DELPHIN DYNASTY AG

The company's purpose is to finance the acquisition and operation of merchant ships. The company may establish branches in Switzerland and abroad, participate in other companies of any kind, assume representations, and enter into any business and conclude contracts that may be suitable to promote the purpose of the company, or that are directly or indirectly related thereto. It may also enter into loans for its own account or for the account of third parties, as well as guarantee and pledge transactions for affiliated companies and third parties. It may acquire, lease, rent, encumber and sell real estate in Switzerland and abroad. The company may acquire, hold, manage or sell any kind of debt or securities, within Switzerland or abroad.