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<SEC-DOCUMENT>0000930413-10-005279.txt : 20101027
<SEC-HEADER>0000930413-10-005279.hdr.sgml : 20101027
<ACCEPTANCE-DATETIME>20101027163632
ACCESSION NUMBER:		0000930413-10-005279
CONFORMED SUBMISSION TYPE:	F-1/A
PUBLIC DOCUMENT COUNT:		14
FILED AS OF DATE:		20101027
DATE AS OF CHANGE:		20101027

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Costamare Inc.
		CENTRAL INDEX KEY:			0001503584
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-170033
		FILM NUMBER:		101145254

	BUSINESS ADDRESS:	
		STREET 1:		60 ZEPHYROU STREET & SYNGROU AVENUE
		CITY:			ATHENS
		STATE:			J3
		ZIP:			17564
		BUSINESS PHONE:		30-2109490000

	MAIL ADDRESS:	
		STREET 1:		60 ZEPHYROU STREET & SYNGROU AVENUE
		CITY:			ATHENS
		STATE:			J3
		ZIP:			17564
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-1/A
<SEQUENCE>1
<FILENAME>c62562_f1a.htm
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<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>As filed with the Securities and Exchange Commission on October 27, 2010</B></FONT></P>
<P align="right" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Registration Statement No. 333-170033</B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:100%; height:3.00pt;;"><hr noshade="noshade" color="k" align="center" style="width:100%; height:1.00pt;margin-top:-8pt;"></FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:5.2mm; "><B>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION</B></FONT><FONT style="font-family:serif; font-size:4.5mm; "><B><br>Washington, D.C. 20549</B></FONT></P>
<P style="text-indent:7mm; margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:8.00pc; height:0.50pt;;"></FONT></P>


<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:4.5mm; "><B>Amendment No. 1 to</B></FONT><FONT style="font-family:serif; font-size:6.6mm; "><B><br>Form F-1</B></FONT><FONT style="font-family:serif; font-size:4.5mm; "><B><br>REGISTRATION STATEMENT</B></FONT><FONT style="font-family:serif; font-size:3.8mm; "><B><br>UNDER</B></FONT><FONT style="font-family:serif; font-size:4.5mm; "><B><br>THE SECURITIES ACT OF 1933</B></FONT></P>


<P style="text-indent:7mm; margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:8.00pc; height:0.50pt;;"></FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:5.2mm; "><B>COSTAMARE INC.</B></FONT><FONT style="font-family:serif; font-size:3.1mm; "><I><br>(Exact name of Registrant as specified in its charter)</I></FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:31.78%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:31.78%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:31.78%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>


  <TR valign="top">
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Republic of the Marshall Islands</B></FONT><FONT style="font-family:serif; font-size:3.1mm; "><I><br>(State or Other Jurisdiction of<br>Incorporation or Organization)</I></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      4412</B></FONT><FONT style="font-family:serif; font-size:3.1mm; "><I><br>(Primary Standard Industrial<br>Classification Code Number</I>)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      N/A</B></FONT><FONT style="font-family:serif; font-size:3.1mm; "><I><br>(I.R.S. Employer<br>Identification No.)</I></FONT></P></TD>
  </TR>
</TABLE>

<P align="center" style="margin:3.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>60 Zephyrou Street &amp;<br>Syngrou Avenue<br>17564 Athens<br>Greece<br>(+30-210-949-0000)</B></FONT><FONT style="font-family:serif; font-size:3.1mm; "><I><br>(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant&#146;s Principal Executive Offices)</I></FONT></P>
<P style="text-indent:7mm; margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:8.00pc; height:0.50pt;;"></FONT></P>
<P align="center" style="margin:3.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>CT Corporation System<br>111 Eighth Avenue<br>New York, New York 10011<br>(212) 590-9338</B></FONT><FONT style="font-family:serif; font-size:3.1mm; "><I><br>(Name and Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)</I></FONT></P>
<P style="text-indent:7mm; margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:8.00pc; height:0.50pt;;"></FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:48.84%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:48.84%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>


  <TR valign="top">
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; "><B>
      William P. Rogers, Jr., Esq.<br>Cravath, Swaine &amp; Moore LLP<br>Worldwide Plaza<br>825 Eighth Avenue<br>New York, New York 10019<br>(212) 474-1000</B><I><br>(telephone number)</I><B><br>(212) 474-3700</B><I><br>(facsimile number)</I></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; "><B>
      Stephen P. Farrell, Esq.<br>Morgan, Lewis &amp; Bockius LLP<br>101 Park Avenue<br>New York, New York 10178<br>(212) 309-6050</B><I><br>(telephone number)</I><B><br>(212) 309-6001</B><I><br>(facsimile number)</I></FONT></P></TD>
  </TR>
</TABLE>

<P style="text-indent:7mm; margin:3.5mm 0 0.7mm; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:8.00pc; height:0.50pt;;"></FONT></P>
<P style="text-indent:6.3mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.5mm; "><B><I>Approximate date of commencement of proposed sale to the public: </I></B>As soon as practicable after this Registration Statement becomes effective.</FONT></P>
<P style="text-indent:7mm; margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:8.00pc; height:0.50pt;;"></FONT></P>
<P style="text-indent:6.3mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.5mm; ">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box.  <font style="word-spacing: 0.17pc;">&nbsp;</font></FONT><FONT style="font-family:sans-serif; font-size:3.5mm; "><font face="Wingdings 2">&#163;</font></FONT></P>
<P style="text-indent:6.3mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.5mm; ">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.  <font style="word-spacing: 0.17pc;">&nbsp;</font></FONT><FONT style="font-family:sans-serif; font-size:3.5mm; "><font face="Wingdings 2">&#163;</font></FONT></P>
<P style="text-indent:6.3mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.5mm; ">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.  <font style="word-spacing: 0.17pc;">&nbsp;</font></FONT><FONT style="font-family:sans-serif; font-size:3.5mm; "><font face="Wingdings 2">&#163;</font></FONT></P>
<P style="text-indent:6.3mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.5mm; ">If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.  <font style="word-spacing: 0.17pc;">&nbsp;</font></FONT><FONT style="font-family:sans-serif; font-size:3.5mm; "><font face="Wingdings 2">&#163;</font></FONT></P>
<P style="text-indent:7mm; margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:8.00pc; height:0.50pt;;"></FONT></P>


<P style="text-indent:6.3mm; margin:2.8mm 0 0; "><FONT style="font-family:serif; font-size:3.5mm; "><B>The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until the registration
  statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.</B></FONT></P>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:100%; height:1.00pt;;"><hr noshade="noshade" color="k" align="center" style="width:100%; height:3.00pt;margin-top:-8pt;"></FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>



<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Explanatory Note</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The sole purpose of this Amendment No. 1 is to amend the exhibit index and to file Exhibits 1.1, 4.1, 5.1, 5.2, 10.1, 10.8 and 10.9 to the registration statement. No other changes have been made to the registration statement. Accordingly, the amendment consists only of the facing page, this explanatory note and
  Part II of this registration statement.</FONT></P>


<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>PART II<br>INFORMATION NOT REQUIRED IN PROSPECTUS</B></FONT></P>
<P style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Item 6. Indemnification of Directors and Officers.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Registrant is a corporation of the Republic of the Marshall Islands (the &#147;Marshall Islands&#148;). Section 60 of the Business Corporations Act of the Marshall Islands (the &#147;BCA&#148;) provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened,
  pending or completed action, suit or proceeding whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer
  of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys&#146; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably
  believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of no contest, or
  its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe his conduct was
  unlawful.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">A Marshall Islands corporation also has the power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director or
  officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys&#146; fees) actually and reasonably incurred by him or in connection with the defense or settlement of
  such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable for negligence or
  misconduct in the performance of his duty to the corporation unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to
  indemnity for such expenses which the court shall deem proper.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">To the extent that a director or officer of a Marshall Islands corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in the preceding paragraphs, or in the defense of a claim, issue or matter therein, he shall be indemnified against expenses (including
  attorneys&#146; fees) actually and reasonably incurred by him in connection therewith. Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid in advance of the final disposition of such action, suit or proceeding as authorized by the board of directors in the specific case upon receipt of
  an undertaking by or on behalf of the director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the corporation as authorized under Section 60 of the BCA.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Section 60 of the BCA also permits a Marshall Islands corporation to purchase and maintain insurance on behalf of any person who is or was a director or officer of the corporation or is or was serving at the request of the corporation as a director or officer against any liability asserted against him and incurred
  by him in such capacity whether or not the corporation would have the power to indemnify him against such liability under the provisions of Section 60 of the BCA.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The indemnification and advancement of expenses provided by, or granted pursuant to, Section 60 of the BCA are not exclusive of any other rights to which those seeking indemnification and advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors
  or otherwise, both as to action in such person&#146;s official capacity and as to action in another capacity while holding such office.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">II-1</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="text-indent:7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">The Registrant&#146;s articles of incorporation include a provision that eliminates the personal liability of directors for monetary damages for actions taken as a director to the fullest extent permitted by law.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Registrant&#146;s bylaws provide that the Registrant must indemnify, to the fullest extent permitted by applicable law, any person who was or is made or is threatened to be made a party to or a witness in or is otherwise involved in any action, suit, claim, inquiry or proceeding, whether civil, criminal,
  administrative or investigative (including an action by or in the right of the company) and whether formal or informal, by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was a director or officer of the Registrant or is or was serving at the Registrant&#146;s request as a
  director, officer, employee, trustee or agent of another entity or of a partnership, joint venture, trust, nonprofit entity or other entity (including service with respect to employee benefit plans) against all liability and loss suffered, and expenses (including attorneys&#146; fees) actually and reasonably incurred, by such
  person in connection with such action, suit, claim, inquiry or proceeding. The Registrant&#146;s bylaws also expressly authorize the advancement of certain expenses (including attorneys&#146; fees and disbursements and court costs) to directors and officers and the carrying of directors&#146; and officers&#146; insurance providing
  indemnification for the Registrant&#146;s directors, officers and certain employees for some liabilities.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Section 8 of the Underwriting Agreement, the form of which will be filed as Exhibit 1.1 hereto, provides that the underwriters named therein will indemnify us and hold us harmless and each of our directors, officers or controlling persons from and against certain liabilities, including liabilities under the
  Securities Act. Section 8 of the Underwriting Agreement also provides that such underwriters will contribute to certain liabilities of such persons under the Securities Act.</FONT></P>
<P style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Item 7. Recent Sales of Unregistered Securities.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">On April 24, 2008, the Company issued 750,000 shares of its common stock to its original six shareholders in exchange for cash, and on November 26, 2008, the Company issued 250,000 shares of its common stock to its seventh shareholder, Captain Vasileios Konstantakopoulos, as part of consideration under
  the MSA. On July 20, 2010, the Company issued 24,000,000 shares of its common stock to six of its seven existing owners in exchange for cash, pursuant to a rights offering to stockholders of record on July 14, 2010. On October 19, 2010, the Company issued 22,000,000 shares of its common stock to its existing
  stockholders pursuant to a 1.88-for-1 stock split. Each of these issuances was exempt from registration as a transaction that did not involve an offer or sale and, in any event, as a transaction not involving an offering in the United States under Regulation S of the Securities Act.</FONT></P>
<P style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Item 8. Exhibits and Financial Statement Schedules.</B></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(a) Exhibits</FONT></P>

<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:7.89%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:89.47%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Exhibit<br>Number</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Description</B></FONT></P></TD>
  </TR>


  <TR valign="top">
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Form of Underwriting Agreement</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">3.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Form of Second Amended and Restated Articles of Incorporation*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">3.2</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Form of First Amended and Restated Bylaws*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">4.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Specimen Share Certificate</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">4.2</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Form of Stockholders Rights Agreement between the Company and American Stock Transfer &amp; Trust Company, LLC*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">5.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Opinion of Cozen O&#146;Connor, special counsel on Marshall Islands law to the Company, as to the validity of the common stock being issued</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">5.2</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Opinion of Cravath, Swaine &amp; Moore LLP, United States counsel to the Company, with respect to New York law</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">8.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Opinion of Cravath, Swaine &amp; Moore LLP, United States counsel to the Company, with respect to certain tax matters*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">8.2</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Opinion of Cozen O&#146;Connor, special counsel on Marshall Islands and Liberian law to the Company, with respect to certain tax matters*</FONT></P>


      <P style="margin:0; ">&nbsp;</P>
    </TD>
  </TR>
</TABLE>


<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">II-2</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>

<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:7.89%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:89.47%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Exhibit<br>Number</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Description</B></FONT></P></TD>
  </TR>


  <TR valign="top">
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Form of Management Agreement between the Company and Costamare Shipping Company S.A.</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">10.2</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Form of Restrictive Covenant Agreement between the Company and Konstantinos Konstantakopoulos*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">10.3</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Form of Registration Rights Agreement between the Company and the Stockholders Named Therein*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">10.4</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Facility Agreement dated July 22, 2008 (the &#147;Facility Agreement&#148;) relating to a loan facility of US$1,000,000,000 comprising (i) a term loan facility of up to US$700,000,000 and (ii) a revolving credit facility of up to US$300,000,000 among the lenders and financial institutions set out on Schedule I
        thereto, Deutsche Schiffsbank Aktiengessellschaft, as joint arranger, agent, swap bank and security agent, Bayerische Hypo-Und Vereinsbank Aktiengessellschaft, as joint arranger, swap bank and account bank, HSH Nordbank AG, as swap bank, and the Company, as borrower*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">10.5</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">First Supplemental Agreement dated April 23, 2010 in Relation to the Facility Agreement*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">10.6</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Second Supplemental Agreement dated June 22, 2010 in Relation to the Facility Agreement*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">10.7</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Form of Trademark Licensing Agreement between the Company and Costamare Shipping Company S.A.*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">10.8</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Form of Shipmanagement Agreement between Costamare Shipping Company S.A. and CIEL Shipmanagement S.A.</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">10.9</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Form of Shipmanagement Agreement between Costamare Shipping Company S.A. and Shanghai Costamare Ship Management Co. Ltd.</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">10.10</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Loan Agreement dated December 7, 2007 for a secured floating interest rate loan facility of up to US$150,000,000 between Alpha Bank A.E., as lender, and Kelsen Shipping Co. and Montes Shipping Co., as joint and several borrowers (the &#147;Alpha-Montes Agreement&#148;)*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">10.11</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">First Supplemental Agreement dated October 30, 2008 in Relations to the Alpha-Montes Agreement*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">10.12</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Loan Agreement dated May 12, 2008 for a secured floating interest rate loan facility of up to US$150,000,000 between Emporiki Bank of Greece S.A., as lender, and Christos Maritime Corporation and Costis Maritime Corporation, as joint and several borrowers (the &#147;Emporiki-Costis Agreement&#148;)*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">10.13</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">First Supplemental Agreement dated January 28, 2009 in Relation to the Emporiki-Costis Agreement*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">21.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Subsidiaries*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">23.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Consent of Independent Registered Public Accounting Firm*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">23.2</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Consent of Cravath, Swaine &amp; Moore LLP (included in Exhibit 5.2 and Exhibit 8.1)*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">23.3</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Consent of Cozen O&#146;Connor, special counsel on Marshall Islands and Liberian law to the Company (included in Exhibit 5.1 and Exhibit 8.2)*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">23.4</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Consent of Clarkson Research Services Limited*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">23.5</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Consent of Vagn Lehd M&#248;ller, Nominee for Director*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">23.6</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Consent of Charlotte Stratos, Nominee for Director*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD align="center">

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">24.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Power of Attorney (included on the signature page hereto)*</FONT></P>


      <P style="margin:0; ">&nbsp;</P>
    </TD>
  </TR>
</TABLE>


<P style="text-indent:5.6mm; margin:4mm 0 0; "><FONT style="font-family:serif; font-size:3.1mm; "><hr noshade="noshade" color="k" align="left" style="width:4.00pc; height:0.50pt;;"></FONT></P>
<P style="text-indent:5.6mm; margin:2.1mm 0 -6.9mm; "><FONT style="font-family:serif; font-size:3.1mm; ">&nbsp;</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR><TD><P style="font-size:12pt;">

</P></TD></TR>
<TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.1mm; ">
      *</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.1mm; ">Previously filed</FONT></P>


      <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.1mm; "></FONT></P>
    </TD>
  </TR>
<TR><TD><P style="font-size:12pt;">

</P></TD></TR>

</TABLE>

<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(b) Financial Statement Schedules</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The financial statement schedules are omitted because they are inapplicable or the requested information is shown in the consolidated financial statements of Costamare Inc. or related notes thereto.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">II-3</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="margin:0.7mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Item 9. Undertakings</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The undersigned Registrant hereby undertakes:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      (1)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      To provide to the underwriters at the closing specified in the underwriting agreement, share certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">That for purposes of determining any liability under the Securities Act of 1933, as amended (the &#147;Act&#148;), the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrant pursuant to
      Rule 424(b)(1) or (4) under the Act shall be deemed to be part of this registration statement as of the time it was declared effective.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(3)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">That for the purpose of determining any liability under the Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
      bona fide offering thereof.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(4)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Each prospectus filed pursuant to Rule 424(b) as part of this registration statement, other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in this registration statement as of the date it is first used after effectiveness. <I>Provided</I>, <I>however</I>, that no statement made in
      this registration statement or any prospectus that is part of this registration statement or made in a document incorporated or deemed incorporated by reference into this registration statement or any prospectus that is part of this registration statement will, as to a purchaser with a time of contract of sale
      prior to such first use, supersede or modify any statement that was made in this registration statement or prospectus that was part of this registration statement or made in any such document immediately prior to such date of first use.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(5)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">That, for the purpose of determining liability of the Registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the
      following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>



<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.33pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:23pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      (i)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:23pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(ii)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:23pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(iii)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The portion of any other free writing prospectus relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:23pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(iv)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</FONT></P>
    <P style="text-indent:14.1mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>



<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      (6)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><FONT style="font-family:serif; font-size:3.8mm; ">
      That insofar as indemnification for liabilities arising under the Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such
      indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the
      successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
      jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</FONT>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>

<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">II-4</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>SIGNATURES</B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this amendment to the registration statement to be signed on its behalf by the undersigned, thereunto duly
  authorized, in the City of Athens, Greece, on October 27, 2010.</FONT></P>


<P style="margin:6.3mm 0 0 80.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">C</FONT><FONT style="font-family:serif; font-size:2.8mm; ">OSTAMARE</FONT><FONT style="font-family:serif; font-size:3.8mm; ">
 I</FONT><FONT style="font-family:serif; font-size:2.8mm; ">NC</FONT><FONT style="font-family:serif; font-size:3.8mm; ">.</FONT></P>
<TABLE style="margin:9.2mm 0 0 80.1mm; font-size:0.5mm; ">
  <TR><TD><P style="font-size:12pt;">

</P></TD></TR>
<TR valign="top">
    <TD style="width:0%;"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      By: </FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center">


<P style="margin:0 0 0.4mm; "><FONT style="font-family:serif; font-size:3.8mm; ">/</FONT><FONT style="font-family:serif; font-size:2.8mm; ">S</FONT><FONT style="font-family:serif; font-size:3.8mm; ">/ K</FONT><FONT style="font-family:serif; font-size:2.8mm; ">ONSTANTINOS</FONT><FONT style="font-family:serif; font-size:3.8mm; ">
 Z</FONT><FONT style="font-family:serif; font-size:2.8mm; ">ACHARATOS</FONT></P>


      <P style="text-indent:7mm; margin:2.1mm 0 1mm; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:100%; height:0.50pt;;"></FONT></P>


<P style="margin:-0.6mm 0 0; text-align:left;margin-top:-10pt;"><FONT style="font-family:serif; font-size:3.1mm; "><B>Name: Konstantinos Zacharatos<br>Title: General Counsel and Secretary</B></FONT></P>

    </TD>
  </TR>
</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Pursuant to the requirements of the Securities Act of 1933, this amendment to the registration statement has been signed by the following persons in the capacities indicated on October 27, 2010.</FONT></P>

<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;">
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="3" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Signature</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Title</B></FONT></P></TD>
  </TR>
  <TR valign="bottom">
    <TD align="center"><P><FONT style="font-family:serif; font-size:4.5mm; ">
&nbsp;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD colspan="3" style="width:36.94%;">


<P style="margin:2.1mm 0 0; text-align:center;"><FONT style="font-family:serif; font-size:3.8mm; ">*</FONT></P>


      <P style="text-indent:7mm; margin:2.1mm 0 1mm; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:100%; height:0.50pt;;"></FONT></P>
      <P align="center" style="margin:-0.6mm 0 0; text-align:center;"><FONT style="font-family:serif; font-size:3.1mm; "><B>(Konstantinos Konstantakopoulos)</B></FONT></P>
    </TD>
    <TD width="3">&nbsp;</TD>
    <TD style="width:47.27%;">
    <P style="text-indent:-3.5mm; margin:2.1mm 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Chief Executive Officer and Chairman<br>(Principal Executive Officer)</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD colspan="3" style="width:36.94%;">


<P style="margin:2.1mm 0 0; text-align:center;"><FONT style="font-family:serif; font-size:3.8mm; ">*</FONT></P>


      <P style="text-indent:7mm; margin:2.1mm 0 1mm; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:100%; height:0.50pt;;"></FONT></P>
      <P align="center" style="margin:-0.6mm 0 0; text-align:center;margin-top:-10pt;"><FONT style="font-family:serif; font-size:3.1mm; "><B>(Gregory Zikos)</B></FONT></P>
    </TD>
    <TD width="3">&nbsp;</TD>
    <TD style="width:47.27%;">
    <P style="text-indent:-3.5mm; margin:2.1mm 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Chief Financial Officer and Director<br>(Principal Financial and Accounting Officer)</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD colspan="3"="width:36.94%;">


<P style="margin:2.1mm 0 0; text-align:center;"><FONT style="font-family:serif; font-size:3.8mm; ">/s/ K</FONT><FONT style="font-family:serif; font-size:2.8mm; ">ONSTANTINOS</FONT><FONT style="font-family:serif; font-size:3.8mm; ">
 Z</FONT><FONT style="font-family:serif; font-size:2.8mm; ">ACHARATOS</FONT></P>


      <P style="text-indent:7mm; margin:2.1mm 0 1mm; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:100%; height:0.50pt;;"></FONT></P>
      <P align="center" style="margin:-0.6mm 0 0; text-align:center;margin-top:-10pt;"><FONT style="font-family:serif; font-size:3.1mm; "><B>(Konstantinos Zacharatos)</B></FONT></P>
    </TD>
    <TD width="3">&nbsp;</TD>
    <TD style="width:47.27%;">
    <P style="text-indent:-3.5mm; margin:2.1mm 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">General Counsel, Secretary and Director</FONT></P></TD>
  </TR>
</TABLE>

<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">* by Konstantinos Zacharatos as Attorney-in-Fact</FONT></P>


<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">II-5</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES</B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant&#146;s duly authorized representative in the United States has signed this amended Registration Statement in the City of Newark, State of Delaware on October 27, 2010.</FONT></P>


<P style="margin:6.3mm 0 0 80.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">P</FONT><FONT style="font-family:serif; font-size:2.8mm; ">UGLISI</FONT><FONT style="font-family:serif; font-size:3.8mm; "> </FONT><FONT style="font-family:serif; font-size:2.8mm; ">&amp;</FONT><FONT style="font-family:serif; font-size:3.8mm; ">
 A</FONT><FONT style="font-family:serif; font-size:2.8mm; ">SSOCIATES</FONT></P>
<TABLE style="margin:9.2mm 0 0 80.1mm; font-size:0.5mm; ">
  <TR valign="top">
    <TD style="width:0%;"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      By: </FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center">
    <P style="margin:0 0 0.4mm; "><FONT style="font-family:serif; font-size:3.8mm; ">/</FONT><FONT style="font-family:serif; font-size:2.8mm; ">S</FONT><FONT style="font-family:serif; font-size:3.8mm; ">/ D</FONT><FONT style="font-family:serif; font-size:2.8mm; ">ONALD</FONT><FONT style="font-family:serif; font-size:3.8mm; "> J. P</FONT><FONT style="font-family:serif; font-size:2.8mm; ">UGLISI</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 1mm; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:100%; height:0.50pt;;"></FONT></P>
    <P style="margin:-0.6mm 0 0; text-align:left;margin-top:-10pt;"><FONT style="font-family:serif; font-size:3.1mm; "><B>Name: Donald J. Puglisi<br>Title: Managing Director</B></FONT></P></TD>
  </TR>
</TABLE>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">II-6</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>EXHIBIT INDEX</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Set forth below is a list of exhibits that are being or will be filed with this Registration Statement on Form F-1.</FONT></P>

<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:7.24%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:92.11%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>

  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Exhibit<br>Number</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Description</B></FONT></P></TD>
  </TR>


  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1.1</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Form of Underwriting Agreement</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3.1</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Form of Second Amended and Restated Articles of Incorporation*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3.2</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Form of First Amended and Restated Bylaws*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      4.1</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Specimen Share Certificate</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      4.2</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Form of Stockholders Rights Agreement between the Company and American Stock Transfer &amp;
        Trust Company, LLC*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      5.1</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Opinion of Cozen O&#146;Connor, special counsel on Marshall Islands law to the Company, as to the
        validity of the common stock being issued</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      5.2</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Opinion of Cravath, Swaine &amp; Moore LLP, United States counsel to the Company, with respect
        to New York law</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      8.1</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Opinion of Cravath, Swaine &amp; Moore LLP, United States counsel to the Company, with respect
        to certain tax matters*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      8.2</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Opinion of Cozen O&#146;Connor, special counsel on Marshall Islands and Liberian law to the
        Company, with respect to certain tax matters*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.1</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Form of Management Agreement between the Company and Costamare Shipping Company
        S.A.</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.2</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Form of Restrictive Covenant Agreement between the Company and Konstantinos
        Konstantakopoulos*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.3</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Form of Registration Rights Agreement between the Company and the Stockholders Named
        Therein*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.4</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Facility Agreement dated July 22, 2008 (the &#147;Facility Agreement&#148;) relating to a loan facility of
        US$1,000,000,000 comprising (i) a term loan facility of up to US$700,000,000 and (ii) a
        revolving credit facility of up to US$300,000,000 among the lenders and financial institutions set
        out on Schedule I thereto, Deutsche Schiffsbank Aktiengessellschaft, as joint arranger, agent,
        swap bank and security agent, Bayerische Hypo-Und Vereinsbank Aktiengessellschaft, as joint
        arranger, swap bank and account bank, HSH Nordbank AG, as swap bank, and the Company,
        as borrower*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.5</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">First Supplemental Agreement dated April 23, 2010 in Relation to the Facility Agreement*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.6</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Second Supplemental Agreement dated June 22, 2010 in Relation to the Facility Agreement*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.7</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Form of Trademark Licensing Agreement between the Company and Costamare Shipping
        Company S.A.*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.8</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Form of Shipmanagement Agreement between Costamare Shipping Company S.A. and CIEL
        Shipmanagement S.A.</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.9</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Form of Shipmanagement Agreement between Costamare Shipping Company S.A. and
        Shanghai Costamare Ship Management Co. Ltd.</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.10</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Loan Agreement dated December 7, 2007 for a secured floating interest rate loan facility of up
        to US$150,000,000 between Alpha Bank A.E., as lender, and Kelsen Shipping Co. and Montes
        Shipping Co., as joint and several borrowers (the &#147;Alpha-Montes Agreement&#148;)*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.11</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">First Supplemental Agreement dated October 30, 2008 in Relations to the Alpha-Montes
        Agreement*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.12</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Loan Agreement dated May 12, 2008 for a secured floating interest rate loan facility of up to
        US$150,000,000 between Emporiki Bank of Greece S.A., as lender, and Christos Maritime
        Corporation and Costis Maritime Corporation, as joint and several borrowers (the &#147;Emporiki-
        Costis Agreement&#148;)*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.13</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">First Supplemental Agreement dated January 28, 2009 in Relation to the Emporiki-Costis
        Agreement*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      21.1</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Subsidiaries*</FONT></P>
</TD>
  </TR>
</TABLE>


<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>



<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:7.24%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:92.11%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>


  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Exhibit<br>Number</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Description</B></FONT></P></TD>
  </TR>

  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      23.1</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Consent of Independent Registered Public Accounting Firm*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      23.2</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Consent of Cravath, Swaine &amp; Moore LLP (included in Exhibit 5.2 and Exhibit 8.1)*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      23.3</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Consent of Cozen O&#146;Connor, special counsel on Marshall Islands and Liberian law to the
        Company (included in Exhibit 5.1 and Exhibit 8.2)*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      23.4</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Consent of Clarkson Research Services Limited*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      23.5</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Consent of Vagn Lehd M&#248;ller, Nominee for Director*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      23.6</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Consent of Charlotte Stratos, Nominee for Director*</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      24.1</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Power of Attorney (included on the signature page hereto)*</FONT></P>
</TD>
  </TR>
</TABLE>



<P style="text-indent:5.6mm; margin:4mm 0 0; "><FONT style="font-family:serif; font-size:3.1mm; "><hr noshade="noshade" color="k" align="left" style="width:4.00pc; height:0.50pt;;"></FONT></P>
<P style="text-indent:5.6mm; margin:2.1mm 0 -6.9mm; "><FONT style="font-family:serif; font-size:3.1mm; ">&nbsp;</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR><TD><P style="font-size:12pt;">

</P></TD></TR>
<TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.1mm; ">
      *</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.1mm; ">Previously filed</FONT></P>


      <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.1mm; "></FONT></P>
    </TD>
  </TR>
<TR><TD><P style="font-size:12pt;">

</P></TD></TR>

</TABLE>

<p><hr color=#000000 noshade></p>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>c62562_ex1-1.htm
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=RIGHT><FONT SIZE="2"><B>Exhibit 1.1</B> </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>13,300,000
Shares</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>Costamare
Inc.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>Shares of Common Stock, Par Value $0.0001 Per
Share</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>UNDERWRITING AGREEMENT</B></FONT></P>

