Principle terms and conditions

Name:

Safe Ship Investment Fund

Fund Profile:

Medium risk investment

Fund’s Structure:

SCA SICAR 

Domicile:

Luxemburg

Currency:

US Dollars

Min investment:

250 Thousand

Issue size:

50 - 100 million

Leveraged fund size:

Minimum 120 million - Maximum 400 million

Classes of units:

Class I - distribution of dividends

Class II - capitalisation of dividends

Dividends paid:

Semi annually, starting after the initial 18 months of operation

Expected Dividends Return:

7% annually on paid-in equity

Expected overall Annual Return:

15%, including residual value upon disposal of assets

Term:

7 years plus 2 years grace period (closed up to year 3)

Fund manager:

Safe Ship Capital Partners Sarl

Ship manager:

Remi Maritime Corporation

Fund Administrator:

Societe Generale Bank & Trust Luxembourg (AA+)

Custodian:

Societe Generale Bank & Trust Luxembourg (AA+)

Auditor:

Pricewaterhouse Coopers Luxembourg

Valuation:

Market value of assets (incl. cash reserves)

Valuation date:

Semi Annually by independent reputable ship brokers

Fund Management fee:

2% of fund’s NAV, paid semi annually

Success fee:

20% of the profit above the yearly compound rateof return of capital invested of 12%