lenders</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">80</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">25.4</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Procedure for transfer</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">81</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">25.5</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Copy of Transfer Certificate to the Borrowers</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">81</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">25.6</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Pro rata interest settlement</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">81</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">25.7</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Securitisation</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">82</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">25.8</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Security over Lenders&#8217; rights</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">82</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">26.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">CHANGES TO THE OBLIGORS</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">83</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">26.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Assignments and transfer by Obligors</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">83</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-RIGHT: 21.5pt">27.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-RIGHT: 21.5pt">ROLE OF THE AGENT, THE SECURITY AGENT AND THE MANDATED LEAD ARRANGERS</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;<font style="FONT-WEIGHT: bold">84</font></td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">27.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Appointment of the Agent</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">84</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">27.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Instructions</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">84</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">27.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Duties of the Agent</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">85</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">27.4</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Role of the Mandated Lead Arrangers</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">85</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">27.5</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">No fiduciary duties</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">85</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">27.6</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Business with any Obligor</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">86</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">27.7</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Rights and discretions</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">86</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">27.8</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Responsibility for documentation</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">87</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">27.9</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">No duty to monitor</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">87</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">27.10</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Exclusion of liability</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">88</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">27.11</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Lenders&#8217; indemnity to the Agent</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">89</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">27.12</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Resignation of the Agent</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">89</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">27.13</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Confidentiality</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">90</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">27.14</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Relationship with the Lenders</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">90</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">27.15</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Credit appraisal by the Lenders and the Hedging Banks</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">91</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">27.16</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Reference Banks</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">91</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">27.17</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Deduction from amounts payable by the Agent</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">92</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-RIGHT: 21.5pt">28.&#160;</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-RIGHT: 21.5pt">CONDUCT OF BUSINESS BY THE FINANCE PARTIES OR THE HEDGING BANKS&#160;</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;<font style="FONT-WEIGHT: bold">92</font></td>
</tr>

<tr style="HEIGHT: 12px">
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">29.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">SHARING AMONG THE FINANCE PARTIES</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">29.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Payments to Finance Parties</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">92</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">29.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Redistribution of payments</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">92</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">29.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Recovering Finance Party&#8217;s rights</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">92</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">29.4</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Reversal of redistribution</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">93</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 6 of 126</font><br>
</div>
</div>

<table id="z46a2341b359d4e8fa946b6201851d1c0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">29.5</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Exceptions</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">93</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">30.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">PAYMENT MECHANICS</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">94</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">30.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Payments to the Agent</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">94</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">30.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Distributions by the Agent</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">94</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">30.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Distributions to an Obligor</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">94</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">30.4</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Clawback</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">94</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">30.5</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Partial payments</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">94</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">30.6</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">No set-off by the Obligors</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">95</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">30.7</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Business Days</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">95</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">30.8</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Currency of account</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">95</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">30.9</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Change of currency</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">95</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">30.10</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Disruption to payment systems etc.</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">96</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">31.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">SET-OFF</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">96</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">32.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">NOTICES</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">97</div>
</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">32.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Communications in writing</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">97</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">32.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Addresses</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">97</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">32.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Delivery</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">97</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">32.4</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Notification of address, e-mail and fax number</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">98</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">32.5</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Electronic communication</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">98</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">32.6</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">English language</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">98</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">33.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">CALCULATIONS AND CERTIFICATES</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">99</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">33.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Accounts</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">99</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">33.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Certificates and Determinations</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">99</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">33.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Day count convention</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">99</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">34.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">PARTIAL INVALIDITY</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">99</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">35.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">REMEDIES AND WAIVERS</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">99</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">36.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">AMENDMENTS AND WAIVERS</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">99</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">36.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Required consents</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">99</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">36.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Exceptions</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">99</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">37.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">CONFIDENTIALITY</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">100</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">37.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Confidential information</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">100</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">37.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Disclosure of Confidential Information</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">100</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">37.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Disclosure to numbering service providers</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">102</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">37.4</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Entire agreement</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">103</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">37.5</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Inside information</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">103</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">37.6</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Notification of disclosure</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">103</div>
</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">37.7</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Continuing obligations</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">103</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">38.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">CONFIDENTIALITY OF FUNDING RATES AND REFERENCE BANK QUOTATIONS</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">104</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">38.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Confidentiality and disclosure</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">104</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">38.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Related obligations</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">105</div>
</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">38.3</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">No Event of Default</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">105</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">39.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">COUNTERPARTS</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">105</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">40.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">CONFLICT</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">105</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">40.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Conflict</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">105</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">40.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Contractual recognition of bail-in</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">105</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">41.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">GOVERNING LAW</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">107</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">42.</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">ENFORCEMENT</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">107</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">42.1</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Jurisdiction</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">107</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">42.2</div>
</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: justify">Service of process</div>
</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: right">107</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3.09%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 87.87%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>
</table>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt">Schedule 1A: The Original lenders</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt">Schedule 1B: Borrowers, Vessels and Tranches</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt">Schedule 1C: Repayment Schedule</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt">Schedule 2: Conditions Precedent</div>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 7 of 126</font></div>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt">Schedule 3: Requests</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt">Schedule 4: Form of transfer certificate</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt">Schedule 5: Form of Compliance Certificate</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt">Schedule 6: Form of Valuation Certificate</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 8 of 126</font></div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">THIS AGREEMENT </font>is dated 24 April 2018 and made between:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zca968cc293cb494fad258a65e6664e07" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">(1)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">THE COMPANIES, </font>each incorporated with limited liability<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">, </font>all with the registered address of either The Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">, </font>Marshall Islands (if incorporated in the Marshall Islands) or Estera Trust (Cayman) Limited, Clifton House, 75 Fort Street, PO Box 1350, Grand Cayman KY1-1108, Cayman Islands (if incorporated in the Cayman Islands), as set out in Schedule 1B (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Borrowers, Vessels and Tranches</font>), as joint and several borrowers<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">&#160;</font>(each a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Borrower</font>&#8221; and together the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Borrowers</font>&#8221;) ;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2e1a36bfe4e84925980a6b5b7d43701e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">(2)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">DHT HOLDINGS, INC., </font>The Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">, </font>Marshall Islands<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">&#160;</font>as guarantor (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Guarantor</font>&#8221;);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8e60737effb04a96afacdf338554c754" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">(3)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">ABN AMRO BANK N.V., OSLO BRANCH</font>, acting through its offices at Olav V&#8217;s gate 5, 0161 Oslo, Norway, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">NORDEA BANK AB (PUBL), FILIAL I NORGE</font> acting through its offices at Essendrops gate 7,0368 Oslo, Norway, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">ING BANK,</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">a branch of ING&#8211;DiBa AG</font> acting through its offices at Hamburger Allee 1, 60486 Frankfurt am Main, Germany, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">DNB BANK ASA</font> acting through its offices at Dronning Eufemias gate 30, 0191 Oslo, Norway and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">CR&#201;DIT AGRICOLE CORPORATE AND INVESTMENT BANK</font> acting through its offices at 12 place des Etats-Unis, CS 70052, 92547 Montrouge Cedex, France as bookrunners and mandated lead arrangers <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">DANISH SHIP FINANCE A/S </font>acting through its offices at Sankt Annae Plads 3, 1250 Copenhagen, Denmark and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">SKANDINAVISKA ENSKILDA BANKEN AB</font> acting through its offices at Filipstad brygge 1, 0250 Oslo, Norway as mandated lead arrangers (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Mandated Lead Arrangers</font>&#8221;);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1d568e03dde3429cb844ef1e65fb505f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">(4)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">DVB BANK SE</font> acting through its offices at Haakon VIIs gt. 1, 0125 Oslo, Norway and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">SWEDBANK AB</font> acting through its offices at Filipstad brygge 1, 0250 Oslo, Norway as lead arrangers (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Lead Arrangers</font>&#8221;);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z098d896afbee41be8e87ec6e1c42328d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">(5)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">THE FINANCIAL INSTITUTIONS</font> listed in Schedule 1A as lenders (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Original Lenders</font>&#8221;);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zdaf53d7159d04a3b815f13a56837bdf8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">(6)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">One or more of the Lenders and any of their affiliates as hedging banks<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">&#160;</font>(the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Hedging Banks</font>&#8221;);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z431b2fb7ef8e45ab999553c8728713cc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">(7)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">ABN AMRO BANK N.V., </font>acting through its offices at<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">&#160;</font>Daalesingel 71 ,3511 SW Utrecht, The Netherlands as agent of the other Finance Parties (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Agent</font>&#8221;); and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z58518e3ebc7642b5a9ace4eef6f28bee" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">(8)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">ABN AMRO BANK N.V., </font>as security agent of the other Finance Parties and the Hedging Banks (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Security Agent</font>&#8221;).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">IT IS AGREED</font> as follows:</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 9 of 126</font></div>
</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECTION 1</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">INTERPRETATION</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1dbbae9c7ab246e593dbb2aa432aca32" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">1.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">DEFINITIONS AND INTERPRETATION</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd6750d6acfdb4474aaa7576b1755700b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">1.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Definitions</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">In this Agreement:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Account Banks</font>&#8221; means Nordea Bank AB (publ.) filial i Norge, DNB Bank ASA and ABN AMRO Bank N.V.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Affiliate</font>&#8221; means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Agreement</font>&#8221; means this facilities agreement, as it may be amended, supplemented and varied in writing from time to time, including its schedules.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Approved Brokers</font>&#8221; means Nordic Shipping, Clarksons Platou Limited, Simpson, Spence and Young (SSY), Poten &amp; Partners, Arrow Valuations and Fearnleys.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Approved Ship Registry</font>&#8221; means the Marshall Islands Ship Registry, the Hong Kong Ship Registry, the Isle of Man Ship Registry, France and any ship registry as approved in writing by the Agent (on behalf of the Finance Parties and the Hedging Banks).</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Assignment Agreement</font>&#8221; means a general assignment agreement for an assignment on first priority of the Earnings, the insurance proceeds in respect of all Insurances, the Earnings Accounts, any rights under any Intra Group Loans, and any rights under any Secured Hedging Agreement to be executed by the relevant Borrower in favour of the Security Agent (on behalf of the Finance Parties and the Hedging Banks) as security for the Obligors&#8217; obligations under the Finance Documents and any Secured Hedging Agreements in form and substance acceptable to all Lenders.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Authorisation</font>&#8221; means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Availability Period</font>&#8221; means (1) for the Term Loan&#160; Facility the period from and including the date of this Agreement and (x), in respect of the Existing Vessels up to and including the earlier of (i) 31 August 2018, and (ii) the date when the Term Loan Facility is fully drawn or cancelled or (iii) such later date as the Agent (on behalf of the Finance Parties) may agree, and (y) in respect of the Newbuilding Vessels, up to and including the earlier of (i) 180 days after the Contractual Delivery Date of the relevant Vessel as specified in Schedule 1B (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Borrowers, Vessels, Tranches</font>) hereto (ii) the date the relevant Shipbuilding Contract has been terminated and (iii) the date when the Term Loan Facility is fully drawn or cancelled or (iv) such later date as the Agent (on behalf of the Finance Parties) may agree, and (2) for the Revolving Credit Facility, the period from and including the date of this Agreement up to and including the date 3 months prior to the Maturity Date.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Available Revolving Credit Facility Commitment</font>&#8221; means the aggregate of the Revolving Credit Facility Commitments available under the Revolving Credit Facility Tranches in respect of each Vessel delivered to and owned by the relevant Borrower, less any Loans outstanding under the Revolving Credit Facility.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Bail-In Action</font>&#8221; means the exercise of any Write-down and Conversion Powers.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Bail-In Legislation</font>&#8221; means:</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 10 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5797ee529e4a4fd89a61c73e6a65a3b2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z82b26d50202a495aabb7ed39a9c6d57c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in relation to any other state, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Bareboat Charter</font>&#8221; means in relation to DHT China, the bareboat charter dated 8 October 2012 (as amended from time to time) entered into between Samco Epsilon Ltd as owner and the Bareboat Charterer as Charterer.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Bareboat Charterer</font>&#8221; means V Ships France SAS.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Bareboat Registry</font>&#8221; means the French International Ship Registry.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Break Costs</font>&#8221; means the amount (if any) by which:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6d5d732d36e147f3b096faf30e337361" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the interest (excluding margin) which a Lender should have received for the period from the date of receipt of all or any part of its participation in a Loan or Unpaid Sum to the last day of the current Interest Period in respect of a Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">exceeds:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z37179865c49e4a359bd24b06498bd82a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in the London interbank market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Business Day</font>&#8221; means a day (other than a Saturday or Sunday) on which banks are open for general business in Oslo, Amsterdam, London, Frankfurt, Paris, Copenhagen and New York City. For the purpose of a Utilisation, Isle of Man, Seoul (in relation to a Newbuilding Vessel only), Hong Kong, Paris and Singapore (or any other relevant place of payment of the proceeds) shall be included.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Cash</font>&#8221; means the aggregate amount of cash, bank deposits and fully marketable securities (issued by an A rated or better financial institution), excluding restricted cash which is not at the disposal of the relevant company.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Change of Control</font>&#8221; means (i) in respect of a Borrower, if the Guarantor ceases to be the owner of 100% of the shares in that Borrower, and (ii) in respect of the Guarantor, if any person or a group of persons acting in concert, other than BW Group Limited, gain ownership or control of 33 1/3 % or more of the voting rights of the Guarantor or there is a change of ownership in any of the Borrowers (direct or indirect) or a person other than the Guarantor controls the appointment of the board of directors for any Borrower. For the purposes of this definition, &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">control</font>&#8221; of the Guarantor means (i) the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to cast, or control the casting of, more than 33 1/3% of the maximum number of votes that might be cast at a general meeting of the Guarantor, and/or (ii) the holding beneficially of more than 33 1/3 % of the issued share capital of the Guarantor (excluding any part of that issued share capital that carries no</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 11 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">right to participate beyond a specified amount in a distribution of either profits or capital), and &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">acting in concert</font>&#8221; means, a group of persons who, pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition directly or indirectly of shares in the Guarantor by any of them, either directly or indirectly, to obtain or consolidate control of 33 1/3 % of the Guarantor.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Charterer</font>&#8221; means any charterer approved by the Agent (on behalf of the Finance Parties) under a Charterparty, hereunder the Bareboat Charterer.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Charterparty</font>&#8221; means any time or bareboat charter or any pool agreement or any other agreements of employment (including for the avoidance of doubt the Bareboat Charter and the Sub-Bareboat Charter) entered or to be entered into between a Borrower and the relevant Charterer for the chartering of a Vessel for a period exceeding 24 Months, in form and substance acceptable to the Agent (on behalf of the Finance Parties) subject to the provisions of Clause 23.12 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Chartering</font>).</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Closing Date</font>&#8221; means the date of this Agreement, however not later than 30 June 2018.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Code</font>&#8221; means the US Internal Revenue Code of 1986 as amended.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Commercial Management Agreement</font>&#8221; means any agreement made or to be made between a Borrower and the Commercial Manager for the commercial management of a Vessel.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Commercial Manager</font>&#8221; means DHT Management AS or any other commercial manager acceptable to the Agent.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Commitment</font>&#8221; means a Term Loan Facility Commitment and/or a Revolving Credit Facility Commitment.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Compliance Certificate</font>&#8221; means a certificate substantially in the form set out in Schedule 5 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Form of Compliance Certificate</font>).</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Confidential Information</font>&#8221; means all information relating to any Obligor, the Finance Documents or the Facilities of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Facility from either:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z97720bc465764cdfa1ab779d13de57b7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any Obligor or any of its advisers; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc3208e37706f4f538ef0628a4012cfe0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any Obligor or any of its advisers,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes information that:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1fc1ffc0c62a47fab6f1d39391e0c5ec" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 37 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Confidentiality</font>); or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze9658c9bd279434ab9da0507cd7a6416" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">is identified in writing at the time of delivery as non-confidential by any Obligor or any of its advisers; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8c6553e4b78045559eb6af0c8091eb48" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">is known by that Finance Party before the date the information is disclosed to it in accordance with (a) or (b) or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 12 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 108pt">any Obligor and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Contractual</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Delivery Date</font>&#8221; means in respect of a Newbuilding Vessel, the originally scheduled date of delivery under a Shipbuilding Contract and defined as Delivery Date in the Shipbuilding Contracts.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Current Assets</font>&#8221; means the aggregate of the current assets of a company as determined in accordance with GAAP.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Current Liabilities</font>&#8221; means the aggregate of the current liabilities of a company, however excluding the current portion of long term debt maturing six (6) Months or more after the date of computation as well as excluding any balloon instalments under any financing arrangement.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Deed of</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Assignment</font>&#8221; means one or more general deed of assignment in respect of any Charterparty including the Bareboat Charter and Sub-Bareboat Charter (including any guarantees or other security for the Charterer&#8217;s obligations thereunder), to be executed by the relevant Borrower in favour of the Security Agent (on behalf of the Finance Parties and the Hedging Banks), in form and substance acceptable to the Security Agent (on behalf of the Finance Parties and the Hedging Banks).</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Default</font>&#8221; means an Event of Default or any event or circumstance specified in Clause&#160;24 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Events of Default</font>) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any Secured Hedging Agreements or any combination of any of the foregoing) be an Event of Default.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Delivery Date</font>&#8221; means in respect of a Newbuilding Vessel, the date of actual delivery of the relevant Newbuilding Vessel to the relevant Borrower under a Shipbuilding Contract.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Disruption Event</font>&#8221; means either or both of:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc7699927173047aa9747f795b36347df" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facilities (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2de37650d5b540848d5ec8ab89b17bc7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any other Party:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z08d44730a9fc4ce6b2a98e38d8bd54e8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">from performing its payment obligations under the Finance Documents; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za9babdeda4574a42b0f24c34162fb2a7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">from communicating with other Parties in accordance with the terms of the Finance Documents,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted.</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 13 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">DOC</font>&#8221; means in relation to the Technical Manager a valid document of compliance relevant to the Vessels issued to such company pursuant to paragraph 13.2 of the ISM Code.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Earnings</font>&#8221; means all moneys whatsoever which are now or later become payable (actually or contingently) to a Borrower in respect of and/or arising out of the use of or operation of a Vessel, including (but not limited to):</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf4dacf7651504f918e722aa60b7301c7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">all freight, hire and passage moneys payable to a Borrower, including (without limitation) payments of any nature under any contract or any other agreement for the employment, use, possession, management and/or operation of a Vessel;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z929ffe74e7fb49bb9a9019c21bd33cb4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any claim under any guarantees related to hire payable to a Vessel as a consequence of the operation of such Vessel;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf36617bf92344f4786a62dc2a89b7f16" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any compensation payable to a Borrower in the event of any requisition of a Vessel or for the use of such Vessel by any government authority or other competent authority;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2d4bb643f16d464bb6dfb628b1ec05f0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">remuneration for salvage, towage and other services performed by a Vessel payable to a Borrower;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z583dd1bc5c3b4f779b1982bdde508116" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">demurrage and retention money receivable by a Borrower in relation to a Vessel;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z81d30f29b6bd4c1faa8275c8428fd670" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">all moneys which are at any time payable under the Insurances in respect of loss of earnings from a Vessel;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4fdc71d39a6e45a4900ccfa1275ced86" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(g)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">if and whenever a Vessel is employed on terms whereby any moneys falling within paragraphs (a) to (f) above are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to such Vessel; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb03b150fac5e41dca008b1c2c33e5e14" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(h)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any other money which arise out of the use of or operation of a Vessel and moneys whatsoever due or to become due to a Borrower from third parties in relation to a Vessel.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Earnings Accounts</font>&#8221; means the bank accounts in the names of each Borrower opened and maintained with the Account Banks , or one of the Account Banks or such other accounts designated as &#8220;Earnings Accounts&#8221; by the Guarantor and the Agent.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">EEA Member Country</font>&#8221; means any member state of the European Union, Iceland, Liechtenstein and Norway.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Environmental Claim</font>&#8221; means any claim, proceeding, formal notice or investigation by any person or company in respect of any Environmental Law or Environmental Permits.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Environmental Law</font>&#8221; means any applicable law or regulation which relates to:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6871dd67ed264e018dde67e8fca2318d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the pollution or protection of the environment or to the carriage of material which is capable of polluting the environment;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd312a4aa029849b69abd78d6dad50503" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">harm to or the protection of human health;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z61af843c3cbd4ced8f724978a0a75d39" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the conditions of the workplace; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zdd0d2cef3996499491c6f8e1cfb67c66" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any emission or substance capable of causing harm to any living organism or the environment.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 14 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Environmental Permits</font>&#8221; means any permit, licence, consent, approval and other authorisation and the filing of any notification, report or assessment required under any Environmental Law for the operation of business conducted on or from the properties owned or used by the relevant company.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">EU Bail-In Legislation Schedule</font>&#8221; means the document described as such and published by the Loan Market Association (or any successor person) from time to time.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Event of Default</font>&#8221; means any event or circumstance specified as such in Clause&#160;24 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Events of Default</font>).</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Excess Values</font>&#8221; means the positive or negative (as the case may be) difference between (i) the Market Value (in respect of the Vessels) or the market value as established in accordance with the procedure described in the definition of &#8220;Market Value&#8221;, and (ii) the book value of the relevant Vessel.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Existing Vessels</font>&#8221; means the 11 vessels listed as such in Schedule 1B (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Borrowers, Vessels, Tranches</font>) hereto and &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Existing Vessel</font>&#8221; means any of them.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">FA Act</font>&#8221; means the Norwegian Financial Agreements Act of 25 June 1999 No. 46 (in No. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">finansavtaleloven</font>).</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Facilities</font>&#8221; means together the Term Loan Facility and the Revolving Credit Facility made available under this Agreement as described in Clause 2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">The Facilities</font>) and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">&#8220;Facility&#8221;</font> means any of them.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Facility Office</font>&#8221; means the office or offices notified by a Lender to the Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five (5) Business Days&#8217; written notice) as the office or offices through which it will perform its obligations under this Agreement.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">FATCA</font>&#8221; means:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze29a32f7c1844a2686bb53834004cb71" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">sections 1471 to 1474 of the Code or any associated regulations;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z89aab327e53e45508f2226c104bb1238" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf518b77a65e142eaa6f5e688fe76fb76" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">FATCA Application Date</font>&#8221; means:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za2d4261a69584d14825e4bbcb1fb4718" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in relation to a &#8220;withholdable payment&#8221; described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z98b3fc32fc77413d8a3afea2b0235a19" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in relation to a &#8220;withholdable payment&#8221; described in section 1473(1)(A)(ii) of the Code (which relates to &#8220;gross proceeds&#8221; from the disposition of property of a type that can produce interest from sources within the US), 1 January 2019; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 15 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5f71ace8a107420c8000ba95252fcb4d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in relation to a &#8220;passthru payment&#8221; described in section 1471(d)(7) of the Code not falling within paragraphs (a) or (b) above, 1 January 2019, or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA as a result of any change in FATCA after the date of this Agreement.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">FATCA Deduction</font>&#8221; means a deduction or withholding from a payment under a Finance Document required by FATCA.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">FATCA Exempt Party</font>&#8221; means a Party that is entitled to receive payments free from any FATCA Deduction.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Fee Letter</font>&#8221; means any letter or letters between the Agent and the Borrowers setting out any of the fees referred to in Clause 11 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Fees</font>).</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Finance Document</font>&#8221; means this Agreement, any Security Document, any Fee Letter and any other document designated as such by the Agent and the Borrowers.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Finance Party</font>&#8221; means each of the Agent, the Security Agent, a Mandated Lead Arranger and any Lender.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Financial Indebtedness</font>&#8221; means any indebtedness for or in respect of:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2a8e6b23e0734a2a99d3f91d1d4323a6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">moneys borrowed;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z836db67f148943cea2fa7fcb0bfbca13" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z232ac6c5d94d4e47a0539e6b3c58e018" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z63b347bdce6b4018ba5b449b44981e39" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a finance or capital lease;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z220fa95dea4b414db8e1bd2d3026484e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z86c251485849460db9957de4d212ffb7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3cb1282fa5f643c99c67564adf3ec3de" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(g)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value shall be taken into account);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z875c1cbb2ceb4b3192e328f6494e269e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(h)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9676dbe1373c47d695aea9e929f03657" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (h) above.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Funding Rate</font>&#8221; means any individual rate notified by a Lender to the Agent pursuant to Clause 10 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Changes to the calculation of interest</font>).</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 16 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">GAAP</font>&#8221; means generally accepted accounting principles such as IFRS.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">&#8220;Green Passport&#8221;</font> means a document listing all potential hazardous materials on board the relevant Vessel as further described by the relevant Vessel&#8217;s classification society and/or the International Maritime Organisation (IMO).</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Group</font>&#8221; means the Guarantor and its direct and indirect Subsidiaries from time to time.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Guarantee</font>&#8221; means the irrevocable, unconditional and on-first-demand guarantee given by the Guarantor under Clause 18 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Guarantee and Indemnity</font>) of this Agreement.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Holding Company</font>&#8221; means, in relation to a company or corporation, any other company or corporation in respect of which it is a Subsidiary.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">IAPPC</font>&#8221; means the International Air Pollution Prevention Certificate required under Regulation 6 of the International Convention for the Prevention of Pollution From Ships 1973/1978 (MARPOL).</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">IFRS</font>&#8221; means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Insurances</font>&#8221; means, in relation to the Vessels, all policies and contracts of insurance (which expression includes all entries of the Vessels in a protection and indemnity or war risk association) which are from time to time during the Security Period in place or taken out or entered into by or for the benefit of the Borrowers (whether in the sole name of such Borrower or in the joint names of the Borrowers and any other person) in respect of a Vessel or otherwise in connection with the Vessel and all benefits thereunder (including claims of whatsoever nature and return of premiums).</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Interest Payment Date</font>&#8221; means the last day of each Interest Period, and in respect of Interest Periods exceeding three (3) months, the date falling three (3) months after the first day of such Interest Period, and each date falling at three-monthly intervals thereafter.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Interest Period</font>&#8221; means, in relation to a Loan, each period determined in accordance with Clause 9 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Interest Periods</font>) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 8.3 <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">(Default interest).</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Intra Group Loans</font>&#8221;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">&#160;</font>means any loans granted by (i) a Borrower to any of its Affiliates or (ii) the Guarantor to a Borrower.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Intra Group Loans Assignment Agreement</font>&#8221; means one or more general assignment agreements on first priority of any claims the Guarantor may have in respect of any Intra Group Loans, to be executed by the Guarantor in favour of the Security Agent (on behalf of the Finance Parties and the Hedging Banks) as security for the Guarantor&#8217;s obligations under the Finance Documents and any Secured Hedging Agreement in form and substance acceptable to all Lenders.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">ISM Code</font>&#8221; means the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevent.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">ISPS Code</font>&#8221; means the International Ship and Port Facility Security (ISPS) Code as adopted by the International Maritime Organization&#8217;s (IMO) Diplomatic Conference of December 2002.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">ISSC</font>&#8221; means an International Ship Security Certificate issued by the Classification Society confirming that a Vessel is in compliance with the ISPS Code.</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 17 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Lender</font>&#8221; means:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4dccd8fd2c46494099219f94c6174260" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any Original Lender; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc9d46a86ef0d40689b31a04c0a97ca47" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any New Lender which has become a Party in accordance with Clause 25 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Changes to the Lenders</font>),</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">which in each case has not ceased to be a Party in accordance with the terms of this Agreement.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Letter of Undertaking</font>&#8221; means an irrevocable and unconditional written undertaking from the Bareboat Charterer to the Security Agent (on behalf of the Finance Parties and the Hedging Banks) containing inter alia (i) a right for the Security Agent (on behalf of the Finance Parties and the Hedging Banks) upon an Event of Default which is continuing<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">&#160;</font>to terminate the Bareboat Charter and the Sub-Bareboat Charter, deregister the relevant Vessel from its Approved Ship Registry and enforce their rights under the Mortgages and (ii) a confirmation that any claims the Bareboat Charterer may have against a Borrower shall rank after and be fully subordinated to the rights and claims of the Security Agent (on behalf of the Finance Parties and the Hedging Banks), including an undated termination letter and an irrevocable and unconditional power of attorney in respect of the deregistration of the relevant Vessel from the Approved Ship Registry in form and substance satisfactory to the Security Agent (on behalf of the Finance Parties and the Hedging Banks).</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">LIBOR</font>&#8221; (London Interbank Offered Rate) means, in relation to a Loan:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z534ed415708b4ae1ab25135920432eb6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the applicable Screen Rate at 11:00 GMT hours on the Quotation Day for the offering of deposits in USD and for a period equal in length to the Interest Period of that Loan; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7c13252643ed4c34b1b7d051960e6b09" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">as otherwise determined pursuant to Clause 10 <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">(Changes to the calculation of interest)</font>,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">and, if such rate is below zero, LIBOR will be deemed to be zero.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Loan</font>&#8221; means a loan made or to be made pursuant to this Agreement or any of the principal amount outstanding from time to time of that loan, or, if the context otherwise requires, the total principal amount outstanding for the time being under the Facilities.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Majority Lenders</font>&#8221; means:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z156b20cc12034e86a52faaebabe9e7eb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">if there are no amounts then outstanding, a Lender or Lenders whose Commitments aggregate more than 66<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">2</sup>/<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: bottom; LINE-HEIGHT: 1">3 </sub>% of the Total Commitments; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z95c5c97e3ba6438285dd7fb1c06de632" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">at any other time, a Lender or Lenders whose participations in the Loans and any Available Revolving Facility Credit Commitment aggregate more than 66<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">2</sup>/<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: bottom; LINE-HEIGHT: 1">3</sub> % of the Loans.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Margin</font>&#8221; means 2.40 % (two point forty per cent) per annum.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Market Value</font>&#8221; means the fair market value of a Vessel as (i) determined by one (1) independent Approved Broker appointed by the Borrower, being the owner of the relevant Vessels, or (ii) at the request of the Agent (on behalf of any Lender), calculated as the average of valuations of a Vessel obtained from two (2) Approved Brokers (of which one is appointed by the Borrower, being the owner of the relevant Vessels and one is appointed by the Agent), in each case, on the basis of a sale for prompt delivery for cash at arm&#8217;s length on normal commercial terms as between a willing buyer and a willing seller, on an &#8220;as is, where is&#8221; basis, free of any existing charter or other contract of employment and/or pool arrangement, provided however that if the higher of the two valuations is</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 18 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">more than one hundred and ten per cent (110%) of the lower, a third valuation shall be obtained from another Approved Broker and the fair market value shall be the arithmetic average of the three (3) valuations, in form and substance acceptable to the Facility Agent. Any valuations are valid for thirty (30) days from the date of issue.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Material Adverse Effect</font>&#8221; means a materially adversely effect on:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4f5ff35f0cd344fa897c706a41267702" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the business, condition (financial or otherwise), operations or prospects of the Guarantor since the date at which its latest audited financial statements were prepared; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z414b09f050424a5f94bf3422a2833ebd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the ability of an Obligor to perform its obligations under the Finance Documents or any Secured Hedging Agreement; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8256e68fbeea4f8a895d6fea6ce731dd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the validity or enforceability of, or the effectiveness or ranking of any Security granted or purporting to be granted pursuant to, any Finance Document or any Secured Hedging Agreement; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z59c47f8d1d9342d095e647a7e60340c4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the right or remedy of a Finance Party or a Hedging Bank in respect of a Finance Document or any Secured Hedging Agreement.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Maturity Date</font>&#8221; means the sixth (6<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">th</sup>) anniversary of the date of the Closing Date, however not later than 30 June 2024.