THE PREMUDA GROUP September 2004. Ownership Ownership Floating 48% Navigazione Italiana 29% Assicurazioni Generali 13% Navigazione Italiana is entrusted.

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<ul><li>Slide 1</li></ul><p>THE PREMUDA GROUP September 2004 Slide 2 Ownership Ownership Floating 48% Navigazione Italiana 29% Assicurazioni Generali 13% Navigazione Italiana is entrusted by the shareholders with the day-to-day running of the Group and in this capacity appoints the CEO. Duferco Italia Holding 10% Slide 3 Groups Corporate Holdings Groups Corporate Holdings Premuda Spa Premuda International Sah Luxembourg Premuda Tankers Spa Genoa 100% Slide 4 Groups Corporate Holdings Premuda International SAH Luxembourg Shipowning company Commercial companyHolding company Premuda (Atlantic) Inc. Houston Premuda (Asia) Sdn Bhd Kuala Lumpur Premuda (Monaco) SAM Monaco Brig Shipping Lda - Madeira m/c Four Brig (on sale) Premuda Bulk Navegacao Lda - Madeira m/n Four Iron - m/n Four Sterling - m/n Four Euro Ship-management company 90% 45% 100% Panamax Navegacao - Madeira m/c Four Ketch Moon Shipping Servicos e Navegacao Lda Madeira TBN Aframax 113,000 dwt ICE Class TBN Aframax 113,000 dwt ICE class Four Vanguard Servicos e Navegacao Lda - Madeira - FPSO Four Vanguard Sider Navegacao Lda - Madeira m/n Sider Gulf - m/n Sider Bay m/n Sider Venture - m/n Sider Glory Premuda Chartering Navegacao Lda Madeira 100% 50% 100% 90% 50% 75% Jep Navegacao Lda - Madeira TBN Aframax 105,000 dwt Australian FPSO Management Pty Ltd Perth 90% 100% Slide 5 Alcide Ezio Rosina (71) President and Managing Director Premuda SpA C.E.O. of the Group Stefano Rosina (43) President Premuda International Sah Managing Director Premuda Tankers SpA C.O.O. of the Group Marco Tassara (43) General Manager Premuda SpA C.F.O. of the Group Federico Beltrami (44) Fleet Director Senior Management Senior Management Slide 6 THE PREMUDA FLEET Slide 7 Fleet Summary Fleet Summary Premuda controls a fleet of 28 vessels totaling 1,959,000 DWT 13 Tankers 11 Bulk carriers 1 Floating production storage offloading unit 3 Tankers on order Premuda controls a fleet of 28 vessels totaling 1,959,000 DWT 13 Tankers 11 Bulk carriers 1 Floating production storage offloading unit 3 Tankers on order Slide 8 Tankers Tankers Four Sun * 2003 160,000 DWT Four Smile * 2001 160,000 DWT Four Island1995 94,000 DWT Four Bay1995 94,000 DWT Framura1993 94,000 DWT Four Springs1992 94,000 DWT Four Ketch * 2003 73,100 DWT Four Brig **2000 73,100 DWT Four Schooner * 2000 73,100 DWT Four Moon 1984/2002 65,100 DWT Four Etoiles1984 54,500 DWT Four Glens * 1981/88 51,300 DWT Four Lochs * 1981/88 51,300 DWT Four Lochs * 1981/88 51,300 DWT total 1,137,500 DWT (*): on long term charter - (**): on sale for delivery within september 2004 Slide 9 Bulk Carriers Four Coal 200074,400 DWT Four Steel * 1999 74,400 DWT Four Sterling 199369,600 DWT Four Iron 198767,400 DWT Four Euro 198464,200 DWT Sider Glory 1978/198910,600 DWT Sider Ponza 200210,300 DWT Sider Capri 200210,300 DWT Sider Bay 1991 5,200 DWT Sider Gulf 1990 5,200 DWT Sider Venture 1999 4,900 DWT total 396,500 DWT (*): on long term charter Slide 10 F.P.S.O. F.P.S.O. Floating Production Storage Offloading unit Four Vanguard 1992/2003 94.000 DWT Slide 11 Vessels Under Construction Vessels Under Construction Aframax tankers TBN 2005 105.000 DWT TBN 2005 105.000 DWT Ice Class TBN 2006 113.000 DWT total 331.000 DWT Slide 12 THE MARKET Source: Clarkson Research Studies Slide 13 Tanker Fleet Tanker Fleet Vessel TypeSize Vessel TypeSize VLCC: VLCC: over 200.000 DWT Suezmax*: Suezmax*: 110/200.000 DWT Aframax*: Aframax*: 80/110.000 DWT Panamax*: Panamax*: 50/80.000 DWT Handy: Handy: up to 50.000 DWT * sectors where Premuda operates Vessel TypeSize Vessel TypeSize VLCC: VLCC: over 