Investor Presentaiton

MARPOL Annex VI – air pollution and energy efficiency . . - Air pollution requirements adopted 1997, revised in 2008 SOX Current global cap 3.5% • decision on 0.5% global cap date due Oct 2016 based on availability review - 2020 or 2025 Limits in ECAs 0.1% from 1 Jan 2015 • NOx Tier III emission limit now in force on ships constructed on or after 1 Jan 2016 in North America/Caribbean ECAS • Will apply to ships constructed on or after date of adoption for future ECAS 19 IM INTERNATIONAL MARITIME ORGANIZATION

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