Document:

Exhibit 4.75

 

 

Dated 18 November 2016

 

 

 

 

AEGEAN TRADERS INC.

 as Borrower

 

 

and

 

 

DRYSHIPS INC.

 as Corporate Guarantor

 

 

And

 

 

PORTIGON AG, LONDON BRANCH

(formerly known as WESTLB AG, London Branch)

 as Lender

 

 

SETTLEMENT, RELEASE AND SUPPLEMENTAL AGREEMENT

 

 

 

 

 

 

WATSON FARLEY

&

 WILLIAMS

 

 

Index

 

 

 

	
Clause

	 	
Page

	 	 	 
	
1

	
Interpretation

	
 2

	
2

	
Undertakings

	
2

	
3

	
Lender's Agreement

	
3

	
4

	
Representations and Warranties

	
4

	
5

	
Confidentiality and Non-Disclosure

	
5

	
6

	
Reservation of Rights

	
 5

	
7

	
Forbearance

	
5

	
8

	
Incorporation of Loan Agreement Terms

	
6

	
9

	
Event of Default

	
6

	
10

	
Governing Law and Jurisdiction

	
6

	
Execution Page

	
7

 

 

THIS AGREEMENT is made on 18 November 2016

 

PARTIES

 

	(1)	
AEGEAN TRADERS INC., a corporation incorporated in the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the "Borrower");

 

	(2)	
DRYSHIPS INC., a corporation incorporated in the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the "Corporate Guarantor");

 

	(3)	
PORTIGON AG, LONDON BRANCH (formerly known as WEST LB AG, London Branch), acting through its office at Woolgate Exchange, 25 Basinghall Street, London EC2V 5HA, England (the "Lender").

 

BACKGROUND

 

	(A)	
By a loan agreement dated 20 June 2008 (as amended and supplemented on 8 October 2009 and as amended and restated on 18 January 2010 and as further amended on 12 November 2014, the "Loan Agreement") and made between, amongst others, the Borrower and the Lender, the Lender has made available to the Borrower a secured term loan facility of (originally) up to US$103,200,000.

 

	(B)	
By a master agreement dated 20 June 2008 (the "Master Agreement") on the 1992 ISDA Multicurrency Crossborder form and made between (i) the Corporate Guarantor and (ii) the Lender, the Lender agreed to enter into Transactions (as such term is defined in the Loan Agreement) with the Corporate Guarantor from time to time to hedge the Borrower's exposure under the Loan Agreement to interest rate fluctuations.

 

	(C)	
The Lender advanced to the Borrower the total amount of US$103,200,000 and, as at the date of this Agreement, the amount of the Loan outstanding is US$18,565,801,15, comprised of US$18,250,000 by way of outstanding principal and accrued interest of US$315,801.15 (as of 18 November 2016).

 

	(D)	
The Lender has consented to the sale of m.v. "SORREN ICY (the "Ship") and to release Its mortgage over the Ship even though the market value and consequently the sale proceeds are significantly less than the principal outstanding amount of the Loan.

 

(E)          The Lender's consent to the sale of the Ship is subject to, inter alia, the following conditions:

 

		(i)	
The Borrower shall remain fully liable for repayment of the Loan as reduced in accordance with Clause 3.2 of this Agreement;

 

		(ii)	
the Corporate Guarantor shall remain fully liable under the Corporate Guarantee; and

 

		(iii)	
all other terms and conditions contained in this Agreement.

 

	(F)	
The release of the Borrower and the Corporate Guarantor from their respective obligations under the Finance Documents will occur pursuant to the terms and conditions contained in this Agreement.

 

IT IS AGREED AS FOLLOWS:

 

1              INTERPRETATION

 

1.1          Defined expressions

 

Words and expressions defined in the Loan Agreement and the other Finance Documents shall have the same meanings when used in this Agreement unless the context otherwise requires.