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Month</font>&#8221; means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc346bef85a074254849c934ce223d880" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8c3da76d9ddc4e4a89c3bb0d1f885d05" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The above rules will only apply to the last Month of any period.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Mortgages</font>&#8221; means the first priority or preferred mortgages (and deeds of covenants collateral thereto (if applicable), to be executed and recorded by the Borrowers against the Vessels in favour of the Security Agent or security trustee, as applicable, (on behalf of the Finance Parties and the Hedging Banks) in (i) the relevant Approved Ship Registry and (ii) entered in the Bareboat Registry by a notation (applicable while a Vessel is registered in the Bareboat Registry), in form and substance satisfactory to all Lenders.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Newbuilding Vessels</font>&#8221; means the two (2) vessels listed as such in Schedule 1B (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Borrowers, Vessels, Tranches</font>) hereto and &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Newbuilding Vessel</font>&#8221; means any of them. The delivery of the Newbuilding Vessels is scheduled to take place in the second half of 2018.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Obligor</font>&#8221; means any of the Borrowers or the Guarantor and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">&#8220;Obligors&#8221;</font> means all of them.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Original Financial Statements</font>&#8221; means the audited financial statements of the Guarantor for the financial year ended 31 December 2017.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Outstanding Indebtedness</font>&#8221; means the aggregate of all sums of money at any time and from time to time owing to the Finance Parties under or pursuant to the Finance Documents.</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 19 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Party</font>&#8221; means a party to this Agreement.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Pledge of Account</font>&#8221; means a pledge of the Earnings Accounts, not pledged under an Assignment Agreement, to be executed by the Borrowers in favour of the Security Agent (on behalf of the Finance Parties and the Hedging Banks) in form and substance satisfactory to all Lenders.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Pledge of Shares</font>&#8221; means a pledge of all the Shares in a Borrower to be executed by the Guarantor in favour of the Security Agent (on behalf of the Finance Parties and the Hedging Banks) in form and substance satisfactory to all Lenders.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Quotation Day</font>&#8221; means, in relation to any period for which an interest rate is to be determined, two (2) Business Days before the first day of that period.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Reference Banks</font>&#8221; means the Mandated Lead Arrangers, excluding ING Bank, a branch of ING-DiBa AG and such other bank or financial institution as may be appointed by the Agent in consultation with the Borrowers.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Reference Bank Quotation</font>&#8221; means any quotation supplied to the Agent by a Reference Bank.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Reference Bank Rate</font>&#8221; means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request by the Reference Banks:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0be305a9ef7d4755ba8c78412a60c511" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">(other than where paragraph&#160;(b) below applies) as the rate at which the relevant Reference Bank could borrow funds in the London interbank market in USD for the relevant period were it to do so by asking for and then accepting interbank offers for deposits in reasonable market size in that currency and for that period; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc0609b090454411298dc357187b5b607" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">if different, as the rate (if any and applied to the relevant Reference Bank and the relevant currency and period) which contributors to the Screen Rate are asked to submit to the relevant administrator, and, if such rate is below zero, Reference Bank Rate will be deemed to be zero.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Repayment Date</font>&#8221; means a date on which a repayment instalment is required to be made pursuant to Clause 6 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Repayment</font>).</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Repeating Representations</font>&#8221; means each of the representations set out in Clause 19 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Representations</font>), to the extent they are repeating pursuant to Clause 19.27 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Repetition</font>).</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Representative</font>&#8221; means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Resolution Authority</font>&#8221; means any body which has authority to exercise any Write-down and Conversion Powers.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Restricted Party</font>&#8221; means a person:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbdded4f01b844da1945543c695913cb2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">that is listed on any Sanctions List (whether designated by name or by reason of being included in a class of person);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z455c63ea6a8e46e2ac4c074d968f7686" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">that is domiciled, registered as located or having its main place of business in, or is incorporated under the laws of, a country which is subject to Sanctions Laws which attach legal effect to being domiciled, registered as located in, having its main place of business in and/or being incorporated under the laws of such country;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 20 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zadf9b71de001485cbb2e3385eb19fbc9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">that is directly or indirectly owned or controlled (by 50% or more) by or acting on behalf at the direction or for the benefit of a person referred to in paragraphs (a) and/or (b) above; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z151c2a1144c84f97b505d0b717dd84d0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">with which any Lender is prohibited from dealing or otherwise engaging in a transaction with by any Sanctions Laws.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Revolving Credit</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Facility</font>&#8221; means the secured revolving credit facility made available under this Agreement as described in Clause 2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">The Facilities</font>).</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Revolving Credit Facility Commitment</font>&#8221; means</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2de90788b45f4103a09c78155a3dc473" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in relation to an Original Lender, the amount set opposite its name under the heading &#8220;Revolving Credit Facility Commitment&#8221; in Schedule 1A (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">The Original Lenders</font>) and the amount of any other Revolving Credit Facility Commitment transferred to it under this Agreement;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z591c8a19721f473985e866758f635c78" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in relation to any other Lender, the amount of any Revolving Credit Facility Commitment transferred to it under this Agreement,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">to the extent not cancelled, reduced or transferred by it under this Agreement and always subject to the limitations in Clause 2.1 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">The Facilities</font>) and Clause 7.5 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Market Value</font>).</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Revolving Credit Facility Tranche</font>&#8221; means one tranche per Existing Vessel pursuant to the Revolving Credit Facility as described in Clause 2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">The Facilities</font>), and &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold"> Revolving Credit Facility</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Tranches</font>&#8221; means some or all of them (as the context requires).</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Sanctions Authority</font>&#8221; means any country to which any Obligor is bound, the Norwegian State, the United Nations, the European Union or any of its member states the United Kingdom and the United States of America, and any authority, governmental institution and agency acting on behalf of any of them in connection with Sanctions Laws including without limitation, the Office of Foreign Assets Control of the US Department of Treasury, the United States Department of State, and Her Majesty&#8217;s Treasury.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Sanctions Laws</font>&#8221; means any trade, economic or financial sanctions laws and/or regulations, trade embargoes, prohibitions, restrictive measures, decisions, executive orders or notices from regulators implemented, adapted, imposed, administered, enacted and/or enforced by any Sanctions Authority and any law or regulation enacted, promulgated or issued by any Sanctions Authority after the date of this Agreement.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Sanctions List</font>&#8221; means any list of persons, entities or vessels published in connection with Sanctions Laws by or on behalf of any Sanctions Authority including but not limited to the &#8220;Specially Designated Nationals and Blocked Persons&#8221; list maintained by OFAC, the &#8220;Consolidated List of Financial Sanctions Targets&#8221;, maintained by HMT each as amended from time to time.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Screen</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Rate</font>&#8221; means the London interbank offered rate administered by the ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for USD for the relevant period, displayed on pages LIBOR01 or LIBOR02 of the Reuters screen (or any replacement Reuters page which displays that rate), or such other information service which publishes that rate from time to time in place of Reuters. If such page or service ceases to be available, the Agent may specify another page or service displaying the relevant rate after consultation with the Borrowers.</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 21 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Secured Assets</font>&#8221; means:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc293a9d07e604d52995c3db52419912c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Vessels;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1b8f94f3cd41456d96ddfddd4b66e401" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Earnings;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7bcea1609aae4ab8a89c50770eeeeb9e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Shares;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9c4c64d836bf4801a87e40982816ffa8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any Secured Hedging Agreement;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1d4cd04318114d65834e18ad056f860d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any Intra Group Loans;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8676ecd9222749f2bfe806ec2571e00d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Insurances;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z76e92b7ab6eb4af59668b22e3192385e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(g)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Earnings Accounts; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb951599421314d9ebfff738c200c2b0d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(h)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any Charterparty.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Secured</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Hedging Agreement</font>&#8221; means any master agreement on the form of ISDA 2002 (as amended at any time) and any swap transaction, confirmation, schedule or hedging agreement pursuant to such master agreement entered or to be into between any Borrower and a Hedging Bank for the purpose of hedging the interest rate risk in relation to the Facility.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Security</font>&#8221; means a mortgage, charge, pledge, lien, assignment, subordination or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Security Document</font>&#8221; means each document listed in Clause 17 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Security</font>) and any other document agreement agreed between the Parties to be a Security Document and any other document entered into by any Obligor creating or expressed to create any Security over all or any part of its assets in respect of the obligations of any of the Obligors under any of the Finance Documents.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Security Period</font>&#8221; means the period commencing on the date of this Agreement and ending the date on which the Agent notifies the Borrowers and the other Finance Parties and the Hedging Banks that:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zea4dd64d4c7444639c365b682a7d9576" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">all amounts which have become due for payment by the Borrowers under the Finance Documents and any Secured Hedging Agreement have been paid;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z57e33637b61a4378b87e203028b87e06" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">no amount is owing or has accrued (without yet having become due for payment) under any of the Finance Documents or any Secured Hedging Agreement;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc8f8bf0c294f480cab75663d6f1ea221" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">none of the Obligors have any future or contingent liability under any provision of this Agreement, the other Finance Documents or any Secured Hedging Agreement; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5671ab5ed0cb4880bc08658fec42c12f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Agent, the other Finance Parties or any Hedging Bank do not consider that there is a significant risk that any payment or transaction under a Finance Document or any Secured Hedging Agreement would be set aside, or would have to be reversed or adjusted, in any present or possible future proceeding relating to a Finance Document or any Secured Hedging Agreement or any asset covered (or previously covered) by a Security created by a Finance Document.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Selection Notice</font>&#8221; means a notice substantially in the form set out in Part II of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>Schedule 3</u></font> (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Requests</font>) given in accordance with Clause 9 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Interest Periods</font>).</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 22 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Shares</font>&#8221; means all current and future shares in each Borrower.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Shipbuilding Contract</font>&#8221; means (i) the shipbuilding contract dated 20 January 2017 entered into between the Guarantor and the Yard as builder for the construction of Hull No. 2957 to be named &#8220;DHT Bronco&#8221; or (ii) the shipbuilding contract dated 20 January 2017 entered into between the Guarantor and the Yard as builder for the construction of Hull No. 2958 to be named &#8220;DHT Mustang&#8221;.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">SMC</font>&#8221; means a valid safety management certificate issued for a Vessel issued by the Classification Society pursuant to paragraph 13.7 of the ISM Code.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">SMS</font>&#8221; means a safety management system for a Vessel developed and implemented in accordance with the ISM Code and including the functional requirements duties and obligations that follow from the ISM Code.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Sub-Bareboat Charters</font>&#8221; means in relation to DHT China, the bareboat charter dated 8 October 2012 (as amended from time to time) entered into between the Bareboat Charterer as owner and Samco Epsilon Ltd. as charterer.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Subsidiary</font>&#8221; means an entity of which a person has direct or indirect control (whether through the ownership of voting capital, by contract or otherwise) or owns directly or indirectly more than 50 % of the shares and for this purpose an entity shall be treated as controlled by another if that entity is able to direct its affairs and/or to control the composition of the board of directors or equivalent body.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Tax</font>&#8221; means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Technical Management Agreement</font>&#8221; means any technical management agreement made between the Technical Manager and a Borrower for the technical management of a Vessel.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Technical Manager</font>&#8221; means Goodwood Ship Management Pte Ltd. and any technical manager acceptable to the Agent.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Term</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Loan</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Facility</font>&#8221; means the term loan facility made available under this Agreement as described in Clause 2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">The Facilities</font>).</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Term Loan Facility Commitment</font>&#8221; means</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zded761a7887c4beeae127ce641ae4534" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in relation to an Original Lender, the amount set opposite its name under the heading &#8220;Term Loan Facility Commitment&#8221; in Schedule 1A (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">The Original Lenders</font>) and the amount of any other Term Loan Facility Commitment transferred to it under this Agreement;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z37dceecdf9104f248cbe4f53ab04f1ea" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in relation to any other Lender, the amount of any Term Loan Facility Commitment transferred to it under this Agreement,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">to the extent not cancelled, reduced or transferred by it under this Agreement.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Term Loan Tranche</font>&#8221; means one tranche per Vessel pursuant to the Term Loan Facility as described in Clause 2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">The Facilities</font>), and &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Term Loan</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Tranches</font>&#8221; means all of them.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Total Commitments</font>&#8221; means the aggregate of the Commitments specified as such in Schedule 1A (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Original Lenders</font>) at the date of this Agreement.</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 23 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Total Interest Bearing Debt</font>&#8221; means all debt and financial instruments (including financial leases) which bear interests.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Total Loss</font>&#8221; means, in relation to a Vessel:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zeb531f804fe34c83a9698d43832488bf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the actual, constructive, compromised, agreed, arranged or other total loss of such Vessel; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcbcdc44d4dd74250be33a5a7da7e916b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any expropriation, confiscation, requisition or acquisition of a Vessel, whether for full consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a governmental or official authority (excluding a requisition for hire for a fixed period not exceeding one (1) year without any right to extension) unless it is within one (1) month from the Total Loss Date redelivered to the full control of the relevant Borrower.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Total Loss Date</font>&#8221; means:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7a7c18955254469b9c1f6e2ab0e25ad5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in the case of an actual total loss of a Vessel, the date on which it occurred or, if that is unknown, the date when such Vessel was last heard of;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z94e932f0a87747bb89db2ca7bedc1f89" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in the case of a constructive, compromised, agreed or arranged total loss of a Vessel, the earlier of: (i) the date on which a notice of abandonment is given to the insurers (provided a claim for total loss is admitted by such insurers) or, if such insurers do not forthwith admit such a claim, at the date at which either a total loss is subsequently admitted by the insurers or a total loss is subsequently adjudged by a competent court of law or arbitration panel to have occurred or, if earlier, the date falling three (3) months after notice of abandonment of such Vessel was given to the insurers; and (ii) the date of compromise, arrangement or agreement made by or on behalf of the relevant Borrower with such Vessel&#8217;s insurers in which the insurers agree to treat such Vessel as a total loss; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3b42a368e4ce4530b0728e477867a86c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in the case of any other type of total loss, on the date (or the most likely date) on which it appears to the Agent that the event constituting the total loss occurred.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Tranche</font>&#8221; means any Term Loan Tranche or Revolving Credit Facility Tranche, and &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Tranches</font>&#8221; means all of them.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Transaction Documents</font>&#8221; means the Finance Documents, any Shipbuilding Contract, any Secured Hedging Agreement, any Technical Management Agreement, any Commercial Management Agreement and any Charterparty, the Letter of Undertaking, together with the other documents contemplated herein or therein.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Transfer Certificate</font>&#8221; means a certificate substantially in the form set out in Schedule 4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Form of Transfer Certificate</font>) or any other form agreed between the Agent and the Borrowers.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Transfer Date</font>&#8221; means, in relation to an assignment or a transfer, the later of:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf92907dfb71b48a3bb839424a60cf941" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the proposed Transfer Date specified in the relevant Transfer Certificate; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd1be0a9d72ad4cda83c4674307275219" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the date on which the Agent executes the relevant Transfer Certificate.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Unpaid Sum</font>&#8221; means any sum due and payable but unpaid by the Borrowers and/or the Guarantor under the Finance Documents.</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 24 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">US Tax Obligor</font>&#8221; means:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4fa894003a024be58a43b2470e26af77" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">an Obligor which is resident for tax purposes in the US; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zdd521e75a70e42fca5a10b60c3605b32" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">an Obligor some or all of whose payments under the Finance Documents are from sources within the US for US federal income tax purposes.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">USD</font>&#8221; means the lawful currency of the United States of America.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Utilisation</font>&#8221; means the utilisation of a Loan.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Utilisation Date</font>&#8221; means the date of a Utilisation, being the date on which a Loan is to be made.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Utilisation Request</font>&#8221; means a notice substantially in the form set out in Schedule 3 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Requests</font>).</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Valuation Certificate</font>&#8221; means a certificate substantially in the form set out in Schedule 6 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Form of Valuation Certificate</font>).</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Value Adjusted Tangible Net Worth</font>&#8221; means Value Adjusted Total Assets, less the value of all liabilities and intangible assets, as determined by GAAP.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Value Adjusted Total Assets</font>&#8221; means on consolidated basis, the book value of all assets (both tangible and intangible) at the relevant time, as determined by GAAP, adjusted for Excess Values.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">VAT</font>&#8221; means value added tax and any other tax of a similar nature in the relevant jurisdiction.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Vessels</font>&#8221; means the Existing Vessels and the Newbuilding Vessels and &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Vessel</font>&#8221; means any of them.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Working Capital</font>&#8221; means Current Assets less Current Liabilities.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Write-down and Conversion Powers</font>&#8221; means:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7d36baf1c8cb491b9ac159307a50b946" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z200e5643b7864cb49ec4774b98b3762d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in relation to any other applicable Bail-In Legislation:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z02adfa46fb9e4555b9f52619f1119c6f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5e59832ea81d443e9f56cf121f9ed700" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any similar or analogous powers under that Bail-In Legislation.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Yard</font>&#8221; means Hyundai Heavy Industries Co., Ltd., 1000 Bangeojinsunhwan-Doro, Dong-Gu, Ulsan, Korea.</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 25 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze6d2c32e1ca748abb8b92e8d05f2ad1f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">1.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Construction</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd390d041391049f296dd8af52d0afc36" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Unless a contrary indication appears, any reference in this Agreement to:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3d658a7b3a094928937b7ffca076e836" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Agent</font>&#8221;, the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Security Agent</font>&#8221;, any &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Mandated Lead Arranger</font>&#8221;, any &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Finance Party</font>&#8221;, any &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Lender</font>&#8221;, the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Hedging Banks</font>&#8221;, or any &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Party</font>&#8221; shall be construed so as to include its successors in title, permitted assigns and permitted transferees;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z861bb86d5d7a457aa5801d84c976d07f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">assets</font>&#8221; includes present and future properties, revenues and rights of every description;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcfcf25dbc571478799bcca31a49c71a5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Finance Document</font>&#8221;, &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Secured Hedging Agreement</font>&#8221; or any other agreement or instrument is a reference to that Finance Document, that Secured Hedging Agreement or other agreement or instrument as amended, novated, supplemented, extended or restated;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5a9db7970040421b9652370fe0c06e72" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">indebtedness</font>&#8221; includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z78956afee02b4210b9271e2671596dc9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(v)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">person</font>&#8221; includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership (whether or not having separate legal personality);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze69ba69fd2184b50a97c3ee1cea47075" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(vi)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">regulation</font>&#8221; includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5259189d83d24a48b46d9ddd3fed52da" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(vii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a provision of law is a reference to that provision as amended or re-enacted;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6df899da725c4ed99798c79b8796f964" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(viii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">words importing the singular shall include the plural and vice versa; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zda381d434f3141ad9a11598f7a33d7b1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ix)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a time of day is a reference to Oslo time unless specified otherwise.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1071fe0169f94c61934381261b7bbcb6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 39.15pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Section, Clause and Schedule headings are for ease of reference only.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3714a17cbb04495095e06f2404a5ee32" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 39.15pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z09c3d77f18c046dfb68d806689f29775" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 39.15pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A Default (other than an Event of Default) is &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">continuing</font>&#8221; if it has not been remedied or waived and an Event of Default is &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">continuing</font>&#8221; if it has not been waived.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za4c6e679a09e449aa0f09e2ed6c7ba8f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 39.15pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">In case of conflict between this Agreement and any of the Security Documents, the provisions of this Agreement shall prevail.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 26 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECTION 2</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">THE FACILITIES</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za64a144b07074c0f9d297e9e315dfa2c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">2.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">THE FACILITIES</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf4dbefb43c594cc488d5f6f8f79190cc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">2.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">The Facilities</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Subject to the terms of this Agreement, the Lenders make available to the Borrowers the following facilities:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z530ecb694a9444eea4b2f8d6ec20407d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Term Loan Facility consisting of up to thirteen (13) cross-collateralised Term Loan Tranches (one per Existing Vessel and Newbuilding Vessel) up to the amount set out opposite each Vessel under the heading &#8220;Maximum Available Term Loan&#8221; in Schedule 1B (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Borrowers, Vessels, Tranches</font>), but always subject to Clause 2.1 (c) below;&#160;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z616d3e56b8094c72bf0dd539e2bb8da1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Revolving Credit Facility in the amount of USD 100,000,000, which may be incurred on a revolving basis at any time within the Availability Period in the amount set out opposite each Vessel under the heading &#8220;Maximum Available RCF&#8221; in Schedule 1B (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Borrowers, Vessels, Tranches</font>) provided that the amount drawn shall never exceed the Available Revolving Credit Facility Commitment, and always subject to Clause 2.1 (c) below.&#160;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z33c029e76d9148beb0ce8a1d7bfca816" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Provided, however, that the maximum aggregate available amount under the Tranches shall never exceed:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd8f8b1ea274542518ede548ea84fd9b3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 94px"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50px; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in respect of the Existing Vessels the lesser of (A) USD 304,197,158 of Term Loan Tranches and USD 78,002,842 of&#160; Revolving Credit Facility Tranches, and (B) sixty per cent (60 %) of the aggregate Market Value of the Existing Vessels, and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z060fbb97342a4776a2e3132b41e2b066" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 95px"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50px; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in respect of the Newbuilding Vessels the lesser of (A) USD 80,802,842 of Term Loan Tranches and USD 21,997,158 of&#160; Revolving Credit Facility Tranches, and (B) sixty five per cent (65 %) of the aggregate Fair Market Value of the Newbuilding Vessels.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5e039c7883ff46a597c4781a96e67e20" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">2.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Finance Parties&#8217; rights and obligations</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z00a025750d294f3682427216a828422b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z238ed4fc905d4307b7af04aa646895d5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The rights of each Finance Party or the Hedging Banks under or in connection with the Finance Documents and any Secured Hedging Agreement are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from the Borrowers and/or the Guarantor shall be a separate and independent debt.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zce536b1482814211be0485c7b18f4212" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A Finance Party or the Hedging Banks may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents and any Secured Hedging Agreement. The rights of the Hedging Banks under any Secured Hedging</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 27 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">Agreement shall be subordinated to the rights of the Finance Parties under the other Finance Documents.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3cea13a823cd4f2faaf17a68c62c5897" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">2.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Borrowers&#8217; liabilities and obligations</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z178b44821a284188865916c74ddef8ae" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The liabilities and obligations of the Borrowers under this Agreement shall be joint and several and shall not be affected by:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbaac507fad5b451186d06a5a1e3ac299" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any Finance Document being or later becoming void, unenforceable or illegal as regards any other Borrower; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1a384c601219405cb267abc25202b513" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any Finance Party entering into any rescheduling, refinancing or other arrangement of any kind with any other Borrower; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za372ec0648aa40c698af8ca56f8256a7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any Finance Party releasing any other Borrower.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc46ae730fc4f4f1f8326fdb2fe6e1024" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">For so long as any Commitment is in force or any amount is outstanding under the Finance Documents, each Borrower shall remain a principal debtor for all amounts owing under any Finance Document to which it is party and no Borrower shall be construed to be a surety for the obligations of any other Borrower under this Agreement.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8059a10a64744fdd87cdbc9d50fb3281" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">For so long as any Commitment is in force or any amount is outstanding under the Finance Documents, no Borrower shall:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z947b74a1037b49069f5195700a7f373c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">claim any amount which may be due to it from any other Borrower whether in respect of a payment made, or matter arising out of, any Finance Document; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1a4da8a0d83f449d8d28fc1e28d95772" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">take or enforce any form of security from any other Borrower for such an amount; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z231e8c6e99684a25a2d62250782f5356" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">set off such an amount against any sum due from it to any other Borrower; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">prove or claim for such an amount in any liquidation, administration, arrangement or similar procedure involving any other Borrower.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z489333875535480fa4e7fd8ae4588347" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">2.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Financial Agreements Act</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">For the purposes of the Financial Agreements Act (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">FA Act</font>&#8221;) and the Security Documents, each Borrower (to the extent it is to be considered a guarantor for the other Borrowers pursuant to the FA Act) (i) confirms and agrees that its liability under each Finance Document and any Secured Hedging Agreement shall be limited to USD 550,000,000 (plus any interest, default interest, Break Cost or other costs, fees and expenses related to such Borrower&#8217;s obligations under the Finance Documents and any default interest or other costs, fees and expenses related to the liability of the Borrower under such Finance Document) and (ii)&#160; specifically waives all rights under the provisions of the Financial Agreements Act not being mandatory provisions, including (but not limited to) the following provisions (the main contents of the relevant provisions being as indicated in the brackets):</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7ab74cf30dc2437e845e9644909663d3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 29 (as the Agent and/or any Finance Party and/or the Hedging Banks shall be entitled to exercise all its rights under the relevant Finance Document and applicable law in order to secure payment. Such rights shall include the right to set-off any credit balance in any currency, on any bank account the Borrower might have with each of the Finance Parties or the Hedging Banks individually against the amount due);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze4a6149f9e684e2794df9ecb6a1ffd9b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 63 (1) &#8211; (2) (to be notified of an Event of Default hereunder and to be kept informed thereof);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 28 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7afcfabd89a040378d68ab9f792afccb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 63 (3) (to be notified of any extension granted to a Borrower in payment of principal and/or interest);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9412c1fec92f4504b84f62ec92e0e14b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 63 (4) (to be notified of a Borrower&#8217;s bankruptcy proceedings or debt reorganisation proceedings and/or any application for the latter);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9e9ca8f7278b44da8dfb24c478572a31" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 65 (3) (that its consent is required for it to be bound by amendments to the Finance Documents or any Secured Hedging Agreement that may be detrimental to its interest);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z75760365bafd44569ac8aff05ec89695" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 67 (2) (about any reduction of its liabilities hereunder, since no such reduction shall apply as long as any amount is outstanding under the Finance Documents and any Secured Hedging Agreement);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z80b186268a924a1cbd7b29dd41125e33" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(g)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 67 (4) (that its liabilities under a Finance Documents shall lapse after ten (10) years, as it shall remain liable hereunder as long as any amount is outstanding under any of the Finance Documents and any Secured Hedging Agreement);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z14588edc1e4a4a42999b2a116806f35a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(h)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 70 (as it shall not have any right of subrogation into the rights of the Finance Parties and the Hedging Banks under the Finance Documents and any Secured Hedging Agreement until and unless the Finance Parties and the Hedging Banks shall have received all amounts due or to become due to them under the Finance Documents and any Secured Hedging Agreement);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbf1d5dca600f4b518c1b1035dcdc2432" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 71 (as the Finance Parties and the Hedging Banks shall have no liability first to make demand upon or seek to enforce remedies against a specific Borrower or any other security interest provided in respect of a specific Borrower&#8217;s liabilities under the Finance Documents and any Secured Hedging Agreement before demanding payment under or seeking to enforce its guarantee obligations in the relevant Finance Document);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z872fe61700a948d29878133c8901ecd0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(j)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 72 (as all interest and default interest due under any of the Finance Documents and any Secured Hedging Agreement shall be secured by its obligations hereunder);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z560562522f53404a85067c96347a62e5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(k)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 73 (1) &#8211; (2) (as all costs and expenses related to a termination event or an Event of Default under this Agreement shall be secured by its guarantee obligations hereunder); and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zea79db5bf17e43eb82f21cd6a3e09ba5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(l)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 74 (1) &#8211; (2) (as it shall not make any claim against any other Borrower for payment by reason of performance by it of its obligations under the Finance Documents and any Secured Hedging Agreement until and unless the Finance Parties and the Hedging Banks first shall have received all amounts due or to become due to them under the Finance Documents and any Secured Hedging Agreement).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zaee325d7a3044286a5a30b63306ef6d9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">3.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">PURPOSE</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z08c9d50fe9784e038c10e8ceae5b1320" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">3.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Purpose</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 70.9pt; TEXT-INDENT: -36pt">The Borrowers shall apply all amounts borrowed by them:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z49dc39917f5f4845bb4a8304445e4337" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">under the Term Loan Facility (i) towards the part financing of the refinancing costs of the Existing Vessels and (ii) towards the part financing of the delivery costs with respect to the Newbuilding Vessels (it being understood that proceeds of the Term Loan Facility related to the Newbuilding Vessels may be used to cover any amount already paid by the Guarantor in connection therewith); and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 29 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5ac2aafb91c04c819bc5f702421cbbbf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">under the Revolving Credit Facility (i) towards the part financing of the refinancing costs of the Existing Vessels (ii) and towards the part financing of the delivery costs with respect to the Newbuilding Vessels (it being understood that proceeds of the Revolving Credit Facility related to the Newbuilding Vessels may be used to cover any amount already paid by the Guarantor in connection therewith) and (iii) for general corporate purposes.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1f7c26aea9854ff7b52f949c70a0e4b3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">3.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Monitoring</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf9e8e746be4a4e29b1d8c0740edf1471" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">4.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">CONDITIONS OF UTILISATION</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z03cd893a92a840cc8d1c36762c2506d5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">4.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Initial conditions precedent</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zdd9fdb987bf0413fb39077b49ff38ed9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 34.9pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Finance Parties&#8217; obligations hereunder are subject to the Agent&#8217;s receipt of all of the documents and other evidence listed in <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>Schedule 2</u></font> (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Conditions precedent</font>) Part I. The Agent shall notify the Borrowers and the Lenders promptly upon being so satisfied.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbc661e45ee724586a936bdeec92fbfe9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers may not deliver a Utilisation Request unless the Agent has received all of the documents and other evidence listed in <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>Schedule 2</u></font> (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Conditions precedent</font>) Part II, except those documents which specifically will only be available on the relevant Utilisation Date or within another specified date, in a form and substance satisfactory to the Agent. The Agent shall notify the Borrowers and the Lenders promptly upon being so satisfied.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z75b908fc51d34858be0b6b58f05a9bf0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in paragraph (a) and paragraph (b) above, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z95ed162b0f9d40deb3196a07a40a67cd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">4.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Further conditions precedent</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Lenders will only be obliged to comply with Clause 5.4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Lenders&#8217; participation</font>) if on the date of the relevant Utilisation Request and on the proposed Utilisation Date:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z059656d3905542f5b0cdebf0ed1bd9bf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">no Default is continuing or would result from the proposed Loan; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd7d47af6381d4468add55b9304bcc0a4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Repeating Representations to be made by each Obligor are true in all material respects.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb54b1d7337f84891b51c1c8e73dc115d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">4.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Maximum number of Loans</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zee4c27a2020e4bae858713948b99a655" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Term Loan Facility may be drawn in thirteen (13) Loans, one per Term Loan Tranche.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z80c0a53c5a91405d9c90eaace9dbaeda" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Only five (5) Loans may be outstanding at any time under the Revolving Credit Facility.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb3657a86620a4916b421d1f86a25e417" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any new Loan to be drawn under the Revolving Credit Facility shall never exceed the Available Revolving Credit Facility Commitment prior to the delivery of a Utilisation Request in respect of such Loan.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 30 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z18650c7993194632a99d0ae4b292ef04" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">4.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Form and content</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">All documents and evidence delivered to the Agent pursuant to this Clause 4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Conditions of Utilisation</font>) shall:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb43ce5de54f341a6831aa1f17773cbad" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">be in form and substance satisfactory to the Agent;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8f34defc72734517bf42cac6de8d5c47" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">if required by the Agent, be in original; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1950bdeb011644a6ac82e426cb6f41b0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">if required by the Agent, be certified, notarized, legalized or attested in a manner acceptable to the Agent.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6dcd620999de49e8b40129c6af588427" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">4.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Waiver of conditions precedent</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The conditions specified in this Clause 4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Conditions of Utilisation</font>) are solely for the benefit of the Lenders and may be waived on their behalf in whole or in part and with or without conditions by the Agent (acting on the instructions of the Majority Lenders), save for conditions which are comprised by Clause 36.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Exceptions</font>), which will be subject to consent from all the Lenders).</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 31 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECTION 3</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">UTILISATION</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4202e65baf064ec4973dd40036dc63b3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">5.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">UTILISATION</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3ba8a771b55947c29ad12331a186d40b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">5.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Delivery of a Utilisation Request</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrowers may utilise a Facility by delivery to the Agent of a duly completed Utilisation Request not later than 12:00 noon Oslo time on the date falling&#160; three (3) Business Days prior to any Utilisation Date.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z75593ff5d1334dbd9e3330051aa9591b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">5.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Completion of a Utilisation Request</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">A Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4b348deac06748e7a9b0acb39e2d817f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the proposed Utilisation Date is a Business Day within the relevant Availability Period;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z335dd3106533493c8c941522d51268f8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the currency and amount of the Utilisation comply with Clause 5.3 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Currency and amount</font>); and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z08c73ddd8e9946028f18b8ba04803218" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the proposed Interest Period complies with Clause 9 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Interest Periods</font>).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9378c1264908482cb200f9d47b91fa95" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">5.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Currency and amount</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z63f0c225f3fa4aa98e112db0b68d3b48" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The currency specified in a Utilisation Request must be USD.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf988201a81ec45ce9edbb6036a296a7a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The amount of a proposed Loan under the Term Loan Facility must be an amount which does not exceed the lesser of (x) the Term Loan Facility Commitment and (y) the relevant Tranche.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1c9510d015224912b555e620d9669941" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The amount of a proposed Loan under the Revolving Credit Facility must be in the minimum amount of USD 5,000,000 (or integral multiples thereof) and shall not exceed the Available Revolving Credit Facility Commitment.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf320f8480fc6430c97da26ebae2d1826" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">5.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Lenders&#8217; participation</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze9f27754e4bb44c68eeabe51d0ebce7a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 34.9pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If the conditions set out in this Agreement have been met, each Lender shall make its participation in a Loan available by the Utilisation Date through its Facility Office.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z69da8716b46d4ad6a344a00622efb385" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The amount of each Lender&#8217;s participation in such Loan will be equal to the proportion that its Commitment bears to the Total Commitments immediately prior to making a Loan.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z33567708505748dd9a0e9ccaabceade0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent shall notify each Lender of the amount of a Loan and the amount of its participation in such Loan upon receipt of the relevant Utilisation Notice from the Borrowers.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf108655bb88349dd8ad4ac159c3bb1a0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">5.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Cancellation of Commitments</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za15742b9cacc435aa887331feef6fe36" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Term Loan Facility Commitment shall be cancelled as follows:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zad7c8be6e6814dffb7618c69a96bb312" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 95px"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 49px; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any Term Loan Facility Commitment which are un-utilised at the end of the applicable Availability Period shall be immediately cancelled;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zde79f9bc50664db7bcc7d94e137183d3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 94px"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50px; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any part of a Term Loan Tranche un-utilised after the Utilisation of a Loan pursuant to such Tranche shall be immediately cancelled; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc506b98525224552991238a23fb84010" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 94px"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50px; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in accordance with Clause 7 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Prepayment and cancellation</font>).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 32 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2684765a95564a2da0b079ea819030e9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Cancellations of the Revolving Credit Facility Commitment shall be made as described in Clause 7 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Prepayment and cancellation</font>).</div>
</td>
</tr>
</table>
</div>

