1. ©2003-8 Electronic Shipping Solutions. All rights reserved. 1 STRICTLY CONFIDENTIAL Overview of ESS Presentation for Intertanko Council 18 Nov 08

2. ©2003-8 Electronic Shipping Solutions. All rights reserved. 2 AGENDA 1.ESS 2.Legal Approvals 3.Benefits (i.e., risk, cost, operational, etc.) 4.Current Rollout Status 5.Demo (sign eDocs) 6.Q&A

3. ©2003-8 Electronic Shipping Solutions. All rights reserved. 3 MOTIVATION “Our Age of Anxiety is, in great part, the result of trying to do today's jobs with yesterday's tools....” - Marshall McLuhan

4. ©2003-8 Electronic Shipping Solutions. All rights reserved. 4 ESS

5. ©2003-8 Electronic Shipping Solutions. All rights reserved. 5 OVERVIEW Services ESS provides on-demand eDocs Services which enable users to replace key paper shipping documents, such as the negotiable bill of lading, cargo manifest and certificate of origin with original electronic documents (eDocs) Scope ESS focuses on the eDocs required to trade and import water- borne cargoes, commencing in the liquid bulk market Exchange ESS provides its eDocs Services through the ESS-Databridge™ eDocs Exchange, which it owns and operates Company ESS is a neutral shipping eDocs Service Provider. The company was established in 2003. Employ close to 50 people globally, including Athens, London, Mumbai, New York and Malta Customers Our customers include 7 of the top 20 companies in the 2008 Fortune Global 500 DDG Our Users Association (the DDG) includes oil companies, traders, banks, ship agents, tanker operators and NGOs such as the World Customs Organization and UNCTAD

6. ©2003-8 Electronic Shipping Solutions. All rights reserved. 6 Refineries Equity Holders Oil Majors Oil Traders eDOCS USER NETWORK: CRUDE OIL Shipowners Banks Ship Agents Ship Managers

7. ©2003-8 Electronic Shipping Solutions. All rights reserved. 7 ESS-DATABRIDGE™ EXCHANGE  The Exchange establishes the rights and obligations that a trading party would have under the equivalent paper documentation  Processes (‘Best eDocs Practices’) built into the Exchange have been developed with users over the last 4 years  Legal Framework (DSUA) was developed with the assistance of key stakeholder groups over last 4 years  The Exchange is implemented to provide high availability  The Exchange supports B2B data interchange ESS provides eDocs Services through the ESS-Databridge™, its shipping eDocs Exchange

8. ©2003-8 Electronic Shipping Solutions. All rights reserved. 8 eDOCS SERVICES EXAMPLE: CRUDE OIL Terminal Services Carrier Services Exchange Services For Terminals and Refineries Enable users to:  Draft or upload documents and review online  Sign / issue documents electronically For ship operators and ship managers For Importers, Exporters, Traders, Banks and End Receivers Enable users to:  Review and sign /issue documents online  Manage requests for amendments  Accept production of eB/L and accomplish eB/L Enable users to:  Receive eB/Ls and accompanying eDocs  Endorse to another Exchange user  Present to bank(s)  Request amendments, if required  Produce to carrier at discharge port to receive the goods

9. ©2003-8 Electronic Shipping Solutions. All rights reserved. 9 LEGAL APPROVALS

10. ©2003-8 Electronic Shipping Solutions. All rights reserved. 10 APPROVALS  Reviewed and approved by: -IG representing all shipowners (obtained April 2007) – comprehensive review by US (Holland & Knight) and UK (Michael Collett) Counsel for IG - IG are currently examining mutualising the incremental risks of using eB/Ls -ITIC representing leading ship agents (obtained April 2007) -LEAP representing oil majors, trading houses & banks (obtained Jan 2008)  Legal Workshops -ESS has conducted Legal Workshops which have been attended by, inter alia, BP, STASCO, ExxonMobil, LEAP and the IG ESS’ Users Agreement has been vetted by key stakeholders

11. ©2003-8 Electronic Shipping Solutions. All rights reserved. 11 BENEFITS

12. ©2003-8 Electronic Shipping Solutions. All rights reserved. 12  Eliminates need to accept LOIs at discharge port – enabling shipowners to remain within their P&I cover  Improves transparency as all eB/Ls, even drafts, can be seen across the fleet  Enables faster turnaround at ports where paper documentation causes delay, due to faster creation, review, transmission and signing  Eliminates pain of managing amendments to documents  Allows for convergence of processes that are otherwise duplicated such as creating shipping documents and Customs/Government required information such as AMS manifests CARRIER BENEFITS Carriers can significantly reduce risk, improve visibility and improve operational efficiencies by adopting eDocs

13. ©2003-8 Electronic Shipping Solutions. All rights reserved. 13 ROLLOUT STATUS

14. ©2003-8 Electronic Shipping Solutions. All rights reserved. 14 ROADMAP Proof-of- Concept Pilots Run with several oil majors North Sea rollout - Statoil offshore - Teesside - Hound Point - Sullom Voe - Sture - Mongstad Trade finance capability Leading commodity trading houses Leading banks Today Geographical expansion Product expansion 2007-2008 1H 2009 2H 2009

15. ©2003-8 Electronic Shipping Solutions. All rights reserved. 15 DEMO

16. ©2003-8 Electronic Shipping Solutions. All rights reserved. 16 EVOLUTION “The telephone is an interesting device – I predict that one day every city will have one” Mayor of Chicago, 1891

17. ©2003-8 Electronic Shipping Solutions. All rights reserved. 17 Q&A

18. ©2003-8 Electronic Shipping Solutions. All rights reserved. 18 ESS EMEA Office 71-81 Whitfield Street London W1T 4HG United Kingdom Tel: +44 (203) 102 6600 Email: emea@essdocs.com ESS Americas Office New York, USA ESS Asia Pacific Office Wanchai, Hong Kong, China

19. ©2003-8 Electronic Shipping Solutions. All rights reserved. 19 APPENDIX: WHY NOW Compliance (SOX) Requirements Homeland Security and eCustoms Requirements Cost Savings through Outsourcing Drive for Operational Efficiencies Drive to be more Green Adoption of worldwide eSignature Acts & eUCP