| 063595.001-1511615.8 |
|----------------------|

|  SUMMARY      TERM SHEET                                              |  1                                                                                                           |
|---------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------|
|  CAUTIONARY      NOTE ON FORWARD-LOOKING STATEMENTS AND RISK FACTORS  |  7                                                                                                           |
|  INTRODUCTION                                                         |  9                                                                                                           |
|  THE      TENDER OFFER                                                |  11                                                                                                          |
| 1.                                                                              | Terms      of the Offer                                                                                      | 11 |
| 2.                                                                              | Purpose      of the Tender Offer; Certain Effects of the Tender Offer; Other      Plans                      | 14 |
| 3.                                                                              | Procedures      for Tendering Shares                                                                         | 15 |
| 4.                                                                              | Withdrawal      Rights                                                                                       | 19 |
| 5.                                                                              | Purchase      of Shares and Payment of Purchase Price                                                        | 20 |
| 6.                                                                              | Conditional      Tender of Shares                                                                            | 21 |
| 7.                                                                              | Conditions      of the Tender Offer                                                                          | 22 |
| 8.                                                                              | Price      Range of the Shares; Prior Stock Purchases by the Company                                         | 24 |
| 9.                                                                              | Source      and Amount of Funds                                                                              | 25 |
| 10.                                                                             | Information      About B+H Ocean Carriers Ltd.                                                               | 26 |
| 11.                                                                             | Interest      of Directors and Executive Officers; Transactions and Arrangements      Concerning the Shares  | 27 |
| 12.                                                                             | Effects      of the Tender Offer on the Market for Shares; Registration under the      Exchange Act          | 29 |
| 13.                                                                             | Legal      Matters; Regulatory Approvals                                                                     | 29 |
| 14.                                                                             | United      States Federal Income Tax Consequences                                                           | 29 |
| 15.                                                                             | Extension      of the Tender Offer; Termination; Amendment                                                   | 33 |
| 16.                                                                             | Fees      and Expenses                                                                                       | 34 |
| 17.                                                                             | Miscellaneous                                                                                                | 34 |

