www.iolcoshellenic.com

Iolcos Hellenic Maritime Enterprises Co. Ltd. THE COMPANY...1 THE IOLCOS HISTORY....2 SAFETY & QUALITY MANAGEMENT...4 SEA-GOING HUMAN RESOURCES.....5 ORGANIZATION 7 THE FLEET....9 NEWBUILDING PROGRAM......10 CHARTERING. 11 2018 Iolcos Hellenic Maritime Enterprises Co. Ltd. Winter 2018

THE COMPANY I olcos Hellenic Maritime Enterprises Co. Ltd. is a company managing large-size ocean-going bulk carrier vessels. Based in Athens, the Iolcos fleet currently consists of 17 panamax and post-panamax bulk carrier vessels and employs more than 30 people in the corporate headquarters in Athens and over 400 on board the ships. The company s headquarters are located inside the Iolcos House, a modern office building in the city of Kifissia, at the northern suburbs of Athens. Iolcos offers a full range of services to vessels, such as Financial, Safety, Chartering, Operations, Technical, Supply, Insurance, Claims handling, Crewing, Accounting, etc. Iolcos is located at 298 Kifissias Ave., Kifissia 145 65, Athens, Greece (Tel: +30 210 6233960-9, fax: +30 210 6233970-1), but can also be visited on the internet, by logging on to www.iolcoshellenic.com. Our Philosophy Iolcos' core business activity is -and has always been- shipping. The name of our Company derives from Greek mythology: Iolcos is the birthplace of Jason, the valiant seafarer who -along with his Argonauts- crossed the Oceans in pursuit of the mythical Golden Fleece. Our philosophy is to preserve the long tradition of our forefathers, but to also live up to the requirements of the modern maritime enterprise and taking advantage of the opportunities that lie ahead in the shipping industry. Our goal is to offer professional ship management to our principals and increase the value of our shareholders. We believe that the only way to succeed in this, is by offering superior shipping services to our Charterers. Excellence in our business, quality in shipping, efficient, effective and professional maritime services is our Golden Fleece. 1 Winter 2018

THE IOLCOS HISTORY The origins of Iolcos date back to the beginning of the 1970s, when the founder of the company, Mr. Andreas Petrakis, started his successful entrepreneurial career through the founding of Petrak S.A., a company specializing in the exporting of various Greek products, mainly cereals and animal fodder. This company developed significant commercial exchange especially with Arab countries and for this purpose used to charter a multitude of vessels. Meanwhile, Petrak had also started to have a flourishing involvement in selling heavy equipment used in road construction. The continuous and successful development of these activities led to the company s association with the shipping industry, as chartering vessels became necessary in order for Petrak S.A. to transport the traded goods. It was this activity, together with the experience gained, that set the course of what would ultimately be the Company s future: in 1982, Mr. Petrakis ventures diverted and focused exclusively on shipping operations, with the founding of Iolcos Hellenic Maritime Enterprises Co Ltd and with the acquiring of his first vessel (the 14,118 dwt MV Brave Themis) in 1983. From the very beginning of its establishment, Iolcos displayed vigorous growth, which quickly positioned the company amongst the industry s most robust. This ongoing development made the need for the company s expansion abroad imperative. Consequently, an office was set up in the Far East under the name Iolcos (Far East) Maritime Agency, based in Manila- Philippines, in order to handle the crewing needs of Iolcos Hellenic, by recruiting trained and experienced staff for our vessels. 2 Winter 2018

In 1997 the Company moved its headquarters to a 3,300 m 2 modern office building, called the Iolcos House, which was designed and built exclusively to accommodate our shipping activities. In 2003, Iolcos entered the Newbuilding field, by placing its first ever order for four panamax vessels in Hudong, China. The first of these ships, the M/V Anny Petrakis was delivered in 2006, followed by the Iolcos Destiny, Iolcos Unity and Evangelia Petrakis, later that year. By the end of 2013, Iolcos had already ordered a total of 18 newbuildings. Past & Present Today, the Company has a well-established presence in the newbuilding market, a renewed fleet and a bright future ahead! The next generation of Shipowners is already involved in the business, surrounded by an experienced management team, so as to ensure the smooth transition between generations, and the successful continuation of Iolcos Hellenic Maritime Enterprises. Co. Ltd. During its more than 35 years of participating in the industry, Iolcos has managed over 70 seagoing bulk carrier vessels. The powerful, unparalleled development of the Iolcos Group of Companies remains a prime example of entrepreneurial success, demonstrating how Greek firms can ascend and become distinguished among the global business community. 3 Winter 2018

