April 19, 2023

Shipping & Corporate Finance

Corporate Presentation

Who We Are 3

What We Offer 4

Shipping Finance 6

Consultant to KfW IPEX-Bank 7

Corporate Finance 9

Capital Markets 10

Yacht Financing 11

Relationship w/ Barclays Marine Finance 12

Merlin Tankers 13

Fund Management 14

Medfin Ltd. 15

Seafin Pte Ltd. 16

Relationships 17

Key Executives 18

Contact Information 20

Table of Contents

Who We Are

Offering financial advisory services since 1984

Transaction volume in excess of $20 billion

Activities cover Ship, Yacht and Corporate Finance, M&A Advisory, Fund Management and Real Estate Finance

Specialization in Europe, the Middle East and the Far East

Offices in the United Kingdom, Greece, Turkey and Singapore

Consultant to KfW IPEX-Bank, a German, state-owned bank, for ship financing in Greece

Representative of Barclays Marine Finance in Greece for yacht financing

Executives and Associates possess expertise in several sectors, including shipping, financial institutions, energy, food & beverage, telecommunications, and transportation

Independent and impartial advice to our clients

Founder and manager of Merlin Tankers.

Independent, privately held advisory group with a 25 year history

Eurofin Intl.(London – U.K.)

Eurofin S.A.(Athens – Greece)

Medfin Ltd.(Istanbul – Turkey)

Seafin Pte Ltd. (Singapore)

EUROFIN GROUPGlobal Presence

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What We Offer

In-depth market and product knowledge, accumulated from 25 years of experience and by employing seasoned professionals

Capacity to approach several investor pools and sources of funds in Europe, the Middle East and the Far East either directly or

through partnerships with investment banks in the industrial and geographic sectors we cover

Assisting corporate and private clients in acquisitions and divestments, providing full services, including valuation analysis, financial

modelling and preparation of Information Memoranda, due diligence, execution support, negotiation and closing of transactions

Expertise in advising and arranging project financing for the tourist development sector: hotels, casinos, marinas, golf courses.

M&A expertise. We can create liquidity and offer entry/exit options for clients by managing the entire M&A process and negotiating a

purchase/sale. We offer strategic assessment of alternatives, merger candidate identification and transaction negotiation and

execution

Financial advisory services in shipping and other sectors

Investment Banking

Development Banking

Our Capabilities

Debt Equity Project Finance

Private placements

IPO & Public offering services

Structured products

Capacity to approach several investor pools

Ship financing

Plain vanilla and structured instruments

Loan syndication

Mezzanine finance

Private placements (Euro, USA, 144A)

Structuring

Placement

Monitoring

Privatization

Restructuring

Divestments

M&A Advisory

Bi-Lateral programs

EBRD/IFC/BSTDB

Public Sector

BOT/PPP advisory

Infrastructure projects

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What We OfferExperienced professionals, servicing a wide range of

products & clients

Product Capability

Client Base

Shipyards

Financial Institutions

Shipowning Companies

Public Sector

Corporate Entities

Individual Investors

Structured Products

Vessel Sale & Purchase

Facilitation

Capital Markets (Debt

& Equity)

Specific Market/Sector

Analysis

Investment Banking (M&A

Advisory)

Ship Financing Real Estate

Finance & Development

Yacht Financing

Fund Management Chartering

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Shipping FinanceActive in shipping finance since 1984, with over $15B in

transactions

Transactions

Newbuilding acquisitions

Fleet financing

Single vessel financing

Second-hand vessel financing

Sale/Lease Back

Conversion financing

Refinancing

Debt restructuring

Asset securitization

Port acquisition/development

Shipyard acquisition/development

Shipping Finance

Advisory Services: Financial Institutions

Advisory Services: Shipowning Companies

Identification of target clients and/or markets for banks

Specific market and sector studies

Bank shipping portfolio evaluation

Sale/Restructuring of shipping loans or portfolios

Assistance on non-performing loans

Debt procurement , negotiation and placement

Plain vanilla or structured instruments

Sale & Leaseback transactions

Financial restructuring

Financial engineering

IPO advisory

Stock exchange advisory

Private placements (equity & debt)

