1. - Lloyds Maritime Academy - London December 2, 2011 G. Robert Toney - Lloyds Maritime Academy - London | December 2, 2011 | G. Robert Toney

2. National Maritime Services is a global leader in the management of custody assignments for arrested and seized vessels. The company possesses significant experience in the foreclosure, arrest, attachment and ultimate liquidation of commercial ships and pleasure yachts in a multitude of jurisdictions. This service enables lenders and other claimants to maximize their financial return when vessel arrest becomes necessary. The company’s affiliate, National Liquidators, is the largest pleasure boat recovery and remarketing provider in the world. Combined, the enterprise processes approximately 2,000 assignments annually.

3. Arrest alternatives Self-help recovery Self-help recovery Relocate to preferred jurisdiction Requires consent of authorities/crew Loan note enforcement Loan note enforcement Attach alternate assets Involuntary bankruptcy Involuntary bankruptcy Cost vs. return Amount of mortgage/claim Amount of mortgage/claim Vessel condition & value Vessel condition & value Resource requirements Resource requirements Other known or potential claims Other known or potential claims Jurisdiction/location of vessel Jurisdiction/location of vessel Owner’s likely action/inaction Owner’s likely action/inaction

4. Ensure safety of vessel & crew Ensure safety of vessel & crew Enhance/preserve value Enhance/preserve value Control costs Control costs

5. Overall arrest planning Overall arrest planning Watchman/keeper & security Watchman/keeper & security Crew assessment & repatriation Crew assessment & repatriation Provisions, stores, bunkers & waste removal Provisions, stores, bunkers & waste removal Cargo & passenger discharge Cargo & passenger discharge Dockage/berthing & shifting Dockage/berthing & shifting Interaction with authorities Interaction with authorities Maintain classifications/certifications Maintain classifications/certifications Insurance Insurance

6. Loyalty of master & crew Loyalty of master & crew Immigration status Immigration status Ongoing medical issues Ongoing medical issues Pay/contract status Pay/contract status Security concerns Security concerns Identify non-essential crew Identify non-essential crew

7. Prior/existing coverage Status of existing premiums/calls Status of existing premiums/calls Affect of arrest/seizure Affect of arrest/seizure Name additional insured Name additional insured Replacement coverage Custodian’s liability Custodian’s liability Port risk, P&I, pollution Port risk, P&I, pollution Limited term Limited term

8. Reduce or eliminate existing crew Reduce or eliminate existing crew Utilize watchman in lieu of security service Utilize watchman in lieu of security service Negotiate for required services Negotiate for required services Move vessel to/from anchorage/berth Move vessel to/from anchorage/berth Adjust insurance coverage Adjust insurance coverage Eliminate unnecessary services Eliminate unnecessary services Pendency of Arrest Time CostCost

9. Yacht Foreclosure No business value No business value Similar complexities to a commercial ship Similar complexities to a commercial ship Consider self-help vs. judicial foreclosure Consider self-help vs. judicial foreclosure Significant storage, maintenance & crew Significant storage, maintenance & crew Market evaluation Market evaluation Sales strategy Sales strategy

11. 51,332 dwt product tanker, 2009 build, Singapore registry 51,332 dwt product tanker, 2009 build, Singapore registry Ship mortgage foreclosure - Korea Line (Singapore) Ship mortgage foreclosure - Korea Line (Singapore) Included in Chapter 15 filing Included in Chapter 15 filing Reduced crew to minimum safe manning Reduced crew to minimum safe manning Arranged short-term port risk insurance and P&I coverage Arranged short-term port risk insurance and P&I coverage Negotiated less-expensive berth Negotiated less-expensive berth Resolved complicated crew pay issues - diverse group of claimants Resolved complicated crew pay issues - diverse group of claimants Managed crew injury claim – maintenance & cure Managed crew injury claim – maintenance & cure Assisted in vessel transfer to new buyer Assisted in vessel transfer to new buyer

12. 28,019 dwt bulk carrier, 1985 build, Liberian flag 28,019 dwt bulk carrier, 1985 build, Liberian flag Ship mortgage foreclosure relating to Eastwind bankruptcy Ship mortgage foreclosure relating to Eastwind bankruptcy Vancouver, Canada location Vancouver, Canada location Significant interaction with Canadian authorities and ITF Significant interaction with Canadian authorities and ITF Replaced key officers and unnecessary crew Replaced key officers and unnecessary crew Maintained Nippon Kaiji Kyokei (“NK”) class certification Maintained Nippon Kaiji Kyokei (“NK”) class certification Utilized crew to make ship “sale ready” Utilized crew to make ship “sale ready” Oversaw court sale, staffed auction Oversaw court sale, staffed auction

13. Fleet of 12 tugs & 9 barges Fleet of 12 tugs & 9 barges Retained by mortgagee bank Retained by mortgagee bank Collateral located in 4 various states Collateral located in 4 various states Cooperative owner surrendered vessels Cooperative owner surrendered vessels Other liens required arrest and subsequent Other liens required arrest and subsequent marshal sale to cleanse title National provided security, dockage, National provided security, dockage, maintenance and port risk cover

14. 16,750 dwt combined oil & chemical tanker, 2004 build, Liberia flag 16,750 dwt combined oil & chemical tanker, 2004 build, Liberia flag Ship mortgage foreclosure Ship mortgage foreclosure Required bio-diesel cargo offload/hired additional AMO crew Required bio-diesel cargo offload/hired additional AMO crew Completed life raft certification to enhance value Completed life raft certification to enhance value Sold $26+ million Sold $26+ million

15. 178 cabin gaming cruise ship, 1975 build, Bahamas flag 178 cabin gaming cruise ship, 1975 build, Bahamas flag Located in Bahamas/retained by Bahamian Admiralty Marshal Located in Bahamas/retained by Bahamian Admiralty Marshal Required significant interaction with Bahamian government Required significant interaction with Bahamian government Alternative claims to gaming equipment Alternative claims to gaming equipment Repatriated unnecessary crew Repatriated unnecessary crew Vessel ultimately sold as scrap Vessel ultimately sold as scrap

16. 35 meter commercial fishing vessel, 2000 build, US flag 35 meter commercial fishing vessel, 2000 build, US flag Retained by mortgagee bank Retained by mortgagee bank Self-help recovery, Costa Rica Self-help recovery, Costa Rica Negotiated release from other Costa Rican claimants Negotiated release from other Costa Rican claimants Relocated to favorable jurisdiction for judicial arrest & court sale Relocated to favorable jurisdiction for judicial arrest & court sale

17. Accumarine Assets 5 Inland push boats 5 Inland push boats 8 Dbl skin tank barges 8 Dbl skin tank barges 2 locations (AL & TX) 2 locations (AL & TX) Sold at auction & post-sale Sold at auction & post-sale 6 different buyers 6 different buyers $7 million+ cumulative price $7 million+ cumulative price M/T Blue Jasper 105,905 dwt Aframax tanker 105,905 dwt Aframax tanker NMS court-appointed custodian NMS court-appointed custodian Collaborative sales effort with S&P broker Collaborative sales effort with S&P broker Hired by mortgagee to validate commercial Hired by mortgagee to validate commercial reasonableness of sale $42.5 million sales price $42.5 million sales price