 

1.2          Definitions

 

"Closing Date" means the date of this Agreement;

 

"Final Settlement Date" means the date falling 9 months after the Closing Date;

 

"Forbearance Period" means the period commencing on the date of this Agreement and ending on the earlier of (i) the Final Settlement Date and (H) on the date of occurrence of a Termination Event;

 

"Termination Event" means any of the following events or circumstances:

 

		(a)	
a Security Party breaches any term, provision, undertaking or covenant of this Agreement;

 

		(b)	
any corporate action, legal proceedings or other procedure or step is taken in relation to:

 

		(i)	
a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of the Borrower or the Corporate Guarantor; or

 

		(ii)	
the enforcement of any Security Interest over any assets of the Borrower or the Corporate Guarantor; or

 

		(iii)	
any analogous procedure or step is taken in any jurisdiction;

 

		(c)	
any Instalment falling due under Clause 3.2 is not paid on its due date unless its failure to pay is caused by an administrative or technical error; and

 

		(d)	
any Security Interest securing any Financial Indebtedness of a Relevant Person is enforced or any creditor accelerates or enforces its rights pursuant to a provision having an equivalent effect to clause 18.2 of the Loan Agreement; and

 

"Upfront Amount" means an amount of $6,700,000.

 

2              UNDERTAKINGS

 

2.1          The Borrower and the Corporate Guarantor jointly and severally undertake as follows:

 

	(a)	
to pay on the date of this Agreement the Upfront Amount to be applied first against the Balloon Instalment and thereafter against the outstanding repayment instalments of the Loan (as defined in the Loan Agreement);

 

	(b)	
to pay all costs associated with the release of the Mortgage in respect of the Ship and any legal costs incurred by the Lender in connection therewith and in connection with the arrangements set out in and the negotiation of this Agreement; and

 

2

	(c)	
on the date of completion of the sale of the Ship, the Borrower will confirm in writing (in a form in all respects acceptable to the Lender) that there are no due and unpaid Earnings or outstanding claims in connection with the Earnings or Insurances of the Ship and that no claims in connection with Earnings or Insurances (in connection with a previous employment or otherwise) are anticipated in connection with the Ship after its delivery to the Buyer.

 

3              LENDER'S AGREEMENT

 

In consideration of the undertakings of the Borrower and the Corporate Guarantor as set out in Clause 2, the Lender agrees as follows:

 

3.1          Mortgage release

 

Subject to Clause 2.1(b), the Mortgage shall be released on receipt of evidence, satisfactory to the Lender, that the Upfront Amount and the first Instalment have been paid on or prior to the date of this Agreement.

 

3.2          Loan reduction on Closing Date

 

Upon receipt of the Upfront Amount on the Closing Date, and provided that the Borrower has complied with all its obligations and undertakings under this Agreement and the representations set out in Clause 4 remain true in all respects, the Borrower shall be deemed to comply with its obligations to repay the Loan and interest thereon under the Loan Agreement if it makes the following payments towards reducing the Loan (each an "Instalment" and together the "Instalments") on the dates set out in the table below (each an "Instalment Payment Date"):

 

	
1

	
2

	
3

	
4

	
5

	 	 	 	 	 
	
Date

	
Instalment

 

($)

	
Deficiency amount on each Instalment Payment Date

 

($)

	
Total reduction of Loan on each Instalment Payment Date

 

($)

	
Loan ($) after payment of each Instalment stated in column 2

 

($)

	 	 	 	 	 
	
Closing Date

	
1,500,000

	
3,585,343.35

	
5,085,343.35

	
6,780,457.80

	
The date falling 3 months after the Closing Date

	
666,666.67

	
1,593,485.94

	
2,260,152.61

	
4,520,305.19

	
The date falling 6 months after the Closing Date

	
666,666.67

	
1,593,485.94

	
2,260,152.61

	
2,260,152.58

	
The date falling 9 months after the Closing Date

	
666,666.67

	
1,593,485.92

	
2,260,152.58

	
0.00

 

 

3

 

 

 

and all payments under this Clause 3.2 shall be applied against the Loan (as defined in the Loan Agreement) first against the Balloon Instalment and thereafter against the outstanding repayment instalments.