Joint ventures

Strategic alliances

Extensive experience, covering a wide range of advisory services, including debt, equity, financing, sale & purchase, portfolio workouts & evaluations and general advisory mandates for institutions

Excellent track record for execution, confidentiality &reliability

We network with clients and financial institutions from around the world to guarantee global coverage

We assist and advise during the negotiation, documentation and completion stages of transactions

Preferred partner by both Shipowners and Financial

Institutions

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Consultant to KfW IPEX-BankStrong partnership / Multinational reach

KFW IPEX-Bank

Multinational reach

Strong equity base

Wholly-owned subsidiary of KfW Bankengruppe

Access to financing at market rates at all times

5th largest shipping bank globally, with a shipping

portfolio of $22.5 billion

Comprehensive range of financial services in

which KfW Bankengruppe competes with other

banks - corporate finance, structured finance,

short-term trade finance, etc

Total loan portfolio of EUR 62.1 billion

KfW IPEX-Bank Credit Rating: AA- by S&P; Aa3

by Moody’s

Solid market position in international project and

export finance

Eurofin

Eurofin’s Athens office appointed as consultant to

KfW IPEX-Bank, aiming at enhancing the bank’s

focus and exposure to the Greek shipping

market

Eurofin assists KfW in developing a high quality

Greek shipping loan portfolio by:

Providing the bank with ongoing market

intelligence on the Greek shipping market,

Introducing Greek ship owners to the bank

and

Identifying ship financing opportunities for

the bank

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Consultant to KfW IPEX-BankKfW IPEX-Bank: 5th largest shipping bank with a $22.5

billion portfolio

0

10

20

30

40

50

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36.0

30.0

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22.5

20.6

16.3

15.9

12.8

12.5

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9.9

9.7

9.4

2008 Shipping Loan Portfolio League Table

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in U

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Sources: Marine Money Research, Petrofin S.A., Petrofin Bank Research

* Combined HVB and Unicredit portfolios are $12.7 billion.

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Corporate FinanceSeasoned advisors with access to investors and sources

of capitalM&A Advisory

IPO/Public Offering Services

Valuation

Sector Analysis

Buyer/Seller Research

Due Diligence

Pricing/Financing

Negotiation/Closing

Introduction

Valuation

Stock Exchange Committee Submissions

Investor Presentations

Pricing/Launch

M&A Advisory

Sovereign Wealth Funds

Private Equity Sources

Quoted Capital Markets and/or

Stock Exchanges

Institutional Investors

Venture Capital: UK, USA and

Europe

Financial Institutions

We Possess Expertise To:

Perform financial evaluations and modelling

Participate in technical and financial due diligence & execute commercial due diligence

Transfer knowledge and analysis of shipping (both of market fundamentals and trends of a particular transaction or investment opportunity) to sector or client specific deals

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Capital MarketsIn-house expertise in a wide variety of products, both

equity & debt

High Yield Instruments

Public Offerings

IPO Advisory

Investor Pools

Bond Issuance

(Euro, US)Hybrid

Instruments

Private Placements

Total Return Swaps

Equity Transaction Clients

Pharmaceutical – Rights Issue

Software House – Venture Capital Fund

Oilfield Services – Financial Investor

Shipping Group – Financial Investor

Stock Exchange – Sector Analysis

Debt Transaction Clients

Shipping – Various Facilities

Utility – Syndicated Loan

Utility – Eurobond, 144A

Transportation – Commercial Credit

Shipyard – Construction Finance

Infrastructure – Project Finance

Our Strengths

Familiar with a variety of products and the structuring of transactions aimed at international equity and debt markets

Experience with sophisticated investors

We approach several investor pools in the execution of our mandates

In larger transactions we may associate ourselves with one or more prime international financial institutions

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Yacht FinancingWide range of Yacht Financing solutions

Advisory Services Offered To

High Net-Worth Individuals

Yacht Operators

Yacht Dealers

Shipyards

Financial Institutions

Advisory Services

Newbuilding Acquisition

Second-hand Vessel Financing

Refinancing

Debt Restructuring

Loan Agreement Negotiations

Assistance with logistics and project

completion

Identification of Target Clients and/or

markets for Banks

Sale / Restructuring of loans

Assistance on non-performing loans.

