Pacific Basin Shipping Limited · HKEX:2343

Pacific Basin Shipping — Merger or Acquisition (September 2012)

5 slides from Pacific Basin Shipping's merger presentation, Sep 7, 2012

1. Slide 1: RoRo Announcement – Sale of 6 RoRo Vessels

   7 September 2012 Announcement RoRo Announcement – Sale of 6 RoRo Vessels RoRo Announcement 1

2. Slide 2: PB RoRo - Latest Developments – Sale of 6 RoRo vessels

   PB RoRo - Latest Developments – Sale of 6 RoRo vessels  Signed Agreement to sell all 6 RoRo vessels to Atlantica (a Grimaldi Group company)  Consideration: Eur153m (approx. US$188m)  Atlantica will purchase at least one vessel by end of each six month period ending 30 June and 31 December in 2013

3. Slide 3: PB RoRo 1H12 Performance and Earnings Coverage

   PB RoRo 1H12 1H12 Performance  Severe weakness in the RoRo charter market PB RoRo net loss US$(8.5)m  Achieved average daily charter rates of Operating cash flow US$(0.8)m US$19,450 on utilisation of 55% Return on net assets -12% (Annualised) Earnings Coverage after sale of 6 RoRo vessels (7 Sep 2

4. Slide 4: PB RoRo – Estimated Financial Impact of Sale

   PB RoRo – Estimated Financial Impact of Sale Estimated financial effect of 6 vessel sale on PB consolidated P/L : US$m 2012 2013 2014 2015 Total Interest income 0.6 8.5 6.1 2.7 17.9 Additional (0.4) - - - (0.4) impairment charge Group non-cash (11.1) (16.5) - - (27.6) exchange losses transferred to

5. Slide 5: Capex and Combined Vessel Value

   Capex and Combined Vessel Value As at 30 Jun 2012 Vessel Commitments A Combined View of Vessel Carrying Values and Commitments Total US$262m Total US$1,612m 1 US$ m US$ m 140 135 1,400 120 107 1,231 1,200 100 262 1,000 102 144 80 53 800 60 600 825 40 400 21 207 174 20 54 200 33 21 0 - 2H12 2013 2014

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