TSAKOS INDUSTRIAS NAVALES S.A.

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2017 TSAKOS INDUSTRIAS NAVALES S.A.

OUR COMPANY TSAKOS INDUSTRIAS NAVALES S.A. shipyard is located in the heart of the beautiful natural harbor of Montevideo, safe city of European appearance, Uruguay capital and Mercosurgeopolitical center, approximately half an hour from its international airport and a few minutes from its historical, commercial and financial center. TSAKOS INDUSTRIAS NAVALES S.A. takes advantage of this privileged context and offers it for the benefit of its customers, who will find in the shipyard and also in the port and custom areas, all the services required for a total, efficient and fast ship repair. Capt. Panagiotis N. Tsakos

VISION - TSAKOS INDUSTRIAS NAVALES S.A. aims to remain as an internationally recognized ship repair yard to be considered as the one that has the best relation between cost, quality and delivery time for its services in the regional area. To achieve this a continuous effort should be made in order to improve quality and productivity in all the areas of its activity. Thus, the company will consolidate a leadership position at the South Atlantic area, that will allow to grow and multiply the benefits received by its clients, shareholders, personnel and suppliers, as well as the society in general. TSAKOS INDUSTRIAS NAVALES S.A. - MISSION To sell competitive services fulfilling client's requirements in the following areas: -Ship repair in the international market (dry-docking and afloat) - Maritime, port and civil infrastructure works - Industrial assembly, manufacture an repair

FLOATING DOCK LENGTH 200m INNER BREADTH 32m LIFTING CAPACITY 18,000 tons CRANES 15/10 tons REPAIR PIERS: 600m

SERVICE TO YOUR SHIP AROUND THE CLOCK 3 x 740 kw GENSETS REPLACEMENT FOR TRANSPETRO

REPAIRS AND CONSTRUCTION SERVICES FOR NAVAL AND INDUSTRIAL AREAS Conversions Metalurgical shops Light and heavy steel works Qualified welders

FLEXIBLE COST EFFECTIVE QUALITY SERVICES Major structural steel repairs Rudder repairs Floating crane

TSAKOS IS THE MOST RELIABLE WORKSHOP IN THE AREA AND THE NATURAL CHOICE FOR THE VESSELS OPPERATING IN THE SOUTH ATLANTIC Controllable Pitch Propellers Propellerrepairsand rebuilding Piping Valves Mainand Auxiliary machinery repairs

Electricity, water and air supply High pressure water cleaning - Gritblasting Painting Tank coating Tank cleaning- Underwater services Flying squads Electrical shops - Non Destructive Testing Ultrasonic Thickness Mesurements Electronic/ navigation equipment Hydraulics - Shaftline repairs - Boilers repairs TSAKOS HAS ACQUIRED A SOLID REPUTATION FOR IN TIME DELIVERY AND EXCELLENT QUALITY AND ENJOYS FIRM CLIENTS PREFERENCE WORLDWIDE

HISTORY The Swiss Emmanuel Regusci, graduated as first marine engineer in Genoa and ship repair workshop owner, became partner in 1901 with the Alsatian Alberto Voulminot, engineer graduated at The Societe Alsacienne de Constructions Mecaniques. This partnership was the origin of one of the most important Uruguayan metallurgical companies, called "The North Foundry", that years later would change its name to "Regusci y Voulminot". In the 1920 s, they bought at Lubeck-Germany -a floating dock, that was applied to develop the company during the following years. In 1947 it was acquired a 15,000 tons. lifting capacity floating dock from the British Admiralty, in order to compensate for theone that had been handed over to the Royal Navy in 1943, during 2nd World War. At those days, the Company was already a very good example concerning metallurgical and mechanical industrial activity, and was recognized for its equipment capacity and its skillful workers, many of them European immigrants. During the 1960 s, the "Cecilia", first Uruguayan ship classed with the maximum Lloyd s Register qualification was constructed, and at the 70 s beginning, the Company was preparing itself to construct small commercial airplanes. Also at the initial 70 s, Captain Panagiotis Tsakos founded in Greece, the Tsakos Group. Among the great variety of activities the Group faced up in 1974, the Regusciy Voulminotshares total acquisition. In that opportunity, this company was stopped, facing a hard financial situation and consequently, important problems related with its personnel. The new company, named TSAKOS INDUSTRIAS NAVALES S.A., was able to join the great experience of a shipyard that had a well known quality and leadership tradition in South America, with the support and hard working nature existing in the International Group,with its main offices located at Greece, to which it started to belong. In 1975 it was started an investment schedule, that included to reactivate and to organize TSAKOS INDUSTRIAS NAVALES. Among the most relevant investments performed are: -Floating dock purchase in 1988 to the Blohm& Voss germanshipyard of 18,000 tons lifting capacity, 200 m total length, 32 m internal beam. It must be emphasized that the dock was transported in two parts, and then joined and installed, being a very importantwork that demonstrated the high technical qualification of all at each level of TSAKOS INDUSTRIES NAVALES S.A. personnel. -New port facilities implementation, including: to build a workshop; to build an electric energy substation; to improve, the repair pier, the pier and dock cranes, and the support pontoons; to dredge the dock pit and access reaching a depth suitable to allow the entrance to the theshipyard of those ships according to the new dock capacity. -Cut and suction dredge adquisition, with 14 m depth dredging capacity, in order to maintain the required depth in those areas related with shipyard operation at Montevideo harbour.

Concession renewal up to2046 grantedbythe National Ports Administration s Resolution 752/3805 held on December 30 th, 2015 FUTURE ENHANCED NEW LOCATION NEW PANAMAX SIZE FLOATING DOCK

TSAKOS INDUSTRIAS NAVALES S.A. Av. Gral. Rondeau 2023 Montevideo, Uruguay Phone: +598 29248336 Fax: +598 29247095 tsakos@tsakosmonte.com.uy www.tsakosmonte.com.uy