 

Following payment of the Upfront Amount and the first Instalment no further interest will accrue on the Loan.

 

On each date on which an Instalment is paid, the Loan shall, be reduced by the amount shown in Column 4 of the table included in this Clause 3.2 (each a "Total Reduction").

 

If the Borrower fails to pay any Instalment on an Instalment Payment Date in accordance with the above provisions, the Loan (as reduced only by the Upfront Amount and any previously made Total Reductions) shall become immediately due and payable. Any failure to effect such repayment shall constitute an Event of Default pursuant to Clause 9 of this Agreement.

 

3.3        Release of Corporate Guarantee and settlement of claims

 

On the Final Settlement Date (subject to the Lender first having received all the amounts referred to in Clause 3.2):

 

	(a)	
there shall be a full and final settlement of any claims or amounts whatsoever due to the Lender from the Borrower, the Corporate Guarantor or any other Security Party under or in connection with the Loan Agreement relating to the repayment of the Loan;

 

	(b)	
the Lender will irrevocably and unconditionally release and discharge the Borrower from its obligation to repay the Loan and any other obligations under or in connection with the Loan Agreement (save for those referred to in clauses 19 and 20 of the Loan Agreement which shall survive the execution of this Agreement);

 

	(c)	
the Lender will release the Corporate Guarantor from all its obligations under the Corporate Guarantee (save for the obligations to indemnify the Lender in connection to the Borrower's obligations referred to in clauses 19 and 20 of the Loan Agreement which shall survive the execution of this Agreement);

 

	(d)	
the Lender will re-assign to the Borrower all Security Interests of any kind created by the Finance Documents to which it is a party;

 

	(e)	
the Lender will irrevocably and unconditionally release and discharge the Borrower from all its obligations under or in connection with any Finance Document to which it is a party; and

 

	(f)	
the Lender shall re-assign to the Approved Manager all Security Interests (if any) created by the Approved Manager's Undertaking.

 

4              REPRESENTATIONS AND WARRANTIES

 

	4.1	
The Borrower and the Corporate Guarantor represent and warrant to the Lender as follows:

 

	(a)	
the Borrower and the Corporate Guarantor have taken all corporate action and obtained all consents necessary for them to execute this Agreement and to make all payments contemplated by, and to comply with, this Agreement;

 

	(b)	
all consents referred to in Clause 4.2 remain in force and nothing has occurred which makes it liable for revocation;

 

	(c)	
the execution by the Borrower and the Corporate Guarantor of this Agreement constitutes the Borrower's and the Corporate Guarantor's legal, valid and binding obligations

 

4

enforceable against the Borrower and the Corporate Guarantor in accordance with its respective terms and/or will not involve or lead to a contravention of:

 

		(i)	
law or regulation; or 

 

		(ii)	the constitutional documents of the Borrower or the Corporate Guarantor; or

 

		(iii)	
any contractual or other obligation or restriction which is binding on the Borrower or the Corporate Guarantor or any of their assets; and

 

	(d)	
no claims against any insurers or any charterer in respect of the Ship remain pending or unpaid.

 

	4.2	
The Borrower and the Corporate Guarantor acknowledge and hereby irrevocably and unconditionally confirm to the Lender that they have no claim whatsoever against the Lender in respect of, or arising out of, the Loan Agreement and the Finance Documents.

 

5              CONFIDENTIALITY AND NON-DISCLOSURE

 

The terms and conditions of this Agreement, including its existence, shall remain strictly private and confidential and shall not be disclosed by the Borrower or the Corporate Guarantor to any third party (with the exception of their legal advisers or as required by law or regulation (including, but not limited to any applicable regulations of the US Securities Exchange Commission and the applicable accounting standards)) or for the purposes of the enforcement of this Agreement.

    

6.             RESERVATION OF RIGHTS

 

	6.1	
The terms of this Agreement shall be without prejudice to the Lender's rights under the Loan Agreement and Finance Documents which rights the Lender fully reserves until due performance of all of the terms of this Agreement and any forbearance or delay by the Lender in exercising such rights shall in no way amount to, or be construed as a waiver by, the Lender of such rights.

