1. THE SANCTIONS MAZE – WHERE WE ARE AND WHERE WE ARE GOING MIKE SALTHOUSE SHIPPING AND THE LAW NAPLES – 7/8 OCTOBER 2014

2. WHERE WE ARE Extraterritorial Target Financial Services Highly Effective 2

3. REDUCTION IN OIL EXPORTS TOP ENERGY BUYERS FROM IRAN AND REDUCTIONS (amounts in barrels per day, bpd) Country/Bloc 2011 Average Current Average EUROPEAN UNION (Particularly Italy, Spain and Greece) 600,000Negligible China550,000420,000 Japan325,000210,000 India320,000200,000 South Korea230,000150,000 Turkey200,000120,000 South Africa80,0000 Malaysia55,000Negligible Sri Lanka35,000Negligible Taiwan35,000Negligible Singapore20,000Negligible Other55,000Negligible Total2.5 mbd1.1 mbd 3

4. EFFECT ON IRANIAN ECONOMY Hard Currency Depletion GDP Decline Currency Decline Inflation Industrial Production 4

5. WIDESPREAD APPLICATION 5 USA

6. WIDESPREAD APPLICATION 6 EUROPE

7. WHAT DO THEY MEAN IN PRACTICE? Trade Prohibitions Operational Interference Unlawful Trading Cover Exclusions 7

8. WHAT DO THEY MEAN IN PRACTICE? 8

9. WHAT’S COMING UP IRAN SYRIA RUSSIA/UKRAINE DPRK 9

10. CONCLUSION Sanctions Are Here To Stay2010 - Ignorance2014 – Detailed Knowledge 10

11. THANK YOU