<P><FONT SIZE=2>[&#9679;], 2010</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE=2>[&#9679;],
2010&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Morgan Stanley &amp; Co.
 Incorporated</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Merrill Lynch, Pierce,
 Fenner &amp; Smith </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:51.85PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Incorporated</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>c/o Morgan Stanley &amp;
 Co. Incorporated</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1585 Broadway</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>New York, New York 10036</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>Ladies and Gentlemen:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costamare
Inc., a Marshall Islands corporation (the &#147;<B>Company</B>&#148;),
proposes to issue and sell to the several Underwriters named in Schedule I
hereto (the &#147;<B>Underwriters</B>&#148;), for
whom Morgan Stanley &amp; Co. Incorporated (&#147;<b>Morgan Stanley</b>&#148;) and Merrill
Lynch, Pierce, Fenner &amp; Smith Incorporated (&#147;<B>Merrill Lynch</B>&#148; and, together
with Morgan Stanley, the &#147;<B>Representatives</B>&#148;) are acting as
representatives, 13,300,000 shares of its common stock, par value $0.0001 per
share (the &#147;<B>Firm Shares</B>&#148;). The
Company also proposes to issue and sell to the several Underwriters not more
than an additional 1,995,000 shares of its common stock, par value $0.0001 per
share (the &#147;<B>Additional Shares</B>&#148;),
if and to the extent that you as the Representatives shall have determined to
exercise, on behalf of the Underwriters, the right to purchase such shares of
Common Stock granted to the Underwriters in Section 2 hereof. The Firm Shares
and the Additional Shares are hereinafter collectively referred to as the &#147;<B>Shares</B>.&#148; The shares of common stock, par value $0.0001 per share, of the
Company to be outstanding after giving effect to the sales contemplated hereby
are hereinafter referred to as the &#147;<B>Common
Stock</B>.&#148;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has filed with the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) a registration statement on
Form F-1 (File No. 333-170033), including a prospectus, relating to the Shares.
The registration statement as amended at the time it becomes effective,
including the information (if any) deemed to be part of the registration
statement at the time of effectiveness pursuant to Rule&nbsp;430A under the
Securities Act of 1933, as amended (the &#147;<B>Securities
Act</B>&#148;), is hereinafter referred to as the &#147;<B>Registration Statement</B>&#148;; the prospectus in the form first used
to confirm sales of Shares (or in the form first made available to the
Underwriters by the Company to meet requests of purchasers pursuant to Rule 173
under the Securities Act) is hereinafter referred to as the &#147;<B>Prospectus</B>.&#148; If the Company has filed an abbreviated registration statement
to register additional shares of Common Stock pursuant to Rule&nbsp;462(b)
under the Securities Act (the &#147;<B>Rule&nbsp;462
Registration Statement</B>&#148;), then any reference herein to the term &#147;<B>Registration Statement</B>&#148; shall be deemed to
include such Rule&nbsp;462 Registration Statement.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, for purposes of this Agreement, &#147;<B>free writing prospectus</B>&#148; has the meaning
set forth in Rule 405 under the Securities Act, &#147;<B>Time of Sale Prospectus</B>&#148; means the preliminary prospectus
together with the free writing prospectuses, if any, each identified in
Schedule II hereto, and &#147;<B>broadly available
road show</B>&#148; means a &#147;bona fide electronic road show&#148; as defined in
Rule 433(h)(5) under the Securities Act that has been made available without
restriction to any person. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.
<I>Representations and Warranties</I>.
The Company represents and warrants to and agrees with each of the Underwriters
that:</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
The Registration Statement has become effective; no stop order suspending the
effectiveness of the Registration Statement is in effect, and no proceedings
for such purpose are pending before or threatened by the Commission.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
(i) The Registration Statement, when it became effective, did not contain and,
as amended or supplemented, if applicable, will not contain any untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading, (ii)
the Registration Statement and the Prospectus comply and, as amended or
supplemented, if applicable, will comply in all material respects with the
Securities Act and the applicable rules and regulations of the Commission thereunder,
(iii) the Time of Sale Prospectus does not, and at the time of each sale of the
Shares in connection with the offering when the Prospectus is not yet available
to prospective purchasers and at the Closing Date (as defined in
Section&nbsp;4), the Time of Sale Prospectus, as then amended or supplemented
by the Company, if applicable, will not, contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not
misleading, (iv) each broadly available road show, if any, when considered
together with the Time of Sale Prospectus, does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements therein, in the light of the circumstances under which they were
made, not misleading and (v) the Prospectus does not contain and, as amended
or supplemented, if applicable, will not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not
misleading, except that the representations and warranties set forth in this
paragraph do not apply to statements or omissions in the Registration
Statement, the Time of Sale Prospectus or the Prospectus based upon information
relating to any Underwriter furnished to the Company in writing by such
Underwriter through you expressly for use therein.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
The Company is not an &#147;ineligible issuer&#148; in connection with the offering
pursuant to Rules 164, 405 and 433 under the Securities Act. Any free writing
prospectus that the Company is required to file pursuant to Rule 433(d) under
the Securities Act has been, or will be, filed with the Commission in
accordance with the requirements of the Securities Act and the applicable rules
and regulations of the Commission thereunder. Each free writing prospectus that
the Company has filed, or is required to file, pursuant to Rule 433(d) under
the Securities Act or that was prepared by or on behalf of or used or referred
to by the Company complies or will comply in all material respects with the
requirements of the Securities Act and the applicable rules and regulations of
the Commission thereunder. Except for the free writing prospectuses, if any,
identified in Schedule II hereto, and electronic road shows, if any, each
furnished to the Representatives before first use, the Company has not
prepared, used or referred to, and will not, without the Representatives&#146; prior
consent, prepare, use or refer to, any free writing prospectus.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
The Company has been duly incorporated, is validly existing as a corporation in
good standing under the laws of the jurisdiction of its incorporation, has the
corporate power and authority to own its property and to conduct its business
as described in the Time of Sale Prospectus and is duly qualified to transact
business and is in good standing in each jurisdiction in which the conduct of
its business or its ownership or leasing of property requires such
qualification, except to the extent that the failure to be so qualified or be
in good standing would not have a material adverse effect on the condition,
financial or otherwise, or on the earnings, business, operations or prospects,
whether or not arising from transactions in the ordinary course of business, on
the Company and its subsidiaries, taken as a whole (a &#147;<B>Material Adverse Effect</B>&#148;).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
Each subsidiary of the Company has been duly incorporated, is validly existing
as a corporation in good standing under the laws of the jurisdiction of its
incorporation, has the corporate power and authority to own its property and to
conduct its business as described in the Time of Sale </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>Prospectus
and is duly qualified to transact business and is in good standing in each
jurisdiction in which the conduct of its business or its ownership or leasing
of property requires such qualification, except to the extent that the failure
to be so qualified or be in good standing would not have a Material Adverse
Effect; all of the issued shares of capital stock of each subsidiary of the
Company have been duly and validly authorized and issued, are fully paid and
non-assessable and are owned directly by the Company, free and clear of all
liens, encumbrances, equities or claims. The only subsidiaries of the Company
are the subsidiaries listed on Exhibit 21.1 to the Registration Statement.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
No subsidiary of the Company is currently prohibited, directly or indirectly,
from paying any cash dividends to the Company, from making any other
distribution on such subsidiary&#146;s capital stock, or from transferring any of
such subsidiary&#146;s property or assets to the Company or any other subsidiary of
the Company, except as described in the Time of Sale Prospectus. The Company
currently does not have, and currently does not intend to make, any loans or
advances to any subsidiary of the Company.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)
This Agreement has been duly authorized, executed and delivered by the Company.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)
The authorized capital stock of the Company conforms as to legal matters to the
description thereof contained in each of the Time of Sale Prospectus and the
Prospectus.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
The shares of Common Stock outstanding prior to the issuance of the Shares have
been duly authorized and are validly issued, fully paid and non-assessable.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)
The Shares have been duly authorized and, when issued and delivered in
accordance with the terms of this Agreement, will be validly issued, fully paid
and non-assessable, and the issuance of such Shares will not be subject to any
preemptive or similar rights.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)
There are no restrictions on subsequent transfers of the Shares under the laws
of the Marshall Islands. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)
The execution, delivery and performance of this Agreement, and the issuance and
sale of the Shares will not contravene, result in a breach or violation of any
of the terms and provisions of, or constitute a default or a Debt Repayment
Triggering Event (as defined below) under, or result in the imposition of any
lien, charge or encumbrance upon any property or assets of the Company or any
of its subsidiaries or, to the knowledge of the Company, of Costamare Shipping
Company S.A. (&#147;<B>Costamare Shipping</B>&#148;), CIEL Shipmanagement S.A. (&#147;<B>CIEL</B>&#148;)
or Shanghai Costamare Ship Management Co. Ltd. (&#147;<B>Shanghai Costamare</B>&#148;)
(collectively, the &#147;<B>Managers</B>&#148;) pursuant to, (i)&nbsp;the
charter or by-laws of the Company and any of its subsidiaries or any of the
Managers, (ii) any statute, rule, regulation, judgment or order of any
governmental body or agency or any court, domestic or foreign, having
jurisdiction over the Company and any of its subsidiaries or any of the
Managers or any of their properties, or (iii) any agreement or other instrument
to which the Company or any of its subsidiaries or any of the Managers is a
party or by which the Company or any of its subsidiaries or any of the Managers
is bound or to which any of the properties of the Company or any of its subsidiaries
or any of the Managers is subject, except for such breach, violation or default
of any such agreement or other instrument which would not result in a Material
Adverse Effect or, to the knowledge of the Company, a material adverse effect
in the condition, financial or otherwise, or in the earnings, business,
operations or prospects, whether or not arising from transactions in the
ordinary course of business, on any of the Managers and their respective
subsidiaries, taken as a whole (a &#147;<B>Manager Material Adverse Effect</B>&#148;), as the
case may be; a &#147;Debt Repayment Triggering Event&#148; means any event or condition
that gives, or with the giving of notice or lapse of time would give, the
holder of any note, debenture, or other evidence of indebtedness (or any person
acting on such holder&#146;s behalf) the right to require the repurchase, redemption
or repayment of all </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>or
a portion of such indebtedness by the Company or any of its subsidiaries or, to
the knowledge of the Company, any of the Managers or any of their respective
subsidiaries.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)
No consent, approval, authorization or order of, or qualification with, any
governmental body or agency is required for the performance by the Company of
its obligations under this Agreement, except such as may be required by the
securities or Blue Sky laws of the various states in connection with the offer
and sale of the Shares.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)
There has not occurred any material adverse change, or any development
involving a prospective material adverse change, in the condition, financial or
otherwise, or in the earnings, business or operations of the Company and its
subsidiaries, taken as a whole, from that set forth in the Time of Sale
Prospectus.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)
There are no legal or governmental proceedings pending or, to the knowledge of
the Company, threatened, to which the Company or any of its subsidiaries is a
party or to which any of the properties of the Company or any of its
subsidiaries is subject (i) other than proceedings accurately described in all
material respects in the Time of Sale Prospectus and proceedings that would not
have a Material Adverse Effect, or a material adverse effect on the power or
ability of the Company to perform its obligations under this Agreement or to
consummate the transactions contemplated by the Time of Sale Prospectus or (ii)
that are required to be described in the Registration Statement or the
Prospectus and are not so described; and there are no statutes, regulations,
contracts or other documents that are required to be described in the
Registration Statement or the Prospectus or to be filed as exhibits to the
Registration Statement that are not described or filed as required.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)
Neither the Company nor any of its subsidiaries nor, to the knowledge of the
Company, any of the Managers is (i) in violation of its respective charter or
by-laws, (ii) in violation of any applicable statute, law, rule, regulation,
judgment, order or decree of any competent court, regulatory body,
administrative agency, governmental body, arbitrator or other authority or
(iii) in default (or with the giving of notice or lapse of time would be in
default) under any existing obligation, agreement, covenant or condition
contained in any indenture, loan agreement, mortgage, lease or other agreement or
instrument to which any of them is a party or by which any of them is bound or
to which any of the properties of any of them is subject, except in each case
covered by clauses (ii) and (iii) such as would not, individually or in the
aggregate, result in a Material Adverse Effect or a Manager Material Adverse
Effect, as the case may be, or materially adversely effect the Company&#146;s power
or ability to perform its obligations under this Agreement or consummate the
transactions contemplated by the Time of Sale Prospectus.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Each of the Stockholder Rights Agreement
between the Company and the rights agent party thereto and the Management
Agreement between the Company and Costamare Shipping has been duly authorized
and has been executed and delivered by the Company and constitutes a valid and
binding agreement of the Company enforceable against the Company and, to the
knowledge of the Company, each such other party thereto in accordance with its
terms.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)
Each preliminary prospectus filed as part of the registration statement as
originally filed or as part of any amendment thereto, or filed pursuant to
Rule&nbsp;424 under the Securities Act, complied when so filed in all material
respects with the Securities Act and the applicable rules and regulations of
the Commission thereunder.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)
The Company is not, and after giving effect to the offering and sale of the
Shares and the application of the proceeds thereof as described in the
Prospectus will not be, required to register as an &#147;investment company&#148; as such
term is defined in the Investment Company Act of 1940, as amended.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)
Except as disclosed in the Time of Sale Prospectus, (A)(i) neither the Company
nor any of its subsidiaries nor, to the knowledge of the Company, any of the
Managers is in violation of any applicable United States federal, state, local
or non-U.S. statute, law, rule, regulation, ordinance, code, other requirement
or rule of law (including common law), or decision or order of any competent
domestic or foreign governmental agency, governmental body or court applicable
to them, relating to pollution, to the use, handling, transportation,
treatment, storage, discharge, disposal or release of Hazardous Substances, to
the protection or restoration of the environment or natural resources
(including biota), to health and safety including as such relates to exposure
to Hazardous Substances, and to natural resource damages (collectively, &#147;<B>Environmental
Laws</B>&#148;), (ii) neither the Company nor any of its subsidiaries nor, to
the knowledge of the Company, any of the Managers occupies, operates or uses
any real property contaminated with Hazardous Substances, (iii) neither the
Company, nor any of its subsidiaries nor, to the knowledge of the Company, any
of the Managers is conducting or funding any investigation, remediation,
remedial action or monitoring of actual or suspected Hazardous Substances in
the environment, (iv) neither the Company nor any of its subsidiaries nor, to
the knowledge of the Company, any of the Managers is liable or allegedly liable
for any release or threatened release of Hazardous Substances, including at any
off-site treatment, storage or disposal site, (v) neither the Company nor any
of its subsidiaries nor, to the knowledge of the Company, any of the Managers
is subject to any claim by any governmental agency or governmental body or
person relating to Environmental Laws or Hazardous Substances, and (vi) the
Company and its subsidiaries and, to the knowledge of the Company, the Managers
have received and are in compliance with all, and have no liability under any,
permits, licenses, authorizations, identification numbers or other approvals
required under applicable Environmental Laws to conduct their respective
businesses, except in each case covered by clauses (i) &#150; (vi) such as would not
individually or in the aggregate have a Material Adverse Effect; (B) to the
Company&#146;s knowledge there are no facts or circumstances that would reasonably
be expected to result in a violation of, liability under, or claim pursuant to
any Environmental Law that would have a Material Adverse Effect; and (C) to the
Company&#146;s knowledge, there are no requirements proposed for adoption or
implementation under any Environmental Law that would reasonably be expected to
have a Material Adverse Effect. For purposes of this subsection &#147;<B>Hazardous
Substances</B>&#148; means (x) petroleum and petroleum products, by-products
or breakdown products, radioactive materials, asbestos-containing materials,
polychlorinated biphenyls and mold, and (y) any other chemical, material or
substance defined or regulated as toxic or hazardous or as a pollutant,
contaminant or waste under Environmental Laws.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)
In the ordinary course of its business, the Company reviews the effect of
Environmental Laws on the business, operations and properties of the Company
and its subsidiaries. On the basis of such review, the Company has reasonably
concluded that the Company has not incurred any costs or liabilities associated
with Environmental Laws (including, without limitation, any capital or
operating expenditures required for clean-up, closure of properties or
compliance with Environmental Laws or any permit, license or approval, any
related constraints on operating activities and any potential liabilities to
third parties) which would, individually or in the aggregate, have a Material
Adverse Effect or, to the knowledge of the Company, a Manager Material Adverse
Effect.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
Neither the Company nor, to the Company&#146;s knowledge, any of its affiliates (within
the meaning of the Securities Exchange Act of 1934, as amended (the &#147;<B>Exchange Act</B>&#148;)),
has taken, directly or indirectly, any action which constitutes or is designed
to cause or result in, or which would reasonably be expected to constitute,
cause or result in the stabilization or manipulation of the price of any
security of the Company to facilitate the sale or resale of the Shares, or
which is otherwise prohibited by Regulation M under the Exchange Act. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)
Any third-party statistical and market-related data included in the Time of
Sale Prospectus are based on or derived from sources that the Company believes
to be reliable and accurate.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>5</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)
There are no contracts, agreements or understandings between the Company and
any person that would give rise to a valid claim against the Company or any
Underwriter for a brokerage commission, finder&#146;s fee or other like payment in
connection with this offering.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)
Except as disclosed in the Time of Sale Prospectus, there are no contracts,
agreements or understandings between the Company and any person granting such
person the right to require the Company to file a registration statement under
the Securities Act with respect to any securities of the Company or to require
the Company to include such securities with the Shares registered pursuant to
the Registration Statement.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)
The Common Stock has been approved for listing on the New York Stock Exchange.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)
Neither the Company nor any of its subsidiaries or affiliates, nor any director
or officer, nor, to the knowledge of the Company, any employee, Manager, or any
agent or representative of the Company or of any of its subsidiaries or
affiliates, has taken or will take any action in furtherance of an offer, payment,
promise to pay, or authorization or approval of the payment or giving of money,
property, gifts or anything else of value, directly or indirectly, to any
&#147;government official&#148; (including any officer or employee of a government or
government-owned or controlled entity or of a public international
organization, or any person acting in an official capacity for or on behalf of
any of the foregoing, or any political party or party official or candidate for
political office) to influence official action or secure an improper advantage
in violation of any applicable law; and the Company and its subsidiaries and,
to the knowledge of the Company, each of its affiliates and each of the
Managers have conducted their businesses in compliance with applicable anti-corruption
laws and have instituted and maintain and will continue to maintain policies
and procedures designed to promote and achieve compliance with such laws and
with the representation and warranty contained herein.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)
The operations of the Company and its subsidiaries and, to the knowledge of the
Company, each of the Managers and their respective subsidiaries are and have
been conducted at all times in material compliance with all applicable
financial recordkeeping and reporting requirements and the applicable
anti-money laundering statutes of jurisdictions where the Company and its
subsidiaries and the Managers conduct business, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued,
administered or enforced by any governmental agency (collectively, the &#147;<B>Anti-Money
Laundering Laws</B>&#148;), and no action, suit or proceeding by or before
any court or governmental agency, authority or body or any arbitrator involving
the Company or any of its subsidiaries or, to the knowledge of the Company, any
of the Managers with respect to the Anti-Money Laundering Laws is pending or,
to the best knowledge of the Company, threatened.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)
(i) The Company represents that neither the Company nor any of its subsidiaries
nor any director or officer thereof nor, to the Company&#146;s knowledge, any
Manager or any employee, agent or affiliate of the Company or any of its
subsidiaries or Managers, is an individual or entity (&#147;<B>Person</B>&#148;) that is, or is owned
or controlled by a Person that is the subject of any sanctions administered or
enforced by the U.S. Department of Treasury&#146;s Office of Foreign Assets Control
(&#147;<B>OFAC</B>&#148;),
the United Nations Security Council (&#147;<B>UNSC</B>&#148;) or the European Union (&#147;<B>EU</B>&#148;)
(collectively, &#147;<B>Sanctions</B>&#148;), and neither the Company nor any of its
subsidiaries nor any director or officer thereof nor, to the Company&#146;s
knowledge, any Manager, employee or affiliate of the Company or any of its
subsidiaries or Managers, is an individual or entity located, organized or
resident in a country or territory that is the subject of Sanctions (including,
without limitation, Burma/Myanmar, Cuba, Iran, North Korea, Sudan and Syria).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
The Company represents and covenants that it will not, directly or indirectly,
use the proceeds of the offering, or lend, contribute or otherwise make
available such proceeds to its subsidiaries, joint venture partners or other
Person:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
 to fund or facilitate any activities or business of or with any Person or in
 any country or territory that, at the time of such funding or facilitation,
 is the subject of Sanctions; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)
 in any other manner that will result in a violation of Sanctions by any
 Person (including any Person participating in the offering, whether as
 underwriter, advisor, investor or otherwise).</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
The Company represents that, since January 1, 2006, except as set forth in the
Registration Statement and the Time of Sale Prospectus, it has not knowingly engaged
in, and is not now knowingly engaged in, any dealings or transactions with any
Person, or in any country or territory, that at the time of the dealing or
transaction is or was the subject of Sanctions.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)
Subsequent to the respective dates as of which information is given in each of
the Registration Statement, the Time of Sale Prospectus and the Prospectus, (i)
the Company and its subsidiaries have not incurred any material liability or
obligation, direct or contingent, nor entered into any material transaction;
(ii) the Company has not purchased any of its outstanding capital stock, nor
declared, paid or otherwise made any dividend or distribution of any kind on
its capital stock other than ordinary and customary dividends; and (iii) there
has not been any material change in the capital stock, short term debt or long
term debt of the Company and its subsidiaries, except in each case as described
in each of the Registration Statement, the Time of Sale Prospectus and the
Prospectus, respectively.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)
The Company and its subsidiaries have good and marketable title in fee simple
to all real property and good and marketable title to all personal property
owned by them which is material to the business of the Company and its
subsidiaries, in each case free and clear of all liens, encumbrances and
defects except for those arising under credit facilities, each as disclosed in
the Registration Statement, the Time of Sale Prospectus and the Prospectus or
such as do not materially affect the value of such property and do not
materially interfere with the use made and proposed to be made of such property
taken as a whole by the Company and its subsidiaries; and any real property and
buildings held under lease by the Company and its subsidiaries are held by them
under valid, subsisting and enforceable leases with such exceptions as are not
material and do not interfere with the use made and proposed to be made of such
property and buildings by the Company and its subsidiaries, in each case except
as described in the Time of Sale Prospectus.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)
The Company and its subsidiaries own or possess, or hold a right or license to
use, or can acquire on reasonable terms, all material patents, patent rights,
licenses, inventions, copyrights, know-how (including trade secrets and other
unpatented and/or unpatentable proprietary or confidential information, systems
or procedures), trademarks, service marks and trade names currently employed by
them in connection with the business now operated by them, and neither the
Company nor any of its subsidiaries has received any notice of infringement of
or conflict with asserted rights of others with respect to any of the foregoing
which, singly or in the aggregate, if the subject of an unfavorable decision,
ruling or finding, would have a Material Adverse Effect.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)
No material labor dispute with the employees of the Company or any of its
subsidiaries exists, except as described in the Time of Sale Prospectus, or, to
the knowledge of the Company, is imminent; and the Company is not aware of any
existing, threatened or imminent labor disturbance by the employees of any of
its principal suppliers, manufacturers or contractors that could have a
Material Adverse Effect.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)
The Company and each of its subsidiaries are insured by insurers of recognized
financial responsibility against such losses and risks and in such amounts as
are prudent and customary in the </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>7</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>businesses
in which they are engaged; neither the Company nor any of its subsidiaries has
been refused any insurance coverage sought or applied for; and neither the
Company nor any of its subsidiaries has any reason to believe that it will not
be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage from similar insurers as may be necessary
to continue its business at a cost that would not have a Material Adverse
Effect, except as described in the Time of Sale Prospectus.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
The Company and its subsidiaries possess all certificates, authorizations and
permits issued by the appropriate federal, state or foreign regulatory
authorities necessary to conduct their respective businesses, and neither the
Company nor any of its subsidiaries has received any notice of proceedings
relating to the revocation or modification of any such certificate,
authorization or permit which, singly or in the aggregate, if the subject of an
unfavorable decision, ruling or finding, would have a Material Adverse Effect,
except as described in the Time of Sale Prospectus.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)
The Company maintains a system of internal accounting controls sufficient to
provide reasonable assurance that (i) transactions are executed in accordance
with management&#146;s general or specific authorizations; (ii) transactions are
recorded as necessary to permit preparation of financial statements in
conformity with generally accepted accounting principles and to maintain asset
accountability; (iii) access to assets is permitted only in accordance with
management&#146;s general or specific authorization; and (iv) the recorded
accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences.
Except as described in the Time of Sale Prospectus, since December 31, 2009,
there has been (i) no material weakness in the Company&#146;s internal control over
financial reporting (whether or not remediated) and (ii) no change in the
Company&#146;s internal control over financial reporting that has materially affected,
or is reasonably likely to materially affect, the Company&#146;s internal control
over financial reporting (each an &#147;<B>Internal Control Event</B>&#148;).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)
Neither the Company&#146;s independent auditors nor any internal auditor has
recommended that the Board of Directors review or investigate, (i) adding to,
deleting, changing the application of, or changing the Company&#146;s disclosure
with respect to, any of the Company&#146;s material accounting policies; (ii) any
matter which could result in a restatement of the Company&#146;s audited balance
sheet included in the Registration Statement; or (iii) any Internal Control
Event.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)
The financial statements included in the Time of Sale Prospectus, together with
the related notes thereto, present fairly in all material respects the
financial position of the Company as of the date shown, and such financial
statements have been prepared in conformity with the generally accepted
accounting principles in the United States, applied on a consistent basis
throughout the periods involved; and the schedules included in the Time of Sale
Prospectus, if any, present fairly the information required to be stated
therein. The selected financial data and the summary financial information
included in the Time of Sale Prospectus present fairly the information shown
therein and have been compiled on a basis consistent with that of the audited
and unaudited financial statements included in the Time of Sale Prospectus.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)
The Company is a &#147;foreign private issuer&#148; as defined in Rule 405 under the
Securities Act.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)
As described in the Registration Statement and subject to the limitations and
restrictions therein the Company believes that it did not qualify as a &#147;passive
foreign investment company&#148; as defined in Section 1297 of the United States
Internal Revenue Code of 1986, as amended, for its most recently completed
taxable year, if any, and, based on the Company&#146;s current projected income,
assets and </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>8</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>activities,
the Company does not expect to be classified as a PFIC for any taxable year
subsequent to the date hereof.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)
Under current laws and regulations of the Marshall Islands and any political
subdivision thereof, any amounts payable with respect to the Shares upon
liquidation of the Company or upon redemption thereof and dividends and other
distributions declared and payable on the Shares may be paid by the Company to
the holder thereof in United States dollars that may be freely transferred out
of the Marshall Islands and all such payments made to holders thereof or
therein who are non-residents of the Marshall Islands will not be subject to
income, withholding or other taxes under laws and regulations of the Marshall
Islands or any political subdivision or taxing authority thereof or therein and
will otherwise be free and clear of any other tax, duty, withholding or
deduction in the Marshall Islands or any political subdivision or taxing
authority thereof or therein and without the necessity of obtaining any
governmental authorization in the Marshall Islands or any political subdivision
or taxing authority thereof or therein.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)
The Company and its subsidiaries have filed all United States federal, state
and local and non-U.S. tax returns that are required to be filed or have
requested extensions thereof (except in any case in which the failure so to
file would not, individually or in the aggregate, have a Material Adverse
Effect); except as set forth in the Time of Sale Prospectus, the Company and
its subsidiaries have paid all taxes (including any assessments, fines or
penalties that are currently owed and due) required to be paid by them and that
are currently owed and due, except for any such taxes, assessments, fines or
penalties currently being contested in good faith or as would not, individually
or in the aggregate, have a Material Adverse Effect; and no capital gains,
income, withholding or other taxes or stamp or other issuance or transfer taxes
or duties or similar fees or charges are payable by or on behalf of the
Underwriters to the Marshall Islands or to any political subdivision or taxing
authority thereof or therein in connection with the sale and delivery by the
Company of the Shares to or for the respective accounts of the Underwriters or
the sale and delivery by the Underwriters of the Shares to the initial
purchasers thereof.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)
Neither the Company nor its subsidiaries, nor any of their properties or
assets, has any immunity from the jurisdiction of any court or from any legal
process (whether through service or notice, attachment prior to judgment,
attachment in aid of execution or otherwise) under the laws of the United
States, the Marshall Islands or any political subdivisions thereof.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)
No forward-looking statement (within the meaning of Section 27A of the
Securities Act and Section 21E of the Exchange Act) contained in the Time of
Sale Prospectus has been made or reaffirmed without a reasonable basis or has
been disclosed other than in good faith.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)
The Company has taken all necessary actions to comply with all applicable
corporate governance requirements of the New York Stock Exchange that are, or
will be, applicable to the Company, except for such requirements that have been
waived and disclosed in the Time of Sale Prospectus.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt)
Neither the Company nor any of its affiliates directly, or indirectly through
one or more intermediaries, controls, or is controlled by, or is under common
control with, or is a person associated with (within the meaning of Article I
(dd) of the By-laws of the Financial Industry Regulatory Authority (the &#147;<B>FINRA</B>&#148;)),
any member firm of the FINRA.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu)
There are no business relationships or related-party transactions involving the
Company or any other person required to be described in the Time of Sale
Prospectus that have not been described as required.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>9</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv)
There are no outstanding loans, advances (except normal advances for business
expenses in the ordinary course of business) or guarantees or indebtedness by
the Company, directly or indirectly, including through a subsidiary, to or for
the benefit of any of the officers or directors of the Company, except as
disclosed in the Time of Sale Prospectus.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww)
Ernst &amp; Young (Hellas) Certified Auditors-Accountants S.A., who have
expressed their opinion with respect to the financial statements and related
notes thereto filed with the Commission as a part of the Time of Sale
Prospectus are independent registered public accountants with respect to the
Company as required by the Securities Act.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)
Neither the Company nor any of its subsidiaries has any off-balance sheet
arrangements.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy)
Except as described in the Time of Sale Prospectus, the Company has not sold,
issued or distributed any shares of Common Stock during the six-month period
preceding the date hereof, including any sales pursuant to Rule&nbsp;144A
under, or Regulation&nbsp;D or S of, the Securities Act, other than shares
issued pursuant to employee benefit plans, qualified stock option plans or
other employee compensation plans or pursuant to outstanding options, rights or
warrants.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz)
Each of the Memoranda of Agreement (the &#147;<B>MoAs</B>&#148; and each, an &#147;<B>MoA</B>&#148;) to purchase, or
newbuilding contracts (the &#147;<B>Newbuilding Contracts</B>&#148; and each, a &#147;<B>Newbuilding
Contract</B>&#148;) for the construction of, the vessels to be acquired by
the Company, as described in the Registration Statement, the Time of Sale
Prospectus and the Prospectus, has been duly authorized and has been executed
and delivered by the Company or one of its subsidiaries, and assuming the due
authorization, execution and delivery by the other parties thereto, the Company
has no reason to believe that such MoAs and Newbuilding Contracts do not
constitute valid and binding agreements of each such party enforceable in all
material respects against each such party in accordance with their terms, as
may be amended.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="91%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(aaa)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>(i)
 (A) All of the vessels described in the Registration Statement, the Time of
 Sale Prospectus and the Prospectus, except for each of the vessels listed on
 Schedule III-2 hereto (each of which a subsidiary of the Company has
 contracted to acquire) (the &#147;<B>Contracted Vessels</B>&#148;), are owned directly
 by subsidiaries of the Company; each of the vessels listed on Schedule III
 (the &#147;<B>Owned
 Vessels</B>&#148;) hereto has been duly registered as a vessel under the
 laws and regulations and flag of the jurisdiction set forth opposite its name
 on Schedule III in the sole ownership of the subsidiary set forth opposite
 its name on Schedule III and no other action is necessary to establish and
 perfect such entity&#146;s title to and interest in such vessel as against any
 charterer or other third party; each such subsidiary has good title to the
 applicable Owned Vessel, free and clear of all mortgages, pledges, liens,
 security interests and claims and all defects of the title of record except
 for those mortgages, pledges, liens, security interests and claims arising
 under credit facilities, each as disclosed in the Registration Statement, the
 Time of Sale Prospectus and the Prospectus, and any other encumbrances which
 would not, in the aggregate, result in a Material Adverse Effect; and each
 such Owned Vessel is in good standing with respect to the payment of past and
 current taxes, fees and other amounts payable under the laws of the
 jurisdiction where it is registered as would affect its registry with the
 ship registry of such jurisdiction except for failures to be in good standing
 which would not, in the aggregate, result in a Material Adverse Effect. The
 Company will use reasonable commercial efforts so that upon delivery to and acceptance by the relevant
 subsidiary under the MoAs and the Newbuilding Contracts described in the
 Registration Statement, Time of Sale Prospectus and Prospectus, each of the
 Contracted Vessels will be duly registered as a vessel under the laws of a
 generally accepted shipping industry flag jurisdiction in the sole ownership
 of a subsidiary of the Company; the Company will use</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>10</FONT></P>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>reasonable commercial
 efforts so that, on such date, each such subsidiary of the Company will have
 good title to the applicable Contracted Vessel, free and clear of all
 mortgages, pledges, liens, security interests, claims and all defects of the
 title of record, except for any mortgages, pledges, liens, security interests
 or claims arising from any financing arrangement which the Company or
 subsidiary of the Company may enter into with respect to such Contracted
 Vessel and except such encumbrances which would not, in the aggregate, result
 in a Material Adverse Effect; and the Company will use reasonable commercial
 efforts so that, on such date, each such Contracted Vessel will be in good standing
     with respect to the payment of past and current taxes, fees and other amounts
 payable under the laws of the jurisdiction where it is registered as would
 affect its registry with the ship registry of such jurisdiction.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)
 Each Owned Vessel is, and the Company will use reasonable commercial efforts
 so that each Contracted Vessel will be on the date of delivery, operated in
 compliance in all material respects with the rules, codes of practice,
 conventions, protocols, guidelines or similar requirements or restrictions
 imposed, published or promulgated by any governmental authority,
 classification society or insurer applicable to the respective vessel
 (collectively, &#147;<B>Maritime Guidelines</B>&#148;) and all applicable
 international, national, state and local conventions, laws, regulations,
 orders, governmental licenses and other requirements (including, without
 limitation, all Environmental Laws), in each case as in effect on the date
 hereof, except where such failure to be in compliance would not have,
 individually or in the aggregate, a Material Adverse Effect. The Company and
 each applicable subsidiary are, and the Company will use reasonable
 commercial efforts so that the Contracted Vessels will be on the date of
 delivery, qualified to own or lease, as the case may be, and operate such
 vessels under all applicable international, national, state and local
 conventions, laws, regulations, orders, governmental licenses and other
 requirements (including, without limitation, all Environmental Laws) and
 Maritime Guidelines, including the laws, regulations and orders of each such
 vessel&#146;s flag state, in each case as in effect on the date hereof, except
 where such failure to be so qualified would not have, individually or in the
 aggregate, a Material Adverse Effect.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)
 Each Owned Vessel is, and each Contracted Vessel will be on the date of
 delivery, classed by a classification society which is a full member of the
 International Association of Classification Societies and each Owned Vessel
 is, and the Company will use reasonable commercial efforts to ensure each
 Contracted Vessel will be on the date of delivery, in class with valid class
 and trading certificates, without any overdue recommendations, in each case
 based on the classification and certification requirements in effect on the
 date hereof.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.
<I>Agreements to Sell and Purchase. </I>The
Company hereby agrees to sell to the several Underwriters, and each
Underwriter, upon the basis of the representations and warranties herein
contained, but subject to the conditions hereinafter stated, agrees, severally
and not jointly, to purchase from the Company the respective numbers of Firm
Shares set forth in Schedule&nbsp;I hereto opposite its name at $<B>[&#9679;]</B>
a share (the &#147;<B>Purchase Price</B>&#148;).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the basis of the representations and warranties contained in this Agreement,
and subject to its terms and conditions, the Company agrees to sell to the
Underwriters the Additional Shares, and the Underwriters shall have the right
to purchase, severally and not jointly, up to 1,995,000 Additional Shares at
the Purchase Price, provided, however, that the
amount paid by the Underwriters for any Additional Shares shall be reduced by
an amount per share equal to any dividends declared by the Company and </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>11</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>payable on the Firm Shares but
not payable on such Additional Shares.
The Representatives may exercise this right on behalf of the Underwriters in
whole or from time to time in part by giving written notice not later than 30
days after the date of this Agreement. Any exercise notice shall specify the
number of Additional Shares to be purchased by the Underwriters and the date on
which such shares are to be purchased. Each purchase date may not be earlier
than the closing date for the Firm Shares nor later than ten business days
after the date of such notice and, in the case of any exercise notice delivered
after the closing date for the Firm Shares, must be at least one business day
after the date of such notice. Additional Shares may be purchased as provided
in Section&nbsp;4 hereof solely for the purpose of covering over-allotments
made in connection with the offering of the Firm Shares. On each day, if any,
that Additional Shares are to be purchased (an &#147;<B>Option Closing Date</B>&#148;), each Underwriter agrees, severally and
not jointly, to purchase the number of Additional Shares (subject to such
adjustments to eliminate fractional shares as you may determine) that bears the
same proportion to the total number of Additional Shares to be purchased on
such Option Closing Date as the number of Firm Shares set forth in
Schedule&nbsp;I hereto opposite the name of such Underwriter bears to the total
number of Firm Shares.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.
<I>Terms of Public Offering</I>. The
Company is advised by you that the Underwriters propose to make a public
offering of their respective portions of the Shares as soon after the
Registration Statement and this Agreement have become effective as in your
judgment is advisable. The Company is further advised by you that the Shares
are to be offered to the public initially at $<B>[&#9679;]</B> a share (the &#147;<B>Public Offering Price</B>&#148;) and to certain
dealers selected by you at a price that represents a concession not in excess
of $<B>[&#9679;]</B>
a share under the Public Offering Price<B>[</B>, and that any Underwriter may allow, and
such dealers may reallow, a concession not in excess of $[&#9679;] a share, to
any Underwriter or to certain other dealers<B>]</B>.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.
<I>Payment and Delivery. </I>Payment for
the Firm Shares shall be made to the Company in Federal or other funds
immediately available in New York City against delivery of such Firm Shares for
the respective accounts of the several Underwriters at 10:00 a.m., New York
City time, on <B>[&#9679;]</B>, 2010 or at such other time on the same or such other
date, not later than <B>[&#9679;]</B>, 2010 as shall be designated in writing
by you. The time and date of such payment are hereinafter referred to as the &#147;<B>Closing Date</B>.&#148;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
for any Additional Shares shall be made to the Company in Federal or other
funds immediately available in New York City against delivery of such
Additional Shares for the respective accounts of the several Underwriters at
10:00 a.m., New York City time, on the date specified in the corresponding
notice described in Section 2 or at such other time on the same or on such
other date, in any event not later than <B>[&#9679;]</B>, 2010 as shall be designated in writing
by you.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Firm Shares and Additional Shares shall be registered in such names and in such
denominations as you shall request in writing not later than one full business
day prior to the Closing Date or the applicable Option Closing Date, as the
case may be. The Firm Shares and Additional Shares shall be delivered to you on
the Closing Date or an Option Closing Date, as the case may be, for the
respective accounts of the several Underwriters, with any transfer taxes
payable in connection with the transfer of the Shares to the Underwriters duly
paid, against payment of the Purchase Price therefor.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <I>Conditions to the Underwriters&#146; Obligations</I>.
The obligations of the Company to sell the Shares to the Underwriters and the
several obligations of the Underwriters to purchase and pay for the Shares on
the Closing Date are subject to the accuracy of the representations and
warranties of the Company contained in this Agreement or in certificates of any
officer of the Company or any of its subsidiaries delivered pursuant to the
provisions of this Agreement, to the performance by the Company of its
covenants and other obligations hereunder, and to the condition that the
Registration Statement shall have become effective not later than <B>[4:00 p.m.]</B>
(New York City time) on the date hereof.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>12</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>The several
 obligations of the Underwriters are subject to the following further
 conditions:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>(a)
 Subsequent to the execution and delivery of this Agreement and prior to the
 Closing Date:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 there shall not have occurred any downgrading, nor shall any notice have been
 given of any intended or potential downgrading or of any review for a
 possible change that does not indicate the direction of the possible change,
 in the rating accorded any of the securities of the Company or any of its
 subsidiaries by any &#147;nationally recognized statistical rating organization,&#148;
 as such term is defined for purposes of Rule 436(g)(2) under the Securities
 Act; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 there shall not have occurred any change, or any development involving a
 prospective change, in the condition, financial or otherwise, or in the
 earnings, business or operations of the Company and its subsidiaries, taken
 as a whole, from that set forth in the Time of Sale Prospectus as of the date
 of this Agreement that, in your judgment, is material and adverse and that
 makes it, in your judgment, impracticable to market the Shares on the terms
 and in the manner contemplated in the Time of Sale Prospectus.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
The Underwriters shall have received on the Closing Date a certificate, dated
the Closing Date and signed by an executive officer of the Company, to the
effect set forth in Section 5(a) above and to the effect that the
representations and warranties of the Company contained in this Agreement are
true and correct as of the Closing Date and that the Company has complied with
all of the agreements and satisfied all of the conditions on its part to be
performed or satisfied hereunder on or before the Closing Date. The officer
signing and delivering such certificate may rely upon the best of his or her
knowledge as to proceedings threatened.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
The Underwriters shall have received on each of the date hereof and the Closing
Date (i) a certificate signed by an executive officer of Costamare Shipping, (ii)
a certificate signed by an executive officer of CIEL and (iii) a certificate
signed by an executive officer of Shanghai Costamare, dated as of such date,
each substantially in the form attached hereto as Exhibit B (collectively the &#147;<I><B>Manager Certificates</B></I>&#148;).
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
The Underwriters shall have received on the Closing Date an opinion and
statement of Cravath, Swaine &amp; Moore LLP, outside counsel for the Company,
dated the Closing Date, to the effect that: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 Assuming that this Agreement has been duly authorized by the Company under
 the laws of the Republic of the Marshall Islands, this Agreement has been
 duly executed and delivered by the Company, to the extent such execution and
 delivery are governed by the laws of the State of New York.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 To the extent governed by the laws of the State of New York, the Stockholder
 Rights Agreement has been duly authorized, validly executed and delivered by
 the Company and constitutes a valid and binding agreement of the Company
 enforceable against the Company in accordance with its terms, subject to
 applicable bankruptcy, insolvency, fraudulent transfer, reorganization,
 moratorium and similar laws relating to or affecting creditors&#146; rights
 generally and by general principles of equity (regardless of whether such
 enforceability is considered in proceeding in equity or at law), and to the
 extent governed by the laws of the State of New York, the Rights have been
 duly authorized and, when the Stockholders Rights Agreement is executed and delivered,
 the Rights will constitute legal, valid and binding obligations of the
 Company </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>13</FONT></P>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>entitled to
 the benefits of the Stockholders Rights Agreement and enforceable against the
 Company in accordance with its terms, subject to applicable bankruptcy,
 insolvency, fraudulent transfer, reorganization, moratorium and similar laws
 relating to or affecting creditors&#146; rights generally and by general
 principles of equity (regardless of whether such enforceability is considered
 in proceeding in equity or at law).</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
 The Registration Statement became effective under the Securities Act on [&#9679;],
 and thereupon the offering of the Shares as contemplated by the Prospectus
 became registered under the Securities Act; to such counsel&#146;s knowledge, no
 stop order suspending the effectiveness of the Registration Statement has
 been issued and no proceedings for that purpose have been instituted or are
 pending or contemplated under the Securities Act; the required filing of the
 Prospectus pursuant to Rule 424(b) has been made in the manner and within the
 time period required by Rule&nbsp;424(b) (without reference to Rule
 424(b)(8)); to such counsel&#146;s knowledge, no Issuer Free Writing Prospectus
 pursuant to Rule 433 was required to be filed pursuant to Rule 433(d).</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
 The form of certificate used to evidence the Common Stock is valid and
 sufficient and complies in all material respects with the requirements of the
 New York Stock Exchange.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
 To such counsel&#146;s knowledge, there is no pending or threatened action, suit,
 proceeding or investigation before or by any United States Federal or New
 York State court, governmental agency or authority against the Company or any
 of its subsidiaries of a character required to be disclosed in the
 Registration Statement and Time of Sale Prospectus or Prospectus which is not
 adequately disclosed as required.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
 The statements made in the Time of Sale Prospectus and the Prospectus under
 the captions &#147;Our Managers and Management-Related Agreement&#148; and &#147;Related
 Party Transactions&#151;Restrictive Covenant Agreement&#148; insofar as they purport
 to constitute a summary of the terms of the identified contracts, fairly
 summarize the matters therein described.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)
 Although the discussion in the Registration Statement under the heading &#147;Tax
 Considerations&#150;United States Federal Income Tax Considerations&#148; does not
 purport to discuss all possible United States federal income tax consequences
 of the acquisition, ownership and disposition of Company common stock, such
 counsel hereby confirms that the statements of law (including the
 qualifications thereto) under such heading represent such counsel&#146;s opinion
 of the material United States federal income tax consequences of the
 acquisition, ownership and disposition of Company common stock, subject to
 certain assumptions expressly described in the Registration Statement under
 such heading.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)
 To such counsel&#146;s knowledge, there is no contract, indenture, mortgage, loan
 agreement, note, lease or other document of a character required to be
 described in the Registration Statement or Prospectus, or to be filed as an
 exhibit, which is not described or filed as required. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)
 No authorization, approval or other action by, and no notice to, consent of,
 order of, or filing with, any United States Federal or New York State court,
 governmental authority or regulatory body is required to be made or obtained
 by the Company for the consummation of the transactions contemplated by this
 Agreement, other than (i) those that have been obtained or made under the
 Securities Act, (ii) those that may be required under the Securities Act in
 connection with the use of a &#147;free writing prospectus&#148; and (iii) those that
 may be required under the blue sky laws of any jurisdiction in connection
 with the purchase and distribution of the Shares by the Underwriters.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>14</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)
None of the execution, delivery and performance of the terms of the
Underwriting Agreement by the Company and the consummation by the Company of
the transactions set forth therein will result in a breach of or constitute a
default (nor constitute an event that, with notice, lapse of time or both,
would result in any breach or constitute a default) under or Debt Repayment
Triggering Event (as defined in Section 1(l) of this Agreement) under or
result in the creation or imposition of any lien, charge or encumbrance upon
any property or assets of the Company or any of its subsidiaries pursuant to
any Specified Agreement<SUP>1</SUP>, nor will such action result in any violation of United States Federal or New
York State law, rule or regulation or any ruling, judgment, order or decree,
known to us, of any United States Federal or New York State court, agency or
official having jurisdiction over the Company or any of its subsidiaries or
any of the properties or assets of the Company or any of its subsidiaries.
Such counsel&#146;s opinion in the preceding sentence relating to the Specified
Agreements does not extend to compliance with any financial ratio or any
limitation in any contractual restriction expressed as a dollar amount (or an
amount expressed in another currency). Such counsel notes that certain of the
Specified Agreements are governed by laws other than New York law; such counsel&#146;s
opinions expressed herein are based solely upon our understanding of the
plain language of such agreements, and such counsel does not express any
opinion with respect to the effect of the opinions or statements set forth
herein on any interpretation thereof inconsistent with such understanding. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)
 To such counsel&#146;s knowledge, other than as have been validly waived and are
 described in the Time of Sale Prospectus, there are no persons with
 registration rights or other similar rights to have any securities registered
 pursuant to the Registration Statement by the Company under the Securities
 Act.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)
 After giving effect to the offering and sale of the Shares, the Company will
 not be an &#147;investment company&#148; within the meaning of, or is registered or
 otherwise required to be registered under, the Investment Company Act of
 1940, as amended.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)
 Neither the Company nor any of its subsidiaries should be a &#147;passive foreign
 investment company&#148; as such term is defined in the Internal Revenue Code of
 1986, as amended.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)
 The Common Stock has been duly registered as a class pursuant to section 12
 of the Securities Exchange Act of 1934.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)
 Based on the New York Stock Exchange Authorization Letter dated [&#9679;], the
 Shares have been duly authorized for listing, subject to official notice of
 issuance, on the New York Stock Exchange.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)
 Assuming the validity of such action under the laws of the Republic of the
 Marshall Islands relating to submission to jurisdiction, the Company has,
 pursuant to Section 13 of this Agreement (a) validly and irrevocably
 submitted to the personal jurisdiction of the courts of the State of New
 York, and (b) appointed CT Corporation as its agent for service of process.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)
 The Company is a &#147;foreign private issuer&#148; as defined in Rule 405 of the
 Securities Act.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="16%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="80%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2><SUP>1</SUP>
 List of agreements to be agreed.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>15</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
 counsel shall also state (i) on the basis of information gained in the course
 of the performance of the services rendered, that, the Registration
 Statement, at the time it initially became effective, and the Prospectus, as
 of the Closing Date, appeared or appears on its face to be appropriately
 responsive in all material respects to the requirements of the Securities Act
 and the applicable rules and regulations thereunder, except that such counsel
 does not express any view as to the financial statements and other
 information of an accounting or financial nature included therein and (ii)
 that nothing has come to our attention that causes us to believe that (a) the
 Registration Statement, at the time the Registration Statement became
 effective, contained an untrue statement of a material fact or omitted to state
 a material fact required to be stated therein or necessary to make the
 statements therein not misleading, (b) the Prospectus, as of its date or at
 the Closing Date, included or includes, an untrue statement of a material
 fact or omitted or omits to state a material fact necessary in order to make
 the statements therein, in the light of the circumstances under which they
 were made, not misleading or (c) the Time of Sale Prospectus, as of [&#9679;]
 [a.m.], included an untrue statement of a material fact or omitted to state a
 material fact necessary in order to make the statements therein, in the light
 of the circumstances under which they were made, not misleading, except that,
 in each case, such does not express any view as to the financial statements
 and other information of an accounting or financial nature included therein.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
The Underwriters shall have received on the Closing Date an opinion of Cozen
O&#146;Connor, counsel on issues of Marshall Islands law for the Company, dated the
Closing Date, to the effect that:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 The Company has been duly incorporated and is a validly subsisting
 corporation in good standing under the laws of the Republic of the Marshall
 Islands.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 The Company has the corporate power and corporate authority to own, lease and
 operate its properties and conduct its business as described in the
 Registration Statement and the Time of Sale Prospectus and to enter into and
 perform its obligations under this Agreement.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
 The authorized capital stock of the Company conforms in all material respects
 to the description thereof set forth in the Registration Statement and the
 Time of Sale Prospectus, and the shares of issued and outstanding capital
 stock of the Company have been duly authorized and validly issued and, to
 such counsel&#146;s knowledge, are fully paid and non-assessable. Neither the
 articles of incorporation or bylaws of the Company nor any agreement filed as
 an exhibit to the Registration Statement grant the holders of the outstanding
 shares of the capital stock of the Company any preemptive rights, and, to
 such counsel&#146;s knowledge, none of the outstanding shares of the capital stock
 of the Company were issued in violation of any preemptive right or similar
 rights of any securityholder of the Company. The issued and outstanding
 capital stock of the Company is as set forth in the Registration Statement
 and Time of Sale Prospectus under the caption &#147;Capitalization.&#148;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
 The Shares have been duly authorized for issuance and, when issued and
 delivered in accordance with the terms of this Agreement, will be validly
 issued, fully paid and non assessable and no holder of the Shares is or will
 be subject to personal liability solely by reason of being such a holder.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
 The issuance of the Shares is not subject to the preemptive or other similar
 rights.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
 The Management Agreement (the &#147;<B>Management Agreement</B>&#148;), dated as of [__],
 2010, between the Company and Costamare Shipping has been duly authorized and
 validly </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>16</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>executed and
 delivered by the Company and is a valid and binding agreement of the Company
 and is enforceable against it in accordance with its terms.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)
 The Company has taken all corporate action required to authorize the
 execution and delivery by the Company and the performance by the Company of
 its obligations under this Agreement, and this Agreement has been duly
 executed and delivered by the Company.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)
 The form of certificate used to evidence the common stock complies in all
 material respects with all applicable statutory requirements of the Republic
 of the Marshall Islands and with any applicable requirements of the articles
 of incorporation and bylaws of the Company.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)
 The statements in the Registration Statement and the Time of Sale Prospectus
 under &#147;Risk Factors&#151; We are a Marshall Islands corporation, and the Marshall
 Islands does not have a well developed body of corporate law and, as a
 result, stockholders may have fewer rights and protections under Marshall
 Islands law than under the laws of a jurisdiction in the United States&#148;,
 &#147;Risk Factors&#151; It may be difficult or impossible to enforce services of
 process and enforcement of judgments against us and our officers and directors&#148;,
 &#147;Enforceability of Civil Liabilities&#148;, &#147;Dividend Policy&#148;, &#147;Description of
 Capital Stock&#148; and &#147;Marshall Islands Company Considerations&#148;, and in the
 Registration Statement under Item&nbsp;6, insofar as such statements
 constitute a summary of the rights and obligations of the holders of the
 capital stock of the Company and Marshall Islands legal matters, and the
 statements in the Registration Statement and the Time of Sale Prospectus
 under &#147;Tax Considerations &#150; Marshall Islands Tax Considerations&#148;, insofar as
 such statements describe Marshall Islands tax law fairly present in all
 material respects such matters, and such counsel&#146;s opinion set forth under
 the caption &#147;Tax Considerations &#150; Marshall Islands Tax Considerations&#148;
 (subject to the limitations and restrictions set forth therein) is confirmed.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)
 No consent, approval, authorization, order, registration or qualification of
 or with any court or governmental agency or body of the Republic of the
 Marshall Islands is required in order for the execution and delivery by the
 Company of this Agreement in order for it to be duly and validly authorized
 by the Company.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)
 No consent, approval, authorization, order, license, registration or
 qualification of or with any court or governmental agency or body the
 Republic of the Marshall Islands is required for the consummation by the
 Company of the transactions contemplated by this Agreement or the sale and
 delivery of the Shares by the Company.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)
 No licenses, permits, certificates, consents, orders, approvals and other
 authorizations of, or declarations or filings with, any governmental or
 regulatory authorities of the Republic of the Marshall Islands are required
 for the Company to own or lease, as the case may be, and to operate, its
 properties and to carry on its business in the manner described in the
 Registration Statement and the Time of Sale Prospectus.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)
 To such counsel&#146;s knowledge there are no legal or governmental
 investigations, actions, suits or proceedings pending or threatened in
 writing in the Republic of the Marshall Islands against the Company or any of
 its properties specifically or to which the Company is a party or to which
 any of its properties is subject.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)
 Neither the sale of the Shares, nor the execution, delivery and performance
 of this Agreement, nor the consummation of any other of the transactions
 contemplated in this Agreement, nor the fulfillment of the terms thereof will
 conflict with, result in a violation of, or </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>17</FONT></P>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>result in
 the imposition of any lien, charge or encumbrance under Marshall Islands law
 upon any property or assets of the Company pursuant to (i)&nbsp;its articles
 of incorporation or bylaws or (ii)&nbsp;any Marshall Islands statute, law, rule,
 order or regulation of general application or of any Marshall Islands
 governmental agency or body to which the Company is subject.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)
 Assuming that none of the Underwriters is carrying on business or conducting
 transactions in the Republic of the Marshall Islands and none of the Shares
 is sold to citizens or residents of the Republic of the Marshall Islands, no
 documentary stamp or other issuance or transfer taxes or duties or similar
 fees and no capital gains, income, withholding or other taxes, are payable by
 the Underwriters to the Republic of the Marshall Islands or to any political
 subdivision or taxing authority thereof or therein solely in connection with
 the sale and delivery by the Company of the Shares to or for the respective accounts
 of the Underwriters or the sale and delivery by the Underwriters of the
 Shares to the initial purchasers thereof.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)
 The Company has taken all corporate action required under Marshall Islands
 law to authorize the execution and delivery of the Registration Statement and
 the filing of the Registration Statement with the Commission, and the
 Registration Statement has been duly executed pursuant to such authorization
 by and on behalf of the Company.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)
 So long as the Company remains a non-resident domestic corporation under the
 laws of the Republic of the Marshall Islands, all dividends and other
 distributions declared and payable on the capital stock of the Company may
 under the current laws and regulations of the Republic of the Marshall
 Islands be paid in United States dollars and are not subject to Marshall
 Islands exchange controls and, assuming that the recipient thereof is not a
 resident or citizen of the Republic of the Marshall Islands or carrying on
 business or conducting transactions in the Republic of the Marshall Islands,
 will not be subject to withholding taxes under the laws and regulations of
 the Marshall Islands, and are otherwise free and clear of any other Marshall
 Islands tax, withholding or deduction, without the necessity of obtaining any
 consents, approvals, authorizations, orders, licenses, registrations,
 clearances and qualifications of or with any court or governmental agency or
 body or any stock exchange authorities in the Marshall Islands.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)
 So long as none of the capital stock of the Company is owned, directly or
 indirectly, by the Republic of the Marshall Islands or any other sovereign,
 neither the Company nor any of its properties or assets will have an immunity
 from suit, execution, attachment or legal process in any proceedings taken in
 the Marshall Islands in relation to this Agreement.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)
 The Company has taken all corporate action required to authorize the issuance
 of the Rights under the Company&#146;s Stockholder Rights Agreement and such
 Rights with respect to the authorized shares of Common Stock have been
 validly issued.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)
 The agreement of the Company to the choice of law provisions set forth in
 Section&nbsp;13 of this Agreement would be regarded by the courts of the
 Marshall Islands as a matter of civil contract to be enforced in the same
 manner as other contracts; the Company can sue and be sued in its own name
 under the law of the Marshall Islands; and the irrevocable submission of the
 Company to the exclusive jurisdiction of a New York Court, and the waiver by
 the Company of any objection to the venue of a proceeding of a New York Court
 are valid and binding under the laws of the Republic of the Marshall Islands.
 Such counsel notes, however, that the validity and enforceability of such
 submission to jurisdiction and waiver of venue provisions set forth in this
 Agreement are not dependent on the law of the Republic of the Marshall
 Islands and such provisions may not be enforceable under the laws of any
 particular jurisdiction. Service of process effected in the manner set forth
 in Section&nbsp;13 of this Agreement will be effective, insofar </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>18</FONT></P>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>as the law
 of the Marshall Islands is concerned, to confer valid personal jurisdiction
 over the Company; and a final non-appealable judgment against the Company
 entered by a court in any United States or foreign jurisdiction in any suit,
 action or proceeding would be enforceable against the Company in the courts
 of the Republic of the Marshall Islands without a retrial of the merits of
 the matter, except where (A) it has not been pronounced by a court of
 competent jurisdiction, (B) it has not been given on the merits of the case,
 (C) it appears on the face of the proceeding to be founded on an incorrect
 view of international law or a refusal to recognize the laws of the Republic
 of the Marshall Islands in cases where such laws are applicable, (D) the
 proceedings in which judgment was obtained are opposed to natural justice,
 (E) it has been obtained by fraud, (F) it sustains a claim founded on a
 breach of any law in force in the Republic of the Marshall Islands, or (G) it
 has been obtained by default where the Company was not represented.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
The Underwriters shall have received on the Closing Date an opinion of Cozen
O&#146;Connor, counsel on matters of Liberian law for the Company, dated the Closing
Date, to the effect that:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 Each of the subsidiaries has been duly incorporated, is validly subsisting as
 a corporation in good standing under the laws of the Republic of Liberia;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 Each of the subsidiaries has the corporate power and corporate authority to
 own, lease and operate its properties and conduct its business as described
 in the Time of Sale Prospectus and Prospectus;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
 To such counsel&#146;s knowledge, based solely upon such counsel&#146;s review of (i) a
 copy of each of the Subsidiaries&#146; stock ledgers, and (ii) a copy of
 certificates representing the capital stock of each Subsidiary, each certified
 as true and correct by the relevant Subsidiary, all of the issued and
 outstanding capital stock of each of the subsidiaries is held of record by
 the Company, free and clear of any security interest, mortgage,
 pledge, lien, encumbrance or claim. The outstanding shares of the capital
 stock of each of the subsidiaries have been duly authorized and validly
 issued by the subsidiary that is the issuer thereof and, to such counsel&#146;s
 knowledge, are fully paid and are non-assessable and were not issued in
 violation of any preemptive rights of any security holder of such subsidiary;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
 Based on such counsel&#146;s review of the Certificates of Ownership and
 Encumbrances issued by the Bureau of Maritime Affairs of the Republic of
 Liberia, each of the vessels listed on Schedule III to this Agreement as
 being registered in the Republic of Liberia is duly and validly registered as
 a vessel in the sole ownership of the entity indicated as the &#147;Owning Entity&#148;
 of such vessel on such schedule under the laws of the Republic of Liberia,
 free and clear of all liens, claims, debts or encumbrances of record except
 as set forth in an annex to this opinion; and to such counsel&#146;s knowledge,
 each such vessel is in good standing with respect to the payment of past and
 current taxes, fees and other amounts payable under the laws of the Republic
 of Liberia as would affect its registry with the Liberian maritime authority;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
 CIEL has been duly incorporated, is validly subsisting as a corporation under
 the laws of the Republic of Liberia, has the corporate power and authority to
 own its property and to conduct its business as described in the Time of Sale
 Prospectus;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
 The statements in the Registration Statement, the Time of Sale Prospectus and
 the Prospectus under the headings &#147;Risk Factors&#151;Risks Inherent in our
 Business&#151;If the regulations regarding the exemption from Liberian taxation
 for non-resident corporations issued by the Liberian Ministry of Finance were
 found to be invalid, the net income and cash flows of our </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>19</FONT></P>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Liberian
 subsidiaries and therefore our net income and cash flows, would be materially
 reduced&#148;, insofar as such statements constitute summaries of documents or
 legal proceedings or refer to matters of law or legal conclusions, are
 accurate and complete in all material respects and present fairly the
 information purported to be shown;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)
 The statements made in the Registration Statement, Time of Sale Prospectus
 and Prospectus under the caption &#147;Tax Considerations &#150; Liberian Tax
 Considerations&#148;, insofar as such statements describe Liberian tax law
 generally, fairly present in all material respects such matters; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)
 No licenses, permits, certificates, consents, orders, approvals and other
 authorizations of, or declarations or filings with, any governmental or
 regulatory authorities of the Republic of Liberia are required for each of
 the Subsidiaries to own or lease, as the case may be, and to operate, its
 properties and to carry on its business in the manner described in the
 Registration Statement, Time of Sale Prospectus and Prospectus.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)
 The Underwriters shall have received on the Closing Date an opinion of
 Richards Butler, in association with Reed Smith LLP, Hong Kong counsel for
 the Company, dated the Closing Date, to the effect that:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 Based on such counsel&#146;s review of the transcripts of register, issued by the
 Hong Kong Shipping Registry, each of the vessels listed on Schedule III to
 this Agreement for which the jurisdiction of registration is stated to be
 Hong Kong is duly and validly registered as a vessel in the sole ownership of
 the entity indicated as the &#147;Owning Entity&#148; of such vessel on
 Schedule&nbsp;III under the laws of Hong Kong; each of said entities has
 title thereto, free and clear of all Hong Kong recorded liens, charges,
 security interests or encumbrances and of defects of title of record except
 as set forth in an annex to this opinion; and to such counsel&#146;s knowledge,
 any past and current taxes, fees and other amounts payable under the laws of
 Hong Kong as would affect its registration with the Hong Kong Shipping
 Registry have been paid;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 Each of the Owning Entities for which the conduct of its business or its
 ownership or leasing of property requires such qualification are each
 qualified to transact business as a non-Hong Kong company under the laws of
 Hong Kong; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
 All dividends and other distributions declared and payable on the shares of
 capital stock of any Owning Entity qualified to transact business in Hong
 Kong will not be subject to withholding or other taxes under the current law
 and regulations of Hong Kong.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)
 The Underwriters shall have received on the Closing Date an opinion of
 Kyriakides Georgopoulos &amp; Daniolos Issaias, Greek counsel for the
 Company, dated the Closing Date, to the effect that:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 To the best of such counsel&#146;s knowledge, there are no legal or governmental
 proceedings pending or threatened in the Republic of Greece to which Company,
 any of its subsidiaries or Costamare Shipping Company, S.A. or Ciel
 Shipmanagement S.A. is a party or to which any property of the Company, any
 of its subsidiaries or Costamare Shipping Company, S.A. or Ciel Shipmanagement
 S.A. is the subject;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 The compliance by the Company with the provisions of this Agreement and the
 consummation of the transactions contemplated herein will not conflict in any
 material respect with any Greek law;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>20</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
 Based on such counsel&#146;s review of the certificates of ownership and
 encumbrances, issued by the Hellenic Republic Piraeus Port Authority of the
 Republic of Greece, each of the vessels listed on Schedule III to this
 Agreement as being registered in Greece is duly and validly registered as a
 vessel in the sole ownership of the entity indicated as the &#147;Owning Entity&#148;
 of such vessel on such schedule under the laws of Greece; each of said
 entities has good and marketable title thereto; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
 Each of the Vessels is free and clear of all liens, claims, debts or
 encumbrances and defects of title of record except as set forth in an annex
 to this opinion; and to such counsel&#146;s knowledge, each such vessel is in good
 standing with respect to the payment of past and current taxes, fees and
 other amounts payable under the laws of the Greece as would affect its
 registration under the Greek flag;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
 The Company is not required to file tax returns or pay any taxes in the
 Republic of Greece; All subsidiaries owning vessels under the Greek flag are
 in full compliance with their tax obligations up until the last financial
 year before the present agreement;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
 Each of the Company, its subsidiaries and Costamare Shipping Company S.A. and
 Ciel Shipmanagement S.A. has obtained any licenses and other forms of
 authorization from, and has made all declarations and filings with, any
 governmental authorities, self-regulatory organizations and any courts and
 other tribunals in the Republic of Greece necessary to own or lease, as the
 case may be, and to operate the vessels contemplated to be owned by it and to
 carry on its business as contemplated by the Registration Statement, the Time
 of Sale Prospectus and the Prospectus, and none of the Company, any of its
 subsidiaries or Costamare Shipping Company S.A. and Ciel Shipmanagement S.A.
 has received any actual notice of any proceedings relating to revocation or
 modification of any such license or other form of authorization, and the Company,
 its subsidiaries and Costamare Shipping Company S.A. and Ciel Shipmanagement
 S.A. are each in compliance in all material respects with all laws and
 regulations in the Republic of Greece relating to the ownership or lease, as
 the case may be, and the operation of the vessels and the conduct of its
 business as contemplated by the Registration Statement, the Time of Sale
 Prospectus and the Prospectus;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)
 No capital gains, income, withholding or other taxes, are payable by or on
 behalf of the Underwriters to the Republic of Greece or to any political
 subdivision or taxing authority thereof or therein in connection with the
 sale and delivery by the Company of the Shares to the Underwriters or the
 initial resales thereof by the Underwriters in the manner contemplated by
 this Agreement. There are no documentary, stamp or other issuance or transfer
 taxes or duties or similar fees under the laws of the Republic of Greece or
 any political subdivision thereof, required to be paid in connection with the
 execution and delivery of this Agreement or the sale and delivery by the
 Company of the Shares to or for the respective accounts of the Underwriters
 or the sale and delivery by the Underwriters of the Shares to the initial
 purchasers thereof;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)
 All dividends and other distributions declared and payable on the shares of
 capital stock of the Company will not be subject to withholding or other
 taxes under the current law and regulations of the Republic of Greece; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)
 The Company, each of its subsidiaries and Costamare Shipping Company S.A. and
 Ciel Shipmanagement S.A.are each qualified to transact business as a foreign
 corporation under the laws of the Republic of Greece.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>21</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 The Underwriters shall have received on the Closing Date an opinion of Chen,
 Estrada y Wong, Panamanian counsel for the Company, dated the Closing Date,
 to the effect that:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 Costamare Shipping has been duly organized, is validly existing as a
 corporation under the laws of the Republic of Panama, has the corporate power
 and authority to own its property and to conduct its business as described in
 the Time of Sale Prospectus and is duly qualified to transact business in
 each jurisdiction in which the conduct of its business or its ownership or
 leasing of property requires such qualification; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 The Management Agreement has been duly authorized and validly executed and
 delivered by Costamare Shipping and is a valid and binding agreement of Costamare
 Shipping and is enforceable against it in accordance with its terms.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)
 The Underwriters shall have received on the Closing Date an opinion of Norton
 Rose LLP, English counsel for the Company, dated the Closing Date, to the
 effect that:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 Assuming that the Management Agreement has been duly authorized, validly
 executed and delivered by each of the Company and Costamare Shipping under
 the laws of the Marshall Islands and Panama, respectively, the Management
 Agreement is a valid and binding agreement of each of the Company and
 Costamare Shipping and is enforceable against each of them in accordance with
 its terms.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)
The Underwriters shall have received on the Closing Date an opinion and
statement of Morgan, Lewis &amp; Bockius LLP, counsel for the Underwriters,
dated the Closing Date, with respect to such matters as may be requested by the
Underwriters.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)
The opinions of Cravath, Swaine &amp; Moore LLP, Cozen O&#146;Connor, Cozen
O&#146;Connor, Richards Butler in association with Reed Smith LLP, Kyriakides
Georgopoulos &amp; Daniolos Issaias, Chen, Estrada y Wong and Norton Rose LLP
described in Sections&nbsp;5(d), 5(e), 5(f), 5(g), 5(h), 5(i) and 5(j),
respectively, shall be rendered to the Underwriters at the request of the Company
and shall so state therein. In giving the opinions above, such counsel may
rely, with respect to certain factual matters, on the representations and
warranties of the Company contained in this Agreement and on certificates of
officers of such parties and others, and may assume compliance by each such
party with the terms of this Agreement.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)
The Underwriters shall have received, on each of the date hereof and the
Closing Date, a letter dated the date hereof or the Closing Date, as the case may
be, in form and substance satisfactory to the Representatives, from Ernst &amp;
Young (Hellas) Certified Auditors-Accountants S.A., independent registered
public accounting firm, containing statements and information of the type
ordinarily included in accountants&#146; &#147;comfort letters&#148; to underwriters with
respect to the financial statements and certain financial information contained
in the Registration Statement, the Time of Sale Prospectus and the Prospectus; <I>provided</I> that the letter delivered on the
Closing Date shall use a &#147;cut-off date&#148; not earlier than the date hereof.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)
The Shares shall have been approved for listing on the New York Stock Exchange,
and satisfactory evidence thereof shall have been provided to you.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)
FINRA shall have raised no objection to the fairness and reasonableness of the
underwriting terms and arrangements. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>22</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)
The &#147;lock-up&#148; agreements, each substantially in the form of Exhibit A hereto,
between you and each of our stockholders and each of the officers and directors
of the Company relating to sales and certain other dispositions of shares of
Common Stock or certain other securities, delivered to you on or before the
date hereof, shall be in full force and effect on the Closing Date.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
several obligations of the Underwriters to purchase Additional Shares hereunder
are subject to the delivery to you on the applicable Option Closing Date of
such documents as you may reasonably request with respect to the good standing
of the Company, the due authorization and issuance of the Additional Shares to
be sold on such Option Closing Date and other matters related to the issuance
of such Additional Shares.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.
<I>Covenants of the Company</I>. The
Company covenants with each Underwriter as follows:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
To furnish to you, without charge, three (3) signed copies of the Registration
Statement (including exhibits thereto) and for delivery to each other
Underwriter a conformed copy of the Registration Statement (without exhibits
thereto) and to furnish to you in New York City, without charge, prior to
10:00&nbsp;a.m. New York City time on the business day next succeeding the date
of this Agreement and during the period mentioned in Section 6(e) or 6(f)
below, as many copies of the Time of Sale Prospectus, the Prospectus and any
supplements and amendments thereto or to the Registration Statement as you may
reasonably request.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Before amending or supplementing the Registration Statement, the Time of Sale
Prospectus or the Prospectus, to furnish to you a copy of each such proposed
amendment or supplement and not to file any such proposed amendment or
supplement to which you reasonably object, and to file with the Commission
within the applicable period specified in Rule&nbsp;424(b) under the Securities
Act any prospectus required to be filed pursuant to such Rule.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
To furnish to the Representatives a copy of each proposed free writing
prospectus to be prepared by or on behalf of, used by, or referred to by the
Company and not to use or refer to any proposed free writing prospectus to
which the Representatives reasonably object.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
Not to take any action that would result in an Underwriter or the Company being
required to file with the Commission pursuant to Rule 433(d) under the
Securities Act a free writing prospectus prepared by or on behalf of the
Underwriter that the Underwriter otherwise would not have been required to file
thereunder.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
If the Time of Sale Prospectus is being used to solicit offers to buy the
Shares at a time when the Prospectus is not yet available to prospective
purchasers and any event shall occur or condition exist as a result of which it
is necessary to amend or supplement the Time of Sale Prospectus in order to
make the statements therein, in the light of the circumstances, not misleading,
or if any event shall occur or condition exist as a result of which the Time of
Sale Prospectus conflicts with the information contained in the Registration
Statement then on file, or if, in the opinion of counsel for the Underwriters,
it is necessary to amend or supplement the Time of Sale Prospectus to comply
with applicable law, forthwith to prepare, file with the Commission and
furnish, at its own expense, to the Underwriters and to any dealer upon
request, either amendments or supplements to the Time of Sale Prospectus so
that the statements in the Time of Sale Prospectus as so amended or
supplemented will not, in the light of the circumstances when the Time of Sale
Prospectus is delivered to a prospective purchaser, be misleading or so that
the Time of Sale Prospectus, as amended or supplemented, will no longer
conflict with the Registration Statement, or so that the Time of Sale
Prospectus, as amended or supplemented, will comply with applicable law.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>23</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
If, during such period after the first date of the public offering of the
Shares as in the opinion of counsel for the Underwriters the Prospectus (or in
lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is required
by law to be delivered in connection with sales by an Underwriter or dealer,
any event shall occur or condition exist as a result of which it is necessary
to amend or supplement the Prospectus in order to make the statements therein,
in the light of the circumstances when the Prospectus (or in lieu thereof the
notice referred to in Rule 173(a) of the Securities Act) is delivered to a
purchaser, not misleading, or if, in the opinion of counsel for the
Underwriters, it is necessary to amend or supplement the Prospectus to comply
with applicable law, forthwith to prepare, file with the Commission and
furnish, at its own expense, to the Underwriters and to the dealers (whose
names and addresses you will furnish to the Company) to which Shares may have been
sold by you on behalf of the Underwriters and to any other dealers upon
request, either amendments or supplements to the Prospectus so that the
statements in the Prospectus as so amended or supplemented will not, in the
light of the circumstances when the Prospectus (or in lieu thereof the notice
referred to in Rule 173(a) of the Securities Act) is delivered to a purchaser,
be misleading or so that the Prospectus, as amended or supplemented, will
comply with applicable law.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)
To endeavor, in cooperation with the Underwriters, to qualify the Shares for
offer and sale under the applicable securities or Blue Sky laws of such
jurisdictions as you shall reasonably request, <I>provided</I>, however, that the
Company shall not be obligated to file any general consent to service of
process or to qualify as a foreign corporation or as a dealer in securities in
any jurisdiction in which it is not so qualified or to subject itself to
taxation in respect of doing business in any jurisdiction in which it is not otherwise
so subject.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)
To make generally available to the Company&#146;s security holders and to you as
soon as practicable an earning statement covering a period of at least twelve
months beginning with the first fiscal quarter of the Company occurring after
the date of this Agreement which shall satisfy the provisions of
Section&nbsp;11(a) of the Securities Act and the rules and regulations of the
Commission thereunder.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
Whether or not the transactions contemplated in this Agreement are consummated
or this Agreement is terminated, to pay or cause to be paid all expenses
incident to the performance of its obligations under this Agreement, including:
(i) the fees, disbursements and expenses of the Company&#146;s counsel and the
Company&#146;s accountants in connection with the registration and delivery of the
Shares under the Securities Act and all other fees or expenses in connection
with the preparation and filing of the Registration Statement, any preliminary
prospectus, the Time of Sale Prospectus, the Prospectus, any free writing
prospectus prepared by or on behalf of, used by, or referred to by the Company,
and amendments and supplements to any of the foregoing, including all printing
costs associated therewith, and the mailing and delivering of copies thereof to
the Underwriters and dealers, in the quantities hereinabove specified, (ii) all
costs and expenses related to the transfer and delivery of the Shares to the
Underwriters, including any transfer or other similar taxes payable thereon,
(iii) the cost of printing or producing any Blue Sky or Legal Investment
memorandum in connection with the offer and sale of the Shares under state
securities laws and all expenses in connection with the qualification of the
Shares for offer and sale under state securities laws as provided in
Section&nbsp;6(g) hereof, including filing fees and the reasonable fees and
disbursements of counsel for the Underwriters (not to exceed $5,000) in
connection with such qualification and in connection with the Blue Sky or Legal
Investment memorandum, (iv) all filing fees and the reasonable fees and
disbursements of counsel to the Underwriters (not to exceed $25,000) incurred
in connection with the review and qualification of the offering of the Shares
by FINRA, (v) all fees and expenses in connection with the preparation and
filing of the registration statement on Form&nbsp;8-A relating to the Common
Stock and all costs and expenses incident to listing the Shares on the New York
Stock Exchange, (vi) the cost of printing certificates representing the Shares,
(vii) the costs and charges of any transfer agent, registrar or depositary,
(viii) the costs and expenses of the Company relating to investor presentations
on any &#147;road show&#148; undertaken in connection with the marketing of the offering of
</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>24</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>the Shares,
including, without limitation, expenses associated with the preparation or
dissemination of any electronic road show, expenses associated with the
production of road show slides and graphics, fees and expenses of any
consultants engaged in connection with the road show presentations with the
prior approval of the Company, travel and lodging expenses of the
representatives and officers of the Company and any such consultants, and the
cost of any aircraft chartered in connection with the road show, (ix) the
document production charges and expenses associated with printing this
Agreement, and (x) all other costs and expenses incident to the performance of
the obligations of the Company hereunder for which provision is not otherwise
made in this Section. It is understood, however, that except as provided in
this Section, Section 8 entitled &#147;Indemnity and Contribution&#148; and the last
paragraph of Section&nbsp;10 below, the Underwriters will pay all of their
costs and expenses, including fees and disbursements of their counsel, stock
transfer taxes payable on resale of any of the Shares by them and any
advertising expenses connected with any offers they may make. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company also covenants with each Underwriter that, without the prior written consent
of Morgan Stanley and Merrill Lynch on behalf of the Underwriters, it will not,
during the period ending 180 days after the date of the Prospectus,
(1)&nbsp;offer, pledge, sell, contract to sell, sell any option or contract to
purchase, purchase any option or contract to sell, grant any option, right or
warrant to purchase, lend, or otherwise transfer or dispose of, directly or
indirectly, any shares of Common Stock or any securities convertible into or
exercisable or exchangeable for Common Stock or (2)&nbsp;enter into any swap or
other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of the Common Stock, whether any such
transaction described in clause&nbsp;(1) or (2) above is to be settled by delivery
of Common Stock or such other securities, in cash or otherwise or (3)&nbsp;file
any registration statement with the Commission relating to the offering of any
shares of Common Stock or any securities convertible into or exercisable or
exchangeable for Common Stock.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
restrictions contained in the preceding paragraph shall not apply to (a) the
Shares to be sold hereunder<B>, </B>or (b) the establishment of a trading
plan pursuant to Rule 10b5-1 under the Exchange Act, for the transfer of shares
of Common Stock, provided that such plan does not provide for the transfer of
Common Stock during the 180 day restricted period. Notwithstanding the
foregoing, if (1)&nbsp;during the last 17 days of the 180-day restricted period
the Company issues an earnings release or material news or a material event
relating to the Company occurs; or (2)&nbsp;prior to the expiration of the
180&#150;day restricted period, the Company announces that it will release earnings
results during the 16-day period beginning on the last day of the 180-day
period, the restrictions imposed by this agreement shall continue to apply
until the expiration of the 18-day period beginning on the issuance of the
earnings release or the occurrence of the material news or material event. The
Company shall promptly notify the Representatives of any earnings release, news
or event that may give rise to an extension of the initial 180-day restricted
period.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.
<I>Covenants of the Underwriters</I>.
Each Underwriter severally covenants with the Company that it will not take any
action that would result in the Company being required to file with the
Commission under Rule 433(d) a free writing prospectus prepared by or on behalf
of such Underwriter that otherwise would not be required to be filed by the
Company thereunder, but for the action of the Underwriter.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.
<I>Indemnity and Contribution.</I> (a) The Company agrees to indemnify and hold harmless each Underwriter, each
person, if any, who controls any Underwriter within the meaning of either
Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act
and each affiliate of any Underwriter within the meaning of Rule&nbsp;405 under
the Securities Act from and against any and all losses, claims, damages and
liabilities (including, without limitation, any legal or other expenses
reasonably incurred in connection with defending or investigating any such
action or claim) caused by any untrue statement or alleged untrue statement of
a material fact contained in the Registration Statement or any amendment
thereof or caused by any omission or alleged omission to state therein a
material fact required to be stated </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>25</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>therein or
necessary to make the statements therein not misleading or caused by any untrue
statement or alleged untrue statement of a material fact contained in any preliminary
prospectus, the Time of Sale Prospectus, any issuer free writing prospectus as
defined in Rule 433(h) under the Securities Act, any Company information that
the Company has filed, or is required to file, pursuant to Rule 433(d) under
the Securities Act, or the Prospectus or any amendment or supplement thereto,
or caused by any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading,
except insofar as such losses, claims, damages or liabilities are caused by any
such untrue statement or omission or alleged untrue statement or omission based
upon information relating to any Underwriter furnished to the Company in
writing by such Underwriter through the Representatives expressly for use
therein. The Company
agrees and confirms that references to &#147;affiliates&#148; of Morgan Stanley that
appear in this Agreement shall be understood to include Mitsubishi UFJ Morgan
Stanley Securities Co., Ltd.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Each Underwriter agrees, severally and not jointly, to indemnify and hold
harmless the Company, its directors, its officers who sign the Registration
Statement and each person, if any, who controls the Company within the meaning
of either Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the
Exchange Act to the same extent as the foregoing indemnity from the Company to
such Underwriter, but only with reference to information relating to such Underwriter
furnished to the Company in writing by such Underwriter through the
Representatives expressly for use in the Registration Statement, any
preliminary prospectus, the Time of Sale Prospectus, any issuer free writing
prospectus or the Prospectus or any amendment or supplement thereto. The Company
acknowledges that the statements set forth (i) in the last paragraph of the
cover page regarding delivery of the Shares, (ii) the list of Underwriters and
their respective participation in the sale of the Shares under the heading
&#147;Underwriting,&#148; (iii) the sentences related to concessions and reallowances
under the heading &#147;Underwriting&#148; and (iv) the paragraphs related to
stabilization and syndicate covering transactions under the heading
&#147;Underwriting&#148; constitute the only information furnished by the several
Underwriters for inclusion in the Registration Statement, any preliminary
prospectus, the Time of Sale Prospectus, any issuer free writing prospectus or
the Prospectus or any amendment or supplement thereto.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
In case any proceeding (including any governmental investigation) shall be
instituted involving any person in respect of which indemnity may be sought
pursuant to Section&nbsp;8(a) or 8(b), such person (the &#147;<B>indemnified party</B>&#148;) shall promptly notify
the person against whom such indemnity may be sought (the &#147;<B>indemnifying party</B>&#148;) in writing and the
indemnifying party, upon request of the indemnified party, shall retain counsel
reasonably satisfactory to the indemnified party to represent the indemnified
party and any others the indemnifying party may designate in such proceeding
and shall pay the fees and disbursements of such counsel related to such
proceeding. In any such proceeding, any indemnified party shall have the right
to retain its own counsel, but the fees and expenses of such counsel shall be
at the expense of such indemnified party unless (i) the indemnifying party and
the indemnified party shall have mutually agreed to the retention of such
counsel or (ii) the named parties to any such proceeding (including any impleaded
parties) include both the indemnifying party and the indemnified party and
representation of both parties by the same counsel would be inappropriate due
to actual or potential differing interests between them. It is understood that the
indemnifying party shall not, in respect of the legal expenses of any
indemnified party in connection with any proceeding or related proceedings in
the same jurisdiction, be liable for the fees and expenses of more than one
separate firm (in addition to any local counsel) for all such indemnified
parties and that all such fees and expenses shall be reimbursed as they are
incurred. Such firm shall be designated in writing by the Representatives, in
the case of parties indemnified pursuant to Section&nbsp;8(a), and by the
Company, in the case of parties indemnified pursuant to Section&nbsp;8(b). The
indemnifying party shall not be liable for any settlement of any proceeding
effected without its written consent, but if settled with such consent or if
there be a final judgment for the plaintiff, the indemnifying party agrees to
indemnify the indemnified party from and against any loss or liability by
reason of such settlement or judgment. Notwithstanding the foregoing </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>26</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>sentence, if
at any time an indemnified party shall have requested an indemnifying party to
reimburse the indemnified party for fees and expenses of counsel as
contemplated by the second and third sentences of this paragraph, the
indemnifying party agrees that it shall be liable for any settlement of any
proceeding effected without its written consent if (i) such settlement is
entered into more than 30 days after receipt by such indemnifying party of the
aforesaid request and (ii) such indemnifying party shall not have reimbursed
the indemnified party in accordance with such request prior to the date of such
settlement. No indemnifying party shall, without the prior written consent of
the indemnified party, effect any settlement of any pending or threatened
proceeding in respect of which any indemnified party is or could have been a
party and indemnity could have been sought hereunder by such indemnified party,
unless such settlement (i) includes an unconditional release of such
indemnified party from all liability on claims that are the subject matter of
such proceeding and (ii) does not include a statement as to or an admission of
fault, culpability or a failure to act by or on behalf of any indemnified
party.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
To the extent the indemnification provided for in Section&nbsp;8(a) or 8(b) is
unavailable to an indemnified party or insufficient in respect of any losses,
claims, damages or liabilities referred to therein, then each indemnifying
party under such paragraph, in lieu of indemnifying such indemnified party
thereunder, shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, claims, damages or liabilities (i) in such
proportion as is appropriate to reflect the relative benefits received by the
Company on the one hand and the Underwriters on the other hand from the
offering of the Shares or (ii) if the allocation provided by clause&nbsp;8(d)(i)
above is not permitted by applicable law, in such proportion as is appropriate
to reflect not only the relative benefits referred to in clause&nbsp;8(d)(i)
above but also the relative fault of the Company on the one hand and of the
Underwriters on the other hand in connection with the statements or omissions
that resulted in such losses, claims, damages or liabilities, as well as any
other relevant equitable considerations. The relative benefits received by the
Company on the one hand and the Underwriters on the other hand in connection
with the offering of the Shares shall be deemed to be in the same respective
proportions as the net proceeds from the offering of the Shares (before
deducting expenses) received by the Company and the total underwriting
discounts and commissions received by the Underwriters, in each case as set
forth in the table on the cover of the Prospectus, bear to the aggregate Public
Offering Price of the Shares. The relative fault of the Company on the one hand
and the Underwriters on the other hand shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company or by the Underwriters and the
parties&#146; relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. The Underwriters&#146; respective
obligations to contribute pursuant to this Section 8 are several in proportion
to the respective number of Shares they have purchased hereunder, and not
joint.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
The Company and the Underwriters agree that it would not be just or equitable if
contribution pursuant to this Section 8 were determined by <I>pro rata</I> allocation (even if the
Underwriters were treated as one entity for such purpose) or by any other
method of allocation that does not take account of the equitable considerations
referred to in Section&nbsp;8(d). The amount paid or payable by an indemnified
party as a result of the losses, claims, damages and liabilities referred to in
Section&nbsp;8(d) shall be deemed to include, subject to the limitations set
forth above, any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action
or claim. Notwithstanding the provisions of this Section 8, no Underwriter
shall be required to contribute any amount in excess of the amount by which the
total price at which the Shares underwritten by it and distributed to the
public were offered to the public exceeds the amount of any damages that such
Underwriter has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. The remedies provided for in this
Section&nbsp;8 are not exclusive and </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>27</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>shall not
limit any rights or remedies which may otherwise be available to any
indemnified party at law or in equity.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
The indemnity and contribution provisions contained in this Section 8 and the
representations, warranties and other statements of the Company contained in
this Agreement shall remain operative and in full force and effect regardless
of (i) any termination of this Agreement, (ii) any investigation made by or on behalf
of any Underwriter, any person controlling any Underwriter or any affiliate of
any Underwriter or by or on behalf of the Company, its officers or directors or
any person controlling the Company and (iii) acceptance of and payment for any of
the Shares.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.
<I>Termination</I>. The Underwriters may
terminate this Agreement by notice given by you to the Company, if after the
execution and delivery of this Agreement and prior to the Closing Date (i) trading generally shall have been suspended or materially limited on, or
by, as the case may be, any of the New York Stock Exchange, the American Stock
Exchange or the NASDAQ Global Market or other relevant exchanges, (ii) trading
of any securities of the Company shall have been suspended on any exchange or in
any over-the-counter market, (iii) a material disruption in securities
settlement, payment or clearance services in the United States or other
relevant jurisdiction shall have occurred, (iv) any moratorium on commercial
banking activities shall have been declared by Federal or New York State
authorities or (v) there shall have occurred any outbreak or escalation of
hostilities, or any change in financial markets or any calamity or crisis that,
in your judgment, is material and adverse and which, singly or together with
any other event specified in this clause&nbsp;(v), makes it, in your judgment,
impracticable or inadvisable to proceed with the offer, sale or delivery of the
Shares on the terms and in the manner contemplated in the Time of Sale
Prospectus or the Prospectus.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.
<I>Effectiveness; Defaulting Underwriters</I>.
This Agreement shall become effective upon the execution and delivery hereof by
the parties hereto.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
on the Closing Date or an Option Closing Date, as the case may be, any one or
more of the Underwriters shall fail or refuse to purchase Shares that it has or
they have agreed to purchase hereunder on such date, and the aggregate number
of Shares which such defaulting Underwriter or Underwriters agreed but failed
or refused to purchase is not more than one-tenth of the aggregate number of
the Shares to be purchased on such date, the other Underwriters shall be
obligated severally in the proportions that the number of Firm Shares set forth
opposite their respective names in Schedule&nbsp;I bears to the aggregate
number of Firm Shares set forth opposite the names of all such non-defaulting
Underwriters, or in such other proportions as you may specify, to purchase the
Shares which such defaulting Underwriter or Underwriters agreed but failed or
refused to purchase on such date; <I>provided</I>
that in no event shall the number of Shares that any Underwriter has agreed to
purchase pursuant to this Agreement be increased pursuant to this
Section&nbsp;10 by an amount in excess of one-ninth of such number of Shares
without the written consent of such Underwriter. If, on the Closing Date, any
Underwriter or Underwriters shall fail or refuse to purchase Firm Shares and
the aggregate number of Firm Shares with respect to which such default occurs
is more than one-tenth of the aggregate number of Firm Shares to be purchased
on such date, and arrangements satisfactory to you and the Company for the
purchase of such Firm Shares are not made within 36 hours after such default,
this Agreement shall terminate without liability on the part of any
non-defaulting Underwriter or the Company. In any such case either you or the
Company shall have the right to postpone the Closing Date, but in no event for
longer than seven days, in order that the required changes, if any, in the
Registration Statement, in the Time of Sale Prospectus, in the Prospectus or in
any other documents or arrangements may be effected. If, on an Option Closing
Date, any Underwriter or Underwriters shall fail or refuse to purchase
Additional Shares and the aggregate number of Additional Shares with respect to
which such default occurs is more than one-tenth of the aggregate number of
Additional Shares to be purchased on such Option Closing Date, the
non-defaulting Underwriters shall have the option to (i) terminate their
obligation hereunder to purchase the Additional </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>28</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>Shares to be
sold on such Option Closing Date or (ii) purchase not less than the number of
Additional Shares that such non-defaulting Underwriters would have been
obligated to purchase in the absence of such default. Any action taken under
this paragraph shall not relieve any defaulting Underwriter from liability in
respect of any default of such Underwriter under this Agreement.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Agreement shall be terminated by the Underwriters, or any of them, because
of any failure or refusal on the part of the Company to comply with the terms
or to fulfill any of the conditions of this Agreement, or if for any reason the
Company shall be unable to perform its obligations under this Agreement, the
Company will reimburse the Underwriters or such Underwriters as have so
terminated this Agreement with respect to themselves, severally, for all
out-of-pocket expenses (including the fees and disbursements of their counsel)
reasonably incurred by such Underwriters in connection with this Agreement or
the offering contemplated hereunder.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.
<I>Entire
Agreement</I>. (a) This Agreement, together with any contemporaneous
written agreements and any prior written agreements (to the extent not
superseded by this Agreement) that relate to the offering of the Shares,
represents the entire agreement between the Company and the Underwriters with
respect to the preparation of any preliminary prospectus, the Time of Sale
Prospectus, the Prospectus, the conduct of the offering, and the purchase and
sale of the Shares.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
The Company acknowledges that in connection with the offering of the Shares: (i) the Underwriters have acted at arms length, are not agents of, and owe no
fiduciary duties to, the Company or any other person, (ii) the Underwriters owe
the Company only those duties and obligations set forth in this Agreement and
prior written agreements (to the extent not superseded by this Agreement), if
any, and (iii) the Underwriters may have interests that differ from those of the
Company. The Company waives to the full extent permitted by applicable law any
claims it may have against the Underwriters arising from an alleged breach of
fiduciary duty in connection with the offering of the Shares.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.
<I>Counterparts</I>. This Agreement may
be signed in two or more counterparts, each of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same
instrument.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.
<I>Applicable Law</I>. This Agreement
shall be governed by and construed in accordance with the internal laws of the
State of New York. The Company hereby submits to the non-exclusive jurisdiction
of the United States federal and state courts in the Borough of Manhattan in
The City of New York (a &#147;<B>New York Court</B>&#148;) in any suit or proceeding
arising out of or relating to this Agreement or the transactions contemplated
hereby. The Company irrevocably and unconditionally waives any objection to the
laying of venue of any suit or proceeding arising out of or relating to this
Agreement or the transactions contemplated hereby in a New York Court and
irrevocably and unconditionally waives and agrees not to plead or claim in any
such court that any such suit or proceeding in any such court has been brought
in an inconvenient forum. The Company has appointed CT Corporation as its
authorized agent (the &#147;<B>Authorized Agent</B>&#148;) upon whom process may be
served in any suit, action or proceeding arising out of or based upon this
Agreement or the transactions contemplated herein which may be instituted in
any New York Court, by any Underwriter, the directors, officers, employees and
agents of any Underwriter, or by any person who controls any Underwriter, and
expressly accepts the non-exclusive jurisdiction of any such court in respect
of any such suit, action or proceeding. The Company hereby represents and
warrants that the Authorized Agent has accepted such appointment and has agreed
to act as said agent for service of process, and each of them agrees to take
any and all action, including the filing of any and all documents that may be
necessary to continue such appointment in full force and effect as aforesaid.
Service of process upon the Authorized Agent shall be deemed, in every respect,
effective service of process upon the Company. Notwithstanding the foregoing,
any action arising out of or based upon this Agreement may be instituted by any
Underwriter, the directors, officers, employees and agents </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>29</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>of any
Underwriter, or by any person who controls any Underwriter, in any court of
competent jurisdiction in the Republic of the Marshall Islands.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligation of the Company pursuant to this Agreement in respect of any sum due
to any Underwriter shall, notwithstanding any judgment in a currency other than
United States dollars, not be discharged until the first business day,
following receipt by such Underwriter of any sum adjudged to be so due in such
other currency, on which (and only to the extent that) such Underwriter may in
accordance with normal banking procedures purchase United States dollars with
such other currency; if the United States dollars so purchased are less than
the sum originally due to such Underwriter hereunder, the Company agrees, as a
separate obligation and notwithstanding any such judgment, to indemnify such
Underwriter against such loss. If the United States dollars so purchased are
greater than the sum originally due to such Underwriter hereunder, such
Underwriter agrees to pay to the Company an amount equal to the excess of the
dollars so purchased over the sum originally due to such Underwriter hereunder.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.
<I>Waiver of
Immunity</I>. To the extent that the Company has or hereafter may
acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding,
from jurisdiction of any court or from set-off or any legal process (whether
service or notice, attachment in aid or otherwise) with respect to itself or
any of its property, the Company hereby irrevocably waives and agrees not to
plead or claim such immunity in respect of its obligations under this
Agreement.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.
<I>Headings</I>. The headings of the
sections of this Agreement have been inserted for convenience of reference only
and shall not be deemed a part of this Agreement.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.
<I>Notices</I>.
All communications hereunder shall be in writing and effective only upon
receipt and if to the Underwriters shall be delivered, mailed or sent care of
(i) Morgan Stanley&nbsp;&amp;&nbsp;Co. Incorporated, 1585&nbsp;Broadway, New
York, New York&nbsp;10036, Attention: Equity Syndicate Desk, with a copy to the
Legal Department and (ii) Merrill Lynch at One Bryant Park, New York, New York
10036, attention of Syndicate Department, with a copy to ECM Legal, with a copy
to Morgan, Lewis &amp; Bockius LLP, 101
Park Avenue, New York, New York 10178, Attention: Stephen P. Farrell, Esq.;
and if to the Company shall be delivered, mailed or sent to Costamare Inc., 60
Zephyrou Street &amp; Syngrou Avenue, 175 64 Athens, Greece, Attention: General
Counsel, with a copy to Cravath, Swaine &amp; Moore LLP, Worldwide Plaza, 825
Eighth Avenue, New York, New York 10019, Attention: William P. Rogers, Esq.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.
<I>Parties</I>. This Agreement shall each inure to the benefit of and be binding upon
the Underwriters and the Company and their respective successors. Nothing
expressed or mentioned in this Agreement is intended or shall be construed to
give any person, firm or corporation, other than the Underwriters and the
Company and their respective successors and the controlling persons and
officers and directors referred to in Section 8 and their heirs and legal
representatives, any legal or equitable right, remedy or claim under or in
respect of this Agreement or any provision herein contained. This Agreement and
all conditions and provisions hereof are intended to be for the sole and
exclusive benefit of the Underwriters and the Company and their respective
successors, and said controlling persons and officers and directors and their
heirs and legal representatives, and for the benefit of no other person, firm or
corporation. No purchaser of Shares from any Underwriter shall be deemed to be
a successor by reason merely of such purchase. No party may assign this
Agreement, in whole or in part, without the prior written consent of the other
parties.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>[Signature page follows.]</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>30</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="82%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="43%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="43%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Very truly
 yours,</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Costamare
 Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>By:&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Name:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 </TD>
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 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Title:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 </TD>
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 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
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 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Accepted as of the date hereof, on behalf of itself and the several
 Underwriters named in Schedule I hereto:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>By: Morgan
 Stanley &amp; Co. Incorporated</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>By:&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Name:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Title:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>By: Merrill
 Lynch, Pierce, Fenner &amp; Smith</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporated</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>By:&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Name:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Title:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2><B> [Signature Page to the Underwriting Agreement]</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=2><B>SCHEDULE I</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="74%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="23%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Underwriter</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Number of Firm Shares To Be<BR>
 Purchased</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Morgan
 Stanley &amp; Co. Incorporated</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Merrill
 Lynch, Pierce, Fenner &amp; Smith</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

<TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:42.3PT;TEXT-INDENT:5.07PT'><FONT  SIZE=2>Incorporated</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Dahlman Rose &amp; Company, LLC</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>RBS Securities Inc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Wells Fargo Securities, LLC</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Total:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>I-1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE=2><B>SCHEDULE II</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>Time of Sale Prospectus</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Preliminary
 Prospectus issued [&#9679;], 2010</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>[2.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Free writing
 prospectus filed by the Company under Rule 433(d) of the Securities Act on
 [&#9679;], 2010]</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>II-1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE=2><B>SCHEDULE III</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>Schedule III-1</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>Owned Vessels</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="28%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="30%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Owning
 Entity</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Vessel
 Name</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Jurisdiction
 of Owning<BR>
 Entity Incorporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Jurisdiction
 of<BR>
 Vessel<BR>
 Registration</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Achilleas Maritime
 Corporation</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Maersk Kobe</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Alexia Transport Corp.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Zim Piraeus</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>Hong Kong</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Angistri Corporation</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Zim New York</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN="CENTER"><FONT SIZE=2>Hong Kong</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Bullow Investments Inc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>MSC Mykonos</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Burton Shipping Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>MSC Sudan</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN="CENTER"><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Capetanissa Maritime
 Corporation</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Cosco Beijing</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Caravokyra Maritime
 Corporation</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Cosco Hellas</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Christos Maritime
 Corporation</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Sealand Washington</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Costachille Maritime
 Corporation</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Cosco Yantian</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Costis Maritime Corporation</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Sealand New York</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Denor Shipping Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Horizon</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN="CENTER"><FONT SIZE=2>Hong Kong</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Dino Shipping Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Sealand Michigan</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Fanakos Maritime
 Corporation</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Oakland Express</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Fastsailing Maritime Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Zim Shanghai</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P  ALIGN="CENTER"><FONT SIZE=2>Hong Kong</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Flow Shipping Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>New York Express</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Grappa Shipping Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Akritas</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>Hong Kong </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Guildmore Navigation S.A.</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>MSC
 Austria (ex. Maersk Toyama)</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Honaker Shipping Company</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>MSC Washington</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Kalamata Shipping
 Corporation</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Maersk Kolkata</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Kelsen Shipping Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Maersk Kure</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Lang Shipping Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>MSC Challenger</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN="CENTER"><FONT SIZE=2>Hong Kong</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Lege Shipping Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>MSC Fado (ex. Westmed II)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Lytton Shipping Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Garden</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN="CENTER"><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Marathos Shipping Inc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>MSC Mandraki</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Marina Maritime Corporation</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Cosco Ningbo</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Marvista Maritime Inc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>MSC Kyoto</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Mas Shipping Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Maersk Kokura</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Mera Shipping Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>MSC Sierra</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Merin Shipping Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Gather</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN="CENTER"><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Merten Shipping Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Maersk Kalamata</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Miko Shipping Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Sealand Illinois</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Montes Shipping Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Maersk Kawasaki</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Navarino Maritime
 Corporation</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Maersk Kingston</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Ray Shipping Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>MSC Tuscany</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>Hong Kong</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Rena Maritime Corporation</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Cosco Guangzhou</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Sims Shipping Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>MSC Namibia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Takoulis Maritime
 Corporation</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Singapore Express</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Uriza Shipping S.A.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>MSC Navarino</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Venor Shipping Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Genius I</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN="CENTER"><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Volk Shipping Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Gifted</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>West End Shipping Co. Ltd.</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>MSC Antwerp (ex. Sophia
 Britannia)</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="Top" BGCOLOR="#E5FFFF" CHAR="center">
 <P ALIGN="CENTER"><FONT SIZE=2>Hong Kong</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>III-1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2>Schedule III-2</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>Contracted Vessels</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="19%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Vessel
 Name</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>H 1068 A<SUP>(1)</SUP></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>H 1069 A<SUP>(1)</SUP></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>H 1070 A<SUP>(1)</SUP></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Japan Sea<SUP>(2)</SUP></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Andaman Sea<SUP>(2)</SUP></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Zim Israel<SUP>(2)</SUP></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Zim Hong Kong<SUP>(2)</SUP></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Indicates a
 newbuilding.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Indicates the vessel&#146;s
  name on the date hereof.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>III-2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>

<P ALIGN=RIGHT STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:.5IN; TEXT-INDENT:-.5IN'><FONT SIZE=2><B>EXHIBIT
A </B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B> [FORM OF LOCK-UP LETTER]</B></FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2>________, 2010 </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Morgan
 Stanley &amp; Co. Incorporated</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Merrill
 Lynch, Pierce, Fenner &amp; Smith </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:51.85PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Incorporated </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>As Representatives of the several
 Underwriters </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>c/o Morgan
 Stanley &amp; Co. Incorporated</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1585
 Broadway </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>New York, New York
 10036 </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>Ladies and
Gentlemen: </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned understands that Morgan Stanley &amp; Co. Incorporated (&#147;<B>Morgan Stanley</B>&#148;) and Merrill Lynch, Pierce,
Fenner &amp; Smith Incorporated (&#147;<B>Merrill
Lynch</B>&#148;) propose to enter into an Underwriting Agreement (the &#147;<B>Underwriting Agreement</B>&#148;) with Costamare
Inc., a Marshall Islands corporation (the &#147;<B>Company</B>&#148;),
providing for the public offering (the &#147;<B>Public
Offering</B>&#148;) by the several Underwriters, including Morgan Stanley and
Merrill Lynch (the &#147;<B>Underwriters</B>&#148;),
of shares (the &#147;<B>Shares</B>&#148;) of the
common stock, par value $0.0001 per share, of the Company (the &#147;<B>Common Stock</B>&#148;). </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To induce
the Underwriters that may participate in the Public Offering to continue their
efforts in connection with the Public Offering, the undersigned hereby agrees
that, without the prior written consent of Morgan Stanley and Merrill Lynch on
behalf of the Underwriters, the undersigned will not, during the period
commencing on the date hereof and ending 180 days after the date of the final
prospectus relating to the Public Offering (the &#147;<B>Prospectus</B>&#148;), (1) offer, pledge, sell, contract to sell, sell
any option or contract to purchase, purchase any option or contract to sell,
grant any option, right or warrant to purchase, lend, or otherwise transfer or
dispose of, directly or indirectly, any shares of Common Stock or any
securities convertible into or exercisable or exchangeable for Common Stock or
(2) enter into any swap or other arrangement that transfers to another, in
whole or in part, any of the economic consequences of ownership of the Common
Stock, whether any such transaction described in clause (1) or (2) above is to
be settled by delivery of Common Stock or such other securities, in cash or
otherwise. The foregoing sentence shall not apply to (a) transactions relating
to shares of Common Stock or other securities acquired in open market
transactions after the completion of the Public Offering, <I>provided</I> that no filing under Section
16(a) of the Securities Exchange Act of 1934, as amended (the &#147;<B>Exchange Act</B>&#148;), shall be required or shall
be voluntarily made in connection with subsequent sales of Common Stock or
other securities acquired in such open market transactions, (b) transfers of
shares of Common Stock or any security convertible into Common Stock as a bona
fide gift, (c) distributions of shares of Common Stock or any security
convertible into Common Stock to limited partners or stockholders of the
undersigned; (d) transfers of shares of Common Stock or any security convertible
into Common Stock to any immediate family member of the undersigned or any
trust or other entity for the direct or indirect benefit of the undersigned or
the immediate family of the undersigned (for the purposes of this agreement,
&#147;immediate family&#148; shall mean a relationship by blood, marriage or adoption); <I>provided</I> that in the case </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>A-1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>of any transfer or distribution pursuant to clause (b), (c) or (d), (i)
each donee, distributee, transferee or beneficiary shall sign and deliver a
lock-up letter substantially in the form of this letter and (ii) no filing
under Section 16(a) of the Exchange Act, reporting a reduction in beneficial
ownership of shares of Common Stock shall be required or shall be voluntarily
made during the restricted period referred to in the foregoing sentence, or (e)
the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange
Act for the transfer of shares of Common Stock, <I>provided</I> that such plan does not provide for the transfer of
Common Stock during the restricted period. In addition, the undersigned agrees
that, without the prior written consent of Morgan Stanley and Merrill Lynch on
behalf of the Underwriters, it will not, during the period commencing on the
date hereof and ending 180 days after the date of the Prospectus, make any
demand for or exercise any right with respect to, the registration of any
shares of Common Stock or any security convertible into or exercisable or
exchangeable for Common Stock. The undersigned also agrees and consents to the
entry of stop transfer instructions with the Company&#146;s transfer agent and
registrar against the transfer of the undersigned&#146;s shares of Common Stock
except in compliance with the foregoing restrictions. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If: </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) during
the last 17 days of the restricted period the Company issues an earnings
release or material news or a material event relating to the Company occurs; or
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) prior
to the expiration of the restricted period, the Company announces that it will
release earnings results during the 16-day period beginning on the last day of
the restricted period; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>the restrictions imposed by this agreement shall continue to apply
until the expiration of the 18-day period beginning on the issuance of the
earnings release or the occurrence of the material news or material event. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned shall not engage in any transaction that may be restricted by this
agreement during the 34-day period beginning on the last day of the initial
restricted period unless the undersigned requests and receives prior written
confirmation from the Company or Morgan Stanley and Merrill Lynch that the
restrictions imposed by this agreement have expired. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned understands that the Company and the Underwriters are relying upon
this agreement in proceeding toward consummation of the Public Offering. The
undersigned further understands that this agreement is irrevocable and shall be
binding upon the undersigned&#146;s heirs, legal representatives, successors and
assigns. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether or not
the Public Offering actually occurs depends on a number of factors, including
market conditions. Any Public Offering will only be made pursuant to an
Underwriting Agreement, the terms of which are subject to negotiation between
the Company and the Underwriters. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Very truly
 yours,</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="80%" NOSHADE COLOR=BLACK ALIGN=LEFT>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(Name)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="80%" NOSHADE COLOR=BLACK ALIGN=LEFT>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(Address) </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>A-2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE=2><B>EXHIBIT B </B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>FORM OF MANAGER CERTIFICATE TO BE DELIVERED
PURSUANT TO SECTION 5(C)</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>_____, 2010</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to
Section 5(c) of the Underwriting Agreement, dated _______, 2010 (the &#147;<U>Underwriting
Agreement</U>&#148;), by and among Costamare Inc. and Morgan Stanley &amp; Co.
Incorporated and Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, as
representatives (the &#147;<U>Representatives</U>&#148;) of the several underwriters
named therein (the &#147;<U>Underwriters</U>&#148;), [Costamare Shipping][CIEL][Shanghai
Costamare] (the &#147;<U>Manager</U>&#148;) hereby delivers this certificate (the &#147;<U>Manager
Certificate</U>&#148;) to the Underwriters on the date first written above.
Capitalized terms used herein but not defined herein shall have the meanings given
to them in the Underwriting Agreement. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <U>Representations
and Warranties</U>. The Manager represents and warrants to each Underwriter as
of the date hereof and agrees with each Underwriter, as follows: </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
Manager has received and reviewed a copy of the Underwriting Agreement. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
Manager has been duly organized, is validly existing as a corporation under the
laws of the jurisdiction of its organization, has the corporate power and
authority to own its property and to conduct its business as described in the
Time of Sale Prospectus and is duly qualified to transact business in each
jurisdiction in which the conduct of its business or its ownership or leasing
of property requires such qualification, except where the failure to so qualify
would not result in a Manager Material Adverse Effect. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
representations in Sections 1(l), 1(p), 1(t), 1(u), 1(aa), 1(bb) and 1(cc) of
the Underwriting Agreement, insofar as such statements in such sections relate
to the Manager, are true and correct. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <U>Manager
Officer&#146;s Certificate</U>. The Manager agrees to deliver to the Representatives
at the Closing Date and any Option Closing Date a certificate of an executive
officer, dated as of such date, to the effect that the representations and
warranties of the Manager set forth in this Manager Certificate are true and
correct with the same force and effect as though expressly made at and as of
such date. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>B-1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>c62562_ex4-1.htm
<TEXT>

<html>
<head>
<title></title>
</head>
<body>

<P ALIGN="RIGHT"><FONT SIZE="2"><B>EXHIBIT 4.1</B> </FONT></P>

<center>

<div STYLE='position:relative;left:0;top:0;height:610px;width:900'>

<p style='position:absolute;top:0px;left:0px;'><img src="c62562001_v8.jpg"></p>

<p style='position:absolute;top:98.3125px;left:149.5px;height:12px;width:600.75px; text-align:center;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:30pt;'><b>COSTAMARE INC.</b></font></p>

<p style='position:absolute;top:40.3125px;left:149.5px;height:12px;width:600.75px; text-align:center;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10pt;'>INCORPORATED UNDER THE LAWS OF THE REPUBLIC<BR>OF THE MARSHALL ISLANDS</font></p>

<p style='position:absolute;top:148.3125px;left:149.5px;height:12px;width:600.75px; text-align:center;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10pt;'>TOTAL AUTHORIZED ISSUE<BR>1,000,000,000 COMMON SHARES PAR VALUE $0.0001 EACH<BR>100,000,000 PREFERRED SHARES PAR VALUE $0.0001 EACH</font></p>

<p style='position:absolute;top:60.3125px;left:60.5px;height:12px;width:200.75px; text-align:center;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10pt;'><B>COMMON SHARES</B></font></p>

<p style='position:absolute;top:60.3125px;left:642.5px;height:12px;width:200.75px; text-align:center;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10pt;'><B>COMMON SHARES</B></font></p>

<p style='position:absolute;top:83.3125px;left:55.5px;height:12px;width:200.75px; text-align:center;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:6pt;'><B>N&nbsp;U&nbsp;M&nbsp;B&nbsp;E&nbsp;R</B></font></p>

<p style='position:absolute;top:83.3125px;left:642.5px;height:12px;width:200.75px; text-align:center;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:6pt;'><B>S&nbsp;H&nbsp;A&nbsp;R&nbsp;E&nbsp;S</B></font></p>

<p style='position:absolute;top:157.3125px;left:642.5px;height:12px;width:200.75px; text-align:center;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:6px;'>SEE REVERSE FOR CERTAIN DEFINITIONS</font></p>

<p style='position:absolute;top:172.3125px;left:643.5px;height:12px;width:200.75px; text-align:center;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:11px;'>CUSIP Y1771G 10 2</font></p>

<p style='position:absolute;top:218.3125px;left:70.5px;height:12px;width:200.75px; text-align:center;padding: 0in 0in 0in 0in;'>
<FONT STYLE="font-size:9pt;font-family:Arial">THIS IS TO CERTIFY that</FONT></p>

<p style='position:absolute;top:327.3125px;left:40.5px;height:12px;width:200.75px; text-align:center;padding: 0in 0in 0in 0in;'>
<FONT STYLE="font-size:9pt;font-family:Arial">is the owner of</FONT></p>

<p style='position:absolute;top:372.3125px;left:154.5px;height:12px;width:600.75px; text-align:center;padding: 0in 0in 0in 0in;'>
<FONT STYLE="font-size:8pt;font-family:Arial"><B>FULLY PAID AND NONASSESSABLE COMMON SHARES OF CAPITAL STOCK OF</B></FONT></p>

<p style='position:absolute;top:390.3125px;left:151.5px;height:12px;width:600.75px; text-align:center;padding: 0in 0in 0in 0in;'>
<FONT STYLE="font-size:11px;font-family:Arial"><B>COSTAMARE INC.</B></FONT></p>

<p style='position:absolute;top:408.3125px;left:75.5px;height:12px;width:708.75px; text-align:left;padding: 0in 0in 0in 0in;'>
<FONT STYLE="font-size:11px;font-family:'Times New Roman'">transferable on the books of the Corporation by the holder hereof in person or by duly authorized Attorney
upon surrender of this Certificate properly endorsed. This Certificate is not valid until countersigned by the Transfer Agent and registered by the Registrar.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WITNESS, the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers.</FONT></p>

<p style='position:absolute;top:452.3125px;left:75.5px;height:12px;width:650.75px; text-align:left;padding: 0in 0in 0in 0in;'>
<FONT STYLE="font-size:11px;font-family:'Times New Roman'">Dated</FONT></p>

<p style='position:absolute;top:552.3125px;left:198.5px;height:12px;width:150.75px; text-align:left;padding: 0in 0in 0in 0in;'>
<FONT STYLE="font-size:8px;font-family:Arial"><B>SECRETARY</B></FONT></p>

<p style='position:absolute;top:552.3125px;left:594.5px;height:12px;width:150.75px; text-align:left;padding: 0in 0in 0in 0in;'>
<FONT STYLE="font-size:8px;font-family:Arial"><B>CHIEF EXECUTIVE OFFICER</B></FONT></p>

<p style='position:absolute;top:600.3125px;left:360.5px;height:12px;width:350.75px; text-align:left;padding: 0in 0in 0in 0in;'>
<FONT STYLE="font-size:6px;color:#00659A;font-family:'Times New Roman'"><B>&copy; SECURITY-COLUMBIAN BANKNOTE COMPANY</B></FONT></p>
</div><BR>
</center>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=1 FACE=ARIAL>The Corporation will furnish to any shareholder upon request and without charge, a full statement of the designation, relative
rights, preferences and limitations of the shares of each class and each series of a class of shares authorized to be issued by the
Corporation. With respect to the preferred shares of the Corporation, in accordance with the Articles of Incorporation, as such have
been or may be amended and/or restated of the Corporation, the Board of Directors is expressly authorized, by resolution or
resolutions, to provide, out of the unissued shares of the Preferred Stock, for series of Preferred Stock and, with respect to each
series, to fix the number of shares constituting such series and designations of such series, the voting power (if any) of the shares
of such series and the preferences and relative, participating, optional or other special rights, if any, and any qualifications,
limitations or restrictions thereof, of the shares of such series. Such request may be made to the Secretary of the Corporation or
the Transfer Agent.<BR><BR>THIS CERTIFICATE ALSO EVIDENCES AND ENTITLES THE HOLDER HEREOF TO CERTAIN RIGHTS AS SET FORTH IN A STOCKHOLDERS RIGHTS AGREEMENT
BETWEEN COSTAMARE INC. AND AMERICAN STOCK TRANSFER &amp; TRUST COMPANY, LLC, AS THE RIGHTS AGENT (THE &#148;RIGHTS AGREEMENT&#148;), THE TERMS OF
WHICH ARE HEREBY INCORPORATED HEREIN BY REFERENCE AND A COPY OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF COSTAMARE INC.
UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS AGREEMENT, SUCH RIGHTS WILL BE EVIDENCED BY SEPARATE CERTIFICATES AND WILL NO
LONGER BE EVIDENCED BY THIS CERTIFICATE. COSTAMARE INC. WILL MAIL TO THE HOLDER OF THIS CERTIFICATE A COPY OF THE RIGHTS AGREEMENT
WITHOUT CHARGE AFTER RECEIPT OF A WRITTEN REQUEST THEREFOR. UNDER CERTAIN CIRCUMSTANCES SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS
ISSUED TO, OR HELD BY, ANY PERSON OR ANY AFFILIATE OR ASSOCIATE THEREOF WHO IS, WAS OR BECOMES AN ACQUIRING PERSON (AS SUCH TERMS ARE
DEFINED IN THE RIGHTS AGREEMENT), WHETHER CURRENTLY HELD BY OR ON BEHALF OF SUCH PERSON OR BY ANY SUBSEQUENT HOLDER, MAY BECOME NULL
AND VOID.<BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 ALIGN=CENTER CELLSPACING=0 CELLPADDING=0 WIDTH="96%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="6%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="55%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP NOWRAP>
 <P><FONT SIZE=1 >TEN COM&nbsp;&nbsp;</FONT></P>

 </TD>
 <TD VALIGN=TOP NOWRAP>
 <P ALIGN=CENTER><FONT SIZE=1  >&#150;&nbsp;</FONT></P>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT  SIZE="1"><I>as tenants in common</I> </FONT></P>

 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT SIZE=1 >UNIF GIFT MIN ACT</FONT></P>
 </TD>
 <TD VALIGN=TOP NOWRAP>
 <P ><FONT SIZE=1  >&#150;&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 >&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=TOP NOWRAP>
 <P><FONT  SIZE="1"><I>&nbsp;Custodian&nbsp;</I> </FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 >&nbsp;</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=CENTER><FONT  SIZE="1"><I>(Cust)</I> </FONT></P>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT  SIZE="1"><I>(Minor)</I> </FONT></P>

 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 >TEN ENT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  >&#150;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT  SIZE="1"><I>as tenants by the entireties</I> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT  SIZE="1"><I>under Uniform Gifts to Minors Act</I> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>JT TEN</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&#150;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1><I>as joint tenants with right of</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P ALIGN=CENTER><FONT  SIZE="1"><I>(State)</I> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT  SIZE="1"><I>survivorship and not as tenants<BR>in common</I> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=9 VALIGN=TOP>
 <P ALIGN=CENTER><FONT  SIZE="1"><I>Additional abbreviations may also be used though not in the above list.</I> </FONT></P>


 </TD>
 </TR>
</TABLE>

<P Style="margin-left:4%;margin-right:4%"><FONT SIZE=3><I>For value received, </I><FONT SIZE=3><I>__________________</I></FONT><FONT SIZE=3><I> hereby sell, assign and transfer unto</I></FONT></FONT></P>

<TABLE BORDER=0 ALIGN=CENTER CELLSPACING=0 CELLPADDING=0 WIDTH="92%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="31%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="61%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

<TR>
 <TD VALIGN=TOP style=padding:3pt nowrap>
 <P ALIGN="CENTER"><FONT SIZE=1 face=arial>PLEASE INSERT SOCIAL SECURITY OR OTHER <BR>
 IDENTIFYING NUMBER OF ASSIGNEE</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-top:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=2 FACE=ARIAL>&nbsp;<BR><BR></FONT></P>


 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
</TABLE>
<P Style="margin-left:4%;margin-right:4%" ALIGN=JUSTIFY><FONT SIZE=3><I>___________________________________________________________________________________________
Shares of the Common Stock represented by the within Certificate, and do hereby irrevocably constitute and appoint
_______
_________________________________________________________________________________________________

Attorney to transfer the said stock on the books of the within-named Corporation with full power of substitution in the premises.</I></FONT></P>

<TABLE BORDER=0 ALIGN=CENTER CELLSPACING=0 CELLPADDING=0 WIDTH="92%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="53%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Dated</I></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT SIZE=2 FACE=ARIAL>&nbsp;Signature(s):</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>X</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>X&nbsp;</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP COLSPAN=2>
 <P ALIGN="RIGHT" Style="margin-top:3px"><FONT style="font-size:8pt" FACE=ARIAL><b>NOTICE:</b>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT style="font-size:8pt" FACE=ARIAL>THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION
 OR ENLARGEMENT OR ANY CHANGE WHATEVER.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 ALIGN=CENTER CELLSPACING=0 CELLPADDING=0 WIDTH="92%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="51%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="41%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Signature(s) Guaranteed<BR><BR></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>By_____________________________________________________________</font><FONT style="font-size:8pt" FACE=ARIAL>
 <BR>THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
 STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN
 APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

 <P STYLE="margin-left:4%;margin-right:4%" ALIGN="JUSTIFY"><FONT FACE="arial" SIZE="2"><B>KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN, MUTILATED OR DESTROYED, THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.</B> </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>c62562_ex5-1.htm
<TEXT>

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<HEAD>
   <TITLE>c62562_ex5-1.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<BODY bgcolor="#ffffff">


<P align="right">Exhibit 5.1</P>

<P align="center">
<IMG src="c62562_ex5-1x1x1.jpg" border=0><br>

<IMG src="c62562_ex5-1x1x2.jpg" border=0>
</P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%"><FONT face="serif">October 27, 2010</FONT></td>
    <td align="right"><B><FONT size=2 face="serif">Geoffrey D. Ferrer</FONT></B><BR>
      <B><FONT size=1 face="serif">Direct Phone 212.908.1201</FONT></B><BR>
      <B><FONT size=1 face="serif">Direct Fax 877.836.0586</FONT></B><BR>
      <B><FONT size=1 face="serif">gferrer@cozen.com </FONT></B></td>
  </tr>
</table>

<P align="left">
<FONT face="serif">Costamare Inc.<br>
60 Zephyrou Street &amp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syngrou Avenue<br>
17564 Athens<br>
Greece </FONT></P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re: Costamare Inc.</FONT><br>
<br>

<P align="left">
<FONT face="serif">Dear Sirs: </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">We have acted as special counsel as to matters of the law of the Republic of the Marshall Islands (&#147;</FONT><U><FONT face="serif">Marshall Islands Law</FONT></U><FONT face="serif">&#148;) to
Costamare Inc. (the &#147;</FONT><U><FONT face="serif">Company</FONT></U><FONT face="serif">&#148;) in connection with the Company&#146;s Registration Statement on Form F-1 (the &#147;</FONT><U><FONT face="serif">Registration
Statement</FONT></U><FONT face="serif">&#148;) filed by the Company with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the &#147;</FONT><U><FONT face="serif">Act</FONT></U><FONT face="serif">&#148;), and
the rules and regulations thereunder, with respect to the sale by the Company of up to 15,295,000 shares (the &#147;</FONT><U><FONT face="serif">Shares</FONT></U><FONT face="serif">&#148;) of common stock, par value &#36;0.0001 per share, of the
Company, including 1,995,000 Shares that may be sold pursuant to the exercise of an over-allotment option, and related preferred stock purchase rights (the &#147;</FONT><U><FONT face="serif">Rights</FONT></U><FONT face="serif">&#148;) under a
Stockholder Rights Agreement dated as of October 19, 2010 (the &#147;</FONT><U><FONT face="serif">Stockholder Rights</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">Agreement</FONT></U><FONT face="serif">&#148;) between the Company and
American Stock Transfer &amp; Trust Company, LLC, as rights agent. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In so acting, we have examined originals, or copies, certified or otherwise identified to our satisfaction, of (i) the Registration Statement and the prospectus (the &#147;</FONT><U><FONT face="serif">Prospectus</FONT></U><FONT face="serif">&#148;) included therein, (ii) the underwriting agreement (the &#147;</FONT><U><FONT face="serif">Underwriting Agreement</FONT></U><FONT face="serif">&#148;) to be executed between the Company and
the underwriters named therein in the form filed by the Company as an exhibit to the Registration Statement, (iii) the Stockholder Rights Agreement, and (iv) originals, or copies certified or otherwise identified to our satisfaction, of all such
records of the Company, agreements and other documents, certificates of public officials, officers and representatives of the Company and other appropriate persons, and such other documents as we have deemed necessary as a basis for the opinions
hereinafter expressed. In such examination, we have </FONT></P>
<P align="left">&nbsp;</P>

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<P ALIGN="left" style="page-break-before:always"></P><PAGE>
<P align="left">
<FONT face="serif">October 27, 2010<br>
Page 2 <BR>_______________________________________<BR> </FONT></P>
<P align="left">
<FONT face="serif">assumed without independent investigation, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity with the original documents of all documents submitted to us as
photostatic or facsimile copies, and the accuracy of the factual representations made to us by officers and other representatives of the Company. We have also assumed the power, authority and legal right of all parties (other than the Company) to
the Underwriting Agreement and the Stockholder Rights Agreement to enter into and perform their respective obligations thereunder and the due authorization, execution and delivery of such documents by such parties. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">This opinion is limited to Marshall Islands Law as of the date hereof. In rendering our opinion in Paragraph E below we have, with your permission, relied on the opinion addressed to you dated the
date hereof of Cravath, Swaine &amp; Moore LLP, U.S. counsel to the Company, with respect to the Stockholder Rights Agreement. In rendering our opinion as to the valid existence in good standing of the Company, we have relied solely on a Certificate
of Goodstanding issued by the Registrar of Corporations of the Republic of the Marshall Islands on the date hereof. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Based on the foregoing and having regard to legal considerations which we deem relevant, we are of the opinion that: </FONT></P>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp; &nbsp;  &nbsp;&nbsp;</TD>
  <TD nowrap valign=top>
<FONT face="serif">A.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT face="serif">The Company is a corporation duly incorporated, validly existing and in good standing under the law of the Republic of The Marshall Islands.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT face="serif">B.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT face="serif">The Company has the corporate power and corporate authority to enter into, execute, deliver and perform the Stockholder Rights Agreement.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT face="serif">C.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT face="serif">The Company has taken all corporate action required to authorize the Shares and when the Shares are issued and delivered against payment therefore as contemplated in the Registration Statement, the Shares will be
validly issued, fully paid and non-assessable.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT face="serif">D.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT face="serif">The Company has taken all corporate action required to authorize the execution and delivery of the Stockholder Rights Agreement and the issuance of the Rights, and the Stockholder Rights Agreement has been duly
executed and delivered by a duly authorized signatory of the Company.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT face="serif">E.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT face="serif">When issued in accordance with the terms of the Stockholder Rights Agreement, the Rights will have been validly issued and constitute valid and binding obligations of the Company.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Our opinion in Paragraph E above is subject to the qualification that the rights and remedies of any party to the Stockholder Rights Agreement(a) may be limited by bankruptcy, reorganization,
insolvency, moratorium or other similar laws affecting generally the enforcement of creditors&#146; rights from time to time in effect, and (b) are subject to general principles of equity (regardless of whether such rights and remedies are
considered in a proceeding in equity or at law), including application by a court of competent jurisdiction of principles of good faith, fair dealing, commercial reasonableness, materiality, unconscionability and conflict with public policy or other
similar principles. </FONT></P>

<HR noshade align="center" width="100%" size=4>



<P ALIGN="left" style="page-break-before:always"></P><PAGE>
<P align="left">
<FONT face="serif">October 27, 2010<br>
Page 3 <BR>_______________________________________<BR> </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">We consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our name in the Prospectus. In giving such consent, we do not admit that we are in the
category of persons whose consent is required under Section 7 of the Act. </FONT></P>


<div style="margin-left:50%">
<P align="left">
<FONT face="serif">Very truly yours,</FONT></P>
<P align="left">
<FONT face="serif">COZEN O'CONNOR </FONT><BR>
<FONT face="serif">/s/ COZEN O&#146;CONNOR</FONT></P>
</div>
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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>8
<FILENAME>c62562_ex5-2.htm
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=RIGHT><FONT SIZE="2"><B>Exhibit 5.2</B> </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>[Letterhead of]</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>CRAVATH, SWAINE &amp; MOORE LLP<BR></B>[New York Office] </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2>October 27, 2010 </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><U>Costamare Inc.<BR>
Registration Statement on Form F-1</U></FONT></P>

<P><FONT SIZE=2>Ladies and
Gentlemen: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have acted as special United States counsel for Costamare Inc., a Marshall
Islands corporation (the &#147;Company&#148;), in connection with the filing of the
registration statement on Form F-1 referenced above (the &#147;Registration
Statement&#148;), filed with the Securities and Exchange Commission (the
&#147;Commission&#148;) under the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;), with respect to the registration of 15,295,000 shares of common stock,
par value $0.0001 per share of the Company (and associated preferred stock
purchase rights (the &#147;Rights&#148;)), covering the offer and sale by the Company of
up to 15,295,000 shares and the associated Rights to the underwriters (the
&#147;Underwriters&#148;) pursuant to the terms of the underwriting agreement (the
&#147;Underwriting Agreement&#148;) to be executed by the Company and Morgan Stanley
&amp; Co. Incorporated and Merrill Lynch, Pierce, Fenner &amp; Smith
Incorporated, as Representatives of the Underwriters. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
that connection, we have examined originals, or copies certified or otherwise
identified to our satisfaction, of the Registration Statement and the exhibits
thereto and such documents, corporate records and other instruments as we have
deemed necessary or appropriate for the purposes of this opinion, including,
without limitation, (a) the Second Amended and Restated Certificate of Incorporation
of the Company, (b) the First Amended and Restated Bylaws of the Company; and
(c) the Stockholders Rights Agreement (the &#147;Stockholder Rights Agreement&#148;) made
and entered into as of October 19, 2010 by and between the Company and American
Stock Transfer &amp; Trust Company, LLC, as Rights Agent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the foregoing and subject to the qualifications set forth herein, we are of
the opinion as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent governed by the laws of the State of New York, the Stockholder Rights
Agreement has been duly authorized, validly executed and delivered </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE=2>2</FONT></P>

<P><FONT SIZE=2>by the Company
and constitutes a valid and binding agreement of the Company enforceable
against the Company in accordance with its terms, subject to applicable
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws relating to or affecting creditors&#146; rights generally and by
general principles of equity (regardless of whether such enforceability is
considered in proceeding in equity or at law), and to the extent governed by
the laws of the State of New York, the Rights have been duly authorized,
validly executed and delivered by the Company and constitute legal, valid and
binding obligations of the Company entitled to the benefits of the Stockholders
Rights Agreement and enforceable against the Company in accordance with its
terms, subject to applicable bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws relating to or affecting creditors&#146;
rights generally and by general principles of equity (regardless of whether
such enforceability is considered in proceeding in equity or at law). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are admitted to practice in the State of New York, and we express no opinion as
to matters governed by any laws other than the laws of the State of New York
and the Federal laws of the United States of America. Insofar as this opinion
involves matters of law of the Republic of the Marshall Islands, we have, with
your approval, relied upon, without independent investigation, the opinion
dated October 27, 2010 of Cozen O&#146;Connor, a copy of which has been delivered to
you, as to all matters of law covered therein relating to the laws of the
Republic of the Marshall Islands.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE=2>3</FONT></P>

<P><FONT SIZE=2>We hereby
consent to the filing of this opinion with the Commission as Exhibit 5.2 to the
Registration Statement. We also consent to the reference to our firm under the
caption &#147;Legal Matters&#148; in the Registration Statement. In giving this consent,
we do not thereby admit that we are included in the category of persons whose
consent is required under Section 7 of the Securities Act or the rules and
regulations of the Commission. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Very truly
 yours, </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Cravath,
 Swaine &amp; Moore LLP </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>Costamare Inc.
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60
Zephyrou Street &amp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syngrou Avenue<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17564
Athens<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GREECE
<br>
O</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>9
<FILENAME>c62562_ex10-1.htm
<TEXT>

<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=RIGHT><FONT SIZE=2><B>Exhibit 10.1</B></FONT></P>

<DIV style="border-bottom:3px double #000000">&nbsp;</DIV>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>COSTAMARE INC.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>- and -</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>COSTAMARE SHIPPING COMPANY S.A.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>MANAGEMENT AGREEMENT</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<DIV style="border-bottom:3px double #000000">&nbsp;</DIV>

<BR><br>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>TABLE OF CONTENTS</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="77%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Page</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>ARTICLE I INTERPRETATION</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>ARTICLE II APPOINTMENT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>ARTICLE III THE PARENT&#146;S GENERAL
 OBLIGATIONS</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>ARTICLE IV THE MANAGER&#146;S GENERAL
 OBLIGATIONS</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>ARTICLE V ADMINISTRATIVE SERVICES</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>10</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>ARTICLE VI COMMERCIAL SERVICES</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>ARTICLE VII INSURANCE</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>ARTICLE VIII AVAILABILITY OF OFFICERS AND
 EMPLOYEES</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>ARTICLE IX MANAGEMENT FEES AND EXPENSES</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>ARTICLE X BUDGETS, CORPORATE PLANNING AND
 EXPENSES</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>18</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>ARTICLE XI LIABILITY AND INDEMNITY</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>20</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>ARTICLE XII RIGHTS OF THE MANAGER AND
 RESTRICTIONS ON THE MANAGER&#146;S AUTHORITY</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>21</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>ARTICLE XIII TERMINATION OF THIS AGREEMENT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>23</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>ARTICLE XIV NOTICES</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>25</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>ARTICLE XV APPLICABLE LAW</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>26</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>ARTICLE XVI ARBITRATION</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>26</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>ARTICLE XVII MISCELLANEOUS</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>27</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>APPENDIX I</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Form of
 Shipmanagement Agreement</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>APPENDIX II</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Form of
 Supervision Agreement</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>-i-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><B>THIS MANAGEMENT
AGREEMENT</B> (this &#147;<U>Agreement</U>&#148;) is made on the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;day of November, 2010, <B>BY AND BETWEEN:</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)
COSTAMARE INC., a company organized and existing under the laws of the Republic
of the Marshall Islands (the &#147;<U>Parent</U>&#148;); and</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)
COSTAMARE SHIPPING COMPANY S.A., a company organized and existing under the
laws of the Republic of Panama (the &#147;<U>Manager</U>&#148;).</FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS:</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
The Parent wholly owns (i) the corporations set out in Schedule A hereto, as
such Schedule A may be amended from time to time (the &#147;<U>Shipowning
Subsidiaries</U>&#148;), each of which owns one or more Container Vessels (as
defined below) (the &#147;<U>Vessels</U>&#148;) and (ii) the corporations set out in
Schedule B hereto, as such Schedule B may be amended from time to time
(together with the Shipowning Subsidiaries, the &#147;<U>Subsidiaries</U>&#148;).</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)
The Manager has the benefit of experience in the technical and commercial
management of Container Vessels and administration of shipowning companies
generally.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)
The Parent and the Manager desire to adopt this Agreement, pursuant to which
the Manager shall represent the Group (as defined below) in its dealings with
third parties and either directly or through a Submanager (as defined below)
provide technical, commercial, administrative and certain other services to the
members of the Group as specified herein in connection with the management and
administration of the business of the members of the Group.</FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, THE PARTIES HEREBY AGREE:</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE I</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>INTERPRETATION</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.1. In this Agreement, unless the context otherwise requires:</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Affiliates</U>&#148;
means, with respect to any person as to any particular date, any other persons
that directly or indirectly, through one or more intermediaries, are Controlled
by, Control or are under common Control with the person in question, and
Affiliates means any of them.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Agreement</U>&#148;
shall have the meaning set forth in the preamble.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Annual
Period</U>&#148; shall have the meaning set forth in Section 9.2.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Approved
Budget</U>&#148; shall have the meaning set forth in Section 10.3.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN="RIGHT"><FONT SIZE=2>2</font><p>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Beneficial
Owner</U>&#148; has the meaning set forth in Rule 13d-3 under the Exchange Act. For
purposes of this definition, such person or group shall be deemed to
Beneficially Own any outstanding voting securities of a company held by any
other company (the &#147;parent company&#148;) that is Controlled by such person or
group. The term &#147;Beneficially Own&#148; and similar capitalized terms shall have
analogous meanings.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Board
of Directors</U>&#148; means the board of directors of the Parent as the same may be
constituted from time to time.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Business
Days</U>&#148; means a day (excluding Saturdays and Sundays) on which banks are open
for business in Athens, Greece; and New York, New&nbsp;York.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Change
in Control of the Manager</U>&#148; means (a) a sale of all or substantially all of
the assets or property of the Manager necessary for the performance of the
Manager&#146;s services under this Agreement, (b) a sale of the Manager&#146;s shares
that would result in Konstantinos Konstantakopoulos Beneficially Owning,
directly or indirectly, less than 50.1% of the total voting power of the
outstanding voting securities of the Manager or (c) a merger, consolidation or
similar transaction, that would result in Konstantinos Konstantakopoulos
Beneficially Owning, directly or indirectly, less than 50.1% of the total
voting power of the outstanding voting securities of the resulting entity
following such transaction.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Change
in Control of the Parent</U>&#148; means the occurrence of any of the following
events: (a) if any &#147;person&#148; or &#147;group&#148; (as such terms are used in Sections
13(d) and 14(d) of the Exchange Act or any successor provisions to either of
the foregoing), including a group acting for the purpose of acquiring, holding,
voting or disposing of securities within the meaning of Rule 13d-5(b)(10) under
the Exchange Act (other than one or more Konstantakopoulos Entities)
(collectively, an &#147;Acquiring Person&#148;) becomes the Beneficial Owner, directly or
indirectly, of 40% or more of the total voting power of the outstanding voting
securities of the Parent, which voting power represents a higher percentage
than that of the Konstantakopoulos Entities, collectively; or (b) the approval
by the shareholders of the Parent of a proposed merger, consolidation or
similar transaction, as a result of which any Acquiring Person becomes the
Beneficial Owner, directly or indirectly, of 40% or more of the total voting
power of the outstanding voting securities of the resulting entity following
such transaction, which voting power represents a higher percentage than that
of the Konstantakopoulos Entities, collectively; or (c) a change in directors
after which a majority of the members of the Board of Directors are not
Continuing Directors.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Consent
of the Parent</U>&#148; means the prior written consent of a majority of the
Independent Directors of the Parent.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Container
Vessel</U>&#148; means any ocean-going vessel (whether in its construction phase or
operational) that is intended to be used primarily to transport containerized
cargoes.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN="RIGHT"><FONT SIZE=2>3</font><p>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Continuing
Directors</U>&#148; means, as of any date of determination, any member of the Board
of Directors who (i) was a member of the Board of Directors immediately after
the Effective Date, or (ii) was nominated for election or elected to the Board
of Directors with the approval of a majority of the directors then still in
office or who were either directors immediately after the Effective Date or
whose nomination or election was previously so approved.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Control</U>&#148;
or &#147;<U>Controlled</U>&#148; means, with respect to any person, the right to elect or
appoint, directly or indirectly, a majority of the directors of such person or
a majority of the persons who have the right, including any contractual right,
to manage and direct the business, affairs and operations of such person or the
possession of the power to direct or cause the direction of the management and
policies of a person, whether through ownership of voting securities, by
contract or otherwise.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Crew</U>&#148;
shall have the meaning set forth in clause 1 of each Shipmanagement Agreement.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Draft
Budget</U>&#148; shall have the meaning set forth in Section 10.1.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Effective
Date</U>&#148; means the date upon which the initial public offering of the Parent
is consummated.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Exchange
Act</U>&#148; means the U.S. Securities Exchange Act of 1934, as amended.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Executive
Officers</U>&#148; means the Chief Executive Officer, the Chief Operating Officer
(if any) and the Chief Financial Officer of the Parent.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Fixed
Period</U>&#148; shall have the meaning set forth in Section 9.2.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Force
Majeure</U>&#148; shall have the meaning set forth in Section 11.1.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Group</U>&#148;
means, at any time, the Parent and the Subsidiaries at such time taking into
account the Schedule A and Schedule B in effect at such time and &#147;member of the
Group&#148; shall be construed accordingly.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Independent
Directors</U>&#148; means those members of the Board of Directors that qualify as
independent directors within the meaning of Rule 10A-3 promulgated under the
Exchange Act and the listing criteria of the New York Stock Exchange.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Initial
Term</U>&#148; shall have the meaning set forth in Section 13.1.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Konstantakopoulos
Entities</U>&#148; means:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="88%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Konstantinos
 Konstantakopoulos, Vasileios Konstantakopoulos, Christos Konstantakopoulos or
 Achillefs Konstantakopoulos; </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN="RIGHT"><FONT SIZE=2>4</font><p>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="88%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>any spouse
 or lineal descendant of any of the individuals set out in paragraph (a)
 above; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>any person
 Controlled by, or under common Control with, any such individual or
 combination of such individuals as set out in paragraphs (a) and (b) above.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Management
Fee</U>&#148; shall have the meaning set forth in Section 9.1.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Management
Services</U>&#148; shall have, in relation to a Vessel, the meaning set forth in
clause 1 of the Shipmanagement Agreement applicable to such Vessel.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Manager</U>&#148;
shall have the meaning set forth in the preamble.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Manager
Related Parties</U>&#148; shall have the meaning set forth in Section 11.2.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Newbuild</U>&#148;
means a new vessel to be or which has just been constructed, or is under
construction, pursuant to a shipbuilding contract or other related agreement
entered into by the relevant member of the Group.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Parent</U>&#148;
shall have the meaning set forth in the preamble.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Questioned
Items</U>&#148; shall have the meaning set forth in Section 10.2.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Related
Manager</U>&#148; means each of CIEL Shipmanagement S.A., Shanghai Costamare Ship
Management Co., Ltd. or any Affiliate of a Konstantakopoulos Entity appointed
as Submanager in accordance with the terms of this Agreement.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Services</U>&#148;
shall have the meaning set forth in Section 2.3.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Shipmanagement
Agreement</U>&#148; shall have the meaning set forth in Section&nbsp;3.2.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Shipowning
Subsidiaries</U>&#148; shall have the meaning set forth in the recitals.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>STCW
95</U>&#148; means the International Convention on Standards of Training,
Certification and Watchkeeping for Seafarers, 1978, as amended in 1995 or any
subsequent amendment thereto.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Submanager</U>&#148;
shall have the meaning set forth in Section 2.4.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Subsequent
Term</U>&#148; shall have the meaning set forth in Section 13.1.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Subsidiaries</U>&#148;
shall have the meaning set forth in the recitals.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Supervision
Agreement</U>&#148; shall have the meaning set forth in Section&nbsp;3.3.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Term</U>&#148;
shall have the meaning set forth in Section 13.1.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=2>5</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Vessels</U>&#148;
shall have the meaning set forth in the recitals.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.2. The headings of this Agreement are for ease of reference and do not limit
or otherwise affect the meaning hereof.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.3. All the terms of this Agreement, whether so expressed or not, shall be
binding upon the parties hereto and their respective successors and assigns.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.4. In the event of any conflict between this Agreement, any Shipmanagement
Agreement or any Supervision Agreement, the provisions of this Agreement shall
prevail.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.5. Unless otherwise specified, all references to money refer to the legal
currency of the United States of America.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.6. Unless the context otherwise requires, words in the singular include the
plural and vice versa.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.7. The words &#147;include&#148;, &#147;includes&#148; and &#147;including&#148; when used herein shall be
deemed in each case to be followed by the words &#147;without limitation&#148; and shall
not be construed to limit any general statement which it follows to the
specific or similar items or matters immediately following it.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.8. Any reference to &#147;person&#148; includes an individual, body corporate, limited
liability company, partnership, joint venture, cooperative, trust or
unincorporated organization, association, trustee, domestic or foreign
government or any agency or instrumentality thereof, or any other entity
recognized by law.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.9. Any reference to an enactment shall be deemed to include reference to such
enactment as re-enacted, amended or extended.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.10. Any reference to (or to any specified provision of) this Agreement or any
other document shall be construed as reference to this Agreement, that
provision or that document as in force for the time being and as amended in
accordance with the terms thereof, or, as the case may be, with the agreement
of the relevant parties.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.11. Any reference to clauses, appendices and schedules shall be construed as
reference to clauses of, appendices to and schedules to this Agreement and
references to this Agreement includes its appendices and schedules.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE II</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>APPOINTMENT</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.1. The Manager is hereby appointed by the Parent as the administrative
manager of the Group and hereby accepts such appointment on the terms and
conditions of this Agreement.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=2>6</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.2. The Manager shall be appointed by (a) each Shipowning Subsidiary pursuant
to the provisions of Section 3.3 hereof as the technical and commercial manager
of each such Shipowning Subsidiary&#146;s Vessel on the terms and conditions of the
relevant Shipmanagement Agreement and this Agreement and (b) each member of the
Group to be acquiring a Newbuild, as the supervisor of the construction thereof
on the terms and conditions of the relevant Supervision Agreement and this
Agreement.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.3. The Manager agrees to provide:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
 the services specified in Articles V, VI, VII and VIII of this Agreement;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
 the services specified in each Supervision Agreement; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
 the Management Services (as such term is defined in clause 1 of each
 Shipmanagement Agreement) in respect of each Vessel specified in each
 Shipmanagement Agreement (the services to be provided under Sections 2.3(a),
 2.3(b) and 2.3(c) collectively the &#147;<U>Services</U>&#148;).</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The Parent
 and the Manager each hereby agree that in the performance of this Agreement,
 any Supervision Agreement or any Shipmanagement Agreement, the Manager or, as
 the case may be, any Submanager, is acting solely on behalf of, as agent of
 and for the account of, the Parent or any other relevant member of the Group.
 The Manager or, as the case may be, the relevant Submanager may advise
 persons with whom it deals on behalf of the Parent or any other member of the
 Group that it is conducting such business for and on behalf of the Parent or,
 as the case may be, a member of the Group.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.4. The Manager may upon notice to the Parent appoint any person (a &#147;<U>Submanager</U>&#148;)
at any time throughout the duration of this Agreement to discharge any of the
Manager&#146;s duties under this Agreement or a Shipmanagement Agreement or a
Supervision Agreement, provided that if such person is not a Related Manager,
the Manager shall obtain the written Consent of the Parent prior to such
appointment (such Consent of the Parent shall not be unreasonably withheld or
delayed). The Manager shall appoint a Submanager either by entering into a
management agreement or supervision agreement (such management agreement or
supervision agreement to be on terms to be agreed between the parties thereto
and only in respect of the services that the Manager wishes such Submanager to
discharge) directly with such Submanager (for the avoidance of doubt, unless
otherwise agreed in writing, no member of the Group shall have any
responsibility for any fees or costs incurred under any such management
agreement or supervision agreement) or by directing such Submanager to enter
into a management agreement or supervision agreement directly with the relevant
member of the Group (such management agreement or supervision agreement to be
on terms to be agreed between the parties thereto and only in respect of the
services that the Manager wishes such Submanager to discharge). Any Submanager
shall agree to the terms and conditions </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE=2>7</FONT></P>

<P><FONT SIZE=2>of this
Agreement to the extent applicable to it, prior to performing any services for
any member of the Group. The Parent shall procure that each member of the Group
shall provide written confirmation to the Manager or, as the case may be, a
Submanager, that such member&#146;s Vessel is commercially and/or technically
managed by the Manager or, as the case may be, the relevant Submanager.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.5. The Manager&#146;s power to delegate performance of any provision of this
Agreement, including delegation by directing a Submanager to enter into a
management agreement or supervision agreement directly with a member of the
Group in accordance with Section 2.4, shall not limit the Manager&#146;s liability
to the Parent to perform this Agreement with the intention that the Manager
shall remain responsible to the Parent for the due and timely performance of
all duties and responsibilities of the Manager hereunder, <U>PROVIDED HOWEVER</U>,
that to the extent that any Submanager has performed any such duty, the Manager
shall not be under any obligation to perform again the same duty.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE III</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>THE PARENT&#146;S GENERAL OBLIGATIONS</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.1. The Parent shall notify the Manager as soon as possible of any purchase of
any vessel (whether the same is a second-hand vessel or a Newbuild), the
delivery of any Newbuild from the relevant builder or intermediate seller to
the relevant member of the Group to take ownership of such Newbuild, the sale
of any Vessel, the purchase or creation of any direct or indirect subsidiary of
the Parent or the sale or divestiture of any Subsidiary and shall promptly
amend Schedule A and Schedule B hereto, as applicable, to be reflective of any
such development. Such amended Schedule A or Schedule B shall be effective on
any such day as mutually agreed by the Parent and the Manager, which date shall
be no later than five Business Days after delivery of such amended
Schedule&nbsp;A and/or Schedule&nbsp;B to the Manager by the Parent.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.2. For each Vessel the Parent shall cause the relevant Shipowning Subsidiary
to enter into with the Manager, and the Manager shall enter into with such
Shipowning Subsidiary, a contract substantially in the form attached hereto as
Appendix&nbsp;I (each a &#147;<U>Shipmanagement Agreement</U>&#148; and, collectively,
the &#147;<U>Shipmanagement Agreements</U>&#148;), with such alterations and additions as
are appropriate; <U>PROVIDED HOWEVER</U>, that any alterations or additions
which materially vary from such form shall require the approval of the Board of
Directors.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.3. For each Newbuild the Parent shall cause the relevant Shipowning
Subsidiary to enter into with the Manager, and the Manager shall enter into
with such Shipowning Subsidiary, a contract substantially in the form attached
hereto as Appendix&nbsp;II (each a &#147;<U>Supervision Agreement</U>&#148; and,
collectively, the &#147;<U>Supervision Agreements</U>&#148;), with such alterations and
additions as are appropriate; <U>PROVIDED HOWEVER</U>, that any alterations or
additions which materially vary from such form shall require the approval of
the Board of Directors.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE=2>8</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.4. The Parent shall pay punctually all sums due to the Manager under this
Agreement, any Shipmanagement Agreement and/or any Supervision Agreement to
which the Manager is a party in accordance with the respective terms thereof.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.5. The Parent shall procure that each other member of the Group (a) performs
its obligations under any Shipmanagement Agreement or any Supervision Agreement
to which it is a party and (b) does not take any action or omit to take any
action the effect of which is to cause the Parent or the Manager or a
Submanager to be in breach of this Agreement, any Shipmanagement Agreement
and/or any Supervision Agreement.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.6. The Parent agrees that it has engaged the Manager to provide the Services
on an exclusive basis and, without receiving the prior written approval of the
Manager or before it has lawfully terminated this Agreement in accordance with
its terms, it will not engage any other entity to provide any of the Services.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE IV</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>THE MANAGER&#146;S GENERAL OBLIGATIONS</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.1. In the exercise of its duties hereunder, the Manager shall act in
accordance with the reasonable policies, guidelines and instructions from time
to time communicated to it in writing by any member of the Group.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.2. For each Vessel or, as the case may be, Newbuild the Manager shall act and
do all and/or any of the acts or things described in this Agreement and the
relevant Shipmanagement Agreement or Supervision Agreement applicable to each
such Vessel or Newbuild in the name and/or on behalf of the Parent and/or the
relevant Subsidiary or Subsidiaries.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.3. The Manager acknowledges that the services it will provide pursuant to the
Shipmanagement Agreements or the Supervision Agreements are not limited to the
services described in such agreements and include those set forth in this
Agreement.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.4. The Manager shall exercise commercially reasonable care to cause all
material property of any member of the Group to be clearly identified as such,
held separately from the property of the Manager and, where applicable, held in
safe custody.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.5. The Manager shall exercise commercially reasonable care to cause adequate
manpower to be employed by it to perform its obligations under this Agreement, <U>PROVIDED
HOWEVER</U>, that the Manager, in the performance of its responsibilities under
this Agreement, shall be entitled to have regard to its overall
responsibilities in relation to the management of its clients and in
particular, without prejudice to the generality of the foregoing, the Manager
shall be entitled to allocate</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=2>9</FONT></P>