<div><br>
 &#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 33 of 126</font></div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECTION 4</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">REPAYMENT, PREPAYMENT AND CANCELLATION</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6df49625c37e4fa99c894c7b9a08350f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">6.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">REPAYMENT</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z38362cfacafa40419bcb8e4fc00849e9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">6.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Repayment of Loans</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7a5953c01c324b7a93569d528982e5f1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall repay each Loan outstanding under the Term Loan Tranche by consecutive quarterly repayment instalments commencing (i) in respect of the Existing Vessels on 30 September 2018 and (ii) in respect of the Newbuilding Vessels 3 months after the relevant Utilisation Date, each in an amount as set out in Schedule 1C (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Repayment Schedule</font>) hereto. Should a Tranche be reduced as per Clause 2.1 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">The Facilities</font>)&#160; not to exceed 60% or 65% (as the case may be) of the Market Value of the relevant Vessel at the relevant Delivery Date, the repayment instalments set out in Schedule 1C (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Repayment Schedule</font>) shall be reduced accordingly and the Agent shall provide an updated Schedule 1C (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Repayment Schedule</font>) to the Finance Parties and the Obligors.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9ccc708904ff41158b76d7e7c0c82f5b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Following the Utilisation or cancellation of the last Tranche, the instalments of all Tranches shall, if requested by the Borrower, be consolidated by the due date of the next instalments of any previous drawn Tranche to fall due on the next Repayment Date of the last drawn Tranche, and thereafter be repaid as one Loan in the aggregate amounts of the instalments and balloon payments of the Tranches (it being understood that a reference to &#8220;Tranche&#8221; in this sub-clause shall not be a reference to a Tranche under the Revolving Credit Facility).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0ccace12bc1c44cd8471e9a4710d7214" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Always subject to Clause 4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Conditions of utilisation</font>), each Loan under the Revolving Credit Facility will on the last day of its Interest Period automatically be renewed with a new Interest Period of three (3) Months without the need for any Utilisation Request, unless the Borrowers instruct otherwise in writing to the Agent</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5374592fa9e34c0ba65f57ae03134077" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If the Borrowers in accordance with sub-clause (c) above give instructions that a Loan under the Revolving Credit Facility shall not automatically be renewed, and the date for payment of such existing Loan falls on the same date as the Utilisation Date of a new Loan, the Agent shall set off the amounts against each other, and only the net amount (if any) shall be payable by the Borrowers. Such instructions shall be given by the Borrowers at the latest three (3) Business Days prior to the renewal date.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zeaee4bbeea4d4d6b8b42488def7914d8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any Outstanding Indebtedness is due and payable to the Agent for the account of the Finance Parties on the Maturity Date.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z88d633a836c742808f750c5a8f8339bb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">6.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Re-borrowing</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z07a188cd874e4fdeb9788a4b06261014" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers may not re-borrow any part of the Term Loan Facility which is repaid or prepaid.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zaa7c9d1ea4c74aada941fffbf0256928" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any repayments or prepayments of the Loans outstanding under the Revolving Credit Facility Tranches may be re-borrowed in accordance with the terms of this Agreement as long as the outstanding Loans under the Revolving Credit Facility Tranches do not exceed the Available Revolving Credit Facility Commitment.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 34 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb95fd313bee6404b902b361dd16d5b12" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">7.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">PREPAYMENT AND CANCELLATION</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc392642d52f54a53a28df5d5600dbe8e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">7.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Voluntary cancellation</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrowers may, if they give the Agent not less than five (5) days&#8217; (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part of any Facility or Tranche. Any cancellation under this Clause 7.1 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Voluntary cancellation)</font> shall be in the minimum amount of USD 1,000,000 or multiples thereof and reduce the relevant Commitments of the Lenders proportionately, and may not be reinstated.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Any amount outstanding after a cancellation under the Revolving Credit Facility that exceeds the Available Revolving Credit Facility Commitment (as reduced) must immediately be repaid in connection with the cancellation.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6d6336d1bf304cf4831fdfde96edeade" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">7.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Voluntary prepayment of Loans</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcf0051622f3f416ca17a7a2d7c7b5f64" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 34.9pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers may, if they give the Agent not less than five (5) Business Days (or such shorter period as the Majority Lenders may agree) prior written notice, prepay the whole or any part of a Loan (but, if in part, being an amount that reduces the amount of the Loans by a minimum amount of USD 1,000,000 or multiples thereof).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3e07e4d231064eb7a92e964b8f8e4034" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 34.9pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any prepayment under this Clause 7.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Voluntary prepayment of Loans</font>) shall be applied pro-rata against each Loan outstanding under the Term Loan Tranches and reduce the remaining instalments (excluding the balloon) on a pro-rata basis.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z848d0fab3f5a44489d24487bf55a3bcc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 34.9pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers have the option to apply the voluntary prepayment against any scheduled instalments of any Term Loan Tranche, provided that the Borrowers have given ten (10) Business Days&#8217; prior notice to the Agent and subject to the Majority Lenders consent (not to be unreasonable withheld).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb26ffdb6867e4b83960ba30d600e5884" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">7.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Illegality</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">If it becomes unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in a Loan:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z040e6f01b2e947229e7cc29fb0405040" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">that Lender shall promptly notify the Agent upon becoming aware of that event;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z672dd4206ca04adca007e5d7f41f4ca3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">upon the Agent notifying the Borrowers, the Commitment, or the relevant part of the Commitment, of that Lender will be immediately cancelled; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf43f53d6116643a29ba1a9d3765fc51f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Borrowers shall repay that Lender&#8217;s participation in the relevant Loan on the last day of the Interest Period for that Loan occurring after the Agent has notified the Borrowers or, if earlier, the date specified by the relevant Lender in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf705667622274ac2adf431c85514c333" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">7.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Total Loss or sale of a Vessel</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5f9cf42c1b2b4e96871e1e118fd5023a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If a Vessel is sold or suffers a Total Loss:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9440bd80ef0043f598f2d854765b7436" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Term Loan Facility shall be prepaid in the amount outstanding pursuant to the respective Vessel&#8217;s Term Loan Tranche as set out in Schedule 1C (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Repayment Schedule</font>) hereto; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z02c0844960f848b9b6a006eef9c5b34a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Revolving Credit Facility shall be reduced and/or cancelled with the amount of the Revolving Credit Facility Tranche in respect of the Vessel sold or lost, and any</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 35 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 108pt">Loan outstanding under the Revolving Credit Facility exceeding the Available Revolving Credit Facility Commitment (as reduced) shall be repaid.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Any prepayment and reduction under this Clause 7.4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Total Loss or sale of a Vessel</font>) shall (i) in case of a sale be made on or before the date on which the sale is completed by delivery of a Vessel to the buyer, or (ii) in the case of a Total Loss, on the earlier of the date falling one hundred and eighty (180) days after the Total Loss Date and the receipt by the Agent of the proceeds of Insurance relating to such Total Loss (or in the event of a requisition for title of a Vessel, immediately after the occurrence of such requisition of title), and be applied in accordance with 7.4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Total Loss or sale of the Vessel</font>) sub-paragraphs (i) and/or (ii) (as applicable).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zadf43ab9d1f3439c947da435e1cf7a13" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">7.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Market Value</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7ad119f4f5eb4e74baf37ab827660be8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 34.9pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If the aggregate Market Value of the Vessels (then serving as collateral hereunder) is less than 135% of the Loans the Borrowers shall, unless otherwise agreed with the Agent (on behalf of the Lenders) within fifteen (15) Business Days, either</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf715db5e0f9f4c09b015883ea64e5674" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">prepay the Loans or a part of the Loans (as the case may be) required to restore the aforesaid ratio; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z31b19eb82a6b4d8299f2d5fad1963a46" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">provide the Lenders with such additional security, in form and substance satisfactory to all Lenders (it being understood that cash collateral in USD shall be deemed acceptable and be valued at par).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc5f67d915fa546de97261d59241cbe2f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 34.9pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any prepayment under this Clause 7.5 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Market Value</font>) shall first be applied against the Facilities pro rata based on the total amounts of the Loan outstanding under each Facility. The amounts prepaid in respect of&#160; the Term Loan Facility, shall be&#160; applied against the remaining instalments and balloon under each such Facility in inverse order of maturity.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za73125b3649d4bcaa2781eff3cbeb97b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">7.6</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Change of Control</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt">If a Change of Control occurs,</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3819f1fd154a4112813a29109e18e2ea" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Borrowers shall promptly notify the Agent upon becoming aware of that event;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z894d598e73604fd49bfc6b36714894d9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a Lender shall not be obliged to fund any Utilisation;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcbb0f6f83bf84ce88b11b3da67a2675b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Agent shall, with thirty (30) Business Days prior written notice to the Borrowers (unless another notice period is set by the Majority Lenders) (x) cancel the Total Commitments, and (y) require the Borrowers to prepay all or parts of the Outstanding Indebtedness in full..</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9fa22409f24f4a52a31f6a69ed2ad26d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">7.7</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Right of replacement or repayment and cancellation in relation to a single Lender</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za5f689b6e4b24bb198bfc97e412cbf48" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4bdbdbbc16a444b4b5e317746a89044d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 94px"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 49px; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any sum payable to any Lender by the Borrowers and/or the Guarantor is required to be increased under paragraph (c) of Clause 12.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Tax gross-up</font>); or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3d703d246dd54a92b87d9d9664b8597b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 93px"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 48px; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any Lender claims indemnification from the Borrowers under Clause 12.3 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Tax indemnity</font>) or Clause 13.1 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Increased costs</font>),</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">the Borrowers may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender&#8217;s participation in the</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 36 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">Loans or give the Agent notice of its intention to replace that Lender in accordance with paragraph (d) below.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3038e0dbbe1a4d19972b65cfb679f885" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender shall immediately be reduced to zero.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5cc17f5e642b47d7a38906f8f212da49" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">On the last day of each Interest Period which ends after the Borrowers have given notice of cancellation under paragraph (a) above (or, if earlier, the date specified by the Borrowers in that notice), the Borrowers shall repay that Lender&#8217;s participation in the Loans.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb1487c893d584fd3a3818ac7c94edd86" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The replacement of a Lender pursuant to paragraph (a) above shall be subject to the following conditions:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6aed49c1d51547ddbfa9dc9481a772e2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Borrowers shall have no right to replace the Agent;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcf02a9532ef94908823cb3a89ac426f8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">neither the Agent nor any Lender shall have any obligation to find a replacement Lender; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd5f141585dd3439c8b125ff3bc62584b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in no event shall the Lender replaced under paragraph (a) above be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z98c437d96d284e3b97115fc3a9dbbe1f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">7.8</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Restrictions</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z35b91b5143384a70b89193ae29299e90" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any notice of cancellation or prepayment given by any Party under this Clause&#160;7 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Prepayment and cancellation</font>) shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf098365d958b49d1827e5a96e2b2ffd7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs, without premium or penalty.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z096591f55a10433492c9fcd0398e2c6e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers may not re-borrow any part of the Term Loan Facility which is prepaid.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z45e6332c5eec43cbb07cb0015cc1d328" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall not repay or prepay all or any part of a Loan or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z341ab4c0a47d4af98e08e7b174c16f20" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z953c3389c8df478d8b31cebb77a67466" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If the Agent receives a notice under this Clause 7 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Prepayment and cancellation</font>) it shall promptly forward a copy of that notice to either the Borrowers or the affected Lender, as appropriate.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 37 of 126</font></div>
</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECTION 5</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">COSTS OF UTILISATION</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z329faed3fe134eb6a21c1b7a8bba478e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">8.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">INTEREST</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc528aa4d530a485eae01a92372b9aeaa" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">8.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Calculation of interest</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z13c26055dff84ff98c8c04b94076de9c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The rate of interest on a Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zfd45de2a1c224ce5b271aacff6fe359a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Margin; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7d75bfad97b54644a99561958a21ddaf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">LIBOR.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z03464f00f7994f03b989db473d2e6907" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">It is not possible to calculate the effective interest rate on a Loan in advance. The Lenders are nevertheless, according to the FA Act obliged to give a representative example. LIBOR for 3 (three) months was at 17 April 2018 2.35509 % p.a. and provided unaltered LIBOR and Margin of 240 basis points per annum for the duration of the Facilities, fees agreed hereunder and Utilisation of the Total Commitment on 18 April 2018, the effective interest rate will be 5.19% p.a.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbc427d66faa8486ea78539b982d5ef14" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Interest shall be calculated on the actual number of days elapsed on the basis of a three hundred and sixty (360) day year.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf8adfed07f4841f1b456f220857d69dc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">8.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Payment of interest</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrowers shall pay accrued interest on the relevant Loan on each Interest Payment Date.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z04c1a2c3821248f296005f2d3d93bcb3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">8.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Default interest</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5a97750562e544b78b4d5204a04f8dc6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If the Borrower or Guarantor&#160; fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of the actual payment (both before and after judgment), , at a rate which, subject to paragraph (b) below, is two hundred basis points higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a part of the Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably) above the Margin. Any interest accruing under this Clause 8.3 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Default interest</font>) shall be immediately payable by the Borrowers and/or the Guarantor on demand by the Agent.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2d85f085a0734f4a953455298bdf0f04" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to such Loan:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbe349004c1934e748df07d6e448603c5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z39528a32fff749078f973cbe2eee25c2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the rate of interest applying to the overdue amount during that first Interest Period shall be two (2) per cent higher than the rate which would have applied if the overdue amount had not become due.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8ef0c75d2c26420d991fd358189d4eaf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 34.9pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 38 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd8853d9038d240d993547bee51183a05" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">8.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Notification of rates of interest</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Agent shall promptly notify the Lenders and the Borrowers of (i) the determination of a rate of interest under this Agreement and (ii) the Funding Rate relating to a Loan.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z894abd6ae60f47de9381bd12271992ed" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">9.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">INTEREST PERIODS</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z63817be8772f48299ec2d1a314bce801" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">9.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Selection of Interest Periods</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z49aae7efeaed492c845b512c3775090e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers may select an Interest Period for a Loan in the relevant Utilisation Request (however for the Revolving Credit Facility always taking into consideration Clause 6.1 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Repayment of Loans</font>) (b)).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc54235acb4584a9f94fa27e8f3dbb50c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">In respect of any Loan already utilised under the Term Loan Facility, the Borrowers may select an Interest Period for such Loan in a Selection Notice on the following terms:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3435c53e41fa4f7db57a9f9ddcb683e9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">each Selection Notice for a Loan is irrevocable and must be delivered to the Agent by the Borrowers not later than 12:00 noon Oslo time on the date falling three (3) Business Days prior to the last day of the current Interest Period; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z03c0a85987f243d08d2b41de28f01438" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">if the Borrowers fail to deliver a Selection Notice to the Agent in accordance with paragraph (b) above, the relevant Interest Period will be three (3) Months.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd390efb0c5f24f539cefabbb2b455f11" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers may select an Interest Period of three (3) Months or any such other periods as all Lenders may agree.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3538a65f05dc4703912fee7ba4e65206" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">An Interest Period for a Loan shall not extend beyond the Maturity Date.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z36b0188054d44194bbabfc358d1b005e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The first Interest Period for a Loan shall start on the relevant Utilisation Date and each subsequent Interest Period shall start on the last day of its preceding Interest Period.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zedaca50597994b4c919c7221ed2d4877" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">9.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Non-Business Days</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf610c80a95a94fa185145753388db86c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">10.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">CHANGES TO THE CALCULATION OF INTEREST</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb15a9940c0c14c46b46537a1e1e28114" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">10.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Obligation of Reference Banks to quote</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">A Lender which is a Reference Bank shall use all reasonable efforts to supply any quotation required of it for the purposes of fixing a rate of interest under this Agreement.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7a0e90a2de4b4bd28bafc257ea0eaea4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">10.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Quotations by Reference Bank</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">If any Reference Bank fails to supply a quotation when required, the Agent shall determine the relevant LIBOR on the basis of the mean of the quotations supplied by the other Reference Bank or Reference Banks; but if less than two (2) Reference Banks provide a quotation, the relevant rate of interest shall be set in accordance with the following provisions of this Clause 10 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Changes to calculation of interest</font>).</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 39 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zea2adf8ec4544cef9be2ab3bccd04427" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">10.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Market disruption</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The following provisions of this Clause 10.3 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Market disruption</font>) shall apply if:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z757b751b851a4c7995250342f05617e0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">no rate is quoted on Reuters Page Libor 01 and 02 or more of the Reference Banks do not, before 1.00 p.m. (London time) on the Quotation Day for an Interest Period, provide quotations to the Agent in order to fix LIBOR; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zec182ab0e94942989a3856f74bb19ce7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">at least 1 Business Day before the start of an Interest Period, Lenders having Commitments amounting to more than 50 per cent. of the Total Commitments notify the Agent that LIBOR fixed by the Agent would not accurately reflect the cost to those Lenders of funding their respective Loan or Loans (or any part of them) during the Interest Period in the London interbank market at or about 11.00 a.m. (London time) on the Quotation Day for the Interest Period; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z57027bc8e12b41bf8306e32a45abe04a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">at least 1 Business Day before the start of an Interest Period, the Agent is notified by a Lender (for the purposes of this Clause 10 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Changes to calculation of interest</font>) the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Affected Lender</font>&#8221;) that for any reason it is unable to obtain Dollars in the London interbank market in order to fund its Loan or Loans (or any part of it) during that Interest Period.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z61cc748caab04398a4b234d65cc4f039" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">10.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Notification of market disruption</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Agent shall notify the Borrowers and each of the Lenders stating the circumstances falling within Clause 10.3 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Market disruption</font>) which have caused its notice to be given</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zed6b0013e7bf4fdd9bb6393c97ad0b51" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">10.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Suspension of Utilisation</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">If the Agent&#8217;s notice under Clause 10.4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Notification of market disruption</font>) is served before a Utilisation is to be made the Lenders&#8217; obligations to make or participate in that Utilisation (as the case may be) shall be suspended while the circumstances referred to in the Agent&#8217;s notice continue.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z27ad82cb7dc641219bf96e11dd507d60" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">10.6</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Negotiation of alternative rate of interest</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">If the Agent&#8217;s notice under Clause 10.4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Notification of market disruption</font>) is served after a Utilisation has been made, the Borrowers, the Agent and the Lenders or (as the case may be) the Affected Lender shall use reasonable endeavours to agree, within the 15 days after the date on which the Agent serves its notice under Clause 10.4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Notification of market disruption</font>) (for the purposes of this Clause 10 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Changes to calculation of interest</font>) the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Negotiation Period</font>&#8221;), an alternative interest rate or (as the case may be) an alternative basis for the Lenders or (as the case may be) the Affected Lender to fund or continue to fund their or its Loan or Loans during the relevant Interest Period concerned.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbe0629a9df8e49749538dc3de428e707" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">10.7</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Application of agreed alternative rate of interest</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Any alternative interest rate or an alternative basis which is agreed during the Negotiation Period shall take effect in accordance with the terms agreed.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5d02803ff9ff4569b715c004734b3d9f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">10.8</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Alternative rate of interest in absence of agreement</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">If an alternative interest rate or alternative basis is not agreed within the Negotiation Period, and the relevant&#160; circumstances are continuing at the end of the Negotiation Period, then the Agent shall, with the agreement of each Lender or (as the case may be) the Affected Lender, set an interest period and interest rate representing the cost of funding of the Lenders or (as the case may be) the Affected Lender in Dollars or in any available currency of their or its Commitment plus the Margin;</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 40 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">and the procedure provided for by this Clause 10.8 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Alternative rate of interest in absence of agreement</font>) shall be repeated if the relevant circumstances are continuing at the end of the interest period so set by the Agent.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z52de1039b3b14886a007da3f6d22a338" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">10.9</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Notice of prepayment</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">If the Borrowers do not agree with an interest rate set by the Agent under Clause 10.8 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Alternative rate of interest in absence of agreement</font>), the Borrowers may give the Agent not less than 10 Business Days&#8217; notice of its intention to prepay the relevant Loan or Loans at the end of the interest period set by the Agent.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9e4657c3dcfe468f9860c62d61d9e933" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">10.10</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Prepayment</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">A notice under Clause 10.9 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Notice of prepayment</font>) shall be irrevocable; the Agent shall promptly notify the Lenders or (as the case may require) the Affected Lender of the Borrowers&#8217; notice of intended prepayment; and on the last Business Day of the interest period set by the Agent, the Borrowers shall prepay (without premium or penalty) the relevant Loan or Loans, together with accrued interest thereon at the applicable rate plus the Margin. The provisions of Clause 7 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Prepayment and Cancellation</font>) shall apply in relation to the prepayment</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z04a68d89f2964ada9319ab5b06a03c0c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">10.11</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Break Costs</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2e8769b3a5e441b293f028a1f91f218b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall, within three (3) Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by the Borrowers on a day other than the last day of an Interest Period for a Loan or Unpaid Sum.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0fdbf98bd793419f96614107c11caa34" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period in which they accrue.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2a6bae9572304af7b30782a543902299" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">11.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">FEES</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3e34eca8c1f0483d9287f9d779158906" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">11.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Commitment fee</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb35e1401fdbd4440939a7766c4b26a42" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall pay to the Agent (for the account of each Lender) a fee in USD computed at the rate of forty per cent (40 %) of the Margin per annum and calculated on the undrawn portion of the Total Commitments from the date of this Agreement until the expiry of the relevant Availability Period.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z52c9276043554a09a03e963b01c6c173" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The accrued commitment fee is payable quarterly in arrears on the last day of each fiscal quarter and on the last day of the relevant Availability Period.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9e0237fb21e24fd0b2d05163c9da6ca9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">11.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Arrangement Fee</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrower shall pay to the Agent (for distribution to the Lenders on a pro rata basis) an arrangement fee as per a separate Fee Letter.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze3476ba337314b83a9abb7f35d289cf8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">11.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Agency Fee</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrower shall pay to the Agent (for its own account) an agency fee as per a separate Fee Letter.</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 41 of 126</font></div>
</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECTION 6</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">ADDITIONAL PAYMENT OBLIGATIONS</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb0d6f6baf7c745f294a0dfd7827c9741" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">12.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">TAX GROSS UP AND INDEMNITIES</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5d79d73269b14b88828c9515a7e42c1d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">12.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Definitions</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">In this Agreement:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Protected Party</font>&#8221; means a Finance Party which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Tax Credit</font>&#8221; means a credit against, relief or remission for, or repayment of any Tax.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Tax Deduction</font>&#8221; means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Tax Payment</font>&#8221; means either the increase in a payment made by an Obligor to a Finance Party under Clause 12.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Tax gross-up</font>) or a payment under Clause&#160;12.3 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Tax indemnity</font>).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9ab6da64d6de4f8bbdc39cad0f0ca6ec" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">12.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Tax gross-up</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3e8f61f4380e45b198eed7f0799e9c96" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">All payments by the Obligors under the Finance Documents shall be made free and clear of any Tax Deduction or any other governmental or public payment imposed by the laws of any jurisdiction from which or through which such payment is made, unless a Tax Deduction or withholding is required by law.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7e1a6d35458949079dfb7f93e6a89af3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall notify the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall notify the Obligors.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z344676039c6a446f8d3dfd8f4659edec" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If a Tax Deduction is required by law to be made by any Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z53c7109ebb144c6ab9e535ca372a0056" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2818c72d4a804f018555b48f1ce0afc7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Within thirty (30) days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8c7b458119d74294a7524425adc1a0fc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">12.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Tax indemnity</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf655a2bb01964dc0adea32e76252f7df" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Obligors shall (within three (3) Business Days of demand by the Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 42 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9d1f2f5eda654fa8a1415692ff521504" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Paragraph (a) above shall not apply:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4d26fb7e5d914642b8ff5312ae20883b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">with respect to any Tax assessed on a Finance Party:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5c37c2dcee8b431fb680b85149291087" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(A)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za0ee6298eafc4a839d8edfa5b43deb75" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(B)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">under the law of the jurisdiction in which that Finance Party&#8217;s Facility Office is located in respect of amounts received or receivable in that jurisdiction,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 108pt">if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3ab114a1ca4d44629c1609c44c199bc4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to the extent a loss, liability or cost:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zeed027ea483943a58b2cc7ccaefad2ac" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(A)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">is compensated for by an increased payment under Clause 12.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Tax gross-up</font>); or<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">;</font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbca90aea5b26403fb46c36c7d066579c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(B)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">relates to a FATCA Deduction to be made by a Party.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbe4be6fd844b4519a6b7dc8defbdf92b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A Protected Party making, or intending to make a claim under paragraph (a) above shall promptly notify the Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify the Borrowers.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8ce9515c92bb48c6a7f85f8e5eba10a4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A Protected Party shall, on receiving a payment from an Obligor under this Clause 12.3 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Tax indemnity</font>), notify the Agent.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z65289905076c42cd9fc66ad35d97fc77" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">12.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Tax Credit</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">If an Obligor makes a Tax Payment and the relevant Finance Party determines that:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5006763ca5984a20a3fa34ea23c5571c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part, or to that Tax Payment; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z303aea47079c4d9b93d96f1a3f3975a8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">that Finance Party has obtained, utilised and retained that Tax Credit,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">the Finance Party shall pay an amount to that Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by that Obligor.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za37b54b002b142f48288807368cc2f04" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">12.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Stamp taxes</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrowers shall pay and, within three (3) Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf4d50fe7b4c14397be7e30e4dbbea2e5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">12.6</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">VAT</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb3a85cb766f14a03bb992d6375cea245" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">All amounts set out or expressed in a Finance Document to be payable by any Party to a Finance Party which (in whole or in part) constitute the consideration for a supply or supplies for VAT purposes shall be deemed to be exclusive of any VAT which is</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 43 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">chargeable on such supply or supplies, that Party shall pay to the Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of such VAT (and such Finance Party shall promptly provide an appropriate VAT invoice to such Party).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z801125b6cdec43fdb27ed572eff308b6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2634f90366914761b232e994b4975396" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">12.7</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">FATCA Information</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z97e9a7c5b51b4b0f9ebca8bb33fdeee9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Subject to paragraph&#160;(c) below, each Party shall, within ten (10) Business Days of a reasonable request by another Party:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb91d7b7d6fd440d9948aefdb6909bbb2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">confirm to that other Party whether it is:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcb8037e49a0a4a5b8a2e3670aae32485" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(A)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a FATCA Exempt Party; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z320973ee8b6e4ec9ad8f5ea62d2724de" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(B)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">not a FATCA Exempt Party; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc6ef0cf9b050409290bd196dc6b25de5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">supply to that other Party such forms, documentation and other information relating to its status under FATCA (including its applicable &#8220;passthru payment percentage&#8221; or other information required under the US Treasury Regulations or other official guidance including intergovernmental agreements) as that other Party reasonably requests for the purposes of that other Party&#8217;s compliance with FATCA.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z70e1bddeb3c044bc8d07ec3e95a23507" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of that other Party&#8217;s compliance with any other law, regulation, or exchange of information regime</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc1a59776dc23412d8839b1ffc0ce65e7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If a Party confirms to another Party pursuant to sub-paragraph (a) (i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6f326720209e44978f8ab3f744b347b3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Paragraph&#160;(a) above shall not oblige any Finance Party to do anything , and paragraph (a) above shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z691dd0f1750741b9a75ed5fe0d62e619" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any law or regulation;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za3ab088e314944c7bc564dc49b166b3e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any fiduciary duty; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zdfe668da9f0a4aaaa48616b375c1c533" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any duty of confidentiality.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z21825201ba9e4e43bbeffa7e4a1a6dde" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with paragraph (a) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments made under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 44 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z740d2149acff45ba84102385c7a28fb5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">12.8</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">FATCA Deduction</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z445c309eee214c3d973dcdedfd532cd1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2329d76f39c8461388860afd0ce00a30" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction) notify the Party to whom it is making the payment and, in addition, shall notify the Borrowers and the Agent shall notify the other Finance Parties.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z37b96484a57544b4876be63945671837" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">12.9</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Secured Hedging Agreements</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Clauses 12.1 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Definitions</font>) through 12.8 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">FATCA Deduction</font>) above do not apply for sums due between an Obligor and a Hedging Bank under or in connection with a Secured Hedging Agreement as to which sums the provisions of Section 2(d) (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Deduction or Withholding for Tax</font>) of the relevant ISDA master agreement shall apply.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbf66c41b94ee4925bc3510543f7cece3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">13.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">INCREASED COSTS</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z06f19bd537cb4c8b81f98016a377720f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">13.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Increased costs</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z965d7b4689404ebca6293b7e007abb9b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Subject to Clause 13.3 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Exceptions</font>) the Borrowers shall, within three (3) Business Days of a demand by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z184201e2a9b0495ca7344db473bb3b72" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z442291e5cfcd464e9a9aacdd8a4b899d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">compliance with any law or regulation made after the date of this Agreement; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zca6e6ac5a07d4ae7899d915c169afc8c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the implementation or application of, or compliance with:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z49a8e498fead4913aab281ea713cdae7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(A)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the agreements on capital requirements, a leverage ratio and liquidity standards contained in &#8220;Basel III: A global regulatory framework for more resilient banks and banking systems&#8221;, &#8220;Basel III: International framework for liquidity risk measurement, standards and monitoring&#8221; and &#8220;Guidance for national authorities operating the countercyclical capital buffer&#8221; published by the Basel Committee on Banking Supervision on 16 December 2010, each as amended, supplemented or restated;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z78c99bf58245452194280058fc9b36b9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(B)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the rules for global systemically important banks contained in &#8220;Global systemically important banks: assessment methodology and the additional loss absorbency requirement rules text&#8221; published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated (together with (A) collectively referred to as &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Basel III</font>&#8221;);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zfd8ed20bbf704d66a0aa337e6e7dc0fb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(C)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Directive 2013/36/EU of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directive 2006/48/EC and 2006/49/EC (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">CRD IV</font>&#8221;);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z12206f93aa3941cc8a09bd97904d7655" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(D)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Regulation (EU) no. 575/2013 of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending regulation (EU) No. 648/2012 (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">CRR</font>&#8221;).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 45 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcf12146cd0e94b8ca4b00c5ed07c5925" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(E)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any law or regulation that implements or applies to Basel III, CRD IV or CRR; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3a2fa0bd1f0146c9b511f26fa43ea55d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(F)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any further guidance or standards published by the Basel Committee on Banking Supervision relating to Basel III.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4458a3f24d5d4e82b3cf02e4340c431c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">In this Agreement &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Increased Costs</font>&#8221; means:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za9939057c4ad4398a8f37945c6da72a2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a reduction in the rate of return from the Facilities or on a Finance Party&#8217;s (or its Affiliate&#8217;s) overall capital;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd13b9e6f2a8c4c1a8b1b8fd051a7ca51" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">an additional or increased cost; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb0f61762c81c44fa90f7cd9a32e14812" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a reduction of any amount due and payable under any Finance Document,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4b6baebf1f7349429cdaa66a2a5387ae" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">13.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Increased cost claims</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcc49b431adf54d37bba22cbf96ace515" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A Finance Party intending to make a claim pursuant to Clause 13.1 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Increased costs</font>) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Borrowers.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7afccf492b4742f7829eee6d0d69679a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf0f549a1156f43cf987178a1af5d011c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">13.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Exceptions</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9a0679f7d95847f99d0b2fccc00279fb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Clause 13.1 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Increased costs</font>) does not apply to the extent any Increased Cost is:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zaa036819d5df4e0181863ec91c6a565c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">attributable to a Tax Deduction required by law to be made by the Borrowers and/or the Guarantor;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd2483bc7850e447fa7e74a788a9948a3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">attributable to a FATCA Deduction required to be made by a Party;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb18cea2c69ea48e79aeca298b519392d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">compensated for by Clause 12.3 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Tax indemnity</font>)<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">&#160;</font>(or would have been compensated for under Clause 12.3 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Tax indemnity</font>) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause 12.3 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Tax indemnity</font>) applied); or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze1d2a526d1014319b358692e935633dc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zce0f33a9552e4cf9862ea37c4502eff8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">In this Clause 13.3 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Exceptions)</font>, a reference to a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Tax Deduction</font>&#8221; has the same meaning given to the term in Clause 12.1 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Definitions</font>).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3f97bc21477a48c1884434b1455b38e2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">14.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">OTHER INDEMNITIES</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8ec4f26cbe4b4dfaa0690343e52cdc68" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">14.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Currency indemnity</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z93c45dfe81324a8bab830b7ffa7f348f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If any sum due from the Obligors under the Finance Documents (a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Sum</font>&#8221;), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">First Currency</font>&#8221;) in which that Sum is payable into another currency (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Second Currency</font>&#8221;) for the purpose of:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze46ba3920b6b42d09fb12441fbe5b99d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">making or filing a claim or proof against that Obligor;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 46 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z77efd903ba5840d78076a2444c4ed4bc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">that Obligor shall as an independent obligation, within three (3) Business Days of demand, indemnify each Finance Party to whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zfc1c93510ca74b0592a4cdb0eb6f8cee" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zeb5534d8492d480d856a7eeaa8cc8060" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">14.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Other indemnities</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Obligors shall, within three (3) Business Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party in any jurisdiction (including but not limited to any cost, loss or liability incurred by any of the Finance Parties arising or asserted under or in connection with any law relating to safety at sea, the ISM Code, any Environmental Law or any Sanctions Laws) as a result of:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc0edc1a2c45b4a3a85a5f7b06c509bf7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the occurrence of any Event of Default;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z35c71901f43245a38a28e5679ed4b91f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a failure by the Borrowers and/or the Guarantor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of Clause 29 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Sharing among the Finance Parties</font>);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0197dffb51ca4c76a71ec8935c66d2b7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">funding, or making arrangements to fund, its participation in a Loan requested by the Borrowers in a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z37ceb3dffaa24282ae2234335285691e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a third party claim related to the Finance Documents, the Obligors or the Vessels, hereunder any Environmental Claims or any non-compliance by any Obligor, the Technical Manager, the Commercial Manager and/or any Charterer with applicable laws including Sanctions Laws;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0a55af2a0af149caa89e86dd51a569be" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any claim, action, civil penalty or fine against, any settlement, and any other kind of loss or liability, and all reasonable costs and expenses (including reasonable counsel fees and disbursements) incurred by the Agent or any other Finance Party as a result of conduct of any Obligor or any of their partners, directors, officers, employees, agents or advisors, in relation to any Sanctions Laws; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2b7f7a214bac4953a635290e70a315b1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by the Borrowers,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">in each case other than by reason of default or negligence by that Finance Party alone.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9e6f652c9419449c989e93ef5f97b0f3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">14.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Indemnity to the Agent and Security Agent</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Obligors shall promptly indemnify the Agent against any cost, loss or liability incurred by the Agent and/or the Security Agent (acting reasonably) as a result of:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z756cffa9051a492fb9f3f3928237bb7d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">investigating any event which it reasonably believes is a Default; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 47 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z633fd1e066d04cb2bc2a1047e5ff74be" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z43c5259ce6f84f3c88100ed36c51ac0e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">15.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">MITIGATION BY THE LENDERS</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc4ba75f4fcc845a4b5cf1e2686d7d5a1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">15.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Mitigation</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z260f35c2d51c4e2a834c7f4ce92bf933" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each Finance Party shall, in consultation with the Borrowers, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 7.3 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Illegality</font>), Clause 12 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Tax gross-up and indemnities</font>) or Clause 13 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Increased costs</font>) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4e1c1c96eca7469793aaac349103a54c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z985288cb6a734a1a81c6b71647afd138" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">15.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Limitation of liability</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1815d76982944623951f6995286cd049" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause 15.1 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Mitigation</font>).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zec5d1d0fbb15483cb6aaeb949ca914f9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A Finance Party is not obliged to take any steps under Clause 15.1 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Mitigation</font>) if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z205f79c6eef94803ac7d3fcf84c0c89c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">16.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">COSTS AND EXPENSES</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z325d456994ad49da96f0641e97850580" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">16.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Transaction expenses</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrowers shall promptly on demand pay the Agent, the Finance Parties and the Hedging Banks the amount of all costs and third party expenses (including legal fees, travel expenses and out of pocket expenses) reasonably incurred by any of them in connection with the negotiation, preparation, printing, execution and syndication of:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z02054a93555b4a2fbcb5b1516e280c03" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">this Agreement and any other documents referred to in this Agreement; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z33a087a4d9774c7fb37bae4d7426ce36" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any other Finance Documents executed after the date of this Agreement.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb4af1d85dfda493e827e6350de4a7f6f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">16.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Amendment and enforcement costs</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrowers shall, within three (3) Business Days of demand, reimburse the Agent and any Finance Party or Hedging Bank for the amount of all duly documented costs and expenses (including but not limited to legal fees and other professional fees) incurred by the Agent and any such Finance Party or Hedging Bank in connection with:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z00fedae41b864b26b128929ef7c3c40d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">responding to, evaluating, negotiating or complying with a request or requirement for any amendment, waiver or consent;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf18569461f7c4c8bbd6d1de04448e2ff" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the granting of any release, waiver or consent under the Finance Documents;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4e13696c30f84c099887aa4be25e98fe" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any amendment or variation of a Finance Document; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb618ce2539fb4ed89335fa118375b290" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the enforcement of, or the preservation, protection or maintenance of, or attempt to preserve or enforce, any of the rights of the Finance Parties under the Finance Documents.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 48 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">For the avoidance of doubt, costs payable by the Borrowers under Clause 16.1 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Transaction expenses</font>) and this Clause 16.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Amendment and enforcement costs</font>) remain payable whether or not any Utilisation is ever made.</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 49 of 126</font></div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECTION 7</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECURITY</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z40a8aa2858ff42188c3153abc618baa8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">17.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">SECURITY</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf61cb20a758e432d8aba01e9cb8cd9e7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">17.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Security</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The obligations and liabilities of the Borrowers and the Guarantor under the Finance Documents and any Secured Hedging Agreement, whether present and future, actual or contingent, whether as primary obligor or as guarantor, including (without limitation) the Borrowers&#8217; obligation to repay the Loans together with all unpaid interest, default interest, commissions, charges, expenses and any other derived liability whatsoever of the Borrowers towards the Finance Parties or the Hedging Banks in connection with this Agreement or any Secured Hedging Agreement, shall at any time until all amounts due to the Finance Parties or the Hedging Banks under any Finance Document and any Secured Hedging Agreement have been paid and/or repaid in full, be secured on a cross-collateralized basis by the following security:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z643b0eca21f9434dabdb8cb8a3a4c2f6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Mortgages;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z71b7191fbfae4177ab7145015811576b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Guarantee;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8400660467c746b3b9ad9e27d2d53135" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Assignment Agreements;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z26dcf0072e724168bb6d0586bfd992f9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any Deed of Assignment;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf617eff29f28444db63183082397d073" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Pledge of Accounts;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z23df42b024b24e07831fbe4c4f887ea4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any Intra Group Loans Assignment Agreements;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf707bde406cb4868ad7cd498547dc3b4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(g)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Pledges of Shares in all Borrowers, including customary power of attorney for sale of the Shares and signed but undated letters of resignation from each director; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">and any other document that may have been or shall from time to time hereafter be executed as Security for the Borrowers&#8217; obligations under or pursuant to the Finance Documents and any Secured Hedging Agreement.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Security Documents shall rank with first priority.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1c8bd0bc1ebf4025b078907c936ae8f5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">17.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Perfection etc.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Each Borrower undertakes to ensure that the Security Documents are duly executed by the parties thereto in favour of the Security Agent&#160; (on behalf of the Finance Parties and the Hedging Banks) and/or the Lenders (as the case may be) in accordance with Clause 4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Conditions of Utilisation</font>), legally valid and in full force and effect, and to execute or procure the execution of such further documentation as the Security Agent may reasonable require in order for the relevant Finance Parties and the Hedging Banks, to maintain the security position envisaged hereunder.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0fc11106cc3d4f298689ed8ca86b03b0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">17.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Further assignment of Earnings, Charterparty and Intra Group Loans</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">In the event that a Borrower enters into a Charterparty, the relevant Borrower shall prior to the relevant commencement date assign by way of a Deed of Assignment such Charterparty (if legally possible) or (if not legally possible to assign such charter or contract) any Earnings accruing thereunder in favour of the Security Agent (on behalf of the Finance Parties and the Hedging Banks).</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 50 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">In the event that any of the Obligors enter into any Intra Group Loans, the relevant Obligor shall prior to the relevant commencement date assign by way of an Intra Group Loans Assignment Agreement such claims the relevant Obligor may have thereunder in favour of the Security Agent (on behalf of the Finance Parties and the Hedging Banks).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb333a67cbb824f1ba7d2cf4979a9e428" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">17.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Security &#8211; Secured Hedging Agreement</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrowers&#8217; obligations and liabilities under any Secured Hedging Agreement, whether present and future, actual or contingent, whether as primary obligor or as guarantor, together with all unpaid interest, default interest, commissions, charges, expenses and any other derived liability whatsoever of the Borrowers towards a Hedging Bank in connection with any Secured Hedging Agreement, shall at any time until all amounts due to a Hedging Bank under any Secured Hedging Agreement have been paid and/or repaid in full, be secured by the Security Documents and the guarantee liabilities of the Guarantor pursuant to Clause 18 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Guarantee and indemnity</font>), however on subordinated basis to the rights of the other Finance Parties as per Clause 30.5 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Partial Payments</font>).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z35b6cb5f0dce402bb003f0b1a4066c93" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">17.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Parallel Debt</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2805e8cb817a413ab59a893db3977908" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">In this Clause:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0a67ba7214f546c59a5df42f2d8876db" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Corresponding Debt</font> means any amount which the Obligors owe to a Finance Party under or in connection with the Finance Documents.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z960d2c94478f43429aff861445005f66" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Parallel Debt</font> means any amount which the Obligors owe to the Security Agent under this Clause.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4670ef0f1a1c495db30247cb4bbe78e7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers irrevocably and unconditionally undertake to pay to the Security Agent, as creditor in its own right and not as representative of the other Finance Parties, amounts equal to, and in the currency or currencies of, its Corresponding Debt.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z15eed04fe1ae49be8b63b2d3e6c4f6bb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Parallel Debt of the Borrowers:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze80ea5d591344de5a90741fbaf63541b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">shall become due and payable at the same time as its Corresponding Debt;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za02781f7e6174aa9bdad52c25a7f15b7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">is independent and separate from, and without prejudice to, its Corresponding Debt.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd4ce7c82fc1f429db249d3099f789484" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">For purposes of this Clause, the Security Agent:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd2264d08d63a4801ab5a56e16fb4b411" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">is the independent and separate creditor of each Parallel Debt;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1df5e1c06df34e40b4cb4b3056d879b1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">acts in its own name and not as agent, representative or trustee of the Finance Parties and its claims in respect of each Parallel Debt shall not be held on trust; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6d40fec7b05c4b5f910e6c3069437c62" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">shall have the independent and separate right to demand payment of each Parallel Debt in its own name (including, without limitation, through any suit, execution, enforcement of security, recovery of guarantees and applications for and voting in any kind of insolvency proceeding).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0f4245df064749328eef043762e94b54" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Parallel Debt of the Borrowers shall be (a) decreased to the extent that its Corresponding Debt has been irrevocably and unconditionally paid or discharged, and (b) increased to the extent to that its Corresponding Debt has increased, and the Corresponding Debt of the Borrowers shall be (x) decreased to the extent that its Parallel Debt has been irrevocably and unconditionally paid or discharged, and (y) increased to the </div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 51 of 126</font></div>
</div>