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Relationship with Barclays Marine FinanceDynamic partnership

Barclays Marine Finance

Barclays Bank PLC

One of the largest banks in the world by market

capitalization

Has been in existence for over 300 years

Operates in 60 countries worldwide

Has more than 118,000 employees and 25

million customers

 Barclays Marine Finance Division

One of the key global financiers for yachts, with a

dedicated team based in the UK, possessing a

profound knowledge of the industry and an

established track record

30 years of experience in yacht lending

Global customer base; 5,000 marine customers

1,000 marine advances per annum

Eurofin

Barclays Marine Finance and Eurofin have

signed an agreement with the objective of jointly

developing the Greek yacht financing market

Eurofin’s involvement in shipping for close to 25

years and its in depth knowledge of the yacht

financing industry has made Eurofin an ideal

partner for Barclays Marine Finance in the Greek

yacht financing market

This partnership can offer to the Greek market

tailor made solutions to their financing

requirements

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Merlin Tankers

Specialized vessels performed well in an otherwise difficult market. Strategy: Capitalize on opportunities that exist in the seaborne transportation of edible oils, biofuel and easy bulk

chemical products by investing in suitable ships and aiming to become a major international player in the sector

Merlin Tankers Launched in 2006. Founded and managed by Eurofin. Incorporated in the Marshall Islands

Principal Objectives Invest in shipping through the acquisition of specialized vessels Generate profits by managing and operating the vessels Pay a substantial annual dividend Achieve capital gains from the eventual disposal of the vessels or through

an IPO on a major Stock Exchange

Vessel Types 35,000-50,000 dwt Large Medium-Range (MR) IMO II / IMO III Chemical Product Tankers

Target Number of Vessels: 5-10 vessels

Term: 7 years from June 2006

Exit Strategy Outright sale of vessels or Initial Public Offering (IPO). If the company were to be liquidated today, the cumulative return to investors would be 60%.

An opportunity for investors to participate in the ownership of specialized vessels

2007 Performance Revenues: $30.0m Net Income: $2.7m EBITDA: $10.0m Equity: $19.9m Net Debt: $13.7m * Dividend: $2.0m

* Net Debt at YE 2008 estimated at $8.4m. 13

Fund ManagementCapitalizing on opportunities in the shipping industry

Eurofin is seeking to establish and manage one or more funds, encompassing a variety of investment alternatives in the shipping sector

Opportunity

• Prevailing shipping and financial market conditions open up a wide range of investment opportunities in shipping

Objective

• The establishment of a Fund geared towards investments directly related to the shipping industry• The creation of tailor-made investment vehicles, based on investor risk profile and investment horizon

Specialised & Innovative• Investments in shipping projects only• Moderate to high expected dividend yield• High expected overall annual returns• Thorough analysis, well chosen projects, transparent reporting• Variable maturity periods and exit strategies

Track Record• Founder and manager of Merlin Tankers since 2006• In-depth knowledge and experience in all aspects of the shipping industry• Established relationships with shipowners, charterers, financial institutions• Seasoned professionals with a long history in shipping

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Medfin Ltd.

Activities cover Ship Finance, Sale & Purchase Services and Corporate Finance

Transactions totaling close to $3 billion since 1999

Assisted by Eurofin, acts as financial advisors to the Turkish shipping industry

In-depth knowledge of the Turkish shipping market helps potential financiers avoid pitfalls

Carries own due diligence to ensure accuracy and completeness of information

Assisting clients in formulating investment and borrowing strategies

Advice provided both in terms of negotiating with financial institutions and with commercial aspects of loan documentation

In-depth local knowledge & intelligence

Catering exclusively to the financial requirements of the most prominent names in Turkish shipping

Covering the Turkish market since 1999

EUROFIN GROUPMedfin Ltd.