<P><FONT SIZE=2>available
resources and services in such manner as in the prevailing circumstances the
Manager considers to be fair and reasonable.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.6. Notwithstanding anything to the contrary contained in this Agreement or
any Shipmanagement Agreement or any Supervision Agreement, the Manager agrees
that any and all decisions of a material nature relating to the Parent, any
Subsidiary, any Vessel or any Newbuild under construction shall be reserved to
the Parent, such decisions including, but not being limited to:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
 the purchase and/or sale of shares in any entity or other assets of a
 material nature;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
 the purchase, formation or dissolution of subsidiaries;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
 the entry into guarantees or loans or other forms of financing and any and
 all financial undertakings and commitments connected therewith; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
 the presentation, negotiation, settlement, prosecution or defense of any
 claim, demand or petition for an amount exceeding US$1,000,000 or its
 equivalent.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.7. During the Term, the Manager shall promote the business of the Group in
accordance with the directions of the authorized representative or, as the case
may be, representatives of the respective member of the Group and shall at all
times use commercially reasonable efforts to conform to and comply with the
lawful and reasonable directions, regulations or recommendations made by such
authorized representative or, as the case may be, representatives, and in the
absence of any specific directions or recommendations as aforesaid and, subject
to the terms and conditions of this Agreement, shall provide general
administrative and advisory services in connection with the management of the
business of the Group.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.8. The Manager, in the performance of its responsibilities under this
Agreement, any Supervision Agreement or any Shipmanagement Agreement, shall
exercise commercially reasonable care to cause any purchases of products or
services from any of its Affiliates to be on terms no less favorable to the
Manager than the market prices for products or services that the Manager could
obtain on an arm&#146;s length basis from unrelated parties.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.9. During the term hereof, the Manager agrees that it will provide the
Services to the Group on an exclusive basis and, without receiving the prior
Consent of the Parent, it will not provide any Services or other services
contemplated herein to any entity other than the Parent and each Subsidiary.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.10. If a Vessel (which expression for the purposes of this Section shall
include any Newbuild to be acquired by a member of the Group) and a Container
Vessel directly or indirectly owned or operated by a third party are both
available and meet the criteria for a charter being fixed by the Manager, the
Vessel shall be </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE=2>10</FONT></P>

<P><FONT SIZE=2>offered such
charter first and the Parent shall have 48 hours from such offer being received
to accept such offer, failing which such charter shall be then offered to the
relevant third party.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.11. The Manager shall at all times maintain appropriate and necessary
accounts and records as regards the Services and shall make the same available
for inspection and auditing by the Parent at such times as may be mutually
agreed by the Manager, on the one hand, and the Parent, on the other hand.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE V</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ADMINISTRATIVE SERVICES</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.1. The Manager shall provide certain general administrative services to the
Group, including, but not limited to, the following:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
 keeping all books and records of things done and transactions performed on
 behalf of any member of the Group as it may require from time to time,
 including, but not limited to, liaising with accountants, lawyers and other
 professional advisors;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
 except as otherwise contemplated herein, representing any member of the Group
 generally in its dealings and relations with third parties;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
 maintaining the general ledgers of the Group, establishing bank accounts with
 such financial institutions as the Parent may request, managing,
 administering and reconciling of the Group&#146;s bank accounts, preparation of
 periodic consolidated financial statements of the Group, including, but not
 limited to, those required for governmental and regulatory or self-regulatory
 agency filings and reports to shareholders, arranging of the auditing and/or
 review of any such financial statements and the provision of related data
 processing services;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
 providing assistance in the preparation of periodic and other reports, proxy
 statements, registration statements and other documents and reports required
 by applicable law (including rules and regulations promulgated by the U.S.
 Securities and Exchange Commission) or the rules of any securities exchange
 or inter-dealer quotation system on which the securities of the Parent or any
 member of the Group may be listed or quoted;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
 preparing and providing (or procuring, at the Parent&#146;s cost, a third party
 service provider to prepare and provide) tax returns required by any law or
 regulatory authority and developing, maintaining and monitoring internal
 audit controls, disclosure controls and information technology for the Group;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE=2>11</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
 arranging for the provision of advisory services (either directly or, at the
 Parent&#146;s cost, through a third party service provider) to ensure the Group is
 in compliance with all applicable laws, including all relevant securities
 laws, including the preparation for review, approval and filing by the Parent
 of reports and other documents with the U.S. Securities and Exchange
 Commission, any securities exchange on which its shares are listed and all other
 regulatory authorities having jurisdiction over the Parent or with other
 securities exchanges on which the Parent&#146;s securities are listed;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)
 either directly or, at the Parent&#146;s cost, through a third party service
 provider (such as by appointing lawyers), providing for the presentation,
 negotiation, settlement, prosecution or defense of any claim, demand or
 petition on behalf of any member of the Group arising in connection with the
 business of any member of the Group for an amount not exceeding US$1,000,000
 or its equivalent, including the pursuit by any member of the Group of any
 rights of indemnification or reimbursement;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)
 providing assistance in negotiating loan and credit terms with lenders and
 monitoring and administration of compliance with any applicable financing
 terms and conditions in effect with investors, banks or other financial
 institutions;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 assisting with arranging board meetings, director accommodation and travel
 for board meetings and preparing meeting materials and detailed papers and
 agendas for scheduled meetings of the Board of Directors or the board of
 directors of any other member of the Group (and any and all committees
 thereof) that, where applicable, contain such information as is reasonably
 available to the Manager to enable the Board of Directors or such other board
 of directors (and any such committees) to base their opinion;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)
 preparing or causing to be prepared reports to be considered by the Board of
 Directors (or any applicable committee thereof) in accordance with the
 Parent&#146;s internal policies and procedures on any acquisition, investment or
 sale of any part of the business;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)
 administering payroll services, benefits and director&#146;s or consultant&#146;s fees,
 as applicable, for any employee, officer, consultant or director of the
 Group;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)
 handling general and administrative expenses of the Parent, which are related
 to its operation as public company and, upon being placed by the Parent in
 funds in accordance with the terms of this Agreement, arranging for the
 payment of the same;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE=2>12</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)
 either directly or, at the Parent&#146;s cost, through a third party service
 provider (such as by appointing lawyers), handling all administrative and
 clerical matters in respect of (i) the calling and arrangement of all annual
 and/or special meetings of shareholders of the Parent, (ii)&nbsp;the
 preparation of all materials (including notices of meetings and information
 circulars) in respect thereof and (iii) the submission of all such materials
 to the Parent in sufficient time prior to the dates upon which they must be
 mailed, filed or otherwise relied upon so that the Parent has full
 opportunity to review, approve, execute and return them to the Manager for
 filing or mailing or other disposition as the Parent may require or direct;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)
 providing, at the request and under the direction of the Parent, such
 communications to the transfer agent for the Parent as may be necessary or
 desirable;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)
 assisting the Parent in establishing and maintaining a system of internal
 controls sufficient to satisfy applicable regulatory requirements;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)
 providing the Group with office accommodation, office staff (including
 secretarial and administrative assistance), facilities and stationery;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)
 maintaining, at the Parent&#146;s cost, the Parent&#146;s and each other member&#146;s of
 the Group corporate existence, qualification and good standing in all
 necessary jurisdictions and assisting in all other corporate and regulatory
 compliance requirements;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)
 at the Parent&#146;s cost, assisting in all corporate and regulatory compliance
 requirements for incorporating a new entity that will be owned (inter alios)
 by a member of the Group and/or for dissolving any member of the Group, in
 all necessary jurisdictions;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)
 at the request of the Parent, negotiating the terms and thereafter arranging
 for cash management services and/or hedging arrangements, in each case with a
 third party provider at the cost of the Parent;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)
 at the request of the Parent, monitoring the performance of investment
 managers; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)
 providing any such other administrative services as the Parent, the Executive
 Officers or any other representative of the Parent may request and the
 Manager may agree to provide from time to time.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=2>13 </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE VI</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>COMMERCIAL SERVICES</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.1. In addition to any commercial services provided under clause 3.3 of each
Shipmanagement Agreement, the Manager shall provide the following commercial
services to the Group: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
 performing class records review and physical inspections in respect of any
 vessel considered for purchase by a member of the Group; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
 at the request and under the direction of the Parent, providing
 administrative services in connection with the purchase of a second-hand
 vessel or the acquisition and sale of a Newbuild, in either case by any
 member of the Group, including, if specifically instructed by the Parent in
 writing, signing any agreed form of memorandum of agreement, shipbuilding
 contract or other similar contract for and on behalf of the relevant member
 of the Group; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
 managing relationships between the Parent and any existing or potential
 charterers, shipbuilders, insurers, lenders, investors, fund managers, shareholders
 and other shipping industry service providers/participants; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
 at the request of the Parent, providing certain services in connection with a
 member of the Group taking physical delivery of a vessel, registering a
 vessel under a ship register, tendering physical delivery of a Vessel or
 deleting a Vessel from the applicable port of registry, in each case on
 behalf of the relevant member of the Group. </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>ARTICLE VII</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>INSURANCE</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.1. In addition to any insurance requirements provided in clause 3.4 of each
Shipmanagement Agreement, the Manager shall: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
 arrange either directly or, through insurance brokers appointed by the
 Manager, Directors &amp; Officers&#146; liability insurance for the Board of
 Directors with such insurance companies, at such rates and otherwise on such
 other terms as the Parent shall have instructed and/or agreed upon; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
 on request, provide the Parent with a copy of any insurance claims and any
 reports prepared by the relevant insurers; and </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE=2>14 </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
 subject to having been placed in funds on time by the Parent, take
 commercially reasonable care to cause all premiums on the Parent&#146;s Directors
 &amp; Officers&#146; liability insurance are paid in a timely fashion. </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>ARTICLE VIII</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>AVAILABILITY OF OFFICERS AND EMPLOYEES</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.1. The Manager shall make available to the Parent all such officers, managers
and employees, including any of the Executive Officers, that the Parent and the
Manager agree shall be made available, <U>PROVIDED ALWAYS</U>, that any
remuneration of any officers, managers, employees or Executive Officers made
available by the Manager to any member of the Group, shall be paid by the
Parent to the Manager according to terms to be agreed at the time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.2. The Executive Officers are entitled to direct the Manager to remove and
replace any individual serving as an officer or any senior manager serving as
head of a business unit, in either case, of any member of the Group, other than
an Executive Officer, from such position. The Board of Directors, in its sole
discretion, shall be entitled to direct the Manager to remove any individual
made available to the Parent by the Manager serving as an Executive Officer
from such position and to appoint such other individual to serve as successor
as the Board of Directors shall approve. Furthermore, the Manager agrees that
it will not remove any individuals serving as officers or senior managers of
any member of the Group from their respective positions without the prior
written consent of the Executive Officers (such consent not to be unreasonably
withheld or unduly delayed) and, in the case of any Executive Officer, the
Board of Directors. If any officer or senior manager who is made available to
the Parent by the Manager resigns, is terminated or otherwise vacates his or
her office, the Manager shall, as soon as practicable after acceptance of any
resignation or after termination, use reasonable best efforts to identify
suitable candidates for replacement of such officer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.3. The Parent may employ directly any other officers, senior managers or
employees as it may deem necessary that will not be subject to this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.4. The Manager will report to the Parent and the Board of Directors through
any one of the Executive Officers. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE IX</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>MANAGEMENT FEES AND EXPENSES</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.1. In consideration of the Manager providing the Services to the Group, the
Parent shall pay the Manager the following fees (together, the &#147;<u>Management
Fees</u>&#148; and, on a per Vessel basis, the &#147;<U>Management Fee</U>&#148;): </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(a) subject
 to Sections 9.2 and 9.3, a fee of US$850 per day per Vessel, payable monthly
 in arrears (pro rated to reflect the number of </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=2>15 </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>days that
 the Parent (or any Subsidiary) owns or charters-in each Vessel during the
 applicable month), unless a Vessel is chartered-out to a third party on a
 bareboat charter basis, in which case the fee payable to the Manager for such
 Vessel shall be, subject to Sections 9.2 and 9.3, US$425 per day, <U>PROVIDED
 HOWEVER</U>, that when in respect of certain services to a Vessel the Manager
 appoints a Submanager in accordance with Section 2.4 and such Submanager
 enters into a management agreement directly with the relevant member of the
 Group (the &#147;<U>direct agreement</U>&#148;), the fees payable by the Parent and/or
 such member of the Group under this Agreement and/or any relevant
 Shipmanagement Agreement in respect of such Vessel pursuant to Section 9.1(a)
 shall be US$850 per day, or as the case may be, US$425 per day minus, in each
 case, the fees per day payable by such member of the Group to such Submanager
 under the relevant direct agreement in respect of such Vessel; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
 a fee equal to 0.75% calculated on the aggregate of the gross freight,
 demurrage, charter hire, ballast bonus or other income obtained for the
 employment of each Vessel during the term of this Agreement, payable to the
 Manager monthly in arrears, only to the extent such freight, demurrage,
 charter hire, ballast bonus or other income, as the case may be, is received
 as revenue; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
 subject to Sections 9.2 and 9.3, a fee of US$700,000 per Newbuild under
 construction for the services rendered by the Manager under the Supervision
 Agreement in respect of such Newbuild, payable in accordance with the terms
 of such Supervision Agreement. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.2. The Management Fees will be fixed for the period commencing on the date of
this Agreement and ending on the last day of the calendar year falling two
years after the date of this Agreement (the &#147;<U>Fixed Period</U>&#148;) and shall
not be subject to adjustment for Euro/U.S. Dollar exchange rate fluctuations or
inflation until the last day of the Fixed Period. For the 12-month period
starting on the day falling immediately after the end of the Fixed Period and
for each subsequent 12-month period falling thereafter (each such 12-month
period referred to hereinafter as an &#147;<U>Annual Period</U>&#148;), the Management
Fee for each Vessel payable pursuant to Section 9.1(a) or Section 9.1(c) will
be adjusted upwards with effect from the beginning of such Annual Period by
application, to the relevant per Vessel amount, of a percentage figure equal to
four per cent (4%), <U>PROVIDED ALWAYS</U>, that in the event of any of the
provisions of Section 9.3 applying, further increases may be applied to such
Management Fees as determined pursuant to Section 9.3. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.3. The Management Fees for each Vessel payable pursuant to Section 9.1(a) or
Section 9.1(c), for the Annual Period commencing on the day falling immediately
after the end of the Fixed Period and each subsequent Annual Period thereafter,
will, in each case, be further adjusted upwards with effect from the beginning
of such Annual Period if: </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE=2>16</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
 the average of the Euro/U.S. Dollar exchange rates during the 12-month period
 ending on the last day of the month of September falling before the
 commencement date of such Annual Period (such average being the average over
 the applicable period, as calculated by the Manager from the Euro Foreign
 Exchange Reference Rate published daily at 15:00 CET by the European Central
 Bank on www.ecb.int) evidence that the Euro has strengthened against the U.S.
 Dollar by more than five per cent (5%) from: </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 in the case of the first Annual Period starting on the day falling
 immediately after the end of the Fixed Period, the rate existing on the
 business day immediately prior to the date of this Agreement, and </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 in the case of each subsequent Annual Period, the previous Euro/U.S. Dollar
 average calculated for the purposes of this Section 9.3 in respect of the
 immediately previous Annual Period, by the
 average percentage amount by which the Euro has in each such case so
 strengthened against the U.S. Dollar; and/or</FONT></P> </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
 the Manager has incurred a material unforeseen increase in the cost of
 providing the Services, by an amount to be agreed between the Manager and the
 Parent, each acting in a commercially reasonable manner. </FONT></P> </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.4. The Manager shall, subject to Section 9.5, pay for all usual office
expenses incurred by it as the Manager. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.5. The Parent hereby acknowledges that any capital expenditure, financial
costs, operating expenses for each Vessel and any general and administrative
expenses of the Group whatsoever are not covered by the Management Fees and any
such expenditure, costs and expenses shall be paid fully by the Parent or the
applicable member of the Group, whether directly to third parties (which for
the avoidance of doubt shall include any Submanager) or by payment to such
third parties through the Manager and, without prejudice to Section 10.8, to
the extent incurred by the Manager, shall be reimbursed to it by the Parent
and/or any member of the Group the Manager seeks, in its discretion,
reimbursement from. The said capital expenditure, financial costs, operating
expenses for each Vessel and general and administrative expenses of the Group
include, without limiting the generality of the foregoing, items such as: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
 fees, interest, principal and any other costs due to the Group&#146;s financiers
 and their respective advisors; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
 all voyage expenses and vessel operating and maintenance expenses relating to
 the operation and management of the Vessels (including Crew costs, surveyor&#146;s
 attendance fees, bunkers, lubricant oils, spares, survey fees, classification
 society fees, maintenance and repair costs, vetting expenses, etc.); </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=2>17 </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
 any commissions, fees, remuneration or disbursements due to lawyers, brokers,
 agents, surveyors, consultants, financial advisors, investment bankers,
 insurance advisors or any other third parties whatsoever appointed by the
 Manager whether in its name or on behalf and/or in the name of any member of
 the Group; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
 any commissions, fees, remuneration or disbursements due to lawyers, brokers,
 agents, surveyors, consultants, financial advisors, investment bankers,
 insurance advisors or any other third parties (other than, if applicable, a
 Related Manager) whatsoever sub-contracted to the Manager in the normal and
 reasonable course of meeting the Manager&#146;s duties and obligations under this
 Agreement or any Shipmanagement Agreement or any Supervision Agreement
 including the duties provided in Articles V, VI and VII of this Agreement; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
 applicable deductibles, insurance premiums (including Directors &amp;
 Officers&#146; liability insurance) and/or P&amp;I calls; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
 compensation expenses for employees who are not provided by the Manager or
 which are provided by the Manager pursuant to Section 8.1; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)
 postage, communication, traveling, lodging, victualling, overtime, out of
 office compensation and out of pocket expenses of the Manager and/or its
 personnel, incurred in pursuance of the Services; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)
 any other out of pocket expenses that are incurred by the Manager in the
 performance of the Services pursuant to this Agreement, any Supervision
 Agreement or any Shipmanagement Agreement. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.6. The Manager shall have the right to demand the Management Fee payable in
relation to each Vessel from either the Parent or the Shipowning Subsidiary
owning such Vessel under the terms of the relevant Shipmanagement Agreement. By
written notice to the Parent, the Manager may direct the Parent to pay any
amounts owing by the Manager to any Submanager pursuant to a subcontract of any
provisions of this Agreement or any Shipmanagement Agreement or any Supervision
Agreement, directly to the relevant Submanager. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.7. In the event that a Shipmanagement Agreement is terminated, other than by
reason of default by the Managers, the Management Fee payable to the Manager
under Section 9.1(a) for the Vessel subject to such Shipmanagement Agreement
shall be payable in respect of such Vessel for a further period of three months
from the termination date. The fees payable for the said three months shall be
paid in one lump sum in advance on the termination of the relevant
Shipmanagement Agreement. In addition the relevant member of the Group shall
pay any Severance Costs (as such term is defined in the relevant Shipmanagement
Agreement) for the relevant Vessel which may materialize. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=2>18</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE X</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>BUDGETS, CORPORATE PLANNING AND EXPENSES</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.1. On or before October 1 of each calendar year, the Manager shall prepare
and submit to the Executive Officers a detailed draft budget for the next
calendar year in a format acceptable to the Executive Officers and the Board of
Directors and generally used by the Manager which shall include a statement of
estimated revenue and out-of-pocket expenses in providing the Services (the &#147;<U>Draft
Budget</U>&#148;).</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.2. For a period of 20 days after receipt of the Draft Budget, the Executive
Officers, from time to time, may request further details and submit written
comments on the Draft Budget. If the Executive Officers do not agree with any
item of the Draft Budget, they will, within the same 20-day period, give the
Manager notice of any inquiries to the Draft Budget, which notice will include
the list of items under consideration (the &#147;<U>Questioned Items</U>&#148;) and a
proposal for the resolution of each such Questioned Item. The Executive
Officers and the Manager will endeavor to resolve any such differences between
them with respect to the Questioned Items, failing which the relevant
Questioned Items shall be left as presented by the Manager. If the Executive
Officers do not present any Questioned Items within such 20-day period, they
will be deemed to have accepted the Draft Budget and, such Draft Budget, shall
be deemed to be the Approved Budget (as defined in Section 10.3 below).</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.3. By November 15 of the relevant calendar year (or such later date as the
Manager and the Board of Directors deem appropriate), and to the extent that
changes are required to the Draft Budget pursuant to Section 10.2, the Manager
will prepare and deliver to the Parent a revised budget that has been approved
by the Executive Officers (the &#147;<U>Approved Budget</U>&#148;). However, the Parent
acknowledges that the Approved Budget is only an estimate of the performance of
the Vessels and/or the Group and the Manager makes no assurance, representation
or warranty that the actual performance of the Vessels and/or the Group in any
relevant calendar year will correspond to the estimates contained in the
Approved Budget for that calendar year.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.4. The Manager may, from time to time, in any calendar year propose
amendments to the Approved Budget upon 15 days notice to the Parent, in which
event the Executive Officers will have the right to approve the amendments in
accordance with the process set out in Section 10.2 with the relevant time
periods being amended accordingly.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.5. Once the Approved Budget has been delivered, the Manager shall prepare
and present to the Parent its estimate of the working capital requirements of
the Vessels and the Group and the Manager shall each month update this
estimate. Based thereon, the Manager shall each month make a request to the
Parent and/or, as the case may be, the relevant members of the Group, in
writing for the funds required to provide the Services to the Group and to
operate each Vessel for the ensuing month, including the payment of any
occasional or extraordinary item of expenditure, such as emergency repair
costs, additional insurance premiums, bunkers or provisions. The</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE=2>19</FONT></P>

<P><FONT SIZE=2>Manager may also make a request in writing to the Parent and/or, as the case may be,
the relevant members of the Group, at any time for funds required for the
payment of any occasional or extraordinary item of expenditure, such as
emergency repair costs, additional insurance premiums, bunkers or provisions.
Such funds shall be received by the Manager within ten calendar days after the
receipt by the Parent or, as the case may be, the relevant member of the Group
of the Manager&#146;s written request and shall be held in a separate bank account
in the name of the Manager or, if requested by the Manager, in the name of the
Parent or of the relevant member of the Group.</FONT></P>

<P><FONT SIZE=2>At the end of
each quarter or, if the Manager from time to time so requires, month, the
Manager shall preliminarily reconcile the amounts advanced to it by the Parent
or, as the case may be, the relevant member of the Group, with the amounts
actually expended by it for the operation of each of the Vessels and/or the
Group, and (a)&nbsp;the Manager shall remit to the Parent, or credit to the
Parent amounts to be advanced to it hereunder for future months, any unused
portion of the amounts previously advanced by the Parent or, as the case may
be, the relevant member of the Group, or (b)&nbsp;the Parent shall pay to the Manager
any amounts properly expended by the Manager in excess of the amounts
previously advanced by the Parent or, as the case may be, the relevant member
of the Group. The Parent and the Manager shall reconcile any amounts due to the
Parent by the Manager or due to the Manager by the Parent for each fiscal year
of the Parent as promptly as practicable following the close of each such
fiscal year. Without prejudice to Section 10.8, any expenses incurred by the
Manager under the terms of this Agreement on behalf of any member of the Group
may be debited against the account of the respective member of the Group, but
shall in any event remain payable by the Parent and the relevant member of the
Group to the Manager on demand.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.6. The Manager shall also maintain the records of all costs and expenses
incurred, including any invoices, receipts and supplementary materials as are
necessary or proper for the settlement of accounts.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.7. Insofar as any moneys are collected from third parties by the Manager
under the terms of this Agreement, any Shipmanagement Agreement and/or any
Supervision Agreement (other than moneys payable by a member of the Group to
the Manager), such moneys and any interest thereon shall be held to the credit
of the relevant member of the Group in a separate bank account in the name
thereof. Interest on any such bank account shall be for the benefit of the
relevant member of the Group.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.8. Notwithstanding anything contained herein to the contrary, the Manager
shall in no circumstances be required to use or commit its own funds to finance
the provision of the Services.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.9. To the extent that a Related Manager has been appointed in accordance
with the terms of Section 2.4, it is agreed by the Parent and the Manager for
the benefit of such Related Manager that the provisions of Article X shall
apply to such Related Manager as if such provisions were repeated herein, but
with references to:</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE=2>20</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
 the &#147;Manager&#148; being deemed as references to the relevant Related Manager;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
 the &#147;Services&#148; being deemed as references to the services to be performed by
 such Related Manager under the relevant management agreement;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
 the &#147;Vessels&#148; being deemed as references to the Vessels being managed by such
 Related Manager under a management agreement entered into directly with the
 relevant Group members;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
 the &#147;Parent&#148; being deemed as references to the relevant Group members; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
 references to &#147;this Agreement, any Shipmanagement Agreement and/or any
 Supervision Agreement&#148; being deemed as references any management agreement
 signed by such Related Manager directly with the relevant Group members.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>ARTICLE XI</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>LIABILITY AND INDEMNITY</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
11.1. Save for the obligation of the Parent to pay any moneys due to the
Manager hereunder, neither any member of the Group nor the Manager shall be
under any liability to the other for any failure to perform any of their
obligations hereunder by reason of Force Majeure. &#147;<U>Force Majeure</U>&#148; shall
mean any cause whatsoever of any nature or kind beyond the reasonable control
of the relevant member of the Group or the Manager, including, without
limitation, acts of God, acts of civil or military authorities, acts of war or
public enemy, acts of any court, regulatory agency or administrative body
having jurisdiction, insurrections, riots, strikes or other labor disturbances,
embargoes or other causes of a similar nature.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
11.2. The Manager, including its officers, directors, employees, shareholders,
agents, sub-contractors and any Submanager (the &#147;<U>Manager Related Parties</U>&#148;),
shall be under no liability whatsoever to any member of the Group or to any
third party (including the Crew) for any loss, damage, delay or expense of
whatsoever nature, whether direct or indirect (including but not limited to
loss of profit arising out of or in connection with detention of or delay to a
Vessel), and howsoever arising in the course of the performance of this
Agreement, any Shipmanagement Agreement or any Supervision Agreement, unless
and to the extent that the same is proved to have resulted solely from the
gross negligence or willful misconduct of the Manager, its officers, employees,
agents, sub-contractors or any Submanager.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
11.3. Notwithstanding anything that may appear to the contrary in this
Agreement or any Shipmanagement Agreement, the Manager shall not be liable for
any of the actions of the Crew, even if such actions are negligent, grossly
negligent or willful, except only to the extent that they are shown to have
resulted from a failure by the </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE=2>21</FONT></P>

<P><FONT SIZE=2>Manager to
discharge its obligations under clause 3.1 of each Shipmanagement Agreement, in
which case the Manager&#146;s liability shall be limited in accordance with the
terms of this Article XI.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
11.4. The Parent shall indemnify and hold harmless the Manager Related Parties
against all actions, proceedings, claims, demands or liabilities whatsoever or
howsoever arising which may be brought against them or incurred or suffered by
them arising out of or in connection with the performance of this Agreement,
any Shipmanagement Agreement or any Supervision Agreement and against and in
respect of any loss, damage, delay or expense of whatsoever nature (including
legal costs and expenses on a full indemnity basis), whether direct or
indirect, incurred or suffered by any Manager Related Party arising out of or
in connection with the performance of this Agreement, any Shipmanagement
Agreement and any Supervision Agreement, unless incurred or suffered due to the
gross negligence or willful misconduct of any Manager Related Party.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
11.5. It is hereby expressly agreed that no employee or agent of the Manager
(including any sub-contractor from time to time employed by the Manager) shall
in any circumstances whatsoever be under any liability whatsoever to any member
of the Group or any third party for any loss, damage or delay of whatsoever
kind arising or resulting directly or indirectly from any act, neglect or
default on his part while acting in the course of or in connection with his
employment or agency and, without prejudice to the generality of the foregoing
provisions in this Article&nbsp;XI, every exemption, limitation, condition and
liberty herein contained and every right, exemption from liability, defense and
immunity of whatsoever nature applicable to the Manager or to which the Manager
is entitled hereunder shall also be available and shall extend to protect every
such employee or agent of the Manager acting as aforesaid, and for the purpose
of all the foregoing provisions of this Article&nbsp;XI, the Manager is or
shall be deemed to be acting as agent or trustee on behalf of and for the
benefit of all persons who are or might be the Manager&#146;s servants or agents
from time to time (including sub-contractors as aforesaid) and all such persons
shall to this extent be or be deemed to be parties to this Agreement. Nothing
in this Section 11.5 shall be construed so as to further limit any liability
the Manager may have to the Group under Section 11.2 hereof.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
11.6. The provisions of this Article&nbsp;XI shall survive any termination of
this Agreement.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE XII</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>RIGHTS OF THE MANAGER AND RESTRICTIONS ON THE
MANAGER&#146;S AUTHORITY</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.1. Except as may be provided in this Agreement or in any separate written
agreement between the Parent or any other member of the Group and the Manager
or a Submanager, the Manager and any Submanager shall be an independent
contractor and not the agent of the Parent or any other member of the Group and
shall have no right or authority to incur any obligation on behalf of any
member of the Group or to</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=2>22</FONT></P>

<P><FONT SIZE=2>bind any
member of the Group in any way whatsoever. Nothing in this Agreement shall be
deemed to make the Manager or any Submanager or any of their subsidiaries or
employees an employee, joint venturer or partner of any member of the Group.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.2. The Parent acknowledges that the Manager or, as the case may be, any
Submanager shall have no responsibility hereunder, direct or indirect, with
regard to the formulation of the business plans, policies, management or
strategies (financial, tax, legal or otherwise) of any member of the Group,
which is solely the responsibility of each respective member of the Group. Each
member of the Group shall set its corporate policies independently through its
respective board of directors and executive officers and nothing contained
herein shall be construed to relieve such directors or officers of each
respective member of the Group from the performance of their duties or to limit
the exercise of their powers.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.3. Notwithstanding the other provisions of this Agreement:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
 the Manager or, as the case may be, any Submanager may act with respect to a
 member of the Group upon any advice, resolutions, requests, instructions,
 recommendations, direction or information obtained from such member of the
 Group or any banker, accountant, broker, lawyer or other person acting as
 agent of or adviser to such member of the Group and the Manager or, as the
 case may be, the relevant Submanager shall incur no liability to such member
 of the Group for anything done or omitted or suffered in good faith in
 reliance upon such advice, instruction, resolution, recommendation, direction
 or information made or given by such member of the Group or its agents, in
 the absence of gross negligence or willful misconduct by the Manager or, as
 the case may be, the relevant Submanager or their respective servants, and
 shall not be responsible for any misconduct, mistake, oversight, error of
 judgment, neglect, default, omission, forgetfulness or want of prudence on
 the part of any such banker, accountant, broker, lawyer, agent or adviser or
 other person as aforesaid;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
 the Manager or, as the case may be, a Submanager shall not be under any
 obligation to carry out any request, resolution, instruction, direction or
 recommendation of any member of the Group or its agents if the performance
 thereof is or would be illegal or unlawful; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
 the Manager or, as the case may be, the relevant Submanager shall incur no liability
 to any member of the Group for doing or failing to do any act or thing which
 it shall be required to do or perform or forebear from doing or performing by
 reason of any provision of any law or any regulation or resolution made
 pursuant thereto or any decision, order or judgment of any court or any
 lawful request, announcement or similar action of any person or body
 exercising or purporting to exercise the legitimate authority of any government or of any central or local</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE=2>23</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>governmental institution in each case where the
 above entity has jurisdiction.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>ARTICLE XIII</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>TERMINATION OF THIS AGREEMENT</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.1. This Agreement shall be effective as of the Effective Date and, subject
to Sections&nbsp;13.2, 13.3, 13.4 and 13.5, shall continue until the last day
of the calendar year falling five years after the calendar year that the
Effective Date falls in (the &#147;<U>Initial Term</U>&#148;). Thereafter the term of
this Agreement shall be extended on a year-to-year basis for up to five times
(each a &#147;<U>Subsequent Term</U>&#148;) unless the Parent, at least 12 months prior
to the end of the then current term, gives written notice to the Manager that
it wishes to terminate this Agreement at the end of the then current term. In
no event will the term of this Agreement (the &#147;<U>Term</U>&#148;) extend beyond the
date falling five years after the last day of the Initial Term.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.2. The Parent shall be entitled to terminate this Agreement by notice in
writing to the Manager if:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
 the Manager defaults in the performance of any material obligation under this
 Agreement, subject to a cure right of 20 Business Days following written
 notice by the Parent, <U>PROVIDED ALWAYS</U>, that any default of the Manager
 to perform any of its obligations under a particular Shipmanagement Agreement
 or any Supervision Agreement, shall not, in itself, entitle the Parent to
 terminate this Agreement pursuant to this Section 13.2(a) and shall only
 allow the relevant member of the Group to terminate the relevant Shipmanagement
 Agreement or Supervision Agreement;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
 any moneys due and payable to the Parent or third parties by the Manager
 under this Agreement is not paid or accounted for within 10 Business Days
 following written notice by the Parent;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
 there is a Change of Control of the Manager; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
 the Manager is convicted of, enters a plea of guilty or nolo contendere with
 respect to, or enters into a plea bargain or settlement admitting guilt for a
 crime (including, for the avoidance of doubt, fraud), which conviction, plea
 bargain or settlement is demonstrably and materially injurious to the Parent,
 <U>PROVIDED ALWAYS</U>, such crime is not a misdemeanor and <U>PROVIDED
 ALWAYS</U> further that such crime has been committed solely and directly by
 an officer or director of the Manager acting within the terms of its
 employment or office.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.3. The Manager shall be entitled to terminate this Agreement by notice in
writing to the Parent if:</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE=2>24</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
 any moneys payable by the Parent under this Agreement is not paid when due or
 if due on demand within 20 Business Days following demand by the Manager;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
 the Parent defaults in the performance of any other material obligations
 under this Agreement, subject to a cure right of 20 Business Days following
 written notice by the Manager; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
 there is a Change in Control of the Parent.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.4. Either party shall be entitled to terminate this Agreement by notice in
writing to the other party if:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
 the other party ceases to conduct business, or all or substantially all of
 the equity-interests, properties or assets of such other party are sold,
 seized or appropriated which, in the case of seizure or appropriation, is not
 discharged within 20 Business Days;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
 (i)&nbsp;the other party files a petition under any bankruptcy law, makes an
 assignment for the benefit of its creditors, seeks relief under any law for
 the protection of debtors or adopts a plan of liquidation; (ii) a petition is
 filed against the other party seeking to have it declared insolvent or
 bankrupt and such petition is not dismissed or stayed within 90 Business Days
 of its filing; (iii) the other party shall admit in writing its insolvency or
 its inability to pay its debts as they mature; (iv) an order is made for the
 appointment of a liquidator, manager, receiver or trustee of the other party
 of all or a substantial part of its assets; (v) if an encumbrancer takes possession
 of or a receiver or trustee is appointed over the whole or a substantial part
 of the other party&#146;s undertaking, property or assets; or (vi) if an order is
 made or a resolution is passed for the other party&#146;s winding up;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
 the other party is prevented from performing its obligations hereunder, in
 any material respect, by reasons of Force Majeure for a period of two or more
 consecutive months; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
 all Supervision Agreements and all Shipmanagement Agreements are terminated
 in accordance with the respective terms thereof.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.5. Upon the effective date of termination pursuant to this
Article&nbsp;XIII, the Manager shall promptly terminate its service hereunder,
after taking reasonable commercial steps to minimize any interruption to the
business of the members of the Group.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.6. Upon termination, the Manager shall, as promptly as possible, submit a
final accounting of funds received and disbursed under this Agreement, any
Supervision Agreement and/or any Shipmanagement Agreement and of any remaining</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE=2>25</FONT></P>

<P><FONT SIZE=2>Management
Fees and/or any other funds due from the Parent or any other member of the
Group, calculated pro rata to the date of termination, and any non-disbursed
funds of any member of the Group in the Manager&#146;s possession or control will be
paid by the Manager as directed by such member of the Group promptly upon the
Manager&#146;s receipt of all sums then due to it under this Agreement, any
Supervision Agreement and/or any Management Agreement, if any.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.7. Upon termination of this Agreement, the Manager shall release to the
Parent the originals where possible, or otherwise certified copies, of all such
accounts and all documents specifically relating to each Vessel or the
provision of the Services.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.8. Upon termination of this Agreement either by the Manager for any reason
(other than pursuant to Section 13.4(c)) or by the Parent pursuant to Section
13.1, the Parent shall be liable to pay to the Manager as liquidated damages an
amount in U.S. Dollars equal to the lesser of (a) five times and (b) the number
of full years remaining prior to the date falling five years after the last day
of the Initial Term times, in each case, the aggregate fees due and payable to
the Manager under the terms of this Agreement during the 12-month period ending
on the date of termination of this Agreement (without taking into account any
reduction to the fees payable to the Manager under Section 9.1(a) in the event
that a Submanager has been appointed as provided therein), <U>PROVIDED ALWAYS</U>,
that the amount of liquidated damages payable thereunder shall never be less
than two times the aggregate fees due and payable to the Manager under the
terms of this Agreement during the 12-month period ending on the date of
termination of this Agreement.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.9. The provisions of this Article&nbsp;XIII shall survive any termination of
this Agreement.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE XIV<BR>
NOTICES</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
14.1. All notices, consents and other communications hereunder, or necessary to
exercise any rights granted hereunder, shall be in writing, sent either by
prepaid registered mail or telefax, and will be validly given if delivered on a
Business Day to an individual at the following address:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Costamare
 Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>60 Zephyrou
 Street &amp; Syngrou Avenue</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Palaio
 Faliro, Athens, Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Telefax: +30
 210 9406454</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Attention:
 CEO</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Costamare
 Shipping Company S.A.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>60 Zefyrou
 Street &amp; Syngrou Avenue,</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Palaio
 Faliro, Athens, Greece</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=2>26</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telefax: +30 210 9409081 <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention:
Managing Director</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE XV</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>APPLICABLE LAW</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
15.1. This Agreement and any non-contractual obligations connected with it
shall be governed by, and construed in accordance with, the laws of England. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
15.2. Except for Sections 2.3, 3.5, 9.5 and 9.6 and Articles XI and XII which
can be relied by a Submanager and Sections 2.3, 3.5, 9.5, 9.6 and 10.9 and
Articles XI and XII which can be relied by a Related Manager, no other term of
this Agreement is enforceable under the Contracts (Rights of Third Parties) Act
1999 by a person who is not a party to this Agreement. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE XVI</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARBITRATION</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
16.1. All disputes arising out of this Agreement and/or any non-contractual
obligations connected with it shall be arbitrated in London in the following
manner. One arbitrator is to be appointed by each of the parties hereto and a
third by the two so chosen. Their decision or that of any two of them shall be
final. The arbitrators shall be commercial persons, conversant with shipping
matters. Such arbitration is to be conducted in accordance with the London
Maritime Arbitration Association (LMAA) Terms current at the time when the
arbitration proceedings are commenced and in accordance with the Arbitration
Act 1996 or any statutory modification or re-enactment thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
16.2. In the event that a party hereto shall state a dispute and designate an
arbitrator in writing, the other party shall have 10 Business Days to designate
its own arbitrator. If such other party fails to designate its own arbitrator
within such period, the arbitrator appointed by the first party can render an
award hereunder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
16.3. Until such time as the arbitrators finally close the hearings, either
party shall have the right by written notice served on the arbitrators and on
the other party to specify further disputes or differences under this Agreement
for hearing and determination. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
16.4. The arbitrators may grant any relief, and render an award, which they or
a majority of them deem just and equitable and within the scope of this
Agreement, including but not limited to the posting of security. Awards
pursuant to this Article XVI may include costs and judgments may be entered
upon any award made herein in any court having jurisdiction. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=2>27</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE XVII</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>MISCELLANEOUS</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
17.1. This Agreement constitutes the sole understanding and agreement of the
parties hereto with respect to the subject matter hereof and supersedes all
prior agreements or understandings, written or oral, with respect thereto. This
Agreement may not be amended, waived or discharged except by an instrument in
writing executed by the party against whom enforcement of such amendment,
waiver or discharge is sought. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
17.2. During the term hereof, the Manager will not provide services hereunder
through, or otherwise cause any member of the Group to have, an office or fixed
place of business in the United States. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
17.3. This Agreement may be executed in one or more written counterparts, each
of which shall be deemed an original, but all of which together shall
constitute one instrument. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF the undersigned have executed this Agreement as of the date
first above written. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="41%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=2>COSTAMARE
 INC.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>by</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Name:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Konstantinos
 Konstantakopoulos</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Title:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>CEO</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=2>COSTAMARE
 SHIPPING COMPANY</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=2>S.A.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>by</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Name:
 Diamantis Manos</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Title:
 Director</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>SCHEDULE A</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>SHIPOWNING SUBSIDIARIES</B></FONT></P>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:10PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P><FONT SIZE="2">1) Achilleas
Maritime Corporation</FONT> </P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>2) Alexia
 Transport Corp. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>3) Angistri
 Corporation </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>4) Bullow
 Investments Inc. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>5) Burton
 Shipping Co. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>6)
 Capetanissa Maritime Corporation </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7)
 Caravokyra Maritime Corporation </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>8) Christos
 Maritime Corporation </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>9)
 Costachille Maritime Corporation </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>10) Costis
 Maritime Corporation </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>11) Denor
 Shipping Co. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>12) Dino
 Shipping Co. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>13) Fanakos
 Maritime Corporation </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>14)
 Fastsailing Maritime Co. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>15) Flow
 Shipping Co. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>16) Grappa Shipping
 Co. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>17)
 Guildmore Navigation S.A. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>18) Honaker
 Shipping Company </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>19) Kalamata
 Shipping Corporation </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>20) Kelsen
 Shipping Co. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>21) Lang
 Shipping Co. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>22) Lege
 Shipping Co. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>23) Lytton
 Shipping Co. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>24) Marathos
 Shipping Inc. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>25) Marina
 Maritime Corporation </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>26) Marvista
 Maritime Inc. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>27) Mas
 Shipping Co. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>28) Mera
 Shipping Co. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>29) Merin
 Shipping Co. </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN="RIGHT"><FONT SIZE=2>2</font><p>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>30) Merten
 Shipping Co. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>31) Miko
 Shipping Co. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>32) Montes
 Shipping Co. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>33) Navarino
 Maritime Corporation </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>34) Ray
 Shipping Co. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>35) Rena
 Maritime Corporation </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>36) Sims
 Shipping Co. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>37) Takoulis
 Maritime Corporation </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>38) West End
 Shipping Co. Ltd. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>39) Venor
 Shipping Co. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>40) Volk
 Shipping Co. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>41) Uriza
 Shipping Co. </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>SCHEDULE B</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>NON-SHIPOWNING SUBSIDIARIES</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1. Brookes
 Shipping Co. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>2. Cagney
 Shipping Co. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>3. Convey
 Shipping Co. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>4. Cornas
 Shipping Co. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>5. Davies
 Shipping Co. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>6. Douro
 Shipping Co. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7. Dome
 Shipping Co. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>8. Idea
 Shipping Co. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>9. Erin
 Shipping Co. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>10. Nigel
 Shipping Co. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>11. Ronda
 Shipping Co. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>12. Royce
 Shipping Co. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>13. Madelia
 Shipping Co. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>14. Mabel
 Shipping Co. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>15. Warrick
 Shipping Co. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>16. Sea Elf
 Maritime Inc </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>17. Simone
 Shipping Co. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>18. Adele
 Shipping Co. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>19. Bastian
 Shipping Co. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>20. Cadence
 Shipping Co. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>21. Daina
 Shipping Co. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>22. Edith
 Shipping Co. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>23. Fay
 Shipping Co. </FONT></P> </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
<P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>APPENDIX I</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>FORM OF SHIPMANAGEMENT AGREEMENT</B></FONT></P>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="21%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="31%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="43%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Approved by</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>the Documentary Committee of The</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Approved by</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Printed by BIMCO&#146;s <I>idea</I></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Japan Shipping Exchange Inc., Tokyo</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>the International Ship Managers&#146;
 Association (ISMA)</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
 <div ALIGN="RIGHT"><FONT STYLE="FONT-SIZE:7Pt"><img src="c62562001_v9.jpg" alt="(LOGO)"></font></div>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" >
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER-TOP:SOLID BLACK .5PT;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:NONE;BORDER-RIGHT:NONE'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-TOP:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="44%" VALIGN=TOP STYLE='BORDER-TOP:SOLID BLACK .5PT;BORDER-LEFT:NONE;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="42%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>1.</FONT></P>
 </TD>
 <TD VALIGN=TOP rowspan=2 STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Date of Agreement</FONT><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> [to be dated the
 date of execution]</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>THE BALTIC AND INTERNATIONAL MARITIME
 COUNCIL (BIMCO)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP rowspan=5>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>

 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>STANDARD SHIP MANAGEMENT AGREEMENT</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>CODE NAME: &#147;SHIPMAN 98&#148;</B></FONT></P>
 </TD>

 </TR>
<TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>

 </TR>
<TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P ALIGN="RIGHT"><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>PART I</B></FONT></P>
 </TD>

 </TR>

 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>2.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Owners (name, place of registered
 office and law of registry) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>CI.
 1</U></FONT>)</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>3.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Managers (name, place of registered office and law of
 registry) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>CI. 1</U></FONT>)</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-bottom:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-bottom:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-bottom:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-bottom:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP >
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Name</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Name</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> [name of relevant member of the Group]</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Costamare Shipping Company S.A.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Place of registered office</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Place of registered office</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> [to be completed]</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Panama City, Republic of Panama</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Law of registry</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Law of registry</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> [to be completed]</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Republic of Panama</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>4.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Day and year of commencement of
 Agreement (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 2</U></FONT>)</FONT><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> [to be completed
 on execution]</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>5.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Crew Management (state &#147;yes&#148; or
 &#147;no&#148; as agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.1</U></FONT>)</FONT><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>6.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Technical Management (state &#147;yes&#148; or &#147;no&#148; as agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.2</U></FONT>)</FONT><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>7.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Commercial Management (state &#147;yes&#148;
 or &#147;no&#148; as agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.3</U></FONT>)</FONT><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>8.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Insurance Arrangements (state &#147;yes&#148; or &#147;no&#148; as agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.4</U></FONT>)</font><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>9.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Accounting Services (state &#147;yes&#148; or
 &#147;no&#148; as agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>CI. 3.5</U></FONT>)</font><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>10.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Sale or purchase of the Vessel (state &#147;yes&#148; or &#147;no&#148; as
 agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.6</U></FONT><FONT  STYLE="FONT-SIZE:7Pt" FACE=ARIAL>)</font><B> <BR>
 YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>11.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Provisions (state &#147;yes&#148; or &#147;no&#148; as
 agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.7</U></FONT>)</font><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>12.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Bunkering (state &#147;yes&#148; or &#147;no&#148; as agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.8</U></FONT>)</font><FONT  STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> <BR>
 YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>13.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Chartering Services Period (only to
 be filled in if &#147;yes&#148; stated in Box 7) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.3(i)</U></FONT>)</FONT><BR><FONT STYLE="FONT-SIZE:7Pt"
FACE=ARIAL><B>36 months (including any optional extensions applicable) and with a gross daily rate (or time charter equivalent) of US$[   ]</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>14.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Owners&#146; Insurance (state alternative (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>i</U>),</FONT> (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>ii</U></FONT><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>) or (</font><FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>iii</U></FONT><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>) of </font><FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 6.3</U></FONT>)</font><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Clause 6.3(ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>15.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><Strike><FONT STYLE="FONT-SIZE:7Pt" COLOR=BLUE  FACE=ARIAL>Annual</FONT></Strike><FONT  STYLE="FONT-SIZE:7Pt" FACE=ARIAL> Management
 Fee (state <Strike><FONT STYLE="FONT-SIZE:7Pt" COLOR=BLUE  FACE=ARIAL>annual</FONT></Strike> amount) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl.
 8.1</U></FONT>)</FONT><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>See Clause 8.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>16.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Severance Costs (state maximum amount) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 8.4(ii)</U></FONT>)</font><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>not applicable</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>17.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Day and year of termination of
 Agreement (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 17</U></FONT>)</FONT><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>see Clause 17</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>18.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Law and Arbitration (state alternative <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>19.1</U></FONT>, <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>19.2 </U></FONT>or <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>19.3</U></FONT>; if <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>19.3</U></FONT> place of
 arbitration must be stated) (<U>Cl. 19</U>)</font><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> see Clause 19.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>19.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Notices (state postal </font><Strike> <FONT COLOR=BLUE FACE=ARIAL STYLE="FONT-SIZE:7Pt"> and cable</font></Strike><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL> address</font><Strike><FONT COLOR=BLUE FACE=ARIAL STYLE="FONT-SIZE:7Pt"><Strike>,</Strike> telex</FONT></Strike><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL> and telefax
 number for serving notice and communication <U>to the Owners</U>) (</font><FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 20</U></FONT><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>20.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Notices (state postal <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><Strike>and cable</Strike></font> address<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><Strike>, telex</Strike></FONT> and telefax number for serving
 notice and communication <U>to the Managers</U>)</font><FONT FACE=ARIAL COLOR=BLUE STYLE="FONT-SIZE:7Pt"> <U>(Cl. 20</U></FONT><FONT STYLE="FONT-SIZE:7Pt">)<BR><BR></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>C/o Costamare Inc.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>60 Zephyrou Street &amp; Syngrou Avenue</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>60 Zephyrou Street &amp; Syngrou Avenue</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Athens, Greece</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Athens, Greece</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Telefax: + 30 210 940 9051</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Telefax: + 30 210 940 6454 </B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Attention: Chief Executive Officer</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Attention: Chief Executive Officer</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=7 VALIGN=TOP STYLE='BORDER:NONE'>
 <P ALIGN=JUSTIFY><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=7 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>It is mutually agreed between the
 party stated in <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Box 2</U></font> and the party stated in <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Box 3</U></FONT> that this
 Agreement consisting of <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>PART I</U></FONT>
 and <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>PART II</U></FONT> as
 well as <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Annex<Strike>es</Strike> &#147;A&#148;</U></FONT>
 (Details of Vessel)<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><Strike><U>, &#147;B&#148;</U> (Details of Crew), <U> &#147;C&#148;</U> (Budget)
 and <U> &#147;D&#148;</U>
 (Associated vessels) </Strike></FONT>attached hereto, shall be performed subject to the
 conditions contained herein. In the event of a conflict of conditions, the
 provisions of <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>PART I</U></FONT>
 and <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Annex</u><Strike><u>es &#147;A&#148;</U>,
 <U>&#147;B&#148;</U>, <U>&#147;C&#148;</U> and <u>&#147;D&#148;</u></Strike></font> <FONT STYLE="FONT-SIZE:7Pt">shall
 prevail over those of</font> <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>PART II</U></FONT>
 to the extent of such conflict but no further.<strike>.</strike></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Signature(s) (Owners)</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Signature(s) (Managers)</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> [name of
 relevant member of the Group]</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>COSTAMARE SHIPPING COMPANY S.A.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


<P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>This document is a computer generated SHIPMAN 98 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly
visible. In the event of any modification made to the pre-printed text of this
document which is not clearly visible, the text of the original BIMCO approved
document shall apply. BIMCO assumes no responsibility for any loss, damage or
expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>A-A-1</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>Printed by BIMCO&#146;s <I>idea</I></B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>ANNEX
 &#147;A&#148; (DETAILS OF VESSEL OR VESSELS) TO</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>THE
 BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>STANDARD
 SHIP MANAGEMENT AGREEMENT - CODE NAME: &#147;SHIPMAN 98&#148;</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP style='border-bottom:1px solid black'>&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Date of Agreement:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B> [to
 be completed]</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Name of Vessel(s):</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B> [to be completed]</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Particulars of Vessel(s):</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B> [to be completed]</B></FONT></P>
 </TD>
 </TR>
</TABLE>






<P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>This document is a computer
generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or
deletion to the form must be clearly visible. In the event of any modification
made to the pre-printed text of this document which is not clearly visible, the
text of the original BIMCO approved document shall apply. BIMCO assumes no
responsibility for any loss, damage or expense as a result of discrepancies
between the original BIMCO approved document and this computer generated
document.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>A-A-2</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" SIZE="2"><B><Strike>ANNEX &#147;B&#148; (DETAILS OF CREW) TO</Strike></B> </FONT> </P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" SIZE="2"><B><Strike>THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)</Strike></B> </FONT> </P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" SIZE="2"><B><Strike>STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: &#147;SHIPMAN 98&#148;</Strike></B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP style='border-bottom:1px solid black'>&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><Strike>Date of Agreement:</Strike><BR><BR>
<Strike>Details of Crew:</Strike></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="30%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="30%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="30%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><Strike>Numbers</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><Strike>Rank</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><Strike>Nationality</Strike></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>This
document is a computer generated SHIPMAN 98 form printed by authority of BIMCO.
Any insertion or deletion to the form must be clearly visible. In the event of
any modification made to the pre-printed text of this document which is not
clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of
discrepancies between the original BIMCO approved document and this computer
generated document. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>A-A-3</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN="CENTER"><FONT SIZE=1 FACE=ARIAL><B>Printed by BIMCO&#146;s <I>idea</I></B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><B><Strike>ANNEX &#147;C&#148; (BUDGET) TO</Strike></B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><B><Strike>THE BALTIC AND INTERNATIONAL MARITIME
 COUNCIL (BIMCO)</Strike></B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><B><Strike>STANDARD SHIP MANAGEMENT AGREEMENT - CODE
 NAME: &#147;SHIPMAN 98&#148;</Strike></B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><Strike>Date of Agreement:</Strike></FONT></P>


<P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><Strike>Managers&#146; Budget for the first year with effect from the
Commencement Date of this Agreement: </Strike></FONT></P>




<P><FONT SIZE=1 FACE=ARIAL>This
document is a computer generated SHIPMAN 98 form printed by authority of BIMCO.
Any insertion or deletion to the form must be clearly visible. In the event of
any modification made to the pre-printed text of this document which is not
clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of
discrepancies between the original BIMCO approved document and this computer
generated document. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>A-A-4</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><B><Strike>ANNEX &#147;D&#148; (ASSOCIATED VESSELS) TO</Strike></B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><B><Strike>THE BALTIC AND INTERNATIONAL MARITIME
 COUNCIL (BIMCO)</Strike></B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><B><Strike>STANDARD SHIP MANAGEMENT AGREEMENT - CODE
 NAME: &#147;SHIPMAN 98&#148;</Strike></B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><B><Strike>NOTE: PARTIES SHOULD
BE AWARE THAT BY COMPLETING THIS ANNEX &#147;D&#148; THEY WILL BE SUBJECT TO THE
PROVISIONS OF SUB-CLAUSE 18.1(i) OF THIS AGREEMENT.</Strike></B></FONT></P>

<P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><Strike>Date of Agreement:</Strike></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="5%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP STYLE="BORDER-BOTTOM:solid blue 1PX">
 <P>&nbsp;</P>
 </TD>
 </TR>
</table>

<P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><Strike>Details of Associated Vessels:</Strike></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="5%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP STYLE="BORDER-BOTTOM:double blue 3PX">
 <P>&nbsp;</P>
 </TD>
 </TR>
</table>

<P><FONT SIZE=1 FACE=ARIAL>This
document is a computer generated SHIPMAN 98 form printed by authority of BIMCO.
Any insertion or deletion to the form must be clearly visible. In the event of
any modification made to the pre-printed text of this document which is not
clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies
between the original BIMCO approved document and this computer generated
document. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>A-A-5</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>PART II<BR>
&#147;SHIPMAN 98&#148; Standard Ship Management Agreement</B></FONT></P>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>1.</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>Definitions</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">1</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">In this Agreement save where the
 context otherwise requires,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">2</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">the following words and
 expressions shall have the meanings</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">3</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">hereby assigned to them.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">4</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><I> &#147;Owners&#148;</I><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> means the party identified in <FONT COLOR=BLUE><U>Box 2</U></FONT>.</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">5</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><I> &#147;Managers&#148;</I><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> means the party identified in <FONT COLOR=BLUE><U>Box 3</U></FONT>.</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">6</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><I> &#147;Vessel&#148;</I><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> means the vessel or vessels details of which are set</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">7</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">out in <FONT COLOR=BLUE><U>Annex &#147;A&#148;</U> </FONT><FONT FACE="ARIAL" STYLE="font-size:6.5pt">attached hereto.</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">8</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B> &#147;Business Day&#148; shall have the same meaning as ascribed</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>thereto in Section 1.1 of the Group Management Agreement.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><I> &#147;Crew&#148;</I><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> means the Master, officers and ratings <FONT  COLOR=RED><B>employed on the</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">9</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>Vessel from time to time</B><Strike><FONT STYLE="font-size:6.5pt"  COLOR=BLUE FACE=ARIAL>of the numbers,</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>rank
 and nationality specified in <U>Annex &#147;B&#148;</U> attached hereto.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">10</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><I><Strike>&#147;Crew Support Costs&#148;</Strike></I><Strike><FONT STYLE="font-size:6.5pt"  COLOR=BLUE FACE=ARIAL> means all expenses of a general nature</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>which
 are not particularly referable to any individual vessel for</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the
 time being managed by the Managers and which are incurred</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>by
 the Managers for the purpose of providing an efficient and</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>economic
 management service and, without prejudice to the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">15</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>generality
 of the foregoing, shall include the cost of crew standby</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">16</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>pay,
 training schemes for officers and ratings, cadet training</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">17</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>schemes,
 sick pay, study pay, recruitment and interviews.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">18</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><I><B> &#147;Related Manager&#148; shall have the meaning
 as ascribed thereto</B></I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><I><B>in Section 1.1 of the Group Management
 Agreement.</B></I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><I> &#147;Severance
 Costs&#148;</I><FONT FACE="ARIAL" STYLE="font-size:6.5pt"> means the costs which the
 employers are</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">legally obliged to pay to or in
 respect of the Crew as a result of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">20</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">the early termination of any
 employment contract for service on</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">21</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">the Vessel.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">22</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><I> &#147;Crew
 Insurances&#148;</I><FONT FACE="ARIAL" STYLE="font-size:6.5pt"> means insurances against
 crew risks which</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">23</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">shall include but not be limited
 to death, sickness, repatriation,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">24</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">injury, shipwreck unemployment indemnity
 and loss of personal</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">25</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">effects.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">26</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B> &#147;Group Management Agreement&#148; means the agreement dated [ ]</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>2010 made between the Parent and the Managers.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><I> &#147;Management
 Services&#148;</I><FONT FACE="ARIAL" STYLE="font-size:6.5pt"> means the services
 specified in sub-</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">27</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">clauses 3.1 to 3.8 as indicated
 affirmatively in Boxes <FONT COLOR=BLUE><U>5</U> </FONT><FONT FACE="ARIAL" STYLE="font-size:6.5pt">to</FONT> <FONT COLOR=BLUE><U>12</U></FONT>.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">28</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><I> &#147;ISM Code&#148;</I><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> means the International Management Code for the</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">29</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">Safe Operation of Ships and for
 Pollution Prevention as adopted</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">30</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">by the International Maritime
 Organization (IMO) by resolution</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">31</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">A.741(18) or any subsequent
 amendment thereto.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">32</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B> &#147;ISPS Code&#148; means the International Ship and Port Facility</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>Security Code constituted pursuant to resolution A.924(22)
 of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>the International Maritime Organisation now set out in
 Chapter</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>XI-2 of the International Convention for the Safety of Life
 at Sea</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B> (SOLAS) 1974 (as amended) and the mandatory ISPS Code as</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>adopted by a Diplomatic Conference of the International</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>Maritime Organisation on Maritime Security in December 2002</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>and includes any amendments or extensions to it and any</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>regulation issued pursuant to it.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B> &#147;Parent&#148; means Costamare Inc. of Trust Company Complex,</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>Ajeltake Road, Ajeltake Island, Majuro, Republic of the
 Marshall</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>Islands MH96960.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><I> &#147;STCW 95&#148;</I><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> means the International Convention on Standards</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">33</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">of Training, Certification and
 Watchkeeping for Seafarers, 1978,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">34</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">as amended in 1995 or any
 subsequent amendment thereto.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">35</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>2.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>Appointment of
 Managers</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">36</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">With effect from the day and year
 stated in <FONT COLOR=BLUE><U>Box 4</U></FONT> <FONT FACE="ARIAL" STYLE="font-size:6.5pt">and continuing</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">37</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">unless and until terminated provided herein, the Owners</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">38</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">hereby appoint the Managers <FONT FACE=ARIAL STYLE="font-size:6.5pt" COLOR=RED><B>as the
technical and commercial managers of the Vessel</B></FONT> and
 the Managers hereby agree</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">39</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">to act as the <FONT FACE=ARIAL STYLE="font-size:6.5pt" COLOR=RED><B>technical and commercial</B> </FONT></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>M</Strike></FONT><FONT FACE=ARIAL STYLE="font-size:6.5pt" COLOR=RED><B>m</B></FONT><FONT FACE="ARIAL" STYLE="font-size:6.5pt">anagers of the Vessel.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">40</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>3.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>Basis of
 Agreement</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">41</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">Subject to the terms and
 conditions herein provided, during the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">42</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">period of this Agreement, the
 Managers shall carry out</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">43</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">Management Services in respect of
 the Vessel as agents for</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" STYLE="font-size:6.5pt">44</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>and on behalf of the Owners. <FONT  COLOR=RED><B>Subject to Section 4.6 of
 the Group</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>45</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>Management Agreement, </B><Strike><FONT STYLE="font-size:6.5pt" COLOR=BLUE  FACE=ARIAL>T</FONT></Strike><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>t</B></FONT></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL>he
 Managers shall have authority</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>to take such actions as they may
 from time to time in their absolute</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>46</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>discretion consider to be
 necessary to enable them to perform</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>47</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>this Agreement in accordance with
 sound ship management</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>48</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>practice.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>49</FONT></P>
 </TD>
 </TR>
</TABLE>