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| ·   | No      general suspension of trading in, or general limitation on prices for, or      trading in, securities on any national securities exchange or in the      over-the-counter markets in the United States shall have      occurred. |
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| ·   | No      declaration of a banking moratorium or any suspension of payments in      respect of banks in the United States shall have occurred or any      limitation (whether or not mandatory) by any governmental agency or      authority on, or any other event that, in our reasonable judgment, could      reasonably be expected to adversely affect, the extension of credit by      banks or other financial institutions in the United  States. |
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| ·   | No      commencement or escalation of a war, armed hostilities or other similar      national or international calamity directly or indirectly involving the      United States shall have occurred. |
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| ·   | No      decrease in excess of 10% in the price of our common stock or in the Dow      Jones Industrial Average, the NYSE Composite Index or the S&P 500      Composite Index shall have occurred during the  Offer. |
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| ·   | in      the case of any of the foregoing existing at the time of the commencement      of the Offer, in our reasonable judgment, a material acceleration or      worsening thereof; |
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| ·   | No      material changes in the general political, market, economic or financial      conditions in the United States or abroad that are reasonably likely to      adversely affect our business or the trading in the shares shall have      occurred. |
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| ·   | No      legal action shall have been taken, and we shall not have received notice      of any legal action, that could reasonably be expected to adversely affect      the Offer. |
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| ·   | No      one shall have proposed, announced or made a tender or exchange offer      (other than this Offer), merger, business combination or other similar      transaction involving us. |
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| ·   | No      one (including certain groups) shall have acquired or proposed to acquire      more than 5% of our shares, other than any person who was a holder of more      than 5% of our shares as of the date of this Offer to      Purchase. |
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| ·   | No      one shall have filed a Notification and Report Form under the      Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, or made      a public announcement reflecting an intent to acquire us or any of our      subsidiaries |
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| ·   | No      material adverse change in our business, condition (financial or      otherwise), assets, income, operations, prospects or stock ownership shall      have occurred. |
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| ·   | Our      determination that there will not be a reasonable likelihood that the      consummation of the Offer and the purchase of shares pursuant to the Offer      will cause our common stock to be eligible for deregistration under the      Securities Exchange Act of 1934, as amended (the “Exchange      Act”). |
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| ·   | Our      determination that there will not be a reasonable likelihood that the      consummation of the Offer and the purchase of shares pursuant to the Offer      will cause our common stock to be delisted from the  AMEX. |
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| ·   | Neither      we nor our advisors shall have determined that the Offer violates any      financing arrangements then ineffect. |
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| ·   | If      your shares are registered in the name of a broker, dealer, commercial      bank, trust company or other nominee, you must contact the nominee and      request that the nominee tender your shares for  you. |
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| ·   | If      you hold certificates in your own name, you must complete and sign a      Letter of Transmittal according to its instructions, and deliver it,      together with any required signature guarantees, the certificates for your      shares and any other documents required by the Letter of Transmittal, to      the Depositary for the Offer. |
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| ·   | If      you are an institution participating in the book-entry transfer facility,      you must tender your shares according to the procedure for book-entry      transfer described in Section 3. |
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| ·   | If      you want to tender your shares,but: |
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| ·   | Your      certificates for your shares are not immediately available or cannot be      delivered to the Depositary by the expiration of the tender      offer; |
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| ·   | You      cannot comply with the procedure for book-entry transfer by the expiration      of the tender offer; or |
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| ·   | Your      other required documents cannot be delivered to the Depositary by the      expiration of the tender offer; |
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| ·   | you      can still tender your shares if you comply with the guaranteed delivery      procedure described in Section 3. |
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| ·   | First, from all persons      (“Odd      Lot Holders”) who owned beneficially or of record a total of fewer      than 100 shares and so certified in the appropriate place on the Letter of      Transmittal who properly tender all of their shares at or below the      purchase price we determine and do not properly withdraw them prior to the      Expiration Time and complete the section entitled “Odd      Lots” in the Letter of Transmittal and, if applicable, in the      Notice of Guaranteed Delivery; |
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| ·   | Second, after      purchasing the shares from the Odd Lot Holders (as defined below) from all      other stockholders who properly and unconditionally tender shares at or      below the purchase price we determine, on a pro rata basis, subject to      appropriate adjustments for shares subject to the conditional tender      provisions described in Section 6 and to avoid purchases of fractional      shares. |
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| ·   | Third, only if      necessary to permit us to purchase 600,000 shares (or such greater number      of shares as we may elect to accept for payment, subject to applicable      law), from holders who have tendered shares at or below the purchase price      conditionally (for which the condition was not initially satisfied) by      random lot, to the extent feasible, and subject to our obligation not to      reduce the number of record holders resident in the United States below      300.  To be eligible for purchase by random lot, stockholders      whose shares are conditionally tendered must have tendered all of their      shares. |
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| 1.   | Terms      of the Offer |
|----------------|-------------------------|

