Slide 1: Always Check Mate: Second Quarter 2008 Results
ALWAYS CHECK MATE Second Quarter 2008 Results August 19, 2008 LISTEDEEYNASDAQ
Slide 2: ! " " ! " " # $ " %& &! ! # '
! " " ! " " # $ " %& &! ! # ' " ( &' ) ( ' ) ( " ' ) ( ' ) ( ' ) # & %" " $ & & " " % " !" " & " '!" ! * & + , " -# * ' " & ! $ * & + $ " ' ! & $ " * &+ 1
Slide 3: D" & amp; & . / * 0"& % 2" " / $ %
D" & amp; & . / * 0"& 1 % 2" " / $ 1 % 2" / $ 3, / " * 4 5 $ / $ amp; 6 66 % 2" " 3 ,/ " * 7$ ! 4' &# 8& ! ! 9" ! . :; 6< 4< amp; & # = 1 > < amp; & # = 4 88< amp; & # = 6 %?" $ *- 9 1 @48; & 5" $ 6 4& " &$ 61 & A 2" & " ! B " & B% # & ! ? ! 7 ! $ @C' 1C8 & 9 1 @C' ;C 96 1B 1< 66< 9 B7 ' $ ' ! $ 9 1 96 1 @C'1
Slide 4: $ 5" " 2" " % 2" & " ! " ;6 !&& 1';;!&
$ 5" " 2" " % 2" & " ! " ;6 !&& 1';;!& 4';> !& 6 ' " C !& 66 3
Slide 5: Fleet and newbuilding delivery schedule
CT 2009 QZ 2009 CI ZU [Las z00s QT2Z0 Ce [orzo a zor Navig8 Faith Navig8 Fidelity Chiltern Gas Empreror PR Huyndai Mipo Gas Premiership Birgit Kosan Gas Natalie Gas Ice Gas Monarch Gas Shuriken Gas Icon Gas Spirit Gas Kalogeros Gas Eternity Gas Legacy Gas Chios Gas Haralambos Gas Marathon Gas Tiny G
Slide 6: 9" A # $%%& @4; ' $ " @1 C '-D % @6 >
9" 1 A # $%%& 9 7 @4; ' $ " @1 C '-D % @6 > 9 7 @1 ! @6 $ ! * & + ' & & & -/ @ ;8 E @8 ! # ! F 6 " $ "$ $ 61 C /5 5 ! C * ! @6 ; * $ $ $ : ! . ; 6< 5
Slide 7: G 6 ' C' G '
9" 1 ' (%%%) #$%%+ #,$%%+ #-$%%+ #.$%%& #$%%& * 7 ,$ " @64' 11 @ 8'; @ >' 6 4 @ '6; @ 1' ;1 5 '>8 ' ;4 4' 6;1 G6 ' 6 6 '44 7 C' >14 ;' >' > G ' ;86 4' ;81 7 ' H C' 8>8 >'; '; 1' C>6 1'86 ! -D % 66' >>4 4' >> 6 ' G6;' CC1 6 ' CCC -/ ; 64 1 G 8; ;8 -/ ' 'H ! 8 88 8C 81 8 7" ! '! 6;' ; ' ' C ;' >8C '
Slide 8: H C 4 8C 6
9" 15 A H &, " " /%0 /%+ $#%+ ,#%+ -#%+ .#%& $#%& %$ "! $ C4 81 48 8C6 8C 84 81 / "! $ 1 81 88 8> 81 81 81 & 4' ;C6 66' 41> '8 8'86 8' ;C8 8' ;C6 8' ;C1 amp; & 4' 8;> 66' 1 6 ' > C 8'68 8' ;; 8' ;6 8' ;8; " . 41 4< 44 < 41 < 44;< 41 >< 41 4< 448< & 1' 4 66' 6 ' C6C ' 4C 8'81 8' 81; 8' 8;8 & 6' 68 6 6>
Slide 9: A -D % @61 C
#3 1 A * $%%& # 7 @6> 4 ' $ " @CCC ' -D % @8 6 # 7 @61 C ! # @6 > ' $ ! * & + ' & & & $ -/ @ > E @ 18 ! # ' ! $ F 6 " -/ @ 18 ' # $ " 8
Slide 10: @CC' CC6 G '
#3 1 ' (%%%) * * $%%+ * $%%& 7 ,$ " @; ' > ; @CC' ;4; 5 6>' CC6 G ' ;> 7 6 ' 866 G6>' 1>4 7 ' H 6 ' G61' C ! -D % 8' 41; G8 ' 668 -/ 1C G > -/ ' ' ! H 18 18 $ 7" ! '! 6;' ; ' ' 66;' 6 C G " $ @6 > 8 9
Slide 11: &D $ 1$9 &* D $ * E @ $ &F &:8' ;C6 &:8'
&D $ 96 1$9 1 &* 7 D $ * E @ $ &F 96 1 &:8' ;C6 9 1 &:8' ;C1 #.$%%& #$%%& * 4 5 * 4 5 5 @' 666 G @' 666 G @ '18G @ '18G 3 ' H C C 11 11 % $ 3 ' H % #039; >8 >8 ' ! H $ 3 E"amp;J & F ;C ;C ;C ;C > > C6 C6 / 6' C>8 6' C>8 H% . 6' C8; 6' >4; 6 7) -7- 7) -$7 7) +$ 7) &7, 6 ) 4 ) :: :: :: :: 8 9 :: 7) ,%; 7
Slide 12: - E @ F ,& $%%& * I& & 4;8 & * , ;'C
- E @ F ,& $%%& 7 * I& & 4;8 & * , ;'C ! $ K ,$ " K / * , $ " EJ * D ! F @6 C 6 < 5 -# 8;; H% 3 66 4 * 8> 3 * -# 68 6 7.= $ 6"1 < H% 84 7 41 11
Slide 13: , " , L / &3 -)$%%+ $%)$%%& > -3 I -3 I &)$%%&
, " , L / &3 5 -)$%%+ $%)$%%& 6 6 1 66 6 > 3 -3 I 3 -3 I 1 &)$%%& $+)$%%& 6 6 66 66 > > 3 -3 I 3 -3 I 12
Slide 14: LPGC freight rates
LPGC freight rates Average earnings in the spot market excluding waiting time / 1 yr TC rates 5 800 a kal : FN 5 oo A Lp a a Wr ee ever) soo | paiva ae 200 ~™ | M4 NI 100 Sane INGE STEENSLANDAS 2000 2001 2002 2003 2004 2005 2006 2007 2008 ——15000SR — 8000 ETH TCE ——6500 SR TCE — 3500 SR 1yr TC — 350
Slide 15: C *D3 /J
* 3 , E6 3 * F 9 1%$ *" 98 1 8' *D3 J , 86 ' 86 ' 86 ' 8' C *D3 /J , C' ;' C ;' C C' *D3 /J , 88 ' 1 88 ' 8 C' >' *D3 J , C C' C C' C C' 6C' *D3 J , C' C' C' 8C' *D3 4 ' 4 ' 4 ' >' *D3 4 ' 4 ' 4 ' 1' *D3 6>' >> C' C' " : . H 14
Slide 16: ! $ I *, J - G ! " # ! " $%& $%&
8 444 ! $ I *, J - G ! " # ! " $%& $%& $%& ' G * 2"$ $ #" " : 15
Slide 17: * @ % I "M ! : * M &/ , > C "
* @ % 0 I "M ! : * 5 M &/ 3 , 668 6 > C 6 " $ &3 & - : N * $ $ , 16