</DIV>


<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="84%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>3.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>Crew Management</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>50</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><I>(only applicable if agreed according to</I> </FONT><FONT FACE=ARIAL STYLE="font-size:6.5pt" COLOR=BLUE><I><U>Box 5</U></I></FONT><FONT STYLE="font-size:6.5pt"><I>)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>51</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>The Managers shall provide
 suitably qualified Crew for the Vessel</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>52</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>as required by the Owners in
 accordance with the STCW 95</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>53</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>requirements, provision of which
 includes but is not limited to</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>54</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>the following functions:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>55</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (i)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>selecting and engaging the
 Vessel&#146;s Crew, including payroll</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>56</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>arrangements, pension
 administration, and insurances for</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>57</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>the Crew other than those
 mentioned in <FONT COLOR=BLUE><U>Clause 6</U>;</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>58</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>ensuring that the applicable
 requirements of the law of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>59</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>flag of the Vessel are satisfied
 in respect of manning levels,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>60</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>rank, qualification and
 certification of the Crew and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>61</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>employment regulations including
 Crew&#146;s tax, social</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>62</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>insurance, discipline and other
 requirements;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>63</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (iii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>ensuring that all members of the
 Crew have passed a medical</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>64</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>examination with a qualified
 doctor certifying that they are fit</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>65</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>for the duties for which they are
 engaged and are in possession</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>66</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>of valid medical certificates
 issued in accordance with</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>67</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>appropriate flag State
 requirements. In the absence of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>68</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>applicable flag State
 requirements the medical certificate shall</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>69</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>be dated not more than three months
 prior to the respective</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>70</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Crew members leaving their
 country of domicile and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>71</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>maintained for the duration of
 their service on board the Vessel;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>72</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (iv)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>ensuring that the Crew shall have
 a command of the English</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>73</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>language of a sufficient standard
 to enable them to perform</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>74</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>their duties safely;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>75</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (v)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>arranging transportation of the
 Crew, including repatriation<FONT COLOR=RED><B>,</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>76</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>board and lodging as and when required at rates and types
 of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>accommodations as customary in the industry</B><FONT  STYLE="font-size:6.5pt" FACE=ARIAL>;</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (vi)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>training of the Crew and
 supervising their efficiency;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>77</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (vii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>keeping and maintaining full and complete records of any</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>78</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>labor agreements which may be entered into with the Crew
 and,</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>if applicable, </B></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL>conducting union negotiations;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (viii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>operating the Managers&#146; drug and
 alcohol policy unless</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>79</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>otherwise agreed </FONT><FONT FACE=ARIAL STYLE="font-size:6.5pt" COLOR=RED><B>in writing</B></FONT><FONT STYLE="font-size:6.5pt">.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>80</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>3.2</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>Technical
 Management</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>81</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><I>(only applicable if agreed according to</I> </FONT><FONT FACE=ARIAL STYLE="font-size:6.5pt" COLOR=BLUE><I><U>Box 6</U></I></FONT><FONT STYLE="font-size:6.5pt"><I>)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>82</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>The Managers shall provide
 technical management which</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>83</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>includes, but is not limited to,
 the following functions:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>84</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (i)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>provision of competent personnel
 to supervise the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>85</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>maintenance and general
 efficiency of the Vessel;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>86</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>arrangement and supervision of
 dry dockings, repairs,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>87</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>alterations and the upkeep of the
 Vessel to the standards</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>88</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>required by the Owners provided
 that the Managers shall</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>89</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>be entitled to incur the
 necessary expenditure to ensure</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>90</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>that the Vessel will comply with
 the law of the flag of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>91</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Vessel and of the places where
 she trades, and all</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>92</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>requirements and recommendations
 of the classification</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>93</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>society;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>94</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>(iii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT  STYLE="font-size:6.5pt" FACE=ARIAL>arrangement of the supply of necessary stores, spares and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>95</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>lubricating oil;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>96</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (iv) </B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>appointment of surveyors and
 technical consultants as the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>97</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Managers may consider from time
 to time to be necessary;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>98</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (v)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>development, implementation and
 maintenance of a Safety</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>99</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Management System (SMS) in
 accordance with the ISM</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>100</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Code (see sub-clauses <FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><U>4.2</U></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > and </FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><U>5.3</U></FONT>) <FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>and of a security system
 in</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >101</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>accordance with the ISPS Code;</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B> (vi) handling any claims against the builder of the Vessel</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>arising out of the relevant shipbuilding contract, if</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>applicable; and</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B> (vii) on request by the Owners, providing the Owners with a</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>copy of any inspection report, survey, valuation or any
 other</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>similar report prepared by any shipbrokers, surveyors, the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Class etc..</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>3.3</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Commercial
 Management</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >102</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><I> (only
 applicable if agreed according to</i> </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><i><U>Box 7</U>)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >103</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Managers shall provide </FONT><FONT Face=Arial   STYLE="FONT-SIZE:6.5pt">the commercial operation of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >104</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"  >Vessel</FONT><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" COLOR=BLUE><Strike>, as required by the Owners</Strike></FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial >, which includes, but is not</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >105</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >limited
 to</FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >, the following functions:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >106</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>(i)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">providing
 chartering services </FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>in accordance with the Owners&#146;</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >107</FONT></P>
 </TD>
 </TR>
</TABLE>
</DIV>

<BR CLEAR=ALL><BR>

<P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>This document is a computer generated SHIPMAN 98 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly
visible. In the event of any modification made to the pre-printed text of this
document which is not clearly visible, the text of the original BIMCO approved
document shall apply. BIMCO assumes no responsibility for any loss, damage or
expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>A-A-6</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT Face=Arial SIZE=2 ><B>PART II<BR>
&#147;SHIPMAN 98&#148; Standard Ship Management Agreement</B></FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>instructions</Strike> </FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">which include, but are not limited to, seeking</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >108</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"  >and
 negotiating employment for the Vessel and the conclusion</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >109</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >(including
 the execution thereof) of charter parties or other</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >110</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">contracts
 relating to the employment of the Vessel<FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>, whether on a voyage, time, demise, contract of affreightment or other basis.</B></FONT> If such a</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >111</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="Arial" STYLE="font-size:6.5pt"><B>contract
exceeds the period</B> </FONT> <FONT FACE="Arial" COLOR="RED" STYLE="font-size:6.5pt"><B>and is for a rate that is less than the rate, in either case,  stated in</B> </FONT><FONT FACE="Arial" COLOR="BLUE" STYLE="font-size:6.5pt"> <U>Box 13</U>,
</FONT><FONT FACE="Arial" STYLE="font-size:6.5pt">consent thereto </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >112</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >in
 writing shall first be obtained from the Owners.   </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >113</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"><B>(ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >arranging
 of the proper payment to Owners or their nominees</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >114</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"  >of
 all hire and/or freight revenues or other moneys of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >115</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"  >whatsoever
 nature to which Owners may be entitled arising</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >116</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >out
 of the employment of or otherwise in connection with the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >117</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Vessel<FONT FACE="Arial" COLOR="RED" STYLE="font-size:6.5pt">;</FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >.</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >118</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>(iii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >providing
 voyage estimates and accounts and calculating of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >119</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"  >hire,
 freights, demurrage and/or despatch moneys due from</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >120</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"  >or
 due to the charterers of the Vessel;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >121</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>(iv)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="Arial" STYLE="font-size:6.5pt">issuing <FONT FACE="Arial" COLOR="RED" STYLE="font-size:6.5pt"><B>to the Crew</B></FONT> <FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><strike>of</strike></FONT> <FONT FACE="Arial" COLOR="RED" STYLE="font-size:6.5pt"><B>appropriate</B></FONT> <FONT FACE="Arial" STYLE="font-size:6.5pt">voyage instructions</font> <FONT FACE="Arial" color=red STYLE="font-size:6.5pt"><B>and monitoring voyage performance</B></FONT><FONT FACE="Arial" STYLE="font-size:6.5pt">;</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >122</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (v)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >appointing agents;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >123</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (vi)</B>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >appointing stevedores;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >124</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (vii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >arranging surveys associated with
 the commercial operation</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >125</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >of the Vessel</font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" color=red>;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >126</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="Arial" COLOR="RED" STYLE="font-size:6.5pt"><B>(viii)</B> <b>carrying out the necessary communications with the
shippers, charterers and others involved with the
receiving and handling of the Vessel at the relevant
loading and discharging ports, including sending any
notices required under the terms of the Vessel&#146;s
employment at the time; (ix) invoicing on behalf of the
Owners all freights, hires, demurrages, outgoing claims,
refund of taxes, balances of disbursements, statements of
account and other sums due to the Owners and account
receivables arising from the operation of the Vessel and,
upon the request of the Owners, issuing releases on
behalf of the Owners upon receipt of payment or
settlement of any such amounts; (x) preparing off-hire
statements and/or hire statements; (xi) procuring and
arranging for port entrance and clearance, pilots,
consular approvals and other services necessary for the
management and safe operation of the Vessel; and (xii)
reporting to the Owners of any major casualties, damages
received or caused by the Vessel or any major release or
discharge of oil or other hazardous material not in
compliance with any laws. </b></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>3.4</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Insurance
 Arrangements&#146;</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >127</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><I> (only
 applicable if agreed according to</I> </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><i><U>Box 8</U></i></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><I>)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >128</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Managers shall arrange
 insurances in accordance with</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >129</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Clause 6, on such terms and
 conditions as the Owners shall</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >130</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="Arial" STYLE="font-size:6.5pt">have instructed or agreed, in
particular regarding </FONT> <FONT FACE="Arial" COLOR="RED" STYLE="font-size:6.5pt"><B>underwriters,</B> </FONT>
<FONT FACE="Arial" STYLE="font-size:6.5pt">conditions, </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >131</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >insured values, deductibles and
 franchises.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >132</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>3.5</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Accounting
 Services</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >133</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><I> (only
 applicable if agreed according to</i> </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><i><U>Box 9</U></i></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><I>)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >134</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Without prejudice to the relevant provisions of the Group</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >135</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Management Agreement and, in particular, but without</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="Arial" COLOR="RED" STYLE="font-size:6.5pt"><B>limitation, Section 4.11, Section 5.1 and Section 10.6 thereof,</B></FONT><FONT FACE="Arial" COLOR="BLUE" STYLE="font-size:6.5pt"><strike>T</strike></FONT><FONT FACE="Arial" COLOR="RED" STYLE="font-size:6.5pt">t</font><FONT FACE="Arial"  STYLE="font-size:6.5pt">he Managers </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >shall:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (i)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >establish an accounting system
 which meets the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >136</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >requirements of the Owners and
 provide regular accounting</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >137</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >services, supply regular reports
 and records,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >138</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >maintain the records of all costs
 and expenditure incurred</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >139</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >as well as data necessary or
 proper for the settlement of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >140</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >accounts between the parties.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >141</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>3.6</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Sale or Purchase
 of the Vessel</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >142</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><I> (only
 applicable if agreed according to</i> </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><i><U>Box 10</U>) </I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >143</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Managers shall, in accordance
 with the Owners&#146; instructions,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >144</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">supervise
 the sale or purchase<FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > <FONT Face=Arial  STYLE="FONT-SIZE:6.5pt">of the Vessel, including the</FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >145</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >performance of any sale or purchase agreement, but not</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >146</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="Arial" STYLE="font-size:6.5pt">negotiation of the same. </FONT> <FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt"><B>The Managers shall, on the request of the</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >147</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt"><B>Owners, either directly or by employing the services of a broker,</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt"><B>endeavor to procure a buyer for the Vessel at a price and</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt"><B>otherwise on terms acceptable to the Owners.</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>3.7</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Provisions </B><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" ><I> (only applicable if agreed according to <FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><U><b>Box 11</b></U></FONT><b>)</b></I></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >148</FONT></P>
 </TD>
 </TR>

</TABLE>

</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:Right;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Managers shall arrange for
 the supply of provisions.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >149</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>3.8</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="Arial" STYLE="font-size:6.5pt"><B>Bunkering</B><I> (only applicable if
agreed according to</I> </FONT> <FONT FACE="Arial" COLOR="BLUE" STYLE="font-size:6.5pt"><U><B><I>Box 12</I></B></U> </FONT><FONT FACE="Arial" STYLE="font-size:6.5pt"><I>)</I> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >150</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Managers shall arrange for
 the provision of bunker fuel of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >151</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >quality specified by the Owners
 as required for the Vessel&#146;s trade.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >152</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>4</B><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" ><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Managers&#146;
 Obligations</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >153</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>4.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt"><B>Without prejudice to the relevant provisions of the Group</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >154</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt"><B>Management Agreement and in particular, but without limitation</B> </FONT></P>
 </TD>
  <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt"><B>to the foregoing, the provisions of Section 2.3, Section 4.1,</B> </FONT></P>
 </TD>
  <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt"><B>Section 4.5 and Section 4.7 thereof,</b> <FONT FACE="Arial" COLOR="blue" STYLE="font-size:6.5pt"><strike>T</strike></font><FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt">t</font></font><FONT FACE="Arial" STYLE="font-size:6.5pt">he Managers undertake to</FONT></P>
 </TD>
  <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=Top>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT FACE="Arial" STYLE="font-size:6.5pt">use their <FONT FACE="Arial" color=blue STYLE="font-size:6.5pt"><strike><b>best endeavours</b></strike></font> <FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt"><b>commercially reasonable efforts</b></font><FONT FACE="Arial" STYLE="font-size:6.5pt"> to</FONT></font></P>
 </TD>
  <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >provide the agreed Management
 Services as agents for and on</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >155</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >behalf of the Owners in
 accordance with sound ship management</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >156</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >practice and to protect and
 promote the interests of the Owners in</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >157</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >all matters relating to the
 provision of services hereunder.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >158</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Provided, however, that the
 Managers in the performance of their</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >159</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >management responsibilities under
 this Agreement shall be entitled</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >160</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >to have regard to their overall
 responsibility in relation to all vessels</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >161</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >as may from time to time be
 entrusted to their management and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >162</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >in particular, but without
 prejudice to the generality of the foregoing,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >163</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >the Managers shall be entitled to
 allocate available supplies,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >164</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >manpower and services in such
 manner as in the prevailing</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >165</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >circumstances the Managers in
 their absolute discretion consider</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >166</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >to be fair and reasonable.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >167</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>4.2</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Where the Managers are providing
 Technical Management</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >168</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >in accordance with sub-clause </FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><U>3.2</U></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >, they shall procure
 that the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >169</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >requirements of the law of the
 flag of the Vessel are satisfied and </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >170</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >they shall in particular be
 deemed to be the &#147;Company&#148; as defined</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >171</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >by the ISM Code, assuming the
 responsibility for the operation of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >172</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >the Vessel and taking over the
 duties and responsibilities imposed</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >173</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >by the ISM Code </FONT><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>and/or the ISPS Code</B> </FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >when applicable.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >174</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>5</B><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" ><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Owners&#146;
 Obligations</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >175</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>5.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="Arial" STYLE="font-size:6.5pt" color=red><B>Without prejudice to the relevant provisions of the Group</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >176</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt"><B>Management Agreement,</B> </FONT><FONT FACE="Arial" COLOR="blue" STYLE="font-size:6.5pt"><strike>T</strike></FONT><FONT FACE="Arial" COLOR="RED" STYLE="font-size:6.5pt"><B>t</B></FONT><FONT FACE="Arial" STYLE="font-size:6.5pt">he Owners shall pay all sums due to </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >the Managers punctually</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >in accordance with the terms of
 this Agreement.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >177</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>5.2</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Where the Managers are providing
 Technical Management</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >178</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >in accordance with sub-clause </FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><U>3.2</U></FONT>, <FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >the Owners shall:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >179</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (i)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >procure that all officers and
 ratings supplied by them or on</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >180</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >their behalf comply with the
 requirements of STCW 95;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >181</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >instruct such officers and
 ratings to obey all reasonable orders</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >182</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >of the Managers in connection
 with the operation of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >183</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Managers&#146; safety management
 system.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >184</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>5.3</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Where the Managers are not
 providing Technical Management</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >185</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >in accordance with sub-clause </FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><U>3.2</U></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >, the Owners shall
 procure that</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >186</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >the requirements of the law of
 the flag of the Vessel are satisfied</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >187</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >and that they, or such other
 entity as may be appointed by them</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >188</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >and identified to the Managers,
 shall be deemed to be the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >189</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >&#147;Company&#148; as defined by the ISM
 Code assuming the responsibility</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >190</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >for the operation of the Vessel
 and taking over the duties and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >191</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >responsibilities imposed by the
 ISM Code when applicable.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >192</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>6</B><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" ><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Insurance
 Policies</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >193</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Owners shall procure, <FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><Strike>whether</Strike></font> <FONT Face=Arial STYLE="FONT-SIZE:6.5pt">by instructing the Managers</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >194</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">under sub-clause <FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><U><B>3.4</B></U></font><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><Strike> or otherwise,</Strike></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"> that throughout the period of</font></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >195</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >this Agreement:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >196</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>6.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >at the Owners&#146; expense, the
 Vessel is insured for not less</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >197</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >than her sound market value or
 entered for her full gross tonnage,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >198</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >as the case may be for:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >199</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (i)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >usual hull and machinery marine
 risks (including crew</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >200</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >negligence) and excess
 liabilities;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >201</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >protection and indemnity risks
 (including pollution risks and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >202</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Crew Insurances);</font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" color=blue><strike>and</strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >203</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (iii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >war risks (including protection
 and indemnity and crew risks)</font><FONT Face=Arial color=red STYLE="FONT-SIZE:6.5pt" >;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >204</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" color=red><b>and</b></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" color=red><B>(iv)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" color=red><b>any other insurance that the Owners determine
or the Managers advise them in writing that, in either case, it is prudent or, as the
case may be, appropriate on the basis of prevailing market practices to be obtained in respect of the Vessel, its freight/hire or any
third party liabilities,</b></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >&nbsp;</FONT></P>
 </TD>
 </TR>

<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>in each case</B></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > in
 accordance with the best practice of prudent owners</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >205</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
</DIV>
<BR clear=all><BR>

<P><FONT Face=Arial size=1 >This
document is a computer generated SHIPMAN 98 form printed by authority of BIMCO.
Any insertion or deletion to the form must be clearly visible. In the event of
any modification made to the pre-printed text of this document which is not
clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of
discrepancies between the original BIMCO approved document and this computer
generated document.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>A-A-7</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT Face=Arial SIZE=2 ><B>PART II<BR>
&#147;SHIPMAN 98&#148; Standard Ship Management Agreement</B></FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >vessels of a similar type to the
 Vessel, with first class insurance</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >206</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >companies, underwriters or
 associations (&#147;the Owners&#146;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >207</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Insurances&#148;);</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >208</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>6.2</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >all premiums and calls <FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>and applicable deductibles
 and/or</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >209</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>franchises</B></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > on the
 Owners&#146; Insurances are paid</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >promptly by their due date,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >210</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>6.3</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >the Owners&#146; Insurances name the
 Managers and, subject</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >211</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >to underwriters&#146; agreement, any
 third party designated by the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >212</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Managers as a joint assured, with
 full cover, with the Owners</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >213</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >obtaining cover in respect of
 each of the insurances specified in</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >214</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >sub-clause </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><U>6.1</U></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >215</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (i)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >on terms whereby the Managers and
 any such third party</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >216</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >are liable in respect of premiums
 or calls arising in connection</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >217</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >with the Owners&#146; Insurances; or</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >218</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >if reasonably obtainable, on
 terms such that neither the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >219</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Managers nor any such third party
 shall be under any</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >220</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >liability in respect of premiums
 or calls arising in connection</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >221</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >with the Owners&#146; Insurances; or</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >222</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (iii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >on such other terms as may be
 agreed in writing. </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >223</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><I>Indicate
 alternative (i), (ii) or (iii) in</i> </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><i><U>Box 14</U></i></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"><i>. If</i> </font><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><i><U>Box 14</U></i></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"><i> is left</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >224</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>

 <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><I>blank then (i)
 applies.</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >225</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>6.4</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >written evidence is provided, to
 the reasonable satisfaction</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >226</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >of the Managers, of their
 compliance with their obligations under</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >227</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><U>Clause
 6</U></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > within a reasonable time of the
 commencement of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >228</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >the Agreement, and of each
 renewal date and, if specifically</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >229</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >requested, of each payment date
 of the Owners&#146; Insurances.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >230</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>7</B><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" ><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Income Collected
 and Expenses Paid on Behalf of Owners</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >231</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>7.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt"><B>Without prejudice to the provisions of Section 10.7 of the</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">232</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt"><B>Group Management Agreement</B>, <FONT FACE="Arial" COLOR="blue" STYLE="font-size:6.5pt"><strike>A</strike></FONT><FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt"><B>a</B></FONT></FONT><FONT FACE="Arial" STYLE="font-size:6.5pt">ll moneys collected by the </FONT> </P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Managers under the terms of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >this Agreement (other than moneys payable by the Owners to</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >233</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >the Managers) and any interest
 thereon shall be held to the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >234</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >credit of the Owners in a
 separate bank account.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >235</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>7.2</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt"><B>Without prejudice to the provisions of Section 9.7, Section</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">236</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt">10.5 and Section 10.8 of the Group Management Agreement,</FONT><FONT FACE="Arial" COLOR="blue" STYLE="font-size:6.5pt"> <strike>A</strike></FONT><FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt"><B>a</B></FONT><FONT FACE="Arial" STYLE="font-size:6.5pt">ll</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >expenses incurred by the Managers
 under the terms</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >of this Agreement on behalf of
 the Owners (including expenses</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >237</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >as provided in </FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><U>Clause 8</U></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >) may be
 debited against the Owners</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >238</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >in the account referred to under
 sub-clause </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><U>7.1</U></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > but shall in any</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >239</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >event remain payable by the
 Owners to the Managers on</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >240</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"  >demand.</font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"   color=red><b> For the avoidance of doubt, the Managers can make</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >241</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>such demand on the Owners as well as on the Parent as</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>provided in Section 10.5 of the Group Management Agreement.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Furthermore and without prejudice to the generality of the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>provisions of this Clause 7, the Managers shall, subject to
 being</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>placed in funds by the Owners or the Parent, arrange for
 the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>payment of all ordinary charges incurred in connection with
 the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Management Services, including, but not limited to, all canal</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>tolls, port charges, amounts due to any governmental</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>authority with respect to the Crew and all duties and taxes in</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>

<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>respect of the Vessel, the cargo, hire or freight (whether levied</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>against the Owners, the Parent or the Vessel), insurance</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>

 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>premiums, advances of balances of disbursements, invoices for</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>bunkers, stores, spares, provisions, repairs and any other</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>material and/or service in respect of the
 Vessel.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>8</B><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" ><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Management Fee</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >242</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>8.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Owners shall pay to the Managers
 for their services</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >243</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >as Managers under this Agreement </FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><Strike>an annual</Strike> </FONT><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>the</B></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"> management</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >244</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >fee<b>s</b> as stated in </FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><U><strike>Box 15</strike></U></font><FONT color=red Face=Arial STYLE="FONT-SIZE:6.5pt" > Section 9.1(a) and Section 9(b) of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >245</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial  COLOR=red STYLE="FONT-SIZE:6.5pt">Group Management Agreement</font> <FONT Face=Arial STYLE="FONT-SIZE:6.5pt">which shall be payable</font> <FONT Face=Arial color=blue STYLE="FONT-SIZE:6.5pt"><strike>by equal</strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial  COLOR=blue STYLE="FONT-SIZE:6.5pt"><strike>monthly instalments in advance, the first instalment being</strike> <FONT Face=Arial color=red STYLE="FONT-SIZE:6.5pt"><b>monthly</b></FONT></font></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >246</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt"><B>in accordance with the provisions of Article IX of the Group</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt"><B>Management Agreement.</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><strike>payable on the
 commencement of this Agreement (see <U>Clause</U></strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >247</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><strike><U>2</U></strike><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" COLOR=BLUE > <strike>and <U>Box 4</U>) and subsequent
 instalments being payable every</strike> </FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >248</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><strike>month.</strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >249</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>8.2</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The </FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > management fee
 shall be subject to <FONT Face=Arial STYLE="FONT-SIZE:6.5pt" color=blue><strike>an annual</strike></font> <FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >review</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >250</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt"><B>in accordance with the provisions of Sections 9.2 and 9.3 of the</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >251</FONT></P>
 </TD>
 </TR>

<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt"><B>Group Management Agreement </b></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>on the anniversary date of the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>Agreement and the proposed</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" color=blue><Strike>fee shall be presented in the
 annual budget referred to in sub-</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >252</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike><U>clause
 9.1</U>.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >253</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>8.3</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" color=blue><Strike>The Managers shall, at no extra
 cost to the Owners, provide</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >254</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" color=blue><Strike>their own office accommodation,
 office staff, facilities and</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >255</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" color=blue><Strike>stationery.</Strike></font> <FONT Face=Arial STYLE="FONT-SIZE:6.5pt">Without limiting the
 generality of </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><U>Clause 7</U></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > the Owners</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >256</FONT></P>
 </TD>
 </TR>

</TABLE>

</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:Right;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >shall reimburse the Managers for
 postage and communication</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >257</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >expenses, travelling expenses,
 and other out of pocket</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >258</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >expenses properly incurred by the
 Managers in pursuance of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >259</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >the Management Services.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >260</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>8.4</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>The provisions of Section 9.4, Section 9.5, Section 9.6 and Section 9.7
 of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >261</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>the Group Management Agreement shall be deemed as</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>incorporated herein mutatis mutandis.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>8.5</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>The Managers have the right to demand the payment of any</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>of the management fees and expenses payable under this</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Agreement either from the Parent or the Owners. Payment of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>any such fees or expenses or any part thereof by either the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Parent or the Owners shall prevent the Managers from making
 a</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>claim on the other person for the same amount to the extent</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>that the same has been already paid to the Managers.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>In
 the event of the appointment of the Managers being</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>terminated
 by the Owners or the Managers in accordance with</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >262</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>the
 provisions of Clauses <U>17</U> and <U>18</U> other than by reason of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >263</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>default
 by the Managers, or if the Vessel is lost, sold or otherwise</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >264</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>Disposed
 of, the &#147;management fee&#148; payable to the Managers</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >265</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>According
 to the provisions of sub-clause <U>8.1</U>, shall continue to</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >266</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>be
 payable for a further period of three calendar months as</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >267</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>from
 the termination date. In addition, provided that the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >268</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>Managers
 provide Crew for the Vessel in accordance with sub-</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >269</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>clause- <U>3,1</U>:</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >270</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><B><Strike>(i)&nbsp;&nbsp;&nbsp;&nbsp;</Strike></B></FONT></P>
 </TD>

 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>the
 Owners shall continue to pay Crew Support Costs during</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >271</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
<TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>the
 said further period of three calendar months and</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >272</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><B><Strike>(ii)&nbsp;&nbsp;&nbsp;&nbsp;</Strike></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>the
 Owners shall pay an equitable proportion of any </Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >273</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
<TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>Severance
 Costs which may materialize, not exceeding</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >274</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
<TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>the
 amount stated in <U>Box 16</U>.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >275</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><B><Strike>8.5&nbsp;&nbsp;&nbsp;&nbsp;</Strike></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>If
 the Owners decide to lay up the Vessel whilst this</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >276</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>Agreement
 remains in force and such lay up lasts for more</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >277</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>than
 three months, an appropriate reduction of the management</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >278</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>fee
 for the period exceeding three months until one month</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >279</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>before
 the Vessel is again put into service shall be mutually</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >280</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>agreed
 between the parties.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >281</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><B><Strike>8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</Strike></B><Strike>Unless
 otherwise agreed in writing all discounts and</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >282</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>commissions
 obtained by the Managers in the course of the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >283</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>management
 of the Vessel shall be credited to the Owners.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >284</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>9</B><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" ><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Budgets and
 Management of Funds</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >285</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" color=red><B>9.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>The Owners are aware that the Managers will be preparing</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >286</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>budgets in connection with, inter alia, the provision of the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Management Services which the Managers will
 be submitting </B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>for approval to the Parent in accordance with
 the provisions of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Article X of the Group Management Agreement.</B><FONT Face=Arial color=blue STYLE="FONT-SIZE:6.5pt" ><strike>The Managers</strike></font></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" color=blue><strike>shall present to the Owners annually a</strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" color=blue> <Strike>budget for the following twelve
 months in such form as the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >287</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" color=blue> <Strike>Owners require. The budget for the first year hereof is set
 out</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >288</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>in
 <U>Annex &#147;C&#148;</U> hereto. Subsequent annual budgets shall be</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >289</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE><Strike>prepared by the Managers and submitted
 to the Owners not</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >290</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>less
 than three months before the anniversary date of the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >291</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>commencement
 of this Agreement (see Clause <U>2</U> and <U>Box 4</U>).</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >292</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><B><Strike>9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</Strike></B><Strike>The Owners shall
 indicate to the Managers their acceptance</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >293</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>and approval of the annual budget
 within one month of</STRIKE></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >294</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>presentation and in the absence
 of any such indication the</STRIKE></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >295</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>Managers shall be entitled to
 assume that the Owners have</STRIKE></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >296</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>accepted the proposed budget.</STRIKE></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >297</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><B><Strike>9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</Strike></B><Strike>Following
 the agreement of the budget, the Managers shall</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >298</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>prepare
 and present to the Owners their estimate of the working</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >299</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>capital
 requirement of the Vessel and the Managers shall each </Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >300</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>month
 up date this estimate. Based thereon, </Strike><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>Without
 prejudice to</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >301</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>the right of the Managers to ask for funds in relation to
 the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Management Services directly from the Parent in accordance</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>with the relevant provisions of the Group Management</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Agreement,</B></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > the
 Managers shall</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >each month request the Owners in
 writing for the funds required</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >302</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >to run the Vessel for the ensuing
 month, including the payment</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >303</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >of any occasional or
 extraordinary item of expenditure, such as</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >304</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >emergency repair costs,
 additional insurance premiums, bunkers</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >305</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >or provisions. Such funds shall
 be received by the Managers</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >306</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >within ten running days after the
 receipt by the Owners of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >307</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Managers&#146; written request and
 shall be held </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><Strike>to the credit of
 the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >308</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>Owners </Strike></font><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" >in a separate bank account </FONT><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>in the name of the Managers</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >309</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>or, if requested by the Managers, in the name of the
 Owners</B></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"><B>.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><B><Strike>9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</Strike></b><Strike>The
 Managers shall produce a comparison between</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >310</FONT></P>
 </TD>
 </TR>
</TABLE>
</DIV>
<BR clear=all><BR>

<P><FONT Face=Arial size=1 >This
document is a computer generated SHIPMAN 98 form printed by authority of BIMCO.
Any insertion or deletion to the form must be clearly visible. In the event of
any modification made to the pre-printed text of this document which is not
clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of
discrepancies between the original BIMCO approved document and this computer
generated document.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>A-A-8</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT Face=Arial SIZE=2 ><B>PART II<BR>
&#147;SHIPMAN 98&#148; Standard Ship Management Agreement</B></FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>

 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>budgeted
 and actual income and expenditure of the Vessel in</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >311</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>such
 form as required by the Owners monthly or at such other</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >312</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>intervals
 as mutually agreed.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >313</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>9.5</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Notwithstanding anything
 contained herein to the contrary,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >314</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >the Managers shall in no
 circumstances be required to use or</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >315</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >commit their own funds to finance
 the provision of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >316</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Management Services.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >317</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>10</B><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" ><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Managers&#146; Right
 to Sub-Contract</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >318</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Except to a Related Manager (where the Manager may</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >319</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>subcontract any of their obligations hereunder, without
 need of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>obtaining the Owner&#146;s consent for doing so),</B></FONT><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" > <Strike><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE>T</FONT></Strike><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>t</B></FONT>he
 Managers</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >shall not have the right to
 sub-contract any of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >their obligations hereunder,
 including those mentioned in sub-</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >320</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >clause </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><u>3.1</u></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >, without the prior written consent
 of the Owners which</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >321</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >shall not be unreasonably
 withheld <FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>and
 which shall be promptly</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >322</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>responded to</B></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >. In the
 event of such a sub-</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >contract the Managers shall
 remain fully liable for the due</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >323</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >performance of their obligations
 under this Agreement. </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >324</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>11</B><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" ><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Responsibilities</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >325</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >326</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>The parties agree that the provisions of Sections 11.1 to
 11.5</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B> (inclusive) of the Group Management Agreement, shall apply
 to</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>this Agreement mutatis mutandis, save that references
 therein</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>to &#147;any Shipmanagement Agreement or any Supervision</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Agreement&#148; shall be omitted and references to &#147;Parent&#148;,
 &#147;any</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>member of the Group&#148;, &#147;Manager&#148;, &#147;any Submanager&#148;, &#147;a</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Vessel&#148;, &#147;Section&#148;, &#147;Management Fees&#148;, &#147;each</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Shipmanagement Agreement&#148;, &#147;Group&#148; and &#147;Article XI&#148; shall
 be</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>construed as references to the Owners, the Owners, the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Managers, any submanager, the Vessel, Clause, management</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>fee, this Agreement, the Owners and Clause 11,
 respectively,</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>when used herein.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><B><Strike>11.1</Strike></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike><B><I>Force Majeure</I></b> - Neither the Owners nor the Managers</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>shall
 be under any liability for any failure to perform any of their</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >327</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>obligations
 hereunder by reason of any cause whatsoever of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >328</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>any
 nature or kind beyond their reasonable control.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >329</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><B><Strike>11.2&nbsp;</Strike></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike><I><B>Liability to Owners</B></I> - <b>(i)</b> Without prejudice to sub-clause</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >330</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>11.1,
 the Managers shall be under no liability whatsoever to the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >331</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>Owners
 for any loss, damage, delay or expense of whatsoever</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >332</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>nature,
 whether direct or indirect (including but not limited to</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >333</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>loss
 of profit arising out of or in connection with detention of or</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >334</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>delay
 to the Vessel) and howsoever arising in the course of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >335</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>performance
 of the Management Services <B>UNLESS</B>
 same is</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >336</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>proved
 to have resulted solely from the negligence, gross</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >337</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>negligence
 or wilful default of the Managers or their employees,</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >338</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>or
 agents or sub-contractors employed by them in connection</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >339</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>with
 the Vessel, in which case (save where loss, damage, delay</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >340</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>or
 expense has resulted from the Managers&#146; personal act or</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >341</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>omission
 committed with the intent to cause same or recklessly</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >342</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>and
 with knowledge that such loss, damage, delay or expense</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >343</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>would
 probably result) the Managers&#146; liability for each incident</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >344</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>or
 series of incidents giving rise to a claim or claims shall never</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >345</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>Exceed
 a total of ten times the annual management fee payable</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >346</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>hereunder.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >347</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><B><Strike>(ii)</Strike></B><Strike><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE > Notwithstanding anything that may appear to the contrary
 in </FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >348</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>this
 Agreement, the Managers shall not be liable for any of the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >349</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>actions
 of the Crew, even if such actions are negligent, grossly</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >350</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>negligent
 or wilful, except only to the extent that they are shown</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >351</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>to
 have resulted from a failure by the Managers to discharge</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >352</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>their
 obligations under sub-clause <U>3.1</U>, in which case their liability</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >353</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>shall
 be limited in accordance with the terms of this <U>Clause 11</U>.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >354</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><B><Strike>11.3&nbsp;</Strike></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike><I><B>Indemnity</B></I> - Except to the extent and solely for
 the amount</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >355</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>therein
 set out that the Managers would be liable under sub-</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >356</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>clause
 <U>11.2</U>, the Owners hereby undertake to keep the Managers</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >357</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>and
 their employees, agents and sub-contractors indemnified</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >358</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>and
 to hold them harmless against all actions, proceedings,</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >359</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>claims,
 demands or liabilities whatsoever or howsoever arising</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >360</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>which
 may be brought against them or incurred or suffered by</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >361</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>them
 arising out of or in connection with the performance of the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >362</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>Agreement,
 and against and in respect of all costs, losses,</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >363</FONT></P>
 </TD>
 </TR>
</TABLE>

</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:Right;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="84%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>damages
 and expenses (including legal costs and expenses on</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >364</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>a
 full indemnity basis) which the Managers may suffer or incur</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >365</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>(either
 directly or indirectly) in the course of the performance of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >366</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>this
 Agreement.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >367</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><B><Strike>11.4</Strike></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike><I><B>&#147;Himalaya&#148;</B></I> It is hereby expressly agreed that no</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >368</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>employee
 or agent of the Managers (including every sub-</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >369</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>contractor
 from time to time employed by the Managers) shall in</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >370</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>Any
 circumstances whatsoever be under any liability whatsoever</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >371</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>to
 the Owners for any loss, damage or delay of whatsoever kind</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >372</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>arising
 or resulting directly or indirectly from any act, neglect or</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >373</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>default
 on his part while acting in the course of or in connection</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >374</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>with
 his employment and, without prejudice to the generality of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >375</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>the
 foregoing provisions in this <U>Clause 11</U>, every exemption,</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >376</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>limitation,
 condition and liberty herein contained and every right,</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >377</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>exemption
 from liability, defence and immunity of whatsoever</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >378</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>nature
 applicable to the Managers or to which the Managers are</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >379</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>entitled
 hereunder shall also be available and shall extend to</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >380</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>protect
 every such employee or agent of the Managers acting</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >381</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>as
 aforesaid and for the purpose of all the foregoing provisions </Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >382</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>of
 this <U>Clause 11</U> the Managers are or shall be deemed to be</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >383</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>acting
 as agent or trustee on behalf of and for the benefit of all</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >384</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>persons
 who are or might be their servants or agents from time</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >385</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>to
 time (including sub-contractors as aforesaid) and all such</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >386</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>persons
 shall to this extent be or be deemed to be parties to this</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >387</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>Agreement.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >388</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>12</B><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" ><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Documentation</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >389</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="Arial" COLOR="red" STYLE="font-size:6.5pt"><B>Without prejudice to the relevant provisions of the Group</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >390</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" color=red>Management Agreement, </FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" color=blue><strike>W</strike></FONT><FONT Face=Arial color=red STYLE="FONT-SIZE:6.5pt">w</font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">here the Managers are providing</font></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Technical Management in</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >accordance with sub-clause </FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><u>3.2</u> </FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >and/or Crew
 Management in</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >391</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >accordance with sub-clause </FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><u>3.1</u></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >, they shall make
 available,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >392</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >upon Owners&#146; request, all
 documentation and records related</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >393</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >to the Safety Management System
 (SMS) and/or the Crew</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >394</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >which the Owners need in order to
 demonstrate compliance</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >395</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >with the ISM Code</FONT><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>, the ISPS Code </B></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >and
 STCW 95 or to defend a</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >396</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >claim against</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >a third party.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >397</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>13</B><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" ><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>General
 Administration</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >398</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>3.1</B>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Without prejudice to the provisions of Article V of the </B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >399</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Group Management Agreement, but subject to the provisions of</b></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Section 4.6 of the Group Management Agreement, </B></font><Strike><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE>T</FONT></Strike><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>t</B></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"  >he</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Managers shall handle and settle all claims arising</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >out of the Management Services
 hereunder and keep the Owners</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >400</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >informed regarding any incident
 of which the Managers become</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >401</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >aware which gives or may give
 rise to </FONT><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>material</B></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > claims or disputes</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >402</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >involving</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >third parties.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >403</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>13.2</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Managers shall, as instructed
 by the Owners </FONT><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>under
 this</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >404</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Agreement and/or, as the case may be, Section 4.6 of the Group</b></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Management Agreement</B></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >, bring</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >or defend actions, suits or
 proceedings in connection with matters</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >405</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >entrusted to the Managers
 according to this Agreement.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >406</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>13.3</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Managers shall also have
 power to obtain legal or</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >407</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >technical or other outside expert
 advice in relation to the handling</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >408</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >and settlement of claims and
 disputes or all other matters</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >409</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >affecting the interests of the
 Owners in respect of the Vessel.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >410</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>13.4</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Owners shall arrange for the
 provision of any </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >411</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >necessary guarantee bond or other
 security.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >412</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>13.5</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Any costs </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><Strike>reasonably </Strike></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >incurred by the Managers in</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >413</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >carrying out their obligations
 according to </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><u>Clause 13</u></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > shall be</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >414</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >reimbursed by the Owners.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >415</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>14</B><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" ><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Auditing</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >416</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Managers shall at all times
 maintain and keep true and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >417</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >correct accounts and shall make
 the same available for inspection</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >418</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >and auditing by the Owners at
 such times as may be mutually</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >419</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >agreed. On the termination, for
 whatever reasons, of this</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >420</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Agreement, the Managers shall
 release to the Owners, if so</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >421</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >requested, the originals where
 possible, or otherwise certified</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >422</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >copies, of all such accounts and
 all documents specifically relating</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >423</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>to the Vessel and her operation. <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>For the avoidance of any
 doubt,</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>424</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>this Clause is in addition to and not in substitution of
 the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
</DIV>
<BR clear=all><BR>

<P><FONT Face=Arial size=1 >This document is a computer
generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or
deletion to the form must be clearly visible. In the event of any modification
made to the pre-printed text of this document which is not clearly visible, the
text of the original BIMCO approved document shall apply. BIMCO assumes no
responsibility for any loss, damage or expense as a result of discrepancies
between the original BIMCO approved document and this computer generated
document. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>A-A-9</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>PART II <BR>
&#147;SHIPMAN 98&#148; Standard Ship Management Agreement</B></FONT></P>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="82%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>relevant provisions of the Group Management Agreement.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>15</B><FONT  STYLE="font-size:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>Inspection of
 Vessel</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>425</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>The Owners shall have the right
 at any time after giving</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>426</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>reasonable notice to the Managers
 to inspect the Vessel for any</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>427</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>reason they consider necessary.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>428</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>16</B><FONT  STYLE="font-size:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>Compliance with
 Laws and Regulations</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>429</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>The Managers will not do or
 permit to be done anything which</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>430</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>might cause any breach or
 infringement of the laws and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>431</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>regulations of the Vessel&#146;s flag,
 or of the places where she trades.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>432</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>17</B><FONT  STYLE="font-size:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>Duration of the
 Agreement</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>433</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>This Agreement shall come into
 effect on the day and year stated</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>434</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>in <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><U>Box 4</U></FONT> <FONT STYLE="font-size:6.5pt" FACE=ARIAL>and shall continue until</FONT> <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>the date the Group
 Management</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>435</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>Agreement is terminated in accordance with the provisions
 of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>Article XIII thereof, unless this Agreement is terminated
 earlier</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>in accordance with the provision of Clause 18 hereof</B><FONT  STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the date</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>stated
 in <U>Box 17</U>.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Thereafter
 it shall continue until terminated by either party giving</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>436</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>to
 the other notice in writing, in which event the Agreement shall</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>437</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>terminate
 upon the expiration of a period of two months from the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>438</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>date
 upon which such notice was given.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>439</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>18.</B> </FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>Termination</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>440</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>18.1</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">&nbsp;<B><I>Owners&#146; default</I></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>441</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>(i)</B> </FONT> </P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>The Managers shall be entitled to
 terminate the Agreement</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>442</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>with immediate effect by notice
 in writing if any moneys</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>443</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>payable by the Owners under this
 Agreement <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>and/or the</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>444</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>owners
 of any associated vessel, details of which are listed</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>445</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 <u>Annex &#147;D&#148;</u>,</Strike></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL> shall not have been received in the Managers&#146;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>446</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>nominated account within <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>ten</Strike><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>20</B></FONT> <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>running </Strike></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>Business</B></FONT> <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>d</Strike></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>D</B></FONT></FONT>ays of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>447</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>receipt by</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>the Owners of the Managers
 written request or if the Vessel</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>448</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>is repossessed by the Mortgagees.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>449</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>(ii)</B> </FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>If the Owners:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>450</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>(a)</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>fail to meet their obligations under
 sub-clauses <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><U>5.2</U></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>451</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>and <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><U>5.3</U></FONT> of this Agreement for any reason
 within their</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>452</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>control, or</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>453</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>(b)</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>proceed with the employment of or
 continue to employ</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>454</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>the Vessel in the carriage of
 contraband, blockade</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>455</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>running, or in an unlawful trade,
 or on a voyage which</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>456</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>in the reasonable opinion of the
 Managers is unduly</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>457</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>hazardous or improper,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>458</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>the Managers may give notice of
 the default to the Owners,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>459</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>requiring them to remedy it as
 soon as practically possible.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>460</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>In the event that the Owners fail
 to remedy it within <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>a</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>461</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>reasonable
 time </Strike><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>20 Business Days of receipt by the Owners</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>462</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>of the Managers&#146; written request</B></FONT><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> to the satisfaction of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Managers, the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Managers shall be entitled to
 terminate the Agreement</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>463</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>with immediate effect by notice
 in writing.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>464</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>18.2</B> </FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">&nbsp;<B><I>Managers&#146;
Default</I></B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>465</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>If the Managers fail to meet
 their obligations under <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><U>Clauses
 3</U></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>466</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>and <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><U>4</U></FONT> of this Agreement for any reason
 within the control of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>467</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Managers, the Owners may give
 notice to the Managers of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>468</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>default, requiring them to remedy
 it <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>within 20
 Business Days</B><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>as</Strike></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>469</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>soon
 as practically</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>possible</Strike></FONT><FONT  STYLE="font-size:6.5pt" FACE=ARIAL>. In the event that the Managers fail to remedy it within <FONT STYLE="font-size:6.5pt" FACE=ARIAL >a</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>470</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>reasonable
 time</Strike></FONT><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>such period</B></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL> to the
 satisfaction of the Owners, the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>471</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Owners</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>shall be entitled to terminate
 the Agreement with immediate effect</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>472</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>by notice in writing.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>473</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>18.3</B> </FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">&nbsp;<B><I>Extraordinary
Termination</I></B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>474</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>This Agreement shall be deemed to
 be terminated in the case of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>475</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>the sale of the Vessel or if the
 Vessel becomes a total loss or is</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>476</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>declared as a constructive or
 compromised or arranged total</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>477</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>loss or is requisitioned.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>478</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>18.4</B> </FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>&nbsp;For the purpose of sub-clause <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><U>18.3</U></FONT> hereof</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>479</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><b>(i)</b></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>the date upon which the Vessel is
 to be treated as having</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>480</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>been sold or otherwise disposed
 of shall be the date on</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>481</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>which the Owners cease to be
 registered as Owners of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>482</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>the Vessel;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>483</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>(ii)</B> </FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>the Vessel shall not be deemed to
 be lost unless either</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>484</FONT></P>
 </TD>
 </TR>
</TABLE>

</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="82%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>she has become an actual total
 loss or agreement has</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>485</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>been reached with her
 underwriters in respect of her</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>486</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>constructive, compromised or
 arranged total loss or if such</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>487</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>agreement with her underwriters is
 not reached it is</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>488</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>adjudged by a competent tribunal
 that a constructive loss</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>489</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>of the Vessel has occurred.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>490</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>18.5</B> </FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL>&nbsp;<B>The parties agree that the provisions of Sections 13.4(a)
 to</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>491</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>13.4 (d) (inclusive) of the Group Management Agreement,
 shall</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>apply to this Agreement mutatis mutandis.</B><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>This
 Agreement shall</Strike></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>terminate
 forthwith in the event of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>an
 order being made or resolution passed for the winding up,</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>492</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>dissolution,
 liquidation or bankruptcy of either party (otherwise</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>493</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>than
 for the purpose of reconstruction or amalgamation) or if a</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>494</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>receiver
 is appointed, or if it suspends payment, ceases to carry</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>495</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>on
 business or makes any special arrangement or composition</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>496</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>with
 its creditors.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>497</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>18.6</B> </FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>&nbsp;The termination of this Agreement
 shall be without</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>498</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>prejudice to all rights accrued
 due between the parties prior to</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>499</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>the date of termination.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>500</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>19.</B> </FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>Law and Arbitration</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>501</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>19.1</B> </FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>&nbsp;This Agreement <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>and any non-contractual
 obligations</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>502</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>connected with it</B></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL> shall be
 governed by and construed in</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>accordance with English law<FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED>. <B>All disputes arising out
 of this</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>503</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>Agreement and/or any non-contractual obligations connected</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>with it shall be arbitrated in London in the following
 manner.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>One arbitrator is to be appointed by each of the parties
 hereto</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>and a third by the two so chosen. Their decision or that of
 any</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>two of them shall be final. The arbitrators shall be
 commercial</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>persons, conversant with shipping matters. Such arbitration
 is</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>to be conducted in accordance with the London Maritime</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>Arbitration Association (LMAA) Terms current at the time
 when</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>the arbitration proceedings are commenced and in accordance</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>with the Arbitration Act 1996 or any statutory modification
 or re-</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>enactment thereof. In the event that a party hereto shall
 state a</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>dispute and designate an arbitrator in writing, the other
 party</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>shall have 10 Business Days to designate its own
 arbitrator. If</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>such other party fails to designate its own arbitrator
 within such</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>period, the arbitrator appointed by the first party can
 render an</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>award hereunder. Until such time as the arbitrators finally
 close</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>the hearings, either party shall have the right by written
 notice</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>served on the arbitrators and on the other party to specify</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>further disputes or differences under this Agreement for
 hearing</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>and determination. The arbitrators may grant any relief,
 and</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>render an award, which they or a majority of them deem just
 and</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>equitable and within the scope of this Agreement, including
 but</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>not limited to the posting of security. Awards pursuant to
 this</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>Clause 19.1 may include costs and judgments may be entered</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>upon any award made herein in any court having jurisdiction.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>and
 any dispute arising out of or</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 connection with this Agreement shall be referred to arbitration</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>504</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 London in accordance with the Arbitration Act 1996- or</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>505</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>any
 statutory modification or re-enactment thereof save to</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>506</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the
 extent necessary to give effect to the provisions of this</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>507</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Clause.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>508</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>The
 arbitration shall be conducted in accordance with the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>509</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>London
 Maritime Arbitrators Association (LMAA) Terms</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>510</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>current
 at the time when the arbitration proceedings are</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>511</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>commenced.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>512</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>The
 reference shall be to three arbitrators. A party wishing</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>513</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>to
 refer a dispute to arbitration shall appoint its arbitrator</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>514</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>and
 send notice of such appointment in writing to the other</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>515</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>party
 requiring the other party to appoint its own arbitrator</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>516</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>within
 14 calendar days of that notice and stating that it will</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>517</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>appoint
 its arbitrator as sole arbitrator unless the other party</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>518</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>appoints
 its own arbitrator and gives notice that it has done</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>519</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>so
 within the 14 days specified. If the other party does not</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>520</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>appoint
 its own arbitrator and give notice that it has done so</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>521</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>within
 the 14 days specified, the party referring a dispute to</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>522</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>arbitration
 may, without the requirement of any further prior</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>523</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>notice
 to the other party, appoint its arbitrator as sole</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>524</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>arbitrator
 and shall advise the other party accordingly. The</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>525</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>award
 of a sole arbitrator shall be binding on both parties</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>526</FONT></P>
 </TD>
 </TR>
</TABLE>
</DIV>

<BR clear=all><BR>

<P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>This
document is a computer generated SHIPMAN 98 form printed by authority of BIMCO.
Any insertion or deletion to the form must be clearly visible. In the event of
any modification made to the pre-printed text of this document which is not
clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of
discrepancies between the original BIMCO approved document and this computer
generated document.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>A-A-10</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>PART II<BR>
&#147;SHIPMAN 98&#148; Standard Ship Management Agreement</B></FONT></P>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>as
 if he had been appointed by agreement.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>527</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Nothing
 herein shall prevent the parties agreeing in writing</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>528</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>to
 vary these provisions to provide for the appointment of a</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>529</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>sole
 arbitrator.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>530</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>In
 cases where neither the claim nor any counterclaim</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>531</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>exceeds
 the sum of USD50,000 (or such other sum as the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>532</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>parties
 may agree) the arbitration shall be conducted in</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>533</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>accordance
 with the LMAA Small Claims Procedure current</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>534</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>at
 the time when the arbitration proceedings are commenced.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>535</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike><B>19.2</B></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>&nbsp;This
 Agreement shall be governed by and construed</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>536</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 accordance with Title 9 of the United States Code and</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>537</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the
 Maritime Law of the United States and any dispute</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>538</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>arising
 out of or in connection with this Agreement shall be</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>539</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>referred
 to three persons at New York, one to be appointed</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>540</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>by
 each of the parties hereto, and the third by the two so</Strike></FONT></P>
 </TD>

 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>541</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>chosen;
 their decision or that of any two of them shall be</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>542</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>final,
 and for the purposes of enforcing any award,</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>543</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>judgement
 may be entered on an award by any court of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>544</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>competent
 jurisdiction. The proceedings shall be conducted</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>545</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 accordance with the rules of the Society of Maritime</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>546</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Arbitrators,
 Inc.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>547</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>In
 cases where neither the claim nor any counterclaim</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>548</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>exceeds
 the sum of USD50,000 (or such other sum as the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>549</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>parties
 may agree) the arbitration shall be conducted in</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>550</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>accordance
 with the Shortened Arbitration Procedure of the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>551</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Society
 of Maritime Arbitrators, Inc. current at the time when</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>552</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the
 arbitration proceedings are commenced.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>553</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike><B>19.3</B></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>This
 Agreement shall be governed by and construed</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>554</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 accordance with the laws of the place mutually agreed by</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>555</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the
 parties and any dispute arising out of or in connection</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>556</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>with
 this Agreement shall be referred to arbitration at a</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>557</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>mutually
 agreed place, subject to the procedures applicable</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>558</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>there.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>559</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>19.4</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>&nbsp;If <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><U>Box 18</U></FONT> in Part I is not appropriately
 filled in, sub-</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>560</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>clause <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><U>19.1</U></FONT> of this Clause shall apply.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>561</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><I>Note: <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><U>19.1</U>,</FONT> <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><U>19.2</U></FONT> and <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><U>19.3</U></FONT> are alternatives;
 indicate</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>562</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><I>alternative agreed in </I></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><I><U>Box 18</U>.</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>563</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>20.</B> </FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>Notices</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>564</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>20.1</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>&nbsp;Any notice to be given by either
 party to the other</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>565</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>party shall be in writing and may
 be sent by fax, <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>telex,</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>566</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>registered or recorded mail or by
 personal service.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>567</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>20.2</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>&nbsp;The address of the Parties for
 service of such</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>568</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>communication shall be as stated
 in <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><U>Boxes 19</U></FONT> and <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><U>20</U></FONT>,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>569</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>respectively.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>570</FONT></P>
 </TD>
 </TR>
</TABLE>
</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">


</div>

<BR CLEAR=ALL><BR>

<P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>This document is a computer
generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or
deletion to the form must be clearly visible. In the event of any modification
made to the pre-printed text of this document which is not clearly visible, the
text of the original BIMCO approved document shall apply. BIMCO assumes no
responsibility for any loss, damage or expense as a result of discrepancies
between the original BIMCO approved document and this computer generated
document. </FONT></P>


<P ALIGN=CENTER><FONT SIZE=2>A-A-11</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>APPENDIX II</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>FORM OF SUPERVISION AGREEMENT</B></FONT></P>

