THE PREMUDA GROUP September 2004

Ownership Ownership Floating 48% Navigazione Italiana 29% Assicurazioni Generali 13% Navigazione Italiana is entrusted by the shareholders with the day-to-day running of the Group and in this capacity appoints the CEO. Duferco Italia Holding 10%

Group’s Corporate Holdings Group’s Corporate Holdings Premuda Spa Premuda International Sah Luxembourg Premuda Tankers Spa Genoa 100%

Group’s Corporate Holdings Premuda International SAH Luxembourg Shipowning company Commercial companyHolding company Premuda (Atlantic) Inc. Houston Premuda (Asia) Sdn Bhd Kuala Lumpur Premuda (Monaco) SAM Monaco Brig Shipping Lda - Madeira m/c Four Brig (on sale) Premuda Bulk Navegacao Lda - Madeira m/n Four Iron - m/n Four Sterling - m/n Four Euro Ship-management company 90% 45% 100% Panamax Navegacao - Madeira m/c Four Ketch Moon Shipping Servicos e Navegacao Lda Madeira TBN Aframax 113,000 dwt ICE Class TBN Aframax 113,000 dwt ICE class Four Vanguard Servicos e Navegacao Lda - Madeira - FPSO Four Vanguard Sider Navegacao Lda - Madeira m/n Sider Gulf - m/n Sider Bay m/n Sider Venture - m/n Sider Glory Premuda Chartering Navegacao Lda – Madeira 100% 50% 100% 90% 50% 75% Jep Navegacao Lda - Madeira TBN Aframax 105,000 dwt Australian FPSO Management Pty Ltd Perth 90% 100%

Alcide Ezio Rosina (71) President and Managing Director Premuda SpA C.E.O. of the Group Stefano Rosina (43) President Premuda International Sah Managing Director Premuda Tankers SpA C.O.O. of the Group Marco Tassara (43) General Manager Premuda SpA C.F.O. of the Group Federico Beltrami (44) Fleet Director Senior Management Senior Management

THE PREMUDA FLEET

Fleet Summary Fleet Summary Premuda controls a fleet of 28 vessels totaling 1,959,000 DWT 13 Tankers 11 Bulk carriers 1 Floating production storage offloading unit 3 Tankers on order Premuda controls a fleet of 28 vessels totaling 1,959,000 DWT 13 Tankers 11 Bulk carriers 1 Floating production storage offloading unit 3 Tankers on order

Tankers Tankers Four Sun * ,000 DWT Four Smile * ,000 DWT Four Island ,000 DWT Four Bay ,000 DWT Framura ,000 DWT Four Springs ,000 DWT Four Ketch * ,100 DWT Four Brig ** ,100 DWT Four Schooner * ,100 DWT Four Moon 1984/ ,100 DWT Four Etoiles ,500 DWT Four Glens * 1981/88 51,300 DWT Four Lochs * 1981/88 51,300 DWT Four Lochs * 1981/88 51,300 DWT total 1,137,500 DWT (*): on long term charter - (**): on sale for delivery within september 2004

Bulk Carriers Four Coal ,400 DWT Four Steel * ,400 DWT Four Sterling ,600 DWT Four Iron ,400 DWT Four Euro ,200 DWT Sider Glory 1978/198910,600 DWT Sider Ponza ,300 DWT Sider Capri ,300 DWT Sider Bay ,200 DWT Sider Gulf ,200 DWT Sider Venture ,900 DWT total 396,500 DWT (*): on long term charter

F.P.S.O. F.P.S.O. Floating Production Storage Offloading unit Four Vanguard 1992/ DWT

Vessels Under Construction Vessels Under Construction Aframax tankers TBN DWT TBN DWT Ice Class TBN DWT total DWT

THE MARKET Source: Clarkson Research Studies

Tanker Fleet Tanker Fleet Vessel TypeSize Vessel TypeSize VLCC: VLCC: over DWT Suezmax*: Suezmax*: 110/ DWT Aframax*: Aframax*: 80/ DWT Panamax*: Panamax*: 50/ DWT Handy: Handy: up to DWT * sectors where Premuda operates Vessel TypeSize Vessel TypeSize VLCC: VLCC: over DWT Suezmax*: Suezmax*: 110/ DWT Aframax*: Aframax*: 80/ DWT Panamax*: Panamax*: 50/ DWT Handy: Handy: up to DWT * sectors where Premuda operates

Order Book Sept Type Mil Dwt % of fleet VLCC % Suezmax % Aframax % Panamax % Handy % Total % World Tanker Fleet – Age Profile World Tanker Fleet – Age Profile

Panamax Tanker Fleet - Age Profile > 20 years 36% > 25 years 5% DWT (thousands)

Aframax Tanker Fleet - Age Profile > 20 years 13% > 25 years 5% DWT (thousands)

Suezmax Tanker Fleet - Age Profile > 20 years 12% > 25 years 6% DWT (thousands)