| ·   | increase      the price to be paid for shares above $5.00 per share or decrease the      price to be paid for shares below $4.00 per  share; |
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| ·   | increase      the number of shares being sought in the Offer and such increase in the      number of shares being sought exceeds 2% of our outstanding shares of      common stock (or 136,260 shares);or |
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| ·   | decrease      the number of shares being sought in the Offer;  and |
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| ·   | First, upon the terms      and subject to the conditions of the Offer, we will purchase all shares      tendered by any Odd Lot Holder who: |
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|   | (a) | tenders      all shares owned beneficially of record by the Odd Lot Holder at a price      at or below the purchase price selected by us (tenders of less than all of      the shares owned by the Odd Lot Holder will not qualify for this      preference); |
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|   | (b) | does      not properly withdraw such shares  prior to the Expiration Time;      and |
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|   | (c) | completes      the section entitled “Odd      Lots” in the Letter of Transmittal and, if applicable, in the      Notice of Guaranteed Delivery; |
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| ·   | Second, after      purchasing the shares from the “Odd Lot      Holders,” from all other stockholders who properly and      unconditionally tender shares at or below the purchase price we determine,      on a pro rata basis, subject to appropriate adjustments for shares subject      to the conditional tender provisions described in Section 6 and to avoid      purchases of fractional shares; and |
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| ·   | Third, only if      necessary to permit us to purchase 600,000 shares (or such greater number      of shares as we may elect to accept for payment, subject to applicable      law), from holders who have tendered shares at or below the purchase price      conditionally (for which the condition was not initially satisfied) by      random lot, to the extent feasible, and subject to our obligation not to      reduce the number of record holders resident in the United States below      300.  To be eligible for purchase by random lot, stockholders      whose shares are conditionally tendered must have tendered all of their      shares. |
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| 2.   | Purpose      of the Tender Offer; Certain Effects of the Tender Offer; Other      Plans |
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| ·   | any      extraordinary transaction, such as a merger, reorganization or      liquidation, involving us or any of our  subsidiaries; |
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| ·   | any      purchase, sale or transfer of an amount of our assets or any of our      subsidiaries’ assets which is material to us and our subsidiaries, taken      as a whole; |
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| ·   | any      change in our present Board of Directors or management or any plans or      proposals to change the number or the term of directors or to fill any      vacancies on the Board (except that we may fill vacancies arising on the      Board in the future) or to change any material term of the employment      contract of any executive officer (except that the compensation committee      of our Board evaluates our compensation practices    generally); |
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| ·   | any      material change in our present dividend rate or policy, our indebtedness      or capitalization, our corporate structure or our  business; |
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| ·   | any      class of our equity securities ceasing to be authorized to be quoted on      the AMEX; |
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| ·   | any      class of our equity securities becoming eligible for termination of      registration under Section 12(g) of the Exchange  Act; |
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| ·   | the      suspension of our obligation to file reports under Section 13 of the      Exchange Act; |
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| ·   | the      acquisition or disposition by any person of our securities;    or |
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| ·   | any      changes in our charter or by-laws that could impede the acquisition of      control of us. |
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| 3.   | Procedures      for Tendering Shares |
|----------------|--------------------------------------|

| ·   | the      “registered      holder(s)” of those shares signs the Letter of Transmittal and has      not completed either the box entitled “Special      Delivery Instructions” or the box entitled “Special      Payment Instructions” in the Letter of Transmittal;    or |
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| ·   | those      shares are tendered for the account of an “eligible      institution.” |
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| ·   | your      tender is made by or through an eligible  institution; |
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| ·   | a      properly completed and duly executed Notice of Guaranteed Delivery in the      form we have provided is received by the Depositary, as provided below,      prior to the Expiration Time; and |
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| ·   | the      Depositary receives, at one of its addresses set forth on the back cover      of this Offer to Purchase and within the period of three business days      after the date of execution of that Notice of Guaranteed Delivery, either:      (i) the certificates representing the shares being tendered, in the proper      form for transfer, together with (1) a Letter of Transmittal, which has      been properly completed and duly executed and includes all signature      guarantees required thereon, and (2) all other required documents; or (ii)      confirmation of book-entry transfer of the shares into the Depositary’s      account at the book-entry transfer facility, together with (1) either a      Letter of Transmittal, which has been properly completed and duly executed      and includes all signature guarantees required thereon, or an agent’s      message and (2) all other requireddocuments. |
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| 4.   | Withdrawal      Rights |
|----------------|------------------------|

| ·   | be      received in a timely manner by the Depositary at one of its addresses set      forth on the back cover of this Offer to Purchase;  and |
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| ·   | specify      the name of the person having tendered the shares to be withdrawn, the      number of shares to be withdrawn and the name of the registered holder of      the shares to be withdrawn, if different from the name of the person who      tendered the shares. |
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| 5.   | Purchase      of Shares and Payment of PurchasePrice |
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| ·   | certificates      for shares, or a timely book-entry confirmation of the deposit of shares      into the Depositary’s account at the book-entry transfer      facility, |
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| ·   | a      properly completed and duly executed Letter of Transmittal, or, in the      case of a book-entry transfer, an agent’s message,  and |
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| ·   | any      other required documents. |
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| 6.   | Conditional      Tender of Shares |
|----------------|-----------------------------------|