SAFETY & QUALITY MANAGEMENT Iolcos Hellenic Maritime Enterprises is regarded by the maritime community as being a qualityoriented manager and, being proud of this reputation, we do our utmost to uphold it. Quality is not just a word to us, but a corporate philosophy that penetrates every rule, policy and action that we take. Continuous improvement is not just another fancy term, but a concept that steers our course. Iolcos Hellenic was one of the first companies to obtain ISM Code certification long before the code entered into force. EXPERIENCE & EXPERTISE Our company and staff have been around long enough to know every aspect of the shipping business and possess all the knowledge required to manage a fleet in a professional and profitable manner. This has been proven by our dynamic growth and continuously improving financial results since our establishment in the early 80s. PROFESSIONAL TEAM Iolcos employs some of the most committed and proficient people in the shipping business. We believe in motivating our staff to unleash their full potential as individuals while operating within a team so as to provide excellent and well-balanced results. Our people understand the needs of operating modern vessels and strive to provide the best service possible. 4 Winter 2018

SEA-GOING HUMAN RESOURCES We consider our human resources to be the backbone of our organization and the moving power behind its mechanism. Capable, well-trained and committed people are the necessary ingredient for success in the business and, when it comes to the ship -the core asset of every shipping company, only the best people will do. Therefore, the mentality behind the crewing function in our Company is accordingly guided. Our goal, when it comes to sea-going personnel is two-fold: First, we want crewmembers who are committed and satisfied: This can only be achieved when our people are well-treated and when they are given permanent employment. We try to "breed" staff, inspiring young men to further pursue their sea-going career. Since 1994, Iolcos Maritime Agencies (Far East) Inc. (www.iolcos.ph), our manning agent in the Philippines, has been dealing exclusively with attending to our Company s crewing needs,. i.e. recruiting and training Filipino seafarers on a permanent basis. Our seamen are employed and re-employed on a year-round basis and are regularly rotated so as to ensure that everyone is fully occupied. Furthermore, when it comes to crew satisfaction, no compromises are made: We provide financial and fringe benefits such as giving advance payments and interestfree loans prior to their signing-on, established a re-employment and seniority bonuses, health insurance, etc. We employ seafarers who are well-trained and able to perform their duties, especially on a job so demanding that requires top skills and physical capabilities. To this end, all of our seamen employees are fully certified in accordance with the latest STCW standards. They all undergo thorough medical examinations prior to boarding and are trained thoroughly prior to their 5 Winter 2018

joining. Training is computer-aided and aims to familiarize or update crew members with our working practices. However, practice makes perfect, so crew training does not end ashore. After embarkation, all Officers and ratings participate in drills, according to the requirements set by the ISM Code and SOLAS and become more familiar with the use of all lifesaving and firefighting appliances, while at the same time frequent ISM-Code seminars, safety meetings and video-training sessions are held on board. The results speak for themselves: most of our officers and crew have been with us for more than a decade! A good crew is the secret behind the successful operation of a ship. When it comes to selecting and training our crew, only the best is good enough 6 Winter 2018

ORGANIZATION T he structure under which the Iolcos Group operates, is the traditional SPC scheme found in the vast majority of Greek shipping companies, i.e. each vessel is owned by a separate ship-owning company and all of them are managed by Iolcos Hellenic Maritime Enterprises Co. Ltd. Management Agreement SPC 1 SPC 2 SPC 3 SPC 4 SPC 5 etc... 100% 100% 100% 100% 100% Vessel 1 Vessel 2 Vessel 3 Vessel 4 Vessel 5... The corporate head office of Iolcos Hellenic Maritime Co. Ltd. is organized in 10 Departments, all of which are headed by a Dept. Manager. Here at Iolcos Hellenic Maritime Enterprises, we believe that good experience coupled with a strong academic background is the key to professional success. This is why our team is made up of people of all ages and backgrounds. 7 Winter 2018

