On 20 July 2010, at the premises of Ustaoğlu yat ve gemi san.tic.ltd.şti. Shipyard at Eregli, Turkey

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1 Rotterdam, 22 July 2010 Our ref. : MS RS/DHF Instr. : dated THIS IS TO CERTIFY, that the undersigned, surveyor to Marinco Survey B.V., Rotterdam, the Netherlands, at the request of and for and on behalf of Caterpillar Financial Services at Tennessee, United States of America, and upon special request of Captain T. Karavias inspected the twin screw motor yacht under construction m.y. ANTIBES Length m (36.70 m after lengthening) of London On 20 July 2010, at the premises of Ustaoğlu yat ve gemi san.tic.ltd.şti. Shipyard at Eregli, Turkey In order to perform an 8 th PROGRESS SURVEY OF SHIP S HULL, MACHINERY AND APPURTENANCES and to report on particulars found in this respect.

2 - 2 - C O N T E N T S P r e a m b l e GENERAL General particulars PROGRESS SURVEYS Meeting with Owners representative Conditions found DURING 8 th PROGRESS SURVEY Planning COMPLETION PERCENTAGE COMMENTS AND REMARKS...12

3 - 3 - P R E A M B L E The undersigned proceeded to the premises of Ustaoğlu yat ve gemi san.tic.ltd.şti. Shipyard at Eregli, Turkey on 20 July 2010, in order to carry out the 8 th progress survey as outlined in the heading of this report. Survey was carried out in company with: - Captain T. Karavias - Saenz Yachts, Commercial Manager - Captain K. Chionas - Saenz Yachts, Building Supervisor - mr. S.N. Dassiras - Naval Architect on behalf of Saenz Yachts. Circumstances prevailing during the survey: - The survey was carried out whilst the ship was nearly completed, inside the construction hanger. Completely covered with dust plastic. - Cleaning of the vessel was in progress. - Meeting was held pertaining to found conditions and completion percentage. The undersigned of Marinco Survey B.V. have only inspected those parts of the ship, her machinery, equipment or records, which were made available or actually exposed, uncovered or readily accessible under the circumstances of the survey. Marinco and undersigned are unable to report on any other part of the ship, her machinery or equipment and shall be under no responsibility whatsoever in such respect. Anything not reported in this report of survey was not inspected and condition could not be ascertained and is subject to further survey.

4 GENERAL The ship originally designed as a 32 m twin screw motor yacht with accommodation for 17 persons. The yacht has been extended to m, by adding a section on the main frame. Propulsion is by two high speed engines driving through reduction gearboxes a pitch propeller resulting in a maximum speed of 16.0 knots, cruising speed 12/13 knots. The ship is arranged with a bow thruster. Electrical power is provided by two (2) auxiliary diesel generators and emergency batteries as a back up. Ancillary machinery and equipment is of well reputed European Makes and types GENERAL PARTICULARS Name of the ship : m.y. ANTIBES Built : By Ustaoğlu yat ve gemi san.tic.ltd.şti. Shipyard at Eregli, Turkey. Status : Under construction. Classification : Registro Italiano Navale (RINA) With the notation: C HULL, MACH Ych (MCA) Comfort Class Unrestricted Navigation Charter Class. The vessel will also comply with the rules of: MCA USA coastguard. Dimensions : Length, o.a. : m Length water line : m Beam : 7.60 m Draft : 2.30 m Displacement : 224 tons

5 - 5 - Capacities of cabins : Owners : 1 cabin Guests : 5 cabins Crew : 3 cabins Main engine : Two (2) Make : Caterpillar Type : C 18 Rating : 575 kw Speed : 2,300 r.p.m. Gearbox : Two (2) Make : Reintjes Type : WAF 334 Auxiliary engines : Two (2) Make : Caterpillar Type : C 4.4 Rating : 69 kw Bow thruster : One (1) Make : HRP Type : 16 BHT Capacity : 50 kw Propeller : Two (2) Make : Teinbridge Sewage treatment unit : One (1) Type : Triton 101 Desalinate unit : One (1) Make : Sea Recovery Aqua Type : X TW 0 Fuel separator : Two (2) Make : Alfa Laval Type : MIB 303 Ancillary equipment : Pumps : Rammagiotti Deck equipment : Make : Muir