200.000 DWT Suezmax*: Suezmax*: 110/200.000 DWT Aframax*: Aframax*: 80/110.000 DWT Panamax*: Panamax*: 50/80.000 DWT Handy: Handy: up to 50.000 DWT * sectors where Premuda operates Slide 14 Order Book Sept. 2004 Type Mil Dwt % of fleet VLCC27.521.3% Suezmax13.229.1% Aframax17.829.2% Panamax 9.357.1% Handy19.430.0% Total87.227.6% World Tanker Fleet Age Profile World Tanker Fleet Age Profile Slide 15 Panamax Tanker Fleet - Age Profile &gt; 20 years 36% &gt; 25 years 5% DWT (thousands) Slide 16 Aframax Tanker Fleet - Age Profile &gt; 20 years 13% &gt; 25 years 5% DWT (thousands) Slide 17 Suezmax Tanker Fleet - Age Profile &gt; 20 years 12% &gt; 25 years 6% DWT (thousands) Slide 18 Annual Tanker Earnings Volatility Measured as annual % change in average daily earnings Year Panamax Aframax Suezmax (*) until 10th september 2004 - 19% 133% - 7% - 37% 74% - 3% - 15% 149% - 6% - 38% 76% 14% - 26% 171% - 24% 111% 46% 1999 2000 2001 2002 2003 2004 * Slide 19 Average Earnings in USD per Day World tanker fleet Average Earnings in USD per Day World tanker fleet Panamax Suezmax Aframax Slide 20 Bulk Carrier Fleet Bulk Carrier Fleet Vessel Type Size Capesize: Capesize: over 80.000 DWT Panamax*: Panamax*: 50/80.000 DWT Handymax: Handymax: 35/50.000 DWT Handy **: Handy **: up to 35.000 DWT * sector where Premuda operates directly ** including multipurpose bulk carriers (not directly operated by Premuda) Vessel Type Size Capesize: Capesize: over 80.000 DWT Panamax*: Panamax*: 50/80.000 DWT Handymax: Handymax: 35/50.000 DWT Handy **: Handy **: up to 35.000 DWT * sector where Premuda operates directly ** including multipurpose bulk carriers (not directly operated by Premuda) Slide 21 World Bulk Carrier Fleet World Bulk Carrier Fleet End 2000 DWT Millions 20012002Sept. 2004 ORDER BOOK SEPT. 1, 04 dwt millions % of fleet 86.8 65.0 45.5 77.4 274.7 90.2 71.2 49.3 75.5 286.2 93.1 74.0 53.1 74.5 294.7 98.1 75.4 56.0 73.8 303.3 2003 CAPESIZE PANAMAX HANDYMAX HANDYSIZE Total 103.2 79.0 58.0 74.0 314.3 28.0 15.8 13.6 5.0 62.3 27.1% 19.9% 23.4% 6.8% 19.8% Slide 22 Panamax Bulker Fleet - Age Profile &gt; 20 years 24% &gt; 25 years 4% 000 DWT Slide 23 Average Earning in USD per Day Panamax bulk carriers years Earnings per day years Earnings per day $/d 5.686 6.370 10.843 8.921 7.284 19.091 32.554 (*) until 10th september 2004 1998 1999 2000 2001 2002 2003 2004 * 12 % 70 % - 18 % 162 % 71 % Panamax Slide 24 FINANCIAL DATA Slide 25 Group Result ( 2000 2003) Group Result ( 2000 2003) During this 4 year period the Group recorded: Net profit of 66.0 million Cash Flow of 140.0 million Dividend payments of 12.6 million Net equity increase (after dividend payments) of 54.3 million (86%) A 11 for 10 share distribution in 2000 and 2001 In addition, the Group declared a dividend of 5.0 million in 2003 which was paid in May 2004. Slide 26 Consolidated Balance Sheet (Dec 31, 2003) Consolidated Balance Sheet (Dec 31, 2003) 94.2% Fleet /mil 403.8 5.8% Other fixed assets /mil 24.9 5.7% Short term net debt /mil 25.3 55.6% Long term debt /mil 238.4 31.6% Net equity /mil 135.0 7.0% Bonds /mil 30.0 LIABILITIES &amp; SHAREHOLDERS EQUITY ASSETS Slide 27 Consolidated Balance Sheet (June 30, 2004) Consolidated Balance Sheet (June 30, 2004) 94.1% Fleet /mil 340.7 Of which /mil 18.5 under construction 5.9% Other fixed assets /mil 21.3 5.9% Short term net debt /mil 21.6 46.9% Long term debt /mil 169.6 38.9% Net equity /mil 140.8 8.3% Bonds /mil 30.0 LIABILITIES &amp; SHAREHOLDERS EQUITY ASSETS Slide 28 Consolidated Income Statement Turnover Operating expense (incl. G&amp;A) Operating result Depreciation Net financial charges Exceptional items Result before taxation Taxation Net result for the year Minority interests Groups net result at 30.06.04 101.8 (63.0) 38.8 (18.0) 1.9 0.3 23.0.. 