<div style="MARGIN-LEFT: 72pt">extent that its Parallel Debt has increased, in each case provided that the Parallel Debt of the Borrowers shall never exceed its Corresponding Debt.<br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4a5be24ba9024fdcbb9f8b54ec54841d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">All amounts received or recovered by the Security Agent in connection with this Clause, to the extent permitted by applicable law, shall be applied in accordance with Clause 30.5 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Partial payments</font>).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z392a39b828a5424b9041c1e6635839ea" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">18.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">GUARANTEE AND INDEMNITY</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2fa4f13bc2564481a4a034b28c25b6de" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">18.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Guarantee and indemnity</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Guarantor irrevocably and unconditionally:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd90aadceb9ae44b79850e5e0c23b7fdd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">guarantees to each Finance Party and the Hedging Banks punctual performance by the Borrowers of all the Borrowers&#8217; obligations under the Finance Documents and any Secured Hedging Agreement.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zdf431b8dbccb4cc1acf56f1a3f0ab733" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">undertakes with each Finance Party and the Hedging Banks that whenever the Borrowers do not pay any amount when due under or in connection with any Finance Document and any Secured Hedging Agreement, it shall immediately on demand pay that amount as if it was the principal obligor; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z43fbce740b7d44479950426d4548572b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">agrees with each Finance Party and the Hedging Banks that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Finance Party or Hedging Banks immediately on demand against any cost, loss or liability it incurs as a result of the Borrowers not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Finance Document and any Secured Hedging Agreement on the date when it would have been due. The amount payable by the&#160; Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 18 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Guarantee and indemnity</font>) if the amount claimed had been recoverable on the basis of a guarantee;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">provided, however, that the maximum guarantee liability of the Guarantor hereunder shall always be limited to USD 550,000,000 plus (i) any interest, default interest, Break Cost or other costs, fees and expenses related to the Borrowers&#8217; obligations under the Finance Documents and any Secured Hedging Agreement and (ii) any default interest or other costs, fees and expenses related to the liability of the Guarantor hereunder.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc412b17869304161a1b3865d93d28a3b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">18.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Continuing guarantee</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance Documents and any Secured Hedging Agreement, regardless of any intermediate payment or discharge in whole or in part.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zaac6ae5e8d7342fe8a4b50e3a26e1412" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">18.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Reinstatement</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is made by a Finance Party or the Hedging Banks in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of the Guarantor under this Clause 18 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Guarantee and indemnity) </font>will continue or be reinstated as if the discharge, release or arrangement had not occurred.</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 52 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7630b7acb5c64726b19e893ff5553a65" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">18.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Waiver of defences</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The obligations of the Guarantor under this Clause 18 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Guarantee and indemnity</font>) will not be affected by an act, omission, matter or thing which, but for this Clause, would reduce, release or prejudice any of its obligations under this Clause 18 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Guarantee and indemnity</font>) (without limitation and whether or not known to it or any Finance Party or the Hedging Banks) including:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z36b6e7146e984ad18d959d6fe4285e90" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any time, waiver or consent granted to, or composition with, the Borrowers or other person;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6b393aba5b7241309a3aa66f18955fa0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the release of the Borrowers or any other person under the terms of any composition or arrangement with any creditor of the Borrowers;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z363e9f42065d46cb890d864a290f03a2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, a Borrower or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z720af8a5556d4b788e4f295d168092a2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of the Borrowers or any other person;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3017224fadab4a85ae096eb6f632f362" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or any Secured Hedging Agreement or any other document or security including without limitation any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document, any Secured Hedging Agreement or other document or security;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z424d2b106b314b3893dc2b679dcdfc0a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document, any Secured Hedging Agreement or any other document or security; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z90455f5dd1594f9087272d80478c08a4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(g)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any insolvency or similar proceedings.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z48755c79d4f84c2b82cbe91893ca5041" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">18.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Immediate recourse</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Guarantor waives any right it may have of first requiring any Finance Party or the Hedging Banks (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from the Guarantor under this Clause 18 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Guarantee and indemnity</font>). This waiver applies irrespective of any law or any provision of a Finance Document and any Secured Hedging Agreement to the contrary.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z15f4a0037c3d4bcfbd0126ac0929308b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">18.6</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Appropriations</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Until all amounts which may be or become payable by the Borrowers under or in connection with the Finance Documents and any Secured Hedging Agreement have been irrevocably paid in full, each Finance Party and the Hedging Banks (or any trustee or agent on its behalf) may:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zdb4350d3619f4e51852350cfd5388b84" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party or Hedging Banks (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the same; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 53 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z31777031452e4ff988f3c0b7bb973ceb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">hold in an interest-bearing suspense account any moneys received from the Guarantor or on account of the Guarantor&#8217;s liability under this Clause 18 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Guarantee and indemnity</font>).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1e00dc3147444ec7b95449e0447eb420" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">18.7</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Deferral of the Guarantor&#8217;s rights</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Until all amounts which may be or become payable by the Borrowers under or in connection with the Finance Documents and any Secured Hedging Agreement have been irrevocably paid in full and unless the Agent otherwise directs, the Guarantor will not exercise any rights which it may have by reason of performance by them of their obligations under the Finance Documents and any Secured Hedging Agreement or by reason of any amount being payable, or liability arising, under this Clause 18 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Guarantee and indemnity</font>):</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc8da7379a6c244d294f2ba1af2020b4c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to be indemnified by the Borrowers;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6a51201744b649b2a65baaf0801e089c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to claim any contribution from any other guarantor of the Borrowers&#8217; obligations under the Finance Documents or any Secured Hedging Agreement;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf6c912c53c234ee4941dcb7364219c8e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties or the Hedging Banks under the Finance Documents and any Secured Hedging Agreement or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents and any Secured Hedging Agreement by any Finance Party or the Hedging Banks;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4b33103fd5404c4f9764647f4524e6d1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to bring legal or other proceedings for an order requiring the Borrowers to make any payment, or perform any obligation, in respect of which the Guarantor has given a guarantee, undertaking or indemnity under Clause 18.1 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Guarantee and indemnity</font>);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za460cfb3a7ad4d018f099a2ca4b34f95" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to exercise any right of set-off against the Borrowers; and/or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z533abed25d944f4782be5d8b173c726b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to claim or prove as a creditor of the Borrowers in competition with any Finance Party or the Hedging Banks.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">If the Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties and the Hedging Banks by the Borrowers under or in connection with the Finance Documents and any Secured Hedging Agreement to be repaid in full on trust for the Finance Parties and the Hedging Banks and shall promptly pay or transfer the same to the Agent or as the Agent may direct for application in accordance with Clause 30 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Payment mechanics</font>).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd9d1970bb6f64d6e9c7a0c131a5c93d7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">18.8</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Additional security</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The guarantee given by the Guarantor herein is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party or the Hedging Banks.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9920f30dbb28431793b058c8cfdcfc39" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">18.9</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Norwegian Financial Agreements Act</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Guarantor specifically waives all rights under the provisions of the FA Act not being mandatory provisions, including (but not limited to) the following provisions (the main contents of the relevant provisions being as indicated in the brackets):</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2ae97acb52054f55b3a44b64a701eaff" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 29 (as the Agent and/or any Finance Party and/or the Hedging Banks shall be entitled to exercise all its rights under this Agreement and applicable law in order to secure payment.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 54 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">Such rights shall include the right to set-off any credit balance in any currency, on any bank account the Guarantor might have with each of the Finance Parties or the Hedging Banks individually against the amount due);</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zee136099a85c480b814a063b4398cfea" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 63 (1) &#8211; (2) (to be notified of an Event of Default hereunder and to be kept informed thereof);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1e2ba2b1116b459a9b8d08fe0516378c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 63 (3) (to be notified of any extension granted to the Borrowers in payment of principal and/or interest);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z90dbbfb1d841457c835af7d8780d8453" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 63 (4) (to be notified of the Borrowers&#8217; bankruptcy proceedings or debt reorganisation proceedings and/or any application for the latter);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4373388f197046d489ad43724b6dc974" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 65 (3) (that its consent is required for it to be bound by amendments to the Finance Documents or any Secured Hedging Agreement that may be detrimental to its interest);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze60393e1b5d54de88395e512270d6930" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 67 (2) (about any reduction of its liabilities hereunder, since no such reduction shall apply as long as any amount is outstanding under the Finance Documents and any Secured Hedging Agreement);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbfd667db22fa4b56a02e4035aab5f2e0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(g)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 67 (4) (that its liabilities hereunder shall lapse after ten (10) years, as it shall remain liable hereunder as long as any amount is outstanding under any of the Finance Documents and any Secured Hedging Agreement);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z91e3e93290aa4b409eea1f857794bc10" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(h)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 70 (as it shall not have any right of subrogation into the rights of the Finance Parties and the Hedging Banks under the Finance Documents and any Secured Hedging Agreement until and unless the Finance Parties and the Hedging Banks shall have received all amounts due or to become due to them under the Finance Documents and any Secured Hedging Agreement);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z690c49ca78374754bc97d8188a29fccd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 71 (as the Finance Parties and the Hedging Banks shall have no liability first to make demand upon or seek to enforce remedies against the Borrowers or any other Security Interest provided in respect of the Borrowers&#8217; liabilities under the Finance Documents and any Secured Hedging Agreement before demanding payment under or seeking to enforce its guarantee obligations hereunder);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z86495f373c8940d480483ed81852e294" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(j)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 72 (as all interest and default interest due under any of the Finance Documents and any Secured Hedging Agreement shall be secured by its obligations hereunder);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8d6f68e5abf94d5f994e924ab78db317" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(k)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 73 (1) &#8211; (2) (as all costs and expenses related to a termination event or an Event of Default under this Agreement shall be secured by its guarantee obligations hereunder); and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za780b1caaf5745689debadab42bb21c0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(l)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#167; 74 (1) &#8211; (2) (as it shall not make any claim against the Borrowers for payment by reason of performance by it of its obligations under the Finance Documents and any Secured Hedging Agreement until and unless the Finance Parties and the Hedging Banks first shall have received all amounts due or to become due to them under the Finance Documents and any Secured Hedging Agreement).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z796875e994b3472db7d66f8d5b782fa4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">18.10</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Guarantee Limitations</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The guarantee and liability set out in this Clause 18 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Guarantee and indemnity </font>) does not apply to any liability if and to the extent that it would result in this guarantee constituting unlawful financial</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 55 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">assistance within the meaning of applicable provisions under the laws of the relevant jurisdiction of the Guarantor.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 56 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECTION 8</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2a69df3668c743d3a7291aeee4b6bc4c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">REPRESENTATIONS</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Each Obligor makes the representations and warranties set out in this Clause 19 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Representations</font>) to each Finance Party on the date of this Agreement.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8c60296dc3f44f95a26c00ad8e39d304" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Status</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za26f532f18654ddaadea2a7703a9b89e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each Obligor is a company, duly incorporated, validly existing and, if relevant in good standing under the law of its jurisdiction of incorporation.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9d682b996096443397b4e38534db9658" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each Obligor and each of its Subsidiaries have the power to own its assets and carry on its business as it is being conducted.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zaf22ab573bcc44f096a87bd91133e3ef" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">No Obligor is a US Tax Obligor.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z213f356dcc344eb3a2d61a0c2163a6cb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Binding obligations</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zdb03ad960b334da8b00f50a3ae39c59c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The obligations expressed to be assumed by the relevant Obligor in each Finance Document are, subject to any general principles of law limiting its obligations which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Conditions of Utilisation</font>), legal, valid, binding and enforceable obligations.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zfe310664830b450087e02a8b7c4b28c1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Save as provided herein or therein and/or as have been or shall be completed prior to a Utilisation Date, no registration, filing, payment of tax or fees or other formalities are necessary or desired to render the Finance Documents enforceable against the Obligors, and in respect of the Vessels, for the Mortgages to constitute valid and enforceable first priority mortgage over the Vessels.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf417df75fdf7442292e5f399f72992bf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Non-conflict with other obligations</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The entry into and performance by any of the Obligors of, and the transactions contemplated by, the Finance Documents and the Transaction Documents do not and will not conflict with:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc9208d9c772d4fd6a3e1b1bf22ff4f23" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any law, statute, rule or regulation applicable to it, or any order, judgment, decree or permit to which it is subject, including any law, statute, rule or regulation implemented to combat money laundering and bribery;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3ccff67ab58d451d95929ddbf423c162" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">its or any of its Subsidiaries&#8217; constitutional documents; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z299d94d01ad84af7b97a65bc074def81" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any agreement or instrument binding upon it or any of its Subsidiaries or any of its or any of its Subsidiaries&#8217; assets.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zeb1e99a356444efd9dc5caf24a5ff609" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Power and authority</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb756daccf6974bd2b025a1728136e8ac" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each Obligor has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, the Finance Documents and the Transaction Documents to which it is a party and the transactions contemplated by those Finance Documents and Transaction Documents.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z922d9762887c46509e21f4ff4145370e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">All necessary corporate, shareholder and other action have been taken by each Obligor to approve and authorize the execution of the Finance Documents and the Transaction</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 57 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">Documents, the compliance with the provisions thereof and the performance of its obligations thereunder.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z42a00ccdc9ad4dca99d19aecce22241d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each Borrower acts for its own account by entering into the Finance Documents and obtaining the Facilities.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcae8afb62e2d43fc9b2c2cb52b3037f8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Validity and admissibility in evidence</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">All Authorisations required or desirable:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z112627579db44ab1baf40ee4a8c81927" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to enable each Obligor lawfully to enter into, exercise its rights and comply with its obligations in the Finance Documents and the Transaction Documents to which it is a party;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbe5c812141ae4e66956bf651270275c1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to make the Finance Documents and the Transaction Documents admissible in evidence in its jurisdiction of incorporation; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z348431b1b4cc40cf8469fc859c957493" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in connection with each Obligor&#8217;s business and ownership of assets,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">have been obtained or effected and are in full force and effect, and there are no circumstances which indicate that any of the same are likely to be revoked in whole or in part.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcb0b1a1e6f5e4de9ac39bd008c8b2bfb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.6</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Governing law and enforcement</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z01690e3141bf489cb41af1a68a78c588" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The choice of Norwegian law and any other applicable law respectively as the governing law of the Finance Documents will be recognised and enforced in its jurisdiction of incorporation.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z99c9ea8166f74f7fb2d1948c09c96a6f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any judgment obtained in Norway and/or any other applicable jurisdiction in relation to a Finance Document will be recognised and enforced in the relevant Obligor&#8217;s jurisdiction of incorporation.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1e4b4547000e40968945eb141467968c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.7</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Insolvency</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">No corporate action, legal proceeding or other procedure or step described in Clause 24.6 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Insolvency</font>), Clause 24.7 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Insolvency proceedings</font>) or Clause 24.8 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Creditors&#8217; process</font>) is currently pending or, to its knowledge, threatened in relation to any Obligor, and none of the circumstances described in Clause 24.6 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Insolvency</font>), Clause 24.7 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Insolvency proceedings</font>) or Clause 24.8 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Creditors&#8217; process</font>) applies to any of the Obligors.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf42ba2baeae54cafba5946bf81121c5e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.8</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Deduction of Tax</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">No Obligor is required to make any deduction for or on account of Tax from any payment it may make under any Finance Document.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za72826471f1043ccaf5179395df4fbf1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.9</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">No filing or stamp taxes</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Under the law of the relevant Obligor&#8217;s jurisdiction of incorporation it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents (other than the Mortgage and as otherwise stated in any legal opinion obtained by the Agent in connection with this Agreement).</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 58 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z715350de63d74ef4b06b5a94f1774e04" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.10</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">No default</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze75413c43fae470ca2a9a4ad96ebc4bb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">No Event of Default is continuing or might reasonably be expected to result from the making of a Utilisation.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za5b2124c44e745a3825800b522fde358" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">No other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is binding on any Obligor or any of its Subsidiaries or to which its (or any of its Subsidiaries&#8217;) assets are subject which has or might have a Material Adverse Effect.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z852d0573a5cc4f95ac46aea9044722ea" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.11</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">No misleading information</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf0fd85f47a324269a708ec15d519eff4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any factual information provided by any Obligor or otherwise relevant to matters contemplated by the Finance Documents was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zeb00280f873d4f91aff7eac92875b238" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The financial information provided by any Obligor has been prepared on the basis of recent historical information and on the basis of reasonable assumptions.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z646b5736eead4a95a763f2b0531b9367" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Nothing has occurred or been omitted and no information has been given or withheld that results in the information provided by any Obligor being incomplete, untrue or misleading in any material respect.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z77a4a1ad9c654e4b8bbec4e459b76ff7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.12</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Financial statements</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z45938910bf4e4eeeadf7954837edaf3a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Its Original Financial Statements were prepared in accordance with GAAP consistently applied.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z03909a7369424ff3b8196795ee055ad7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Its Original Financial Statements fairly represent its financial condition and operations (consolidated in the case of the Guarantor) during the relevant financial year.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8eff70c8b581462285b5ac24ec8cddfb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">There has been no material adverse change in its business or financial condition (or the business or consolidated financial condition of any Obligor) since the date of delivery of its latest financial statements.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z35e0b8aa799b4fb1973d2ebe48ff5d1e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.13</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Pari passu ranking</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The relevant Obligor&#8217;s payment obligations under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zaa26467fbe8d42f68ab82b5aeb40dfba" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.14</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">No proceedings pending or threatened</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency which might reasonably be expected to have a Material Adverse Effect have (to the best of its knowledge and belief) been started or threatened against any Obligor or any of its Subsidiaries.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z35e8fa68560d47719975617418b6417c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.15</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Title</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The relevant Obligor holds, or from the relevant Delivery Date will hold, the legal title and/or will be the beneficial party, as the case may be, to the Secured Assets.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1e0cbacbca3240f2a1ecdd330c657c6e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.16</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">No security</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">None of the Secured Assets will from the first Utilisation Date be affected by any Security, and no Obligor will be a party to, nor is it or any of the Secured Assets bound by any order, agreement or</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 59 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">instrument under which it is, or in certain events may be, required to create, assume or permit to arise any Security over any of the Secured Assets, save for (i) the Security created under the Security Documents, (ii) for liens (including but not limited to maritime liens defined as such pursuant to applicable law) arising solely by operation of law and/or in the ordinary course of business or (iii) otherwise as agreed with the Agent (on behalf of the Finance Parties and the Hedging Banks).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbbfe570bf19c46a589ead3c07daa1598" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.17</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">No immunity</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">No Obligor, nor any of their assets, are entitled to immunity from suit, execution, attachment or other legal process, and the relevant Obligor&#8217;s entry into of the Finance Documents and the Transaction Documents constitutes, and the exercise of its rights and performance of and compliance with its obligations under Finance Documents and the Transaction Documents will constitute, private and commercial acts done and performed for private and commercial purposes.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf01dd79a2fd749fdaa29e74a4c31dad2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.18</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Ranking of Security Documents</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Security created by the Security Documents has or will have the ranking in priority which it is expressed to have in the Security Documents and the Security is not subject to any prior ranking.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5b940b426a4f465486ae4072439aa8f1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.19</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Taxation</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z93327b9767cb45889a44c2c4036f6354" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">No Obligor is overdue in the filing of any Tax returns.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2a17fd9f86c94e09846f4e1669e2b32b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">To the best of its knowledge and belief, no claims or investigations are being, or are reasonably likely to be, made or conducted against any Obligor with respect to Taxes which is reasonably likely to have a Material Adverse Effect on its ability to perform its obligations under the Finance Documents.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0218b243ff384bea8225407139eb95b2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The relevant Obligor is resident for Tax purposes only in the jurisdiction of its incorporation, unless the Agent shall have been otherwise informed in writing.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z67a66317dacd4acb8db16b8a79def401" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.20</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Environmental compliance</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Each of the Borrowers and to the best of its knowledge and belief (having made due and careful inquiry) any of its Affiliates, the Technical Manager and any Charterers (if applicable) have performed and observed all Environmental Laws, Environmental Approvals and all other covenants, conditions, restrictions or agreements directly or indirectly concerned with any contamination, pollution or waste or the release or discharge of any toxic or hazardous substance in connection with the Vessels.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zee183a9b7da94385a79eb2bee69e9934" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.21</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Environmental Claims</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">No Environmental Claim has been commenced or (to the best of its knowledge and belief, having made due and careful enquiry) is threatened against it where that claim has or is reasonably likely to have a material adverse effect on its ability to perform its obligations under the Finance Documents and the Transaction Documents.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z01c1300226a44112b76dc12731f77918" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.22</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">ISM Code and ISPS Code compliance</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">All requirements of the ISM Code and the ISPS Code as they relate to the Borrowers (or any of their Affiliates) and the Vessels, and to the best of its knowledge and belief (having made due and careful inquiry) the Technical Manager, any Charterers have been complied with.</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 60 of 126</font></div>
</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8e233655c02442799748f56acb185791" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.23</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">The Vessels</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Vessels will on the relevant Utilisation Date be:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z803a57b4c40d42c6a34a4a8c587b6490" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in the absolute ownership of the relevant Borrower free and clear of all encumbrances (other than current crew wages and the Mortgage and a security created pursuant to any of the Security Documents) and the relevant Borrower will be the sole, legal and beneficial owner of such Vessel;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6f7703ad5c4542cfa0740b65d9592499" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">registered in the name of the relevant Borrower with the relevant Approved Ship Registry under the laws and flag applicable for the relevant Approved Ship Registry, and (in respect of DHT China) as long as employed under the Bareboat Charter, be bareboat registered in the Bareboat Registry;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4cd7a13039ea4909be4d688396d48454" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">operationally seaworthy in every way and fit for service; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9045030a1a254bcfb46fa64717d6dc7c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">classed with ABS, Lloyd&#8217;s Register, DNV GL or such other IACS classification society as approved by the Agent, free of all overdue recommendations/conditions of class.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze3715ccfb36541d0ac5126fd5cc116fb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.24</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Financial Indebtedness</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">No Obligor is in breach of or in default under any agreement or other instrument relating to Financial Indebtedness to which it is a party or by which it is bound (nor would it be with the giving of notice or lapse of time or both).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7198098c0e524203bc8519091bb22bd2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.25</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Sanctions</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z04037a4d9e6440edb75d6fa60021f544" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each Obligor, their respective directors, officers, and employees, and to the best of its knowledge and belief (having made due and careful inquiry), each of their Affiliates, their joint ventures, and their respective directors, officers, employees, agents, representatives and each Vessel has been and is in compliance with Sanctions Laws;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z021cf5a40d684fcba794d149841c1a35" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">No Obligor, or any of their respective directors, officers, employees is, nor is, to the Obligor&#8217;s best knowledge and belief (having made due and careful inquiry), any of its Affiliates and their joint ventures, and their respective directors, officers, employees, agents, representatives or Vessels:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf831b9994304469eb8570bb522ef63b3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a Restricted Party, does not act directly&#160; or indirectly on behalf of a Restricted Party, or is involved in any transaction through which it is likely to become a Restricted Party; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4a8e564e1d5142ef9a51954f90874177" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">subject to or involved in any inquiry, claim, action, suit, proceeding or investigation against it with respect to Sanctions Laws by any Sanctions Authority.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z19c9a78689734d10bcf30fc9ef0c3b5c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.26</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Shares</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Shares are fully paid and not subject to any option to purchase or similar rights. The constitutional documents of each Borrower do not and could not restrict or inhibit any transfer of those Shares on creation or enforcement of any of the Secured Assets. There are no agreements in force which provide for the issue or allotment of, or grant any person the right to call for the issue or allotment of, any share or loan capital of any Borrower (including any option or right of pre-emption or conversion).</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 61 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc28ba5d5bc22491587068b1b0a87be73" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">19.27</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Repetition</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Repeating Representations are deemed to be made by each Obligor by reference to the facts and circumstances then existing on the date of a Utilisation Request and the first day of each Interest Period and on the date of delivery of each Compliance Certificate (or, if no such Compliance Certificate is forwarded, on each day such certificate should have been forwarded to the Agent at the latest). The Representations set out in Clauses 19.6 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Governing law and enforcement</font>), 19.9 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">No filing or stamp taxes</font>), 19.14 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">No proceedings pending or threatened</font>) and 19.19 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Taxation</font>) are not repeating and shall only be made by each Obligor by reference to the facts and circumstances then existing on the date of a Utilisation Request.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z999c35e386974f7f838d158eab1eac12" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">20.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">INFORMATION UNDERTAKINGS</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The undertakings in this Clause 20 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Information undertakings</font>) remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd1dfbf8ee4f64107bb9b75f3661ddf03" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">20.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Financial statements</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Obligors shall supply or procure to supply to the Agent copies for all the Lenders of:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z010856de0bcd4db5a53ffbeb2263d67c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">as soon as they are available and public, but in any event with 120 days after the end of its financial year;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze13c6b5721a847cfa15507cfe8198b21" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the audited consolidated financial statements of the Guarantor for that financial year;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5e3723934820418f813120d502875e31" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the unaudited management accounts (profit and loss statement and balance sheet) of the Borrowers for that financial year;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z60bb52effb5e48de9b4957b8be5919b1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">as soon as they are available and public, but in any event within 90 days after the last day of each quarter the unaudited consolidated financial statements of the Guarantor for that financial quarter;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze19d3c0648a0470d8f494a1082cdfecc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">as soon as they are available, but in any event within 90 days after the end of its financial year, the financial projections of the Guarantor on an annual basis; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6fb6740c340d459c9f49b3712ebf113a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">such other financial and other information of any Obligor as the Lenders shall reasonably require from time to time (including but not limited to in relation to Sanctions Laws).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2a2bac27445b4d678ada68de4cbf35ce" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">20.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Compliance Certificate</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Obligors shall supply to the Agent, with each set of financial statements delivered pursuant to paragraphs (a) and (b) of Clause 20.1 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Financial statements</font>), a Compliance Certificate signed by the chief financial officer of the Guarantor setting out (in reasonable detail) computations as to compliance with Clause 21 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Financial covenants</font>) as at the date as at which those financial statements were drawn up.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc4a36cc8700c432e8c0043bdbd27951f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">20.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Requirements as to financial statements</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z362bcf0056874707bc100b4d8665d1aa" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Guarantor shall procure that each set of financial statements delivered pursuant to Clause 20.1 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Financial statements</font>) is prepared using GAAP, accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial Statements for that Obligor unless, in relation to any set of financial statements, it notifies the Agent that there has been a change in GAAP, the accounting practices or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 62 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">reference periods and its auditors (or, if appropriate, the auditors of the relevant Obligor) deliver to the Agent:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze9c387eed4c34a29b4969dee92e62f77" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a description of any change necessary for those financial statements to reflect the GAAP, accounting practices and reference periods upon which that Obligor&#8217;s Original Financial Statements were prepared; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcb4adea2571f4f328c6cd4c41f6d991e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Lenders to determine whether Clause 21 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Financial covenants</font>) has been complied with and make an accurate comparison between the financial position indicated in those financial statements and that Obligor&#8217;s Original Financial Statements.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">Any reference in this Agreement to those financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z38bd4b3e89fa4f7fad614dcf9f401523" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">20.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Information: miscellaneous</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrowers shall supply to the Agent (with copies for all the Lenders, if the Agent so requests):</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbafa3f9b8d2a4a529225e8f4cf269fa2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">all documents dispatched by the Borrowers and the Guarantor to their shareholders generally (or any class of them) or their creditors generally at the same time as they are dispatched;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9b7e80baf8454d4aa09926b90bfcdb8b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any Obligor, and which might, if adversely determined, have a Material Adverse Effect;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5f376d3beede4c789e8839fef6a3018b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">promptly, such further information regarding the financial condition, business and operations of any Obligor as any Finance Party (through the Agent) may reasonably request, promptly, such information about the Vessels&#8217; classification records and status as the Agent may reasonably request;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf7ca5408e57145e795e5625ce037e988" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">promptly upon becoming aware of them, the details of any inquiry, claim, action, suit, proceeding or investigation pursuant to Sanctions Laws by any Sanctions Authority against it, any of its direct or indirect owners, Affiliates, any of their joint ventures or any of their respective directors, officers, employees, agents,representatives or any of the Vessels, as well as information on what steps are being taken with regards to answer or oppose such;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z55dc6781992c4afe84132f62acb0632e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">promptly upon becoming aware of them, any details of any material claims or amendments under any Transaction Document (other than Finance Documents); and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0d64919effad48eca947e70753225cf6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">promptly upon becoming aware that it, any of its direct or indirect owners, Affiliates, any of their joint ventures or any of their respective directors, officers, employees, agents or representatives has become or is likely to become a Restricted Party.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4d96c1f90d1d41aebca7960e51773d66" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">20.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Notification of default</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z16ca217f3f0d498399bb36715f12554d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each of the Borrowers and the Guarantor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 63 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7829bcd1e503468b809bb056f72b9683" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Promptly upon a request by the Agent, the Borrowers shall supply to the Agent a certificate signed by two of its directors or senior officers on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z964f87b33ae7460e899b57576b1f1668" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">20.6</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Notification of Environmental Claims</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrowers shall inform the Agent in writing as soon as reasonably practicable upon becoming aware of the same:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z04c513ce58e44ae3a3d4e1dd1458767f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">if any Environmental Claim has been commenced or (to the best of its knowledge and belief) is threatened against the Borrowers (or any of its Affiliates), any Charterers, the Technical Manager or the Vessels; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6d6ac82496c24b9aaf9dae75bd42046c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">of any fact and circumstances which will or are reasonably likely to result in any Environmental Claim being commenced or threatened against any of the Borrowers (or any of their Affiliates), any Charterers, the Technical Manager or the Vessels,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">where the claim would be reasonably likely, if determined against the Borrowers (or any of its Affiliates) or the Vessels, to have a Material Adverse Effect.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4c7f987f4aac40858c185414745e9819" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">20.7</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Market Value</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z75e9f4d93b17460c9b0448fcb5357e30" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall arrange for, at its own expense, the Market Value of the Vessels to be determined on a quarterly basis.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7ccc589183484ea3a1a64e2b8672608d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall forward the market valuations obtained pursuant to sub-clause (a) above to the Agent (on behalf of the Finance Parties) together with the Valuation Certificate within ten (10) days after the end of each financial quarter and such valuations shall be issued no more than thirty (30) days prior to the date provided to the Agent.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0ecef2cc3a1749aab81a90ff2b295e6c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Should the Agent reasonably assume that a Default has occurred or may occur, or should a Vessel be sold or suffer a Total Loss, the Agent may arrange, or require the Borrowers to arrange, additional determinations of the Market Value of the Vessels at such frequency as the Agent (on behalf of Finance Parties) may request and at the Borrowers&#8217; expense.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1bb2df30d1984d93b7f539c0b67f5251" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">20.8</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">&#8220;Know your customer&#8221; checks</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd9d4cd8a4e6d431a9556b882437e3e61" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9a9e2669fb2d4196bbddf1dd1c5f9906" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z158156028ea848b4b47bf4edc96b0f11" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any change in the status of the Borrowers or the Guarantor after the date of this Agreement; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7930ad01d1a04e42bfaed253aa284ede" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">obliges the Agent or any Lender (or, in the case of sub-paragraph (iii) above, any prospective new Lender) to comply with &#8220;know your customer&#8221; or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrowers and/or the Guarantor shall promptly upon the request of the Agent or any</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 64 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in sub-paragraph (iii) above, on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in sub-paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary &#8220;know your customer&#8221; or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z866e35a3380c47eeab42fae66a893649" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself) in order for the Agent to carry out and be satisfied it has complied with all necessary &#8220;know your customer&#8221; or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z34eee99c7b2a4f91b8fcf551b3c10de5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">In addition, the Lender and/or the Agent may require such other documentation and information as it deems necessary and/or advisable in order to comply with customer due diligence as required by the Danish Act on Measures to Prevent Money Laundering and Financing of Terrorism.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za5637eea37164989b7c1554aa26a8127" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Lenders to carry out and be satisfied with the results of all applicable know your customer requirements.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb90574ad00a7418ca1072fb4a496328a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">20.9</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Disclosure of information</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrowers and the Guarantor irrevocably authorise the Finance Parties to give, divulge and reveal from time to time information and details relating to its account, the Vessels, the Finance Documents, and the Loans and any other agreement entered into by the Obligors or information provided by the Obligors in connection with the Loans to (i) any private, public or internationally recognised authorities, (ii) the Finance Parties&#8217; respective head office, branches and affiliates, and professional advisers, (iii) any other parties to the Finance Documents, (iv) a rating agency or their professional advisers, (v) any person with whom they propose to enter (or contemplate entering) into contractual relations in relation to the Loans, (vi) any insurance company relevant to the Finance Parties, the Obligors, the Vessels and/or the Loans, and (vii) any other person(s) regarding the funding, refinancing, transfer, assignment, sale, sub-participation or operational arrangement or other transaction in relation thereto, including without limitation, for purposes in connection with a securitization or any enforcement, preservation, assignment, transfer, sale or sub-participation of any of the Finance Parties&#8217; rights and obligations. The Finance Parties agree not to disclose information to any third party outside of the scope of the disclosure described above and further agree not to disclose any more information for such purposes than is reasonably necessary.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z593be69f9db64b8eabbb8050e21130e9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">21.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">FINANCIAL COVENANTS</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zeca9220410b145dc896ed7758bce5d31" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">21.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Financial covenants - the Guarantor</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Guarantor shall on a consolidated basis, measured and documented quarterly, at all times maintain:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z897b68350cbe49588f117b60b3b6167c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">unencumbered consolidated Cash of minimum the higher of (i) six per cent (6 %) of the Total Interest Bearing Debt and (ii) USD 30,000,000;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 65 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zaff06aa6a88f423ba43659bd9015d819" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a Value Adjusted Tangible Net Worth of at least USD 300,000,000, but in any event the Value Adjusted Tangible Net Worth shall at all times be no less than twenty five per cent (25 %) of the Value Adjusted Total Assets; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4d0d6e7e016c4b5f86b3730ae226a359" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a positive Working Capital.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z65483a90504841299fcf362b8763050f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">21.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Amended financial covenants &#8211; Obligors</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">In the event that an Obligor at any time agrees to additional financial covenants, or similar financial covenants at a stricter level with other banks, lenders and/or financiers than the financial covenants set out in this Clause 21 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Financial Covenants</font>), then such financial covenants shall automatically be deemed to be incorporated in this Agreement (with logical changes only) unless such requirement is waived in writing by the Agent (on behalf of the Majority Lenders).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7dfdfb80126f4d8bb68b78eb326cc6e6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">22.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">GENERAL UNDERTAKINGS</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The undertakings in this Clause 22 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">General undertakings</font>) remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf5141ac56fc8413dac767ca507e1fd23" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">22.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Authorisations</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Each Obligor shall promptly obtain, comply with and do all that is necessary to maintain in full force and effect, any Authorisation required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance Document.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4bf620e7b49b43f986ddd7dda1831c30" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">22.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Compliance with laws</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6d5003df5c7b450bbabe42381d3b216c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each Obligor shall, and shall procure that their Affiliates, the Technical Manager, the Commercial Manager and any Charterer, shall comply in all material respects with all laws, directives, regulations, decrees, rulings and such analogous rules to which it or its business may be subject, as well as its constitutional documents.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3ec8521445dd42d3885d7a48eba70940" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each Obligor shall, and shall procure that any Affiliate and their respective officers, employees and directors, the Technical Manager, the Commercial Manager and any Charterer comply in all respect with all Sanctions Laws and the laws of the Approved Ship Registry and the Bareboat Registry.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z715c34a3e3414bda859ddd429f77efec" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each Obligor shall, and shall procure that none of them, nor any officer, employee or director will, take any action or make any omission that results, or is reasonably likely to result, in it or any Finance Party becoming a Restricted Party or a breach of Sanctions by any Finance Party.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3685ec8226e64484bce174de0218bbb0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each Obligor and parties acting on its behalf shall observe and abide with any law, official requirement or other regulatory measure or procedure implemented to combat (i) money laundering (as defined in Article 1 of the Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 (as amended, supplemented and/or replaced from time to time)) and (ii) bribery and corrupt practices.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze62b888e36f343ce928ea477d416f295" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">22.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Negative pledge</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6a9596a916404fdeb5640cde76c516e9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall not create or permit to subsist any Security over the Vessels or any of its assets.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 66 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zdf2f16e584fb422795fd0b53e1edfa05" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Obligors shall not create or permit to subsist any Security over the Shares or any Intra Group Loans.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z44cca8c695df40c587d52f2ed52c1081" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall not:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z98e1d57802ef4e9d94e8107801435783" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by any Obligor;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z72f144b89d25497e8e63e076915a3c14" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">sell, transfer or otherwise dispose of any of its receivables on recourse terms;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z05ab28a9e9874541a7ff4675e92e5fc5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zfd9db03b5e464437a6971de34e9edaa5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">enter into any other preferential arrangement having a similar effect,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z07d962993aaf4173830545beb66cdb59" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Paragraphs (a) and (b) above do not apply to any Security listed below:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc2b7544dde1045d5a6673e753454562a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any netting or set-off arrangement entered into by any Obligor in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances, hereunder any rights of pledge and set-off in relation to a cash pool arrangement approved in advance by the Agent (on behalf of the Finance Parties and the Hedging Banks);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7f6afe634da843059880c8a265d82e64" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any lien (including but not limited to maritime liens defined as such pursuant to applicable law) arising by operation of law and in the ordinary course of trading and securing obligations not more than thirty (30) days overdue;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0a848583f5a34fd69913d1cd0c7f51e2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any Security entered into pursuant to any Finance Document;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8a31c39153a44e82a2f131bad87a7bff" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any cash collateral from an Obligor to any Hedging Bank as security (for its own account) for any swap transaction to be entered into between that Hedging Bank and an Obligor under a Secured Hedging Agreement, and any cash collateral so placed by an Obligor with a Hedging Bank shall be released, discharged and (if required) deregistered immediately after evidence of registration of the Mortgages;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zfde17195b0164d8bae35b288699f8ea1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(v)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">arising under any retention of title, hire purchase or conditional sale arrangement or arrangements having similar effect in respect of goods supplied to a Borrower in the ordinary course of trading on arm&#8217;s length terms and on the supplier&#8217;s standard and usual terms; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3b424ed94e7d420c9fd6f5813951d2c8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(vi)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">security consented to in advance in writing by the Agent (on behalf of the Finance Parties).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8b9223b3782d4a048f799cc35ad8ba0c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">22.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Disposals, loans and acquisitions</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">The Borrowers shall not:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3ad2fe09716641ac9c84e904d7488769" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">whether by a single transaction or a series of related or unrelated transactions and whether at the same time or over a period of time, sell, transfer, lease out (except for the Bareboat Charter), grant options, grant rights of first refusal or otherwise dispose of the whole or any part of its undertakings, assets, including but not limited to the Vessels, or revenues</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 67 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">(present or future) or agree to do so unless the Borrowers comply with the provisions of Clause 7.4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Total Loss or Sale of a Vessel</font>); or</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z878e88c08a644acc9a4a6d7bdd47d3ad" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">acquire or replace any material asset or acquire any shares; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9d10866fa00c4d6babc62c2b8341ae59" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">charter in any vessel or make any investment other than in the normal course of business related to the operation of the Vessels; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za03612e0e85e4ca888c7cb11e399a945" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">incur any Financial Indebtedness other than in the normal course of business related to the operation of the Vessels, provided, however, that the Borrowers shall be entitled to obtain Intra Group Loans from the Guarantor as long as such loans are unsecured and fully subordinated to the Borrowers&#8217; obligations under the Finance Documents and pledged/assigned to the Agent (on behalf of the Finance Parties and the Hedging Banks) under an Intra Group Loans Assignment Agreement, provided that payment of interest and principal thereunder is allowed so long as (i) such payment of interest and/or principal is made from funds being available for distribution of dividends from the respective Borrower, and (ii) there is no Default hereunder and no Default will occur as a result of such payment or distribution; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z357b103b0e1e4f448279c3bef20093c3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">make or grant any loans, guarantees or any other form of financial support other than in the normal course of business.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z43162f300d974ffba7ecd74af7bd2285" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">22.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Merger</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">No Obligor shall enter into any form of amalgamation, merger, demerger or corporate reconstruction, or any acquisition of any other company or corporate entity, except that the Guarantor shall be entitled to merge with its Subsidiaries provided the Guarantor is the surviving entity and the merger is entered into on a solvent basis.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4c9f2e417c374e059d0fb672f991da30" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">22.6</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Shareholding</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze9f141f6487b42d0b7d2e44f18e8c2e9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Guarantor shall inform the Agent (on behalf of the Finance Parties and the Hedging Banks) of any intended sale of any Shares, and any such sale will be subject to prepayment in accordance with Clause 7.6 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Change of Control</font>);&#160; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6faa5ec3b22b48a0b8302b74ff1a6f2b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">no Borrower shall purchase, cancel, redeem or increase any of its share capital.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z93b27853927644b0b43f2524eabc3645" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">22.7</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Change of business</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">No change shall be made to the general nature of the business of the Borrowers from that carried on at the date of this Agreement, and the Borrowers shall not engage in any other business other than ownership and operation of the Vessels. No substantial change shall be made to the general nature of the business of the Guarantor from that carried on at the date of this Agreement.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb8f218f9d5fc4fe5bcdac9907a75c75c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">22.8</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Title</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrowers and/or the Guarantor (as the case may be) shall hold legal title to and own the entire beneficial interest in the Secured Assets, free of all Security and other interests and rights of every kind, except for those created by the Financial Documents and as permitted in paragraph (c) of Clause 22.3 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Negative pledge</font>).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zefb37b112a7b42bb97bb3a56afe02197" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">22.9</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Insurances &#8211; general</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Nothwithstanding Clause 23.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Insurance &#8211; Vessels</font>), each of the Borrowers and the Guarantor shall maintain appropriate insurance cover with respect to its properties, assets and operations of such</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 68 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">types, in such amounts and against such risks as are maintained by prudent companies carrying on the same or substantially similar business. All insurances must be with financially sound and reputable insurance companies, funds or underwriters.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6961d7b4536747308e36e3950988aa8f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">22.10</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Earnings Accounts</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrowers shall maintain the Earnings Accounts with the Account Banks and ensure that all Earnings are paid to the Earnings Accounts without delays or deduction.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zadb0c332223f4c16b0266a3e8fad9277" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">22.11</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Derivative transactions</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrowers shall not enter into any derivative transactions with other parties than the Hedging Banks unless the Hedging Banks have received a reasonable opportunity, in writing, to provide competitive rates to the Borrowers.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5bcc04fb004d4575a3f2ee278f1286f9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">22.12</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Distribution restrictions and subordination of inter-company debt</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zddcad4c35be241f8a3b5f74ff6d48d70" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">No Obligor shall (i) distribute any dividends, or make other distributions to its shareholders and/or (ii) buy-back its own common stock and convertible notes if a Default has occurred and is continuing or will occur as a result of such payment, distribution or buy-back, or after giving effect to such distribution, the Borrowers or the Guarantor is not in compliance with the Financial Covenants.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z96d2fd3b77d44e58841f29ed7598e553" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">All (i) Intra Group Loans to the Borrowers, and (ii) claims of the Guarantor against the Borrowers shall always be unsecured and fully subordinated to the obligations of the Borrowers under the Finance Documents and any Secured Hedging Agreements, provided that payment of such claims is allowed so long as (i) such payment of interest and/or principal is made from funds being available for distribution of dividends from the respective Borrower, and (ii) there is no Default under any of the Finance Documents and/or any Secured Hedging Agreement and no Default will occur as a result of such payment or distribution.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z473286fd30fd4d2b85c98ea678904941" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">All amounts owed to the Technical Managers and/or Commercial Managers (provided the Technical Managers and/or Commercial Managers are Affiliates of the Borrowers or the Guarantor) shall always be unsecured and fully subordinated to the obligations of the Borrowers under the Finance Documents any of the Finance Documents and/or any Secured Hedging Agreement, provided that payment of such claims is allowed so long as there is no Default any of the Finance Documents and/or any Secured Hedging Agreement and no Default will occur as a result of such payment or distribution.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1533a90e9a254786acf7cd11b1dcbe4e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">All agreements and transactions entered into between the members of the Group and their affiliates shall be entered into and made on arm&#8217;s length terms.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2c93ab40ae3d42468715ba714ffeef7f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">22.13</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Transaction Documents</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrowers shall procure that no material terms of any of the Transaction Documents except the Finance Documents are amended or terminated, or any waivers of any material terms thereof are agreed, without the prior written consent of the Agent (on behalf of the Finance Parties). The Finance Documents can only be amended as per their provisions.</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 69 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2717b8839de0487c866eddb45e63730e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">22.14</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Taxation</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Each Obligor shall pay and discharge all Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless and only to the extent that such payment is being contested in good faith or can be lawfully withheld.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf8808b7a335546a4a6c09371e35c4dd1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">22.15</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">No change of name etc.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">No Obligor shall change:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1e0c982dea3e43089a1c57138b4bb2f4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the end of its fiscal year;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z54359f67ca464171987fa1a13a4cd860" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">its nature of business;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3639293aafd34e59912811909ce3c694" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">(applicable for the Borrowers only) its constitutional documents;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za94cfa9793a94e99b5bd937a569021d0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">its legal name;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z097dd98c7b0d4534ae860349b1568476" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">its type of organization; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zdec8dae69eaf49518f2dbc87f3918af6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">its jurisdiction</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">without the prior written consent of the Agent (on behalf of the Finance Parties).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7e9acc5bd26a4173b5f201b5f93903d3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">22.16</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Sanctions</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Each Obligor shall, and shall ensure that each of their Subsidiaries, and to the best of each Obligor&#8217;s knowledge the Subsidiaries&#8217; respective officers, directors, employees, managers and charterers is, and shall remain:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd7245514fcd04ab8b4ad43ba9bae4341" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in compliance with all laws or regulations:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0d52fd5bd1654fb9a2824e04876d97ea" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">applicable to its business; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2248abf3c42e4ff797fb691c3cc318ff" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">applicable to the Ship, its ownership, employment, operation, management and registration,</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">including the ISM Code, the ISPS Code, all Environmental Laws, all Sanctions Laws and the laws of the Approved Ship Registry;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z55d1103edbc348c981238ca0a73a5505" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in compliance with any Environment Approvals; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">without limiting paragraph (a) above, not employ the Vessels nor allow its employment, operation or management in any manner contrary to any law or regulation including but not limited to the ISM Code, the ISPS Code, all Environmental Laws and all Sanctions Laws.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9bdb7a78e41847919c13ea54aabbdd03" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">22.17</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">US Tax Obligor</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">No Obligor shall become a US Tax Obligor.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5aad9bdc95614770bc0738a56b73e32a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">22.18</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Use of Proceeds and repayments</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbbf50e4f99d3434eaae401106f498afb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">No proceeds of any advance of a Loan shall be made available, directly or indirectly, to or for the benefit of a Restricted Party nor shall they otherwise be applied in a manner or for a purpose prohibited by Sanctions Laws or in a manner that is reasonably likely to result, in it or any Finance Party becoming a Restricted Party or a breach of Sanctions by any Finance Party.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 70 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9116cba92cab47e38388d1415d5f3162" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">No Borrower shall, and shall procure that no other Obligor shall, repay or prepay any Loan or any part thereof or fund all or any part of any payment under the Finance Documents (x) out of proceeds from funds or assets that (i) constitute property of, or that are beneficially owned directly or indirectly by, any Restricted Party, (ii) is obtained or derived from transactions with or relating to any Restricted Party or transactions in violation of Sanctions or (y) in any manner that would cause any Lender or the Agent to be in violation of Sanctions.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc914befca0734144bc4dc369ec5235e9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">22.19</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Listing</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Guarantor shall always remain listed at the New York Stock Exchange or such other stock exchange acceptable to the Agent.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">23.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">VESSEL UNDERTAKINGS</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7ca73436be8c40b3907204ee257724fb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">23.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">General</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The undertakings in this Clause 23 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Vessel undertakings</font>) remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. Any undertakings in respect of the Vessels set out below shall only apply from the Delivery Date of the relevant Vessel, and only to the Vessels delivered to and owned by the relevant Borrower.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8f6d7d246e3e476eb38c1842efb5e667" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">23.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Insurance &#8211; Vessels</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc832ea1555284730ba0a59948000a546" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall maintain or ensure that the Vessels are insured against such risks, including but not limited to, hull and machinery, protection &amp; indemnity (including cover for pollution liability as normally adopted by the industry for similar units for an amount not less than USD 1,000,000,000, and freight, demurrage and defence cover), hull interest, freight interest, loss of hire and war risk insurances, including blocking and trapping, confiscation, terrorism and piracy, in such amounts, on such terms and placed through first class insurance brokers with such first class insurers as the Agent shall approve, and always subject to the Nordic Marine Insurance Plan of 2013 latest version.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4c249279ccfd421f9f9af5fff88f2511" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The insured value of each Vessel shall be at least equal to the Market Value of such Vessel and the aggregate insurance value, except for protection &amp; indemnity and Loss of Hire, shall be at least hundred and twenty per cent (120%) of the Loans plus any Available Revolving Credit Facility Commitment. Furthermore, the (i) hull and machinery insurance for each Vessel shall at all times cover at least eighty per cent (80%) of the insurable value (Hull and Machinery and Hull Interest) of such Vessel and (ii) aggregate hull and machinery insurance of all the Vessels shall cover at least one hundred per cent (100%) of the Loans plus any Available Revolving Credit Facility Commitment (while the remaining cover may be taken out by way of Hull and Freight Interest insurances). The deductible of the Hull and Machinery insurance shall never be higher than such amount as the Agent may from time to time approve.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4fab17f7bac24ccb8e16de7c16333c39" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall procure that the Security Agent (on behalf of the Finance Parties and the Hedging Banks) is noted as first priority mortgagee in the insurance contracts, together with the confirmation from the underwriters, or confirmations from insurance brokers confirming this on behalf of underwriters, to the Security Agent thereof that the notice of assignment with regards to the Insurances and the loss payable clauses are noted in the insurance contracts and that standard letters of undertaking/cover notes/policies/</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 71 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">certificates of entry are executed by the insurers and/or the insurance broker(s). The loss payable clause shall be in excess of USD 3,000,000.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z17ce869bf1e5491bb6e547edac8bcfda" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Within 15 days prior to the relevant Utilisation Date inform the Agent of with whom the Insurances will be placed and on what main terms they will be effected, and within reasonable time prior to the expiry date of the relevant Insurances, the Borrowers shall procure the delivery to the Agent of a certificate from the insurance broker(s) through whom the Insurances referred to in paragraph (a) above have been renewed and taken out in respect of the Vessels with insurance values as required by paragraph (b) above, that such Insurances are in full force and effect and that the Security Agent (on behalf of the Finance Parties and the Hedging Banks) have been noted as first priority mortgagee by the relevant insurers.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z07c2ed2c9da84415b3743cba8a0be8bf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall allow for the Agent and/or any other Finance Party and/or any Hedging Bank to take out for the Borrowers&#8217; accounts a Mortgagee&#8217;s Interest Insurance and a Mortgagee&#8217;s Interest - Additional Perils Pollution Insurance (covering one hundred and twenty per cent (120%) of the Loans plus any Available Revolving Credit Facility Commitment).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb64c5cc118c146769723ab4adc2dacff" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent may also for the account of the Borrowers take out such other Insurances as the Finance Parties and the Hedging Banks may reasonably require considering the trading and flag of the Vessels.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zdced9e42eb5b4a51b109bca16737b630" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(g)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If any of the Insurances referred to in paragraph (a) above form part of a fleet cover, the Borrowers shall procure, except for protection &amp; indemnity (where the Borrowers shall procure to obtain standard market undertakings in favour of the Security Agent with respect to protection &amp; indemnity from the insurers or the insurance broker), that the insurers or the insurer broker shall undertake to the Security Agent that they shall neither set-off against any claims in respect of the Vessels any premiums due in respect of other units under such fleet cover or any premiums due for other insurances, nor cancel this Insurance for reason of non-payment of premiums for other units under such fleet cover or of premiums for such other insurances, and shall undertake to issue a separate policy in respect of the Vessels if and when so requested by the Security Agent.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z394fb3bceccc48339c19512e97d86b80" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(h)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall procure that the Vessels always are employed in conformity with the terms of the instruments of Insurances (including any warranties expressed or implied therein) and comply with such requirements as to extra premium or otherwise as the insurers may prescribe.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcf0c8f406f6546398892537829733968" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers will not make any material change to the insurances described under paragraph (a) above without the prior written consent of the Agent.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2e1be7de4aaa4307b043615717e20443" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(j)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall pay for an insurance opinion commissioned by the Agent to be prepared by an independent insurance consultant, in form and contents acceptable to the Agent.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4f343b88a2cc41b5a0b414bbc4e4603b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">23.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Flag, name and registry</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Vessels shall be registered in an Approved Ship Registry. The Borrowers may subject to the Agent&#8217;s written consent (such consent not to be unreasonably withheld) move the Vessel to any other Approved Ship Registry by notifying the Agent in writing ten (10) Business Days in advance of such move of the Vessels.</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 72 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Finance Parties and the Hedging Bank approve the dual registration of the Vessel &#8220;DHT China&#8221; in the Bareboat Registry. On and at any time after the occurrence of an Event of Default which is continuing, the Borrowers undertake to ensure that (i) the bareboat registration of such Vessel in the Bareboat Registry is immediately terminated and deleted, and the original registration in the Approved Ship Registry re-activated and/or (ii) the Bareboat Charter and the Sub-Bareboat Charter are terminated, should the Security Agent (on behalf of the Finance Parties and the Hedging Bank) so require.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4c01db3426f249ccbc4e7bea3acf2702" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">23.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Classification and repairs</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrowers shall, and shall procure that any Charterer shall, keep or shall procure that the Vessels are kept in a good, safe and efficient condition consistent with first class ownership and management practice and in particular:</div>

