Sincere Navigation Corporation 新興航運股份有限公司 Stock Code: 2605 Nov. 2010

Company Overview Incorporated by the founder Mr. V. K. Eddie Hsu in 1960. Currently still controlled by the founder’s family. The founder’s history in shipping can be traced back to the 1920 in Shanghai China. IPO in TWSE in December 1989 Current Market Capitalization: US$679M Current fleet: 17 vessels, total 2.58 million dead weight tons New vessels on order to be delivered in the next year (up to 4th Q 2011): 3 vessels Current vessel Average Age: 6 years Shipping Service: Bulk Carrier, Woodchip Carrier, Self-Unloader, and Crude Oil Carrier Nov. 2010

Current Business & Service Ocean-Going Business: 97% Bulk Carrier on Spot and Long-term Service Woodchip Carrier on Long-terms Service Crude Oil Carrier Domestic Coastal Business: 3% Coal COA Service Sand/Stone Transportation Service Main Clients: Bocimar, NYK, Mitsui O.S.K.Line, Rio Tinto, Korea Line, Hachiuma and COSCO H.K. Nov. 2010

Freight revenue by vessel type Nov. 2010

Fleet List & Contract Period Nov. 2010

New Building Vessels Nov. 2010

BDI YEAR INDEX (Jan. 2002 ~ 19 Nov 2010)

STATEMENTS OF INCOME (Expressed in thousands of New Taiwan Dollars, except earnings per share) Nov. 2010

BALANCE SHEETS (Expressed in thousands of New Taiwan Dollars, except net worth per share) Nov. 2010

EARNINGS AND DIVIDENDS IN PAST TEN YEARS (Expressed in thousands of New Taiwan Dollars, except earnings and dividends per share) Nov. 2010