2017 Deal of the Year Awards

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1 TransacTion Winner role DEALMAKER OF THE YEAR MPC Container Ships AS - $350 Million of Capital Raised $100 million Equity Private Placement (April 2017) Fearnley Securities Manager, $75 million Follow-on Equity Private Placement Fearnley Securities Sole Lead Manager (June 2017) $100 million (Borrowing Limit $200 million) Fearnley Securities Senior Secured Bond (September 2017) $175 million Equity Private Placement (November 2017) Fearnley Securities Manager, Manager, BANK DEBT DEAL OF THE YEAR DHT Holdings $300 million Term Loan and Revolving Credit Facility Nordea Bank,, Agent ABN AMRO, DNB, Danish Ship Finance EXPORT CREDIT AGENCY - WEST $327 million Credit Facility for 1x 173,400 cbm LNG FSU and 1x 174,000 cbm LNGC for Teekay LNG,, Facility Agent Société Generale KEXIM, ECA Arab Petroleum Investments Corp. National Australia Bank EXPORT CREDIT AGENCY - EAST $317.9 million financing facility for CMB Financial Nordea Bank,, Agent Citibank Original, ECA Coordinator, Facility Agent Dekabank Development Bank of Japan E. Sun Commercial Bank KEB Hana Bank KEXIM ECA

2 INSTITUTIONAL DEBT $600 Million Senior Secured Credit Facilities including a $550 Million Term Loan B Jefferies Join Join UBS Join Fearnley Securities Pareto Securities, RCF Provider PUBLIC DEBT WEST Hapag-Lloyd's 900 Million Senior Notes Offerings Berenberg Joint Global Coordinator, Joint Global Coordinator, Credit Suisse Joint Global Coordinator, HSN Nordbank MM Warburg CMA CGM's 1.4 Billion Senior Notes Offerings BNP Global Coordinator, HSBC Global Coordinator, CM-CIC Associated Lead Manager ODDO-BHF Associated Lead Manager Societe Generale UniCredit PUBLIC DEBT EAST Yinson Juniper Ltd $100 million Senior Perpetual Securities Standard Chartered Prinicpal Advisor, Sole Arranger RETAIL FIXED INCOME Seapan Corporation's 7.125% Senior Unsecured Notes due 2027 RBC Capital Markets Stifel FBR Janney Montgomery Scott Incapital BB&T Capital Markets Ladenburg Thamann William Blair CL King Maxim Group

3 NORWEGIAN BOND Euronav Luxembourg S.A.'s $150 million Senior Unsecrued Bond Nordea Arctic Securities EQUITY-LINKED Golar LNG's $402.5 million 2.750% Senior Unsecured Contervitible Notes due in 2022 BofA Merrill Lynch Citigroup Morgan Stanley ABG Sundal Collier IPO Tufton Oceanic Assets Limited Tufton Oceanic Limited EQUITY FOLLOW-ON Costamare's $96 million Overnight Follow-on Offering Morgan Stanley Wells Fargo Citigroup Stifel M&A Acquisition of 16 Modern Dry Bulk Vessels by Golden Ocean Group Advisor LEAS - WEST Gram Car Carriers $52 million JOLCO of a 6,700 CEU PCC Structuring, Bank, Arranger,, Agent Mizuho Securities JOLCO Advisor SBI Group Owner, Equity Underwriter LEAS - EAST Orient Overseas Container Lines $76 million JOLCO Financing of a Containership Citi, Senior Lender, Facility Agent Financial Products Group Co. JOLCO Arranger

4 PROJECT FINANC - WEST Sovcomflot's $260 million 13-year Project Finance Bilateral Facility VTB Bank Arranger, Sole Lender PROJECT FINANC - EAST Oryx LNG Carrier $42.75 million Refinancing for Oman Shipping, Mitsui OSK Lines and Itochu Corporation Sumitomo Mitsui Banking Corporation Europe, Facility Agent, Development Bank of Japan STRUCTURED FINANCE Exmar: Financing of a floating LNG unit Bank of China (Dalian Branch), Facility Agent Bank of China (Jiangsu Branch) Co- Arranger Bank of China (Luxembourg) Lender Lender Sinosure ECA SECURITIZATION Seaco: GSCF IV Limited 2017 Northvest portfolio Nord/LB Christofferson, Robb & Co Investor Honorable mention - Alpha Shipping Finance Ltd Citibank Lender, Lead Agent, Arranger INNOVATION Tsakos Energy Navigation 9.25% Series E Fixed to Floating Cumulative Redeemable Perpetual Preferred Shares Morgan Stanley UBS Citi Stifel DVB BNP Paribas Viking Line 152 million Export Credit Financing Nordea,, Facility Agent KfW CEXIM Sinosure ECA Secured Norwegian Shipping Bonds Fearnley Securities ABG Sundal Collier Pareto Arctic Berenberg Great Eastern 7.99% Unsecured Non-Convertible Debentures Indusind Bank

5 RECAPITALIZATION Creating a Sustainable Teekay Offshore Positioned for Growth DNB Financial Advisor Brookfield Investor $600 Million Senior Secured Loans Nordea,, Agent DNB, BNP Paribas, Credit Suisse, Danske Bank,, ABN Amro Scotiabank Lender $250 Milliom Senior Unsecured Bond DNB Global Coordinator, Danske Bank Nordea OFFSHORE RESTRUCTUR Ocean Rig UDW Inc. Evercore Financial Advisor EDITOR'S CHOICE Eagle Bulk's $200 million Senior Secured First Lien Bonds due in 2022 Fearnley Securities Arctic Securities Navios South American Logisitcs $100 million Term Loan B Morgan Stanley Sole Arranger S. Goldman Capital Navios Maritime Holdings $305 million US High Yield Bond Morgan Stanley BofA Merrill Lynch Senior S. Goldman Capital ABN AMRO BNP DVB Capital

6 CONTRIBUTION TO SHIP FINANCE All Debt and Equity Capital Market Transactions Originated in Oslo in 2017 Fearnly Securities Nordea Danske Bank Arctic Securities Pareto Securities Clarksons Platou Securities ABG Sundal Collier SpareBank 1 Markets