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| 7.   | Conditions      of the Tender Offer |
|----------------|-------------------------------------|

| ·   | there      has occurred any change that we deem material in the general political,      market, economic or financial conditions in the United States or abroad      that is reasonably likely to adversely affect our business or the trading      in the shares, including, but not limited to, the    following: |
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| §   | any      general suspension of, or general limitation on prices for, or trading in,      securities on any national securities exchange or in the over-the-counter      markets in the United States; |
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| §   | a      declaration of a banking moratorium or any suspension of payments in      respect of banks in the United States or any limitation (whether or not      mandatory) by any governmental agency or authority on, or any other event      that, in our reasonable judgment, could reasonably be expected to      adversely affect, the extension of credit by banks or other financial      institutions in the United States; |
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| §   | the      commencement or escalation of a war, armed hostilities or other similar      national or international calamity directly or indirectly involving the      United States; |
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| §   | a      decrease in excess of 10% in the market price for the shares or in the Dow      Jones Industrial Average, the NYSE Composite Index or the S&P 500      Composite Index; or |
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| §   | in      the case of any of the foregoing existing at the time of the commencement      of the Offer, in our reasonable judgment, a material acceleration or      worsening thereof; |
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| §   | any      change (or condition, event or development involving a prospective change)      has occurred in the business, properties, assets, liabilities,      capitalization, stockholders’ equity, financial condition, operations,      licenses, results of operations or prospects of us or any of our      subsidiaries or affiliates, taken as a whole, that, in our reasonable      judgment, does or is reasonably likely to have a materially adverse effect      on us or any of our subsidiaries or affiliates, taken as a whole, or we      have become aware of any fact that, in our reasonable judgment, does or is      reasonably likely to have a material adverse effect on the value of the      shares; |
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| §   | the      determination by us or our advisors that the Offer violates any financing      arrangements then in effect; |
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| §   | legislation      amending the Internal Revenue Code of 1986, as amended (the “Code”),      has been passed by either the U.S. House of Representatives or the Senate      or becomes pending before the U.S. House of Representatives or the Senate      or any committee thereof, the effect of which, in our reasonable judgment,      would be to change the tax consequences of the transaction contemplated by      the Offer in any manner that would adversely affect us or any of our      affiliates; |
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| ·   | there      has been threatened in writing, instituted, or pending any action,      proceeding, application or counterclaim by or before any court or      governmental, administrative or regulatory agency or authority, domestic      or foreign, or any other person or tribunal, domestic or foreign,      which: |
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| §   | challenges      or seeks to challenge, restrain, prohibit or delay the making of the      Offer, the acquisition by us of the shares in the Offer, or any other      matter relating to the Offer, or seeks to obtain any material damages or      otherwise relating to the transactions contemplated by the      Offer; |
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| §   | seeks      to make the purchase of, or payment for, some or all of the shares      pursuant to the Offer illegal or results in a delay in our ability to      accept for payment or pay for some or all of the  shares; |
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| §   | seeks      to impose limitations on our ability (or any affiliate of ours) to acquire      or hold or to exercise full rights of ownership of the shares, including,      but not limited to, the right to vote the shares purchased by us on all      matters properly presented to our stockholders otherwise could reasonably      be expected to materially adversely affect the business, properties,      assets, liabilities, capitalization;or |
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| §   | stockholders’      equity, financial condition, operations, licenses, results of operations      or prospects of us or any of our subsidiaries or affiliates, taken as a      whole, or the value of the shares; |
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| ·   | any      action has been taken or any statute, rule, regulation, judgment, decree,      injunction or order (preliminary, permanent or otherwise) has been      proposed, sought, enacted, entered, promulgated, enforced or deemed to be      applicable to the Offer or us or any of our subsidiaries or affiliates by      any court, government or governmental agency or other regulatory or      administrative authority, domestic or foreign, which, in our reasonable      judgment: |
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| §   | indicates      that any approval or other action of any such court, agency or authority      may be required in connection with the Offer or the purchase of shares      thereunder; |
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| §   | could      reasonably be expected to prohibit, restrict or delay consummation of the      Offer; or |
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| §   | otherwise      could reasonably be expected to materially adversely affect the business,      properties, assets, liabilities, capitalization, stockholders’ equity,      financial condition, operations, licenses, results of operations or      prospects of us or any of our subsidiaries or affiliates, taken as a      whole; |
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| §   | a      tender or exchange offer for any or all of our issued and outstanding      shares of common stock (other than this Offer), or any merger,      acquisition, business combination or other similar transaction with or      involving us or any subsidiary, has been proposed, announced or made by      any person or entity or has been publicly  disclosed; |
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| ·   | we      learn that: |
|--------------------|---------------------|