23.0 4.5 18.5 2002 138.0 (118.4) 19.6 (11.7) 4.0 (1.3) 10.6 1.6 12.2.. 12.2 2000 140.3 (90.2) 50.1 (15.1) (14.8) (3.9) 16.3 (1.7) 14.6 0.3 14.3 2001 191.4 (134.6) 56.8 (17.8) (11.7) (2.2) 25.1 (1.2) 23.9 0.1 23.8 2003 161.4 (120.3) 41.1 (28.3) (0.1) 2.4 15.1 0.2 15.3 3.2 12.1 Slide 29 Financial Highlights Premuda Group Total assets 382.8462.6378.9293.4332.5 Net fixed assets362.0428.7371.2261.3296.7 Debts and other net liabilities221.2293.7251.5146.7205.9 Net equity (*)128.3117.4116.4114.5 89.8 EBITDA 39.1 43.5 18.3 54.6 46.3 Operating results 38.8 41.2 19.6 56.8 50.1 Depreciation 18.0 28.3 11.7 17.8 15.1 Result (before taxes) 23.0 15.1 10.6 25.1 16.3 Cash flow (before taxes) 41.0 43.4 22.3 42.9 31.4 June 30, 042003200220012000 (*) Net of minority interests Slide 30 Personnel: - staff ashore 78 66 62 68 61 - seafarers346389287403445 Total424455349471506 Fleet utilization (in %): - commercial operations 91 89 96 85 95 - awaiting employment 1 3 3 4 1 - technical off hire 8 8 1 11 4 Total100100100100100 Highlights Premuda Group Highlights Premuda Group June 30, 042003200220012000 Slide 31 Indebtedness as of June 30, 04Average all inclusive rate - in Euro 66.2%4.05% - in USD 33.8%3.61% 100.0%3.90% Net debt/maturity at June 30, 04 (/ mil) - within 1 year 52.8 - from 1 to 5 years101.0 - over 5 years 68.6 Highlights Premuda Group Debt/equity1.522.071.821.192.18 Nr. of issued shares (mil) 111.862.162.162.156.5 Net equity per share ()1.151.891.871.851.60 June 30, 042003200220012000 Slide 32 STOCK MARKET PERFORMANCE Slide 33 Premuda Ord Slide 34 Premuda Ord and Mibtel Slide 35 Stock Performances Italian Listed Shipping Companies Index 01.01.2000 = 100 Slide 36 Performances titolo azionario Premuda % + 56,05 + 7,11 - 5,44 + 27,14 + 30,11 Indice Mibb % + 5,37 - 25,10 - 23,74 + 14,92 - 3,96 Premudaanno 2000 anno 2001 anno 2002 anno 2003 1 bim. 2004 I dividendi pagati nel quadriennio sono stati pari a /mil 12,6 (19% dellutile netto). Nel febbraio 2000 e nel maggio 2001 si sono inoltre perfezionati due aumenti gratuiti del Capitale Sociale, ciascuno con lassegnazione di una azione ogni dieci possedute. Comparative Performance Public Italian Shipping Companies Stock Performance % + 56.05 + 7.11 - 5.44 + 27.14 + 41.39 - - 16.39 + 5.64 + 29.06 + 17.88 - 23.16 - 14.03 - 29.85 + 7.48 + 51.37 + 5.37 - 25.10 - 23.74 + 14.92 + 3.40 Volatility % 45.74 30.32 23.11 19.37 30.78 37.45 25.56 23.39 18.12 18.27 25.02 21.75 26.89 25.43 33.14 19.33 22.80 20.80 14.53 7.68 Stock Turnover % 120.38 38.55 25.58 35.56 110.11 51.28 23.92 17.04 30.35 38.31 35.21 14.06 9.69 8.41 38.45 - Premuda:year 2000 year 2001 year 2002 year 2003 2004 (at 07.31) Navigazioneyear 2000 Montanari:year 2001 year 2002 year 2003 2004 (at 07.31) Grandi Naviyear 2000 Veloci:year 2001 year 2002 year 2003 2004 (at 07.31) Indice Mib:year 2000 year 2001 year 2002 year 2003 2004 (at 07.31) Slide 37 MAIN EVENTS Slide 38 August 2004: Acquired a 105,000 dwt Aframax tanker to be built by Hyundai Shipyard for delivery mid 2005. Total investment estimated at USD 51 million. April 2004: In anticipation of increased export of crude oil from the Baltic Sea, Northern Russia nad North East Asia, Premuda ordered two 113,000 dwt ice class Aframax tankers at Samsung Shipyard for delivery second half of 2006. Total investment estimated at USD 115 million. April 2004: Acquired Sider Glory,10.600 dwt minibulker built in 1978/1989 (our interest 50%). March 2004: Acquired two minibulkers, Sider Gulf, 5,200 dwt built in 1991 and Sider Bay, 5,200 dwt built in 1990 (our interest 50%). Investments 2003 2004 Investments 2003 2004 Slide 39 December 2003: Increased ownership interest to 100% in three Panamax bulk carriers; Four Sterling, 69.600 dwt built in 1993 (from 30%), Four Euro, 64.200 dwt built in 1984 (from 30%) and Four Iron, 67.400 dwt built in 1987 (from 45%). November 2003: Acquired Four Springs, 94.000 dwt Aframax tanker built in 1992. August 2003: Acquired Sider Stream, 8.500 dwt Minibulk built in 1984 (our interest 50%). June 2003: Took Delivery of Four Sun, 160.000 dwt Suezmax tanker, built at Samsung Shipyard. May 2003: Acquired Four Coal, a 74.400 dwt Panamax bulker, built in 2000. January 2003: Took delivery of two double hull 73.000 dwt Panamax tankers built at Samsung Shipyard (our interest 50%). Investments 2003 - 2004 Investments 2003 - 2004 Slide 40 Divestments 2003 - 2004 Divestments 2003 - 2004 July 2004: Sold Four Brig panamax tanker built in 2000, for delivery to buyers within september 2004. April 2004: Sold our 50% interest in Sider Stream - Minibulker built in 1984. February 2004: Sold our 50% interest in Four Clipper and Four Ketch - Panamax tankers built in 2003; sold a 25% interest in the Panamax Bulk carriers Four Sterling, Four Euro, Four Iron. December 2003: Sold our 30% interest in Unirial - Panamax bulker built in 1993. November 2003: Sold our 50% interest in Sider Star - minibulker built in 1992. June 2003: Sold Four Sun upon delivery - Suezmax newbuilding. March 2003: Sold for scrap Four Astra - OBO carrier built in 1983. Slide 41 New Regulations Double hull requirements: New Regulations Double hull requirements: The EEC and IMO have accelerated the original single hull phase-out schedules since the Erika and Prestige events. Under the new regulations: Non-double hull tankers loading heavy cargoes (fuel oil, diesel oil, etc.) will not be able to berth at any E.E.C. Port as of October 2003. I.M.O. rules phasing-out all non-double hull tankers after 30 years of age. The I.M.O. ban will take affect in 2005 for all single hull tankers (category 1) and from 2010 for partial double-hull tankers (category 2). I.M.O. allows flag administrations to postpone such deadlines, provided that a Condition Assessment Survey (CAS) stating the ships good structure condition is duly passed. Under the CAS extension, deadlines can be postponed until 2007 (category 1) and until 2015 (category 2). Each State is entitled not to accept vessels granted the extension from calling its ports. Slide 42 New Regulations New Regulations Anticipating the new regulations, Premuda unilaterally implemented a scrapping program of single hull vessels. Premuda is today well positioned to benefit from the new regulations with a fleet of double hull tankers built with very high standards. Slide 43 Premuda is one of 17 shipping groups in the world granted with all SQE certification by American Bureau of Shipping. Premuda is fully compliant with ISM code for safety, ISO 9001-2000 for quality and ISO 14001-1996 for environmental protection. Premuda is one of the first Italian companies having obtained the approval of the Ships Security Plans. All managed ships are fully compliant with I.S.P.S. (International Ships and Port facilities) Code. Main Events Regulatory compliance Main Events Regulatory compliance Slide 44 Main Events Fiscal matters Main Events Fiscal matters Vessels carrying the Italian flag are subject to the tax regime of the International Registry, where taxes are calculated only on a 80% reduced basis of income. Starting from 2005, Premuda should have the opportunity to apply for a Tonnage Tax regime, similar to other E.E.C. countries. Slide 45 Main Events Share capital increase Main Events Share capital increase On May 25th, 2004 the shareholders resolved to split from 0.90 to 0.50 the nominal value of the shares and to increase the share capital by 11.2 million, offering existing shareholders 1 new share each 5. The capital increase accomplished on August 3, 2004. The additional number of shares should improve the liquidity in...</p>

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