Eurofin Intl.(London – U.K.)

Eurofin S.A.(Athens – Greece)

Medfin Ltd.(Istanbul – Turkey)

Seafin Pte Ltd. (Singapore)

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Seafin Pte Ltd.

Formed in 2007 as a Joint Venture between Eurofin and the Japanese shipbroking firm Seven Oceans

Objective: To maximize the synergies between the Japanese and Asian shipping network and experience with the European knowhow and expertise in shipping finance

Provides to shipowners, charterers, investors, banks and finance houses with a full range of financial services including financial advice, deal structuring, transaction and financial support, and financial market intelligence

Involved primarily in Asian-based deals….

….but at the same time, it connects Eurofin’s existing clients (both owners and banks in Europe) with Asian shipping, and vice versa

Assistance to shipping companies in raising debt financing (bilateral or club deals) for specific projects involving the acquisitions of newbuildings and 2nd hand vessels in cooperation with Asian Banks

Mediation and facilitation services to regional banks with an interest in participating in club deals structured in Europe

Sale and Lease-back transactions by raising equity funds through investment vehicles which target investors with an interest in shipping but with no previous exposure in the industry

Servicing Asian markets and clients

EUROFIN GROUPSeafin Pte Ltd.

Eurofin Intl.(London – U.K.)

Eurofin S.A.(Athens – Greece)

Medfin Ltd.(Istanbul – Turkey)

Seafin Pte Ltd. (Singapore)

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Real Estate

Eurofin-Real Estate was established in the summer of 2008 with two key objectives:

To expand the offering of the Eurofin Group in the realm of Real Estate.

Eurofin-Real Estate supports the Group’s clients in raising and structuring debt and equity capital for their real estate projects. On the debt side in particular, Eurofin-Real Estate provides specialist’s advisory services for work-outs and restructuring of existing investment and development loans amidst the current challenging credit environment.

To pursue private equity real estate investment opportunities across Europe and other target territories, on behalf of Eurofin’s investor base.

Investment themes are driven by the current challenging credit and economic environment and follow recent dislocations in the real estate capital markets. Current target investments include (i) direct acquisition of property assets in specific European geographic areas (ii) capital injections at mezzanine or preferred equity level in the capital structure for income producing as well as development real estate projects.  

The real estate platform utilizes its strong in-house expertise and professional network in the real estate sector, complemented by the input of international affiliates.

Expanding Eurofin Group’s offering in the realm of Real Estate

EUROFIN GROUPEurofin - Real Estate

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Eurofin Intl.(London – U.K.)

Eurofin S.A.(Athens – Greece)

RelationshipsGlobal, deep & established relationships

Shipowner Nationalities

Financial Institutions

BritishChineseFrenchGreekIndianItalianKuwaitiLebaneseMaltese

GE CapitalHSH NordbankJP Morgan ChaseKfW IPEX-BankLloyds TSBMarfin BankNational Bank of AustraliaNIB CapitalNord - Deutsche LandesbankPiraeus BankRoyal Bank of ScotlandSociete GeneraleUnicredito/San Paolo IMIVereins und WestbankWest LB

Alliance & LeicesterBank of AmericaBank of IrelandBank of ScotlandBNP ParibasBremer LandesbankBarclays BankCalyonCaterpillar FinanceCredit SuisseCorner BancaDeutsche SchiffsbankDen Norske BankDekabankDVB NedshipFortis Bank

Institutional Partners

BOT-UFJBZW BarclaysCCFCantor FitzgeraldCharterhouseCredit SuisseCSFPCitigroupDahlman Rose