Annual Tanker Earnings Volatility Measured as annual % change in average daily earnings Year Panamax Aframax Suezmax (*) until 10th september % 133% - 7% - 37% 74% - 3% - 15% 149% - 6% - 38% 76% 14% - 26% 171% - 24% 111% 46% *

Average Earnings in USD per Day World tanker fleet Average Earnings in USD per Day World tanker fleet Panamax Suezmax Aframax

Bulk Carrier Fleet Bulk Carrier Fleet Vessel Type Size Capesize: Capesize: over DWT Panamax*: Panamax*: 50/ DWT Handymax: Handymax: 35/ DWT Handy **: Handy **: up to DWT * sector where Premuda operates directly ** including multipurpose bulk carriers (not directly operated by Premuda) Vessel Type Size Capesize: Capesize: over DWT Panamax*: Panamax*: 50/ DWT Handymax: Handymax: 35/ DWT Handy **: Handy **: up to DWT * sector where Premuda operates directly ** including multipurpose bulk carriers (not directly operated by Premuda)

World Bulk Carrier Fleet World Bulk Carrier Fleet End 2000 DWT Millions Sept ORDER BOOK SEPT. 1, 04 dwt millions % of fleet CAPESIZE PANAMAX HANDYMAX HANDYSIZE Total % 19.9% 23.4% 6.8% 19.8%

Panamax Bulker Fleet - Age Profile > 20 years 24% > 25 years 4% 000 DWT

Average Earning in USD per Day Panamax bulk carriers years Earnings per day years Earnings per day $/d (*) until 10th september * 12 % 70 % - 18 % 162 % 71 % Panamax

FINANCIAL DATA

Group Result ( 2000 – 2003) Group Result ( 2000 – 2003) During this 4 year period the Group recorded:  Net profit of € 66.0 million  Cash Flow of € million  Dividend payments of € 12.6 million  Net equity increase (after dividend payments) of € 54.3 million (86%)  A 11 for 10 share distribution in 2000 and 2001 In addition, the Group declared a dividend of € 5.0 million in 2003 which was paid in May 2004.

Consolidated Balance Sheet (Dec 31, 2003) Consolidated Balance Sheet (Dec 31, 2003) 94.2% Fleet €/mil % Other fixed assets €/mil % Short term net debt €/mil % Long term debt €/mil % Net equity €/mil % Bonds €/mil 30.0 LIABILITIES & SHAREHOLDERS EQUITY ASSETS

Consolidated Balance Sheet (June 30, 2004) Consolidated Balance Sheet (June 30, 2004) 94.1% Fleet €/mil Of which €/mil 18.5 under construction 5.9% Other fixed assets €/mil % Short term net debt €/mil % Long term debt €/mil % Net equity €/mil % Bonds €/mil 30.0 LIABILITIES & SHAREHOLDERS EQUITY ASSETS

Consolidated Income Statement Turnover Operating expense (incl. G&A) Operating result Depreciation Net financial charges Exceptional items Result before taxation Taxation Net result for the year Minority interests Group’s net result at (63.0) 38.8 (18.0) (118.4) 19.6 (11.7) 4.0 (1.3) (90.2) 50.1 (15.1) (14.8) (3.9) 16.3 (1.7) (134.6) 56.8 (17.8) (11.7) (2.2) 25.1 (1.2) (120.3) 41.1 (28.3) (0.1)

Financial Highlights Premuda Group Total assets Net fixed assets Debts and other net liabilities Net equity (*) EBITDA Operating results Depreciation Result (before taxes) Cash flow (before taxes) June 30, (*) Net of minority interests

Personnel: - staff ashore seafarers Total Fleet utilization (in %): - commercial operations awaiting employment technical off hire Total Highlights Premuda Group Highlights Premuda Group June 30,

Indebtedness as of June 30, 04Average all inclusive rate - in Euro 66.2%4.05% - in USD 33.8%3.61% 100.0%3.90% Net debt/maturity at June 30, 04 (€/ mil) - within 1 year from 1 to 5 years over 5 years 68.6 Highlights Premuda Group Debt/equity Nr. of issued shares (mil) Net equity per share (€) June 30,

STOCK MARKET PERFORMANCE

Premuda Ord

Premuda Ord and Mibtel

Stock Performances Italian Listed Shipping Companies Index = 100

Performances titolo azionario Premuda % + 56,05 + 7,11 - 5, , ,11 Indice Mibb % + 5, , , ,92 - 3,96 Premudaanno 2000 anno 2001 anno 2002 anno ° bim I dividendi pagati nel quadriennio sono stati pari a €/mil 12,6 (19% dell’utile netto). Nel febbraio 2000 e nel maggio 2001 si sono inoltre perfezionati due aumenti gratuiti del Capitale Sociale, ciascuno con l’assegnazione di una azione ogni dieci possedute. Comparative Performance Public Italian Shipping Companies Stock Performance % Volatility % Stock Turnover % Premuda:year 2000 year 2001 year 2002 year (at 07.31) Navigazioneyear 2000 Montanari:year 2001 year 2002 year (at 07.31) Grandi Naviyear 2000 Veloci:year 2001 year 2002 year (at 07.31) Indice Mib:year 2000 year 2001 year 2002 year (at 07.31)

