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Raising Equity in Shipping Today

June 4, 2009

Table of Contents


1. Raising Equity in Shipping Today 1

2. Legal Considerations 11

3. Key Takeaways 15

4. Bank of America Merrill Lynch Credentials 16

05/30/08 07/21/08 09/11/08 11/03/08 12/25/08 02/16/09 04/09/09 06/01/09(140.0)%

(120.0)%

(100.0)%

(80.0)%

(60.0)%

(40.0)%

(20.0)%

0.0)%

20.0%

Traditional Tankers Yield Tankers Drybulk Container Leasing Container Shipping Marine MLPs BDI

1

Stock Price Performance Across Shipping Sectors

Last Twelve Months Indexed Stock Price Performance


____________________Source: FactSet as of June 1, 2009.(1) Includes Frontline, OSG, Teekay Corporation, Top Ships, TORM and Tsakos Energy Navigation. (2) Includes DHT Maritime, General Maritime, Knightsbridge, Nordic American Tankers, Omega Navigation, Ship Finance and Teekay Tankers. (3) Includes DryShips, Excel Maritime, Navios Maritime, Diana Shipping, Eagle Bulk Shipping, Genco Shipping & Trading, Safe Bulkers and TBS International. (4) Includes Danaos, Seaspan and Global Ship Lease.(5) Includes AP Moller Maersk, CSCL, Evergreen Marine, Hanjin Shipping, Hyundai Merchant Marine, Neptune Orient Lines, Nippon Yusen, Orient Overseas, Regional Container Lines and Wan Hai.(6) Includes Capital Product Partners, K-Sea Transportation Partners, Navios Maritime Partners, OSG America, Teekay LNG Partners and Teekay Offshore Partners.

(1)

Shipping Sector

LTM Performance

3-Month Performance

Marine MLPs (39.9%) 14.3% Yield Tankers (44.4%) 26.7% Container Shipping (46.3%) 24.5% Traditional Tankers (61.1%) 20.8% BDI (72.0%) 82.8% Container Leasing (77.1%) (15.1%) Drybulk (82.3%) 38.2%

(2) (3) (4) (5) (6)

Over the last year, shipping stocks performance was affected by the global financial and economic crisis

06/02/08 07/01/08 08/01/08 09/01/08 10/01/08 11/03/08 12/01/08 01/01/09 02/02/09 03/02/09 04/01/09 05/01/09 06/01/092.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

Traditional Tankers Yield Tankers Drybulk Marine MLPs(1) (2) (3) (4)

2

LTM Valuation Across Shipping Sectors

Last Twelve Months EV / EBITDA

Last Twelve Months P / E


____________________Source: FactSet as of June 1, 2009.Note: Container Shipping and Container Leasing excluded due to lack of consistent data.(1) Includes Frontline, OSG, Teekay Corporation, Top Ships, TORM and Tsakos Energy Navigation. (2) Includes DHT Maritime, General Maritime, Knightsbridge, Nordic American Tankers, Omega Navigation, Ship Finance and Teekay Tankers. (3) Includes DryShips, Excel Maritime, Navios Maritime, Diana Shipping, Eagle Bulk Shipping, Genco Shipping & Trading, Safe Bulkers and TBS International. (4) Includes Capital Product Partners, K-Sea Transportation Partners, Navios Maritime Partners, OSG America, Teekay LNG Partners and Teekay Offshore Partners.

05/30/08 07/21/08 09/11/08 11/03/08 12/25/08 02/16/09 04/09/09 06/01/090.0x

5.0x

10.0x

15.0x

20.0x

25.0x

Traditional Tankers Yield Tankers Drybulk Marine MLPs(1) (2) (3) (4)

Valuation across shipping sectors have been impacted by the global financial and economic crisis

3

Raising Equity in Shipping TodayHistorical Trends in Shipping Equity Offerings

(150%)

(100%)

(50%)

0%

50%

100%

150%

200%

250%

12/29/2006 4/6/2007 7/13/2007 10/20/2007 1/26/2008 5/3/2008 8/10/2008 11/16/2008 2/22/2009 6/1/2009

1/9/07

1/15/07

1/23/07

1/23/07

2/13/07

2/28/07

2/28/07

3/12/07

3/29/07

3/29/07

4/17/07

4/19/07

4/24/07

5/18/07

5/23/07

6/6/07

6/29/07

7/18/07

7/23/07

8/10/07

8/14/07

9/18/07

9/21/07

9/21/07

9/24/07

9/26/07

10/24/07

11/7/07

11/8/07

11/12/07

12/5/07

12/10/07

12/12/07

4/10/08

4/17/08

4/29/08

5/13/08

5/21/08

5/22/08

5/29/08

6/12/08

6/17/08

6/25/08

8/20/08

12/8/08

1/9/09

1/28/09

3/2/09

3/25/09

5/8/09

5/8/09

5/12/09

Eagle Bulk Shipping Inc

Add-On IPO ATM

Double Hull Tankers Inc

Genco Shipping & Trading Ltd

Oceanaut United

Capital Product Partners L.P.