<P><FONT SIZE=2><B>THIS AGREEMENT</B> is
made the _____ day of [&nbsp;&nbsp;&nbsp;], 20[&nbsp;&nbsp;&nbsp;] <B>BETWEEN:</B>
</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B> [name of relevant member of the Group],</B> a
 company incorporated under the laws of [ ], whose registered office is
 [ADDRESS] (the &#147;<U>Owner</U>&#148;); and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>COSTAMARE SHIPPING COMPANY S.A., </B>a company
 incorporated under the laws of [ ], whose registered office is at [ADDRESS]
 (the &#147;<U>Construction Supervisor</U>&#148;). </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS:
</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
a shipbuilding contract dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the &#147;<U>Shipbuilding Contract</U>&#148;) and made
between [ ] (the &#147;<U>Builder</U>&#148;) and the Owner, the Builder agreed to
construct, to the order of the Owner, and sell to the Owner, a [ ] container
vessel, known during construction as Hull No.[ ] (the &#147;<U>Vessel</U>&#148;); </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IT
IS NOW AGREED</B> as follows: </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE I</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>DEFINITIONS</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.1. Except as otherwise defined herein, all terms defined in the Shipbuilding
Contract shall have the same respective meanings when used herein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.2. In this Agreement, unless the context otherwise requires, the following
expressions shall have the following meanings: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Business
Day</U>&#148; means a day, other than a Saturday or Sunday or a public holiday, on
which major retail banks in New York City and Athens Greece, and (in respect of
any payments which are to be made to the Builder) [ ], are open for
non-automated customer services; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Group
Management Agreement</U>&#148; means the agreement dated [&nbsp;&nbsp;&nbsp;&nbsp;] 2010 made between the
Parent and the Construction Supervisor. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Owner&#146;s
Supplies</U>&#148; means all of the items to be furnished to the Vessel by the Owner
in accordance the relevant provisions of the Shipbuilding Contract. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Parent</U>&#148;
means Costamare Inc. of Trust Company Complex, Ajeltake Road, Ajeltake Island,
Majuro, Marshall Islands MH96960 and includes its successors in title. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>A-II-1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Spares</U>&#148; means the items to be designated as spares by the parties
hereto at the time of the delivery of the Vessel. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Supervision
Period</U>&#148; means the period from the execution of this Agreement
to and including the earlier of (i) the date of delivery of the Vessel pursuant
to the Shipbuilding Contract and (ii) the date this Agreement is terminated. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE II</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>APPOINTMENT</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.1. The Owner hereby appoints the Construction Supervisor, and the
Construction Supervisor hereby agrees to act as the Owner&#146;s supervisor towards
the Builder and as the &#147;<U>Owner&#146;s Representative</U>&#148; under the Shipbuilding
Contract for the duration of the Supervision Period and to perform the duties
and rights which rest with the Owner regarding the construction and delivery of
the Vessel in accordance with all of the provisions of the Shipbuilding
Contract. The Owner shall be responsible for, <I>inter
alia</I>, determining the general policy of supervision of construction
of the Vessel and the scope of activities of the Construction Supervisor and,
in the performance of its duties under this Agreement, the Construction
Supervisor shall at all times act strictly in accordance with any instructions
or directions given to it by the Owner regarding such general policy or, in the
absence of such instructions or directions, in accordance with the standards of
a prudent supervisor providing services of the type to be provided under this
Agreement, having due regard to the Owner&#146;s interest. Any instructions so given
shall be consistent with the nature and scope of the supervision services
required to be performed by the Construction Supervisor under this Agreement and
shall not require the Construction Supervisor to do or omit to do anything
which may be contrary to any applicable law of any jurisdiction or which is
inconsistent or contrary to any of the rights and duties of the Owner under the
Shipbuilding Contract. Upon appointment the Owner shall furnish the
Construction Supervisor with a full and complete copy of the Shipbuilding
Contract (which for the avoidance of doubt shall include the Specifications and
the Plans). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.2. <U>Specific Powers and Duties of the Construction Supervisor.</U> Without
prejudice to the generality of the appointment made under  Section
2.1, and (where applicable) by way of addition to the rights, powers and duties
so conferred, the Construction Supervisor shall, subject to this Section 2.2
and to Articles III and IV, have and be entrusted with the following rights,
powers and duties in relation to the Shipbuilding Contract and the Vessel: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 review, comment on, agree and approve the lists of plans and the drawings
 referred to; to attend the testing of the Vessel&#146;s machinery, outfitting and
 equipment and to request any tests or inspections which the Construction
 Supervisor may consider appropriate or desirable and to review and comment on
 the results of all tests and inspections to the extent this is possible under
 the terms of the Shipbuilding Contract; to carry out such inspections and
 give such advice or suggestions to the Builder as the Construction Supervisor
 may consider</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>A-II-2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>appropriate
 and as the terms of the Shipbuilding Contract allow him to do; and to give
 notice to the Builder in the event that the Construction Supervisor discovers
 any construction, material or workmanship which the Construction Supervisor
 believes does not or will not conform to the requirements of the Shipbuilding
 Contract and the specifications again provided the terms of the Shipbuilding
 Contract allows for such notice to be given; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
 appoint a representative of the Construction Supervisor for the purposes
 specified under Article [ ]; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
 any alteration or addition to the Shipbuilding Contract becomes obligatory or
 desirable, to consult with the Builder and make recommendations to the Owner
 as to whether or not acceptance should be given to any proposal notified to
 the Owner by the Builder; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to request and agree to any minor
 alterations, additions or modifications to the Vessel or the specifications
 and any substitute materials to the extent this is possible under the terms
 of the Shipbuilding Contract, which the Construction Supervisor may consider
 appropriate or desirable, provided that if the cost of such variations or
 substitute materials would have the effect of altering the Contract Price (as
 defined in the Shipbuilding Contract) by more than three per cent (3%) from
 the Contract Price on the date hereof or the amount of any of the
 installments of the Contract Price due under the Shipbuilding Contract prior
 to the delivery of the Vessel, the Construction Supervisor shall notify the
 same to the Owner in writing and obtain the Owner&#146;s instructions before
 taking any action in relation thereto; to receive from and transmit to the
 Builder information relating to the requirements of the classification
 society and to give instructions and agree with the Builder regarding
 alterations, additions or changes in connection with such requirements; and
 to approve the substitution of materials as requested by the Builder; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to attend and witness the trials of the
 Vessel to the extent this is possible under the terms of the Shipbuilding
 Contract; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 (f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to determine whether the Vessel has been
 designed, constructed, equipped and completed in accordance with, and
 complies with, the Shipbuilding Contract and the Specifications and Plans
 (each as defined in the Shipbuilding Contract); to give the Builder a notice
 of acceptance or (as the case may be) rejection of the Vessel, to require or
 request any further test and inspection of the Vessel to the extent this is
 possible under the terms of the Shipbuilding Contract, and to give and
 receive any further or other notice relative to such matters and generally to
 advise the Owner in respect of all such matters; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 (g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to sign on behalf of the Owner any protocols
 as to sea trials, consumable stores, delivery and acceptance or otherwise,
 having first ascertained with the Owner the appropriateness of so doing; </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>A-II-3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to
 accept on behalf of the Owner the documents specified in Article [ ],
 Paragraph [ ] of the Shipbuilding Contract to be delivered by the Builder at
 delivery of the Vessel under the Shipbuilding Contract and to confirm receipt
 thereof to the Owner; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to give and receive on behalf of the Owner
 any notice contemplated by the Shipbuilding Contract, provided that the
 Construction Supervisor shall not have authority to give on behalf of the
 Owner any notice which the Owner may be entitled to give to cancel, repudiate
 or rescind the Shipbuilding Contract without the prior written consent of the
 Owner; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to purchase, after being placed in funds by
 the Owner, all Owner&#146;s Supplies as agent of the Owner and supply and deliver
 the same together with all necessary specifications, plans, drawings,
 instruction books, manuals, test reports and certificates to the Builder as
 provided in the Shipbuilding Contract, and provide to the Owner a list of all
 such Owner&#146;s Supplies as soon as possible. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.3. The Construction Supervisor shall discharge its responsibilities under
this Clause 2 as the Owner&#146;s agent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.4. In the event that the Construction Supervisor uses own funds to purchase
Owner&#146;s Supplies, the cost of supplying and delivering Owner&#146;s Supplies
pursuant to relevant terms of the Shipbuilding Contract shall be reimbursed by
the Owner to the Construction Supervisor on the date the Construction
Supervisor submits to the Owner supporting invoices in respect of such cost. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE III</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>CONSTRUCTION SUPERVISOR&#146;S DUTIES<BR> REGARDING
CONSTRUCTION</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.1. The Construction Supervisor undertakes with the Owner with respect to the
Shipbuilding Contract: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 notify the Owner in writing promptly on becoming aware of any likely change
 to any of the dates on which any installment under the Shipbuilding Contract
 is expected to be due; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 (i) notify the Owner in writing of the expected date on which the launching
 or, as the case may be, sea trials of the Vessel is or are to take place and
 (ii) promptly on the same day as the launching or, as the case may be, sea
 trials of the Vessel takes or take place to confirm that the launching or, as
 the case may be, sea trials of the Vessel has or have taken place and, where
 relevant, that the amount specified in such confirmation is due and payable; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 (i) advise the Owner in writing, four (4) Business Days prior to
 the date on which the delivery installment under the Shipbuilding Contract is
 anticipated to become due, of the times and amounts of payments to be made to
 </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>A-II-4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>the Builder
 under the Shipbuilding Contract and any amount due to the Construction
 Supervisor for Owner&#146;s Supplies not already settled and (ii) promptly confirm
 the same on the day on which such installment becomes due (and being the date
 the same is required to be paid to the account referred to in the relevant
 term of the Shipbuilding Contract); </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not
 to accept the Vessel or delivery of the Vessel on the Owner&#146;s behalf without
 the Owner&#146;s prior written approval and unless the Construction Supervisor
 shall have previously certified to the Owner in writing, in the form of the
 certificate set out in Schedule 1 to this Agreement, that: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
 Vessel has been duly completed and is ready for delivery to and acceptance by
 the Owner in or substantially in accordance with the Shipbuilding Contract
 and the Specifications and Plans; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
 is, to the best of the Construction Supervisor&#146;s knowledge and belief having
 made due enquiry with the Builder, no lien or encumbrance on the Vessel other
 than the lien in favor of the Builder in respect of the delivery installment
 of the Contract Price due in accordance with the terms of the Shipbuilding
 Contract; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
 Vessel is recommended for classification by the relevant classification
 society provided for in the Shipbuilding Contract (and the Construction
 Supervisor shall attach to its certificate the provisional certificate of
 such classification society recommending such classification of the Vessel or
 a duplicate or photocopy of such provisional certificate or otherwise provide
 evidence of such classification to the Owner); </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
 receipt thereof from the Builder promptly to deliver the documents specified
 in Article [ ], Paragraph [ ] of the Shipbuilding Contract to the Owner or as
 the Owner may direct; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;solely
 with the prior written approval of the Owner, to request from or agree with
 the Builder any material alterations, additions or modifications to the
 Vessel. </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>ARTICLE IV</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>CONSTRUCTION SUPERVISOR&#146;S GENERAL OBLIGATIONS</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.1. The Construction Supervisor undertakes to the Owner, with respect to the
exercise and performance of its rights, powers and duties as the Owner&#146;s
representative under this Agreement, as follows: </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>A-II-5</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
 will exercise commercially reasonable efforts to cause the due and punctual
 observance and performance of all conditions, duties and obligations imposed
 on the Owner by the Shipbuilding Contract (other than to pay the Contract
 Price) and will not without the prior written consent of the Owner: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;exercise
 any rights of the Owner to cancel, repudiate or rescind the Shipbuilding
 Contract; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;waive,
 modify or suspend any provision of the Shipbuilding Contract if as a result
 of such waiver, modification or suspension the Owner will or may suffer any
 adverse consequences; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
 will, at its own expense, keep all necessary and proper books, accounts,
 records and correspondence files relating to its duties and activities under
 this Agreement and shall send quarterly reports to the Owner concerning the
 progress of the design and construction of the Vessel and keep the Owner
 promptly informed of any deviations from the building program. </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>ARTICLE V</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>LIABILITY AND INDEMNITY</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.1. Save for the obligation of the Owner to pay any moneys due to the
Construction Supervisor hereunder, neither the Owner nor the Construction
Supervisor shall be under any liability to the other for any failure to perform
any of their obligations hereunder by reason of Force Majeure. &#147;<U>Force
Majeure</U>&#148; shall mean any cause whatsoever of any nature or kind beyond the
reasonable control of the Owner or the Construction Supervisor, including,
without limitation, acts of God, acts of civil or military authorities, acts of
war or public enemy, acts of any court, regulatory agency or administrative
body having jurisdiction, insurrections, riots, strikes or other labor
disturbances, embargoes or other causes of a similar nature. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.2. The Construction Supervisor, including its officers, directors, employees,
shareholders, agents and any sub-contractors (the &#147;<U>Construction Supervisor
Related Parties</U>&#148;), shall be under no liability whatsoever to the Owner or
to any third party (including the Builder) for any loss, damage, delay or
expense of whatsoever nature, whether direct or indirect (including but not
limited to loss of profit arising out of or in connection with the delayed or
non-conforming delivery of the Vessel), and howsoever arising in the course of
the performance of this Agreement, unless and to the extent that the same is
proved to have resulted solely from the gross negligence or willful misconduct
of the Construction Supervisor, its officers, employees, agents or any of its
sub-contractors in which case (save where loss, damage, delay or expense, has
resulted from the Construction Supervisor&#146;s personal act or omission committed
with the intent to cause same) the Construction Supervisor&#146;s liability for each
incident or series of incidents giving rise to claim or claims shall never
exceed a total of ten times the fees payable hereunder. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>A-II-6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.3. The Owner shall indemnify and hold harmless the Construction Supervisor
Related Parties against all actions, proceedings, claims, demands or liabilities
whatsoever or howsoever arising which may be brought against them or incurred
or suffered by them arising out of or in connection with the performance of
this Agreement and against and in respect of any loss, damage, delay or expense
of whatsoever nature (including legal costs and expenses on a full indemnity
basis), whether direct or indirect, incurred or suffered by any Construction
Supervisor Related Party in the performance of this Agreement, unless incurred
or suffered due to the gross negligence or willful misconduct of any
Construction Supervisor Related Party. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.4. It is hereby expressly agreed that no employee or agent of the
Construction Supervisor (including any sub-contractor from time to time
employed by the Construction Supervisor) shall in any circumstances whatsoever
be under any liability whatsoever to the Owner or any third party for any loss,
damage or delay of whatsoever kind arising or resulting directly or indirectly
from any act, neglect or default on his part while acting in the course of or
in connection with his employment and, without prejudice to the generality of
the foregoing provisions in this Article V, every exemption, limitation,
condition and liberty herein contained and every right, exemption from
liability, defense and immunity of whatsoever nature applicable to the
Construction Supervisor or to which the Construction Supervisor is entitled
hereunder shall also be available and shall extend to protect every such
employee or agent of the Construction Supervisor acting as aforesaid, and for
the purpose of all the foregoing provisions of this Article V, the Construction
Supervisor is or shall be deemed to be acting as agent or trustee on behalf of
and for the benefit of all persons who are or might be their servants or agents
from time to time (including sub-contractors as aforesaid) and all such persons
shall to this extent be or be deemed to be parties to this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.5. The provisions of this Article V shall survive any termination of this
Agreement. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE VI</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>FEES</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.1. In consideration of the performance of the duties assigned to the
Construction Supervisor in this Agreement, the Owner shall pay to the
Construction Supervisor the sum of US$700,000 for its total supervision costs
in connection with the supervision of the construction of the Vessel, plus any
expenses incurred under the Shipbuilding Contract against presentation of
supporting invoices from the Construction Supervisor which the Construction
Supervisor shall supply to the Owner at the same time as payment is requested.
The fee payable hereunder to the Construction Supervisor shall include all
costs which are incurred by the Construction Supervisor in connection with the
ordinary exercise and performance by the Construction Supervisor of the rights,
powers and duties entrusted to it pursuant to this Agreement. The supervision
fee will be paid in two equal installments as follows: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="7%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="93%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(a)
 US$350,000 on execution of this Agreement; and </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>A-II-7</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="7%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="93%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(b)
 US$350,000 upon the Construction Supervisor advising the Owner of the
 completion of the sea trial run of the Vessel. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>For the
avoidance of doubt, the Construction Supervisor can demand payment of the fee
and other amounts payable hereunder from the Parent pursuant to the relevant
provisions of the Group Management Agreement. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE VII</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>COMMENCEMENT - TERMINATION</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.1. This Agreement shall come into effect on the date hereof and shall
continue until the delivery of the Vessel in accordance with the Shipbuilding
Contract unless terminated earlier pursuant to the terms of Section 7.2,
Section 7.3, Section 7.4 or Section 7.5 hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.2. The Owner shall be entitled to terminate this Agreement by notice in
writing to the Construction Supervisor if the Construction Supervisor defaults
in the performance of any material obligation under this Agreement, subject to
a cure right of 20 Business Days following written notice by the Owner. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.3. This Agreement shall terminate automatically if: <BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Shipbuilding
Contract is cancelled, rescinded or terminated; or <BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Group Management
Agreement is terminated. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.4. The Construction Supervisor shall be entitled to terminate this Agreement
by notice in writing to the Owner if: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
 any moneys payable by the Owner under this Agreement is not paid when due or
 if due on demand within 10 Business Days following demand by the Construction
 Supervisor; or </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
 the Owner defaults in the performance of any other material obligations under
 this Agreement, subject to a cure right of 20 Business Days following written
 notice by the Construction Supervisor; or </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
 7.5. Either party shall be entitled to terminate this Agreement immediately
 if:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
 the other party ceases to conduct business, or all or substantially all of
 the equity-interests, properties or assets of either such party is sold,
 seized or appropriated; or </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
 (i) the other party files a petition under any bankruptcy law, makes an
 assignment for the benefit of its creditors, seeks relief under any law for
 the protection of debtors or adopts a plan of liquidation; (ii) a petition is
 filed against </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>A-II-8</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>the other
 party seeking to have it declared insolvent or bankrupt and such petition is
 not dismissed or stayed within 40 Business Days of its filing; (iii) the
 other party shall admit in writing its insolvency or its inability to pay its
 debts as they mature; (iv) an order is made for the appointment of a
 liquidator, manager, receiver or trustee of the other party of all or a
 substantial part of its assets; (v) or if an encumbrancer takes possession of
 or a receiver or trustee is appointed over the whole or any part of the other
 party&#146;s undertaking, property or assets; or (vi) if an order is made or a
 resolution is passed for the other party&#146;s winding up; or </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
 a distress, execution, sequestration or other process is levied or enforced
 upon or sued out against the other party&#146;s property which is not discharged
 within 20 Business Days; or </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
 the other party ceases or threatens to cease wholly or substantially to carry
 on its business otherwise than for the purpose of a reconstruction or
 amalgamation without insolvency previously approved by the terminating party;
 or </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
 the other party is prevented from performing its obligations hereunder by
 reasons of Force Majeure for a period of two or more consecutive months. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.6. In the event of termination due to the Construction Supervisor&#146;s default,
then it shall not be entitled to receive any payment in respect of the fees and
other amounts described in Article VI becoming due and payable after the date
of such termination. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE VIII<BR>
EMPLOYEES</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.1. None of the employees and/or sub-contractors of the Construction
Supervisor shall constitute, for the purposes of this Agreement, sub-agents of
the Owner. The Construction Supervisor, in its capacity as employer and
contractor (and not in its capacity as agent for the Owner), shall (a) be
responsible for the salaries, expenses and costs in respect of each of its
employees and sub-contractors (not in its capacity as agent for the Owner) and
(b) save for the provisions of Article V hereof, indemnify its employees and
sub-contractors for any liabilities and losses incurred by such employees and
sub-contractors. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE IX</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>GOVERNING LAW - ARBITRATION</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.1. This Agreement shall be governed by and be construed in accordance with
the laws of England. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.2. All disputes arising out of this Agreement shall be arbitrated in London
in the following manner. One arbitrator is to be appointed by each of the
parties hereto and a third by the two so chosen. Their decision or that of any
two </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>A-II-9</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>of them shall
be final and, for the purpose of enforcing any award, this Agreement may be
made a rule of the court. The arbitrators shall be commercial persons,
conversant with shipping matters. Such arbitration is to be conducted in
accordance with the rules of the London Maritime Arbitration Association terms
current at the time when the arbitration proceedings are commenced and in
accordance with the Arbitration Act 1996 or any statutory modification or
re-enactment thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.3. In the event that the a party hereto shall state a dispute and designate
an arbitrator in writing, the other party shall have 20 Business Days to designate
its own arbitrator. If such other party fails to designate its own arbitrator
within such period, the arbitrator appointed by the first party can render an
award hereunder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.4. Until such time as the arbitrators finally close the hearings, either
party shall have the right by written notice served on the arbitrators and on
the other party to specify further disputes or differences under this Agreement
for hearing and determination. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.5. The arbitrators may grant any relief, and render an award, which they or a
majority of them deem just and equitable and within the scope of this
Agreement, including but not limited to the posting of security. Awards
pursuant to this Article IX may include costs, including a reasonable allowance
for attorneys&#146; fees, and judgments may be entered upon any award made herein in
any court having jurisdiction. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE X</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>COUNTERPARTS</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.1. This Agreement may be executed in any number of counterparts, all of
which taken together shall constitute one and the same instrument. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE XI</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>NOTICES</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
11.1. Every notice or other communication under this Agreement shall: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
 be in writing delivered personally or by first-class prepaid letter (airmail
 if available) or facsimile transmission or other means of telecommunication
 (other than telex) in permanent written form; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
 be deemed to have been received, in the case of a letter, when delivered
 personally or three (3) days after it has been put into the post and, in the
 case of a facsimile transmission or other means of telecommunication (other
 than telex) in permanent written form, at the time of dispatch (provided that
 if the date of dispatch is a Saturday or Sunday or a public holiday in the
 country of the addressee or if the time of dispatch is after the close of
 business in the country of </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>A-II-10</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P STYLE=MARGIN-LEFT:5%><FONT SIZE=2>the addressee
it shall be deemed to have been received at the opening of business on the next
day which is not a Saturday or Sunday or public holiday); and </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>(c)&nbsp; be
 sent: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 to the Construction Supervisor at: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>COSTAMARE
 SHIPPING COMPANY S.A.<br>
 60 Zephyrou Street &amp; Syngrou Avenue<br>
 17564<br>
 Athens, Greece<br>
 Telephone No.: +30 210-949-0000<br>
Fax No.: +30 210-940-6454</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 to the Owner at: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>COSTAMARE INC.<BR>
 60 Zephyrou Street &amp; Syngrou Avenue<br>
 17564<br>
 Athens, Greece<br>
 Telephone No.: +30 210-949-0000<br>
Fax No.: +30 210-940-6454<br>
Attention: Chief Executive Officer</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>or to such
other address and/or numbers for a party as is notified by such party to the
other party under this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
11.2. Each communication and document made or delivered by one party to another
pursuant to this Agreement shall be in the English language. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
11.3. This Agreement shall not create benefits on behalf of any other person
not a party to this Agreement, and this Agreement shall be effective only as
between the parties hereto, their successors and permitted assigns. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>A-II-11</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS</B> of which this Agreement has been duly executed
the day and year first before written. </FONT></P>

<P><FONT SIZE=2><B>For the Owner </B></FONT></P>

<P><FONT SIZE=2><B>For the Construction Supervisor </B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>A-II-12</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>SCHEDULE 1</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>FORM OF CONSTRUCTION CERTIFICATE</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B> [On the letterhead of the Construction
Supervisor]</B></FONT></P>

<P><FONT SIZE=2>[Vessel Owner]
(the &#147;<U>Owner</U>&#148;)<BR>
[Address] <BR>Facsimile: [&nbsp;&nbsp;]<BR>
Attention: [&nbsp;&nbsp;] </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2>Date: _________________ </FONT></P>

<P><FONT SIZE=2>Dear Sirs, </FONT></P>

<P><FONT SIZE=2><B> [Name of Builder] (the &#147;<U>Builder</U>&#148;),
[Name of Vessel] (the &#147;<U>Vessel</U>&#148;) </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
refer to the construction supervision agreement dated [&nbsp;&nbsp;] between the Owner and
us (the &#147;<U>Supervision Agreement</U>&#148;). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Words
and expressions defined in the Supervision Agreement (whether expressly or by incorporation
by reference to another document) shall have the same meaning where used in
this certificate. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hereby certify, pursuant to Section 3.1(d) of the Supervision Agreement, as
follows: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(i)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>the Vessel
 has been duly completed and is ready for delivery to and acceptance by the
 Owner in or substantially in accordance with the Shipbuilding Contract and
 the Specifications and Plans; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2> (ii)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>the Vessel
 is recommended for classification by [Name of the classification society] (the
 &#147;<U>Classification Society</U>&#148;). </FONT></P>
 </TD>
 </TR>
</TABLE>


<P ALIGN=CENTER><FONT SIZE=2>S-1-1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to paragraph (ii) above, please find attached to this certificate the
provisional certificate of the Classification Society recommending such
classification of the Vessel / a duplicate or photocopy of the provisional
certificate of the Classification Society recommending such classification of the Vessel / the following evidence of the Classification Society&#146;s
  recommendation of such classification of the Vessel [&nbsp;&nbsp;]. </FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="61%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="38%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Yours
 faithfully,</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>for and on
 behalf of</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>COSTAMARE SHIPPING COMPANY S.A.</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>S-1-2</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>c62562001_v9.jpg
<DESCRIPTION>GRAPHIC
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.8
<SEQUENCE>11
<FILENAME>c62562_ex10-8.htm
<TEXT>

<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN="RIGHT"><FONT size=2 face=arial><B>EXHIBIT 10.8</B> </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="99%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="21%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="31%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="43%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Approved by</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>the Documentary Committee of The</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Approved by</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Printed by BIMCO&#146;S <I>idea</I></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Japan Shipping Exchange Inc., Tokyo</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>the International Ship Managers&#146;
 Association (ISMA)</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" >
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER-TOP:SOLID BLACK .5PT;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:NONE;BORDER-RIGHT:NONE'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-TOP:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="44%" VALIGN=TOP STYLE='BORDER-TOP:SOLID BLACK .5PT;BORDER-LEFT:NONE;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="42%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>1.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Date of Agreement</FONT><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> [to be dated the
 date of execution]</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=top colspan=2>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>THE BALTIC AND INTERNATIONAL MARITIME
 COUNCIL (BIMCO)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP rowspan=5>
 <P><FONT STYLE="FONT-SIZE:7Pt"><img src="c62562002_v9.jpg" alt="(LOGO)"></font></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>STANDARD SHIP MANAGEMENT AGREEMENT</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>CODE NAME: &#147;SHIPMAN 98&#148;</B></FONT></P>
 </TD>

 </TR>
<TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>

 </TR>
<TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P ALIGN="RIGHT"><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>PART I</B></FONT></P>
 </TD>

 </TR>

 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>2.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL >Owners </Font>
<FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL> (name, place of registered
 office and law of registry) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>CI.
 1</U></FONT>)</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>3.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Managers </Font>
<FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL> (name, place of registered
 office and law of registry) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>CI. 1</U></FONT>)</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="BORDER-BOTTOM:SOLID BLACK 1px">
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Name</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Name</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP >
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>[name of relevant member of the Group]</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>CIEL Shipmanagement S.A.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP  STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP  STYLE='BORDER-BOTTOM:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Place of registered office</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Place of registered office</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> [to be completed]</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Monrovia, Republic of Liberia</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP style="BORDER-BOTTOM:SOLID BLACK .5PT">
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP >
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Law of registry</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Law of registry</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> [to be completed]</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Republic of Liberia</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>4.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Day and year of commencement of
 Agreement (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 2</U></FONT>)</FONT><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> [to be completed
 on execution]</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>5.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Crew Management (state &#147;yes&#148; or
 &#147;no&#148; as agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.1</U></FONT>)</FONT><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>6.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Technical Management (state &#147;yes&#148; or &#147;no&#148; as agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.2</U></FONT>)</FONT><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>7.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Commercial Management (state &#147;yes&#148;
 or &#147;no&#148; as agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.3</U></FONT>)</FONT><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>8.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Insurance Arrangements (state &#147;yes&#148; or &#147;no&#148; as agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.4</U></FONT>)</font><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>NO</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>9.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Accounting Services (state &#147;yes&#148; or
 &#147;no&#148; as agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>CI. 3.5</U></FONT>)</font><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>10.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Sale or purchase of the Vessel (state &#147;yes&#148; or &#147;no&#148; as
 agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.6</U></FONT><FONT  STYLE="FONT-SIZE:7Pt" FACE=ARIAL>)</font><B> <BR>
 YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>11.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Provisions (state &#147;yes&#148; or &#147;no&#148; as
 agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.7</U></FONT>)</font><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>12.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Bunkering (state &#147;yes&#148; or &#147;no&#148; as agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.8</U></FONT>)</font><FONT  STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> <BR>
 YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>13.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Chartering Services Period (only to
 be filled in if &#147;yes&#148; stated in Box 7) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.3(i)</U></FONT>)</FONT><BR>
<FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>N/A</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>14.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL >Owners&#146;</Font><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL> Insurance (state alternative (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>i</U></FONT><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>),</FONT> (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>ii</U></FONT><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>) or (</font><FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>iii</U></FONT><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>) of </font><FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 6.3</U></FONT>)</font><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Clause 6.3(ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>15.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><Strike><FONT STYLE="FONT-SIZE:7Pt" COLOR=BLUE  FACE=ARIAL>Annual</FONT></Strike><FONT  STYLE="FONT-SIZE:7Pt" FACE=ARIAL color=red> <B>Daily</B></FONT><FONT  STYLE="FONT-SIZE:7Pt" FACE=ARIAL> Management
 Fee (state </FONT><Strike><FONT STYLE="FONT-SIZE:7Pt" COLOR=BLUE  FACE=ARIAL>annual </FONT></Strike><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>amount) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl.
 8.1</U></FONT>)</FONT><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>$[&nbsp;]</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>16.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Severance Costs (state maximum amount) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 8.4(ii)</U></FONT>)</font><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>not applicable</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>17.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Day and year of termination of
 Agreement (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 17</U></FONT>)</FONT><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>see Clause 17</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>18.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Law and Arbitration (state alternative <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>19.1</U></FONT>, <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>19.2 </U></FONT>or <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>19.3</U></FONT>; if <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>19.3</U></FONT> place of
 arbitration must be stated) (Cl. 19)</font><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> see Clause 19.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>19.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Notices (state postal </font><Strike> <FONT COLOR=BLUE FACE=ARIAL STYLE="FONT-SIZE:7Pt"> and cable </font></Strike><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL> address<Strike><FONT COLOR=BLUE FACE=ARIAL STYLE="FONT-SIZE:7Pt">, telex</FONT></Strike><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL> and telefax
number for serving notice and communication <U>to the Owners</U>) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 20</U></FONT>)</FONT></FONT></p>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>20.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Notices (state postal </font><Strike> <FONT COLOR=BLUE FACE=ARIAL STYLE="FONT-SIZE:7Pt"> and cable </font></Strike><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL> address<Strike><FONT COLOR=BLUE FACE=ARIAL STYLE="FONT-SIZE:7Pt">, telex</FONT></Strike><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL> and telefax
number for serving notice and communication <U>to the </U></font>
<FONT  FACE=ARIAL STYLE="FONT-SIZE:7Pt"><U>Managers</U>) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 20</U></FONT>)</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>C/o Costamare Inc.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>2-6 Aeroporon Street</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>60 Zephyrou Street &amp; Syngrou Avenue</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>175 64 Athens, Greece</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>175 64 Athens, Greece</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Telefax: +30 210 940 4081</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Telefax:  +30 210 940 6454</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Attention:  Chief Executive Officer</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Attention: Chief Executive Officer</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=7 VALIGN=TOP STYLE='BORDER:NONE'>
 <P ALIGN=JUSTIFY><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=7 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>It is mutually agreed between the
 party stated in <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Box 2</U></font> and the party stated in <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Box 3</U></FONT> that this
 Agreement consisting of <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>PART I</U></FONT>
 and <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>PART II</U></FONT> as
 well as <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Annex<Strike>es</Strike> &#147;A&#148;</U></FONT>
 (Details of Vessel), <Strike><FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>&#147;B&#148;</U>
 (Details of Crew), <U> &#147;C&#148;</U> (Budget)
 and <U> &#147;D&#148;</U>
 (Associated vessels) </FONT></Strike> attached hereto, shall be performed subject to the
 conditions contained herein. In the event of a conflict of conditions, the
 provisions of <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>PART I</U></FONT>
 and <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Annex<Strike>es</strike> &#147;A&#148;</U><Strike>,<U> &#147;B&#148;</U>, <U> &#147;C&#148;</U> and <U>&#147;D&#148;</U></Strike></FONT> shall
 prevail over those of <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>PART II</U></FONT>
 to the extent of such conflict but no further.<strike><FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt">.</FONT></strike></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Signature(s) (Owners)</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
  <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Signature(s) (Managers)</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>[name of relevant member of the Group]</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>CIEL SHIPMANAGEMENT S.A.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK .5PT;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK .5PT;BORDER-RIGHT:SOLID BLACK .5PT'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>






<P ALIGN="JUSTIFY"><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO.  Any insertion or deletion to the form must be
clearly visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the
text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a
result of discrepancies between the original BIMCO approved document and this computer generated document.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>Printed by BIMCO&#146;S <I>idea</I></B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>ANNEX
 &#147;A&#148; (DETAILS OF VESSEL OR VESSELS) TO</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>THE
 BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>STANDARD
 SHIP MANAGEMENT AGREEMENT - CODE NAME: &#147;SHIPMAN 98&#148;</B></FONT></P>
 </TD>
 </TR>

 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP style='border-bottom:1px solid black'>&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Date of Agreement:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B> [to
 be completed]</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Name of Vessel(s):</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B> [to
 be completed]</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Particulars of
 Vessel(s):</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B> [to
 be completed]</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN="JUSTIFY"><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO.  Any insertion or deletion to the form must be
clearly visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the
text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a
result of discrepancies between the original BIMCO approved document and this computer generated document.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" SIZE="2"><B><Strike>ANNEX &#147;B&#148; (DETAILS OF CREW) TO</Strike></B> </FONT> </P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" SIZE="2"><B><Strike>THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)</Strike></B> </FONT> </P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" SIZE="2"><B><Strike>STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: &#147;SHIPMAN 98&#148;</Strike></B> </FONT></P>
 </TD>
 </TR>
  <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP style='border-bottom:1px solid black'>&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=1 COLOR=BLUE FACE=ARIAL><Strike>Date of Agreement:</Strike></FONT><BR><BR><FONT SIZE=1 COLOR=BLUE FACE=ARIAL><Strike>Details of Crew:</Strike>&nbsp;</FONT></P>

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 <P><FONT SIZE=1 COLOR=BLUE FACE=ARIAL><Strike>Numbers</Strike></FONT></P>
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 <P><FONT SIZE=1 COLOR=BLUE FACE=ARIAL><Strike>Rank</Strike></FONT></P>
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 <P><FONT SIZE=1 COLOR=BLUE FACE=ARIAL><Strike>Nationality</Strike></FONT></P>
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 </TD>
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 </TD>
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 </TD>
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 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P><FONT SIZE=1 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
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 <P><FONT SIZE=1 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO.  Any insertion or deletion to the form must be
clearly visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the
text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense as a
result of discrepancies between the original BIMCO approved document and this computer generated document.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><b>Printed by
BIMCO&#146;S <I>idea</I></b></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" SIZE="2"><B><Strike>ANNEX &#147;C&#148; (BUDGET) TO</Strike></B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" SIZE="2"><B><Strike>THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)</Strike></B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" SIZE="2"><B><Strike>STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: &#147;SHIPMAN 98&#148;</Strike></B> </FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP style='border-bottom:1px solid black'>&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=1 COLOR=BLUE FACE=ARIAL><Strike>Date of Agreement: <BR>
</Strike><FONT size=1 COLOR=BLUE FACE=ARIAL>&nbsp;<BR>
<Strike>Managers&#146; Budget for the first year with effect from the Commencement Date
of this Agreement: <BR>
</Strike></FONT></FONT></P>



<P ALIGN="JUSTIFY"><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO.  Any insertion or deletion to the form must be
clearly visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the
text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense as a
result of discrepancies between the original BIMCO approved document and this computer generated document.</FONT></P>



<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" SIZE="2"><B><Strike>ANNEX &#147;D&#148; (ASSOCIATED VESSELS) TO</Strike></B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" SIZE="2"><B><Strike>THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)</Strike></B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" SIZE="2"><B><Strike>STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: &#147;SHIPMAN 98&#148;</Strike></B> </FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP style='border-bottom:1px solid black'>&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><Strike>NOTE: PARTIES SHOULD BE AWARE THAT BY
COMPLETING THIS ANNEX &#147;D&#148; THEY WILL BE SUBJECT TO THE PROVISIONS OF SUB-CLAUSE
18.1(i) OF THIS AGREEMENT.</Strike></FONT></P>

<P><FONT SIZE=1 COLOR=BLUE FACE=ARIAL><Strike>Date of Agreement:<BR>
</Strike><FONT size=1 COLOR=BLUE FACE=ARIAL>&nbsp;<BR>
<Strike>Details of Associated Vessels:<BR>
</Strike>&nbsp;</FONT></FONT></P>

<P ALIGN="JUSTIFY"><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>This document
is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any
insertion or deletion to the form must be clearly visible. In the event of any
modification made to the pre-printed text of this document which is not clearly
visible, the text of the original BIMCO approved document shall apply. BIMCO
assumes no responsibility for any loss, damage or expense as a result of
discrepancies between the original BIMCO approved document and this computer
generated document. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>







<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>PART II<BR>
&#147;SHIPMAN 98&#148; Standard Ship Management Agreement</B></FONT></P>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>1.</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>Definitions</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">&nbsp;&nbsp;1</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">In this Agreement save where the
 context otherwise requires,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">&nbsp;&nbsp;2</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">the following words and
 expressions shall have the meanings</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">&nbsp;&nbsp;3</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">hereby assigned to them.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">&nbsp;&nbsp;4</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B> &#147;Costamare&#148; means Costamare Shipping Company S.A. of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">&nbsp;&nbsp;5</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>Panama City, Republic of Panama and includes its successors</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>in title.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><I> &#147;Owners&#148;</I><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> means the party identified in <FONT COLOR=BLUE><U>Box 2</U></FONT>.</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><I> &#147;Managers&#148;</I><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> means the party identified in <FONT COLOR=BLUE><U>Box 3</U></FONT>.</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">&nbsp;&nbsp;6</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><I> &#147;Vessel&#148;</I><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> means the vessel or vessels details of which are set</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">&nbsp;&nbsp;7</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">out in <FONT COLOR=BLUE><U>Annex &#147;A&#148;</U> </FONT><FONT FACE="ARIAL" STYLE="font-size:6.5pt">attached hereto.</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">&nbsp;&nbsp;8</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B> &#147;Business Day&#148; shall have the same meaning as ascribed</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>thereto in Section 1.1 of the Group Management Agreement.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><I> &#147;Crew&#148;</I><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> means the Master, officers and ratings <FONT  COLOR=RED><B>employed on the</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">&nbsp;&nbsp;9</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>Vessel from time to time</B><Strike><FONT STYLE="font-size:6.5pt"  COLOR=BLUE FACE=ARIAL>of the numbers,</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>rank
 and nationality specified in Annex &#147;B&#148; attached hereto.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">10</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><I><Strike>&#147;Crew Support Costs&#148;</Strike></I><Strike><FONT STYLE="font-size:6.5pt"  COLOR=BLUE FACE=ARIAL> means all expenses of a general nature</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>which
 are not particularly referable to any individual vessel for</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the
 time being managed by the Managers and which are incurred</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>by
 the Managers for the purpose of providing an efficient and</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>economic
 management service and, without prejudice to the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">15</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>generality
 of the foregoing, shall include the cost of crew standby</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">16</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>pay,
 training schemes for officers and ratings, cadet training</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">17</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>schemes,
 sick pay, study pay, recruitment and interviews.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">18</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><I><B> &#147;Related Manager&#148; shall have the meaning
 as ascribed thereto</B></I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><I><B>in Section 1.1 of the Group Management
 Agreement.</B></I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><I> &#147;Severance
 Costs&#148;</I><FONT FACE="ARIAL" STYLE="font-size:6.5pt"> means the costs which the
 employers are</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">legally obliged to pay to or in
 respect of the Crew as a result of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">20</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">the early termination of any
 employment contract for service on</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">21</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">the Vessel.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">22</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><I> &#147;Crew
 Insurances&#148;</I><FONT FACE="ARIAL" STYLE="font-size:6.5pt"> means insurances against
 crew risks which</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">23</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">shall include but not be limited
 to death, sickness, repatriation,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">24</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">injury, shipwreck unemployment indemnity
 and loss of personal</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">25</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">effects.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">26</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B> &#147;Group Management Agreement&#148; means the agreement dated [ ]</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>2010 made between the Parent and the Managers.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><I> &#147;Management
 Services&#148;</I><FONT FACE="ARIAL" STYLE="font-size:6.5pt"> means the services
 specified in sub-</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">27</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">clauses 3.1 to 3.8 as indicated
 affirmatively in Boxes <FONT COLOR=BLUE><U>5</U> </FONT><FONT FACE="ARIAL" STYLE="font-size:6.5pt">to</FONT> <FONT COLOR=BLUE><U>12</U></FONT>.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">28</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><I> &#147;ISM Code&#148;</I><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> means the International Management Code for the</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">29</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">Safe Operation of Ships and for
 Pollution Prevention as adopted</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">30</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">by the International Maritime
 Organization (IMO) by resolution</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">31</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">A.741(18) or any subsequent
 amendment thereto.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">32</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B> &#147;ISPS Code&#148; means the International Ship and Port Facility</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>Security Code constituted pursuant to resolution A.924(22)
 of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>the International Maritime Organisation now set out in
 Chapter</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>XI-2 of the International Convention for the Safety of Life
 at Sea</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B> (SOLAS) 1974 (as amended) and the mandatory ISPS Code as</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>adopted by a Diplomatic Conference of the International</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>Maritime Organisation on Maritime Security in December 2002</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>and includes any amendments or extensions to it and any</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>regulation issued pursuant to it.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B> &#147;Parent&#148; means Costamare Inc. of Trust Company Complex,</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>Ajeltake Road, Ajeltake Island, Majuro, Republic of the
 Marshall</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>Islands MH96960.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><I> &#147;STCW 95&#148;</I><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> means the International Convention on Standards</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">33</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">of Training, Certification and
 Watchkeeping for Seafarers, 1978,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">34</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">as amended in 1995 or any
 subsequent amendment thereto.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">35</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>2.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>Appointment of
 Managers</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">36</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">With effect from the day and year
 stated in <FONT COLOR=BLUE><U>Box 4</U></FONT> <FONT FACE="ARIAL" STYLE="font-size:6.5pt">and continuing</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">37</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">unless and until terminated provided herein, the Owners</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">38</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">hereby appoint the Managers and
 the Managers hereby agree</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">39</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">to act as the </FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>M</Strike></FONT><FONT FACE=ARIAL STYLE="font-size:6.5pt" COLOR=RED><B>m</B></FONT><FONT FACE="ARIAL" STYLE="font-size:6.5pt">anagers of the Vessel.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">40</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>The Managers hereby (i) acknowledge that they have received
 a</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>copy of the Group Management Agreement and have reviewed</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>all its terms and (ii) agree to abide by such terms so long
 as the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>provisions thereof relate to the management of the Vessel.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>3.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>Basis of
 Agreement</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">41</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">Subject to the terms and
 conditions herein provided, during the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">42</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">period of this Agreement, the
 Managers shall carry out</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">43</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">Management Services in respect of
 the Vessel as agents for</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt">44</FONT></P>
 </TD>
 </TR>
</TABLE>

</DIV>



<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="84%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>and on behalf of the Owners. <FONT  COLOR=RED><B>Subject to Section 4.6 of
 the Group</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>45</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>Management Agreement, </B><Strike><FONT STYLE="font-size:6.5pt" COLOR=BLUE  FACE=ARIAL>T</FONT></Strike><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>t</B></FONT></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL>he
 Managers shall have authority</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>to take such actions as they may
 from time to time in their absolute</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>46</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>discretion consider to be
 necessary to enable them to perform</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>47</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>this Agreement in accordance with
 sound ship management</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>48</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>practice.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>49</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>3.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>Crew Management</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>50</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><I>(only applicable if agreed according to</I> </FONT><FONT FACE=ARIAL STYLE="font-size:6.5pt" COLOR=BLUE><I><U>Box 5</U></I></FONT><FONT STYLE="font-size:6.5pt"><I>)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>51</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>The Managers shall provide
 suitably qualified Crew for the Vessel</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>52</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>as required by the Owners in
 accordance with the STCW 95</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>53</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>requirements, provision of which
 includes but is not limited to</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
  <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>54</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>the following functions:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>55</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (i)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>selecting and engaging the
 Vessel&#146;s Crew, including payroll</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>56</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>arrangements, pension
 administration, and insurances for</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>57</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>the Crew other than those
 mentioned in <FONT COLOR=BLUE><U>Clause 6</U></FONT>;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>58</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>ensuring that the applicable
 requirements of the law of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>59</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>flag of the Vessel are satisfied
 in respect of manning levels,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>60</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>rank, qualification and
 certification of the Crew and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>61</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>employment regulations including
 Crew&#146;s tax, social</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>62</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>insurance, discipline and other
 requirements;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>63</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (iii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>ensuring that all members of the
 Crew have passed a medical</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>64</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>examination with a qualified
 doctor certifying that they are fit</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>65</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>for the duties for which they are
 engaged and are in possession</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>66</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>of valid medical certificates
 issued in accordance with</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>67</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>appropriate flag State
 requirements. In the absence of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>68</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>applicable flag State
 requirements the medical certificate shall</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>69</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>be dated not more than three months
 prior to the respective</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>70</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Crew members leaving their
 country of domicile and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>71</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>maintained for the duration of
 their service on board the Vessel;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>72</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (iv)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>ensuring that the Crew shall have
 a command of the English</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>73</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>language of a sufficient standard
 to enable them to perform</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>74</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>their duties safely;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>75</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (v)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>arranging transportation of the
 Crew, including repatriation<FONT COLOR=RED><B>,</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>76</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>board and lodging as and when required at rates and types
 of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>accommodations as customary in the industry</B><FONT  STYLE="font-size:6.5pt" FACE=ARIAL>;</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (vi)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>training of the Crew and
 supervising their efficiency;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>77</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (vii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>keeping and maintaining full and complete records of any</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>78</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>labor agreements which may be entered into with the Crew
 and,</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="ARIAL" STYLE="font-size:6.5pt" COLOR=RED><B>if applicable, </B></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL>conducting union negotiations;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (viii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>operating the Managers&#146; drug and
 alcohol policy unless</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>79</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>otherwise agreed </FONT><FONT FACE=ARIAL STYLE="font-size:6.5pt" COLOR=RED><B>in writing</B></FONT><FONT STYLE="font-size:6.5pt">.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>80</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>3.2</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>Technical
 Management</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>81</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><I>(only applicable if agreed according to</I> </FONT><FONT FACE=ARIAL STYLE="font-size:6.5pt" COLOR=BLUE><I><U>Box 6</U></I></FONT><FONT STYLE="font-size:6.5pt"><I>)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>82</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>The Managers shall provide
 technical management which</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>83</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>includes, but is not limited to,
 the following functions:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>84</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (i)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>provision of competent personnel
 to supervise the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>85</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>maintenance and general
 efficiency of the Vessel;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>86</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>arrangement and supervision of
 dry dockings, repairs,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>87</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>alterations and the upkeep of the
 Vessel to the standards</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>88</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>required by the Owners provided
 that the Managers shall</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>89</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>be entitled to incur the
 necessary expenditure to ensure</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>90</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>that the Vessel will comply with
 the law of the flag of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>91</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Vessel and of the places where
 she trades, and all</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>92</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>requirements and recommendations
 of the classification</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>93</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>society;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>94</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>(iii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT  STYLE="font-size:6.5pt" FACE=ARIAL>arrangement of the supply of necessary stores, spares and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>95</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>lubricating oil;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>96</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (iv) </B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>appointment of surveyors and
 technical consultants as the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>97</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Managers may consider from time
 to time to be necessary;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>98</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (v)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>development, implementation and
 maintenance of a Safety</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>99</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Management System (SMS) in
 accordance with the ISM</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT STYLE="font-size:6.5pt" FACE=ARIAL>100</FONT></P>
 </TD>
 </TR>

<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Code (see sub-clauses <FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><U>4.2</U></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > and </FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><U>5.3</U></FONT>) <FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>and of a security system
 in</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >101</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>accordance with the ISPS Code;</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="Arial" COLOR="RED" STYLE="font-size:6.5pt"><B>(vi)</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>  handling any claims against the builder of the Vessel</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>arising out of the relevant shipbuilding contract, if</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>applicable; and</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="Arial" COLOR="RED" STYLE="font-size:6.5pt"><B>(vii)</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>  on request by the Owners, providing the Owners with a</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>copy of any inspection report, survey, valuation or any
 other</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>similar report prepared by any shipbrokers, surveyors, the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Class etc..</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>

</TABLE>
</DIV>

<BR CLEAR=ALL><BR>

<P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>This document is a computer generated SHIPMAN 98 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly
visible. In the event of any modification made to the pre-printed text of this
document which is not clearly visible, the text of the original BIMCO approved
document shall apply. BIMCO assumes no responsibility for any loss, damage or
expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT Face=Arial SIZE=2 ><B>PART II<BR>
&#147;SHIPMAN 98&#148; Standard Ship Management Agreement</B></FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>3.3</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Commercial
 Management</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >102</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><I> (only
 applicable if agreed according to</i> </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><i><U>Box 7</U></I></FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial><i>)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >103</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Managers shall provide </FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><Strike>the commercial operation of the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >104</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>Vessel</Strike></FONT><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" >, as required by the Owners, </FONT><Strike><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE>which includes, but is not</FONT></Strike></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >105</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>limited
 to</Strike></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >, the following functions:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >106</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><B><Strike>(i)</Strike></B><Strike>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;providing
 chartering services in accordance with the Owners&#146;</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >107</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>instructions
 which include, but are not limited to, seeking</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >108</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>and
 negotiating employment for the Vessel and the conclusion</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >109</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>(including
 the execution thereof) of charter parties or other</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >110</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>contracts
 relating to the employment of the Vessel. If such a</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >111</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>contract
 exceeds the period stated in <U>Box 13</U>, consent thereto</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >112</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>in
 writing shall first be obtained from the Owners. </Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >113</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><B><Strike>(ii)</Strike></B><Strike>&nbsp;&nbsp;&nbsp;&nbsp;arranging
 of the proper payment to Owners or their nominees</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >114</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>of
 all hire and/or freight revenues or other moneys of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >115</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>whatsoever
 nature to which Owners may be entitled arising</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >116</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>out
 of the employment of or otherwise in connection with the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >117</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>Vessel.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >118</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><B><Strike>(iii)</Strike></B><Strike>&nbsp;&nbsp;&nbsp;providing
 voyage estimates and accounts and calculating of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >119</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>hire,
 freights, demurrage and/or despatch moneys due from</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >120</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>or
 due to the charterers of the Vessel;</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >121</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (i</b></FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><b><Strike>v</Strike></b></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><b>)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >issuing of </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><Strike>voyage</Strike> </FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >instructions;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >122</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (</b></FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><b><Strike>v</Strike></b></font><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><b>ii</b></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><b>)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >appointing agents;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >123</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (</b></FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><b><Strike>v</Strike></b></font><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><b>iii</b></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><b>)</B>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >appointing stevedores;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >124</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (</b></FONT><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><b>i</b></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"><b>v<Strike><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE>ii</FONT></Strike></b></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"><b>)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >arranging surveys associated with
 the commercial operation</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >125</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >of the Vessel;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >126</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>3.4</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Insurance
 Arrangements&#146;</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >127</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><I> (only
 applicable if agreed according to</I> </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><i><U>Box 8</U></i></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><I>)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >128</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Managers shall arrange
 insurances in accordance with</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >129</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Clause 6, on such terms and
 conditions as the Owners shall</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >130</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >have instructed or agreed, in
 particular regarding conditions,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >131</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >insured values, deductibles and
 franchises.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >132</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>3.5</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Accounting
 Services</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >133</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><I> (only
 applicable if agreed according to</i> </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><i><U>Box 9</U></i></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><I>)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >134</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Without prejudice to the relevant provisions of the Group</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >135</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Management Agreement and, in particular, but without</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>limitation, Section 4.11 and Section 10.6 thereof, </B></font><Strike><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" COLOR=BLUE >T</FONT></Strike><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"  COLOR=RED ><B>t</B></FONT><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" >he Managers</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >shall:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (i)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >establish an accounting system
 which meets the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >136</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >requirements of the Owners and
 provide regular accounting</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >137</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >services, supply regular reports
 and records,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >138</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >maintain the records of all costs
 and expenditure incurred</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >139</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >as well as data necessary or
 proper for the settlement of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >140</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >accounts between the parties.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >141</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>3.6</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Sale or Purchase
 of the Vessel</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >142</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><I> (only
 applicable if agreed according to</i> </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><i><U>Box 10</U></i></font><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial><i>) </I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >143</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Managers shall, in accordance
 with the Owners&#146; instructions,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >144</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>supervise
 the sale or purchase </Strike></font><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"></font><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>attend to the physical
 delivery</b></FONT><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt"> of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >145</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >the Vessel, </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><Strike>including the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>performance
 of </Strike><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>and any matters specifically relating
 thereto</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >146</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"  COLOR=red><B>under</B></font><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" > any sale or purchase agreement<Strike><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE>, but not</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><strike>negotiation of the same</strike></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >147</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>3.7</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Provisions </B><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" ><I> (only applicable if agreed according to <FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><U>Box 11</U></FONT>)</I></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >148</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Managers shall arrange for
 the supply of provisions.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >149</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>3.8</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Bunkering</B><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" > <I>(only applicable if
 agreed according to <FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><U>Box 12</U></FONT>)</I></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >150</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Managers shall arrange for
 the provision of bunker fuel of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >151</FONT></P>
 </TD>
 </TR>

<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >quality specified by the Owners
 as required for the Vessel&#146;s trade.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >152</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>4</B><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" ><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Managers&#146;
 Obligations</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >153</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>4.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Managers undertake to use
 their </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><Strike>best endeavours</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >154</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>commercially reasonable efforts</B> </FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"  >to</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >provide the agreed Management
 Services as agents for and on</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >155</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >behalf of the Owners in
 accordance with sound ship management</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >156</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >practice and to protect and
 promote the interests of the Owners in</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >157</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >all matters relating to the
 provision of services hereunder.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >158</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Provided, however, that the
 Managers in the performance of their</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >159</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >management responsibilities under
 this Agreement shall be entitled</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >160</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >to have regard to their overall
 responsibility in relation to all vessels</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >161</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >as may from time to time be
 entrusted to their management and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >162</FONT></P>
 </TD>
 </TR>

</TABLE>

</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:Right;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >in particular, but without
 prejudice to the generality of the foregoing,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >163</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >the Managers shall be entitled to
 allocate available supplies,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >164</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >manpower and services in such
 manner as in the prevailing</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >165</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >circumstances the Managers in
 their absolute discretion consider</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >166</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >to be fair and reasonable.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >167</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>4.2</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Where the Managers are providing
 Technical Management</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >168</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >in accordance with sub-clause </FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><U>3.2</U></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >, they shall procure
 that the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >169</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >requirements of the law of the
 flag of the Vessel are satisfied and </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >170</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >they shall in particular be
 deemed to be the &#147;Company&#148; as defined</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >171</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >by the ISM Code, assuming the
 responsibility for the operation of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >172</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >the Vessel and taking over the
 duties and responsibilities imposed</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >173</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >by the ISM Code </FONT><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>and/or the ISPS Code</B> </FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >when applicable.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >174</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>4.3</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>In the exercise of their duties hereunder, the Managers
 shall</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>act in accordance with the reasonable policies, guidelines
 and</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>instructions from time to time communicated to it in
 writing by</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>the Owners.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>4.4</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>During this Agreement, the Managers shall promote the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>business of the Owners in accordance with the directions of
 the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>authorized representative or, as the case may be,</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>representatives of the Owners and shall at all times use</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>commercially reasonable efforts to conform to, and comply</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>with, the lawful and reasonable directions, regulations or</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>recommendations made by such authorized representative or,</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>as the case may be, representatives.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>5</B><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" ><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Owners&#146;
 Obligations</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >175</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>5.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Owners shall pay all sums due
 to the Managers punctually</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >176</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >in accordance with the terms of
 this Agreement.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >177</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>5.2</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Where the Managers are providing
 Technical Management</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >178</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >in accordance with sub-clause </FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><U>3.2</U></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >, the Owners shall:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >179</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (i)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >procure that all officers and
 ratings supplied by them or on</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >180</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >their behalf comply with the
 requirements of STCW 95;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >181</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >instruct such officers and
 ratings to obey all reasonable orders</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >182</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >of the Managers in connection
 with the operation of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >183</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Managers&#146; safety management
 system.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >184</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>5.3</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Where the Managers are not
 providing Technical Management</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >185</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >in accordance with sub-clause </FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><U>3.2</U></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >, the Owners shall
 procure that</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >186</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >the requirements of the law of
 the flag of the Vessel are satisfied</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >187</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >and that they, or such other
 entity as may be appointed by them</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >188</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >and identified to the Managers,
 shall be deemed to be the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >189</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >&#147;Company&#148; as defined by the ISM
 Code assuming the responsibility</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >190</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >for the operation of the Vessel
 and taking over the duties and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >191</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >responsibilities imposed by the
 ISM Code when applicable.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >192</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>6</B><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" ><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Insurance
 Policies</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >193</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Owners shall procure, </FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><Strike>whether by instructing the Managers</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >194</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>under sub-clause <U><B>3.4</B></U> or otherwise,</Strike></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > that throughout the period
 of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >195</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >this Agreement:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >196</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>6.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >at the Owners&#146; expense, the
 Vessel is insured for not less</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >197</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >than her sound market value or
 entered for her full gross tonnage,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >198</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >as the case may be for:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >199</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (i)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >usual hull and machinery marine
 risks (including crew</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >200</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >negligence) and excess
 liabilities;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >201</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >protection and indemnity risks
 (including pollution risks and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >202</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Crew Insurances); and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >203</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (iii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >war risks (including protection
 and indemnity and crew risks);</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >204</FONT></P>
 </TD>
 </TR>

<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>in each case</B></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > in
 accordance with the best practice of prudent owners</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >205</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >vessels of a similar type to the
 Vessel, with first class insurance</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >206</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >companies, underwriters or
 associations (&#147;the Owners&#146;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >207</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Insurances&#148;);</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >208</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>6.2</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >all premiums and calls <FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>and applicable deductibles
 and/or</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >209</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>franchises</B></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > on the
 Owners&#146; Insurances are paid</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >promptly by their due date,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >210</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>6.3</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >the Owners&#146; Insurances name the
 Managers and, subject</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >211</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >to underwriters&#146; agreement, any
 third party designated by the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >212</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Managers as a joint assured, with
 full cover, with the Owners</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >213</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >obtaining cover in respect of
 each of the insurances specified in</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >214</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >sub-clause </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><U>6.1</U></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >215</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (i)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >on terms whereby the Managers and
 any such third party</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >216</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >are liable in respect of premiums
 or calls arising in connection</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >217</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >with the Owners&#146; Insurances; or</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >218</FONT></P>
 </TD>
 </TR>

</TABLE>
</DIV>
<BR clear=all><BR>

<P><FONT Face=Arial size=1 >This
document is a computer generated SHIPMAN 98 form printed by authority of BIMCO.
Any insertion or deletion to the form must be clearly visible. In the event of
any modification made to the pre-printed text of this document which is not
clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of
discrepancies between the original BIMCO approved document and this computer
generated document.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT Face=Arial SIZE=2 ><B>PART II<BR>
&#147;SHIPMAN 98&#148; Standard Ship Management Agreement</B></FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >if reasonably obtainable, on
 terms such that neither the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >219</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Managers nor any such third party
 shall be under any</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >220</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >liability in respect of premiums
 or calls arising in connection</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >221</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >with the Owners&#146; Insurances; or</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >222</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B> (iii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >on such other terms as may be
 agreed in writing. </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >223</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><I>Indicate
 alternative (i), (ii) or (iii) in</i> </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><i><U>Box 14</U></i></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"><i>. If</i> </font><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><i><U>Box 14</U></i></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"><i> is left</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >224</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>

 <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><I>blank then (i)
 applies.</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >225</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>6.4</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >written evidence is provided, to
 the reasonable satisfaction</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >226</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >of the Managers, of their
 compliance with their obligations under</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >227</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><U>Clause
 6</U></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > within a reasonable time of the
 commencement of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >228</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >the Agreement, and of each
 renewal date and, if specifically</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >229</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >requested, of each payment date
 of the Owners&#146; Insurances.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >230</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>7</B><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" ><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Income Collected
 and Expenses Paid on Behalf of Owners</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >231</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>7.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >All moneys collected by the
 Managers under the terms of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >232</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >this Agreement (other than moneys
 payable by the Owners to</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >233</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >the Managers) and any interest
 thereon shall be held to the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >234</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >credit of the Owners in a
 separate bank account.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >235</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>7.2</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Without prejudice to the provisions of Clause 9.5 hereof, </B><Strike><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" COLOR=BLUE >A</FONT></Strike><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"  COLOR=RED ><B>a</B></FONT></FONT><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" >ll</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >236</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >expenses incurred by the Managers
 under the terms</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >of this Agreement on behalf of
 the Owners (including expenses</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >237</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >as provided in </FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><U>Clause 8</U></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >) may be
 debited against the Owners</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >238</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >in the account referred to under
 sub-clause </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><U>7.1</U></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > but shall in any</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >239</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >event remain payable by the
 Owners to the Managers on</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >240</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"  >demand.</font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"   color=red><b> For the avoidance of doubt, the Managers can make</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >241</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>such demand on the Owners as well as on the Parent as</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>provided in Section 10.5 of the Group Management Agreement.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Furthermore and without prejudice to the generality of the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>provisions of this Clause 7, the Managers shall, subject to
 being</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>placed in funds by the Owners or the Parent, arrange for
 the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>payment of all ordinary charges incurred in connection with
 the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Management Services, including, but not limited to, any</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>amounts due to any governmental authority with respect to
 the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Crew, invoices for bunkers, stores, spares, provisions,
 repairs</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>and any other material and/or service in respect of the
 Vessel.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>8</B><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" ><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Management Fee</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >242</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>8.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Owners shall pay to the Managers
 for their services</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >243</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >as Managers under this Agreement </FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><Strike>an annual</Strike></FONT><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>a daily</B></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"> management</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >244</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >fee as stated in </FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><U>Box 15</U></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > which shall be
 payable </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><Strike>by equal</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >245</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >monthly </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><Strike>instalments</Strike></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > in </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><Strike>advance</Strike> </FONT><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>arrears</B></FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><strike>, the first instalment being</strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >246</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><strike>payable on the
 commencement of this Agreement (see <U>Clause</U></strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >247</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><strike><U>2</U></strike><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" COLOR=BLUE > <strike>and <U>Box 4</U>) and subsequent
 installments being payable every</strike> </FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >248</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><strike>Month.</strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >249</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>8.2</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The </FONT><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>daily</B></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > management fee
 shall be subject to an annual review</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >250</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>on
 the anniversary date of the Agreement </Strike></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"  >and the proposed</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >251</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >fee shall be presented in the
 annual budget referred to in sub-</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >252</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><U>clause
 9.1</U></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >253</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>8.3</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Managers shall, at no extra
 cost to the Owners, provide</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >254</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >their own office accommodation,
 office staff, facilities and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >255</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >stationery. Without limiting the
 generality of </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><U>Clause 7</U></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > the Owners</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >256</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >shall reimburse the Managers for
 postage and communication</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >257</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >expenses, travelling expenses,
 and other out of pocket</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >258</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >expenses properly incurred by the
 Managers in pursuance of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >259</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >the Management Services.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >260</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>8.4</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>The provisions of Section 9.4, Section 9.5 and Section 9.7
 of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >261</FONT></P>
 </TD>
 </TR>