Deutsche BankHSBCLazard FrèresLehman BrothersMacquarie BankMorgan StanleyRoyal Bank of ScotlandSanwaWarburg Dillon Read (SBC)

Consulting Firms

Boston Consulting GroupBuck ConsultantsFirst ConsultingKPMGMcKinsey & CoPrice Waterhouse Coopers

Rating Agency

Standard & Poors

Law Firms

Allen & OveryClifford ChanceConstant & Constant/TLTHill DickinsonHolman Fenwick WillanInce & CoLinklater & PainesNorton RoseReed SmithStephenson HarwoodWatson, Farley & Williams

NorwegianRomanianSpanishSwedishSyrianPortugueseTurkish UAE

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Key ExecutivesAnthony B. Zolotas, CEOMSc, M.I.T. Prior to establishing Eurofin, Anthony held executive positions with a number of International Banks in London specializing in shipping and corporate finance. At Eurofin he has been instrumental in building a strong and successful financing placement business and in establishing Eurofin as a pre-eminent force in shipping finance in Greece, Italy and internationally, as well as in directing the diversification of the group’s portfolio of activities.

Janos F. Koenig, CFOMA (Econ), University of Sussex. Janos has had extensive experience in a wide variety of global sectors, including ship financing, oil trade financing, corporate and project funding, international syndications, loan restructuring and vessel management. A co-founding member since 1986 when he joined Eurofin from BAII plc, a London-based merchant bank where he was Director responsible for International Finance. Prior to that he was with Bank of America in Greece, Egypt and London, specializing in corporate and shipping finance, loan restructuring, specifically in connection with the Turkish Sovereign debt in the late 1970s and with the shipping portfolio in the early 1980s.

Ilhan YirmibesoglouBA in Business Administration and Finance, Bosphorous University, Turkey. Ilhan has specialized in ship management, S&P, dry cargo contracting, chartering and shipping finance. He held majority shares and senior executive positions in a number of ship owning companies controlling dry cargo vessels and several maritime service companies in Turkey. Between 1996 and 1998 he has also acted as non-exclusive marketing and protecting agent for Bank of Scotland shipping portfolio in Turkey. As co-founding partner and Managing Director of Medfin, since 1999, he has been instrumental in building a strong and selective portfolio of clients and in establishing Medfin as a pre-eminent force in shipping finance in Turkey.

Alexandros ZaracoudisMSc in Finance, Bentley College, Boston. After pursuing a port management project in the Caribbean, Alexandros joined Eurofin in 1997 where he was involved with mergers & acquisitions, private placements, debt finance & ship finance. From 1999 to 2001, Alexandros was responsible for a private equity fund for the valuation, implementation and follow-up investments in the technology, animation & financial related sectors. In addition, he was responsible for private placements and active portfolio management in equities and fixed income securities in Europe, Asia and the Americas. Since 2001, Alexandros has been active in expanding Eurofin’s shipping & corporate finance activities worldwide, started the yacht finance division and launched Merlin Tankers.

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Victoria Santos-PiresVictoria joined Eurofin as an Executive in January 2003. She is a ship finance specialist, with particular expertise in loan portfolio management and loan transaction implementation. In addition to her extensive experience of the shipping sector, she has outstanding client, transaction and bank syndicate skills, along with financial and documentary administration abilities. Her areas of expertise also include loan restructuring, foreclosures and vessel sales. In a ship finance career spanning more than fifteen years to date, Victoria has held management positions with Chancery Bank PLC and with the Tufton Oceanic Group, where she was Loan Portfolio Manager.

Key ExecutivesAlan A. McCarthyAlan has been a shipping financier since 1970. He has held senior positions for what is now the ANZ Bank with special emphasis for Greek clients. In 1977 he joined Oceanic (now Tufton Oceanic Group) as one of the founding members. He held various positions, including head of loan portfolio, marketing the emerging markets of Eastern Europe and specialised in shipping debt restructuring and recovery. More recently he has advised shipping banks in conjunction with Theissen on the development and marketing of cutting edge credit risk modelling products for banks in the light of the New Basel Capital Accord.