6 PROGRESS SURVEYS The initial survey was held on 9 May At that time the progress was estimated in percentage of total weight of steel for construction of the ship: at 85%. Overall progress, in percentage of the project to construct the ship: range 31 33%. See our report of survey MS ET/DHF dated 14 May The second progress survey was held on 27 November At that time construction progress steel in percentage of total weight of steel for construction of the ship was estimated at 95%. Overall progress, in percentage of the project to construct the ship was estimated at range 48-50%. There was a delay in delivery from the first progress survey of 4 months, seen the planning for the completion of components we believe that more delays could be expected. See our report of survey MS AHV/DHF dated 2 December The third progress survey was held on 5 March There was now a delay in delivery from the first progress survey of 5 months, Bottle necks were: - Filling and painting of hull and decks. - Interior and decoration. The yard is well underway with the preparation, reportedly the pre-fabrication of the interior is well in progress. - Installation of machinery and equipment, where very little progress has been made since last progress survey. - At that time completion of the yacht in steel only, in percentage of total weight of the ship was estimated at 99%. Overall progress, in percentage of the project to complete construction and outfitting of the ship: range 65-70%. See our report of survey MS AHV/DHF dated 10 March The fourth progress survey was held on 15 July Further delays developed, reportedly caused by low productivity of sub-contractors and bottlenecks are: - Filling and painting of decks. - Interior and decoration. Completion of installation will carried out in Greece. - Installations of machinery with little progress but many components are now delivered. - Ramadan during almost a month will result in low productivity. - At that time the over-all progress in percentage of the project to complete construction and outfitting of the ship was estimated at 75%. See our report of survey MS AHV/DHF dated 22 July 2009.

7 - 7 - The fifth progress survey was held on 14 October At that time further delays had developed from the previous survey of three (3) months. Delay at the painting department was caused by a very wet summer. Other cause of concern was the outfitting of interior and decoration, which will be done in Greece. The over-all progress in percentage of the project to complete construction and outfitting of the ship was estimated at 78%. See our report of survey MS ET/DHF dated 20 October The sixth progress survey was held on 21 January At that time further delays had developed from the previous survey of four months. Delay at the painting department was caused by a very cold winter. Other cause of concern was the outfitting of interior and decoration, which will be done in Greece. The over-all progress in percentage of the project to complete construction and outfitting of the ship was estimated at 87%. See our report of survey MS PF/DHF dated 29 January The seventh progress survey was held on 16 April At that time the steel construction and filling of the steel construction was completed. The over-all progress in percentage of the project to complete construction and outfitting of the ship was estimated at 89%. See our report of survey MS AW/DHF, dated 16 April 2010.

8 MEETING WITH OWNERS REPRESENTATIVE Obtained information. The ship changed flag in May 2010 in to the British Flag. The vessel is ready for launching and sea-trials. Class inspected the vessel but will issue the certificates after the sea-trials. Nearly the complete interior is installed, except for the delicate items. There are two prospective buyers, which both want some modifications to the vessel. Launching date is scheduled after the modifications are carried out, but not later then 10 days from now. If one of these two signed the contract Documentation was reviewed stating that payments were effected to the amount of: EURO 8,397, (Say: EUR Eight Million Three Hundred Ninety-Seven Thousand Two Hundred Seven)

9 CONDITIONS FOUND DURING 8 TH PROGRESS SURVEY Progress in construction of the yacht ANTIBES is generally in accordance with information received from Owner s: HULL - Painting of the hull has been finished DECKS - Decks are outfitted/finished with of teak wood ENGINE ROOM - Engine room equipment ready for sea trials, final floors are installed ACCOMMODATION - At the wheelhouse the floor has been installed. All navigational equipment has been installed. - The barbeque area on the top deck completed. - Galley completed. - Four bathrooms have been fully installed and ready. - The air condition unit has been installed. - Nearly all interior is installed.

10 PLANNING At the 1 st progress survey the planning was as follows: Launching : March 2009 Delivery : March 2009 At the 2 nd progress survey Owners planning was as follows: Launching : July 2009 Sea trials : July 2009 Delivery : July 2009 At the 3 rd progress survey Owners planning was as follows: Launching : August 2009 Sea trials : August 2009 Delivery : September 2009 At the 4 th progress survey Owners have revised there planning was as follows: Launching : September 2009 Sea trials : October 2009 Delivery : October 2009 At the 5 th progress survey Owners have revised there planning was as follows: Launching : January 2010 Sea trials : January 2010 Delivery : January 2010

11 At the 6 th progress survey Owners have revised there planning was as follows: Launching : February - March 2010 Sea trials : February - March 2010 Delivery : February - March 2010 At the 7 th progress survey the Owners have revised there planning as follows: Launching : May 2010 Sea trials : May/June 2010 Delivery : July 2010 (Greece) The planning now has been revised as follows: Launching : May 2010 Sea trials : July/August 2010 Delivery : August 2010 (pending on buyer)

12 COMPLETION PERCENTAGE The steel construction and filling of the steel construction of the ship has been completed. Overall progress, in percentage of the project to complete construction and outfitting of the ship: 96% (Say: Ninety Six Percent) COMMENTS AND REMARKS - The ship is nearly completed, the only outstanding item is the sea-trials, class certificates are prepared but will be issued after the sea-trials. All particulars compiled to the best of our ability believed to be correct but given without guarantee. Done without prejudice and to avail where may be required at. Rotterdam, 22 July 2010 MARINCO SURVEY BV