A new generation of future professionals with good academic foundations, willingness and high aspirations, is working side-by-side with a generation of people who have been around the industry for many years. With each one complementing the other, a harmonic and dynamic team is created, working for the common goal of continuous growth and improved quality... As far as the various departments are concerned, Iolcos is structured as follows: President & CEO (Mr. Andreas Petrakis / Mr. Themis Petrakis) CFO (Mr. Yannis Syrigos) COO (Mr. Nikos Athanasiou) Marketing & Sales Operations Technical Insurance & Claims Safety & Quality Crew Supply Accounting Informations Technology 8 Winter 2018

THE FLEET As it was mentioned before, the Iolcos-managed fleet currently consists of 17 panamax and post-panamax bulk carrier vessels. A major aspect of the company s strategy has been the continuous renewal of older units with modern ones, together of course with the proper and systematic maintenance of fleet s physical condition. The company s current fleet is depicted in the table below 1 : Name DWT Year Blt. Class Maker Flag 1. Anny Petrakis 74,500 2008 ABS Hudong Malta 2. Evangelia Petrakis 74,500 2007 ABS Hudong Malta 3. Iolcos Ambition 87,375 2012 LR Hudong Malta 4. Iolcos Destiny 87,375 2012 LR Hudong Malta 5. Iolcos Dignity 87,375 2012 LR Hudong Malta 6. Iolcos Harmony 87,375 2012 LR Hudong Malta 7. Iolcos Legacy 87,375 2010 LR Hudong Malta 8. Iolcos Pride 87,375 2010 LR Hudong Malta 9. Iolcos Unity 74,476 2006 ABS Hudong Malta 10. Iolcos Vision 87,375 2010 LR Hudong Malta 11. Mary Gorgias 75,181 2008 NKK Hudong Malta 12. Yannis Gorgias 87,375 2010 LR Hudong Malta 13. Iolcos Confidence 76,000 2013 ABS Hudong Malta 14. Iolcos Commander 76,000 2013 ABS Hudong Malta 15. Iolcos Genesis 84,000 2011 LR Hyundai HI Marshall Islands 16. Iolcos Fighter 76,000 2014 ABS Hudong Malta 17. Andreas Petrakis 76,000 2014 ABS Hudong Malta We believe that, the fact that almost all the vessels under our management are built in the same shipyard, offers a competitive edge in taking advantage of the relevant economies of scale. 1 For updated information and ships particulars please see our web site at www.iolcoshellenic.com 9 Winter 2018

NEWBUILDING PROGRAM in the Summer of 2003, (clients of) Iolcos Hellenic entered into an agreement with China Shipbuilding & Trading Company Limited and Hudong-Zhonghua Shipbuilding Group Co. Ltd. (www.hudong.com.cn) for the construction of four (4) Panamax bulk carriers, that entered the Iolcos fleet from the 1 st half of 2006 and onwards. The vessels were built to the latest specifications of that time, reflecting Iolcos commitment to quality as well as Hudong s high shipbuilding standards. In the Summer of 2005, an order for two (2) more panamax bulk carriers (delivery Jun/Sep 08) was placed at the same shipyard, thus increasing its number of newbuildings to six, proving in the best possible manner its commitment to modernizing the fleet. During the years that followed 12 more orders were placed, of which 8 were for the 87,000-dwt Post Panamax design. The last of the (total of) 18 newbuildings was delivered in 2014. The newbuilding orders marked a significant milestone in Iolcos long trail of continuous fleet renewal efforts and is a pilot for a new era of persistence to excellence. 10 Winter 2018

CHARTERING A Conservative & Steady Approach Iolcos Hellenic Maritime Enterprises has been a player in the shipping industry long enough to be fully aware of the market risks. This is why our chartering policy has always been cautious and conservative. We favor longer period time charters (when sensible) over spot and we only charter our vessels to top-class charterers. First-Class Charterers A company s reputation is reflected on it s clients, which is why Iolcos carefully selects the parties to whom our vessels are chartered. We take pride in chartering out to companies that are the leaders in their markets. These charterers are viewed not simply as clients, but as strategic partners, with whom the company has worked hard to establish excellent relationships, becoming an Owner of choice for global conglomerates. Amongst the clients that we charter or have chartered- with, include: 11 Winter 2018

Iolcos Hellenic Maritime Enterprises Co. Ltd. 298 Kifissias Avenue Kifissia 145 63 Athens Greece Telephone: +30 210 6233 960 (15 lines) Facsimile: +30 210 6233 970 (2 lines) E-mail: iolcos@iolcos-atp.gr Web: www.iolcoshellenic.com 12 Winter 2018