Anggelos P. SkutarisMBA, American Graduate School of International Management (Thunderbird). BSc Economics, Arizona State University. Anggelos was an Investment Banker for 15 years, having worked for major financial institutions such as Morgan Stanley, Goldman Sachs and Calyon. Following that, he served as the Group Treasurer of Titan Cement Co. SA, where he structured one of the largest Syndicated Facilities for Greek corporate entities and helped design and implement the company’s global debt and liquidity management structure. Before joining Eurofin he gained experience in shipping as the CFO of Atlas Maritime, an Aframax owner/operator.

Dimitris BelbasMBA, INSEAD. BSc & MSc in Mechanical Engineering, National Technical University of Athens (ΕΜΠ). After working as a Logistics Manager for a plastic pipes' manufacturer in Greece, Dimitris joined Lamda Shipyards as Deputy Commercial and Technical Director, focusing on account management, drafting quotations and negotiating contracts. After his MBA, Dimitris worked in different industries in the UK and Singapore as a Business Development Manager, where he gained experience in business plan development and execution, while assessing, establishing and enhancing relationships with key accounts. He joined Seafin in 2008 in order to expand the group's corporate finance as well as shipping finance activities in the Asia Pacific region.

Masashi HirutaAfter graduating from Doshisha University, Masashi joined " Kintetsu World Express Co. in 1999, Ltd ", a  forwarding company, where he was involved in air and ocean cargo sales and operations, including custom clearance operation in Tokyo, Yokohama and Atlanta Georgia. In 2004, Masashi joined Team Shipbrokers in Singapore where he was engaged in chartering, S&P and new building project broking activities. Masashi joined Seafin in Singapore in 2007, with the goal of establishing Seafin and developing the company’s activities in Sale & Leaseback transactions, ship financing, as well as general advisory work for shipping.

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Yannis AlexopoulosMSc. Shipping, Trade and Finance, City University Business School, BSc. Economics and Business Economics, Southampton University. Gained experience in shipping through short-term employment in the Piraeus operations of Golden Union Shipping Co. and Carriers Chartering S.A. and Angus Graham & Partners in London. Joined Laiki Private Banking, an HSBC Group associate in 1999. Held positions in both portfolio management and client advice, servicing expatriate as well as offshore High Net Worth Individuals. Was recruited by the Athens office of Eurofin in 2002.

Tassos Kitsantas, (Real Estate)MBA qualification, RSM-Erasmus, NL; MSc, UCL London, UK; Masters Degree in Architecture and Building Engineering, University of Thessaloniki, GR & Delft University of Technology, NL. Tassos is a co-founding partner and head of Eurofin Real Estate, based in London. He has over 15 years of experience in the Real Estate industry, having worked in finance, investment, construction and development projects across Europe and other territories, including USA. Key appointments include those at ING Real Estate and Hypo Real Estate Bank. On the property finance side, Tassos has dealt with investment & development loans, OpCo/PropCo structures, CMBS, Sharia loans, bridge & mezzanine financings, with transaction volume in excess of EUR 10 billion. He is also a member of the Technical Chamber of Greece.

Contact InformationEurofin International LtdSuite 301B Harbour YardChelsea HarbourLondon SW10 OXDUnited Kingdom

Tel +44 207 751 5515Fax +44 207 751 5516eurofin@eurofingroup.com

Eurofin SA5 Koumbari StreetGR-10671 AthensGreece

Tel +30 210 362 3334 Fax +30 210 364 0373eurofin@eurofingroup.com

Seafin Pte Ltd.390 Havelock RdNo 04-02 King's Centre169662Singapore

Tel +65 (6733) 0298Fax +65 (6733) 0698seafin@seafin.com.sg

Medfin LimitedBagdat Cd.Nurullah Bey Apt.No:394/1234740 Suadiye-IstanbulTurkey

Tel +90 216 363 0025Fax +90 216 411 4436medfin@medfin.com

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