<div>&#160;</div>

<div>
<div style="TEXT-ALIGN: justify">
<table id="z450538e59a914ab1b771d8be880992e1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">so as to maintain its class with ABS, Lloyd&#8217;s Register, DNV GL or another IACS classification society approved by the Agent, free of overdue recommendations/conditions of class; </div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zfe7a5d080eac4d0c849b5cadc4793d20" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">so as to comply with the laws and regulations (statutory or otherwise) applicable to units registered under the flag state of the Vessels or to vessels trading to any jurisdiction to which the Vessels may trade from time to time;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze6a0e1b640da4e85b732db3f3c2d93e5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">not, without the prior written consent of the Agent (which shall not be unreasonably withheld), change the classification society of the Vessels; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z94c517456cdc416585b26957940f7822" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">not, without the prior written consent of the Agent, conduct modifications, repairs or remove parts which may reduce the value of the Vessels.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Within 15 days prior to the relevant Utilisation Date the Borrowers shall inform the Agent of the classification society the Vessels will be classed.</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z6e602d6dbaa84e62b5cc96ec61cd2ec5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">23.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Inspections and class records</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1f6578e2144243a09175f09822c3302d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall procure that the Agent&#8217;s surveyor at the Borrowers&#8217; cost, is permitted to inspect the condition of the Vessels once a year, if so requested by the Agent, and at any time required by a Lender (at such Lender&#8217;s cost), provided always that such arrangement shall not interfere with the operation of the Vessels and subject to satisfactory indemnities approved by the P&amp;I insurers.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zee5c1304e5bd4a2a971b3a07442d7a9e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall instruct the classification society to give the Agent access to class records and other information from the classification society in respect of the Vessels, by sending a written instruction in such form and substance as the Agent may require. The Agent shall also be granted electronic access to class records.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2a5dc615aef044329de103f29012850c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">23.6</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Surveys</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrowers shall submit to or cause the Vessels to be submitted to such periodic or other surveys as may be required for classification purposes and to ensure full compliance with regulations of the flag state of the Vessels and to supply or to cause to be supplied to the Agent copies of all survey reports and confirmations of class issued in respect thereof whenever such is required by the Agent, however such requests are limited to once a year.</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 73 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z954060ae74744e369035f3514cdbc815" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">23.7</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Notification of certain events</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrowers shall immediately upon becoming aware of it notify the Agent of:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6ba1153b9a954d82b5798d7fbdb607ad" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any accident to a Vessel involving repairs where the costs will or is likely to exceed five per cent (5%) of the insurance value of such Vessel;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1fef23256b2d4018b168b684ddc042d2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any requirement or recommendation made by any insurer or classification society or by any competent authority which is not, or cannot be, complied with immediately;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1fc49fab255e450ba0e85910c9f44ddc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any exercise or purported exercise of any arrest or lien on the Vessels, their Earnings or the Insurances;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4033ced7da9443b8bb16ab6d6207ca61" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any occurrence as a result of which a Vessel has become or is, by the passing of time or otherwise, likely to become a Total Loss;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z17f182ed4d324258aa51686bca4b5b81" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the details of any claim, inquiry, action, suit, proceeding or investigation pursuant to Sanctions Laws against it, or any of its direct or indirect owners, Subsidiaries, and any of its respective directors, officers, employees, agents, representatives or any of the Vessels as well as information on what steps are being taken to answer or oppose such;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z63bbcd8700d94217bcedfba570bc2352" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any of its direct or indirect owners, Subsidiaries, or any of its directors, officers, employees, agents or representatives becoming a Restricted Party;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z762db3fb021048fa8ea4d5cba0d0ec70" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(g)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any cancellation of any Shipbuilding Contract; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4c92239da7a14021ad0930c98bf7230b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(h)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any claim for a material breach of the ISM Code or the ISPS Code being made against the Borrowers or the Technical Manager or otherwise in connection with the Vessels.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z02fe6815900b4854bddecb8b8e67a44c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">23.8</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Operation of the Vessels</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd9fdc2b3c09148ddb0bc4b965733a4ec" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall procure that the Vessels are managed by the Technical Manager pursuant to a Technical Management Agreement and shall not, without the prior written consent of the Agent (which shall not be unreasonably withheld), change or allow the change of the technical management of the Vessels.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb0b3cbbb463b4c5eb14275a71a27d9ff" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall procure that each of the Technical Manager and the Commercial Manager signs, executes and deliver a manager&#8217;s undertaking in such form as the Agent (on behalf of the Finance Parties) reasonably may require.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb138cd070d294ae9bee2b73608c1af7f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall, and shall procure that the Technical Manager shall, comply, or procure the compliance in all material respects with the ISM Code and the ISPS Code, all Environmental Laws, all Sanction Laws, the laws of the Approved Ship Registry, the Bareboat Registry, the United States Oil Pollution Act of 1990 and all other laws or regulations relating to the Vessels, their ownership, operation and management or to the business of the Borrowers and the Technical Manager and shall not employ the Vessels nor allow their employment:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z85406505bf36474e97dcf5422be3a68a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in any manner contrary to law or regulation in any relevant jurisdiction including but not limited to the ISM Code; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2768e3772baa425ab1d00afaee2bb84c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in the event of hostilities in any part of the world (whether war is declared or not), in any zone which is declared a war zone by any government or by the war risk insurers of the Vessels unless the Borrowers have (at their own expense) effected</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 74 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 108pt">any special, additional or modified insurance cover which shall be necessary or customary for first class unit owners within the territorial waters of such country at such time and has provided evidence of such cover to the Agent.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Without limitation to the generality of this Clause 23.8 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Operation of the Vessels</font>), the Borrowers and the Technical Manager shall comply or procure compliance, with, as applicable, all requirements of the International Convention for the Safety of Life at Sea (SOLAS) of 1974 as adopted, amended or replaced from time to time including, but not limited to, the ISM Code or the ISPS Code. The Vessels shall not under any circumstances carry any nuclear waste/material.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4ea7c214b27546818073b3bbba696381" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">23.9</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">ISM Code compliance</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrowers shall, and shall procure that the Technical Manager:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z923394f70f9b4d408b3fbeaa13a40a0f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">procure that the Vessels remain subject to a SMS;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zad29676d5ba7476c831abe168d0e0fdc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">procure that a valid and current SMC is maintained for the Vessels;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z132c8835de454d3a87afbad437491593" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">procure that the Technical Manager maintains a valid and current DOC;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z13179f830a334d74832abbfa45874013" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">immediately notify the Agent in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the SMC of the Vessels or of the DOC of the Technical Manager; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z098baf8510ae4cf4a8c0f2d570d95ea3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">immediately notify the Agent in writing of any &#8220;accident&#8221; or &#8220;major nonconformity&#8221;, each as those terms is defined in the Guidelines in the application of the IMO International Safety Management Code issued by the International Chamber of Shipping and International Shipping Federation.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za0f686e3afa144d9a0a6437d79d5dbb3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">23.10</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Environmental compliance</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za18cffdb2cc94088b6ea649e682e1f7c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall, and shall to the extent reasonably possible procure that the Technical Manager and any Charterers shall, comply in all respects with all Environmental Laws applicable to any of them or the Vessels, including without limitation, requirements relating to manning and establishment of financial responsibility and to obtain and comply with all Environmental Approvals applicable to any of them and/or the Vessels.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze7d5de80375f4399850a74e2f873cbf5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each Vessel shall throughout the lifetime of the relevant Vessel thereafter have a Green Passport available in respect of the relevant Vessel and have an inventory of hazardous materials (except DHT Hawk, DHT Condor and DHT Falcon). The Borrowers shall procure that the DHT Hawk, DHT Condor and DHT Falcon each have a Green Passport available and have an inventory of hazardous materials at the latest 6 months prior to being sold for demolition or taken out of commercial service.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5120d336d259436bbc3edcd87b29ea94" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Borrowers shall procure a safe sustainable and socially and environmentally responsible dismantling of any Vessel taken out of service.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbea88686f4ec444fb84f5b0a81abccd6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">23.11</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Arrest</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrowers shall pay and discharge when due:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z904cc36b6d1c484487527bc3a2da957a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against the Vessels, the Earnings or the Insurances;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 75 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1da2e7064c5342959965024f95a154d4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">all tolls, taxes, dues, fines, penalties and other amounts charged in respect of the Vessels, the Earnings or the Insurances; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8141f3c2c905476d877ab1d23e86d8a2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">all other outgoings whatsoever in respect of the Vessels, the Earnings and the Insurances,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">and forthwith (however not later than after twenty (20) Business Days) upon receiving a notice of arrest of a Vessel, or its detention in exercise or purported exercise of any lien or claim, the Borrowers shall procure its release by providing bail or providing the provision of security or otherwise as the circumstances may require.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z57d7e80cea6742199be3308c55fa7ab5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">23.12</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Chartering</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Borrowers shall not:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1d87022851c84457b3ec05fb9d811d25" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">without the prior written consent of the Agent (acting on the instructions of all Lenders), let a Vessel on bareboat charter for any period, except for DHT China under the Bareboat Charter and the Sub-Bareboat Charter;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z197526494cc54c05b435f8977661efd3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">without the prior written consent of the Agent (acting on the instructions of the Majority Lenders), enter into any other agreement related to the chartering and operation of a Vessel exceeding twenty four (24) months; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z919fac18292741a7965f05bfa9a9bfb3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">without the prior written consent of the Agent (acting on the instructions of the Majority Lenders), terminate, cancel, amend or supplement any Charterparty in any material respect, nor assign such Charterparty to any other person.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z701d9e8ad2884157b6270a1c8e088b3b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">24.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">EVENTS OF DEFAULT</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Each of the events or circumstances set out in Clause 24 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Events of Default</font>) is an Event of Default (save for Clause 24.18 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Acceleration</font>)).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd670fe06f9614856b5d03685d4f548d5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">24.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Non-payment</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place and in the currency in which it is expressed to be payable unless:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5bc5baf7973c450aa7d2be23da5032b3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">its failure to pay is caused by administrative or technical error in the banking system; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zba12b3e187bb41e48c92d09f61e72cc1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">payment is made within three (3) Business Days of its due date.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3da024bfe31841fbb852c8c8d6df4734" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">24.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Financial covenants</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Any requirement of Clause 21 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Financial covenants</font>) is not satisfied.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z115c1f1605584d1f81531958f7f09878" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">24.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Other obligations</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">An Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause 24.1 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Non-payment</font>)<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">&#160;</font>and Clause 24.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Financial covenants</font>), and Clauses 24.4 &#8211; 24.17), unless such non-compliance is, in the opinion of the Agent, capable of remedy and is remedied to the Agent&#180;s satisfaction within 10 Business Days from the Agent having notified the Obligor of the relevant non-compliance.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">For the avoidance of doubt, a breach of Clause 22.16 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Sanctions</font>), Clause 23.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Insurance - Vessels</font>), Clause 23.3 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Flag, name and registry</font>) and Clause 23.4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Classification and repairs</font>) are not capable of remedy.</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 76 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zccad0ad2f24c4b3eb5bcc30826d34601" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">24.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Misrepresentation</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Any representation or statement made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading in any material respect when made or deemed to be made.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9ca102de79bc463a864a3e7cc8cc1262" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">24.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Cross default</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3d73bc537ab1409fa23e091e99450be1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any Financial Indebtedness of any Obligor is not paid when due nor within any originally applicable grace period.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc1fa3f94702241d5b3a5a280b0c2a5d8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any Financial Indebtedness of any Obligor is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1f1a86f4d3c24c30ab3ea2b2ec950516" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any commitment for any Financial Indebtedness of any Obligor is cancelled or suspended by a creditor of any Obligor as a result of an event of default (however described).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zff992a6dcf0b4dda83fe66b4642f977b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any creditor of any Obligor becomes entitled to declare any Financial Indebtedness of any Obligor due and payable prior to its specified maturity as a result of an event of default (however described).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze675838c6b1d44f597e74385fc461007" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">No Event of Default will occur under this Clause 24.5 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Cross default</font>) if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs (a) to (d) above is less than USD 1,000,000 in respect of the Borrowers and USD 5,000,000 of the Guarantor.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4a3bd67c86564253bd3f131c1f526df4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">24.6</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Insolvency</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z18869cad718f4bcb815950a225706a08" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any Obligor is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5999ce18cda34077a674255f52bd4eea" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The value of the assets of any Obligor is less than its liabilities (taking into account contingent and prospective liabilities).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2483321043b44029a1e15615602d218a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A moratorium is declared in respect of any indebtedness of any Obligor.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z74688e5059de449096acdd4e02c3ec0a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">24.7</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Insolvency proceedings</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Any corporate action, legal proceedings or other procedure or step is taken in relation to:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb91e03a82e504159ac61ddb448325a98" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Obligor;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z725a51bf12c3429cb600ffae14bacddf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a composition, compromise, assignment or arrangement with any Obligor;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z68a72b0920c24e1e977d32c27041dd14" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of any Obligor or any of their assets; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 77 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z95f80f5d62d24cd1b73720ea600f1941" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">enforcement of any Security over any assets of any Obligor,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">or any analogous procedure or step is taken in any jurisdiction.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">This Clause 24.7 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Insolvency proceedings</font>) shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within thirty (30) days of commencement.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze17c00df5c8e40fc83f473c74bd06dd0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">24.8</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Creditors&#8217; process</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Any expropriation, attachment, sequestration, distress or execution affects any asset or assets of any Obligor having an aggregate value of USD 1,000,000 and is not discharged within thirty (30) days.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z518486415ae9429d8c5fef5dd1ba730a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">24.9</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Unlawfulness</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">It is or becomes unlawful for an Obligor to perform any of its obligations under the Transaction Documents.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zfb29826ffecc409ba7696b18017911ae" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">24.10</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Repudiation</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z875f7f11dcf5435598712c8311ef8bc5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">An Obligor or the Bareboat Charterer repudiates a Transaction Document or evidences an intention to repudiate a Transaction Document.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6bf2698bf3394ac7b1b7c6757a2fb6b2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any Transaction Document ceases to be legal, valid, binding, enforceable or effective.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd198948e922b4a02bee8014330c5bf9a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">24.11</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Material adverse change</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Any event or series of events occur which, in the reasonable opinion of the Majority Lenders, has or is likely to have a Material Adverse Effect, including but not limited to (i) instability affecting the country where the Vessels are flagged, (ii) changes in global economic and/or political developments and (iii) changes in the international money and/or capital markets.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf0d198f61f424f73b4e32e7d9c3b9917" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">24.12</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Cessation of business</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">An Obligor suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a part of its business.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5109d613479c476a962fa8170e2dcbe4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">24.13</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Insurances</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Any insurance policy taken out in respect of the Vessels is cancelled, revoked or lapses, or any insurance claim(s) by the Borrowers is repudiated following a Total Loss.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z62bd2e56a59f4b8c98efbb5bb27daaf0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">24.14</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Failure of security</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Any Security Document or security arrangements created or intended to be created in favour of the Finance Parties and/or a Hedging Bank at any time becomes wholly or partially invalid, ineffective, imperfect or nonexistent or unenforceable.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3869c1e549c74beba8de45545c3b99f7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">24.15</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Litigation</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Any of the Obligors is subject to an unsatisfied, uninsured judgment in its disfavour following final appeal and this is likely to have a Material Adverse Effect.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z624864651dd542c28c867d84cb9ac9c9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">24.16</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Breach of the terms of a Secured Hedging Agreement</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Any occurrence with respect to the Borrowers and/or its Credit Support Provider(s) (as defined in the Secured Hedging Agreements) as, if applicable, set out in any Secured Hedging Agreement Section 5(a) (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Events of Default</font>) or Section 5(b) (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Termination Events</font>) except for any Additional</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 78 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Termination Event due to any ordinary, voluntary or mandatory prepayment in accordance with the Loan Agreement Clauses 6 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Repayment</font>) and 7 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Prepayment and cancellation</font>).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbeb71019bc324611b99a0b6eb5a9b3f1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">24.17</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">&#160;Sanctions</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9c7e6036a43440f7bec2d7c73816650d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">An Obligor or any of their Affiliates, their joint ventures, and their respective directors, officers, employees, agents or representatives becomes a Restricted Party.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3970701eec8244aaa0455541f3348b09" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">An act or omission of an Obligor or any of their Affiliates, their joint ventures, and their respective directors, officers, employees, agents or representatives causes a breach of Sanctions by any Finance Party.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zafee7ee6f6724127a040df9823dae400" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">24.18</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Acceleration</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">On and at any time after the occurrence of an Event of Default which is continuing the Agent may, and shall if so directed by the Majority Lenders, by notice to the Borrowers:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z539b969cec0b43b3ab59b26bcfbe65f3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">cancel the Total Commitments whereupon they shall immediately be cancelled;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zceffb4e844c64af5804901dec99ce5c0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">declare that all or part of a Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon they shall become immediately due and payable;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z00ce1776231b4b8db323f74bfdb79ff9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">declare that all or part of a Loan be payable on demand, whereupon they shall immediately become payable on demand by the Agent on the instructions of the Majority Lenders; and/or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf935f7c7ecd04edebd23e8f8a1fe53c1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions under the Finance Documents.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 79 of 126</font></div>
</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECTION 9</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">CHANGES TO PARTIES</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5ff7012be22244eea3fb5ca13ca2c4d5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">25.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">CHANGES TO THE LENDERS</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9920735363774aebb374cdf1a262f60b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">25.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Assignments and transfers by the Lenders</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Subject to this Clause 25 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Changes to the Lenders</font>), a Lender (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Existing Lender</font>&#8221;) may assign and transfer any of its rights and/or obligations hereunder to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">New Lender</font>&#8221;), provided that no assignment or transfer can be made to an Obligor or any of their Affiliates.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Lenders shall notify the Borrowers of any proposed assignment or transfer, unless an Event of Default has occurred.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The consent of the Borrowers is required for an assignment or transfer by an Existing Lender, unless the assignment or transfer is:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc9dc52fdc2d14444a8e6ed5974c0b838" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to another Lender or an Affiliate of a Lender;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7bbaf5e464954be698bfa7e6d871da93" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to a Central Bank, Federal Reserve or to another state-owned entity;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb0f373b27dd8497dbd693c09d5ce8c61" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to any sub-participant where the Existing Lender retains all its obligations in respect of the transferred, assigned or participated amounts; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z56cf81f78a384a90be5988628b7a1933" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">made at a time when an Event of Default is continuing.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The consent of the Borrowers to an assignment or a transfer must not be unreasonably withheld or delayed. The Borrowers shall be deemed to have given their consent fifteen (15) Business Days after that Lender has requested it unless consent is expressly refused by the Borrowers within that time.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb09cf9c5279f4186bad630c0267f7542" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">25.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Conditions of assignment or transfer</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf1df1a83a07d45a8b0c4a0cd2d720176" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">An assignment or a transfer requiring the Borrowers&#8217; consent shall only be effective (i) on receipt by the Agent of (x) written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the New Lender shall assume the same obligations to the other Finance Parties as it would have been under if it was an Existing Lender and (y) all required <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">know your customer</font> documentation,&#160; (ii) on the New Lender&#8217;s payment of a transfer fee of USD 5,000 to the Agent and (iii) if the Commitment that is to be transferred to&#160; New Lender is in the minimum amount of USD 10,000,000 (or, if less, such amount constituting the Total Commitment of that transferring Lender).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze160a6c6939340d9a31b9fdd860c8188" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A transfer will only be effective if the procedure set out in Clause 25.4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Procedure for transfer</font>) is complied with.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z63c5f0aa3e3c4422a2966ec668f1b120" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb4be1b11616846ab9b7c17ea286bea3e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z18c985477ef9454694147729fc101ca4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">as a result of circumstances existing at the date the assignment, transfer or change occurs, the Borrowers or the Guarantor would be obliged to make a payment to the</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 80 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 108pt">New Lender or Lender acting through its new Facility Office under Clause 12 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Tax gross-up and indemnities</font>) or Clause 13 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Increased Costs</font>),</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. This paragraph (c) shall not apply in respect of an assignment or transfer made in the ordinary course of the primary syndication of the Facility.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8730feff2c0c47f19af0a56efa69e77c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc60aa0bfd36448f3b375a1787d36993b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">25.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Limitation of responsibility of Existing Lenders</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z26c42c99ec7e401f848e6a67712eb5bd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zad0c4a963b35410880b3c8029722d97d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z76491c2cea47442ea1732a15be15e093" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the financial condition of any Obligor;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z754aea63d5124428905d7a4a7a3f4bda" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z214c52902c2245c99c4dc94d6d1cb2a9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">and any representations or warranties implied by law are excluded.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0b0bcc40f98d41899e0d4491b89d09ce" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each New Lender confirms to the Existing Lender and the other Finance Parties that it:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z411c34116e7341fe94e4d952f099bdae" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb325cbb54b444c4f866f9800ea6d4a2e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z67f2c9b8bde14b23b29466936278c730" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Nothing in any Finance Document obliges an Existing Lender to:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8d5f553706884df984c98442a77cb013" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 25 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Changes to the Lenders</font>); or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf25a2be8e76b446da654628f6c860f79" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 81 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd4cf4172285740fe8c98d9b5afc37a87" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">25.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Procedure for transfer</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z967c97dfcf724e0abc4ad9b899b9b3df" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Subject to the conditions set out in Clause 25.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Conditions of assignment or transfer</font>) a transfer is effected in accordance with paragraph (c) below when the Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z02b2982987e647b7b1186418b3394033" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary &#8220;know your customer&#8221; or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z764f3e84cc214db18143d7ea137b8723" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Subject to Clause 25.6 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Pro rata interest settlement</font>), on the Transfer Date:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z63d45cb97d7a4626bd7bf20abb0a856d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Discharged Rights and Obligations</font>&#8221;);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z93b4d7634a674d6b88067c63a17b1aca" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z886604074f3f45e4ba1d8936113d5c5a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Agent, the Mandated Lead Arrangers, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the Mandated Lead Arrangers and the Existing Lender shall each be released from further obligations to each other under the Finance Documents; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z597bbe54f82948bdbbbda3c4240d5008" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the New Lender shall become a Party as a &#8220;Lender&#8221;.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze7fc2dc2438f4063989bea3332e99fca" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">25.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Copy of Transfer Certificate to the Borrowers</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate, send to the Borrowers a copy of that Transfer Certificate.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z05fe0a2226224fedb18f6d07f276ddeb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">25.6</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Pro rata interest settlement</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">If the Agent has notified the Lenders that it is able to distribute interest payments on a &#8220;pro rata basis&#8221; to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 25.4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Procedure for transfer</font>) the Transfer Date of which, in each case, is after the date of such notification and is not on the last day of an Interest Period):</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2b562ec69b7841a9ba5ef278557b5d71" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the Existing Lender</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 82 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">up to but excluding the Transfer Date (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Accrued Amounts</font>&#8221;) and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period (or, if the Interest Period is longer than three (3) Months, on the next of the dates which falls at three (3) Monthly intervals after the first day of that Interest Period); and</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3b3831d7319d45dea838b645d6c3efd2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts, so that, for the avoidance of doubt:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zaf65e69f820e4b0794d4bd7cee5ec47b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing Lender; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbe80fba4a8a340a69d49ed7da6fecccb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause 25.6 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Pro rata interest settlement</font>), have been payable to it on that date, but after deduction of the Accrued Amounts.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf40c070fe25a4cdaa1a0eff794d7fdee" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">25.7</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Securitisation</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Agent or the Lenders may include the Loans in a securitisation or similar transaction without the consent of, or any consultation with the Borrowers and/or the Guarantor. The Agent and/or the Lenders (as the case may be) shall have full right of disclosure of information in connection with or in contemplation of such securitisation (or similar transaction). The Borrowers and the Guarantor shall assist the Agent as necessary to achieve a successful securitisation (or similar transaction), hereunder inter alia the following:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z477476b271e045fbb05254e1f5fbd437" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Keep bank accounts where requested by the Agent and procure that the Earnings are paid to any such account; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbefb61b61aad4b6588760d7382d312b9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Procure that the Insurances according to Clause 23.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Insurance &#8211; Vessels</font>) are placed with insurers of the requisite rating;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">provided however that the Borrowers and/or the Guarantor shall not be required to bear any costs related to any such securitisation.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z195437c4f8bb475384e2579cea964204" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">25.8</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Security over Lenders&#8217; rights</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">In addition to the other rights provided in this Clause 25 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Changes to the Lenders</font>), each Lender may, without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure the obligations of that Lender, including, without limitation:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4ea53f942d494e72887d4ad4288f28d0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1b199bfe28b645e794f9eb26ef87c174" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in the case of any Lender which is a fund, any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as Security for those obligations or securities,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">except that no such charge, assignment or Security shall:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8c7409940c754f8a97c5362657a46826" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 83 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3563568ebf7f4cb3bef9bb1b0e19b87f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">require any payments to be made by an Obligor or grant to any person any more extensive rights than those required to be made or granted to the relevant Lender under the Finance Documents.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z79fa4a3905e246b09d0b7478c24f32d4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">26.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">CHANGES TO THE OBLIGORS</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z41e0b8c109fd4801913ac49fe86ffaca" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">26.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Assignments and transfer by Obligors</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 84 of 126</font></div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECTION 10</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">THE FINANCE PARTIES</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf52d51d78bac4fc18cb5641287785ca3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">27.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">ROLE OF THE AGENT, THE SECURITY AGENT AND THE MANDATED LEAD ARRANGERS</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z240c77368dbc499f81213de5b9049c2c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">27.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Appointment of the Agent</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z85dbd1a3fb614fc4be6bb3990d7b66e7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each other Finance Party and the Hedging Banks appoints the Agent to act as its agent under and in connection with the Finance Documents and each Lender, the Hedging Banks and the Agent appoints the Security Agent to act as its security agent and security trustee for the purpose of the Security Documents.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf719c1108c93493b8f0d578bdce93263" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each of the Mandated Lead Arrangers and the Lenders authorises the Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions. The Agent shall be released from the restrictions of section 181 alt. 2 BGB (German Civil Code).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf6ae203026f94c94b873b08a33b5dc3d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Except where the context otherwise requires, references in this Clause 27 <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">(Role of the Agent, the Security Agent and the Mandated Lead Arrangers</font>) to the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Agent</font>&#8221; shall mean the Agent and the Security Agent individually and collectively.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2c665563ab1a4f33a42dea9f9488ee9a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">27.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Instructions</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za48d18e0b31e4932819ef8fcf3b6ca0c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent shall:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z770855289fba46a7b605e1187f9ad061" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to it by the Majority Lenders (or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority or discretion vested in it as Agent); and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z31301242aad44d6d8656c7d2a618c0bf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph (i) above.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf74c3cb4395b40ff8a49c8c1bde34b99" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion.&#160; The Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb9b3eac0f8ed429fae38a41ce2394b10" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd40a233811de4c798a7f4dfd1591a093" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent may refrain from acting in accordance with any instructions of the Majority Lenders (or, if appropriate, any Lender or group of Lenders) until it has received any indemnification and/or security that it may in its discretion require (which may be greater</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 85 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability (together with any associated VAT)<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">&#160;</font>which it may incur in complying with those instructions.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze78f4827ba6d400298b2cfc5cb49ee94" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">In the absence of instructions from the Majority Lenders, (or, if appropriate, any Lender or group of Lenders), the Agent may act (or refrain from acting) as it considers to be in the best interest of the Lenders.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z24a5a6e5f7af4677a2ccbd8e26d82e8c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent is not authorised to act on behalf of a Lender or the Hedging Banks (without first obtaining that Lender&#8217;s consent) in any legal or arbitration proceedings relating to any Finance Document.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z427d1627740845d7b1dbd948070a2e04" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">27.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Duties of the Agent</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1aaae71ef0ba4cbf9779977bd74b8d7d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent&#8217;s duties under the Finance Documents are solely mechanical and administrative in nature.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z075f94448a974b80ad88294b05026127" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Subject to paragraph (c) below, the Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0278f58c624f42f5b6780e63e09c436f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Without prejudice to Clause&#160;25.5 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Copy of Transfer Certificate to the Borrowers</font>), paragraph (b) above shall not apply to any Transfer Certificate or any Assignment Agreement.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze19f2ebe102a4eb1a4b0b81785f2a5e8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z750e88c76210420ea8d24cb71122df06" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties and the Hedging Banks.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze4d897b4797c4344a31d5089eddac0fb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Agent or the Mandated Lead Arrangers) under this Agreement, it shall promptly notify the other Finance Parties and the Hedging Banks.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0a7cdd06d9844152a2feeb1d9924f850" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(g)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf6830ae5f8fb4be9b69f712dddad06bd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">27.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Role of the Mandated Lead Arrangers</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Except as specifically provided in the Finance Documents, the Mandated Lead Arrangers have no obligations of any kind to any other Party under or in connection with any Finance Document.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z65bcc627202b477f9dd9ff04fb340c6c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">27.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">No fiduciary duties</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8ac8c0ece3224357a5c84133534417b2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Nothing in any Finance Document constitutes the Agent or the Mandated Lead Arrangers as a trustee or fiduciary of any other person, save as set out in Clause 27.1 (a).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zde9f5b1a5d2f40a482c14e1053eccfe2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Neither the Agent nor any Mandated Lead Arranger shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 86 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z529ca87ba2454fe1a9d974708d5511da" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">27.6</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Business with any Obligor</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Agent and any Mandated Lead Arrangers may accept deposits from, lend money to and generally engage in any kind of banking or other business with any Obligor.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1c8e2a5951124f548749c25aca71bdf5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">27.7</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Rights and discretions</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z50a7d446f0f34277bacfb55270feb2a4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent may:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zfb0f07e7a5e740dd81527b3190a2813e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z357abb067515475d9bc46de7f313202c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">assume that:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc034cb43536d4a7eaf0f80f0c17d8dc8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(A)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given in accordance with the terms of the Finance Documents; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za8067bb7c7704a97a633450851ce4b09" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(B)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">unless it has received notice of revocation, that those instructions have not been revoked; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1deeeeed9a7c497fb9cc9a6ceac619d5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">rely on a certificate from any person:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za548e4fb93af49e89a1c94b902043538" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(A)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z42dadcb202c6404ba31f89c9169f13c8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(B)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to the effect that such person approves of any particular dealing, transaction, step, action or thing,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 108pt">as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7e62947b08274f89af3854aff065c89c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders and the Hedging Banks) that:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1f2f39c135834f4e87888585ee2e3d4d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">no Default has occurred (unless it has actual knowledge of a Default arising under Clause 24.1 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Non-payment</font>));</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9d682b759e1340798351d93ee9cbaca6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc191387ca8a84e059c607d022c311996" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any notice or request made by the an Obligor (other than a Utilisation Request or Selection Notice) is made on behalf of and with the consent and knowledge of all the Obligors.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z78c50517764c4511ad2c23e1de0655ca" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb23ecd1a45c84fb391de0c80533d2eeb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Without prejudice to the generality of paragraph (c) above or paragraph&#160;(e) below, the Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Agent (and so separate from any lawyers instructed by the Lenders or any Hedging Bank) if the Agent in its reasonable opinion deems this to be necessary.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 87 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze3ba25e9aae5487197ebe7ad850288b8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z49bdb42147b4480b9903349f6306bc19" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent may act in relation to the Finance Documents through its officers, employees and agents.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0806d55bdd404a85b2531fb17223e09f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(g)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Unless a Finance Document expressly provides otherwise the Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zba45ae443cd34d62a5505645db675c14" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(h)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor any Mandated Lead Arrangers is obliged to do or omit to do anything if it would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd8ec0c2b797a4d2ab3d33f341d856416" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf5dd18e6dc2a468c9db7147ddf89499b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">27.8</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Responsibility for documentation</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Neither the Agent nor any Mandated Lead Arranger is responsible or liable for:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z62d310c96cf04dadbc2df5ab815dd072" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Agent, any Mandated Lead Arranger, an Obligor or any other person in or in connection with any Finance Document or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z70f7aff00f0147cc9e765f3ec28e7e23" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>or</u></font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z58db7c3495284dd6a67e66bc6e3a2bdf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any determination as to whether any information provided or to be provided to any Finance Party or any Hedging Banks is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcc478810dd4944e8a693001e590652a6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">27.9</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">No duty to monitor</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Agent shall not be bound to enquire:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7b54299039704e109100fac1d4dd44b7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">whether or not any Default has occurred;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8440cd2e9ef84f6c86ce67e8a6554cad" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">as to the performance, default or any breach by any Party of its obligations under any Finance Document; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z10d5c6feda234ff7a015d42a33671071" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">whether any other event specified in any Finance Document has occurred.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 88 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z47b988be696b4b02ad0d48692215c073" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">27.10</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Exclusion of liability</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6e2bd692b4fe4a759b21ed5d040ee259" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Agent), the Agent will not be liable for:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb5e862250cfc4a9fa9b8e7e77f426fb3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze0e8be3467784f8e81b7d89122a32e02" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document, other than by reason of its gross negligence or wilful misconduct; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6e4e6d0dea654ae6abe3b119d003ad12" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever, but not including any claim based on the fraud of the Agent) arising as a result of:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb7d239c8e1854fef9dd2e227e15bf3a0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(A)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any act, event or circumstance not reasonably within its control; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf429d91222bd422e986e0df512a4d7c8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(B)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the general risks of investment in, or the holding of assets in, any jurisdiction,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 108pt">including (in each case and without limitation) such damages, costs,&#160; losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc83d5e1fa4cf46d5855718aeb2cb96e0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against the Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this Clause.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8c61ef15a6734bf2ab92f6428b0585fe" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z38e8ad767179430e95540c79aa3a4d22" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Nothing in this Agreement shall oblige the Agent or any Mandated Lead Arranger to carry out:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf573c851510641758dfa43a75d10c9bc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any &#8220;know your customer&#8221; or other checks in relation to any person; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z76cb5b01cdfa4c3b97b729033879af87" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Lender,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 89 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">on behalf of any Lender and each Lender confirms to the Agent and the Mandated Lead Arrangers that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or any Mandated Lead Arrangers.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf185facf86b24798b3b7abdcbf1cf53e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Without prejudice to any provision of any Finance Document excluding or limiting the Agent&#8217;s liability, any liability of the Agent arising under or in connection with any Finance Document shall be limited to the amount of actual loss which has been suffered (as determined by reference to the date of default of the Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Agent at any time which increase the amount of that loss. In no event shall the Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent has been advised of the possibility of such loss or damages.