Seaspan Corp

Navios Maritime Holdings

Bergesen Worldwide Gas ASA

Diana Shipping Inc

Eagle Bulk Shipping Inc

Far Eastern Shipping Co OAO - FESCO

Diana Shipping Inc

Ultrapetrol (Bahamas) Ltd

OceanFreight

Teekay LNG Partners LP

Double Hull Tankers

Euroseas

StealthGas

K-Sea United

Seanergy Maritime

Genco Shipping & Trading

Nordic American Tanker Shipping Ltd.

Paragon Shipping

Seaspan

Eagle Bulk Shipping

Diana Shipping FreeSeas

Euroseas

OSG America LP

Navios Maritime Partners LP

Top Tankers Inc.

Mercator Lines (Singapore) Ltd

Teekay Tankers Ltd

Genco Shipping & Trading Ltd

Safe Bulkers

Teekay Offshore Partners LP

Britannia Bulk

K-Sea

Navios Maritime Acquisition

TBS International Limited

Nordic American Tanker Shipping Ltd

Double Hull Tankers Inc


Seaspan

Ship Finance International


DryShips Inc

Eagle Bulk Shipping Inc.

Diana Shipping, Inc.

DryShips Inc



____________________Source: Factset as of June 1, 2009.Index includes: Danaos (DAC), Seaspan (SSW), Capital Product Partners (CPLP), K-Sea Transportation (KSP), Navios Maritime (NMM), OSG America (OSP), Teekay LNG (TGP), Teekay Offshore (TOO),

DHT Maritime (DHT), Frontline (FRO), General Maritime (GMR), Knightsbridge (VLCCF), Nordic American (NAT), Omega Navigation (ONAV), Ship Finance (SFL), Teekay Tankers (TNK), Overseas Shipping Group (OSG), Teekay Corp (TK), Tsakos (TNP), Diana Shipping (DSX), Eagle Bulk (EGLE), Euroseas (ESEA), Genco (GNK), Oceanfreight (OCNF), Paragon Shipping (PRGN), Safe Bulkers (SB), DryShips (DRYS), Excel Maritime (EXM), Navios Maritime (NM) and TBS International (TBSI).

Add-On IPO ATM2007 Total 23 10 02008 Total 8 3 12009 Total 7 0 2

Under the current market environment, equity capital raising has trended towards ATM Equity offerings

4

Equity Raising Execution Alternatives

Fully Marketed

Rapidly Marketed

Block Trade

At-the-Market (ATM) Equity

Marketing effort Broadest, 3 – 4 day U.S. roadshow plus net roadshow &

conference calls

Focused, conference calls and selected one-on-ones

Limited, potentially one conference call for accounts

None

Investor pool Broadest institutional & retail Targeted institutional & retail Focused institutional Market participants

Management time commitment 3 – 4 days 1 day Minimal None

Price certainty None Limited High, no market risk None, market dependent

Ability to include co-managers Yes Yes No No

Benefits Most efficient method of communicating corporate strategy & understanding investor concerns

Best opportunity to build book of institutional demand, pricing tension & further diversify shareholder base

Ability to include retail

Potential for stock price to trade up through marketing

Ability to upsize deal

Limited market exposure

Limited time commitment for management

Ability to upsize deal

Modest ability to attract new holders and include retail

Highest degree of price certainty & proceeds

Limited time commitment for management

Issuer controls timing & nature of sales

Sales are made at prevailing market prices, with no file / offer discount

Issuer is price setter, not price taker

Issuer maybe able to benefit from a rising stock price

Sales are made on a discreet basis – actual sales only disclosed at quarter end

Considerations Management time commitment

Market exposure during marketing

Gross spread

Minimal time to build book of demand & create price tension

Market/price risk if not an overnight offering

Gross spread

Deep discount to last sale may be required

Technicals limit deal size

Placement of shares typically limited to existing holders

Limited ability to place retail

Greater likelihood of aftermarket selling pressure

Market exposure during term of sales

Proceeds are subject to market liquidity

No forum through which to provide investors an update on the latest Company “Story”


5

Raising Equity in Shipping TodayToday’s ATM Equity Application

2007 – 2009YTD Market LiquidityDJ US Financials Weekly Volume (in mm shares)