| §   | any      entity, “group”      (as that term is used in Section 13(d) (3) of the Exchange Act) or person      has acquired or proposes to acquire beneficial ownership of more than 5%      of our issued and outstanding shares of common stock, whether through the      acquisition of stock, the formation of a group, the grant of any option or      right, or otherwise (other than as and to the extent disclosed in a      Schedule 13D or Schedule 13G filed with the SEC on or before October 13,      2008); |
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| §   | any      entity, group or person who has filed a Schedule 13D or Schedule 13G with      the SEC on or before October 13, 2008 has acquired or proposes to acquire,      whether through the acquisition of stock, the formation of a group, the      grant of any option or right, or otherwise, beneficial ownership of an      additional 1% or more of our issued and outstanding shares of common      stock; |
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| §   | any      person, entity or group has filed a Notification and Report Form under the      Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended,      reflecting an intent to acquire us or any of our shares, or has made a      public announcement reflecting an intent to acquire us or any of our      subsidiaries or any of our or their respective assets or      securities; |
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| §   | any      approval, permit, authorization, favorable review or consent of any      governmental entity required to be obtained in connection with the Offer      has not been obtained on terms satisfactory to us in our reasonable      discretion; or |
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| ·   | we      determine that the consummation of the Offer and the purchase of the      shares is reasonably likely to: |
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| §   | cause      the shares to be to be held of record by fewer than 300 holders resident      in the United States (within the meaning of Exchange Act Rule      12g3-2(a)(1)); |
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| §   | cause      our common stock to be eligible for deregistration under the Exchange Act;      or |
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| §   | cause      our common stock to be delisted from theAMEX. |
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| 8.   | Price      Range of the Shares; Prior Stock Purchases by the  Company |
|----------------|-----------------------------------------------------------------------|

|                                                                        | High      ($) | Low      ($) |
|-----------------------------------------------------------------------------|---------------|--------------|
|                                                                        |          |         |
| Year      Ending December 31, 2008:                                         | 14.98         | 3.00         |
| First Quarter through      March 31, 2008                              | 14.98         | 9.91         |
| Second      Quarter through June 30, 2008                                   | 11.94         | 9.66         |
| Third      Quarter through September 30, 2008                               | 11.70         | 6.73         |
| Fourth      Quarter through December 31, 2008 (through October 13,    2008) | 8.65          | 3.00         |
|                                                                        |          |         |
| Year      Ended December 31, 2007:                                          |          |         |
| First      Quarter ended March 31, 2007                                     | 19.60         | 14.61        |
| Second      Quarter ended June 30, 2007                                     | 18.85         | 17.00        |
| Third      Quarter ended September 30, 2007                                 | 18.82         | 14.75        |
| Fourth      Quarter ended December 31, 2007                                 | 20.40         | 12.09        |
|                                                                        |          |         |
| Year      Ended December 31, 2006:                                          |          |         |
| First      Quarter ended March 31, 2006                                     | 20.55         | 18.21        |
| Second      Quarter ended June 30, 2006                                     | 20.00         | 17.30        |
| Third      Quarter ended September 30, 2006                                 | 18.00         | 15.75        |
| Fourth      Quarter ended December 31, 2006                                 | 16.30         | 13.80        |
|                                                                        |          |         |