 

	6.2	
For the avoidance of any doubt, each of the Borrower and the Corporate Guarantor shall continue to remain liable in respect of all its obligations and liabilities under or in connection with the Loan Agreement and the Corporate Guarantee (subject to Clause 7 of this Agreement) until it is released pursuant to Clause 0.

 

7              FORBEARANCE

 

	7.1	
Subject to the compliance with the terms and conditions contained in this Agreement including without limitation those referred to in Clause 2.1 and provided that the representations set out in Clause 4 are and remain true in all respects, the Lender confirms that during the Forbearance Period it shall not:

 

	(a)	
declare prematurely due and payable or otherwise seek to accelerate payment of all or any Financial Indebtedness or any part of the Loan; or

 

	(b)	
exercise or enforce any right under any Finance Document.

 

	7.2	
For the avoidance of doubt, on the occurrence of a Termination Event, the agreement of the Lender to the matters set out in this Clause 7 shall be revoked and the terms of this Agreement shall be terminated and the amount of the Loan as of the date of termination shall be the amount of the Loan at that date as reduced in accordance with Clause 3.2 of this Agreement.

 

5

	7.3	
Each Security Party hereby agrees with the Lender that, notwithstanding the terms of this Clause 7.1, the provisions of the Loan Agreement and the Finance Documents shall be, and are hereby, re-affirmed and remain in full force and effect.

 

	7.4	
This Agreement shall constitute a Finance Document for all purposes under the Loan Agreement and the other Finance Documents.

 

	8	
INCORPORATION OF LOAN AGREEMENT TERMS

 

	8.1	
The provisions of clauses 19.1, 19.2 and 27 of the Loan Agreement shall apply (with all logical modifications) to this Agreement as if the references therein to "this Agreement" or "a/the Finance Document/s" were references to this Agreement.

 

8.2          This Agreement may be executed in any number of counterparts.

 

	9	
EVENT OF DEFAULT

 

The Borrower and the Corporate Guarantor acknowledge and agree that if any of them fails to satisfy any obligations undertaken by it under this Agreement in a timely manner, such failure shall constitute an Event of Default entitling the Lender to take any of the actions referred to in clause 18.2 of the Loan Agreement.

 

	10	
GOVERNING LAW AND JURISDICTION

 

The terms of this Agreement shall be governed by and construed in accordance with English law and the terms of clause 29 of the Loan Agreement shall apply (with all logical modifications) to this Agreement as if all references therein to "this Agreement" were references to this Agreement.

 

6

 

EXECUTION PAGE

 

	
BORROWER

	 	 	 	 
	 	 	 	 	 
	
EXECUTED and DELIVERED as a DEED

by AEGEAN TRADERS INC.

acting by Savvas Tournis

its duly authorised

attorney-in-fact in the presence of:

	 	
)

)

)

)

)

	
 

 

/s/ Savvas Tournis

	 
	 	 	 	 	 
	 	 	 	 	 
	
EVGENIA TH. VOULIKA

Attorney-at-Law

52 Ag. Konstantinou Street – 151 24 Marousi

Athens, Greece

Tel: +30 210 6140580

	 	 	 /s/ Evgenia Th. Voulika	 
	 	 	 	 	 
	 	 	 	 	 
	
CORPORATE GUARANTOR

	 	 	 	 
	 	 	 	 	 
	
EXECUTED and DELIVERED as a DEED

by DRYSHIPS INC.

acting by Savvas Tournis

its duly authorised

attorney-in-fact in the presence of:

	 	
)

)

)

)

)

	
 

 

/s/ Savvas Tournis

	 
	 	 	 	 	 
	 	 	 	 	 
	
EVGENIA TH. VOULIKA

Attorney-at-Law

52 Ag. Konstantinou Street – 151 24 Marousi

Athens, Greece

Tel: +30 210 6140580

	 	 	  /s/ Evgenia Th. Voulika	 
	 	 	 	 	 
	 	 	 	 	 
	
LENDER

	 	 	 	 
	 	 	 	 	 
	
EXECUTED and DELIVERED as a DEED

by EAA PORTFOLIO ADVISERS GMBH

for and on behalf of PORTIGON AG,

LONDON BRANCH

(formerly known as WEST LB AG,

London Branch)

acting by

its duly authorised

attorney-in-fact in the presence of:

	 	
)

)

)

)

)

)

)

)

)

	 /s/ ILLEGIBLE	 
	 	 	 	 	 

7Exhibit 4.76

 

 

	
DATED

	
30 November 2016

	(1)	
DRYSHIPS INC.