MAIN EVENTS

August 2004: Acquired a 105,000 dwt Aframax tanker to be built by Hyundai Shipyard for delivery mid Total investment estimated at USD 51 million. April 2004: In anticipation of increased export of crude oil from the Baltic Sea, Northern Russia nad North East Asia, Premuda ordered two 113,000 dwt ice class Aframax tankers at Samsung Shipyard for delivery second half of Total investment estimated at USD 115 million. April 2004: Acquired “Sider Glory”, dwt minibulker built in 1978/1989 (our interest 50%). March 2004: Acquired two minibulkers, “Sider Gulf”, 5,200 dwt built in 1991 and “Sider Bay”, 5,200 dwt built in 1990 (our interest 50%). Investments 2003 – 2004 Investments 2003 – 2004

December 2003: Increased ownership interest to 100% in three Panamax bulk carriers; “Four Sterling”, dwt built in 1993 (from 30%), “Four Euro”, dwt built in 1984 (from 30%) and “Four Iron”, dwt built in 1987 (from 45%). November 2003: Acquired “Four Springs”, dwt Aframax tanker built in August 2003: Acquired “Sider Stream”, dwt Minibulk built in 1984 (our interest 50%). June 2003: Took Delivery of “Four Sun”, dwt Suezmax tanker, built at Samsung Shipyard. May 2003: Acquired “Four Coal”, a dwt Panamax bulker, built in January 2003: Took delivery of two double hull dwt Panamax tankers built at Samsung Shipyard (our interest 50%). Investments Investments

Divestments Divestments July 2004: Sold “Four Brig” – panamax tanker built in 2000, for delivery to buyers within september April 2004: Sold our 50% interest in “Sider Stream” - Minibulker built in February 2004: Sold our 50% interest in “Four Clipper” and “Four Ketch” - Panamax tankers built in 2003; sold a 25% interest in the Panamax Bulk carriers “Four Sterling”, “Four Euro”, “Four Iron”. December 2003: Sold our 30% interest in “Unirial” - Panamax bulker built in November 2003: Sold our 50% interest in “Sider Star” - minibulker built in June 2003: Sold “Four Sun” upon delivery - Suezmax newbuilding. March 2003: Sold for scrap “Four Astra” - OBO carrier built in 1983.

New Regulations Double hull requirements: New Regulations Double hull requirements: The EEC and IMO have accelerated the original single hull phase-out schedules since the “Erika” and “Prestige” events. Under the new regulations:  Non-double hull tankers loading heavy cargoes (fuel oil, diesel oil, etc.) will not be able to berth at any E.E.C. Port as of October  I.M.O. rules phasing-out all non-double hull tankers after 30 years of age. The I.M.O. ban will take affect in 2005 for all single hull tankers (category 1) and from 2010 for partial double-hull tankers (category 2).  I.M.O. allows flag administrations to postpone such deadlines, provided that a Condition Assessment Survey (“CAS”) – stating the ship’s good structure condition is duly passed. Under the CAS extension, deadlines can be postponed until 2007 (category 1) and until 2015 (category 2). Each State is entitled not to accept vessels granted the extension from calling its ports.

New Regulations New Regulations Anticipating the new regulations, Premuda unilaterally implemented a scrapping program of single hull vessels. Premuda is today well positioned to benefit from the new regulations with a fleet of double hull tankers built with very high standards.

Premuda is one of 17 shipping groups in the world granted with all SQE certification by American Bureau of Shipping. Premuda is fully compliant with ISM code for safety, ISO for quality and ISO for environmental protection. Premuda is one of the first Italian companies having obtained the approval of the Ships Security Plans. All managed ships are fully compliant with I.S.P.S. (International Ships and Port facilities) Code. Main Events Regulatory compliance Main Events Regulatory compliance

Main Events Fiscal matters Main Events Fiscal matters Vessels carrying the Italian flag are subject to the tax regime of the International Registry, where taxes are calculated only on a 80% reduced basis of income. Starting from 2005, Premuda should have the opportunity to apply for a “Tonnage Tax” regime, similar to other E.E.C. countries.

Main Events Share capital increase Main Events Share capital increase On May 25th, 2004 the shareholders’ resolved to split from € 0.90 to € 0.50 the nominal value of the shares and to increase the share capital by € 11.2 million, offering existing shareholders 1 new share each 5. The capital increase accomplished on August 3, The additional number of shares should improve the liquidity in the stock market, while the capital increase will strenghten the Group’s financial position.