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za475790d03354f7f834a896297b2c7b1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">27.11</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Lenders&#8217; indemnity to the Agent</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent, within three (3) Business Days of demand, against any cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by the Agent (otherwise than by reason of the Agent&#8217;s gross negligence or wilful misconduct) in acting as Agent under the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd7377ce6f79f49cf81ab2dc62833b585" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">27.12</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Resignation of the Agent</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zac5b70d3ffe84efe802195939d118b37" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent may resign as Agent and/or Security Agent and appoint one of its Affiliates as successor by giving notice to the other Finance Parties, the Hedging Banks and the Borrowers.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z288c7c9ac1494a5ba2415c14156be669" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Alternatively the Agent may resign as Agent and/or Security Agent by giving thirty (30) days&#8217; notice to the other Finance Parties, the Hedging Banks and the Borrowers, in which case the Majority Lenders (after consultation with the Borrowers) may appoint a successor Agent and/or Security Agent.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6620a336505d48c0889796d09aa74535" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If the Majority Lenders have not appointed a successor Agent and/or Security Agent in accordance with paragraph (b) above within 20 days after notice of resignation was given, the retiring Agent (after consultation with the Borrowers) may appoint a successor Agent and/or Security Agent.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze397e5b14a194350a6061d9715f89627" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The retiring Agent shall, at its own cost, make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za752c2378b514757924ac7d7dac403d5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent&#8217;s resignation notice shall only take effect upon the appointment of a successor.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcdb2123585ea4764833705925541ad91" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation as Agent and/or Security Agent (as the case may be) in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 27 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Role of the Agent, the Security Agent and the Mandated Lead Arrangers</font>) (and any agency fees for the</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 90 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z554986747acf4a3789b665556746326e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(g)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">After consultation with the Borrowers, the Majority Lenders may, by notice to the Agent, require it to resign as Agent and/or Security Agent in accordance with paragraph (b) above. In this event, the Agent shall resign as Agent and/or Security Agent in accordance with paragraph (b) above.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7ed1997b925c4a1c90077179a70b60bc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(h)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to paragraph (c) above) if on or after the date which is three (3) months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd2d8f98dbd52406c89637cb51503e614" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Agent fails to respond to a request under Clause&#160;12.7 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">FATCA Information</font>) and a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcccb98b3bd6e43ac952d9837f86b54ea" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the information supplied by the Agent pursuant to Clause 12.7 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">FATCA Information</font>) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7f6342e0ff1446fcb5a5691d80888a5f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Agent notifies the Borrowers and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">and (in each case) a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and that Lender, by notice to the Agent, requires it to resign.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z889159856aaf4d038646a276a2cc6f03" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">27.13</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Confidentiality</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z04cfaebd211f48e7af8d82a610f1e863" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">In acting as agent for the Finance Parties and the Hedging Banks, the Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z755a9b5713db4b4993e667b474346cbd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If information is received by another division or department of the Agent, it may be treated as confidential to that division or department and the Agent shall not be deemed to have notice of it.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc0062310c1dd46979430ae53510e1a66" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">27.14</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Relationship with the Lenders</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z92348b15245a46bbac62d908f78cf5b5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Subject to Clause 25.6 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Pro rata interest settlement</font>), the Agent may treat the person shown in its records as Lender at the opening of business (in the place of the Agent&#8217;s principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zfe6c59150b224318a9409df764509937" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">entitled to or liable for any payment due under any Finance Document on that day; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 91 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze7938a6e4b1e482a843df2ba06ae11ce" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">unless it has received not less than five (5) Business Days&#8217; prior notice from that Lender to the contrary in accordance with the terms of this Agreement.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3bbda6ea802740bf92c9877e1be71979" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 32.5 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Electronic communication</font>)) electronic mail address and/or any other information required to enable the sending and receipt of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, fax number, electronic mail address, department and officer by that Lender for the purposes of Clause 32.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Addresses</font>) and sub-paragraph (a)(iii) of Clause 32.5 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Electronic communication</font>) and the Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z058c2dae3da0480595261b6f7baef8a4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">27.15</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Credit appraisal by the Lenders and the Hedging Banks</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender and the Hedging Banks confirms to the Agent and the Mandated Lead Arrangers that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd9273ff21b3e4587b90f5c09d4586bb2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the financial condition, status and nature of each Obligor;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z93cb257a79334a11a207a94b3c5c0809" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4a9a46e1aa584e438f9adef243e448d1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">whether that Lender or Hedging Banks have recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zea470e813bcf4d4b99a19f0b75f0040c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the adequacy, accuracy and/or completeness of any information provided by the Agent, any Party or by any other person under or in connection with any Finance Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1bdc0d52e22f4cd2b1df1f37e7645c4b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">27.16</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Reference Banks</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Agent shall (in consultation with the Borrowers) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank.</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 92 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze09c43aafc0048c6bb1480a1e1035d62" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">27.17</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Deduction from amounts payable by the Agent</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">If any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z983723a8995b4fa6aef76c543dab22f6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">28.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">CONDUCT OF BUSINESS BY THE FINANCE PARTIES OR THE HEDGING BANKS</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">No provision of this Agreement will:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd81a2f33b65b40639a2e8fccda7e380b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">interfere with the right of any Finance Party or the Hedging Banks to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf8c871de3434440ab968c31b7588f4c8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">oblige any Finance Party or the Hedging Banks to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2e2777ca585f4223a9d0c5ede4906f19" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">oblige any Finance Party or the Hedging Banks to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zea99a3d4e9c6435f87fff75dc6166a99" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">29.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">SHARING AMONG THE FINANCE PARTIES</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb59ce947eabe4ed7986c26e213898521" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">29.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Payments to Finance Parties</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">If a Finance Party (a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Recovering Finance Party</font>&#8221;) receives or recovers any amount from an Obligor other than in accordance with Clause 30 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Payment mechanics</font>) (a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Recovered Amount</font>&#8221;) and applies that amount to a payment due under the Finance Documents then:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z17a36d40a84747eba2332857205875ca" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Recovering Finance Party shall, within three (3) Business Days, notify details of the receipt or recovery to the Agent;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd6d8d59c98a64856aedb6e7054b13fb7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with Clause 30 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Payment mechanics</font>), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5892066ee2404072982eb6711b7c4f34" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Recovering Finance Party shall, within three (3) Business Days of demand by the Agent, pay to the Agent an amount (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Sharing Payment</font>&#8221;) equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 30.5 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Partial payments</font>).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb818da13e82940f0b100cf0258618285" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">29.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Redistribution of payments</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Sharing Finance Parties</font>&#8221;) in accordance with Clause 30.5 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Partial payments</font>) towards the obligations of that Obligor to the Sharing Finance Parties.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z726a0831529340f2b03fd4ceaace7cbd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">29.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Recovering Finance Party&#8217;s rights</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">On a distribution by the Agent under Clause 29.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Redistribution of payments</font>) of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 93 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z69794de63dfe45e2a775d0b536bb3267" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">29.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Reversal of redistribution</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3293fb8812284d1895116ff83108e448" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Redistributed Amount</font>&#8221;); and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zdfeae5c22a04491598e19e0558a3fd56" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by that Obligor.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za27770fc97be4c46884def16887a2327" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">29.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Exceptions</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zae9956bb1d4e495196452de2a987bd6f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">This Clause 29 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Sharing among the Finance Parties</font>) shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Obligor.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4b7b9ab981a64671b5ed8c8481825c57" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z549561d7df264283bf5b0b0615498a93" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">it notified that other Finance Party of the legal or arbitration proceedings; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc652f35eab63470799ba6f97fc436ec9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 94 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECTION 11</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">ADMINISTRATION</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z09d1ebeeeda44595b8331c8e6f1ec726" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">30.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">PAYMENT MECHANICS</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z310f39c3d9ae40b7aba8b97745d05844" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">30.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Payments to the Agent</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z85ae188d68344c2c953d18466394cf5b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze399e3ab1eb548198692b5a4a60bcf3c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Payment shall be made to such account with such bank as the Agent specifies.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb6dba9127eda475bb296d374a74e8840" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">30.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Distributions by the Agent</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 30.3 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Distributions to an Obligor</font>) and Clause 30.4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Clawback</font>) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account with such bank as that Party may notify to the Agent by not less than five (5) Business Days&#8217; notice.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6020d0df22f8462bbacaa287ef91108a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">30.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Distributions to an Obligor</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Agent may (with the consent of the relevant Obligor or in accordance with Clause 31 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Set-off</font>)) apply any amount received by it from that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z25fe0c833c094395a246d66f17a3481c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">30.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Clawback</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z76efc60ddf0f40719d60aa10d7228d41" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zfd1260d34b45479b9439d03a2768d4d6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8b78c1d3d7a649d5a5177513604c3b1f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">30.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Partial payments</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z075944cb6bb14ebfbad090d583e5b434" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Agent shall apply that payment towards the obligations of that Obligor under the Finance Documents in the following order:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1ea538869a9849e5b72521b9e26abe24" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">first</font>, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent under the Finance Documents (other than a Secured Hedging Agreement);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 95 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z51f34dd662474252a959ee74bd042726" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">secondly</font>, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this Agreement;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1e99fa07ac4e408b813861c862781275" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">thirdly</font>, in or towards payment pro rata of any principal due but unpaid under this Agreement;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z54634e7be74342549cdd4ad902b47548" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">fourthly</font>, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents (other than a Secured Hedging Agreement); and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc052dfa89a1949188d14e342405c3f13" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(v)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">fifthly</font>, in or towards any periodic payments and any other amounts due but unpaid under any Secured Hedging Agreement.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z903639acc96342bb80309bea9aabca36" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent shall, if so directed by the all Lenders, vary the order set out in sub-paragraphs (a) (i) to (iv) above.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z238a6b43eb0e4b958cc48ef0d55a058c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Paragraphs (a) and (b) above will override any appropriation made by an Obligor.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4beb80b13a154bcb9c436dce62019c0e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">30.6</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">No set-off by the Obligors</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">All payments to be made by the Obligors under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc10302bf22394b0d8f853e851bfae6cb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">30.7</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Business Days</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze3dea0044a9b44e59695af12fcc30322" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6695c214d2c543bba8f782f66fb433aa" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z428bddf3e3ca4254a2413763fb5d4d2f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">30.8</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Currency of account</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4bfe46b2af9f43cd84f2a6473ff5a4dd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Subject to paragraphs (b) and (c) below, USD is the currency of account and payment for any sum due from an Obligor under any Finance Document.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1ca68e9cd339410888aa775754eab9fb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2190d5bd972743c38254c69a40609a8d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any amount expressed to be payable in a currency other than USD shall be paid in that other currency.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">30.9</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Change of currency</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3c41782007584f398633c9a08e003490" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zde468684c1da42f3a080f7afd0340cbf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Agent (after consultation with the Borrowers); and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf5a0d1172020496db9ec6c7060020a3f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 96 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">or currency unit into the other, rounded up or down by the Agent (acting reasonably).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zef8ad5b940854068b0511a8d37fbd606" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after consultation with the Borrowers) specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the London interbank market and otherwise to reflect the change in currency.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5fbd9d83c2024c94917e2f548a7897f9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">30.10</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold"><u>Disruption to payment systems etc.</u></div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">If either the Agent determines (in its discretion) that a Disruption Event has occurred or the Agent is notified by the Borrowers that a Disruption Event has occurred:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1c1ff9796bfa45f3bcc9a76058c96eb8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Agent may, and shall if requested to do so by the Borrowers, consult with the Borrowers with a view to agreeing with the Borrowers such changes to the operation or administration of the Facilities as the Agent may deem necessary in the circumstances;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcce8944dcd884b37b08bc88eeab007ec" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Agent shall not be obliged to consult with the Borrowers in relation to any changes mentioned in paragraph&#160;(a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z42977c67103d4c168d3b08b3fc691c2f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph&#160;(a) above but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z61c7d14838914ea892b6c306bc110d82" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any such changes agreed upon by the Agent and the Borrowers shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause&#160;36 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Amendments and Waivers</font>);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf9afa697d0dd4bad99fa911bbdda5475" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause&#160;30.10 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Disruption to payment systems etc.</font>); and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf1e41e2d3cdb4df0a1ee549a1f05b293" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph&#160;(d) above.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6d9310579b2f4399954865a91f7b8383" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">31.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">SET-OFF</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z66c7da6319cb48a08c2a6842badc31e9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A Finance Party may set off any matured or un-matured obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured or un-matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 97 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z70328f23792a4639873c8486f8dd7149" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Each Obligor hereby agrees and accepts that this Clause 31 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Set-off</font>) shall constitute a waiver of the provisions of Section 29 of the FA Act and further agrees and accepts, to the extent permitted by law that Section 29 of the FA Act shall not apply to this Agreement.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za882793f7e184b6995e12ceadd950b4c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">32.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">NOTICES</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zeb4a32b754fb4628abd3006d4470f0e5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">32.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Communications in writing</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by e-mail, fax or letter.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze152fe2ffbc14da183118bb51905ba37" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">32.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Addresses</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb230fbb99a5d4578b338e14609bd41b4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in the case of the Obligors;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">c/o DHT Management AS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">Haakon VII&#8217;s gate 1</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">P.O. Box 2039 Vika</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">0125 Oslo</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">Norway</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">Att: Mr. Eirik Ub&#248;e</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">Email: eu@dhtankers.com</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za5e93e3714a244578ddfde80cd386a69" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in the case of the Security Agent and Agent, that identified with its name below,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">ABN AMRO Bank N.V.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">Agency Syndicated Loans</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">Daalesingel 71</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">3511 SW Utrecht</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">The Netherlands, PAC EA 8550</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">Att: Dingeman de Baan</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">Email: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>abn.amro.agency.deal.team@nl.abnamro.com</u></font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">or any substitute address or fax number or department or officer as the Party may notify to the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five (5) Business Days&#8217; notice.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z95bc9af1ce794dbd82ca6953fd96a8f0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">32.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Delivery</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zdfb135ce09234c7e8d8aa3398518a3cc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc487e24a3d754eb2ab10f1db45db6537" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">if by way of fax, when received in legible form; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zdca8ea1579834f31a295211e06fcc8fa" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">if by way of letter, when it has been left at the relevant address or five (5) Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">and, if a particular department or officer is specified as part of its address details provided under Clause 32.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Addresses</font>), if addressed to that department or officer.</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 98 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0b9014c845a94b85be9e2eb85063af66" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any communication or document to be made or delivered to the Agent will be effective only when actually received by the Agent and then only if it is expressly marked for the attention of the department or officer identified with the Agent&#8217;s signature below (or any substitute department or officer as the Agent shall specify for this purpose).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5b5d92180b594d25b3ee23ee632d46de" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">All notices from or to an Obligor shall be sent through the Agent.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf051eb1b82534951880d6990e523cd37" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any communication or document made or delivered to any of the Obligors in accordance with this Clause will be deemed to have been made or delivered to each of the Obligors.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zdb5d0af27fb0400cb08ca83ec519283e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">32.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Notification of address, e-mail and fax number</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 40.5pt">Promptly upon receipt of notification of an address, e-mail or fax number or change of address, e&#8209;mail or fax number pursuant to Clause 32.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Addresses</font>) or changing its own address, e-mail or fax number, the Agent shall notify the other Parties.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc4763d2d938946c0b2d304b5bef68cdd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">32.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Electronic communication</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zaa215c9d5f134a879b8f8aba6eb3b6ea" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any communication to be made between the Agent and a Lender under or in connection with the Finance Documents may be made by electronic mail or other electronic means, if the Agent and the relevant Lender:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z69cdd62c5aac43a38cef60b742394d58" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">agree that, unless and until notified to the contrary, this is to be an accepted form of communication;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5bfc16dbb109491ebc606631ea35305e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z852f8981c6704e98b2df85f9947633e2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">notify each other of any change to their address or any other such information supplied by them.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z76be23d4ef604ceb8fe11e5e007753e5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any electronic communication made between the Agent and a Lender will be effective only when actually received in readable form and in the case of any electronic communication made by a Lender to the Agent only if it is addressed in such a manner as the Agent shall specify for this purpose.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0fccf5f08af54494acd6ef0e046fa5a5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">32.6</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">English language</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z157707ca33d44b5bb0ccbe2e8ef13704" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any notice given under or in connection with any Finance Document must be in English.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8a9c0de4ac8d40ec8bcfd24d89fa498a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">All other documents provided under or in connection with any Finance Document must be:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbbfe69ccc2b546209f4e27d30b87f427" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in English; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z67f7ad9cc66f4ee8b5b385b261eaf918" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 99 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zaab9b3298f6c4eb98fe8c06e6a206a66" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">33.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">CALCULATIONS AND CERTIFICATES</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8eebf18b32a742d7ae6d4689c3b28dd3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">33.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Accounts</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">prima facie</font> evidence of the matters to which they relate.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z99307f4c0f904e4d90146f7a415a4402" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">33.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Certificates and Determinations</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za581ef45d7ae45cab84e34ea3d35ad80" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">33.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Day count convention</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the London interbank market differs, in accordance with that market practice.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z94fc0fc0389542a88b0fc4d2f1541726" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">34.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">PARTIAL INVALIDITY</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">If, at any time, any provision of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb7974202488942a99a02c88bdc694a7a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">35.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">REMEDIES AND WAIVERS</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under the Finance Documents shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z438724ceadca41d2bddc6bc0f1abab13" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">36.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">AMENDMENTS AND WAIVERS</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1370aabe98604490afd3fd405acd980e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">36.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Required consents</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z63d591c598504163b7f1e5f754abc508" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Subject to Clause 36.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Exceptions</font>) any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the relevant Obligors and any such amendment or waiver will be binding on all Parties.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9cf3161eff6a403b84a8fed5b2262e4a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z70df252d0eb447ee8ff7ac92e2a80eb3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">36.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Exceptions</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6da33cb2da8a4d3689cae728d57ae0f1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">An amendment or waiver that has the effect of changing or which relates to:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3449f8d68d6e4643acae84b9181f361e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">an extension to the date of payment of any amount under the Finance Documents;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z20077a4e66f6454f9e6d5975d86c0e7f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za29f2e44a6524fcab60889231c7e5c2b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">an increase in or an extension of any Commitment;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 100 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z37fb0d7a3bf5443389a7f8583adc966c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">an extension of an Availability Period;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7c2d577d894a44029ebb84d6975398b0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(v)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Clause 2.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Finance Parties&#8217; rights and obligations</font>), Clause 7.3 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Illegality</font>), Clause 25 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Changes to the Lenders</font>) or this Clause 36 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Amendments and waivers</font>);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z89af3392a13949a1b2ae4042ac66eba8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(vi)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the nature or scope of the guarantee and indemnity granted under Clause 18 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Guarantee and indemnity</font>);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zdb7870b45df64ebcbdadd8d5cab83380" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(vii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">governing law and jurisdiction;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z74703932e55346ef8deb227079ebdaf3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(viii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">change to any provisions in respect of Sanctions;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbb8d95273bc447c89598e89c734f1b0a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ix)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the manner in which any payment and proceeds are being applied;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze75fbac3897a41e09baa5e3502ffd1e9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(x)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any change to the Security Documents or the Security granted thereunder;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcbf29427144e4105bc36c4e1f015d28b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(xi)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the definition of &#8220;Majority Lenders&#8221; in Clause 1.1 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Definitions</font>);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zec39c4444d8a44f6aca9764506dcf180" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(xii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any provision which expressly requires the consent of all the Lenders;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6b2e9526aab84d0ba977699ae83ff6d8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(xiii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a change to any Obligor; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zde08461fe5384c28b69e0cfb0e8cb7c0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(xiv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">release of any Security created by the Security Documents, including but not limited to the Guarantee, unless permitted under the Finance Documents or undertaken by the Agent acting on instruction of the Majority Lenders following an Event of Default which is continuing;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">shall not be made without the prior consent of all the Lenders.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z056dccdf44f54b638ad551c8e2662923" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">An amendment or waiver which relates to the rights or obligations of the Agent or any Mandated Lead Arranger (each in their capacity as such) may not be effected without the consent of the Agent or, as the case may be, the relevant Mandated Lead Arranger.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5d2b6a230f4a45b1a3234203c1a29ec5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">An amendment or waiver which relates to the rights or obligations of a Hedging Bank (each in its capacity as such) may not be effected without the consent of the relevant Hedging Bank.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z45f8a67866d343a1a7384de6d28058c9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">37.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">CONFIDENTIALITY</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z77c64d6bd76e4f12a1233808f230f62c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">37.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Confidential information</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 37.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Disclosure of Confidential Information</font>), and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3e20a2acfe4640b1a04ea1bf9721dbaf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">37.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Disclosure of Confidential Information</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Any Finance Party may disclose:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6f2a2aaf0db34914b3dc850b90873520" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to any of its Affiliates and related funds any of its or their officers, directors, employees, professional advisers, auditors, partners and representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information, except that there shall be no such requirement to so inform if the</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 101 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z49da76461d2e4fd09b061c5597e3380f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to any person:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze92eb9fc085f4769b0df697251d8c1aa" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents and to any of that person&#8217;s Affiliates, related funds, representatives and professional advisers;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc89bbedb2ad94b63a9934f2727e7f8bc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or the Obligors and to any of that person&#8217;s Affiliates, related funds, representatives and professional advisers;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8a84f80febf34a9bb837bb98b2a5f843" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">appointed by any Finance Party or by a person to whom sub-paragraph (b)(i) or (ii) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under paragraph (b) of Clause 27.14 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Relationship with the Lenders</font>);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z151c2d36fc5e4f2db94f78f63b032611" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in sub-paragraph (b)(i) or (b)(ii) above;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcc1dc447990c4ed9989f302e7cc4b30a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(v)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za04b6ffdd21141f7857926d8801649de" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(vi)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zfa546024c10f4d53aa5e629d206560ac" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(vii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security Interest (or may do so) pursuant to Clause 25.8 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Security over Lenders&#8217; rights</font>);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zaf3026b23c4d462d8cf3d495d8df51d7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(viii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">who is a Party; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4dff8d435e2c49eaa1ed3cc7654787fa" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ix)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">with the consent of the Obligors;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">in each case, such Confidential Information as that Finance Party shall consider appropriate if:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zaafd9d4a042144d18d2e3da0329df079" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(A)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in relation to sub-paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential Information is to be given has entered into a confidentiality undertaking except that there shall be no requirement for a confidentiality undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 102 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z163498b403214c2bb5e4ea1a147856e9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(B)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in relation to sub-paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a confidentiality undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd05748470d074c2191dee862b986c339" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(C)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in relation to sub-paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5f28799b5b014c87837b6053a77d6a34" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to any person appointed by that Finance Party or by a person to whom sub-paragraph (b)(i) or (b)(ii) above applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master confidentiality undertaking for Use With Administration/ Settlement Service Providers or such other form of confidentiality undertaking agreed between the Obligors and the relevant Finance Party;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z41b47a3fb705455992e3b9dc1ced26b3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zca456920a6cb4630871e38e944406478" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">as set out in Clause 25.7 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Securitisation</font>) of this Agreement.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3d03114f6123484d8ba892995d9fec5f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">37.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Disclosure to numbering service providers</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za5d859b09c8e424babd670e5ac543436" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facilities and/or the Obligors the following information:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8b74d894b1f14633ae0966c9982c98fb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">name of the Obligors;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze7d19f1bb3374313aaa59b0c0215d6fc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">country of domicile of the Obligors;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z66f6e584c90e42e7a1a85c0f9e62c995" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">place of incorporation of the Obligors;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z14a1c08eaa9a4809a1ed9400d8b56921" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">date of this Agreement;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd0f157aa656c44ce8e598dc28ed97219" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(v)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the names of the Agent and the Mandated Lead Arrangers;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z66f45e53da624599a45c502267650f16" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(vi)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">date of each amendment and restatement of this Agreement;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za9c67cf0ea8144cdaffdbc141ff94cf0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(vii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">amount of Total Commitments;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9fcdcc7098134adb92a8258bc9e3b798" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(viii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">currencies of the Facilities;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 103 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zfa3e3ee333e54022bdff78fc3bd764f0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ix)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">type of Facilities;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zaf535e386f464493bdce112005edc0f4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(x)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">ranking of Facilities;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z22f937e7ec784ab294d9fad31e7b3b50" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(xi)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Final Maturity Date;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf1988f496e714ffe8dd40d52a6058274" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(xii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">changes to any of the information previously supplied pursuant to sub-paragraphs (i) to (xi) above; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zca7b42c287594c5392c61872f8451a15" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(xiii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">such other information agreed between such Finance Party and the Borrowers,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">to enable such numbering service provider to provide its usual syndicated loan numbering identification services.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbce63c7bd5c344949d691358f2766995" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facilities and/or the Obligors by a numbering service provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za9645bf8ee0b48eeb30270cba5e3be91" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Obligors represent that none of the information set out in sub-paragraphs (i) to (xiii) of paragraph (a) above is, nor will at any time be, unpublished price-sensitive information.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z268b6a2172ec4b10a36e6eadbfbc4276" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">37.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Entire agreement</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">This Clause 37 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Confidentiality</font>) constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za4bf6d18c49345c28602d594224c0bfb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">37.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Inside information</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc8cf44a3d368404a9af4455f228209b1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">37.6</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Notification of disclosure</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Borrowers:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4c076c89563c4fbc8c8bd62568976418" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">of the circumstances of any disclosure of Confidential Information made pursuant to sub-paragraph (b)(ii) of Clause 37.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Disclosure of Confidential Information</font>), except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0c5eddaf358841f7a891666a0fd051b7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">upon becoming aware that Confidential Information has been disclosed in breach of this Clause 37 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Confidentiality</font>).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za94f005866674f3399d343246492ee4c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">37.7</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Continuing obligations</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The obligations in this Clause 37 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Confidentiality</font>) are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of twelve (12) months from the earlier of:</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 104 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zeee86bd511aa4e2dbcb615379dda540f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z131c450c46134e5fb26068c86bc92335" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the date on which such Finance Party otherwise ceases to be a Finance Party.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z42c1ac28bb964f2785fab17257d68d75" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">38.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">CONFIDENTIALITY OF FUNDING RATES AND REFERENCE BANK QUOTATIONS</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5aac0f6a90464514bed550102e27431d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">38.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Confidentiality and disclosure</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0a2d463c60154c7fbdaf8ce5e8cf2b34" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent and each Obligor agree to keep each Funding Rate (and, in the case of the Agent, each Reference Bank Quotation) confidential and not to disclose it to anyone, save to the extent permitted by paragraphs (b), (c) and (d) below.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6bb0f6544b5e4c44b55ef6c003d1ea08" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent may disclose:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb44dc16b23874ea0ab9f22856cae3be5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the relevant Borrower pursuant to Clause 8.4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Notification of rates of interest</font>); and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z279703f1802d45e0a975a2946ed25e9c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any Funding Rate or any Reference Bank Quotation to any person appointed by it to provide administration services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Agent and the relevant Lender or Reference Bank, as the case may be.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za368d8c5064a4320a9c383edfbd3e046" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent may disclose any Funding Rate or any Reference Bank Quotation, and each Obligor may disclose any Funding Rate, to:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2c0851ff6bdb41da8dd6641f1f1d09ba" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant to this sub-paragraph (i) is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate or Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za5a3e80c54964cd9959a6774f28332b5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0fa8c7af4a58456fa522f31c8c28c9dd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor , as the case may be, it is not practicable to do so in the circumstances; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbe6dffcc71c8417b9d5ba99a3ff25451" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any person with the consent of the relevant Lender or Reference Bank, as the case may be.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 105 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zab6bc063ac724e898ba03d394356008c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent&#8217;s obligations in this Clause 38 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Confidentiality of Funding Rates and Reference Bank Quotations</font>) relating to Reference Bank Quotations are without prejudice to its obligations to make notifications under Clause 8.4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Notification of rates of interest</font>) provided that (other than pursuant to sub-paragraph (b)(i) above) the Agent shall not include the details of any individual Reference Bank Quotation as part of any such notification.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3f25dbe0c3af4b1a943d768cbd45418e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">38.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Related obligations</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4e7814974cb64e55a7491b687ad1dfc5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent and each Obligor acknowledge that each Funding Rate (and, in the case of the Agent, each Reference Bank Quotation) is or may be price-sensitive information and that its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Agent and each Obligor undertake not to use any Funding Rate or, in the case of the Agent, any Reference Bank Quotation for any unlawful purpose.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2997f4a7330942ac9cf84b2656f2b2f3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender or Reference Bank, as the case may be:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf8266725a33a4eef93b3db88fb88695f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">of the circumstances of any disclosure made pursuant to sub-paragraph (c)(ii) of Clause 38.1 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Confidentiality and disclosure</font>) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4026ae4adf81484c934db472c1efceb0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">upon becoming aware that any information has been disclosed in breach of this Clause 38 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Confidentiality of Funding Rates and Reference Bank Quotations</font>)</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd24329dd56214907a793cef391fe19f8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">38.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">No Event of Default</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">No Event of Default will occur under Clause 24 <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">(Events of Default) </font>by reason only of an Obligor&#8217;s failure to comply with this Clause 38 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Confidentiality of Funding Rates and Reference Bank Quotations</font>).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc999fc9d2af84fe79dd21ca8152291be" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">39.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">COUNTERPARTS</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z32633dccaf66401294a9fbd6d1adba82" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">40.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">CONFLICT</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za0ac6ad45bcb443f9548efa76e8f539e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">40.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Conflict</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">In case of conflict between the Security Documents and this Agreement, the provisions of this Agreement shall prevail, provided however that this will not in any way be interpreted or applied to prejudice the legality, validity or enforceability of any Security Document.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z47fcd428d15149c9b425e881c1060ef2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">40.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Contractual recognition of bail-in</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zab267a4111fc423fbedda95c0d32277a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any Bail-In Action in relation to any such liability, including (without limitation):</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 106 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd8d65aeec53049fea8de840f87ad472d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za8ebef1a48054031a8b13607d7b14768" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1a3a4232cf0445028cf6481032b8a2d4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a cancellation of any such liability; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zdadb88b4ed384726970b3b861f32ddab" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 107 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECTION 12</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">GOVERNING LAW AND ENFORCEMENT</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z385e6b2838df4afbba836c4ccd9b2e52" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">41.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">GOVERNING LAW</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">This Agreement is governed by Norwegian law.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z49ea7e32956242199c621f7df353f7b6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">42.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">ENFORCEMENT</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z62f53da4a2194a319b6d56bbd7cc82eb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">42.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Jurisdiction</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7d60ce3ebda94f40bc3e485e54326ac7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The courts of Norway, the venue to be Oslo District Court (in Norwegian: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Oslo tingrett</font>) have jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement (a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Dispute</font>&#8221;).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcc6907ec05474b8c96cb09a8933b3fe0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Parties agree that the courts of Norway are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z53fcc129a95d41cc8d69e52810443095" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">This Clause 42.1 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Jurisdiction</font>) is for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8ac0d8ca670f4a2fa06f70e86d5318f4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">42.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Service of process</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Without prejudice to any other mode of service allowed under any relevant law, each Borrower and Guarantor:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2a03ae5a95564afe8b257e36bea353b8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">irrevocably appoints DHT Management AS, Haakon VII&#8217;s gate 1, P.O. Box 2039 Vika, 0125 Oslo, Norway as its agent for service of process in relation to any proceedings before the Norwegian courts in connection with any Finance Document; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf44c8a585d554f2f83b9008d84d89c1e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">agrees that failure by a process agent to notify the relevant Borrower and/or Guarantor of the process will not invalidate the proceedings concerned.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">If any process agent appointed shall cease to exist for any reason where process may be served, each Borrower or Guarantor will forthwith appoint another process agent with an office in Norway where process may be served and will forthwith notify the Agent thereof.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">This Agreement has been entered into on the date stated at the beginning of this Agreement.</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 108 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SCHEDULE 1A</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center">The Original Lenders</div>