Marketed Add-On Offering Pricing Impact Average Change from File to Offer (1)

2007 – 2009YTD Market Volatility

With the backdrop of increased market volatility, traditional methods of equity capital raising have experienced meaningful file to offer discounts

Issuers can use the ATM Equity program to:

Use the increased liquidity environment as an asset by tapping into the regular trading flow

Mitigate the volatility in the stock by selling equity during periods of stock price strength, and slowing / halting sales during periods of stock price weakness

Reduce or eliminate the file to offer discount on sales activity

____________________(1) SEC Registered transactions excluding block trades, ADRs, rights offering, close end funds, and deals less than $50mm.

56%67%78%

89%100%111%122%133%

Jan07

Mar07

May07

Jul 07

Sep07

Nov07

Jan08

Mar08

May08

Jul 08

Sep08

Nov08

Jan09

Mar09

May09

Market Return

5

15

25

35

45

55

65

75

VIX Level

DJIA S&P 500 NASDAQ VIX

Jan 07

Mar 07

May 07

Jul 07

Sep 07

Nov 07

Jan 08

Mar 08

May 08

Jul 08

Sep 08

Nov 08

Jan 09

Mar 09

May 09

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

(13.2)

(3.6)

(9.0)

(6.5)

(24.0)

(7.3)

(2.0)

(6.3) (5.7)

(19.5)

(10.2)

(17.2)

(9.6)(10.2)(12.7)

(14.1)(12.8)

(2.1)

(16.4)

(11.8)

(7.6)

(11.4)(12.2)

(1.9)

(8.2)

(15.0)

(25)

(20)

(15)

(10)

(5)

0

May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Non Financials Avg (9.5%) Financials Avg (10.4%)

6

Historical TradingCompany (“XYZ”) 2008 – 2009YTD Price and Volume

ATM Equity is registered sale of primary equity structured to take advantage of increased market volatility and trading volumes by tapping into existing secondary market liquidity over time

Increased trading volume and volatility create opportunities to move large amounts of stock without creating an overhang

Volume: A few days volume expected to be sold “from time to time” should have very little discernable trading impactVolatility: Big stock price moves tend to happen on large volume daysShort Covering: Many stocks move down on low volume but bounce up on high volume as shorts are covered

Traditional equity offerings do not allow companies to sell into this technical volume

The ATM Equity program is an attractive method of raising equity capital in this environment

Application in Today’s Market

____________________Note: Market data as of 5/8/2009, assumes XYZ stock price of $8.49, 3-month ADTV of 47.40 mm shares

Size of Shares % of Program Size Relative to % of 3m ADTV:

Program Sold Outstanding 15% 20% 25%

$200 mm 23.6 mm 4.1% 3 days 2 days 2 days





1 Month 3 Months

Reference Price $8.49 Daily Share Volume (mm) 53.05 47.40

52-Week High $21.94 Average Price $4.28 $2.83

52-Week Low $1.01 Volume / Day $227.1 mm $134.1 mm

Shares Outstanding (mm) 576.9

Market Capitalization ($mm) 4,898.2

Short Interest 9.8%$0

$6

$12

$18

$24

$30

Jan08

Feb08

Mar08

Apr 08

May08

Jun08

Jul 08

Aug08

Sep08

Oct 08

Nov08

Dec08

Jan09

Feb09

Mar09

Apr 09

May09

Volume(mm shares)

0

20

40

60

80

100

Price Volume Price 3m ADTV

ATM Equity Trading ConsiderationsRaising Equity in Shipping Today

Legal Considerations

7

Accounting & Tax Considerations

Step 1: As either an exhibit to a post-effective amendment or a 6-k or a 8-K filing, an Equity Distribution Agreement is filed outlining the arrangement between Merrill Lynch and Company

Step 2: Company then files a prospectus supplement prior to execution

Step 3: Company places sell orders directly with Merrill Lynch when funds are needed. The Company may provide specific instructions for the sales (limit orders, etc.)

Step 4: At quarter end, Company discloses cumulative sales in both a prospectus supplement and their 10-Q/K

Merrill Lynch conducts due diligence consistent with traditional equity distributions

Comfort letter and legal opinions provided at launch and at least quarterly as long as program is in place

Bring down diligence is conducted quarterly while the transaction is ongoing

Share count is adjusted at the time shares are settled with investors

ATM Equity is a transaction in a Company’s own stock and therefore tax-free per Section 1032 of the IRS Code

Registration & Execution Process

ATM Equity MechanicsRaising Equity in Shipping Today

8

ATM Equity Precedent Transactions

Recent ATM Equity Transactions


Deals by Industry

____________________Source: SEC Filings. Data as of 6/1/2009(1) Each stock is compared to a respective industry index that the stock belongs to.