<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>the Group Management Agreement shall be deemed as</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>incorporated herein mutatis mutandis.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>8.5</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>The Managers have the right to demand the payment of any</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>of the management fees and expenses payable under this</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Agreement either from the Parent or the Owners. Payment of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>any such fees or expenses or any part thereof by either the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Parent or the Owners shall prevent the Managers from making
 a</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>claim on the other person for the same amount to the extent</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>that the same has been already paid to the Managers.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>In
 the event of the appointment of the Managers being</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>terminated
 by the Owners or the Managers in accordance with</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >262</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>the
 provisions of Clauses <U>17</U> and <U>18</U> other than by reason of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >263</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>default
 by the Managers, or if the Vessel is lost, sold or otherwise</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >264</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>Disposed
 of, the &#147;management fee&#148; payable to the Managers</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >265</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>According
 to the provisions of sub-clause <U>8.1</U>, shall continue to</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >266</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>be
 payable for a further period of three calendar months as</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >267</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>from
 the termination date. In addition, provided that the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >268</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>Managers
 provide Crew for the Vessel in accordance with sub-</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >269</FONT></P>
 </TD>
 </TR>

</TABLE>

</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:Right;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>clause
 <U>-3,1</U>:</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >270</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><B><Strike>(i)&nbsp;&nbsp;&nbsp;&nbsp;</Strike></B></FONT></P>
 </TD>

 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>the
 Owners shall continue to pay Crew Support Costs during</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >271</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
<TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>the
 said further period of three calendar months and</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >272</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><B><Strike>(ii)&nbsp;&nbsp;&nbsp;&nbsp;</Strike></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>the
 Owners shall pay an equitable proportion of any </Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >273</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
<TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>Severance
 Costs which may materialize, not exceeding</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >274</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
<TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>the
 amount stated in <U>Box 16</U>.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >275</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><B><Strike>8.5&nbsp;&nbsp;&nbsp;&nbsp;</Strike></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>If
 the Owners decide to lay up the Vessel whilst this</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >276</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>Agreement
 remains in force and such lay up lasts for more</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >277</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>than
 three months, an appropriate reduction of the management</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >278</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>fee
 for the period exceeding three months until one month</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >279</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>before
 the Vessel is again put into service shall be mutually</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >280</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>agreed
 between the parties.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >281</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><B><Strike>8.6</Strike></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>Unless
 otherwise agreed in writing all discounts and</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >282</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>commissions
 obtained by the Managers in the course of the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >283</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>management
 of the Vessel shall be credited to the Owners.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >284</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>9</B><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" ><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Budgets and
 Management of Funds</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >285</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>9.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>The Owners and the Managers are aware that Costamare will</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >286</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>be preparing budgets in connection with, inter alia, the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>provision of the Management Services which Costamare will
 be</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>submitting for approval to the Parent in accordance with
 the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>provisions of Article X of the Group Management Agreement.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED><B>9.2</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >The Managers shall present to </FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><Strike>the Owners</Strike></FONT><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B> Costamare</B></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > annually a</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >budget for the following twelve
 months in such form as </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><Strike>the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >287</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>Owners </Strike></FONT><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>Costamare</B> </FONT><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" >require</font><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>s</B></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">.</font> <FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><Strike>The budget for the first year hereof is</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >288</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>set
 out</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>in
 <U>Annex &#147;C&#148;</U> hereto. Subsequent annual b</Strike></font><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>B</B></FONT><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" >udgets shall be</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >289</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >prepared by the Managers and submitted
 to </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><Strike>the Owners </Strike></FONT><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>Costamare</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >290</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >not</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>less
 than three months before the anniversary date of the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >291</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>commencement
 of </Strike><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>later than 30 September of each calendar
 year</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >292</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED>during </font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">this Agreement (see Clause
 <FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><U>2</U></font><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > and </FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><U>Box 4</U></FONT>).</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>9.</b></FONT><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><b>3</b></FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><b><Strike>2</Strike></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Costamare</B> </FONT><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><Strike>The Owners </Strike></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >shall
 indicate to the Managers </font><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><Strike>their </Strike></FONT><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>its</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >293</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >acceptance</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >and approval of the annual budget
 within one month of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >294</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >presentation and in the absence
 of any such indication the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >295</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Managers shall be entitled to
 assume that the Owners have</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >296</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >accepted the proposed budget.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >297</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>9.</b></font><FONT Face=Arial  COLOR=BLUE STYLE="FONT-SIZE:6.5pt"><Strike>3</Strike></font><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><b>4</B></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike> Following
 the agreement of the budget, the Managers shall</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >298</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>prepare
 and present to the Owners their estimate of the working</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >299</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>capital
 requirement of the Vessel and the Managers shall each </Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >300</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>month
 up date this estimate. Based thereon, </Strike><FONT Face=Arial STYLE="FONT-SIZE:6.5pt"><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>Without
 prejudice to</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >301</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>the right of the Managers to ask for funds in relation to
 the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Management Services directly from the Parent in accordance</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>with the relevant provisions of the Group Management</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Agreement,</B></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" > the
 Managers shall</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >each month request the Owners in
 writing for the funds required</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >302</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >to run the Vessel for the ensuing
 month, including the payment</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >303</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >of any occasional or
 extraordinary item of expenditure, such as</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >304</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >emergency repair costs,
 additional insurance premiums, bunkers</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >305</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >or provisions. Such funds shall
 be received by the Managers</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >306</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >within ten running days after the
 receipt by the Owners of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >307</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Managers&#146; written request and
 shall be held </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><Strike>to the credit of
 the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >308</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>Owners </Strike></font><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" >in a separate bank account </FONT><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>in the name of the Managers</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >309</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>or, if requested by the Managers, in the name of the
 Owners.</B></font></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>

 <TD VALIGN=TOP colspan=2>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>9.4&nbsp;&nbsp;&nbsp;&nbsp;The
 Managers shall produce a comparison between</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >310</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>budgeted
 and actual income and expenditure of the Vessel in</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >311</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>such
 form as required by the Owners monthly or at such other</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >312</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=BLUE ><Strike>intervals
 as mutually agreed.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >313</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>9.5</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Notwithstanding anything
 contained herein to the contrary,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >314</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >the Managers shall in no
 circumstances be required to use or</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >315</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >commit their own funds to finance
 the provision of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >316</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >Management Services.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >317</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>10</B><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" ><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" ><B>Managers&#146; Right
 to Sub-Contract</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >318</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>Except to a Related Manager (where the Manager may</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >319</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>subcontract any of their obligations hereunder, without
 need of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>obtaining the Owner&#146;s consent for doing so),</B></FONT><FONT Face=Arial  STYLE="FONT-SIZE:6.5pt" > <Strike><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE>T</FONT></Strike><FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>t</B></FONT>he
 Managers</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >shall not have the right to
 sub-contract any of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >their obligations hereunder,
 including those mentioned in sub-</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >320</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >clause </FONT><FONT STYLE="FONT-SIZE:6.5pt" Face=Arial COLOR=BLUE><u>3.1</u></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >, without the prior written consent
 of the Owners which</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >321</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >shall not be unreasonably
 withheld <FONT Face=Arial COLOR=RED STYLE="FONT-SIZE:6.5pt"><B>and
 which shall be promptly</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >322</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" COLOR=RED ><B>responded to</B></FONT><FONT Face=Arial STYLE="FONT-SIZE:6.5pt" >. In the
 event of such a sub-</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT Face=Arial STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>

</TABLE>
</DIV>
<BR clear=all><BR>

<P><FONT Face=Arial size=1 >This
document is a computer generated SHIPMAN 98 form printed by authority of BIMCO.
Any insertion or deletion to the form must be clearly visible. In the event of
any modification made to the pre-printed text of this document which is not
clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of
discrepancies between the original BIMCO approved document and this computer
generated document.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>PART II <BR>
&#147;SHIPMAN 98&#148; Standard Ship Management Agreement</B></FONT></P>


<DIV STYLE="POSITION:RELATIVE;FLOAT:left;WIDTH:48%">
<TABLE border=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>contract the Managers shall
 remain fully liable for the due</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>323</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>performance of their obligations
 under this Agreement.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>324</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>11</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>Responsibilities</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>325</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>326</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>The parties agree that the provisions of Sections 11.1 to
 11.5</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B> (inclusive) of the Group Management Agreement, shall apply
 to</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>this Agreement mutatis mutandis, save that references
 therein</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>to &#147;any Shipmanagement Agreement or any Supervision</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Agreement&#148; shall be omitted and references to &#147;Parent&#148;,
 &#147;any</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>member of the Group&#148;, &#147;Manager&#148;, &#147;any Submanager&#148;, &#147;a</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Vessel&#148;, &#147;Section&#148;, &#147;Management Fees&#148;, &#147;each</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Shipmanagement Agreement&#148;, &#147;Group&#148; and &#147;Article XI&#148; shall
 be</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>construed as references to the Owners, the Owners, the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Managers, any submanager, the Vessel,</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Clause, management fee, this Agreement, the Owners and</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Clause 11, respectively, when used herein.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><B><Strike>11.1 <I>Force Majeure</I></Strike></B><Strike><FONT  STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL> - Neither the Owners nor the Managers</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>shall
 be under any liability for any failure to perform any of their</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>327</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>obligations
 hereunder by reason of any cause whatsoever of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>328</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>any
 nature or kind beyond their reasonable control.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>329</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><B><Strike>11.2 <I>Liability to Owners</I>
 - (i)</Strike></B><Strike><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL>
 Without prejudice to sub-clause</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>330</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>11.1,
 the Managers shall be under no liability whatsoever to the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>331</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Owners
 for any loss, damage, delay or expense of whatsoever</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>332</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>nature,
 whether direct or indirect (including but not limited to</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>333</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>loss
 of profit arising out of or in connection with detention of or</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>334</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>delay
 to the Vessel) and howsoever arising in the course of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>335</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>performance
 of the Management Services <B>UNLESS</B>
 same is</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>336</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>proved
 to have resulted solely from the negligence, gross</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>337</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>negligence
 or wilful default of the Managers or their employees,</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>338</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>or
 agents or sub-contractors employed by them in connection</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>339</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>with
 the Vessel, in which case (save where loss, damage, delay</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>340</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>or
 expense has resulted from the Managers&#146; personal act or</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>341</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>omission
 committed with the intent to cause same or recklessly</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>342</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>and
 with knowledge that such loss, damage, delay or expense</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>343</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>would
 probably result) the Managers&#146; liability for each incident</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>344</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>or
 series of incidents giving rise to a claim or claims shall never</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>345</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Exceed
 a total of ten times the annual management fee payable</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>346</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>hereunder.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>347</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike><b>(ii)</b>
 Notwithstanding anything that may appear to the contrary in</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>348</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>this
 Agreement, the Managers shall not be liable for any of the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>349</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>actions
 of the Crew, even if such actions are negligent, grossly</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>350</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>negligent
 or wilful, except only to the extent that they are shown</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>351</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>to
 have resulted from a failure by the Managers to discharge</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>352</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>their
 obligations under sub-clause <U>3.1</U>, in which case their liability</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>353</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>shall
 be limited in accordance with the terms of this <U>Clause 11</U>.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>354</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><B><Strike>11.3 <I>Indemnity</I></Strike></B><Strike><FONT  STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL> - Except to the extent and solely for
 the amount</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>355</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>therein
 set out that the Managers would be liable under sub-</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>356</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>clause
 <U>11.2</U>, the Owners hereby undertake to keep the Managers</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>357</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>and
 their employees, agents and sub-contractors indemnified</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>358</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>and
 to hold them harmless against all actions, proceedings,</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>359</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>claims,
 demands or liabilities whatsoever or howsoever arising</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>360</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>which
 may be brought against them or incurred or suffered by</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>361</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>them
 arising out of or in connection with the performance of the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>362</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Agreement,
 and against and in respect of all costs, losses,</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>363</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>damages
 and expenses (including legal costs and expenses on</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>364</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>a
 full indemnity basis) which the Managers may suffer or incur</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>365</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>(either
 directly or indirectly) in the course of the performance of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>366</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>this
 Agreement.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>367</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><B><Strike>11.4 <I>&#147;Himalaya&#148;</I>
 </Strike></B><Strike><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL>
 It is hereby expressly agreed that no</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>368</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>employee
 or agent of the Managers (including every sub-</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>369</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>contractor
 from time to time employed by the Managers) shall in</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>370</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Any
 circumstances whatsoever be under any liability whatsoever</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>371</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>to
 the Owners for any loss, damage or delay of whatsoever kind</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>372</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>arising
 or resulting directly or indirectly from any act, neglect or</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>373</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>default
 on his part while acting in the course of or in connection</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>374</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>with
 his employment and, without prejudice to the generality of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>375</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the
 foregoing provisions in this <U>Clause 11</U>, every exemption,</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>376</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>limitation,
 condition and liberty herein contained and every right,</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>377</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>exemption
 from liability, defence and immunity of whatsoever</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>378</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>nature
 applicable to the Managers or to which the Managers are</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>379</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>entitled
 hereunder shall also be available and shall extend to</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>380</FONT></P>
 </TD>
 </TR>
</table>
</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE border=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>protect
 every such employee or agent of the Managers acting</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>381</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>as
 aforesaid and for the purpose of all the foregoing provisions</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>382</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>of
 this <U>Clause 11</U> the Managers are or shall be deemed to be</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>383</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>acting
 as agent or trustee on behalf of and for the benefit of all</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>384</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>persons
 who are or might be their servants or agents from time</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>385</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>to
 time (including sub-contractors as aforesaid) and all such</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>386</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>persons
 shall to this extent be or be deemed to be parties to this</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>387</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Agreement.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>388</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>12</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>Documentation</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>389</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>Where the Managers are
 providing Technical Management in</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>390</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>accordance with sub-clause <FONT  COLOR=BLUE><U>3.2</U></font> <FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>and/or Crew
 Management in</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>391</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>accordance with sub-clause <FONT  COLOR=BLUE><U>3.1</U></font>, <FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>they shall make
 available,</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>392</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>upon Owners&#146; request,
 all documentation and records related</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>393</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>to the Safety Management System
 (SMS) and/or the Crew</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>394</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>which the Owners
 need in order to demonstrate compliance</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>395</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>with the ISM Code<FONT  COLOR=RED><B>, the ISPS Code</B></font>
 and STCW 95 or to defend a</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>396</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>claim against</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>a third party.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>397</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>13</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>General
 Administration</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>398</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>13.1</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> <FONT COLOR=RED><B>Subject to the provisions of Section 4.6 of the Group</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>399</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Management Agreement,</B></font><FONT STYLE="FONT-SIZE:6.5pt"  FACE=ARIAL> <Strike><FONT COLOR=BLUE>T</FONT></Strike><FONT  COLOR=RED><B>t</B></FONT>he Managers shall</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>handle and settle all claims arising</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>out of the Management Services
 hereunder and keep the Owners</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>400</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>informed regarding any incident
 of which the Managers become</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>401</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>aware which gives or may give rise to </font><font STYLE="FONT-SIZE:6.5pt" FACE=ARIAL color=red><b>material</b> </font><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>claims or disputes</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>402</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>involving</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>third parties.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>403</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>13.2</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> The Managers
 shall, as instructed by the Owners <FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>under this</b></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>404</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Agreement</B></FONT><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>, bring</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>or defend actions, suits or
 proceedings in connection with matters</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>405</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>entrusted to the Managers
 according to this Agreement.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>406</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>13.3</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> The Managers
 shall also have power to obtain legal or</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>407</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>technical or other outside expert
 advice in relation to the handling</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>408</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>and settlement of claims and
 disputes or all other matters</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>409</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>affecting the interests of the
 Owners in respect of the Vessel.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>410</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>13.4</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> The Owners shall arrange for the provision of any</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>411</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>necessary guarantee bond or other
 security.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>412</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>13.5</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> Any costs <Strike><FONT COLOR=BLUE>reasonably </FONT></Strike>incurred
by the Managers in</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>413</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>carrying out their obligations
 according to <FONT COLOR=BLUE><U>Clause 13</U></FONT> shall be</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>414</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>reimbursed by the Owners.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>415</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>14</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>Auditing</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>416</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>The Managers shall at
 all times maintain and keep true and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>417</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>correct accounts and shall make
 the same available for inspection</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>418</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>and auditing by the Owners
 at such times as may be mutually</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>419</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>agreed. On the termination, for
 whatever reasons, of this</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>420</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>Agreement, the Managers
 shall release to the Owners, if so</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>421</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>requested, the originals where
 possible, or otherwise certified</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>422</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>copies, of all such accounts and
 all documents specifically relating</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>423</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>to the Vessel and her operation. <FONT  COLOR=RED><B>For the avoidance of any
 doubt,</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>424</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>this Clause is in addition to and not in substitution of
 the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>relevant provisions of the Group Management Agreement.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>15</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>Inspection of
 Vessel</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>425</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>The Owners shall have
 the right at any time after giving</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>426</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>reasonable notice to the Managers
 to inspect the Vessel for any</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>427</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>reason they consider necessary.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>428</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>16</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>Compliance with
 Laws and Regulations</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>429</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>The Managers will not do
 or permit to be done anything which</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>430</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>might cause any breach or
 infringement of the laws and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>431</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>regulations of the Vessel&#146;s flag,
 or of the places where she trades.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>432</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>17</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>Duration of the
 Agreement</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>

 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>433</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>This Agreement shall come into
 effect on the day and year stated</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>

 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>434</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>in <FONT COLOR=BLUE><U>Box 4</U></font> and shall continue until <FONT  COLOR=RED><B>the
 date the Group Management </B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>

 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>435</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Agreement is terminated in accordance with the provisions of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>

 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>
Article XIII thereof, unless this Agreement is terminated earlier</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>

 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>in accordance with the provision of Clause 18 hereof</B><Strike><FONT  STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL>the date</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>

 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>stated in
 <u>Box 17</u>.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>



 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Thereafter
 it shall continue until terminated by either party giving</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>

 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>436</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>to
 the other notice in writing, in which event the Agreement shall</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>

 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>437</FONT></P>
 </TD>
 </TR>

</TABLE>

</DIV><BR CLEAR="ALL"><br>

<P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>This document is a computer generated SHIPMAN 98 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly
visible. In the event of any modification made to the pre-printed text of this
document which is not clearly visible, the text of the original BIMCO approved
document shall apply. BIMCO assumes no responsibility for any loss, damage or
expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document.</FONT></P>





<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>PART II<BR>
&#147;SHIPMAN 98&#148; Standard Ship Management Agreement</B></FONT></P>


<DIV STYLE="POSITION:RELATIVE;FLOAT:left;WIDTH:48%">
<TABLE border=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="82%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>terminate
 upon the expiration of a period of two months from the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>438</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>date
 upon which such notice was given.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>439</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>18</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>Termination</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>440</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>18.1 </b></FONT><FONT STYLE="FONT-SIZE:6.5pt"><b><I>Owners&#146; </I></B></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B><I> default</I></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>441</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><b>(i)</b></FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>The Managers shall be
 entitled to terminate the Agreement</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>442</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>with immediate effect by notice
 in writing if any moneys</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>443</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>payable by the Owners under this Agreement <FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>and/or
 the</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>444</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>owners
 of any associated vessel, details of which are listed</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>445</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 <u>Annex &#147;D&#148;</u>,</Strike></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> shall not have been
 received in the </FONT><Strike><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL COLOR=BLUE>Managers&#146; </FONT></Strike></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>446</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>nominated account within <FONT  COLOR=BLUE><Strike>ten</Strike></font><FONT COLOR=RED><B>20</B></FONT> <Strike><FONT COLOR=BLUE>running </FONT></Strike><FONT COLOR=RED><B>Business</B></FONT> <FONT  COLOR=BLUE><Strike>d</Strike></FONT><font color=red><b>D</b></font>ays of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>447</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>receipt by</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>the Owners of the Managers written request or if the Vessel</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>448</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>is repossessed by the Mortgagees.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>449</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><b>(ii)</b></FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>If the Owners:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>450</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><b>(a)</b></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>fail to meet their obligations
 under sub-clauses <FONT COLOR=BLUE><U>5.2</U></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>451</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>and <FONT COLOR=BLUE><U>5.3</U></font> of this Agreement for any reason
 within their</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>452</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>control, or</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>453</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><b>(b)</b></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>proceed with the employment of or
 continue to employ</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>454</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>the Vessel in the carriage of
 contraband, blockade</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>455</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>running, or in an unlawful trade,
 or on a voyage which</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>456</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>in the reasonable opinion of the Managers
 is unduly</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>457</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>hazardous or improper,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>458</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>the Managers may give
 notice of the default to the Owners,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>459</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>requiring them to remedy it as
 soon as practically possible.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>460</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>In the event that the Owners
 fail to remedy it within <font color=blue><strike>a</strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>461</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>reasonable
 time</Strike><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><FONT COLOR=RED><B>20 Business Days of receipt by the Owners</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>462</FONT></P>
 </TD>
 </TR>


<TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>of the Managers&#146; written request</B></font><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> to the satisfaction of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>Managers,
 the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>Managers shall be entitled to terminate the Agreement</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>463</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>with immediate effect by notice
 in writing.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>464</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>18.2 <I>Managers&#146; Default</I></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>465</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>If the Managers
 fail to meet their obligations under <FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><u>Clauses 3</u></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>466</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>and <FONT COLOR=BLUE><u>4</u></FONT> of this Agreement for any reason
 within the control of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>467</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>Managers, the Owners
 may give notice to the Managers of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>468</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>default, requiring them to remedy
 it <FONT COLOR=RED><B>within 20
 Business Days</B><Strike><FONT COLOR=BLUE>as</FONT></Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>469</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>soon
 as practically</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>possible</Strike></font><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>. In the event that the Managers fail to remedy it within a</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>470</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>reasonable
 time</Strike></font><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>such period</B></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> to the
 satisfaction of the Owners, the
 <FONT COLOR=RED></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>471</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>Owners</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>shall be entitled to terminate
 the Agreement with immediate effect</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>472</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>by notice in writing.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>473</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>18.3 <I>Extraordinary Termination</I></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>474</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>This Agreement shall be deemed to
 be terminated in the case of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>475</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>the sale of the Vessel or if the
 Vessel becomes a total loss or is</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>476</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>declared as a constructive or
 compromised or arranged total</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>477</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>loss or is requisitioned.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>478</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>18.4</B> For the purpose of sub-clause
 <FONT COLOR=BLUE><u>18.3</u></font> hereof</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>479</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><b>(i)</b></FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>the date upon which the Vessel is
 to be treated as having</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>480</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>been sold or otherwise disposed
 of shall be the date on</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>481</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>which the Owners cease to be
 registered as Owners of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>482</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>the Vessel;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>483</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B> (ii)</B></FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>the Vessel shall not be deemed to
 be lost unless either</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>484</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>she has become an actual total
 loss or agreement has</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>485</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>been reached with her
 underwriters in respect of her</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>486</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>constructive, compromised or
 arranged total loss or if such</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>487</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>agreement with her underwriters
 is not reached it is</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>488</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>adjudged by a competent tribunal
 that a constructive loss</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>489</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>of the Vessel has occurred.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>490</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>18.5</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> <FONT COLOR=RED><B>The parties agree that the provisions of Sections 13.4(a) to</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>491</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>13.4(d) (inclusive) of the Group Management Agreement,
 shall</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>apply to this Agreement mutatis mutandis. </B><Strike><FONT  STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL>This Agreement shall</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>terminate
 forthwith in the event of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>an
 order being made or resolution passed for the winding up,</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>492</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>dissolution,
 liquidation or bankruptcy of either party (otherwise</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>493</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>than
 for the purpose of reconstruction or amalgamation) or if a</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>494</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>receiver
 is appointed, or if it suspends payment, ceases to carry</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>495</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>on
 business or makes any special arrangement or composition</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>496</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>with
 its creditors.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>497</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>18.6</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> The termination of this Agreement shall be without</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>498</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>prejudice to all rights accrued
 due between the parties prior to</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>499</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>the date of termination.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>500</FONT></P>
 </TD>
 </TR>
</table>
</div>



<DIV STYLE="POSITION:RELATIVE;FLOAT:right;WIDTH:48%">
<TABLE border=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="84%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>19</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>Law and
 Arbitration</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>501</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>19.1</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> This Agreement <FONT COLOR=RED><B>and any non-contractual obligations</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>502</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>connected with it</B></font><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> shall be governed
 by and construed in</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>accordance with English law. <FONT  COLOR=RED><B>All disputes arising out
 of this</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>503</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Agreement and/or any non-contractual obligations connected</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>with it shall be arbitrated in London in the following
 manner.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>One arbitrator is to be appointed by each of the parties
 hereto</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>and a third by the two so chosen. Their decision or that of
 any</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>two of them shall be final. The arbitrators shall be
 commercial</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>persons, conversant with shipping matters. Such arbitration
 is</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>to be conducted in accordance with the London Maritime</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Arbitration Association (LMAA) Terms current at the time
 when</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>the arbitration proceedings are commenced and in accordance</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>with the Arbitration Act 1996 or any statutory modification
 or re-</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>enactment thereof. In the event that a party hereto shall
 state a</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>dispute and designate an arbitrator in writing, the other
 party</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>shall have 20 Business Days to designate its own
 arbitrator. If</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>such other party fails to designate its own arbitrator within
 such</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>period, the arbitrator appointed by the first party can
 render an</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>award hereunder. Until such time as the arbitrators finally
 close</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>the hearings, either party shall have the right by written
 notice</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>served on the arbitrators and on the other party to specify</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>further disputes or differences under this Agreement for
 hearing</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>and determination. The arbitrators may grant any relief,
 and</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>render an award, which they or a majority of them deem just
 and</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>equitable and within the scope of this Agreement, including
 but</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>not limited to the posting of security. Awards pursuant to
 this</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Clause 19.1 may include costs and judgments may be entered</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>upon any award made herein in any court having
 jurisdiction.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>and
 any dispute arising out of or</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 connection with this Agreement shall be referred to arbitration</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>504</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 London in accordance with the Arbitration Act 1996- or</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>505</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>any
 statutory modification or re-enactment thereof save to</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>506</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the
 extent necessary to give effect to the provisions of this</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>507</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Clause.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>508</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>The
 arbitration shall be conducted in accordance with the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>509</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>London
 Maritime Arbitrators Association (LMAA) Terms</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>510</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>current
 at the time when the arbitration proceedings are</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>511</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>commenced.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>512</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>The
 reference shall be to three arbitrators. A party wishing</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>513</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>to
 refer a dispute to arbitration shall appoint its arbitrator</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>514</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>and
 send notice of such appointment in writing to the other</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>515</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>party
 requiring the other party to appoint its own arbitrator</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>516</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>within
 14 calendar days of that notice and stating that it will</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>517</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>appoint
 its arbitrator as sole arbitrator unless the other party</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>518</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>appoints
 its own arbitrator and gives notice that it has done</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>519</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>so
 within the 14 days specified. If the other party does not</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>520</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>appoint
 its own arbitrator and give notice that it has done so</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>521</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>within
 the 14 days specified, the party referring a dispute to</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>522</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>arbitration
 may, without the requirement of any further prior</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>523</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>notice
 to the other party, appoint its arbitrator as sole</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>524</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>arbitrator
 and shall advise the other party accordingly. The</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>525</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>award
 of a sole arbitrator shall be binding on both parties</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>526</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>as
 if he had been appointed by agreement.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>527</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Nothing
 herein shall prevent the parties agreeing in writing</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>528</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>to
 vary these provisions to provide for the appointment of a</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>529</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>sole
 arbitrator.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>530</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>In
 cases where neither the claim nor any counterclaim</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>531</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>exceeds
 the sum of USD50,000 (or such other sum as the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>532</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>parties
 may agree) the arbitration shall be conducted in</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>533</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>accordance
 with the LMAA Small Claims Procedure current</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>534</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>at
 the time when the arbitration proceedings are commenced.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>535</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike><b>19.2</b>
 This Agreement shall be governed by and construed</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>536</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 accordance with Title 9 of the United States Code and</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>537</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the
 Maritime Law of the United States and any dispute</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>538</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>arising
 out of or in connection with this Agreement shall be</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>539</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>referred
 to three persons at New York, one to be appointed</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>540</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>by
 each of the parties hereto, and the third by the two so</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>541</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>chosen;
 their decision or that of any two of them shall be</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>542</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>final,
 and for the purposes of enforcing any award,</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>543</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>judgement
 may be entered on an award by any court of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>544</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>competent
 jurisdiction. The proceedings shall be conducted</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>545</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 accordance with the rules of the Society of Maritime</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>546</FONT></P>
 </TD>
 </TR>
</table>


</DIV><BR CLEAR="ALL"><br>

<P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>This document is a computer generated SHIPMAN 98 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly
visible. In the event of any modification made to the pre-printed text of this
document which is not clearly visible, the text of the original BIMCO approved
document shall apply. BIMCO assumes no responsibility for any loss, damage or
expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>PART II<BR>
&#147;SHIPMAN 98&#148; Standard Ship Management Agreement</B></FONT></P>



<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE border=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Arbitrators,
 Inc.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>547</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>In
 cases where neither the claim nor any counterclaim</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>548</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>exceeds
 the sum of USD50,000 (or such other sum as the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>549</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>parties
 may agree) the arbitration shall be conducted in</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>550</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>accordance
 with the Shortened Arbitration Procedure of the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>551</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Society
 of Maritime Arbitrators, Inc. current at the time when</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>552</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the
 arbitration proceedings are commenced.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>553</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike><b>19.3</b>
 This Agreement shall be governed by and construed</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>554</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 accordance with the laws of the place mutually agreed by</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>555</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the
 parties and any dispute arising out of or in connection</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>556</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>with
 this Agreement shall be referred to arbitration at a</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>557</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>mutually
 agreed place, subject to the procedures applicable</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>558</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>there.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>559</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>19.4</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> If <FONT COLOR=BLUE><U>Box 18</U></FONT>
 in Part I is not appropriately filled in, sub-</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>560</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>clause <FONT COLOR=BLUE><U>19.1</U></font> of this Clause shall apply.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>561</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><I>Note: <FONT  COLOR=BLUE><U>19.1</U>, </FONT><FONT  COLOR=BLUE><U>19.2</U></FONT> and <FONT  COLOR=BLUE><U>19.3</U></FONT> are alternatives;
 indicate</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>562</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><I>alternative
 agreed in </I></FONT> <FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL COLOR=BLUE><I><U>Box 18</U>.</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>563</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>20</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>Notices</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>564</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>20.1</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> Any notice to be given by either party to the other</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>565</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>party shall be in writing and may
 be sent by fax, <FONT COLOR=BLUE><Strike>telex,</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>566</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>registered or recorded mail or by
 personal service.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>567</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>20.2</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> The address of the Parties for service of such</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>568</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>communication shall be as stated
 in <FONT COLOR=BLUE><U>Boxes 19</U></FONT> <FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>
 and</FONT> <FONT COLOR=BLUE><U>20</U></FONT>,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>569</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>respectively.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>570</FONT></P>
 </TD>
 </TR>


<TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

</DIV><BR CLEAR="ALL"><BR>

<P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>This document is a computer generated SHIPMAN 98 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly
visible. In the event of any modification made to the pre-printed text of this
document which is not clearly visible, the text of the original BIMCO approved
document shall apply. BIMCO assumes no responsibility for any loss, damage or
expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>c62562002_v9.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c62562002_v9.jpg
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>13
<FILENAME>c62562_ex10-9.htm
<TEXT>

<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN="RIGHT"><FONT size=2 face=arial><B>EXHIBIT 10.9</B> </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="99%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="21%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="31%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="43%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Approved by</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>the Documentary Committee of The</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Approved by</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Printed by BIMCO&#146;S <I>idea</I></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Japan Shipping Exchange Inc., Tokyo</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>the International Ship Managers&#146;
 Association (ISMA)</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<div ALIGN="RIGHT"><FONT STYLE="FONT-SIZE:7Pt"><img src="c62562003_v9.jpg" alt="(LOGO)"></font></div>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" >
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER-TOP:SOLID BLACK 1px;BORDER-LEFT:SOLID BLACK 1px;BORDER-BOTTOM:NONE;BORDER-RIGHT:NONE'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-TOP:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="44%" VALIGN=TOP STYLE='BORDER-TOP:SOLID BLACK 1px;BORDER-LEFT:NONE;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="42%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>1.</FONT></P>
 </TD>
 <TD VALIGN=TOP rowspan=2 STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Date of Agreement</FONT><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> [to be dated the
 date of execution]</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=top colspan=2>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>THE BALTIC AND INTERNATIONAL MARITIME
 COUNCIL (BIMCO)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP rowspan=5>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>STANDARD SHIP MANAGEMENT AGREEMENT</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>CODE NAME: &#147;SHIPMAN 98&#148;</B></FONT></P>
 </TD>

 </TR>
<TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>

 </TR>
<TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P ALIGN="RIGHT"><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>PART I</B></FONT></P>
 </TD>

 </TR>

 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK 1px;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>2.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><Strike><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL color=blue>Owners </Font></Strike>
<FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL color=red><B>Head Managers</B></Font><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL> (name, place of registered
 office and law of registry) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>CI.
 1</U></FONT>)</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>3.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P STYLE='MARGIN-RIGHT:.7PT'><Strike><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL color=blue>Managers </Font></Strike>
<FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL color=red><B>Sub-managers</B></Font><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL> (name, place of registered
 office and law of registry) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>CI. 1</U></FONT>)</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Name</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Name</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> Costamare Shipping Company S.A.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Shanghai Costamare Ship Management Co. Ltd.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px; BORDER-BOTTOM:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-BOTTOM:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-BOTTOM:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-BOTTOM:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP >
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Place of registered office</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Place of registered office</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> Panama City, Republic of Panama</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Shanghai, P.R.C.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-BOTTOM:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-BOTTOM:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-BOTTOM:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP >
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Law of registry</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Law of registry</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> Republic of Panama</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>P.R.C.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK 1px;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>4.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Day and year of commencement of
 Agreement (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 2</U></FONT>)</FONT><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> [to be completed
 on execution]</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK 1px;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>5.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Crew Management (state &#147;yes&#148; or
 &#147;no&#148; as agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.1</U></FONT>)</FONT><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>6.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Technical Management (state &#147;yes&#148; or &#147;no&#148; as agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.2</U></FONT>)</FONT><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>NO</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK 1px;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>7.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Commercial Management (state &#147;yes&#148;
 or &#147;no&#148; as agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.3</U></FONT>)</FONT><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>8.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Insurance Arrangements (state &#147;yes&#148; or &#147;no&#148; as agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.4</U></FONT>)</font><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK 1px;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>9.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Accounting Services (state &#147;yes&#148; or
 &#147;no&#148; as agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>CI. 3.5</U></FONT>)</font><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>10.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Sale or purchase of the Vessel (state &#147;yes&#148; or &#147;no&#148; as
 agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.6</U></FONT><FONT  STYLE="FONT-SIZE:7Pt" FACE=ARIAL>)</font><B> <BR>
 YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK 1px;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>11.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Provisions (state &#147;yes&#148; or &#147;no&#148; as
 agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.7</U></FONT>)</font><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>12.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Bunkering (state &#147;yes&#148; or &#147;no&#148; as agreed) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.8</U></FONT>)</font><FONT  STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> <BR>
 YES</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK 1px;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>13.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Chartering Services Period (only to
 be filled in if &#147;yes&#148; stated in Box 7) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 3.3(i)</U></FONT>)</FONT><BR>
<FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>N/A</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>14.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><Strike><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL color=blue>Owners&#146; </Font></Strike><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL color=Red><b>Head Managers&#146;</b></Font><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL> Insurance (state alternative (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>i</U></FONT><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>),</FONT> (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>ii</U></FONT><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>) or (</font><FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>iii</U></FONT><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>) of </font><FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 6.3</U></FONT>)</font><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Clause 6.3(ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK 1px;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>15.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><Strike><FONT STYLE="FONT-SIZE:7Pt" COLOR=BLUE  FACE=ARIAL>Annual</FONT></Strike><FONT  STYLE="FONT-SIZE:7Pt" FACE=ARIAL color=red> <B>Daily</B></FONT><FONT  STYLE="FONT-SIZE:7Pt" FACE=ARIAL> Management
 Fee (state </FONT><Strike><FONT STYLE="FONT-SIZE:7Pt" COLOR=BLUE  FACE=ARIAL>annual </FONT></Strike><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>amount) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl.
 8.1</U></FONT>)</FONT><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>$[&nbsp;]</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>16.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Severance Costs (state maximum amount) (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 8.4(ii)</U></FONT>)</font><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>not applicable</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK 1px;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>17.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Day and year of termination of
 Agreement (<FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 17</U></FONT>)</FONT><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>see Clause 17</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>18.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Law and Arbitration (state alternative <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>19.1</U></FONT>, <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>19.2 </U></FONT>or <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>19.3</U></FONT>; if <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>19.3</U></FONT> place of
 arbitration must be stated) (Cl. 19)</font><BR>
 <FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> see Clause 19.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK 1px;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>19.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Notices (state postal </font><Strike> <FONT COLOR=BLUE FACE=ARIAL STYLE="FONT-SIZE:7Pt"> and cable </font></Strike><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL> address<Strike><FONT COLOR=BLUE FACE=ARIAL STYLE="FONT-SIZE:7Pt">, telex</FONT></Strike><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL> and telefax
number for serving notice and communication <U>to the </U></font><Strike><FONT COLOR=BLUE FACE=ARIAL STYLE="FONT-SIZE:7Pt"><U>Owners</U></font></Strike> <FONT COLOR=Red FACE=ARIAL STYLE="FONT-SIZE:7Pt"><B><U>Head Managers</U></B></font><FONT STYLE="FONT-SIZE:7Pt"><U>)</U> (</font><FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 20</U></FONT><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>)<BR><BR></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>20.</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Notices (state postal </font><Strike> <FONT COLOR=BLUE FACE=ARIAL STYLE="FONT-SIZE:7Pt"> and cable </font></Strike><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL> address<Strike><FONT COLOR=BLUE FACE=ARIAL STYLE="FONT-SIZE:7Pt">, telex</FONT></Strike><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL> and telefax
number for serving notice and communication <U>to the </U></font><Strike><FONT COLOR=BLUE FACE=ARIAL STYLE="FONT-SIZE:7Pt"><U>Managers</U></font></Strike><FONT COLOR=Red FACE=ARIAL STYLE="FONT-SIZE:7Pt"> <B><U>Sub-managers</U></B></font><FONT STYLE="FONT-SIZE:7Pt"><U>)</U> (</font><FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Cl. 20</U></FONT><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>)<BR><BR></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Costamare Shipping Company, S.A.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>38F Sino Life Tower</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>60 Zephyrou Street &amp; Syngrou Avenue</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>707 Zhangyang Rd.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Athens, Greece</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Pudong New District</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Telefax: + 30 210 940 9051</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Shanghai, P.R.C. 200122</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Attention: Chief Executive Officer</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>Telefax: +86 21 58359320<BR>Attention: Chief Executive Officer</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK 1px;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P STYLE='MARGIN-RIGHT:.7PT'><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=7 VALIGN=TOP STYLE='BORDER:NONE'>
 <P ALIGN=JUSTIFY><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=7 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>It is mutually agreed between the
 party stated in <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Box 2</U></font> and the party stated in <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Box 3</U></FONT> that this
 Agreement consisting of <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>PART I</U></FONT>
 and <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>PART II</U></FONT> as
 well as <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Annex<Strike>es</Strike> &#147;A&#148;</U></FONT>
 (Details of Vessel)<Strike><FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>, &#147;B&#148;</U>
 (Details of Crew), <U> &#147;C&#148;</U> (Budget)
 and <U> &#147;D&#148;</U>
 (Associated vessels)</FONT></Strike> attached hereto, shall be performed subject to the
 conditions contained herein. In the event of a conflict of conditions, the
 provisions of <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>PART I</U></FONT>
 and <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>Annex<Strike>es</strike> &#147;A&#148;</U><Strike>,<U> &#147;B&#148;</U>, <U> &#147;C&#148;</U> and <U>&#147;D&#148;</U></Strike></FONT> shall
 prevail over those of <FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt"><U>PART II</U></FONT>
 to the extent of such conflict but no further.<strike><FONT COLOR=BLUE STYLE="FONT-SIZE:7Pt">.</FONT></strike></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Signature(s) (</font><Strike><FONT COLOR=BLUE FACE=ARIAL STYLE="FONT-SIZE:7Pt">Owners&#146;</font></Strike> <FONT COLOR=Red FACE=ARIAL STYLE="FONT-SIZE:7Pt"><B>Head Managers</B></font><FONT FACE=ARIAL STYLE="FONT-SIZE:7Pt">)</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=bottom>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL>Signature(s) (</font><Strike><FONT COLOR=BLUE FACE=ARIAL STYLE="FONT-SIZE:7Pt">Managers</font></Strike><FONT COLOR=Red FACE=ARIAL STYLE="FONT-SIZE:7Pt"> <B>Sub-managers</B></font><FONT FACE=ARIAL STYLE="FONT-SIZE:7Pt">)</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B> COSTAMARE SHIPPING COMPANY S.A.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:7Pt" FACE=ARIAL><B>SHANGHAI COSTAMARE SHIP MANAGEMENT CO. LTD.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:SOLID BLACK 1px;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:SOLID BLACK 1px'>
 <P><FONT STYLE="FONT-SIZE:7Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN="JUSTIFY"><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>This document is a computer generated SHIPMAN 98 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly
visible. In the event of any modification made to the pre-printed text of this
document which is not clearly visible, the text of the original BIMCO approved
document shall apply. BIMCO assumes no responsibility for any loss, damage or
expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be
clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the
text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result
of discrepancies between the original BIMCO approved document and this computer generated document.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>Printed by BIMCO&#146;S <I>idea</I></B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>ANNEX
 &#147;A&#148; (DETAILS OF VESSEL OR VESSELS) TO</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>THE
 BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>STANDARD
 SHIP MANAGEMENT AGREEMENT - CODE NAME: &#147;SHIPMAN 98&#148;</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP style='border-bottom:1px solid black'>&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Date of Agreement:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B> [to
 be completed]</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Name of Vessel(s):</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B> [to
 be completed]</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Particulars of
 Vessel(s):</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B> [to
 be completed]</B></FONT></P>
 </TD>
 </TR>
</TABLE>


<P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>This document is a computer
generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or
deletion to the form must be clearly visible. In the event of any modification
made to the pre-printed text of this document which is not clearly visible, the
text of the original BIMCO approved document shall apply. BIMCO assumes no
responsibility for any loss, damage or expense as a result of discrepancies
between the original BIMCO approved document and this computer generated
document.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" SIZE="2"><B><Strike>ANNEX &#147;B&#148; (DETAILS OF CREW) TO</Strike></B> </FONT> </P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" SIZE="2"><B><Strike>THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)</Strike></B> </FONT> </P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" SIZE="2"><B><Strike>STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: &#147;SHIPMAN 98&#148;</Strike></B> </FONT></P>
 </TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP style='border-bottom:1px solid black'>&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><Strike>Date of Agreement:<BR>
</Strike><BR>
<Strike>Details of Crew:</Strike></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="30%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="30%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="30%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><Strike>Numbers</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><Strike>Rank</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><Strike>Nationality</Strike></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL>______</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>This
document is a computer generated SHIPMAN 98 form printed by authority of BIMCO.
Any insertion or deletion to the form must be clearly visible. In the event of
any modification made to the pre-printed text of this document which is not
clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of
discrepancies between the original BIMCO approved document and this computer
generated document. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><b>Printed by
BIMCO&#146;S <I>idea</I></b></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" SIZE="2"><B><Strike>ANNEX &#147;C&#148; (BUDGET) TO</Strike></B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" SIZE="2"><B><Strike>THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)</Strike></B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" SIZE="2"><B><Strike>STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: &#147;SHIPMAN 98&#148;</Strike></B> </FONT></P>
 </TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP style='border-bottom:1px solid black'>&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><Strike>Date of Agreement:</STRIKE><BR><BR>
<Strike>Managers&#146; Budget for the first year with effect from the Commencement Date
of this Agreement:</STRIKE></FONT></P>



<P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>This
document is a computer generated SHIPMAN 98 form printed by authority of BIMCO.
Any insertion or deletion to the form must be clearly visible. In the event of
any modification made to the pre-printed text of this document which is not
clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of
discrepancies between the original BIMCO approved document and this computer
generated document. </FONT></P>



<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" SIZE="2"><B><Strike>ANNEX &#147;D&#148; (ASSOCIATED VESSELS) TO</Strike></B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" SIZE="2"><B><Strike>THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)</Strike></B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" SIZE="2"><B><Strike>STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: &#147;SHIPMAN 98&#148;</Strike></B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP style='border-bottom:1px solid black'>&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><Strike><B>NOTE: PARTIES SHOULD BE AWARE THAT BY
COMPLETING THIS ANNEX &#147;D&#148; THEY WILL BE SUBJECT TO THE PROVISIONS OF SUB-CLAUSE
18.1(i) OF THIS AGREEMENT.</B></Strike></FONT></P>

<P><FONT SIZE=2 COLOR=BLUE FACE=ARIAL><Strike>Date of Agreement:</Strike><BR><BR>
<Strike>Details of Associated Vessels:<BR>
</Strike></FONT></P>

<P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>This document
is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any
insertion or deletion to the form must be clearly visible. In the event of any
modification made to the pre-printed text of this document which is not clearly
visible, the text of the original BIMCO approved document shall apply. BIMCO
assumes no responsibility for any loss, damage or expense as a result of
discrepancies between the original BIMCO approved document and this computer
generated document. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>PART II <BR>
&#147;SHIPMAN 98&#148; Standard Ship Management Agreement</B></FONT></P>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><B>1.</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><B>Definitions</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>&nbsp;&nbsp;1</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>In this Agreement save where the
 context otherwise requires,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>&nbsp;&nbsp;2</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>the following words and
 expressions shall have the meanings</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>&nbsp;&nbsp;3</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>hereby assigned to them.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>&nbsp;&nbsp;4</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><I> &#147;<FONT  COLOR=BLUE><Strike>Owners</Strike></FONT><FONT  COLOR=RED><B>Head Managers</B></FONT>&#148;</I></FONT><FONT  STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL> means the party identified in <FONT COLOR=BLUE><U>Box 2</U></FONT>.</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>&nbsp;&nbsp;5</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><I> &#147;<FONT  COLOR=BLUE><Strike>Managers</Strike></FONT><FONT  COLOR=RED><B>Sub-managers</B></FONT>&#148;</I></FONT><FONT  STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL> means the party identified in <FONT COLOR=BLUE><U>Box 3</U></FONT>.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>&nbsp;&nbsp;6</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><I><B> &#147;Owners&#148; means [insert name of relevant
 subsidiary] of [] and</B></I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>&nbsp;&nbsp;7</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><I><B>includes its successors in title.</B></I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><I> &#147;Vessel&#148;</I><FONT  STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL> means the vessel or vessels details of which are set</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>out in <FONT COLOR=BLUE><U>Annex &#147;A&#148;</U></FONT> attached hereto.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>&nbsp;&nbsp;8</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B> &#147;Business Day&#148; shall have the same meaning as ascribed</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>thereto in Section 1.1 of the Group Management Agreement.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><I> &#147;Crew&#148;</I><FONT  STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL> means the Master, officers and ratings <FONT  COLOR=RED><B>employed on the</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>&nbsp;&nbsp;9</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>Vessel from time to time</B><Strike><FONT STYLE="FONT-SIZE:6.5Pt"  COLOR=BLUE FACE=ARIAL>of the numbers,</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=BLUE FACE=ARIAL><Strike>rank
 and nationality specified in <U>Annex &#147;B&#148;</U> attached hereto.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>10</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=BLUE FACE=ARIAL><I><Strike>&#147;Crew Support Costs&#148;</Strike></I><Strike><FONT STYLE="FONT-SIZE:6.5Pt"  COLOR=BLUE FACE=ARIAL> means all expenses of a general nature</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=BLUE FACE=ARIAL><Strike>which
 are not particularly referable to any individual vessel for</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=BLUE FACE=ARIAL><Strike>the
 time being managed by the Managers and which are incurred</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=BLUE FACE=ARIAL><Strike>by
 the Managers for the purpose of providing an efficient and</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=BLUE FACE=ARIAL><Strike>economic
 management service and, without prejudice to the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>15</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=BLUE FACE=ARIAL><Strike>generality
 of the foregoing, shall include the cost of crew standby</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>16</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=BLUE FACE=ARIAL><Strike>pay,
 training schemes for officers and ratings, cadet training</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>17</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=BLUE FACE=ARIAL><Strike>schemes,
 sick pay, study pay, recruitment and interviews.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>18</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><I><B> &#147;Related Sub-manager&#148; shall have the
 meaning as ascribed</B></I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><I><B>thereto in Section 1.1 of the Group
 Management Agreement.</B></I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><I> &#147;Severance
 Costs&#148;</I><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL> means the costs which the
 employers are</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>legally obliged to pay to or in
 respect of the Crew as a result of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>20</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>the early termination of any
 employment contract for service on</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>21</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>the Vessel.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>22</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><I> &#147;Crew
 Insurances&#148;</I><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL> means insurances against
 crew risks which</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>23</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>shall include but not be limited
 to death, sickness, repatriation,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>24</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>injury, shipwreck unemployment
 indemnity and loss of personal</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>25</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>effects.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>26</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B> &#147;Group Management Agreement&#148; means the agreement dated [ ]</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>2010 made between the Parent and the Managers.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><I> &#147;Management
 Services&#148;</I><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL> means the services
 specified in sub-</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>27</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>clauses 3.1 to 3.8 as indicated
 affirmatively in Boxes <FONT COLOR=BLUE><U>5</U>
 to <FONT COLOR=BLUE><U>12</U></FONT>.</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>28</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><I> &#147;ISM Code&#148;</I><FONT  STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL> means the International Management Code for the</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>29</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>Safe Operation of Ships and for
 Pollution Prevention as adopted</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>30</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>by the International Maritime
 Organization (IMO) by resolution</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>31</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>A.741(18) or any subsequent
 amendment thereto.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>32</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B> &#147;ISPS Code&#148; means the International Ship and Port Facility</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>Security Code constituted pursuant to resolution A.924(22)
 of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>the International Maritime Organisation now set out in
 Chapter</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>XI-2 of the International Convention for the Safety of Life
 at Sea</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B> (SOLAS) 1974 (as amended) and the mandatory ISPS Code as</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>adopted by a Diplomatic Conference of the International</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>Maritime Organisation on Maritime Security in December 2002</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>and includes any amendments or extensions to it and any</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>regulation issued pursuant to it.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B> &#147;Parent&#148; means Costamare Inc. of Trust Company Complex,</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>Ajeltake Road, Ajeltake Island, Majuro, Republic of the
 Marshall</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>Islands MH96960 and includes its successors in title.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><I> &#147;STCW 95&#148;</I><FONT  STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL> means the International Convention on Standards</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>33</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>of Training, Certification and
 Watchkeeping for Seafarers, 1978,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>34</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>as amended in 1995 or any
 subsequent amendment thereto.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>35</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>Head Management Agreement&#148; means the &#147;Shipman 98&#148; form </B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>shipmanagement agreement dated [ ] 2010 made between the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>Owners and the Head Managers in respect of the management</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>of the Vessel by the Head Managers.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><B>2.</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><B>Appointment of </B></FONT><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL COLOR=BLUE><Strike><B>M</B></Strike></FONT><FONT FACE=ARIAL STYLE="FONT-SIZE:6.5Pt" COLOR=RED><B>Sub-m</B></FONT><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><B>anagers</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>36</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>With effect from the day and year
 stated in <FONT COLOR=BLUE><U>Box 4</U></FONT>
 and continuing</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>37</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>unless and until terminated
 provided herein, the <FONT COLOR=BLUE><Strike>Owners</Strike><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL COLOR=RED><B>Head</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>38</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>Managers</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>hereby appoint the </FONT><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL  COLOR=BLUE><Strike>Managers</Strike></FONT> <FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL COLOR=RED><B>Sub-managers</B></FONT><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL> and the </FONT><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL COLOR=BLUE><Strike>Managers</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>39</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>Sub-managers</B></FONT><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL> hereby
 agree</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="84%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>to act as the <FONT  COLOR=BLUE><Strike>Managers </Strike></FONT><FONT  COLOR=RED><B>Sub-managers</B></FONT>
 of the Vessel.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>40</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>The Sub-managers hereby acknowledge that they are aware
 that</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>the Head Managers have been appointed as the managers of
 the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>Vessel pursuant to the Head Management Agreement.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>The Sub-managers hereby (i) acknowledge that they have</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>received a copy of the Group Management Agreement and have</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>reviewed all its terms and (ii) agree to abide by such
 terms so</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>long as the provisions thereof relate to the management of
 the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>Vessel.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><B>3.</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><B>Basis of
 Agreement</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>41</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>Subject to the terms and
 conditions herein provided, during the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>42</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>period of this Agreement, the <FONT  COLOR=BLUE><Strike>Managers </Strike></FONT><FONT  COLOR=RED><B>Sub-managers</B></FONT>
 shall carry</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>43</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>out</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>Management Services in respect of
 the Vessel as agents for</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>44</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>and on behalf of the <FONT  COLOR=BLUE><Strike>Owners</Strike><FONT  COLOR=RED><B>Head Managers. Subject to
 Section 4.6</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>45</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>of the Group Management Agreement,</B></FONT><FONT  STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL> <Strike><FONT COLOR=BLUE>T</FONT></Strike><FONT  COLOR=RED><B>t</B></FONT>he </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL COLOR=BLUE><strike>Managers</Strike></FONT><FONT  STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL COLOR=RED><B>Sub-</B></FONT><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>managers</B></FONT><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL> shall
 have authority</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>to take such actions as they may
 from time to time in their absolute</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>46</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>discretion consider to be
 necessary to enable them to perform</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>47</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>this Agreement in accordance with
 sound ship management</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>48</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>practice.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>49</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><B>3.1 Crew
 Management</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>50</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><I> (only
 applicable if agreed according to </I></FONT><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL COLOR=BLUE><I><U>Box 5</U>)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>51</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>The <FONT COLOR=BLUE><Strike>Managers</Strike></FONT><FONT COLOR=RED><B>Sub-managers</B></FONT> shall
 provide suitably qualified Crew</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>52</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>for the Vessel</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>as required by the <FONT  COLOR=BLUE><Strike>Owners </Strike></FONT><FONT  COLOR=RED><B>Head Managers</B></FONT>
 in accordance with the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>53</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>STCW 95</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>requirements, provision of which
 includes but is not limited to</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>54</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>the following functions:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>55</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><B> (i)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>selecting and engaging the
 Vessel&#146;s Crew, including payroll</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>56</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>arrangements, pension
 administration, and insurances for</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>57</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>the Crew other than those mentioned
 in <FONT COLOR=BLUE><U>Clause 6</U>;</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>58</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><B> (ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>ensuring that the applicable
 requirements of the law of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>59</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>flag of the Vessel are satisfied
 in respect of manning levels,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>60</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>rank, qualification and
 certification of the Crew and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>61</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>employment regulations including
 Crew&#146;s tax, social</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>62</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>insurance, discipline and other
 requirements;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>63</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><B> (iii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>ensuring that all members of the
 Crew have passed a medical</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>64</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>examination with a qualified
 doctor certifying that they are fit</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>65</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>for the duties for which they are
 engaged and are in possession</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>66</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>of valid medical certificates
 issued in accordance with</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>67</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>appropriate flag State
 requirements. In the absence of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>68</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>applicable flag State
 requirements the medical certificate shall</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>69</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>be dated not more than three
 months prior to the respective</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>70</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>Crew members leaving their
 country of domicile and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>71</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>maintained for the duration of
 their service on board the Vessel;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>72</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><B> (iv)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>ensuring that the Crew shall have
 a command of the English</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>73</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>language of a sufficient standard
 to enable them to perform</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>74</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>their duties safely;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>75</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><B> (v)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>arranging transportation of the
 Crew, including repatriation</FONT><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL>,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>76</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>board and lodging as and when required at rates and types
 of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>accommodations as customary in the industry</B></FONT><FONT  STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><B> (vi)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>training of the Crew and
 supervising their efficiency;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>77</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><B> (vii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>keeping and maintaining full and complete records of any</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>78</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>labor agreements which may be entered into with the Crew
 and,</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" COLOR=RED FACE=ARIAL><B>if applicable,</B></FONT><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>
 conducting union negotiations;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><B> (viii)</B><FONT  STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>&nbsp;&nbsp;&nbsp;operating the <Strike><FONT COLOR=BLUE>Managers&#146;</FONT></Strike><FONT COLOR=RED><B>Head Managers&#146;</B></FONT> drug and alcohol</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>79</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>policy unless</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>otherwise agreed </FONT><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL COLOR=RED><B>in writing</B></FONT><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>80</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><B>3.2 Technical
 Management</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>81</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><I> (only
 applicable if agreed according to </I></FONT><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL COLOR=BLUE><I><U>Box 6</U>)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>82</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>The <FONT COLOR=BLUE><Strike>Managers</Strike></FONT><FONT COLOR=RED><B>Sub-managers</B></FONT> shall
 provide technical management</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>83</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>which</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>includes, but is not limited to,
 the following functions:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>84</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><B> (i)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>provision of competent personnel
 to supervise the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>85</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>maintenance and general
 efficiency of the Vessel;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>86</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL><B> (ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>arrangement and supervision of
 dry dockings, repairs,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>87</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>alterations and the upkeep of the
 Vessel to the standards</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>88</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>required by the <FONT  COLOR=BLUE><Strike>Owners</Strike></FONT><FONT  COLOR=RED><B>Head Managers</B></FONT>
 provided that the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>89</FONT></P>
 </TD>
 </TR>
</TABLE>