<div><br>
</div>

<table id="zbcf44ffe630e4b23adad8a276b09d909" style="BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; BORDER-COLLAPSE: collapse; BORDER-TOP-WIDTH: 0px" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 64.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Name of Original Lender:</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 35.51%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Commitment</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 64.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">ABN AMRO Bank N.V., Oslo Branch</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 35.51%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">USD 62,500,000</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 64.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Nordea Bank AB (Publ), filial i Norge</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 35.51%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">USD 75,000,000</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 64.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">ING Bank, a branch of ING-DiBa AG</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 35.51%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">USD 62,500,000</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 64.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DNB Bank ASA</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 35.51%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">USD 62,500,000</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 64.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Cr&#233;dit Agricole Corporate and Investment Bank</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 35.51%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">USD 62,500,000</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 64.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Danish Ship Finance A/S</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 35.51%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">USD 45,000,000</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 64.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Skandinaviska Enskilda Banken AB</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 35.51%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">&#160;USD 45,000,000</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 64.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DVB Bank SE</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 35.51%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">&#160;USD 35,000,000</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 64.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Swedbank AB</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 35.51%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">USD 35,000,000</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 64.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Total Commitments:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 35.51%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">Up to&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; USD 485,000,000</div>
</td>
</tr>
</table>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 109 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SCHEDULE 1B</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center">Borrowers, Vessels and Tranches</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center">Schedule 1 B will be updated prior to closing based on the most recent market value report.</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">
<table id="z024bf114525e435f86bd3605d326d9d0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 80%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr style="HEIGHT: 30px">
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">#</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Vessel name</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Owner</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Jurisdiction</div>
</td>
<td style="WIDTH: 21.1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Flag</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 119px; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">Expected Delivery</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">Date</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: right; BORDER-LEFT: #000000 2px dotted; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">1</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Mustang</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">DHT Mustang Inc.</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Marshall Islands</div>
</td>
<td style="WIDTH: 21.1%; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">HK</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 8.87%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Q2-2018</div>
</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px dotted; TEXT-ALIGN: right; BORDER-LEFT: #000000 2px dotted; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px dotted; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px dotted; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Bronco</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px dotted; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">DHT Bronco Inc.</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px dotted; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Marshall Islands</div>
</td>
<td style="WIDTH: 21.1%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px dotted; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">HK</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px dotted; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px dotted; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 8.87%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px dotted; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Q1-2018</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">3</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Puma</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">DHT Puma Ltd.</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Marshall Islands</div>
</td>
<td style="WIDTH: 21.1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">HK</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 8.87%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">4</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Panther</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">DHT Panther Ltd.</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Marshall Islands</div>
</td>
<td style="WIDTH: 21.1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">HK</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 8.87%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">5</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Lion</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">DHT Lion Ltd.</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Marshall Islands</div>
</td>
<td style="WIDTH: 21.1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">HK</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 8.87%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">6</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Leopard</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">DHT Leopard Ltd.</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Marshall Islands</div>
</td>
<td style="WIDTH: 21.1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">HK</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 8.87%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">7</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Sundarbans</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Samco Theta Ltd.</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Cayman Islands</div>
</td>
<td style="WIDTH: 21.1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">HK</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 8.87%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">8</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Taiga</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Samco Iota Ltd.</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Cayman Islands</div>
</td>
<td style="WIDTH: 21.1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">HK</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 8.87%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">9</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Redwood</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Samco Kappa Ltd.</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Cayman Islands</div>
</td>
<td style="WIDTH: 21.1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">HK</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 8.87%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">10</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Hawk</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">DHT Hawk Inc.</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Marshall Islands</div>
</td>
<td style="WIDTH: 21.1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">HK</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 8.87%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">11</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT China</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Samco Epsilon Ltd.</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Cayman Islands</div>
</td>
<td style="WIDTH: 21.1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">RIF</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 8.87%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">12</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Falcon</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">DHT Falcon Inc.</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Marshall Islands</div>
</td>
<td style="WIDTH: 21.1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">HK</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 8.87%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">13</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Condor</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">DHT Condor Inc.</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Marshall Islands</div>
</td>
<td style="WIDTH: 21.1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">HK</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 8.87%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">-</div>
</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 20%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 20%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 20%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 21.1%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 8.87%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SCHEDULE 1C</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center">Repayment Schedule</div>

<div style="FONT-WEIGHT: bold"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center">Schedule 1 c will be updated prior to closing based on the most recent market value</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">
<table id="z2666a3d03e3b4d84a092813d6243a605" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 12px">
<td style="BORDER-TOP: 0px; WIDTH: 4.47%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 0px; BORDER-LEFT: 0px">&#160;</td>
<td style="BORDER-TOP: 0px; WIDTH: 12.98%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 0px; BORDER-LEFT: 0px">&#160;</td>
<td style="BORDER-TOP: 0px; WIDTH: 7.21%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 0px; BORDER-LEFT: 0px">&#160;</td>
<td style="BORDER-TOP: 0px; WIDTH: 10.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 0px; BORDER-LEFT: 0px">&#160;</td>
<td style="BORDER-TOP: 0px; WIDTH: 5.77%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 0px; BORDER-LEFT: 0px">&#160;</td>
<td style="BORDER-TOP: 0px; WIDTH: 10.1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 0px; BORDER-LEFT: 0px">&#160;</td>
<td style="BORDER-TOP: 0px; WIDTH: 6.49%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 0px; BORDER-LEFT: 0px">&#160;</td>
<td style="BORDER-TOP: 0px; WIDTH: 5.05%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 0px; BORDER-LEFT: 0px">&#160;&#160;</td>
<td style="BORDER-TOP: 0px; WIDTH: 5.05%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 0px; FONT-WEIGHT: bold; TEXT-ALIGN: center; BORDER-LEFT: 0px" colspan="2">&#160;&#160;Split Facilities:</td>
<td style="BORDER-TOP: 0px; WIDTH: 11.85%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 0px; BORDER-LEFT: 0px">&#160;</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="BORDER-TOP: 0px; WIDTH: 4.47%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 0px; BORDER-LEFT: 0px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">#</div>
</td>
<td style="BORDER-TOP: 0px; WIDTH: 12.98%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 0px; BORDER-LEFT: 0px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Vessel name</div>
</td>
<td style="BORDER-TOP: 0px; WIDTH: 7.21%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 0px; BORDER-LEFT: 0px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Type</div>
</td>
<td style="BORDER-TOP: 0px; WIDTH: 10.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 0px; BORDER-LEFT: 0px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Built</div>
</td>
<td style="BORDER-TOP: 0px; WIDTH: 5.77%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 0px; BORDER-LEFT: 0px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Age*</div>
</td>
<td style="BORDER-TOP: 0px; WIDTH: 10.1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 0px; BORDER-LEFT: 0px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Value**</div>
</td>
<td style="BORDER-TOP: 0px; WIDTH: 6.49%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 0px; BORDER-LEFT: 0px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Profile</div>
</td>
<td style="BORDER-TOP: 0px; WIDTH: 10.1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 0px; BORDER-LEFT: 0px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Maximum</div>

Loan Amount</div>
</td>
<td style="BORDER-TOP: 0px; WIDTH: 10.1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 0px; BORDER-LEFT: 0px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">&#160;</div>

Term Loan</div>
</td>
<td style="BORDER-TOP: 0px; WIDTH: 10.1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 0px; BORDER-LEFT: 0px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">RCF***</div>
</td>
<td style="BORDER-TOP: 0px; WIDTH: 11.85%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 0px; BORDER-LEFT: 0px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Amortization:</div>

Term Loan</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 4.47%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px dotted">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">1</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.98%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Mustang</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 7.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">VLCC</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">28-9-2018</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 5.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">0.0</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">84,000,000</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 6.49%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20.0</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">51,400,000</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">40,401,421</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">10,998,579</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 11.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">2,570,000</div>
</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="WIDTH: 4.47%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px dotted; BORDER-LEFT: #000000 2px dotted">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">2</div>
</td>
<td style="WIDTH: 12.98%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px dotted">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Bronco</div>
</td>
<td style="WIDTH: 7.21%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px dotted">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">VLCC</div>
</td>
<td style="WIDTH: 10.82%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px dotted">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">31-7-2018</div>
</td>
<td style="WIDTH: 5.77%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px dotted">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">0.0</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px dotted">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">84,000,000</div>
</td>
<td style="WIDTH: 6.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px dotted">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20.0</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px dotted">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">51,400,000</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px dotted">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">40,401,421</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px dotted">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">10,998,579</div>
</td>
<td style="WIDTH: 11.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px dotted">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">2,570,000</div>
</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 4.47%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">3</div>
</td>
<td style="WIDTH: 12.98%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Puma</div>
</td>
<td style="WIDTH: 7.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">VLCC</div>
</td>
<td style="WIDTH: 10.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">31-8-2016</div>
</td>
<td style="WIDTH: 5.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">1.6</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">78,300,000</div>
</td>
<td style="WIDTH: 6.49%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20.0</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">47,323,694</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">37,197,364</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">10,126,331</div>
</td>
<td style="WIDTH: 11.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">2,570,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.47%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">4</div>
</td>
<td style="WIDTH: 12.98%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Panther</div>
</td>
<td style="WIDTH: 7.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">VLCC</div>
</td>
<td style="WIDTH: 10.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">5-8-2016</div>
</td>
<td style="WIDTH: 5.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">1.7</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">78,300,000</div>
</td>
<td style="WIDTH: 6.49%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20.0</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">47,145,222</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">37,057,081</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">10,088,141</div>
</td>
<td style="WIDTH: 11.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">2,570,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.47%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">5</div>
</td>
<td style="WIDTH: 12.98%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Lion</div>
</td>
<td style="WIDTH: 7.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">VLCC</div>
</td>
<td style="WIDTH: 10.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">15-3-2016</div>
</td>
<td style="WIDTH: 5.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">2.0</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">76,700,000</div>
</td>
<td style="WIDTH: 6.49%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20.0</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">46,145,778</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">36,271,498</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">9,874,280</div>
</td>
<td style="WIDTH: 11.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">2,570,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.47%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">6</div>
</td>
<td style="WIDTH: 12.98%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Leopard</div>
</td>
<td style="WIDTH: 7.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">VLCC</div>
</td>
<td style="WIDTH: 10.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">4-1-2016</div>
</td>
<td style="WIDTH: 5.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">2.2</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">76,000,000</div>
</td>
<td style="WIDTH: 6.49%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20.0</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">45,638,917</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">35,873,095</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">9,765,822</div>
</td>
<td style="WIDTH: 11.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">2,570,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.47%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">7</div>
</td>
<td style="WIDTH: 12.98%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Sundarbans</div>
</td>
<td style="WIDTH: 7.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">VLCC</div>
</td>
<td style="WIDTH: 10.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">16-5-2012</div>
</td>
<td style="WIDTH: 5.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">5.9</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">60,900,000</div>
</td>
<td style="WIDTH: 6.49%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20.0</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">36,301,250</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">28,533,503</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">7,767,747</div>
</td>
<td style="WIDTH: 11.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">2,570,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.47%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">8</div>
</td>
<td style="WIDTH: 12.98%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Taiga</div>
</td>
<td style="WIDTH: 7.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">VLCC</div>
</td>
<td style="WIDTH: 10.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">24-9-2012</div>
</td>
<td style="WIDTH: 5.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">5.5</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">62,500,000</div>
</td>
<td style="WIDTH: 6.49%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20.0</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">37,215,028</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">29,251,751</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">7,963,277</div>
</td>
<td style="WIDTH: 11.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">2,570,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.47%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">9</div>
</td>
<td style="WIDTH: 12.98%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Redwood</div>
</td>
<td style="WIDTH: 7.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">VLCC</div>
</td>
<td style="WIDTH: 10.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">25-10-2011</div>
</td>
<td style="WIDTH: 5.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">6.4</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">58,300,000</div>
</td>
<td style="WIDTH: 6.49%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20.0</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">34,866,333</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">27,405,630</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">7,460,703</div>
</td>
<td style="WIDTH: 11.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">2,570,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.47%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">10</div>
</td>
<td style="WIDTH: 12.98%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Hawk</div>
</td>
<td style="WIDTH: 7.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">VLCC</div>
</td>
<td style="WIDTH: 10.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">31-7-2007</div>
</td>
<td style="WIDTH: 5.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">10.7</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">39,500,000</div>
</td>
<td style="WIDTH: 6.49%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20.0</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">23,979,528</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">18,848,385</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">5,131,143</div>
</td>
<td style="WIDTH: 11.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">2,570,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.47%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">11</div>
</td>
<td style="WIDTH: 12.98%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT China</div>
</td>
<td style="WIDTH: 7.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">VLCC</div>
</td>
<td style="WIDTH: 10.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">16-5-2007</div>
</td>
<td style="WIDTH: 5.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">10.9</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">39,000,000</div>
</td>
<td style="WIDTH: 6.49%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20.0</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">23,451,250</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">18,433,148</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">5,018,102</div>
</td>
<td style="WIDTH: 11.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">2,570,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.47%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">12</div>
</td>
<td style="WIDTH: 12.98%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Falcon</div>
</td>
<td style="WIDTH: 7.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">VLCC</div>
</td>
<td style="WIDTH: 10.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">28-12-2006</div>
</td>
<td style="WIDTH: 5.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">11.3</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">37,800,000</div>
</td>
<td style="WIDTH: 6.49%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20.0</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">22,466,083</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">17,658,788</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">4,807,296</div>
</td>
<td style="WIDTH: 11.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">2,570,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.47%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">13</div>
</td>
<td style="WIDTH: 12.98%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">DHT Condor</div>
</td>
<td style="WIDTH: 7.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">VLCC</div>
</td>
<td style="WIDTH: 10.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">29-11-2004</div>
</td>
<td style="WIDTH: 5.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">13.3</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">31,500,000</div>
</td>
<td style="WIDTH: 6.49%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20.0</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">17,666,917</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">17,666,917</div>
</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">2,570,000</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 4.47%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.98%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 7.21%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10.82%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 5.77%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">5.5</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10.1%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">806,800,000</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 6.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">20.0</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10.1%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">485,000,000</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10.1%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">385,000,000</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10.1%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">100,000,000</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 11.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">33,410,000</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="MARGIN-LEFT: 27pt">--- <font style="COLOR: #000000; FONT-STYLE: italic; BACKGROUND-COLOR: #ffffff">Newbuilds</font></div>

<div style="MARGIN-LEFT: 27pt">* <font style="FONT-STYLE: italic">Age as per April 1, 2018</font></div>

<div style="MARGIN-LEFT: 27pt">** <font style="FONT-STYLE: italic">Clarksons value as per Jan 8, 2018</font><br>
 &#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 110 of 126</font></div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center">report.</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">
<table id="zb49bc7a3d856407d9df108c7dc47de41" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Instalment</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">DHT Mustang</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">DHT Bronco</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">DHT Puma</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">DHT Panther</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">DHT Lion</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">DHT Leopard</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">DHT Sundarbans</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">DHT Taiga</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">DHT Redwood</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">DHT Hawk</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">DHT China</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">DHT Falcon</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">DHT Condor</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: center">#</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: center">TL 4 + RCF</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: center">TL 4 + RCF</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: center">TL 4 + RCF</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: center">TL 4 + RCF</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: center">TL 4 + RCF</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: center">TL 4 + RCF</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: center">TL 4 + RCF</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: center">TL 4 + RCF</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: center">TL 4 + RCF</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: center">TL 4 + RCF</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: center">TL 4 + RCF</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: center">TL 4 + RCF</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: center">TL</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: center">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">0</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">-</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">-</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">47,323,694</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">47,145,222</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">46,145,778</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">45,638,917</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">36,301,250</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">37,215,028</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">34,866,333</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">23,979,528</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">23,451,250</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">22,466,083</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">17,666,917</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">382,200,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">1</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">-</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">51,400,000</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">46,681,194</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">46,502,722</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">45,503,278</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">44,996,417</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">35,658,750</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">36,572,528</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">34,223,833</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">23,337,028</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">22,808,750</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">21,823,583</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">17,024,417</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">426,532,500</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">2</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">51,400,000</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">50,757,500</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">46,038,694</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">45,860,222</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">44,860,778</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">44,353,917</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">35,016,250</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">35,930,028</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">33,581,333</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">22,694,528</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">22,166,250</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">21,181,083</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">16,381,917</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">470,222,500</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">3</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">50,757,500</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">50,115,000</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">45,396,194</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">45,217,722</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">44,218,278</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">43,711,417</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">34,373,750</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">35,287,528</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">32,938,833</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">22,052,028</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">21,523,750</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20,538,583</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">15,739,417</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">461,870,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">4</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">50,115,000</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">49,472,500</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">44,753,694</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">44,575,222</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">43,575,778</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">43,068,917</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">33,731,250</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">34,645,028</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">32,296,333</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">21,409,528</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20,881,250</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">19,896,083</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">15,096,917</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">453,517,500</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">5</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">49,472,500</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">48,830,000</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">44,111,194</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">43,932,722</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">42,933,278</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">42,426,417</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">33,088,750</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">34,002,528</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">31,653,833</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20,767,028</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20,238,750</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">19,253,583</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">14,454,417</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">445,165,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">6</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">48,830,000</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">48,187,500</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">43,468,694</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">43,290,222</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">42,290,778</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">41,783,917</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">32,446,250</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">33,360,028</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">31,011,333</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20,124,528</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">19,596,250</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">18,611,083</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">13,811,917</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">436,812,500</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">7</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">48,187,500</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">47,545,000</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">42,826,194</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">42,647,722</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">41,648,278</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">41,141,417</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">31,803,750</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">32,717,528</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">30,368,833</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">19,482,028</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">18,953,750</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">17,968,583</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">13,169,417</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">428,460,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">8</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">47,545,000</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">46,902,500</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">42,183,694</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">92,005,222</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">41,005,778</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">40,498,917</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">31,161,250</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">32,075,028</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">29,726,333</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">18,839,528</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">18,311,250</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">17,326,083</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">12,526,917</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">420,107,500</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">9</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">46,902,500</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">46,260,000</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">41,541,194</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">41,362,722</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">40,363,278</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">39,856,417</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">30,518,750</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">31,432,528</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">29,083,833</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">18,197,028</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">17,668,750</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">16,683,583</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">11,884,417</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">411,755,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">10</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">46,260,000</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">45,617,500</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">40,898,694</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">40,720,222</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">39,720,778</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">39,213,917</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">29,876,250</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">30,790,028</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">28,441,333</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">17,554,528</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">17,026,250</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">16,041,083</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">11,241,917</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">403,402,500</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">11</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">45,617,500</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">44,975,000</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">40,256,194</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">40,077,722</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">39,078,278</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">38,571,417</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">29,233,750</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">30,147,528</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">27,798,833</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">16,912,028</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">16,383,750</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">15,398,583</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">10,599,417</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">395,050,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">12</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">44,975,000</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">44,332,500</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">39,613,694</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">39,435,222</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">38,435,778</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">37,928,917</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">28,591,250</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">29,505,028</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">27,156,333</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">16,269,528</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">15,741,250</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">14,756,083</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">9,956,917</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">386,697,500</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">13</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">44,332,500</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">43,690,000</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">38,971,194</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">38,792,722</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">37,793,278</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">37,286,417</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">27,948,750</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">28,862,528</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">26,513,833</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">15,627,028</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">15,098,750</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">14,113,583</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">9,314,417</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">378,345,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">14</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">43,690,000</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">43,047,500</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">38,328,694</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">38,150,222</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">37,150,778</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">36,643,917</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">27,306,250</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">28,220,028</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">25,871,333</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">14,984,528</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">14,456,250</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">13,471,083</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">8,671,917</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">369,992,500</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">15</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">43,047,500</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">42,405,000</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">37,686,194</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">37,507,722</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">36,508,278</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">36,001,417</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">26,663,750</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">27,577,528</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">25,228,833</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">14,342,028</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">13,813,750</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">12,828,583</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">8,029,417</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">361,640,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">16</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">42,405,000</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">41,762,500</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">37,043,694</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">36,865,222</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">35,865,778</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">35,358,917</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">26,021,250</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">26,935,028</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">24,586,333</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">13,699,528</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">13,171,250</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">12,186,083</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">7,386,917</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">353,287,500</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">17</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">41,762,500</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">41,120,000</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">36,401,194</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">36,222,722</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">35,223,278</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">34,716,417</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">25,378,750</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">26,292,528</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">23,943,833</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">13,057,028</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">12,528,750</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">11,543,583</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">6,744,417</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">344,935,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">18</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">41,120,000</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">40,477,500</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">35,758,694</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">35,580,222</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">34,580,778</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">34,073,917</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">24,736,250</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">25,650,028</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">23,301,333</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">12,414,528</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">11,886,250</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">10,901,083</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">6,101,917</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">336,582,500</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">19</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">40,477,500</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">39,835,000</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">35,116,194</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">34,937,722</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">33,938,278</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">33,431,417</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">24,093,750</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">25,007,528</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">22,658,833</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">11,772,028</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">11,243,750</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">10,258,583</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">5,459,417</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">328,230,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">39,835,000</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">39,192,500</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">34,473,694</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">34,295,222</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">33,295,778</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">32,788,917</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">23,451,250</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">24,365,028</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">22,016,333</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">11,129,528</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">10,601,250</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">9,616,083</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">4,816,917</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">319,877,500</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">21</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">39,192,500</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">38,550,000</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">33,831,194</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">33,652,722</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">32,653,278</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">32,146,417</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">22,808,750</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">23,722,528</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">21,373,833</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">10,487,028</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">9,958,750</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">8,973,583</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">4,174,417</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">311,525,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">22</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">38,550,000</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">37,907,500</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">33,188,694</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">33,010,222</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">32,010,778</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">31,503,917</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">22,166,250</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">23,080,028</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20,731,333</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">9,844,528</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">9,316,250</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">8,331,083</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">3,531,917</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">303,172,500</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">23</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">37,907,500</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">37,265,000</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">32,546,194</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">32,367,722</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">31,368,278</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">30,861,417</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">21,523,750</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">22,437,528</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20,088,833</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">9,202,028</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">8,673,750</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">7,688,583</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">2,889,417</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">294,820,000</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">24</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">37,265,000</div>
</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">36,622,500</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">31,903,694</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">31,725,222</div>
</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">30,725,778</div>
</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">30,218,917</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20,881,250</div>
</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">21,795,028</div>
</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">19,446,333</div>
</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">8,559,528</div>
</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">8,031,250</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">7,046,083</div>
</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">2,246,917</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">286,467,500</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.6%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Total:</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 8.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 7.38%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 6.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 6.81%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 6.22%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 6.78%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 7.39%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 6.06%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">286,467,500</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">&#160;</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 111 of 126</font></div>
</div>