Count of

TransactionsTotal Transaction

Size ($mm)

Average % of Shares

Outstanding

Financials 23 $23,089 10.6%

REITS 79 $8,725 9.5%

Energy & Power 35 $4,401 6.3%

Transportation 20 $4,249 24.6%

Industrials 8 $2,541 7.5%

Media & Telecom 3 $238 3.9%

Healthcare 10 $170 14.0%

Technology 4 $82 5.2%

182 $43,494 10.6%

$23.1

$8.7

$4.4

$0.2

$0.1

$0.2

$2.5

$4.2

8

35

20

$bn

- 1.0 2.0 3.0 4.0 5.0 6.0 7.0

//

Relative Price Return to S&P 500 Relative Price Return to Indices (1)

Company Date FiledMarket Cap

($mm)Amount

Filed ($mm)% Shares

OutstandingMultiple of ADTV Industry 1 day 5 days 30 days 1 day 5 days 30 days

Zions Bancorporation 06/01/2009 $1,577 $250 15.85% 2.9x Financials - - - - - -NorthStar Realty Finance Corp. 05/29/2009 $222 $33 14.97% 13.5x REITS - - - - - -Mid-America Apartment Commun 05/29/2009 $1,024 $32 3.11% 0.9x REITS - - - - - -Ener1, Inc. 05/26/2009 $723 $40 5.53% 18.5x Technology 1.0% - - 0.2% - -Colonial Properties Trust 05/22/2009 $380 $50 13.14% 5.1x REITS 1.6% - - (2.3%) - -Liberty Property Trust 05/22/2009 $2,469 $150 6.07% 2.1x REITS (2.9%) (3.7%) - (0.8%) (5.2%) -Huntington Bancshares Inc. 05/20/2009 $1,938 $350 18.06% 2.8x Financials (9.1%) (16.8%) - (6.3%) (13.6%) -Fifth Third Bancorp 05/20/2009 $4,448 $750 16.86% 1.9x Financials (8.2%) (13.0%) - (5.4%) (9.8%) -EastGroup Properties, Inc. 05/19/2009 $864 $55 6.35% 4.3x REITS (2.0%) 0.5% - 0.1% (0.5%) -Marshall & Ilsley Corp 05/19/2009 $2,352 $350 14.88% 5.7x Financials (16.2%) (26.4%) - (13.1%) (17.9%) -SunTrust Banks, Inc. 05/15/2009 $5,363 $1,250 23.31% 4.4x Financials 1.3% (2.5%) - 3.1% 3.9% -BRE Properties, Inc. 05/14/2009 $1,144 $125 10.92% 2.6x REITS 4.1% 3.0% - 1.2% 0.2% -PNC Financial Services Group 05/14/2009 $3,475 $633 18.22% 1.1x Financials 1.1% (2.5%) - (1.1%) (0.9%) -KeyCorp 05/11/2009 $3,475 $750 21.58% 6.3x Financials (7.7%) (11.8%) - (1.4%) 3.2% -Ship Finance International 05/08/2009 $855 $82 9.62% 9.4x Transportation (2.2%) (10.2%) - (2.4%) (8.0%) -Southern Company 05/08/2009 $22,503 $575 2.56% 3.7x Energy & Power 3.0% 2.8% - 0.9% 3.0% -E*TRADE Financial Corporation 05/08/2009 $967 $150 15.51% 4.6x Financials 14.2% (8.5%) - 12.1% (8.7%) -

$3,691

$1,333

$861

$845

$825

$500

$18,928

2

9

4

6

5

7

10ML / BAS

Morgan Stanley

JP Morgan

UBS

Goldman Sachs

Cantor Fitzgerald

Credit Suisse

Raising Equity in Shipping TodayMerrill Lynch Leadership in ATM Equity

9

2009YTD Transactions (1)

Notional in $mm / Number of TransactionsDeal Highlights

Why Bank of America Merrill Lynch?