|                                           | #      of Shares Acquired | Low      ($) | High      ($) | Average      Share Price ($) |
|------------------------------------------------|---------------------------|--------------|---------------|------------------------------|
| Year      Ending December 31, 2008:            |                      |         |          |                         |
| First      Quarter ended March 31, 2008        | 14,071                    | 10.2550      | 11.8040       | 11.0654                      |
| Second      Quarter ended June 30, 2008        | none                      |         |          |                         |
| Third      Quarter ended September 30, 2008    | 13,380                    | 9.3130       | 10.85         | 10.8178                      |
| Fourth      Quarter ended December 31, 2008    | 27,000                    | 8.65         | 8.65          | 8.65                         |
|                                           |                      |         |          |                         |
| Year      Ending December 31, 2007:            |                      |         |          |                         |
| First Quarter through      March 31, 2007 | 126,050                   | 17.3892      | 17.5500       | 17.4075                      |
| Second      Quarter through June 30, 2007      | 50,000                    | 18.0101      | 18.0101       | 18.0101                      |
| Third      Quarter through September 31, 2007  | none                      |         |          |                         |
| Fourth      Quarter through December 31, 2007  | 205,046                   | 13.1182      | 17.0400       | 15.9456                      |
|                                           |                      |         |          |                         |

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| 9.   | Source      and Amount of Funds |
|----------------|---------------------------------|

| 10.   | Information      About B+H Ocean Carriers Ltd. |
|-----------------|------------------------------------------------|

| SEC      Filing                  | Period      or Date Filed                                                                               |
|----------------------------------|---------------------------------------------------------------------------------------------------------|
|                             |                                                                                                    |
| Annual      Report on Form 20-F  | Fiscal      Year Ended December 31, 2007 filed May 3, 2008                                              |
|                             |                                                                                                    |
| Current      Reports on Form 6-K | Filed      on September 10, 2008, August 19, 2008, August 5, 2008, June 25, 2008 and      May 20, 2008. |

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| 11.   | Interest      of Directors and Executive Officers; Transactions and Arrangements      Concerning the Shares |
|-----------------|-------------------------------------------------------------------------------------------------------------|

|  Name      of Beneficial Owner                              | Number      of SharesBeneficiallyOwned | Percent      ofCommonStock      (a) |
|------------------------------------------------------------------|----------------------------------------|-------------------------------------|
|                                                             |                                   |                                |
| Northampton      Holdings Ltd.                                   | 2,011,926                              | 29.53%                              |
| Michael      S. Hudner (b)                                       | 3,691,414                              | 54.19%                              |
| Fundamental      Securities International Ltd.                   | 1,419,848                              | 20.84%                              |
| Devonport      Holdings Ltd.  (c)                      | 1,419,848                              | 20.84%                              |
| Harbor      Holdings Ltd.                                        | 202,500                                | 2.97%                               |
| Charles      L. Brock                                            | 2,500                                  | *                                   |
| R.      Anthony Dalzell (d)                                      | 57,140                                 | *                                   |
| Dean      Investments                                            | 54,540                                 | *                                   |
| John      M. LeFrere                                             | 2,500                                  | *                                   |
| Anthony      J. Hardy                                            | 2,500                                  | *                                   |
| Per      Ditlev-Simonsen                                         | —                                | *                                   |
| Trevor      J. Williams (e)                                      | 3,491,414                              | 51.25%                              |
| O.      Michael Lewis                                            | 2,500                                  | *                                   |
| Caiano      Ship AS (f)                                          | 1,146,667                              | 16.70%                              |
| Goldman      Sachs International, L.P.(f)                        | 561,130                                | 8.20%                               |
| HBK      Investments L.P. (f)                                    | 532,400                                | 7.80%                               |
| All      executive officers and directors as a group (8 persons) | 3,703,914                              | 54.37%                              |