</DIV>

<BR CLEAR=ALL>
<BR>

<P><FONT STYLE="FONT-SIZE:6.5Pt" FACE=ARIAL>This
document is a computer generated SHIPMAN 98 form printed by authority of BIMCO.
Any insertion or deletion to the form must be clearly visible. In the event of
any modification made to the pre-printed text of this document which is not
clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of
discrepancies between the original BIMCO approved document and this computer
generated document. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>PART II<BR>
&#147;SHIPMAN 98&#148; Standard Ship Management Agreement</B></FONT></P>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Managers</Strike><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>Sub-managers</B></FONT></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL> shall</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp; </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>be entitled to incur the
 necessary expenditure to ensure</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>&nbsp;&nbsp;90</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>that the Vessel will comply with
 the law of the flag of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>&nbsp;&nbsp;91</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Vessel and of the places where
 she trades, and all</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>&nbsp;&nbsp;92</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>requirements and recommendations
 of the classification</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>&nbsp;&nbsp;93</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>society;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>&nbsp;&nbsp;94</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (iii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>arrangement of the supply of
 necessary stores, spares and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>&nbsp;&nbsp;95</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>lubricating oil;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>&nbsp;&nbsp;96</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (iv)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>appointment of surveyors and
 technical consultants as the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>&nbsp;&nbsp;97</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Managers</Strike><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>Sub-managers</B></FONT></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL> may consider from time to time to be</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>&nbsp;&nbsp;98</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>necessary;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (v)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>development, implementation and
 maintenance of a Safety</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>&nbsp;&nbsp;99</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Management System (SMS) in
 accordance with the ISM</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>100</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Code (see sub-clauses <FONT STYLE="font-size:6.5pt" COLOR=BLUE><U>4.2</U></FONT><FONT STYLE="font-size:6.5pt"> and </FONT><FONT STYLE="font-size:6.5pt" COLOR=BLUE><U>5.3</U></FONT>) <FONT STYLE="font-size:6.5pt" COLOR=RED><B>and of a security system in</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>101</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="RED" STYLE="font-size:6.5pt"><B>accordance with the ISPS Code;</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B> (vi) handling any claims against the builder of the Vessel</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>arising out of the relevant shipbuilding contract, if</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>applicable; and</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B> (vii) providing the Head Managers with a copy of any</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>inspection report, survey, valuation or any other similar</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>report prepared by any shipbrokers, surveyors, the Class</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>etc.. </B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>3.3</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>Commercial
 Management</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>102</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><I>(only applicable if agreed according to</I> </FONT><FONT FACE=ARIAL STYLE="font-size:6.5pt" COLOR=BLUE><I><U>Box 7</U></I></FONT><FONT FACE=ARIAL STYLE="font-size:6.5pt"><I>)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>103</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>The <FONT STYLE="font-size:6.5pt" COLOR=BLUE><Strike>Managers</Strike><FONT STYLE="font-size:6.5pt" COLOR=RED><B>Sub-managers</B></FONT></FONT> shall
 provide <Strike><FONT STYLE="font-size:6.5pt" COLOR=BLUE>the commercial</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>104</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>operation
 of the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Vessel</Strike></FONT><FONT  STYLE="font-size:6.5pt" FACE=ARIAL>, as required by the <Strike><FONT STYLE="font-size:6.5pt" COLOR=BLUE>Owners</FONT></Strike><FONT STYLE="font-size:6.5pt" COLOR=RED><B>Head Managers</B></FONT>, <Strike><FONT STYLE="font-size:6.5pt" COLOR=BLUE>which includes,</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>105</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>but
 is not</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>limited
 to,</Strike></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL> the following functions:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>106</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike><B>(i)</B>&nbsp;&nbsp;&nbsp;&nbsp;providing
 chartering services in accordance with the Owners&#146;</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>107</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>instructions
 which include, but are not limited to, seeking</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>108</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>and
 negotiating employment for the Vessel and the conclusion</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>109</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>(including
 the execution thereof) of charter parties or other</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>110</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>contracts
 relating to the employment of the Vessel. If such a</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>111</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>contract
 exceeds the period stated in <U>Box 13</U>, consent thereto</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>112</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 writing shall first be obtained from the Owners.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>113</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike><B>(ii)</B>&nbsp;&nbsp;&nbsp;arranging
 of the proper payment to Owners or their nominees</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>114</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>of
 all hire and/or freight revenues or other moneys of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>115</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>whatsoever
 nature to which Owners may be entitled arising</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>116</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>out
 of the employment of or otherwise in connection with the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>117</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Vessel;.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>118</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike><B>(iii)</B>&nbsp;&nbsp;&nbsp;providing
 voyage estimates and accounts and calculating of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>119</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>hire,
 freights, demurrage and/or despatch moneys due from</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>120</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>or
 due to the charterers of the Vessel;</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>121</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P> <FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>(i</B></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR="BLUE"><B><Strike>v</Strike>)</B> </FONT> </P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>issuing of <FONT STYLE="font-size:6.5pt" COLOR=BLUE><Strike>voyage </Strike></FONT>instructions;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>122</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" COLOR="BLUE" STYLE="font-size:6.5pt"><B>(<Strike>v</Strike></B></FONT><FONT FACE="ARIAL" COLOR="RED" STYLE="font-size:6.5pt"><B>ii</B></FONT><FONT FACE="ARIAL" COLOR="BLUE" STYLE="font-size:6.5pt"></FONT><FONT FACE="ARIAL" STYLE="font-size:6.5pt"><B>)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>appointing agents;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>123</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR="BLUE"><B>(</B></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR="BLUE"><B><Strike>v</Strike></B></FONT><FONT FACE=ARIAL STYLE="font-size:6.5pt">i</FONT><FONT FACE=ARIAL STYLE="font-size:6.5pt" COLOR="RED"><B>ii</B></FONT><FONT STYLE="font-size:6.5pt"><B>)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>appointing stevedores;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>124</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP nowrap>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>(</B></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL color=red><B>i</B></FONT><FONT  STYLE="font-size:6.5pt" FACE=ARIAL><B>v<Strike><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE>ii</FONT></Strike></B></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>)</B>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>arranging surveys associated with
 the commercial operation</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>125</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>of the Vessel;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>126</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>3.4</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>Insurance
 Arrangements&#146;</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>127</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><I>(only applicable if agreed according to</I> </FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><I><U>Box 8</U></I></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL><I>)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>128</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>The <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Managers</Strike><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>Head Managers</B></FONT></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL> shall
 arrange insurances in</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>129</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>accordance with</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Clause 6, on such terms and
 conditions as the Owners shall</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>130</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>have instructed or agreed, in
 particular regarding conditions,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>131</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>insured values, deductibles and
 franchises.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>132</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>3.5</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>Accounting
 Services</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>133</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><I> (only
 applicable if agreed according to </I><FONT STYLE="font-size:6.5pt"  COLOR=BLUE FACE=ARIAL><U><I>Box 9</I></U></FONT><FONT STYLE="font-size:6.5pt"  FACE=ARIAL><I>)</I></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>134</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>Without prejudice to the relevant provisions of the Group</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>135</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>Management Agreement and, in particular, but without</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>limitation, Section 4.11 and Section 10.6 thereof, </B></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>T</Strike></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>t</B></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL>he </FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Managers</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>Sub-managers</B><FONT STYLE="font-size:6.5pt" FACE=ARIAL></FONT></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL> shall:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (i)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>establish an accounting system
 which meets the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>136</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>requirements of the </FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Owners</Strike><FONT STYLE="font-size:6.5pt" COLOR=RED><B>Head Managers</B></FONT>
</FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL>and provide regular</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>137</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>accounting</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>services, supply regular reports
 and records,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>138</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>maintain the records of all costs
 and expenditure incurred</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>139</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>as well as data necessary or
 proper for the settlement of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>140</FONT></P>
 </TD>
 </TR>
</TABLE>
</DIV>



<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="86%" COLSPAN=2 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>accounts between the parties.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>141</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>3.6</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>Sale or Purchase
 of the Vessel</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>142</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><I>(only applicable if agreed according to</I> </FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><I><U>Box 10</U></I></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL><I>)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>143</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>The <FONT STYLE="font-size:6.5pt" COLOR=BLUE><Strike>Managers</Strike><FONT STYLE="font-size:6.5pt" COLOR=RED><B>Sub-managers</B></FONT> </FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL>shall, in
 accordance with the <Strike><FONT STYLE="font-size:6.5pt" COLOR=BLUE>Owners&#146;</FONT></Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>144</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>Head Managers&#146;</B><FONT STYLE="font-size:6.5pt" FACE=ARIAL></FONT>
</FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL>instructions,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>supervise
 the sale or purchase</Strike><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>attend to the physical delivery</B></FONT></FONT><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>145</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>the Vessel <FONT STYLE="font-size:6.5pt" COLOR=BLUE><Strike>,</Strike> <Strike>including the</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>performance
 of </Strike><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>and any matters specifically relating thereto</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>146</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>under</B></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL> any sale or purchase agreement</FONT><FONT FACE=ARIAL STYLE="font-size:6.5pt" COLOR=BLUE><Strike>, but not</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>negotiation
 of the same</Strike>.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>147</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>3.7</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>Provisions</B><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> <I>(only applicable if
 agreed according to <FONT STYLE="font-size:6.5pt" COLOR=BLUE><U>Box 11</U></FONT>)</I></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>148</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>The <FONT STYLE="font-size:6.5pt" COLOR=BLUE><Strike>Managers</Strike></FONT><FONT STYLE="font-size:6.5pt" COLOR=RED><B>Sub-managers</B></FONT> shall
 arrange for the supply of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>149</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>provisions.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>3.8</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>Bunkering</B><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> <I>(only applicable if
 agreed according to <FONT STYLE="font-size:6.5pt" COLOR=BLUE><U>Box 12</U></FONT>)</I></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>150</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>The <FONT STYLE="font-size:6.5pt" COLOR=BLUE><Strike>Managers</Strike></FONT><FONT STYLE="font-size:6.5pt" COLOR=RED><B>Sub-managers</B></FONT> shall
 arrange for the provision of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>151</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>bunker fuel of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>quality specified by the <FONT STYLE="font-size:6.5pt" COLOR=BLUE><Strike>Owners</Strike><FONT STYLE="font-size:6.5pt" COLOR=RED><B>Head Managers</B></FONT></FONT>
 as required for the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>152</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Vessel&#146;s trade.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>4</B><FONT  STYLE="font-size:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><B><Strike>Managers&#146;</Strike></B><FONT STYLE="font-size:6.5pt" COLOR=RED  FACE=ARIAL><B>Sub-managers&#146;</B></FONT></FONT><FONT  STYLE="font-size:6.5pt" FACE=ARIAL><B> Obligations</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>153</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>4.1</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>The <FONT STYLE="font-size:6.5pt" COLOR=BLUE><Strike>Managers</Strike><FONT STYLE="font-size:6.5pt" COLOR=RED><B>Sub-managers</B></FONT></FONT> undertake
 to use their <Strike><FONT FACE=ARIAL STYLE="font-size:6.5pt" COLOR=BLUE>best</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>154</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>endeavours
 </Strike><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>commercially reasonable efforts</B></FONT></FONT><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> to</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>provide the agreed Management
 Services as agents for and on</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>155</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>behalf of the <FONT STYLE="font-size:6.5pt" COLOR=BLUE><Strike>Owners</Strike><FONT STYLE="font-size:6.5pt" COLOR=RED><B>Head Managers</B></FONT></FONT>
 in accordance with sound ship</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>156</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>management</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>practice and to protect and
 promote the interests of the <FONT STYLE="font-size:6.5pt" COLOR=BLUE><Strike>Owners</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>157</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>Head Managers</B></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL> in</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>all matters relating to the
 provision of services hereunder.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>158</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Provided, however, that the <FONT STYLE="font-size:6.5pt" COLOR=BLUE><Strike>Managers</Strike></FONT><FONT STYLE="font-size:6.5pt" COLOR=RED><B>Sub-managers</B></FONT>
 in the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>159</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>performance of their</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>management responsibilities under
 this Agreement shall be entitled</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>160</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>to have regard to their overall
 responsibility in relation to all vessels</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>161</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>as may from time to time be
 entrusted to their management and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>162</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>in particular, but without
 prejudice to the generality of the foregoing,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>163</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>the <FONT STYLE="font-size:6.5pt" COLOR=BLUE><Strike>Managers</Strike></FONT><FONT STYLE="font-size:6.5pt" COLOR=RED><B>Sub-managers</B></FONT> shall be
 entitled to allocate available</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>164</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>supplies,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>manpower and services in such
 manner as in the prevailing</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>165</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>circumstances the <FONT STYLE="font-size:6.5pt" COLOR=BLUE><Strike>Managers</Strike><FONT STYLE="font-size:6.5pt" COLOR=RED><B>Sub-managers</B></FONT></FONT>
 in their absolute</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>166</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>discretion consider</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>to be fair and reasonable.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>167</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>4.2</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Where the <FONT STYLE="font-size:6.5pt" COLOR=BLUE><Strike>Managers</Strike><FONT STYLE="font-size:6.5pt" COLOR=RED><B>Sub-managers</B></FONT></FONT> are
 providing Technical</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>168</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Management</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>in accordance with sub-clause <FONT STYLE="font-size:6.5pt" COLOR=BLUE><U>3.2</U></FONT>, they shall procure
 that the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>169</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>requirements of the law of the
 flag of the Vessel are satisfied and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>170</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>they shall in particular be
 deemed to be the &#147;Company&#148; as defined</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>171</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>by the ISM Code, assuming the
 responsibility for the operation of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>172</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>the Vessel and taking over the
 duties and responsibilities imposed</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>173</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>by the ISM Code <FONT STYLE="font-size:6.5pt" COLOR=RED><B>and/or the ISPS Code</B></FONT>
 when applicable.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>174</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>4.3</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>In the exercise of their duties hereunder, the Sub-managers</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>shall act in accordance with the reasonable policies,
 guidelines</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>and instructions from time to time communicated to it in
 writing</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>by the Managers.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>4.4</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>During this Agreement, the Sub-managers shall promote the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>business of the Head Managers in accordance with the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>directions of the authorized representative or, as the case
 may</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>be, representatives of the Head managers and shall at all
 times</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>use commercially reasonable efforts to conform to, and
 comply</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>with, the lawful and reasonable directions, regulations or</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>recommendations made by such authorized representative or,</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>as the case may be, representative.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>5</B><FONT  STYLE="font-size:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><B><Strike>Owners&#146; </Strike></B><FONT STYLE="font-size:6.5pt" COLOR=RED  FACE=ARIAL><B>Head Managers&#146;</B></FONT></FONT><FONT  STYLE="font-size:6.5pt" FACE=ARIAL><B> Obligations</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>175</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>5.1</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>The <FONT STYLE="font-size:6.5pt" COLOR=BLUE><Strike>Owners</Strike><FONT STYLE="font-size:6.5pt" COLOR=RED><B>Head Managers</B></FONT></FONT> shall pay
 all sums due to the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>176</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Managers</Strike><FONT STYLE="font-size:6.5pt" COLOR=RED FACE=ARIAL><B>Sub-managers</B></FONT></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL> punctually</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>in accordance with the terms of
 this Agreement.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>177</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>5.2</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Where the <FONT STYLE="font-size:6.5pt" COLOR=BLUE><Strike>Managers</Strike><FONT STYLE="font-size:6.5pt" COLOR=RED><B>Sub-managers</B></FONT></FONT> are
 providing Technical</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>178</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Management</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>in accordance with sub-clause <FONT FACE=ARIAL STYLE="font-size:6.5pt" COLOR=BLUE><U>3.2</U></FONT>, the <Strike><FONT STYLE="font-size:6.5pt" COLOR=BLUE>Owners</FONT></Strike><FONT STYLE="font-size:6.5pt" COLOR=RED><B>Head Managers</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>179</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>shall <FONT STYLE="font-size:6.5pt" COLOR=RED><B>procure that the Owners shall</B></FONT></FONT><FONT STYLE="font-size:6.5pt">:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (i)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>procure that all officers and
 ratings supplied by them or on</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>180</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>their behalf comply with the
 requirements of STCW 95;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>181</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>instruct such officers and
 ratings to obey all reasonable orders</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>182</FONT></P>
 </TD>
 </TR>
</TABLE>
</DIV>


<BR CLEAR=ALL><BR>

<P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>This document is a computer
generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or
deletion to the form must be clearly visible. In the event of any modification
made to the pre-printed text of this document which is not clearly visible, the
text of the original BIMCO approved document shall apply. BIMCO assumes no
responsibility for any loss, damage or expense as a result of discrepancies
between the original BIMCO approved document and this computer generated
document. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>PART II<BR>
&#147;SHIPMAN 98&#148; Standard Ship Management Agreement</B></FONT></P>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>of the</FONT> <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Managers</Strike></font><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>Sub-managers</B></FONT>
 <FONT STYLE="font-size:6.5pt" FACE=ARIAL>in connection with the operation</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=bottom>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>183</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Managers&#146;
 </Strike></FONT><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>Sub-managers&#146;</B></FONT><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> safety management system.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>184</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>5.3</B><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> Where the <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Managers</Strike></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>Sub-managers</B></FONT> are not
 providing Technical</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>185</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Management</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>in accordance with sub-clause <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><U>3.2</U></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL>,</FONT> the <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Owners</Strike></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>Head
 Managers</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>186</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>shall procure that <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>the Owners shall procure that</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>the requirements of the law of
 the flag of the Vessel are satisfied</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>187</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>and that they, or such other
 entity as may be appointed by them</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>188</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>and identified to the <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Managers</Strike></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>Sub-managers</B></FONT>, shall be deemed to</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>189</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>be the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>&#147;Company&#148; as defined by the ISM
 Code assuming the responsibility</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>190</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>for the operation of the Vessel
 and taking over the duties and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>191</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>responsibilities imposed by the
 ISM Code when applicable.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>192</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>6</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>Insurance Policies</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>193</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>The <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Owners</Strike></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>Head
 Managers</B></FONT> shall procure, <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>whether by instructing</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>194</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the
 Managers</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>under
 sub-clause <U>3.4</U> or otherwise</Strike>,</FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL> that
 throughout the period of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>195</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>this Agreement:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>196</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>6.1</B><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> at the Owners&#146; expense, the Vessel is insured for not
 less</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>197</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>than her sound market value or
 entered for her full gross tonnage,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>198</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>as the case may be for:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>199</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (i)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>usual hull and machinery marine
 risks (including crew</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>200</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>negligence) and excess
 liabilities;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>201</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>protection and indemnity risks
 (including pollution risks and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>202</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Crew Insurances); and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>203</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (iii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>war risks (including protection
 and indemnity and crew risks)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>204</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>in each case</B></FONT><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> in accordance with the best practice of prudent owners</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>205</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>vessels of a similar type to the
 Vessel, with first class insurance</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>206</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>companies, underwriters or
 associations (&#147;the Owners&#146;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>207</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Insurances&#148;);</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>208</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>6.2</B><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> all premiums and calls <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>and
 applicable deductibles and/or</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>209</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>franchises</B></FONT><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> on the Owners&#146; Insurances are paid</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>promptly by their due date,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>210</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>6.3</B><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> the Owners&#146; Insurances name the <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Managers</Strike></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>Sub-managers</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>211</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>and, subject</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>to underwriters&#146; agreement, any
 third party designated by the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>212</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Managers</Strike></FONT><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>Sub-managers</B></FONT><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> as a joint assured, with full cover, with the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>213</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>Owners</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>obtaining cover in respect of
 each of the insurances specified in</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>214</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>sub-clause <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><u>6.1</u></FONT>:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>215</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (i)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>on terms whereby the </FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Managers</Strike></font><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><b>Sub-managers</b></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL> and any such</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>216</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;third party</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>are liable in respect of premiums
 or calls arising in connection</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>217</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>with the Owners&#146; Insurances; or</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>218</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>if reasonably obtainable, on
 terms such that neither the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>219</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Managers</Strike></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL color=red><b>Sub-managers </b></font><FONT STYLE="font-size:6.5pt" FACE=ARIAL>nor any such third party shall be under</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>220</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>any</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>liability in respect of premiums
 or calls arising in connection</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>221</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>with the Owners&#146; Insurances; or</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>222</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B> (iii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>on such other terms as may be
 agreed in writing.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>223</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><I>Indicate alternative (i), (ii) or (iii) in
<FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><u>Box 14</u>.</FONT> If <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><u>Box 14</u></FONT>
 is left</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>224</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><I>blank then (i)
 applies.</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>225</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>6.4</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>written evidence is provided, to
 the reasonable satisfaction</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>226</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>of the <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Managers</Strike></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>Sub-managers</B></FONT>,
 of their compliance with their</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>227</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>obligations under</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><U>Clause 6</U></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL> within a reasonable time of the
 commencement of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>228</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>the Agreement, and of each
 renewal date and, if specifically</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>229</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>requested, of each payment date
 of the Owners&#146; Insurances.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>230</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>7</B><FONT  STYLE="font-size:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>Income Collected
 and Expenses Paid on Behalf of Owners</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>231</FONT></P>
 </TD>
 </TR>
 <TR>

 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>Clause 7 has been intentionally blank</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><B>7.1</B><FONT STYLE="font-size:6.5pt" COLOR=BLUE  FACE=ARIAL><Strike> All moneys collected by the Managers under the terms of</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>232</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>this
 Agreement (other than moneys payable by the Owners to</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>233</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the
 Managers) and any interest thereon shall be held to the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>234</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>credit of the <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Owners in a separate bank account.</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>235</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>7.2</B><FONT STYLE="font-size:6.5pt" COLOR=BLUE  FACE=ARIAL><Strike> All expenses incurred by the Managers under the terms</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>236</FONT></P>
 </TD>
 </TR>
</TABLE>

</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>of
 this Agreement on behalf of the Owners (including expenses</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>237</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>as
 provided in <U>Clause 8</U>) may be debited against the Owners</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>238</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 the account referred to under sub-clause <U>7.1</U> but shall in any</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>239</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>event
 remain payable by the Owners to the Managers on</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>240</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>demand.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>241</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>8</B><FONT  STYLE="font-size:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>Management Fee</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>242</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>8.1 </B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>The <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Owners</Strike></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>Head
 Managers</B></FONT> shall pay to the <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Managers</Strike></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>Sub-</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>243</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>managers</B></FONT><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> for their services</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>as <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Managers</Strike></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>managers</B></FONT>
 under this Agreement <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>an annual </Strike></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>a daily</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>244</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>management</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>fee as stated in <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><U>Box 15</U></FONT> which shall be
 payable <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>by equal</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>245</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>monthly <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>instalments </Strike></FONT>in <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>advance</Strike></FONT> <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>arrears</B></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>, the first instalment being</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>246</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>payable
 on the commencement of this Agreement (see <U>Clause</U></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>247</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike><U>2</U></Strike><FONT  STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike> and <U>Box 4</U>) and subsequent
 installments being payable every</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>248</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>month.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>249</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>8.2</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>The <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>daily</B></FONT>
 management fee shall be subject to an annual review</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>250</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>on
 the anniversary date of the Agreement </Strike></FONT><FONT STYLE="font-size:6.5pt"  FACE=ARIAL>and the proposed</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>251</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>fee shall be presented in the
 annual budget referred to in sub-</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>252</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><U>clause
 9.1</U><FONT STYLE="font-size:6.5pt" FACE=ARIAL>.</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>253</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>8.3</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><Strike>The</Strike> <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Managers</Strike></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>Sub-managers</B></FONT>
 shall, at no extra cost to the <FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Owners</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>254</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT  STYLE="font-size:6.5pt" FACE=ARIAL> <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>Head Managers</B></FONT>, provide</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>their own office accommodation,
 office staff, facilities and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>255</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>stationery. <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Without limiting the generality of <U>Clause 7</U> t</Strike></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>T</B></FONT>he </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>256</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Owners</Strike></FONT><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>Head Managers</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>shall reimburse the <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Managers</Strike></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>Sub-managers</B></FONT> for postage and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>257</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>communication</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>expenses, travelling expenses,
 and other out of pocket</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>258</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>expenses properly incurred by the
 <FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Managers</Strike></FONT><FONT STYLE="font-size:6.5pt" FACE=ARIAL COLOR=RED><B>Sub-managers</B></FONT> in</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>259</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>pursuance of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>the Management Services.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>260</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>8.4</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>The provisions of Section 9.4,
 Section 9.5 and Section 9.7 of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>261</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>the Group Management Agreement
 shall be deemed as</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>incorporated herein mutatis
 mutandis.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>8.5</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>The Sub-managers have the right
 to demand the payment of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>any of the management fees and
 expenses payable under this</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>Agreement either from the
 Parent or the Head Managers.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>Payment of any such fees or
 expenses or any part thereof by</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>either the Parent or the Head
 Managers shall prevent the Sub-</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>managers from making a claim on
 the other person for the same</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>amount to the extent that the
 same has been already paid to the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>Sub-managers.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>In
 the event of the appointment of the Managers being</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>terminated
 by the Owners or the Managers in accordance with</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>262</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the
 provisions of Clauses <U>17</U> and <U>18</U> other than by reason of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>263</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>default
 by the Managers, or if the Vessel is lost, sold or otherwise.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>264</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Disposed
 of, the &#147;management fee&#148; payable to the Managers</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>265</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>According
 to the provisions of sub-clause <U>8.1</U>, shall continue to</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>266</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>be
 payable for a further period of three calendar months as</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>267</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>from
 the termination date. In addition, provided that the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>268</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Managers
 provide Crew for the Vessel in accordance with sub-</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>269</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>clause
 <U>-3,1</U>:</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>270</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><B><Strike>(i)&nbsp;&nbsp; </Strike></B><FONT  STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the Owners shall continue to pay Crew
 Support Costs during</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>271</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the
 said further period of three calendar months and</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>272</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><B><Strike>(ii)</Strike></B><FONT STYLE="font-size:6.5pt" COLOR=BLUE  FACE=ARIAL><Strike>&nbsp;&nbsp;the Owners shall pay an equitable
 proportion of any</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>273</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Severance
 Costs which may materialize, not exceeding</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>274</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the
 amount stated in <U>Box 16</U>.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>275</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><B><Strike>8.5</Strike></B> <FONT STYLE="font-size:6.5pt" COLOR=BLUE  FACE=ARIAL><Strike>If the Owners decide to lay up the Vessel whilst this</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>276</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Agreement
 remains in force and such lay up lasts for more</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>277</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>than
 three months, an appropriate reduction of the management</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>278</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>fee
 for the period exceeding three months until one month</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>279</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>before
 the Vessel is again put into service shall be mutually</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>280</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>agreed
 between the parties.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>281</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><B><Strike>8.6</Strike></B><FONT STYLE="font-size:6.5pt" COLOR=BLUE  FACE=ARIAL><Strike> Unless otherwise agreed in writing all discounts and</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>282</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>commissions
 obtained by the Managers in the course of the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>283</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>management
 of the Vessel shall be credited to the Owners.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>284</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>9</B><FONT  STYLE="font-size:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>Budgets and
 Management of Funds</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>285</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL><B>9.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>The Head Managers and the
 Sub-managers are aware that</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>286</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>the Head Managers will be
 preparing budgets in connection</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>with, inter alia, the provision
 of the Management Services which</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt"  COLOR=RED FACE=ARIAL><B>the Head Managers will be
 submitting for approval to the Parent</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

</DIV>

<BR CLEAR=ALL><BR>

<P><FONT STYLE="font-size:6.5pt" FACE=ARIAL>This document is a computer
generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or
deletion to the form must be clearly visible. In the event of any modification
made to the pre-printed text of this document which is not clearly visible, the
text of the original BIMCO approved document shall apply. BIMCO assumes no
responsibility for any loss, damage or expense as a result of discrepancies
between the original BIMCO approved document and this computer generated
document. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>PART II<BR>
&#147;SHIPMAN 98&#148; Standard Ship Management Agreement</B></FONT></P>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>in accordance with the provisions of Article X of the Group</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Management Agreement.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>9.2</B></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> The </FONT><Strike><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL COLOR=BLUE>Managers</FONT></Strike><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL COLOR=RED><B> Sub-managers</B></FONT>
 <FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>shall present to </FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>the Owners</Strike></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL COLOR=RED><B>the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Head Managers </B></font><FONT STYLE="FONT-SIZE:6.5pt"  FACE=ARIAL>annually
 a</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>budget for the following twelve
 months in such form as <FONT COLOR=BLUE><Strike> the</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>287</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Owners</Strike><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><FONT COLOR=RED><B>Head Managers</B></FONT>  <FONT STYLE="FONT-SIZE:6.5pt" color=black FACE=ARIAL>require.</font> <Strike><FONT COLOR=BLUE>The budget for the first year</FONT></Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>288</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>hereof
 is set out</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 Annex &#147;C&#148; hereto. Subsequent annual b</Strike></FONT><FONT STYLE="FONT-SIZE:6.5pt"  COLOR=RED FACE=ARIAL><B>B</B></FONT><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>udgets shall be</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>289</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>prepared by the <FONT  COLOR=BLUE><Strike>Managers</Strike></FONT><FONT  COLOR=RED><B>Sub-managers</B></FONT>
 <FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>and submitted to </font><FONT COLOR=BLUE><Strike>the</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>290</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Owners</Strike></FONT><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>the Head Managers</B></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> not</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>less
 than three months before the anniversary date of the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>291</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>commencement
 of </Strike><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>later than 30 September of each calendar year</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>292</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>falling during</B></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> this
 Agreement (see Clause <FONT COLOR=BLUE><U>2</U></FONT>
 and <FONT COLOR=BLUE><U>Box 4</U></FONT>).</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>9.<FONT COLOR=RED><B>3</B></FONT><Strike><FONT COLOR=BLUE>2</FONT></Strike> <FONT COLOR=RED><B>The Head Managers</B></FONT> <Strike><FONT  COLOR=BLUE>The Owners </FONT></Strike>shall
 indicate to the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>293</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL COLOR=BLUE><STRIKE>Managers</STRIKE></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL COLOR=RED><B>Sub-managers</B> </FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>their
 acceptance</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>and approval of the annual budget
 within one month of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>294</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>presentation and in the absence
 of any such indication the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>295</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Managers</Strike></FONT><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Sub-managers</B></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> shall be
 entitled to assume that the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>296</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Owners</Strike></FONT><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Head Managers</B></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> have</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>accepted the proposed budget.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>297</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>9.<FONT COLOR=BLUE><Strike>3</Strike><FONT COLOR=RED><B>4</B></FONT> <Strike><FONT COLOR=BLUE>Following the agreement of the budget, the Managers shall</FONT></Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>298</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>prepare
 and present to the Owners their estimate of the working</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>299</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>capital
 requirement of the Vessel and the Managers shall each</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>300</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>month
 up date this estimate. Based thereon,</Strike><FONT STYLE="FONT-SIZE:6.5pt"  FACE=ARIAL> <FONT COLOR=RED><B>Without
 prejudice to</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>301</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>the right of the Sub-managers to ask for funds in relation
 to the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Management Services directly from the Parent in accordance</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>with the relevant provisions of the Group Management</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Agreement,</B></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> the </FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Managers</Strike></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL COLOR=RED><B>Sub-managers</B></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> shall</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>each month request the <FONT  COLOR=BLUE><Strike>Owners</Strike></font><FONT  COLOR=RED><B>Head Managers</B></FONT>
 in writing for the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>302</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>funds required</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>to run the Vessel for the ensuing
 month, including the payment</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>303</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>of any occasional or
 extraordinary item of expenditure, such as</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>304</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>emergency repair costs,
 additional insurance premiums, bunkers</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>305</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>or provisions. Such funds shall
 be received by the <FONT COLOR=BLUE><Strike>Managers</Strike><FONT COLOR=RED><B>Sub-</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>306</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>managers</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>within ten running days after the
 receipt by the <FONT COLOR=BLUE><Strike>Owners</Strike><FONT  COLOR=RED><B>Head</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>307</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Managers</B></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Managers&#146;</Strike></FONT><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL color=red><B>Sub-managers&#146;</B></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> written request and shall be held </font><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>to the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>308</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>credit
 of the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Owners
 </Strike></font> <FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>in a separate bank account <FONT  COLOR=RED><B>in the name of the Sub-</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>309</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>managers or, if requested by the Sub-managers, in the name
 of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>the Owners or the Head Managers.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike><b>9.4</b>
 The Managers shall produce a comparison between</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>310</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>budgeted
 and actual income and expenditure of the Vessel in</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>311</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>such
 form as required by the Owners monthly or at such other</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>312</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>intervals
 as mutually agreed.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>313</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><b>9.5</b> Notwithstanding anything
 contained herein to the contrary,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>314</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>the </FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Managers</Strike></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL COLOR=RED><B>Sub-managers</B></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> shall in no
 circumstances be required</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>315</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>to use or</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>commit their own funds to finance
 the provision of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>316</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>Management Services.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>317</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>10</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><B><Strike>Managers&#146;</Strike></B><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED  FACE=ARIAL><B>Sub-managers&#146;</B></FONT></FONT><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B> Right to Sub-Contract</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>318</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Except to a Related Manager (where the Sub-manager may</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>319</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>subcontract any of their obligations hereunder, without
 need of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>obtaining the Head Manager&#146;s consent for doing so),</B> </font><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> <Strike><FONT COLOR=BLUE>T</FONT></Strike><FONT  COLOR=RED><B>t</B></FONT>he</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Managers</Strike><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Sub-managers</B></FONT></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> shall not
 have the right to sub-contract</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>any of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>their obligations hereunder,
 including those mentioned in sub-</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>320</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>clause <FONT COLOR=BLUE><U>3.1</U></font>, without the prior written consent
 of the <Strike><FONT COLOR=BLUE>Owners</FONT></Strike><FONT  COLOR=RED><B>Head</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>321</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Managers</B></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> which</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>shall not be unreasonably
 withheld <FONT COLOR=RED><B>and
 which shall be promptly</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>322</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>responded to</B></font><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>. In the
 event of such a sub-</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>contract the <FONT COLOR=BLUE><Strike>Managers</Strike></font><FONT COLOR=RED><B>Sub-managers</B></FONT> shall
 remain fully liable for the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>323</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>due</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>performance of their obligations
 under this Agreement.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>324</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>11</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>Responsibilities</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>325</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>326</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>The parties agree that the provisions of Sections 11.1 to
 11.5</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B> (inclusive) of the Group Management Agreement, shall apply
 to</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>this Agreement mutatis mutandis, save that references
 therein</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>to &#147;any Shipmanagement Agreement or any Supervision</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Agreement&#148; shall be omitted and references to &#147;Parent&#148;,
 &#147;any</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>member of the Group&#148;, &#147;Manager&#148;, &#147;any Submanager&#148;, &#147;a</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Vessel&#148;, &#147;Section&#148;, &#147;Management Fees&#148;, &#147;each</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Shipmanagement Agreement&#148;, &#147;Group&#148; and &#147;Article XI&#148; shall
 be</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>construed as references to the Head Managers, the Head</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Managers, the Sub-managers, any submanager, the Vessel,</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Clause, management fee, this Agreement, the Head Managers and</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Clause 11, respectively, when used herein.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><B><Strike>11.1 <I>Force Majeure</I></Strike></B><Strike><FONT  STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL> - Neither the Owners nor the Managers</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>shall
 be under any liability for any failure to perform any of their</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>327</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>obligations
 hereunder by reason of any cause whatsoever of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>328</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>any
 nature or kind beyond their reasonable control.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>329</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><B><Strike>11.2 <I>Liability to Owners</I>
 - (i)</Strike></B><Strike><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL>
 Without prejudice to sub-clause</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>330</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>11.1,
 the Managers shall be under no liability whatsoever to the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>331</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Owners
 for any loss, damage, delay or expense of whatsoever</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>332</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>nature,
 whether direct or indirect (including but not limited to</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>333</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>lose
 of profit arising out of or in connection with detention of or</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>334</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>delay
 to the Vessel) and howsoever arising in the course of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>335</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>performance
 of the Management Services <B>UNLESS</B>
 same is</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>336</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>proved
 to have resulted solely from the negligence, gross</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>337</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>negligence
 or wilful default of the Managers or their employees,</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>338</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>or
 agents or sub-contractors employed by them in connection</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>339</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>with
 the Vessel, in which case (save where loss, damage, delay</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>340</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>or
 expense has resulted from the Managers&#146; personal act or</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>341</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>omission
 committed with the intent to cause same or recklessly</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>342</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>and
 with knowledge that such loss, damage, delay or expense</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>343</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>would
 probably result) the Managers&#146; liability for each incident</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>344</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>or
 series of incidents giving rise to a claim or claims shall never</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>345</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Exceed
 a total of ten times the annual management fee payable</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>346</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>hereunder.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>347</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike><b>(ii)</b>
 Notwithstanding anything that may appear to the contrary in</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>348</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>this
 Agreement, the Managers shall not be liable for any of the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>349</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>actions
 of the Crew, even if such actions are negligent, grossly</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>350</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>negligent
 or wilful, except only to the extent that they are shown</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>351</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>to
 have resulted from a failure by the Managers to discharge</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>352</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>their
 obligations under sub-clause <U>3.1</U>, in which case their liability</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>353</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>shall
 be limited in accordance with the terms of this <U>Clause 11</U>.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>354</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><B><Strike>11.3 <I>Indemnity</I></Strike></B><Strike><FONT  STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL> - Except to the extent and solely for
 the amount</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>355</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>therein
 set out that the Managers would be liable under sub-</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>356</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>clause
 <U>11.2</U>, the Owners hereby undertake to keep the Managers</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>357</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>and
 their employees, agents and sub-contractors indemnified</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>358</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>and
 to hold them harmless against all actions, proceedings,</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>359</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>claims,
 demands or liabilities whatsoever or howsoever arising</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>360</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>which
 may be brought against them or incurred or suffered by</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>361</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>them
 arising out of or in connection with the performance of the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>362</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Agreement,
 and against and in respect of all costs, losses,</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>363</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>damages
 and expenses (including legal costs and expenses on</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>364</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>a
 full indemnity basis) which the Managers may suffer or incur</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>365</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>(either
 directly or indirectly) in the course of the performance of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>366</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>this
 Agreement.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>367</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><B><Strike>11.4 <I>&#147;Himalaya&#148;</I>
 </Strike></B><Strike><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL>-
 It is hereby expressly agreed that no</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>368</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>employee
 or agent of the Managers (including every sub-</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>369</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>contractor
 from time to time employed by the Managers) shall in</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>370</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Any
 circumstances whatsoever be under any liability whatsoever</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>371</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>to
 the Owners for any loss, damage or delay of whatsoever kind</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>372</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>arising
 or resulting directly or indirectly from any act, neglect or</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>373</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>default
 on his part while acting in the course of or in connection</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>374</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>with
 his employment and, without prejudice to the generality of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>375</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the
 foregoing provisions in this <U>Clause 11</U>, every exemption,</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>376</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>limitation,
 condition and liberty herein contained and every right,</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>377</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>exemption
 from liability, defence and immunity of whatsoever</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>378</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>nature
 applicable to the Managers or to which the Managers are</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>379</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>entitled
 hereunder shall also be available and shall extend to</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>380</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>protect
 every such employee or agent of the Managers acting</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>381</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>as
 aforesaid and for the purpose of all the foregoing provisions</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>382</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>of
 this <U>Clause 11</U> the Managers are or shall be deemed to be</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>383</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>acting
 as agent or trustee on behalf of and for the benefit of all</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>384</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>persons
 who are or might be their servants or agents from time</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>385</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>to
 time (including sub-contractors as aforesaid) and all such</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>386</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>persons
 shall to this extent be or be deemed to be parties to this</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>387</FONT></P>
 </TD>
 </TR>
</TABLE>

</DIV><BR CLEAR="ALL"><BR>

<P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>This document is a computer generated SHIPMAN 98 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly
visible. In the event of any modification made to the pre-printed text of this
document which is not clearly visible, the text of the original BIMCO approved
document shall apply. BIMCO assumes no responsibility for any loss, damage or
expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>PART II<BR>
&#147;SHIPMAN 98&#148; Standard Ship Management Agreement</B></FONT></P>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Agreement.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>388</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>12</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>Documentation</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>389</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>Where the <FONT COLOR=BLUE><Strike>Managers</Strike></font><FONT COLOR=RED><B>Sub-managers</B></FONT> are
 providing Technical</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>390</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>Management in</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>accordance with sub-clause <FONT  COLOR=BLUE><U>3.2</U></font> <FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>and/or Crew
 Management in</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>391</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>accordance with sub-clause <FONT  COLOR=BLUE><U>3.1</U></font>, <FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>they shall make
 available,</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>392</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>upon <FONT COLOR=BLUE><Strike>Owners</Strike></font><FONT COLOR=RED><B>Head Managers&#146;</B></FONT> request,
 all documentation and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>393</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>records related</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>to the Safety Management System
 (SMS) and/or the Crew</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>394</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>which the <FONT COLOR=BLUE><Strike>Owners</Strike></font><FONT COLOR=RED><B>Head Managers or the Owners</B></FONT>
 need in order to</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>395</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>demonstrate compliance</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>with the ISM Code<FONT  COLOR=RED><B>, the ISPS Code</B></font>
 and STCW 95 or to defend a</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>396</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>claim against</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>a third party.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>397</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>13</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>General
 Administration</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>398</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>3.1</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> <FONT COLOR=RED><B>Subject to the provisions of Section 4.6 of the Group</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>399</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Management Agreement,</B></font><FONT STYLE="FONT-SIZE:6.5pt"  FACE=ARIAL> <Strike><FONT COLOR=BLUE>T</FONT></Strike><FONT  COLOR=RED><B>t</B></FONT>he <Strike><FONT  COLOR=BLUE>Managers</FONT></Strike><FONT  COLOR=RED><B>Sub-managers</B></FONT>
 shall</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>handle and settle all claims arising</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>out of the Management Services
 hereunder and keep the <FONT COLOR=BLUE><Strike>Owners</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>400</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Head Managers</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>informed regarding any incident
 of which the <FONT COLOR=BLUE><Strike>Managers</Strike><FONT  COLOR=RED><B>Sub-</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>401</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>managers</B></font><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> become</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>aware which gives or may give rise to </font><font STYLE="FONT-SIZE:6.5pt" FACE=ARIAL color=red><b>material</b> </font><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>claims or disputes</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>402</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>involving</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>third parties.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>403</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>13.2</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> The <Strike><FONT COLOR=BLUE>Managers</FONT></Strike><FONT COLOR=RED><B>Sub-managers</B></FONT>
 shall, as instructed by the</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>404</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Owners</Strike></font><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Head Managers under this Agreement</B></FONT><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>, bring</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>or defend actions, suits or
 proceedings in connection with matters</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>405</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>entrusted to the <FONT  COLOR=BLUE><Strike>Managers</Strike></font><FONT  COLOR=RED><B>Sub-managers</B></FONT>
 according to this</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>406</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>Agreement.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>13.3</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> The <Strike><FONT COLOR=BLUE>Managers</FONT></Strike><FONT COLOR=RED><B>Sub-managers</B></FONT>
 shall also have power to obtain</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>407</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>legal or</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>technical or other outside expert
 advice in relation to the handling</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>408</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>and settlement of claims and
 disputes or all other matters</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>409</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>affecting the interests of the
 Owners <FONT COLOR=RED><B>or the
 Head Managers</B></FONT> in</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>410</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>respect of the Vessel.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>13.4</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> The <Strike><FONT COLOR=BLUE>Owners</FONT></Strike><FONT  COLOR=RED><B>Head Managers</B></FONT>
 shall <FONT COLOR=RED><B>procure
 that the Owners</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>411</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>arrange for the provision of any</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>necessary guarantee bond or other
 security.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>412</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>13.5</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> Any costs <Strike><FONT COLOR=BLUE>reasonably</FONT></Strike>
 incurred by the <Strike><FONT COLOR=BLUE>Managers</FONT></Strike><FONT COLOR=RED><B>Sub-managers</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>413</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>in</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>carrying out their obligations
 according to <FONT COLOR=BLUE><U>Clause 13</U></FONT> shall be</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>414</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>reimbursed by the <FONT  COLOR=BLUE><Strike>Owners</Strike><FONT  COLOR=RED><B>Head Managers</B></FONT>.</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>415</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>14</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>Auditing</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>416</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>The <FONT COLOR=BLUE><Strike>Managers</Strike></font><FONT COLOR=RED><B>Sub-managers</B></FONT> shall at
 all times maintain and keep</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>417</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>true and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>correct accounts and shall make
 the same available for inspection</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>418</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>and auditing by the <FONT  COLOR=BLUE><Strike>Owners</Strike></font><FONT  COLOR=RED><B>Head Managers</B></FONT>
 at such times as may</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>419</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>be mutually</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>agreed. On the termination, for
 whatever reasons, of this</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>420</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>Agreement, the <FONT  COLOR=BLUE><Strike>Managers</Strike></font><FONT  COLOR=RED><B>Sub-managers</B></FONT>
 shall release to the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>421</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Owners</Strike></FONT><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Head Managers</B></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>, if so</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>requested, the originals where
 possible, or otherwise certified</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>422</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>copies, of all such accounts and
 all documents specifically relating</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>423</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>to the Vessel and her operation. <FONT  COLOR=RED><B>For the avoidance of any
 doubt,</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>424</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>this Clause is in addition to and not in substitution of
 the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>relevant provisions of the Group Management Agreement.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>15</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>Inspection of
 Vessel</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>425</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>The <FONT COLOR=BLUE><Strike>Owners</Strike></font><FONT COLOR=RED><B>Head Managers</B></FONT> shall have
 the right at any time after</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>426</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>giving</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>reasonable notice to the <FONT  COLOR=BLUE><Strike>Managers</Strike></font><FONT  COLOR=RED><B>Sub-managers</B></FONT>
 to inspect the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>427</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>Vessel for any</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>reason they consider necessary.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>428</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>16</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>Compliance with
 Laws and Regulations</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>429</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>The <FONT COLOR=BLUE><Strike>Managers</Strike></font><FONT COLOR=RED><B>Sub-managers</B></FONT> will not do
 or permit to be done</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>430</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>anything which</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>might cause any breach or
 infringement of the laws and</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>431</FONT></P>
 </TD>
 </TR>
</TABLE>

</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="82%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=4>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>regulations of the Vessel&#146;s flag,
 or of the places where she trades.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>432</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>17</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>Duration of the
 Agreement</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>433</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>This Agreement shall come into
 effect on the day and year stated</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>434</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>in <FONT COLOR=BLUE><U>Box 4</U></font> and shall continue until <FONT  COLOR=RED><B>the earlier of (i) the
 date the</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>435</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Group Management Agreement is terminated in accordance</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>with the provisions of Article XIII thereof and (ii) the
 Head</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Management Agreement is terminated in accordance with its</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>terms, unless this Agreement is terminated earlier in</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>accordance with the provision of Clause 18 hereof</B><Strike><FONT  STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL>the date stated</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 <u>Box 17</u>.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Thereafter
 it shall continue until terminated by either party giving</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>436</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>to
 the other notice in writing, in which event the Agreement shall</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>437</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>terminate
 upon the expiration of a period of two months from the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>438</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>date
 upon which such notice was given.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>439</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>18</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>Termination</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>440</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>18.1 </b></FONT><FONT STYLE="FONT-SIZE:6.5pt"  FACE=ARIAL COLOR=BLUE><b><I><Strike>Owners&#146;</Strike></I></B></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL COLOR=RED><B><I>Head Managers&#146;</I></B></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B><I> default</I></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>441</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><b>(i)</b></FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>The <FONT COLOR=BLUE><Strike>Managers</Strike></FONT><FONT COLOR=RED><B>Sub-managers</B></FONT> shall be
 entitled to terminate the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>442</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>Agreement</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>with immediate effect by notice
 in writing if any moneys</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>443</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>payable by the </FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL COLOR=BLUE><Strike>Owners</Strike></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL COLOR=RED><B>Head
 Managers </B></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>under this Agreement</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>444</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>and/or
 the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>owners
 of any associated vessel, details of which are listed</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>445</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 <u>Annex &#147;D&#148;</u>,</Strike></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> shall not have been
 received in the </FONT><Strike><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL COLOR=BLUE>Managers&#146;</FONT></Strike><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL COLOR=RED><B>Sub-</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>446</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>managers&#146;</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>nominated account within <FONT  COLOR=BLUE><Strike>ten</Strike></font><FONT COLOR=RED><B>20</B></FONT> <Strike><FONT COLOR=BLUE>running </FONT></Strike><FONT COLOR=RED><B>Business</B></FONT> <FONT  COLOR=BLUE><Strike>d</Strike></FONT><font color=red><b>D</b></font>ays of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>447</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>receipt by</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>the </FONT><FONT COLOR=BLUE STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><Strike>Owners</Strike></FONT><FONT COLOR=RED STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>Head Managers</B></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> of
 the </FONT><FONT COLOR=BLUE STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><STRIKE>Managers</STRIKE></FONT><FONT COLOR=RED STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>Sub-managers</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>448</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>written request or if the Vessel</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>is repossessed by the Mortgagees.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>449</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><b>(ii)</b></FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>If the <FONT COLOR=BLUE><Strike>Owner</Strike> <FONT COLOR=RED><B>Head</B></FONT> <Strike><FONT  COLOR=BLUE>s</FONT></Strike><FONT COLOR=RED><B>Managers</B></FONT>:</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>450</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><b>(a)</b></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>fail to meet their obligations
 under sub-clauses <FONT COLOR=BLUE><U>5.2</U></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>451</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>and <FONT COLOR=BLUE><U>5.3</U></font> of this Agreement for any reason
 within their</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>452</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>control, or</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>453</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><b>(b)</b></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>proceed with the employment of or
 continue to employ</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>454</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>the Vessel in the carriage of
 contraband, blockade</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>455</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>running, or in an unlawful trade,
 or on a voyage which</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>456</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>in the reasonable opinion of the <FONT  COLOR=BLUE><Strike>Managers</Strike></font><FONT  COLOR=RED><B>Sub-managers</B></FONT>
 is</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>457</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>unduly</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>hazardous or improper,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>458</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>the <FONT COLOR=BLUE><Strike>Managers</Strike></font><FONT COLOR=RED><B>Sub-managers</B></FONT> may give
 notice of the default to</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>459</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>the <FONT COLOR=BLUE><Strike>Owners</Strike><FONT COLOR=RED><B>Head Managers</B></FONT>,</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>requiring them to remedy it as
 soon as practically possible.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>460</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>In the event that the <FONT  COLOR=BLUE><Strike>Owners</Strike></font> <FONT  COLOR=RED><B>Managers</B></FONT>
 fail to remedy it within <font color=blue><strike>a</strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>461</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>reasonable
 time</Strike><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> <FONT COLOR=RED><B>20 Business Days of receipt by the Head</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>462</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Managers of the Sub-managers&#146; written request</B></font><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> to the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>satisfaction of the <FONT  COLOR=BLUE><Strike>Managers</Strike></font><FONT  COLOR=RED><B>Sub-managers</B></FONT>,
 the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Managers</Strike></font><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><FONT COLOR=RED><B>Sub-managers</B></FONT> shall be entitled to terminate the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>463</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>Agreement</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>with immediate effect by notice
 in writing.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>464</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
</TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>18.2<I><FONT  COLOR=BLUE><Strike> Managers&#146;</Strike></FONT><FONT  COLOR=RED>Sub-managers&#146;</FONT> Default</I></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>465</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>If the <font color=blue><strike>Managers</strike></font><FONT  COLOR=RED><B>Sub-managers</B></FONT>
 fail to meet their obligations under</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>466</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><u>Clauses 3</u></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>and <FONT COLOR=BLUE><u>4</u></FONT> of this Agreement for any reason
 within the control of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>467</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Managers</Strike></FONT><FONT  STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Sub-managers</B></FONT><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>, the <Strike><FONT COLOR=BLUE>Owners</FONT></Strike><FONT  COLOR=RED><B>Head Managers</B></FONT>
 may give</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>468</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>notice to the <FONT  COLOR=BLUE><Strike>Managers</Strike></font><FONT COLOR=RED><B>Sub-managers</B></FONT> of the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>default, requiring them to remedy
 it <FONT COLOR=RED><B>within 20
 Business Days</B><Strike><FONT COLOR=BLUE>as</FONT></Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>469</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>soon
 as practically</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>possible</Strike></font><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>. In the event that the <Strike><FONT COLOR=BLUE>Managers</FONT></Strike><FONT COLOR=RED><B>Sub-managers</B></FONT> fail to</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>470</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>remedy it within a</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>reasonable time</Strike></font><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>such period</B></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> to the
 satisfaction of the <Strike><FONT COLOR=BLUE>Owners</FONT></Strike><FONT COLOR=RED><B>Head</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>471</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Managers</B></FONT><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>, the <Strike><FONT  COLOR=BLUE>Owners</FONT></Strike><FONT  COLOR=RED><B>Managers</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>shall be entitled to terminate
 the Agreement with immediate effect</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>472</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>by notice in writing.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>473</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>18.3<I> Extraordinary Termination</I></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>474</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>This Agreement shall be deemed to
 be terminated in the case of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>475</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>the sale of the Vessel or if the
 Vessel becomes a total loss or is</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>476</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>declared as a constructive or
 compromised or arranged total</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>477</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>loss or is requisitioned.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>478</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>18.4</B> For the purpose of sub-clause
 <FONT COLOR=BLUE><u>18.3</u></font> hereof</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>479</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><b>(i)</b></FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>the date upon which the Vessel is
 to be treated as having</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>480</FONT></P>
 </TD>
 </TR>
</TABLE>

</DIV><BR CLEAR="ALL"><BR>

<P ALIGN="JUSTIFY"><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>This document is a computer generated SHIPMAN 98 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly
visible. In the event of any modification made to the pre-printed text of this
document which is not clearly visible, the text of the original BIMCO approved
document shall apply. BIMCO assumes no responsibility for any loss, damage or
expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>PART II<BR>&#147;SHIPMAN 98&#148; Standard Ship Management Agreement</B></FONT></P>


<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="84%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>been sold or otherwise disposed
 of shall be the date on</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>481</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>which the Owners cease to be
 registered as Owners of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>482</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>the Vessel;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>483</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B> (ii)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>the Vessel shall not be deemed to
 be lost unless either</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>484</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>she has become an actual total
 loss or agreement has</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>485</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>been reached with her
 underwriters in respect of her</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>486</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>constructive, compromised or
 arranged total loss or if such</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>487</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>agreement with her underwriters
 is not reached it is</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>488</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>adjudged by a competent tribunal
 that a constructive loss</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>489</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>of the Vessel has occurred.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>490</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>18.5</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> <FONT COLOR=RED><B>The parties agree that the provisions of Sections 13.4(a) to</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>491</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>13.4(d) (inclusive) of the Group Management Agreement,
 shall</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>apply to this Agreement mutatis mutandis. </B><Strike><FONT  STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL>This Agreement shall</FONT></Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>terminate
 forthwith in the event of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>an
 order being made or resolution passed for the winding up,</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>492</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>dissolution,
 liquidation or bankruptcy of either party (otherwise</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>493</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>than
 for the purpose of reconstruction or amalgamation) or if a</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>494</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>receiver
 is appointed, or if it suspends payment, ceases to carry</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>495</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>on
 business or makes any special arrangement or composition</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>496</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>with
 its creditors.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>497</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>18.6</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> The termination of this Agreement shall be without</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>498</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>prejudice to all rights accrued
 due between the parties prior to</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>499</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>the date of termination.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>500</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>19</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>Law and
 Arbitration</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>501</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>19.1</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> This Agreement <FONT COLOR=RED><B>and any non-contractual obligations</B></FONT></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>502</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>connected with it</B></font><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> shall be governed
 by and construed in</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>accordance with English law<FONT  COLOR=RED><B>. All disputes arising out
 of this</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>503</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Agreement and/or any non-contractual obligations connected</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>with it shall be arbitrated in London in the following
 manner.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>One arbitrator is to be appointed by each of the parties
 hereto</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>and a third by the two so chosen. Their decision or that of
 any</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>two of them shall be final. The arbitrators shall be
 commercial</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>persons, conversant with shipping matters. Such arbitration
 is</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>to be conducted in accordance with the London Maritime</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Arbitration Association (LMAA) Terms current at the time
 when</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>the arbitration proceedings are commenced and in accordance</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>with the Arbitration Act 1996 or any statutory modification
 or re-</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>enactment thereof. In the event that a party hereto shall
 state a</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>dispute and designate an arbitrator in writing, the other
 party</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>shall have 20 Business Days to designate its own
 arbitrator. If</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>such other party fails to designate its own arbitrator within
 such</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>period, the arbitrator appointed by the first party can
 render an</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>award hereunder. Until such time as the arbitrators finally
 close</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>the hearings, either party shall have the right by written
 notice</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>served on the arbitrators and on the other party to specify</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>further disputes or differences under this Agreement for
 hearing</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>and determination. The arbitrators may grant any relief,
 and</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>render an award, which they or a majority of them deem just
 and</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>equitable and within the scope of this Agreement, including
 but</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>not limited to the posting of security. Awards pursuant to
 this</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Clause 19.1 may include costs and judgments may be entered</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>upon any award made herein in any court having
 jurisdiction.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>and
 any dispute arising out of or</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 connection with this Agreement chall be referred to arbitration</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>504</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 London in accordance with the Arbitration Act 1996- or</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>505</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>any
 statutory modification or re-enactment thereof save to</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>506</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the
 extent necessary to give effect to the provisions of this</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>507</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Clause.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>508</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>The
 arbitration shall be conducted in accordance with the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>509</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>London
 Maritime Arbitrators Association (LMAA) Terms</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>510</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>current
 at the time when the arbitration proceedings are</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>511</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>commenced.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>512</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>The
 reference shall be to three arbitrators. A party wishing</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>513</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>to
 refer a dispute to arbitration shall appoint its arbitrator</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>514</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>and
 send notice of such appointment in writing to the other</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>515</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>party
 requiring the other party to appoint its own arbitrator</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>516</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>within
 14 calendar days of that notice and stating that it will</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>517</FONT></P>
 </TD>
 </TR>
</TABLE>



</DIV>



<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>appoint
 its arbitrator as solo arbitrator unless the other party</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>518</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>appoints
 its own arbitrator and gives notice that it has done</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>519</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>so
 within the 14 days specified. If the other party does not</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>520</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>appoint
 its own arbitrator and give notice that it has done so</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>521</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>within
 the 14 days specified, the party referring a dispute to</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>522</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>arbitration
 may, without the requirement of any further prior</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>523</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>notice
 to the other party, appoint its arbitrator as sole</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>524</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>arbitrator
 and shall advice the other party accordingly. The</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>525</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>award
 of a sole arbitrator shall be binding on both parties</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>526</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>as
 if he had been appointed by agreement.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>527</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Nothing
 herein shall prevent the parties agreeing in writing</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>528</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>to
 vary these provisions to provide for the appointment of a</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>529</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>sole
 arbitrator.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>530</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>In
 cases where neither the claim nor any counterclaim</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>531</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>exceeds
 the sum of USD50,000 (or such other sum as the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>532</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>parties
 may agree) the arbitration shall be conducted in</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>533</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>accordance
 with the LMAA Small Claims Procedure current</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>534</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>at
 the time when the arbitration proceedings are commenced.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>535</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike><b>19.2</b>
 This Agreement shall be governed by and construed</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>536</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 accordance with Title 9 of the United States Code and</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>537</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the
 Maritime Law of the United States and any dispute</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>538</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>arising
 out of or in connection with this Agreement shall be</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>539</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>referred
 to three persons at New York, one to be appointed</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>540</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>by
 each of the parties hereto, and the third by the two so</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>541</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>chosen;
 their decision or that of any two of them shall be</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>542</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>final,
 and for the purposes of enforcing any award,</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>543</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>judgement
 may be entered on an award by any court of</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>544</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>competent
 jurisdiction. The proceedings shall be conducted</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>545</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 accordance with the rules of the Society of Maritime</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>546</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Arbitrators,
 Inc.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>547</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>In
 cases where neither the claim nor any counterclaim</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>548</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>exceeds
 the sum of USD50,000 (or such other cum as the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>549</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>parties
 may agree) the arbitration shall be conducted in</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>550</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>accordance
 with the Shortened Arbitration Procedure of the</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>551</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>Society
 of Maritime Arbitrators, Inc. current at the time when</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>552</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the
 arbitration proceedings are commenced.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>553</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike><b>19.3</b>
 This Agreement shall be governed by and construed</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>554</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>in
 accordance with the laws of the place mutually agreed by</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>555</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>the
 parties and any dispute arising out of or in connection</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>556</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>with
 this Agreement shall be referred to arbitration at a</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>557</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>mutually
 agreed place, subject to the procedures applicable</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>558</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=BLUE FACE=ARIAL><Strike>there.</Strike></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>559</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>19.4</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> If <FONT COLOR=BLUE><U>Box 18</U></FONT>
 in Part I is not appropriately filled in, sub-</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>560</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>clause <FONT COLOR=BLUE><U>19.1</U></font> of this Clause shall apply.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>561</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><I>Note: <FONT  COLOR=BLUE><U>19.1</U>, </FONT><FONT  COLOR=BLUE><U>19.2</U></FONT> and <FONT  COLOR=BLUE><U>19.3</U></FONT> are alternatives;
 indicate</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>562</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><I>alternative
 agreed in </I></FONT> <FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL COLOR=BLUE><I><U>Box 18</U>.</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>563</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>20</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>Notices</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>564</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>20.1</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> Any notice to be given by either party to the other</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>565</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>party shall be in writing and may
 be sent by fax, <FONT COLOR=BLUE><Strike>telex,</Strike></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>566</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>registered or recorded mail or by
 personal service.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>567</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL><B>20.2</B><FONT  STYLE="FONT-SIZE:6.5pt" FACE=ARIAL> The address of the Parties for service of such</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>568</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>communication shall be as stated
 in <FONT COLOR=BLUE><U>Boxes 19</U></FONT> <FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>
 and</FONT> <FONT COLOR=BLUE><U>20</U></FONT>,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>569</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>respectively.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>570</FONT></P>
 </TD>
 </TR>


<TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>21</B><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>.</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>Co-operation</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>The Head Managers shall cooperate and join their resources</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>with the Sub-managers in order for the Sub-managers to
 obtain</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>favourable prices for major supplies for the Vessel, e.g.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt" COLOR=RED FACE=ARIAL><B>lubricants.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT STYLE="FONT-SIZE:6.5pt">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

</DIV><BR CLEAR="ALL"><BR>

<P ALIGN="JUSTIFY"><FONT STYLE="FONT-SIZE:6.5pt" FACE=ARIAL>This document is a computer generated SHIPMAN 98 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly
visible. In the event of any modification made to the pre-printed text of this
document which is not clearly visible, the text of the original BIMCO approved
document shall apply. BIMCO assumes no responsibility for any loss, damage or
expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document. </FONT></P>

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