1) Structuring & Execution Market Leader17 ATM Equity transactions 2008 – 2009YTD

2) Leading Trader of U.S Listed Equities#1 in trading NYSE listed stocks in 2008

3) Dedicated ATM Equity Team22 professionals within Equity Financial Products team dedicated to ATM Equity

____________________(1) Source: SEC Filings and Bank of America Merrill Lynch internal database as of 6/1/2009.

ATM Equity OfferingUp to 19.2mm Share Transaction

Sales Agent

19,188,005 sharesCommon Stock

October 2008

ATM Equity Offering$250mm Notional Transaction

Sales Agent

$250,000,000Common Stock

September 2008


Sales Agent

$300,000,000 Common Stock

August 2008


Sales Agent


May 2009


Sales Agent


April 2009


Sales Agent


May 2009

ATM Equity OfferingUp to 1.25bn Share Transaction

Sales Agent

1,250,000,000 sharesCommon Stock

May 2009


Sales Agent


May 2009

/


Sales Agent


January 2009

BAC Stock Performance (Last 2 Months) Market Response

Transaction Background & DescriptionOn May 7, 2009, the government released stress test results suggesting that Bank of America (NYSE: BAC) needed to bolster tangible common capital by $33.9 billon

The additional capital would help BAC maintain a Tier 1 common ratio above 4% until the end of 2010After evaluating all of its equity and equity linked alternatives, and given market volatility and extraordinary market liquidity, Bank of America selected the ATM Equity program.

A target of $17 billion equity will be generated from a combination of an ATM Equity program and the exchange of public preferred and convertible preferred stock into common stockThe Bank of America ATM Equity program is the largest ATM Equity transaction ever filed (1)

Part B of the plan will include asset/business sales, expected to generate Tier 1 common of about $10 billion, such as China Construction Bank, First Republic, Columbia Management and joint venture arrangementsOther improvements to pre-tax pre-provision earnings expected during 2Q and 3Q, and various other items totaling roughly $7 billion

“Consistent with the media leaks, the government has asked BAC to raise/convert $33.9 billion to common equity. While the amount to be raised and the estimated losses were higher than we expected, BAC's plan to raise the capital is less dilutive than we had expected, making us feel better about the shares.”

-- Jefferson Harralson, Keefe, Bruyette & WoodsMay 8, 2009

“In addition to providing an efficient means of raising capital over time, an ATM issuance program gives management the flexibility to size the offering over time based on the success of asset sales, the amount of preferred that is exchanged into common, and BAC's profitability over the next 6 months. Additionally, details of the now looming preferred exchange offer seem to be a work in progress.”

-- Jeff Harte, Sandler O’Neill + Partners, L.P.May 8, 2009

____________________(1) Based on SEC Filings and Merrill Lynch internal database as of 5/8/2009

(1)

Bank of America Commits to Bolster Tier 1 Common by $33.9BNRaising Equity in Shipping Today

10

5/8/2009 (pre-open)ATM Equity program announcement for 1.25bn shares of common stock

16%

30%

44%

58%

72%

86%

100%

114%Return

$2

$4

$6

$8

$10

$12

$14

3/8/09 3/23/09 4/7/09 4/22/09 5/7/09

BAC Price

BAC EQUITY S&P 500 FINANCIALS INDEX S&P 500 INDEX

On the day after announcing the capital raise/ATM equity program, BAC stock price rose 4.89%

May 8, 2009

Up to 1,250,000,000 Shares

ATM Equity Offering

Common Stock

Sales Agent

Legal Considerations

11

Legal ConsiderationsATM Equity Offerings Overview

ATM programs are like any other offerings under the U.S. securities laws

An effective Registration Statement and a prospectus are required

The issuer, its directors, its senior executives (CEO and CAO), its accountants and the investment bank all have the same potential securities law liabilities that they would have in a conventional, fixed price underwritten offering

As a result, in an ATM program, the issuing company and the investment bank should begin by making the same preparation as they would in a conventional offering:

Due diligence examination of the Company with its management, accountants and legal counsel;

Accountants’ comfort letters; and

Legal opinions

12

Legal ConsiderationsKey Differences with Conventional Offerings

Conventional offerings usually can be completed within 1 week to 3 weeks

The prospectus must be accurate and complete during the time of the offering and through the closing (and through any “green shoe” closing)

ATMs, on the other hand, involve continuous sales on a daily basis into the market; depending upon the stock’s liquidity, an ATM program can take several weeks to complete and often span quarterly earnings announcements

As a result, during an ATM, the Company and the investment banks must engage in ongoing due diligence, and the Company must update the prospectus and its public disclosures whenever, during the program, there are developments in its business and operations

The Company may be required to make multiple filings with the SEC in order to keep its public disclosures and its prospectus updated

The Company’s accountants will be requested to deliver updated “comfort letters” and the Company’s and the investment bank’s counsel will be required to bring down their legal opinions and “negative assurance” letters every few weeks

An ATM program may be temporarily halted to allow time for the Company to update its public disclosures and for its accountants and counsel to deliver their updating letters and opinions