| (a)   | As      used herein, the term beneficial ownership with respect to a security is      defined by Rule 13d-3 under the Exchange Act as consisting of sole or      shared voting power (including the power to vote or direct the vote)      and/or sole or shared investment power (including the power to dispose or      direct the disposition) with respect to the security through any contract,      arrangement, understanding, relationship, or otherwise, including a right      to acquire such power(s) during the next 60 days.  Unless      otherwise noted, beneficial ownership consists of sole ownership, voting,      and investment power with respect to all shares of common stock shown as      beneficially owned by them. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Comprised      of shares shown in the table as held by Northampton Holdings      Ltd.  (“NHL”),      Fundamental Securities International Ltd.  (“Fundamental”),      Harbor Holdings Ltd.  (“Harbor”)      and Dean Investments (“Dean”).  Mr.  Hudner      is a general partner in the partnership which is the ultimate parent of      Fundamental and a general partner in the ultimate owner of the general      partner of B+H/Equimar 95 Associates, L.P.  (“95      Associates”), which is a 60.6% owner of NHL.  Fundamental      is a 30.3% shareholder of NHL.  Mr.  Hudner and a      trust for the benefit of his family own Harbor, a Connecticut      corporation.  Anthony Dalzell is a beneficial owner of Dean      Investments, a Cayman Islands      corporation.  Mr.  Dalzell and Dean Investments      executed a Voting Agreement, dated as of September 29, 2006 (the “Voting      Agreement”), with the other entities noted above.  Under      the Voting Agreement, Mr.  Dalzell and Dean Investments agreed      to vote Shares as determined by the majority in interest of the reporting      persons.  Accordingly, Mr.  Hudner may be deemed to      share voting and dispositive power as an indirect beneficial owner of the      shares held by NHL, Fundamental, Harbor, Mr.  Dalzell and      Dean. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Devonport      Holdings Ltd.  is a general partner of the partnership that is      the ultimate parent of Fundamental and is also a general partner in the      ultimate owner of the general partner of 95  Associates. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Includes      57,040 shares held by Dean. |
|-----------------|-------------------------------------------|

| (e)   | Comprised      of shares shown in the table for NHL, Fundamental, Dean and 2,500 shares      held individually.  Mr.  Williams is president and a      director of Fundamental and the president and a director of 95      Associates.  Accordingly, Mr.  Williams may be deemed      to share voting and dispositive power as an indirect beneficial owner of      the shares held by NHL, Fundamental, Mr.  Dalzell and      Dean. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | According      to a shareholders list provided prior to September 22, 2008 by VPS, the      former registrar for the Company’s Common Stock in Oslo,      Norway. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 12.   | Effects      of the Tender Offer on the Market for Shares; Registration under the      Exchange Act |
|-----------------|-----------------------------------------------------------------------------------------------------|

| 13.   | Legal      Matters; Regulatory Approvals |
|-----------------|------------------------------------------|

| 14.   | United      States Federal Income TaxConsequences |
|-----------------|---------------------------------------------------|

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| 15.   | Extension      of the Tender Offer; Termination;Amendment |
|-----------------|-----------------------------------------------------------|

| 16.   | Fees      and Expenses |
|-----------------|------------------------|

| 17.   | Miscellaneous |
|-----------------|---------------|

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|  By      Mail or Overnight Courier:                                                                                                                    | By      Facsimile:(Eligible      Institutions Only) |  By      Hand:                                                                                                            |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------|
| American      Stock Transfer & Trust CompanyOperations      CenterAttn:      Reorganization Department6201      15th      AvenueBrooklyn,      NY 11219 | (718)      234-5001                                 | American      Stock Transfer & Trust CompanyAttn:      Reorganization Department59      Maiden LaneNew      York, NY 10038 |