Name

Turtle Ship No. 7 Ship Investment Company

Classification

Paper company in possession of 4 Korea Coast Guard Ships

* Paper company can own several vessels under the Ship Investment Company Act (Article 13 clause 2)

Establishment

19th August, 2010

Promoter

Komarf Marine Finance Corporation

Public Offering

4th and 5th October, 2010

Underwriter

Daewoo Securities Co.

Duration

4 years after the delivery of the patrol ship

* Repayment of capital: Principal amount scheduled to be repaid in Feb 2012 through reduction of capital.

* Repayment schedule of capital decrease may be subject to change through directors' meeting.

Target Asset

4 patrol ships for Korea Coast Guard

Acquisition Price

\89,599,800,000

Profit Sharing

5.1% fixed dividends annually

Structure

• 1. Equity: \10,000,030,000
• 2. Debt: \47,732,782,000
• 3. Guarantee Deposit(Korea Coast Guard): \47,197,000,000

Liquidity

Listed on Korea Exchange

Deferred Payment Sale

Turtle Ship No. 7 Ship Investment Company
(The Turtle ship sold to Korea Coast Guard on a deferred payment basis on delivery)

Ship Builder

STX Offshore & Shipbuilding Co., Ltd.

Buyer

Korea Coast Guard.