13

Legal ConsiderationsATM Equity Offering Documentation Requirements

An effective shelf registration statement on Form F-3 or S-3 filed by a Company that is eligible to use such a Form for primary offerings of its own securities

A prospectus or prospectus supplement that, in most instances, relies principally on the disclosure in the Company’s annual report (Form 10-K or 20-F) and quarterly and other information filed with the SEC. That prospectus or prospectus supplement usually focuses on recent developments and any significant risk factors and describes the proposed ATM program

A sales agency agreement with the investment bank (or banks) that will execute the ATM program. The agreement looks very much like a standard underwriting agreement, except:

There is no “firm commitment” by the investment bank to purchase or sell any fixed number of securities, and

Either the Company or the investment bank can terminate the agreement at any time, regardless of whether the program has been completed

14

Legal ConsiderationsKey Process Milestones

Conduct due diligence, prepare the prospectus supplement

Sign the sales agency agreement, obtain the accountants’ comfort letter and the legal opinions

File the prospectus supplement and, if appropriate, issue a press release

File any required listing applications with the stock exchange

Commence selling

Each day’s sales will be settled on the usual T+3 business days cycle

Continue due diligence, update the prospectus and the Company’s public disclosures, as necessary, and bring down the comfort letters and legal opinions

Since an ATM program is an ongoing offering of securities, all participants in the program must observe – while the ATM program is ongoing – the normal restrictions on public statements, media interviews and other forms of publicity that apply in conventional offerings

Complete the ATM program and announce the number of shares sold, the offering proceeds, etc.

Key Takeaways

15

Key Takeaways

ATM is a useful tool to opportunistically access equity capital markets

The program takes advantage of the liquidity in public equity markets

Numerous companies across many different industries have utilized this technology

Benefits include no discount to market prices, no impact on daily share price and ability to customize program

Considerations include duration of offering, uncertainty of share price achieved at commencement of program and on-going diligence and compliance requirements

Bank of America Merrill Lynch Credentials

$951

$1,781$1,953$2,084$2,231$3,014

$3,693

$5,248

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

CITI UBS BEAR MS JEFF JPM WACH

$581$620$634$707$868

$1,491

$2,081

$2,525

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

CITI UBS MS JEFF JPM CANTOR BEAR

16

U.S. Listed Shipping Equity Since 2005 ($ in millions)

U.S. Listed Shipping IPOs Since 2005 ($ in millions)

Leader in U.S. Shipping Equity IssuanceBank of America Merrill Lynch Credentials

____________________Source: ECM Analytics, as of May 28, 2009. Full credit to each bookrunner.Note: The list of IPO’s above excludes two BofA bookrun IPOs, Oceanfreight and Britannia Bulk.

# of Transactions 28 21 23 14 12 10 11 7

# of Transactions 11 9 8 4 4 3 3 3

First containership leasing companyLargest shipping IPO in U.S. marketML executed 3 large follow-on offerings

Reopened shipping IPO market after 6 month hiatus

Transaction marketed at an exceptionally tough timeML has executed 3 successful follow-on offerings

EBITDA multiple expansion from 6.5x to 10.0xML executed successful follow-on

Deal completed in extremely difficult drybulk marketIPO focused on growth rather than yield

Innovated first "C-Corp" MLP facilitating investor participationInnovated OLP structure

Deal priced above the filing rangeVery strong institutional investor interest

First-ever dry-bulk MLPDeal priced in very difficult market

Marine Money Shipping IPO of the Year 2008Reopened shipping IPO market after 6 month hiatus

August 2005

Bank of AmericaMerrill Lynch

Initial Public Offering

Joint Bookrunner

Seaspan Corporation

$605,776,000October 2005



Joint Bookrunner

Double Hull Tankers

$199,200,000June 2005



Joint Bookrunner


$85,125,000March 2007



Joint Bookrunner

Capital ProductPartners L.P.

$290,518,750November 2007



Joint Bookrunner

Navios Maritime Partners L.P.

$210,000,000December 2006



Joint Bookrunner

Teekay Offshore Partners L.P.