<div><br>
</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SCHEDULE 2</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center">Conditions Precedent</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Part I</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Conditions Precedent to signing of the Agreement</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1a7f8792636144359781df189683590c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">1.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Relating to each of the Borrowers and the Guarantor</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4eab9c4c9b2b4833930e684c2359a748" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Certified copies of the constitutional documents of the relevant company;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4ab9311984c645f398066a22b494f9af" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Certificate of Incorporation, extract from the relevant Company Registry and/or updated Certificate of Good Standing;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zec4cae57bf484ed5ab14706b1644e46c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A certified copy of a resolution of the board of directors of the relevant company:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zac3b5ffdf25c4743aec827979614a1b9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">approving the terms of, and the transactions contemplated by, the Finance Documents and any Secured Hedging Agreement to which it is a party and resolving that it execute the Finance Documents and any Secured Hedging Agreement to which it is a party;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd32f9af525b242f2991f49846f06d4a5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">authorising a specified person or persons to execute the Finance Documents and any Secured Hedging Agreement to which it is a party on its behalf; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zae072844c4fb4f26b00242302fe4e05e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(v)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents and any Secured Hedging Agreement to which it is a party.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5e1bad6cb6684808929bed33bc083118" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A copy of the passports of any Director of the relevant company and of each other person signing any Finance Documents and any Secured Hedging Agreement, and specimen of the signature of such persons if not evidenced by the passport copy;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z44f99adb931b4ba0a78030976350fe1f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">An original Power of Attorney (notarised and legalised if requested by the Agent);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9a23c8e579f242308856b46d8acb45e0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Evidence of any shareholders owning more than 25% of the Guarantor based on latest publicly available filings;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb38ecf13700e4219837b27209067a2a5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(g)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A copy of the Original Financial Statements of the Guarantor; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z51497334e07c478f955e84fea51912cf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(h)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A certificate of an authorised signatory (including any authorised director, secretary, treasurer or chief financial officer) of the relevant company setting out the name of the Directors of the relevant Obligor certifying that each copy document relating to it specified in this Schedule 2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Conditions precedent</font>) is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z45561088efad463b9aff2433bebfc19d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">2.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Authorisations</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">All approvals, authorisations and consents required by any government or other authorities for the Obligors to enter into and perform their obligations under this Agreement and/or any of the other Transaction Documents to which they are respective parties.</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 112 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z09b57f130aa44501bf12ec5bf81c640f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">3.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Finance Documents</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z19e37f4f967a43328efcd065033cc684" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Agreement.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">(All Finance Documents to be delivered in original).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zca63f0c4e77145b1ad8c11efddb308ac" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">4.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Vessel Documents</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z638eb6aebaa94f8f9a4b10edb04ca5e4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Copy of each Shipbuilding Contract with any amendments or additions.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb698ee1904c945b4a0d5dcd7f8063c50" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">5.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Legal opinions</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9780e75d064d43a1ae122f684302ce3a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A legal opinion from the legal advisers to the Agent in the relevant jurisdiction, substantially in the form distributed to and approved by all Lenders prior to signing this Agreement; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc66c7509ba82497994945dc5b3f697b5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any such other favourable legal opinions in form and substance satisfactory to all Lenders from lawyers appointed by the Agent on matters concerning all relevant jurisdictions.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd28fb0ab881e466197eee81ffeaa5546" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">6.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Other documents and evidence</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb72184512ab242e0b9f28e94a8897382" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Evidence that any process agent referred to in Clause 42.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Service of process</font>), if not an Obligor, has accepted its appointment;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z257d5983c52a4130b8fc35e8288ad95d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has notified the Borrowers and/or the Guarantor accordingly) in connection with the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z00a7f4b9b7064f4887dc0f4a46cbeecd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Evidence that the fees, costs and expenses then due from the Borrowers pursuant to Clause 11 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Fees</font>), Clause 16 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Costs and expenses</font>) and any Fee Letters have been paid or will be paid by the date hereof; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zaf22f1bd54794d16aaa832c0f243ea69" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any other documents as reasonably requested by the Agent, hereunder any additional documentation required for any Finance Party to comply with their Know Your Customer requirements.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Part II</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Conditions Precedent to a Utilisation</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0569429dcab74661942f2ed42e4ed156" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">1.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Relating to each of the Borrowers and the Guarantor</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3e2e1b1ee66f4f9ba1af4879565042c3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Certified copies of the constitutional documents of the relevant company (unless already provided under Part I);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zfe6d207c6de04a5f840d5e1e58037756" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Certificate of Incorporation (unless already provided under Part I) and an updated extract from the relevant Company Registry and/or updated Certificate of Good Standing;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 113 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9db33ccf13b340cf93897e74bd764a86" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A certified copy of a resolution of the board of directors of the relevant company:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze59d7bef61814da2963e97826c543fb9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">approving the terms of, and the transactions contemplated by, the Finance Documents and any Secured Hedging Agreement to which it is a party and resolving that it execute the Finance Documents and any Secured Hedging Agreement to which it is a party;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd6663857d9e0405ea7a62c07169dcb9b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4613d45cfd0845d6a2ef250476a74b04" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents to which it is a party.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z69162bfb5db947d3b3c1d9392a6d9443" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A copy of the passports of any Director of the relevant company and of each other person signing any Finance Documents, and specimen of the signature of such persons if not evidenced by the passport copy;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zeb4d64af5f7e4a008c04cfe725adff16" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">An original Power of Attorney (notarised and legalised if requested by the Agent);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0e31918f4a5e4bd0a1385f7925e85f70" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Evidence of any shareholder owning more than 25% of the Guarantor; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z54f14228506c4ba1a4f122ec2938dbd4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(g)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A certificate of an authorised signatory (including any authorised director, secretary, treasurer or chief financial officer) of the relevant company setting out the name of the Directors of the relevant Obligor certifying that each copy document relating to it specified in this Schedule 2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Conditions precedent</font>) is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zafde20b787fb4a64b0a5b976020864fc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">2.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Authorisations</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">All approvals, authorisations and consents required by any government or other authorities for the Obligors to enter into and perform their obligations under this Agreement and/or any of the other Transaction Documents to which they are respective parties.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1a6570704e054709b9fbf0035f31ceba" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">3.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Finance Documents</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf40465105168484fb0defb87e6109195" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Mortgages;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z236f7ee6c2d14a1f8c67fb62660f3449" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Assignment Agreements;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zafef9181ea6a4a8eb4e5ddc36aa2c84b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A Notice of Assignment of Insurances and acknowledgement thereof or standard letters of undertaking;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9e0dbbc6e4e5495cbc3484a92021f858" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A Notice of Assignment of Earnings and acknowledgement thereof;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3a74b9e0d0674cf1a24910842d7bd50f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A Notice of Assignment of claims under&#160; any Secured Hedging Agreements (if applicable) and acknowledgments thereof;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zefbfe2a4238f40a1a6d4f6d39653d569" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any Deed of Assignment with any Notice of Assignment and acknowledgement thereof required thereunder;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z324043779f6d4ba79e6d320f6ec17643" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(g)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any Intra Group Loans Assignment Agreements the notices, transcripts and evidence required thereunder;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 114 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z13188058c5c041578127d7b9948dd052" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(h)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A Notice of Assignment of claims under any Intra Group Loan;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb0facd71c64540f19d8d4673a0619fec" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Pledge of Accounts with any notices and acknowledgements required thereunder; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze635295cb180463b91e11cd02a988482" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(j)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Pledges of Shares in all Borrowers with the notices, transcripts, share certificates and other evidence required thereunder.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">(All Finance Documents to be delivered in original).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zea307ab8aca949d3b43418f09dbdc656" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">4.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Documents relating to the relevant Vessel</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zec4a8aeff20143a6a2dc832025958838" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A certified copy of the Builder Certificate and/or Bill of Sale (as applicable under the relevant Shipbuilding Contract);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcf40900d03404551928f986102076610" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Copies of insurance policies/cover notes documenting that insurance cover has been taken out in respect of the Vessel in accordance with Clause 23.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Insurance - Vessels</font>), and evidencing that the Agent&#8217;s Security in the insurance policies have been noted in accordance with the relevant notices as required under the Assignment Agreement;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z34091be04b3f4191a4d50a3fd63d856e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A certified copy of the Protocol of Delivery and Acceptance under the relevant Shipbuilding Contract;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z30cfdecc63d54b159676b2274efb4b56" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A certified copy of any Charterparty, hereunder the Bareboat Charter and the Sub-Bareboat Charter;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf73ecdc5162a4fe39e94a5813b45e9f4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Letter of Undertaking;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9fcb0aa8693342e198b58c3516f8375e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A copy of the current DOC;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6c4100a4241a44fc9d58572f44735ffa" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(g)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A copy of any Technical Management Agreement;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7261bfb7fb5d48b0862903cf4758af5d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(h)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A copy of any Commercial Management Agreement;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z730328abd23b4735b2cff77cfd1b7447" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A certified copy of updated confirmations of class (or equivalent) in respect of the Vessel from the relevant classification society, confirming that the Vessel are classed in accordance with Clause 23.4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Classification and repairs</font>), free of extensions and overdue recommendations;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z238056d6fd114b66ac28f1871d4bd249" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(j)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A copy of the Vessel&#8217;s current SMC;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8ce82a18083343cda4cf71a7dc3e68f2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(k)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A copy of the Vessel&#8217;s ISSC;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zdfb003f3584b461e9663ef1db4c8f1c0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(l)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A Green Passport or an equivalent document in respect of the relevant Vessel; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb83e30a8daeb4e1aa5cb006bf2bf2d26" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(m)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Updated Valuation Certificates from one (or more) Approved Broker(s) in respect of the Vessel issued no more than thirty (30) days prior to the Utilisation Date.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The following documents to be received by the Agent latest on the Utilisation Date:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc64e602139cf4ef091ceea886297f802" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(n)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Evidence (by way of transcript of registry) that the Vessel is registered in the name of the relevant Borrower in an Approved Ship Registry acceptable to the Agent and bareboat registered in the Bareboat Registry (in respect of &#8220;DHT China&#8221;), that the Mortgage have been, or will in connection with Utilisation of the Tranche be, executed and recorded with their intended first priority against the Vessel, hereunder in the Bareboat Registry, and that</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 115 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">no other encumbrances, maritime liens, mortgages or debts whatsoever are registered against the Vessel.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5694b2d1405241f4a0f5d6210f266a58" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">5.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Legal opinions</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The following documents to be received by the Agent latest on the Utilisation Date:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcf4dc6723a7d4398a562d967599efc5d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A legal opinion from the legal advisers to the Agent in the relevant jurisdiction, substantially in the form distributed to and approved by all Lenders;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbe19166ed62e4d4285e226e84816ff28" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If any Secured Asset is situated in a jurisdiction other than Norway, or any Finance Document is subject to any other choice of law than Norwegian law, a legal opinion from the legal advisers to the Agent in the relevant jurisdiction, substantially in the form distributed to and approved by all Lenders; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd21998f33cd749c781329002920a9552" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any such other favourable legal opinions in form and substance satisfactory to all Lenders from lawyers appointed by the Agent on matters concerning all relevant jurisdictions.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5accaea8bc2641ad999855adc7796b0f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">6.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Other documents and evidence</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze985da6d3eda4134a9324c75b39df067" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Evidence that any process agent referred to in the Security Documents, if not a Party to this Agreement, has accepted its appointment;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbf8ee58eda1b4000afc2c7b49d8a6f59" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has notified the Borrowers accordingly) in connection with the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z97da8c61870d42979fae351f30a130ab" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Utilisation Request at least three (3) Business Days prior to the Utilisation Date;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z751f2711232d42229b2b6c411bb0734a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Evidence that all instalments due under the relevant Shipbuilding Contract prior to the Utilisation Date have been paid;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb72f4f140f934229ab2fb1c7f1cef8d8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">A favourable opinion from the Agent&#8217;s insurance consultants at the expense of the Borrowers confirming that the required insurances have been placed and are acceptable to the Agent and that the underwriters are acceptable to the Agent;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z92a58cb48dea4864a0734f28bcb4dbc9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">An original Compliance Certificate confirming that the Borrowers and the Guarantor are in compliance with the financial covenants as set out in Clause 21 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Financial covenants</font>);</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb8f00ecb2aa44d5c84a944da6d6832e7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(g)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Evidence that the fees, costs and expenses then due from the Borrowers pursuant to Clause 11 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Fees</font>), Clause 16 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Costs and expenses</font>) and any Fee Letters have been paid or will be paid by the Utilisation Date;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z38711dc4c23947e2aa296edc5cf5eb05" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(h)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any agreements in respect of Intra Group Loans and evidence that they are subordinated to the obligations of the Borrowers under the Finance Documents and any Secured Hedging Agreement;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2859b8e6f03844c3b2204effd83203d6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Manager&#8217;s undertakings from the Technical Manager and the Commercial Manager in such form as the Agent may reasonably require; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z79f06799663245268b91ef1a8accdb2e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(j)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Any other documents as reasonably requested by the Agent, hereunder any additional documentation required for any Finance Party to comply with their Know Your Customer requirements.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 116 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SCHEDULE 3</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center">Requests</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Part I<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font> Form of Utilisation Request</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z65ccbd33c1a6404a8217d1ba1516fa6b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 5.15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 94.85%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5.15%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">From:</div>
</td>
<td style="WIDTH: 94.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 94.85%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5.15%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">To:</div>
</td>
<td style="WIDTH: 94.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">ABN AMRO Bank N.V.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 94.85%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5.15%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Dated:</div>
</td>
<td style="WIDTH: 94.85%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5.15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 94.85%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5.15%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Dear Sirs</div>
</td>
<td style="WIDTH: 94.85%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">DHT HOLDINGS INC. WITH SUBSIDIARIES &#8211; USD 485,000,000 Senior Secured Term Loan Facilities and Revolving Credit Agreement<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font> dated 24 April 2018 (the &#8220;Agreement&#8221;)</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9a79f4f5223848abb858d1df77ce3606" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">1.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">We wish to borrow a Loan on the following terms:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<table id="z62421fdb91b14beda83266957d465ddc" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 80%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" align="center" border="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Proposed Utilisation Date:</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">[&#160;] (or, if that is not a Business Day, the next Business Day)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Facility:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Tranche:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Amount:</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">[ ]</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">[ ] (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">No need to specify in respect of the Revolving Credit Facility</font>)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">[&#160; ] or, if less, the available [Term Loan Facility Commitment] [Revolving Credit Commitment]</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z19768a590f4c41bfb4e6d8ec09793d64" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">2.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">We confirm that each condition specified in Clause 4.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Further conditions precedent</font>) is satisfied on the date of this Utilisation Request.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zfcdd9a4384af487e8b199a1633d92135" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">3.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The proceeds of this Loan should be credited to [<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">account</font>].</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7e8722a55d3f49d7a8723ca131da4c3f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">4.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">This Utilisation Request is irrevocable.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Yours faithfully</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">authorised signatory for</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 117 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Part II<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font> Form of Selection Notice</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0d45c1dd9d3849a9bf708b8a829b7210" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4.92%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4.92%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">From:</div>
</td>
<td style="WIDTH: 95.08%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.92%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4.92%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">To:</div>
</td>
<td style="WIDTH: 95.08%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">ABN AMRO Bank N.V.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.92%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4.92%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Dated:</div>
</td>
<td style="WIDTH: 95.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4.92%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4.92%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Dear Sirs</div>
</td>
<td style="WIDTH: 95.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">DHT HOLDINGS INC. WITH SUBSIDIARIES &#8211; USD 485,000,000 Senior Secured Term Loan Facilities and Revolving Credit Agreement<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font> dated 24 April 2018 (the &#8220;Agreement&#8221;)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb26dd84fc09444cbb23e5686080871f6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">1.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">We refer to the Agreement. This is a Selection Notice. Terms defined in the Agreement have the same meaning in this Selection Notice unless given a different meaning in this Selection Notice.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbc040ae12f2349b18e76a0ccfe17f47a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">2.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">We refer to the Loan in respect of the Tranche relevant to the Vessel [&#160; &#160; ] with an Interest Period ending on [&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ].</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z98d2544a04464a65805e8f7cecae921d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">3.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">We request that the next Interest Period for this Loan is [&#160; &#160; &#160; ].</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za6b1921588214a59b5d7c8915b6b37fd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">4.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">This Selection Notice is irrevocable.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Yours faithfully</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">.....................................</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">authorised signatory for</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">[<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">name of Borrowers</font>]</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">&#160;</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 118 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SCHEDULE 4</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center">Form of Transfer Certificate</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4adcfd8bbca84e1c899d7c8232231112" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 4.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">To:</div>
</td>
<td style="WIDTH: 95.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">ABN AMRO Bank N.V. as Agent</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">From:</div>
</td>
<td style="WIDTH: 95.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">[<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">The Existing Lender</font>] (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Existing Lender</font>&#8221;) and [<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">The New Lender</font>] (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">New Lender</font>&#8221;)</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Dated:</div>
</td>
<td style="WIDTH: 95.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 4.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="za42e9621ed4a466794681946c6161d1b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 48px; VERTICAL-ALIGN: top; TEXT-ALIGN: right">1.&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 560px; VERTICAL-ALIGN: top; TEXT-ALIGN: center; align: right">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center">DHT HOLDINGS INC. WITH SUBSIDIARIES &#8211; USD 485,000,000 Senior Secured Term</div>

<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center">Loan Facilities and Revolving Credit Agreement</div>

<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center">dated 24 April 2018 (the &#8220;Agreement&#8221;)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>
</table>
</div>

<div><br>
 &#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zf3815f1870184d14981091623b2c94e3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">2.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9591684828f742b5b300b457427f2321" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">3.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">We refer to Clause 25.4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Procedure for transfer</font>):</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z25da8d2e63ff4542a701f911de8c8271" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation all or part of the Existing Lender&#8217;s Commitment, rights and obligations referred to in the Schedule in accordance with Clause 25.4 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Procedure for transfer</font>).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z89f80b486bbd47edbd75c29b45574e99" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The proposed Transfer Date is [&#160;].</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za658db5c5c9f48339f1a3aa6e2b0bade" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 32.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Addresses</font>) are set out in the Schedule.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2d56a58b52164ef4ad24a1dedad8def6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">4.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The New Lender expressly acknowledges the limitations on the Existing Lender&#8217;s obligations set out in paragraph (c) of Clause 25.3 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Limitation of responsibility of Existing Lenders</font>).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbd67693bef57416baf2645310b52d589" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">5.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer Certificate.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0693b34cd9ea45dd9ef35928efb8a7cc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">6.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">This Transfer Certificate is governed by Norwegian law.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc1e477b19bd94c5a9bce4814250c48d2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">7.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate.</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div><br>
 &#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 119 of 126</font></div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">THE SCHEDULE</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Commitment/rights and obligations to be transferred</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">[<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">insert relevant details</font>]</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">[<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Facility Office address, fax number and attention details for notices and account details for payments,</font>]</div>

<div><br>
</div>

<div><br>
</div>

<table id="z5b549c7db7df4c478a5173a30b12e9ea" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 80%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" align="center" border="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">[Existing Lender]</div>

<div>&#160;</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">[New Lender]</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">By:</div>

<div>&#160;</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">By:</div>
</td>
</tr>

<tr style="HEIGHT: 27px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: top" colspan="2">
<div>This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;].</div>

<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>[Agent]</div>

<div>&#160;</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">By:</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 81pt">&#160;</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 81pt">&#160;</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 81pt">&#160;</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 120 of 126</font></div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SCHEDULE 5</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center">Form of Compliance Certificate</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf89f863fa23f46c49c9be2b69d344f32" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4.18%; VERTICAL-ALIGN: top"></td>
<td style="WIDTH: 95.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 4.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">To:</div>
</td>
<td style="WIDTH: 95.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">ABN AMRO Bank N.V. as Agent</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">From:</div>
</td>
<td style="WIDTH: 95.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Dated:</div>
</td>
<td style="WIDTH: 95.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 4.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>
</div>

<div>Dear Sirs&#160;</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">DHT HOLDINGS INC. WITH SUBSIDIARIES &#8211; USD 485,000,000 Senior Secured Term Loan<br>
Facilities and Revolving Credit Agreement<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font> dated 24 April 2018 (the &#8220;Agreement&#8221;)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb52c60ce4dee4d9881db5be87691eef6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">1.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z25893a114fee4849a42b055dbb6bb1c5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">2.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">We confirm that as of [<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">insert date</font>] the Guarantor has on a consolidated basis:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">The Guarantor has on a consolidated basis (Clause 21.1 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Financial covenants &#8211; the Guarantor</font>)):</div>

<div><br>
</div>

<table id="zb1ab770102844e7399339489c29d0db9" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; WIDTH: 4%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: " colspan="3">
<div style="TEXT-ALIGN: justify"><u>a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Minimum Value Adjusted Tangible Net Worth</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Requirement:</div>
</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Value Adjusted Tangible Net Worth of at least USD 300,000,000, but the Value Adjusted Tangible Net Worth shall in any event minimum 25 % of the Value Adjusted Total Assets</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Value Adjusted Tangible Net Worth*</div>
</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">USD&#8230;&#8230;&#8230;&#8230;&#8230;.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Value Adjusted Total Assets*</div>
</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">USD &#8230;&#8230;&#8230;&#8230;&#8230;.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">In Compliance</div>
</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Yes/No</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 30.15%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">*) as per enclosed calculations</div>
</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; WIDTH: 4%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: " colspan="2">
<div style="TEXT-ALIGN: justify"><u>b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Minimum Cash</u></div>
</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Requirement:</div>
</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">The higher of USD 30,000,000 and 6 % of the Total Interest Bearing Debt</div>
</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Minimum Cash*</div>
</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">USD &#8230;&#8230;&#8230;&#8230;&#8230;./&#8230;&#8230;..%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Total Interest Bearing Debt*</div>
</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">USD&#8230;&#8230;&#8230;&#8230;&#8230;../&#8230;&#8230;..%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 30.15%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">*) as per enclosed calculations</div>
</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.18%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">In Compliance</div>
</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Yes/No</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; WIDTH: 4%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: " colspan="2">
<div style="TEXT-ALIGN: justify"><u>c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Working Capital</u></div>
</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 66.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 121 of 126</font></div>
</div>

<div>&#160;</div>

<div>&#160;</div>

<table id="z369f72fb94e24aa58c85257c4268107a" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.14%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Requirement:</div>
</td>
<td style="WIDTH: 66.88%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Positive</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.14%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Current Assets</div>
</td>
<td style="WIDTH: 66.88%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">USD&#8230;&#8230;&#8230;&#8230;&#8230;., less</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.14%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Current Debt</div>
</td>
<td style="WIDTH: 66.88%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">USD&#8230;&#8230;&#8230;&#8230;&#8230;.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.14%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">In Compliance</div>
</td>
<td style="WIDTH: 66.88%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Yes/No</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">3.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">We confirm that no Default is continuing.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Please find enclosed a copy of our financial statements, together with updated Valuation Certificates in respect of the Vessel.</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Yours faithfully</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">.....................................</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">DHT Holdings, Inc.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">CFO</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 122 of 126</font></div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SCHEDULE 6</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center">Form of Valuation Certificate</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">To:</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">ABN AMRO Bank N.V. as Agent</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">From:</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">[</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>]</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Dated:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Dear Sirs,</div>

<div>&#160;</div>

<div>
<div>&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z0b3f58a9a07b401a9edf07a69d0c5247" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 48px; VERTICAL-ALIGN: top; TEXT-ALIGN: right">1.&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 560px; VERTICAL-ALIGN: top; TEXT-ALIGN: center; align: right">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center">DHT HOLDINGS INC. WITH SUBSIDIARIES &#8211; USD 485,000,000 Senior Secured Term</div>

<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center">Loan Facilities and Revolving Credit Agreement</div>

<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center">dated 24 April 2018 (the &#8220;Agreement&#8221;)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z80ea0cc6406147d7ba4f352ec0191547" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">2.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">We refer to the Agreement. This is a Valuation Certificate. Terms defined in the Agreement have the same meaning when used in this Valuation Certificate.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8d6e10d087cd4a98b124d41bca3d16eb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">3.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">We confirm that the Market Value of the Vessels are [&#160; &#160; ]% and is thereby in compliance with Clause 7.5 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Market Value</font>) (setting out that the Market Value shall not fall below 135%). The Market Value for the Vessels are as follows:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<table id="z206a820ee22a44dcb9639595a0f4a865" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 24.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Name of Vessel:</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 26.41%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Valuation from [Approved Broker]</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 25.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Valuation from [Approved Broker]</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 23.52%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Average Market Value:</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 24.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 26.41%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 25.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 23.52%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 24.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 26.41%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 25.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 23.52%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 24.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 26.41%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 25.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 23.52%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 24.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 26.41%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 25.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 23.52%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 24.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 26.41%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 25.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 23.52%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 24.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 26.41%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 25.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 23.52%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 24.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 26.41%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 25.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 23.52%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 24.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 26.41%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 25.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 23.52%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 24.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 26.41%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 25.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 23.52%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 24.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 26.41%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 25.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 23.52%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 24.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 26.41%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 25.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 23.52%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6e23a7a5cba54e4c8a37be35d1e1e16b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">4.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Please see attached hereto relevant supporting documentation and calculations to ensure compliance with Clauses 20.7 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Market Value</font>) and Clause 7.5 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Market Value</font>):</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 123 of 126</font></div>
</div>

<div><br>
 &#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">Yours sincerely,</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">For and on behalf of the Obligors:</div>

<div>&#160;</div>

<div style="MARGIN-LEFT: 108pt">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">By: _________________________</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Name:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Title: [authorised signatory]</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Company: DHT Holdings, Inc.</div>
</div>
</div>

<br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 124 of 126</font></div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center">EXECUTION PAGE</div>

<div>&#160;</div>

<div>
<table id="z840c43d6ff434828a55e96af4585b0c4" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left">Borrower:</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2">Borrower:</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left"><strong>DHT Mustang, Inc.</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2"><strong>DHT Bronco, Inc.</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top" align="left">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">Eirik Ub&#248;e</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<div>&#160;</div>

<div>
<table id="zfc647231384e4571ad0dc2527ff6ecbd" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left">Borrower:</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2">Borrower:</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left"><strong>DHT Puma Limited</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2"><strong>DHT Panther Limited</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top" align="left">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>
<div>
<table id="z5fc334e304fd496cb4848fd822dae15b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left">Borrower:</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2">Borrower:</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left"><strong>DHT Lion Limited</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2"><strong>DHT Leopard Limited</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top" align="left">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 4%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<div>&#160;</div>

<div>
<table id="zd86400bbb9ab4d12ae5730854d340c7d" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left">Borrower:</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2">Borrower:</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left"><strong>Samco Theta Ltd.</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2"><strong>Samco Iota Ltd.</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top" align="left">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>
<div>
<table id="za0cc322c2bc847e1beb052c2c239034b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left">Borrower:</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2">Borrower:</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left"><strong>Samco Kappa Ltd.</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2"><strong>DHT Hawk, Inc.</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top" align="left">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>
</table>
</div>

<div>&#160;</div>
</div>
</div>
</div>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 125 of 126</font></div>
</div>

<div>&#160;</div>

<div>
<div>&#160;</div>

<div>
<div>
<table id="z61f349a0e8494845a0d938ce8fcce3d8" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left">Borrower:</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2">Borrower:</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left"><strong>Samco Epsilon Ltd.</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2"><strong>DHT Falcon, Inc.</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top" align="left">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>
<div>
<table id="za8846bc2b2624f32940fb06d03db5aef" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left">Borrower:</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2">Guarantor:</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left"><strong>DHT Condor, Inc.</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2"><strong>DHT Holdings, Inc.</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top" align="left">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>
</table>
</div>

<div>&#160;</div>
</div>
</div>
</div>

<div>
<div>&#160;</div>

<div>
<div>
<table id="z27329e632802477b953025330f2deb0e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left">Original Lender, Bookrunner and Mandated Lead Arranger:</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2"></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left"><strong>ABN AMRO Bank N.V.</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2"></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top" align="left">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Anita Gerdin</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top"></td>
<td style="WIDTH: 34%; PADDING-BOTTOM: 2px" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Anita Gerdin</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>
</table>
</div>

<div>&#160;</div>
</div>
</div>

<div>&#160;</div>

<div>
<div>
<table id="zd1d4cfd83a2f4551a7e30ab29577fdd9" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 13px">
<td valign="top" colspan="2" align="left">Original Lender, Bookrunner and Mandated Lead Arranger:</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2">Original Lender, Bookrunner and Mandated Lead Arranger:</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left"><strong>Nordea Bank AB (Publ), filial i Norge</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2"><strong>ING Bank, a branch of ING-DiBa AG</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top" align="left">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Anita Gerdin</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Anita Gerdin</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Anita Gerdin</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Anita Gerdin</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>
<div>
<table id="zd78b67f6a7a94da1833608f2ba8a053d" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left">Original Lender, Bookrunner and Mandated Lead Arranger:</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2">Original Lender, Bookrunner and Mandated Lead Arranger</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 13px">
<td valign="top" colspan="2" align="left"><strong>DNB Bank ASA</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2"><strong>Cr&#233;dit Agricole Corporate and Investment Bank</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top" align="left">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Anita Gerdin</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Anita Gerdin</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Anita Gerdin</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Anita Gerdin</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>
</table>
</div>

<div>&#160;</div>
</div>
</div>

<div><br>
 &#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #bfbfbf; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #bfbfbf" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; FONT-STYLE: normal">Page 126 of 126</font></div>
</div>

<div><br>
</div>

<div>
<div>&#160;</div>

<div>
<div>
<table id="z7e21f18d56ed4ae1ac9ae26319d08857" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left">Original Lender and Mandated Lead Arranger</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2">Original Lender and Mandated Lead Arranger</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left"><strong>Danish Ship Finance A/S</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2"><strong>Skandinaviska Enskilda Banken AB</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top" align="left">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Anita Gerdin</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Anita Gerdin</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Anita Gerdin</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Anita Gerdin</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<div>&#160;</div>

<div>
<div>
<table id="ze9c49a17e4d345b7b2d89a21cc39fb63" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left">Original Lender and Lead Arranger:</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2">Original Lender and Lead Arranger:</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left"><strong>DVB Bank SE</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2"><strong>Swedbank AB</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top" align="left">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Anita Gerdin</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Anita Gerdin</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Anita Gerdin</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Anita Gerdin</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<div>&#160;</div>

<div>
<div>
<table id="z08928527576744ba81582ac35af1106e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 13px">
<td valign="top" colspan="2" align="left">Agent and Security Agent:</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2"></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td valign="top" colspan="2" align="left"><strong>ABN AMRO Bank N.V.</strong></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2"></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top" align="left">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Anita Gerdin</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top"></td>
<td style="WIDTH: 34%; PADDING-BOTTOM: 2px" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Anita Gerdin</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>
</table>
</div>

<div><br>
 &#160;</div>
</div>
</div>
</div>
</div>
</div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">***</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">We hereby accept appointment as process agent for each of the Obligors pursuant to the Agreement Clause 42.2 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Service of process</font>).</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify">
<div>
<table id="z072d5e58bdb14a99a0955439b8f73ace" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 16px">
<td style="FONT-WEIGHT: bold" valign="top" colspan="2" align="left">DHT MANAGEMENT AS</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td valign="top" colspan="2"></td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 4%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">&#160;</td>
<td style="WIDTH: 34%" valign="top" align="left">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top" align="left">By:</td>
<td style="WIDTH: 34%; BORDER-BOTTOM: #000000 2px solid" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
<td style="WIDTH: 4%; PADDING-BOTTOM: 2px" valign="top"></td>
<td style="WIDTH: 34%; PADDING-BOTTOM: 2px" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
</td>
<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Eirik Ub&#248;e</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
</td>
<td style="WIDTH: 34%" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Attorney-in-Fact</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
<td style="WIDTH: 4%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
</td>
<td style="WIDTH: 34%" valign="top">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>
</table>
</div>

<div><br>
 &#160;</div>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>
</div>

<div>&#160;</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image0.jpg
<TEXT>
begin 644 image0.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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5I&>0>#[Y2T54GSOF>_D*,>5<J/_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>image00004.jpg
<TEXT>
begin 644 image00004.jpg
M_]C_X  02D9)1@ !  $ 8 !@  #__@ ?3$5!1"!496-H;F]L;V=I97,@26YC
M+B!6,2XP,0#_VP"$  4%!0@%" P'!PP,"0D)# T,# P,#0T-#0T-#0T-#0T-
M#0T-#0T-#0T-#0T-#0T-#0T-#0T-#0T-#0T-#0T-#0T!!0@("@<*# <'# T,
M"@P-#0T-#0T-#0T-#0T-#0T-#0T-#0T-#0T-#0T-#0T-#0T-#0T-#0T-#0T-
M#0T-#0T-#?_$ :(   $% 0$! 0$!           ! @,$!08'" D*"P$  P$!
M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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M;@1D<@B@D^4/BG=^-/AV8;F'69KNQN6,:NT,"/'(!N".!&5.Y02K#&=K J,
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MV;=9>\T2YTZ0[OL-P#'_ +,<Z[MH]O,21OJQH!F[^T'_ ,BG)_U\V_\ Z$:
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MJM_'I-G/?2G$=M#),Q]%C0N?T% 'YJ^$-'D\5:]:6"@L;JY4R>T8;S)F_P"
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MP_>2O<7&FV$LTK%WD>UA9W9CEF9BA+,3R23DGK0!T\<:Q*$0!50!54#   P
M .  . .U %-=+M$26)8(@ER[/.OEKME=P S2#&'9@ &+9) &>E 'G6H?!;PA
MJ+F62P6)FZ^1+-"OX)'(J+_P%11L.]CH?#_P^\/^%W$NEV4,,HZ2D&24>N))
M2[KGOM(!H$=E0 4 8^L^'].\0Q>1JEM#=QCH)45MI/=21N0^ZD'WH \_;X'^
M#F??]@Q[">Y"_EYU [G=:%X6TKPRACTFUAM WWC&@#MC^^YR[_\  F- C>H
MH:EI5GK$)MM0@BNX"0QCFC61,KT.UP1D=CCB@"II7AO2M"9GTRSMK)I  YMX
M8XBP'(#%%7(!)(!Z4 ;5 &?J6DV6LP_9M0@ANX=P;RYXUD3<,X;:X(R,G!QD
M9- &/!X(T"USY.FV,>[&=EK"N<9QG"#.,G'UH ZB@ H * "@ H * "@ H *
M"@ H * "@ H * "@ H * "@"*>>.UC::9EBCC4L[N0JJH&2S,2  !R22 !UH
M RK+Q)I6I2BWL[VTN)F!(CBN(I'( R2%1RQ ')XX'- &U0 4 % !0 4 % !0
M 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0!Y1XN^*:^"W?[?I>HFV23RUND
M2$P.>Q5C*",\X#A2<' H&<MI?[0>G:W<I8Z?INHW-Q+G9'&L!8X!8_\ +;H
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MR,<8.:!V/3[KQ==6NEQZI_96HR22.5:S1(FN8E&_$CH)<;3M& K,WSKE1S@
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M_(L,Z,?ECD8[$F /W2K8$A[QYSDJN H^]KZ\BTZWEN[AMD-O&\LC>B(I9C^
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M!1@&4*6CDQ_>=%=7/?8IZDDA2/%_!7_+Q_VR_P#:E S]*J" H * "@#X/_:
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M_(X6G_7.Y_\ 2>2@IGZ!4$A0!^>GQBT9_#'BVY>#]VMPZ7T)'&#*=S$?2=9
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M ]C[YH)"@#X\_:=_X_M-_P"N$_\ Z&E!2/5/V>_^13C_ .OFX_\ 0A0)GM]
MC\T_B7_R-&J_]?UQ_P"C#06?I/;_ .J3_=7^0H(/D'XZ?"RX@NI/$VD1F6"?
MY[R)!EHI/XIPHY,;]9"!\C[G/RL=H4CT'X/_ !:L=9T^'2-6G2WU&U18E:5@
MJW,:C:C*[$ RA0%="=S$;USE@H(]PU'6K'28#=7UQ#;PJ,EY)%5<>Q)Y/H!D
MGH!F@1\/?%?Q7=?$BXEOM-BD.B:*H03%2JEYI$0R-G&&D8HJ1\N(UWD+EP I
M:'%^!XV?[1M&<>5_[4H&?I/00% !0 4 % 'B'CGX*6OC76X]:>Y^S)MB6Y@$
M.\SB)N2)/-3RV:/$>=CXVAL'I0.]CVU$6)0B *J@  <  <  =@!TH$.H * /
M(_'/P:T;QI(;T;K"_/)N( ,.1T,L9PKD?WE*.>,N0 *![&98^%?B!H\8M+;6
M;*[A0;4>[MW,H4=,D*Y8_P"_(_UH SS\$Y_$=XNH^,M3EU1T^[!"@@A49R4!
M!.$/<1I$QZEL\T!<]ST[3K;2;=+.RC2WMX5VI'& JJ/8#U/))Y)R223F@1<H
M CEA2=&BE571P596 96!X((.001U!X- 'D^J_ [PGJLAF^RM:NQR?LTCQ+^$
M>6C7Z*JB@=PTKX'>$]*D$OV0W3J<C[3*\B_C'E8V^C*10%SSG]I:6&TTO3;"
M(+&#/(Z(H"A4BB"8"C "CS0  ,>E (ZW]GC2FT_PO]H<8-]=33+G^XH2$?AN
MB8CZT SW-T612C@,K @@\@@\$$>A% CY>U[]FV.6[:ZT.^-FA?>D,L9;RCG(
M"2HZMM4_=RA90!EV(S0.Y[9X(TC7]&@D@\0WT>IX$8@=(]CJ%#;_ #&P#(6R
MF&;+?*222:!';T <KXU\+1>,](GT>9_)%P%VR[=YC='5U8+N7/*X(W#()&:
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MTJ'2;7YEA&7D(P996YDD([;CT&3M4*N3B@DZB@ H * "@ H * "@ H * "@
MH * "@ H * .)\9Z#INHVK37EI;7$BC >6".1@,'HSJ2/P- 'GW@3PMH\D[,
M]A9LRDE2;:$D$9Q@E.,>U SW95" *H"J!@ #  '8 =*!"T % !0 4 % !0 4
M % !0 4 % !0 4 % !0 4 % !0!@^(=(L=5M6%];P70125$T4<NT^HWJV/PH
M \4\->%=&EU$H]A9,H?@-;0D#D=BF*!GT';VT5H@A@1(HUX5$4*H'LJ@ ?@*
&!$U '__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