 (as Borrower)

	(2)	
ADVICE INVESTMENTS S.A.

 (as Purchaser)

	(3)	
HSH NORDBANK AG

 (as Assigning Lender)

	(4)	
HSH NORDBANK AG

 (as Swap Bank)

	(5)	
HSH NORDBANK AG

 (as Lead Bookrunner)

	(6)	
HSH NORDBANK AG

 (as Agent)

	(7)	
HSH NORDBANK AG

 (as Security Trustee)

SALE AND TRANSFER DEED

IN RELATION TO A PARTICIPATION IN A JUNIOR LOAN AGREEMENT

THIS DEED is dated 30 November 2016

	(1)	
DRYSHIPS INC., a corporation incorporated in the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, The Marshall Islands MH 96960 ("Borrower");

	(2)	
ADVICE INVESTMENTS S.A., a corporation incorporated in the Republic of Liberia whose registered office is at 80 Broad Street, Monrovia, Liberia ("Purchaser");

	(3)	
HSH NORDBANK AG, acting through its office at Gerhart-Hauptman-Platz 50, D-20095 Hamburg, Federal Republic of Germany (in its capacity as a lender, "Assigning Lender");

	(4)	
HSH NORDBANK AG, acting through its office at Gerhart-Hauptman-Platz 50, D-20095 Hamburg, Federal Republic of Germany (in its capacity as a swap bank, "Swap Bank");

	(5)	
HSH NORDBANK AG, acting through its office at Gerhart-Hauptman-Platz 50, D-20095 Hamburg, Federal Republic of Germany (in its capacity as lead bookrunner, "Lead Bookrunner");

	(6)	
HSH NORDBANK AG, acting through its office at Gerhart-Hauptman-Platz 50, D-20095 Hamburg, Federal Republic of Germany (in its capacity as agent, "Agent"); and

	(7)	
HSH NORDBANK AG, acting through its office at Gerhart-Hauptman-Platz 50, D-20095 Hamburg, Federal Republic of Germany (in its capacity as security trustee, "Security Trustee"),

(each of the Borrower, the Purchaser, the Assigning Lender, the Swap Bank, the Lead Bookrunner, the Agent and the Security Trustee are collectively referred to herein as the "Parties").

BACKGROUND

	(A)	
By a loan agreement dated 31 March 2006 between, inter alia, (i) the Borrower, as borrower, (ii) the Assigning Lender and others, as lenders (together in such capacity, the "Junior Lenders"), (iii) the Swap Bank and others, as swap bank, (iv) the Agent, as agent and (v) the Security Trustee, as security trustee, as amended, restated, novated and/or (as the case may be) supplemented by (i) a supplemental letter dated 15 May 2006 between the Borrower and the Agent; (ii) an amending and restating agreement dated 23 May 2007 between, inter alia, the Borrower, the Agent and the Security Trustee; (iii) a supplemental agreement dated 27 February 2008 among, inter alia, the Borrower, the Junior Lenders, the Agent and the Security Trustee; (iv) a supplemental letter dated 23 April 2008 between the Borrower and the Agent; (v) a supplemental agreement dated 17 November 2009 between, inter alia, the Borrower, the Junior Lenders, the Agent and the Security Trustee; (vi) a supplemental letter dated 29 September 2010 between the Borrower and the Agent; (vii) a supplemental letter dated 9 February 2012 between the Borrower and the Agent; (viii) a supplemental letter dated 27 September 2012 between the Borrower and the Agent; (ix) a supplemental agreement dated 18 November 2013 between the Borrower, the Agent and the Security