$169,050,000October 2006



Joint Bookrunner

Danaos Corporation

$215,300,000May 2008



Joint Bookrunner

Safe Bulkers

$190,000,000October 2005



Joint Bookrunner

American Commercial Lines

$199,237,500

September 2007


Acquisition of Bulk Shipping Assets from

COSCO Bulk, COSCO Qingdao, COSCO Shenzhen and COSCO HK Shipping

Exclusive M&A Advisor to China COSCO Holdings

COSCO

$4,600,000,000

17

Bank of America Merrill Lynch has advised on over $12 billion in transactions for 23 shipping clients


August 2005



Joint Bookrunner

Seaspan Corporation

$605,776,000

October 2006



Joint Bookrunner

Danaos Corporation

$215,250,000

November 2006


Add-On Offering

Joint Bookrunner

Seaspan Corporation

$247,250,000

April 2007


Add-On Offering

Joint Bookrunner

Seaspan Corporation

$161,238,750

August 2007


Add-On Offering

Joint Bookrunner

Seaspan Corporation

$148,725,000

April 2008


Add-On Offering

Joint Bookrunner

Seaspan Corporation

$219,362,500

Container Shipping

Drybulk

Drybulk and Container Shipping (Since 2005)

June 2005



Joint Bookrunner


$85,125,000

December 2006


9.5% Fixed RateSenior Notes

Due 2014

Joint Bookrunner

Navios Maritime Holdings Inc.

$300,000,000

August 2006


Reg. S Contingent Conversion Zero

Coupon Convertible with Acquisition Rights

Bonds due 2026 Offer Price: 102.5

Sole Manager

Mitsui

JPY55,000,000,000(~$470,000,000)

November 2007



Joint Bookrunner

Navios Maritime Partners L.P.

$210,000,000

September 2007


Convertible Bond Offering

Joint Bookrunner

Thoresen Thai Agencies

$170,000,000

December 2007



Joint Bookrunner

Mercator Lines Limited

$142,000,000


May 2008


Joint Bookrunner

Safe Bulkers

$190,000,000

January 2009

$500,000,000


ATM CommonEquity Offering

Sole Selling Agent

DryShips Inc.

May 2009

$475,000,000



Sole Selling Agent

DryShips Inc.

May 2007


Add-On Offering

Joint Bookrunner

Navios Maritime Holdings Inc.

$132,250,000

May 2009

$41,538,000


Add-On Offering

Joint Bookrunner

Navios MaritimePartners L.P.

June 2008



Joint Bookrunner

Britannia Bulk

$124,999,995

May 2008


Add-On Offering

Joint Bookrunner


$173,400,000

April 2007



Joint Bookrunner

OceanFreight

$234,887,500

18

Bank of America Merrill Lynch has advised on over $12 billion in transactions for 23 shipping clients


ACLAmerican

Commercial Lines

April 2006

Merrill Lynch & Co.

Add-On Offering

Sole Bookrunner


$64,680,000

ACLAmerican

Commercial Lines

October 2005

Merrill Lynch & Co.


Joint Bookrunner


$199,237,500

November 2007

Merrill Lynch & Co.


Joint Lead Manager

OSG America L.P.

$142,500,000

September 2006

Merrill Lynch & Co.

Sole Advisor

On Sale to

$455,000,000Advisor to

December 2005

Merrill Lynch & Co.

Add-On Offering

Joint-Lead Manager

Maritrans

$96,000,000

Jones Act Market

International Tankers

International Tankers and Jones Act Market (Since 2005)

March 2007

Merrill Lynch & Co.


Joint BookrunnerSole Structuring Agent

Capital Product Partners L.P.

$290,518,750

January 2007

Merrill Lynch & Co.

Add-On Offering

Sole Bookrunner

Double Hull Tankers

$69,276,000

December 2006

Merrill Lynch & Co.


Joint BookrunnerJoint Structuring Agent


$169,050,000

October 2005

Merrill Lynch & Co.


Joint Bookrunner

Double Hull Tankers

$199,200,000

October 2006

Merrill Lynch & Co.


Joint-Lead Manager

Ultrapetrol (Bahamas) Limited

$137,500,000

$430mm Senior Secured Facilities$115mm Class B

Facility

August 2007

Merrill Lynch & Co.

Joint Bookrunner

Chembulk Tankers

$545,000,000

Berlian Laju Tanker Tbk

October 2007

Merrill Lynch & Co.

Sole Advisor

Advisor toChembulk Tankers

on Sale to

$850,000,000

December 2007

Merrill Lynch & Co.


Co-Manager

Teekay Tankers

$224,250,000

June 2007

Merrill Lynch & Co.

Add-On Offering

Joint Bookrunner

Double Hull Tankers

$87,112,500

June 2008

Merrill Lynch & Co.

Add-On Offering

Joint Bookrunner


$147,500,000

June 2007

$43,971,975

Merrill Lynch & Co.

Add-On Offering

Sole Bookrunner

Double Hull Tankers

May 2009

7.0mm Shares



Sole Selling Agent

Ship Finance International Ltd

April 2008

Merrill Lynch & Co.

Add-On Offering

Joint Bookrunner

DHT Maritime

$96,600,000

March 2009

Merrill Lynch & Co.

