«A Bit of Vision, Capital – and Lots of Hard Work» Remarks by Dag Wittusen CEO, American Shipping Company ASA 8 October 2014 TradeWinds Jones Act Forum

2 A Bit of Vision, Capital – and Lots of Hard Work  OIL!  Jones Act 1920  Export Ban on Crude 1975  OPA 90  We had a Dream...  The Shale Oil revolution 2012 –  The Players  AMSC  The Consolidation Jingle  Vision, Capital, Good Partners and Lots of Hard Work

OIL!

4 The Jones Act  The Merchant Marine Act of 1920  “To foster a maritime industry in the interest of national security and domestic and international trade” Sen Wesley Jones (R-WA)

5 The Oil Crisis of 1973  To foster the development of domestic oil industry to stifle the impact of future oil embargos  energy independence The Oil Crisis of 1973  Energy Policy and Conservation Act of 1975 The Oil Crisis of 1973  Energy Policy and Conservation Act of 1975  export ban on crude

6 Oil Pollution Act of 1990 (OPA 90) 2015  Another Jones… Rep. Walter B. Jones (D-NC)

– A Marriage made in Heaven, We had a Dream…

8 The Shale Oil Revolution

9 The Players 2014  Numerous players, agendas

10 American Shipping Company Overseas Houston Overseas Long Beach Overseas Los Angeles Overseas New York Overseas Texas City Overseas Boston Overseas Nikiski Overseas Martinez Overseas Anacortes Overseas Tampa  10 modern product tankers  All on evergreen bareboat charter with OSG  Solid base of BBC revenues + upside in profit share with OSG  Serious amounts of NOLs  20% stake in Philly Tankers  Creating value through optimal capital and financial engineering  Refinancing  YieldCo / USA listing  M&A

11 The Consolidation Jingle Other Jones Act players Go MLP Number of vessels US Flag

12 A Bit of Vision, Capital, Good Partners – and Lots of Hard Work MLP Investors 49% 49% + 2% Other Jones Act Players? US Flag

13 Q&A