Add-On Offering

Joint Bookrunner

DHT Maritime

$39,150,000

19

October 2006

Joint Bookrunner

$215MM


March 2007

Joint Bookrunner

$291MM


August 2005

Joint Bookrunner

$606MM


Marine Money: Shipping IPO of the Year – 4 Years In A Row2007 2006 2005

Bank of America Merrill Lynch has garnered numerous awards for its ability to successfully execute for its transportation clients

Marine Money “Deal of the Year” AwardsBank of America Merrill Lynch Credentials

Marine Money: Other Deals of the Year Awards

2007 Add-On Offering2007 Private Equity Deal

April 2007

Joint Bookrunner

$161MM

Add-On OfferingSenior Secured and Second

Lien Term Loan

August 2007

$545MM

Joint Lead Arranger

Sole Advisor to Chembulk Tankers

On Sale To

October 2007

$850MM

Sole Advisor

Berlian Laju Tanker Tbk

2007 Financing Deal

2008


May 2008

Joint Bookrunner

$190MM


2008 Add-On Offering

April 2008

Joint Bookrunner

$97MM

Add-On Offering








“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities.

Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.

These materials have been prepared by one or more subsidiaries of Bank of America Corporation for the client or potential client to whom such materials are directly addressed and delivered (the “Company”) in connection with an actual or potential mandate or engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with us. These materials are based on information provided by or on behalf of the Company and/or other potential transaction participants, from public sources or otherwise reviewed by us. We assume no responsibility for independent investigation or verification of such information (including, without limitation, data from third party suppliers) and have relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the managements of the Company and/or other potential transaction participants or obtained from public sources, we have assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such managements (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall berelied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Company and are being furnished and should be considered only in connection with other information, oral or written, being provided by us in connection herewith. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Bank of America Corporation or any of its affiliates to provide or arrange any financing for any transaction or to purchase any security in connection therewith. These materials are for discussion purposes only and are subject to our review and assessment from a legal, compliance, accounting policy and risk perspective, as appropriate, following our discussion with the Company. We assume no obligation to update or otherwise revise these materials. These materials have not been prepared with a view toward public disclosure under applicable securities laws or otherwise, are intended for the benefit and use of the Company, and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without our prior written consent. These materials may not reflect information known to other professionals in other business areas of Bank of America Corporation and its affiliates.

Bank of America Corporation and its affiliates (collectively, the “BAC Group”) comprise a full service securities firm and commercial bank engaged in securities, commodities and derivatives trading, foreign exchange and other brokerage activities, and principal investing as well as providing investment, corporate and private banking, asset and investment management, financing and strategic advisory services and other commercial services and products to a wide range of corporations, governments and individuals, domestically and offshore, from which conflicting interests or duties, or a perception thereof, may arise. In the ordinary course of these activities, parts of the BAC Group at any time may invest on a principal basis or manage funds that invest, make or hold long or short positions, finance positions or trade or otherwise effect transactions, for their own accounts or the accounts of customers, in debt, equity or other securities or financial instruments (including derivatives, bank loans or other obligations) of the Company, potential counterparties or any other company that may be involved in a transaction. Products and services that may be referenced in the accompanying materials may be provided through one or more affiliates of Bank of America Corporation. We have adopted policies and guidelines designed to preserve the independence of our research analysts. These policies prohibit employees from offering research coverage, a favorable research rating or a specific price target or offering to change a research rating or price target as consideration for or an inducement to obtain business or other compensation. We are required to obtain, verify and record certain information that identifies the Company, which information includes the name and address of the Company and other information that will allow us to identify the Company in accordance, as applicable, with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) and such other laws, rules and regulations as applicable within and outside the United States.

We do not provide legal, compliance, tax or accounting advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by us to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. If any person uses or refers to any such tax statement in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the statement expressed herein is being delivered to support the promotion or marketing of the transaction or matter addressed and the recipient should seek advice based on its particular circumstances from an independent tax advisor. Notwithstanding anything that may appear herein or in other materials to the contrary, the Company shall be permitted to disclose the tax treatment and tax structure of a transaction (including any materials, opinions or analyses relating to such tax treatment or tax structure, but without disclosure of identifying information or, except to the extent relating to such tax structure or tax treatment, any nonpublic commercial or financial information) on and after the earliest to occur of the date of (i) public announcement of discussions relating to such transaction, (ii) public announcement of such transaction or (iii) execution of a definitive agreement (with or without conditions) to enter into such transaction; provided, however, that if such transaction is not consummated for any reason, the provisions of this sentence shall cease to apply. Copyright 2009 Bank of America Corporation.

20

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