- 2 -

Trustee; (x) a variation agreement dated 6 September 2016 between, inter alia, the Borrower, the Junior Lenders, the Agent and the Security Trustee; (xi) a variation Agreement dated 4 November 2016 between, inter alia, the Borrower, the Junior Lenders, the Agent and the Security Trustee; and (xii) a variation agreement dated 8 November 2016 between, inter alia, the Borrower, the Junior Lenders, the Agent and the Security Trustee (and as otherwise amended, restated, novated and/or (as the case may be) supplemented from time to time, the "Junior Loan Agreement"), the Junior Lenders agreed to make available to the Borrower both term loan and short term credit facilities of (originally) up to US$110,000,000 in aggregate.

	(B)	
By two master agreements (on the 1992 or 2002 ISDA Master Agreement (Multicurrency-Crossborder) form) (each a "Master Agreement" and together the "Master Agreements") each dated 31 March 2006 and made between the Borrower and the Swap Bank, it was agreed that the Swap Bank may enter into Transactions (as defined in the Master Agreements) with the Borrower from time to time.

	(C)	
Events of default have occurred and are continuing under each of the Senior Loan Agreement (as defined in the Junior Loan Agreement) and the Junior Loan Agreement as a result of, amongst other things, the Borrower failing to pay all amounts outstanding under each of those loan agreements on the Final Maturity Date (as defined in that loan agreement) (together, the "Existing Events of Default"). Each of the Junior Lenders has reserved and preserved all of the rights and remedies available to it under the Finance Documents (as defined in the Junior Loan Agreement).

	(D)	
This Deed sets out the terms and conditions by which the Assigning Lender shall transfer and assign all of its rights in respect of its Contribution, and all of its obligations in respect of its Commitment, to the Purchaser, and the Purchaser shall accept and assume such rights and obligations.

IT IS AGREED AS FOLLOWS:

	1.	
INTERPRETATION

Defined expressions.Words and expressions defined in the Junior Loan Agreement shall have the same meanings when used in this Deed unless the context otherwise requires.

	1.2.	
The following terms shall be defined as set forth below for purposes of this Deed:

	1.2.1.	
"Agency Transfer Agreement" means the agency transfer agreement or deed in the form set out in schedule 4 (agency transfer agreement)to the Senior Sale and Transfer Deed.

	1.2.2.	
"Aggregate Purchase Price" means an amount equal to $22,250,000 less:

		(i)	
the aggregate amount of any prepayment of the Loan (as defined in the Senior Loan Agreement) made by the Borrower, and received by HSH Nordbank AG (in its capacity as a senior lender), as a result of the sale of any of the Ships named "Ocean Crystal", "Sonoma" and "Coronado" pursuant to clause 8.9 (mandatory prepayment)of the Senior Loan Agreement; and

- 3 -

		(ii)	
the Senior Purchase Price as of the Effective Date.

	1.2.3.	
"Assigned Assets" means all of the rights and benefits of the Assigning Lender under or in respect of the Finance Documents including, without limitation, the rights and interests of the Assigning Lender in and in respect of:

		(iii)	
the benefit of any guarantee or other assurance against loss given by any Guarantor;

		(iv)	
the benefit of any other security; and

		(v)	
amounts owing to the Assigning Lender under or in respect of the Outstanding Loan.

	1.2.4.	
"Assumed Obligations" means all of the Assigning Lender's obligations under or in respect of the Finance Documents, including, without limitation, any commitment under the Finance Documents to make or issue the Loan.

	1.2.5.	
"Effective Date" means the date (falling on or before the Long Stop Date) on which the Agent confirms (acting on the instructions of the Assigning Lender) to the Borrower and the Purchaser that each of the conditions precedent set out in Schedule 1 hereto are satisfied to the satisfaction of the Agent.

	1.2.6.	
"Group" means, in respect of any person, such person and each of its holding companies and subsidiaries and each subsidiary of each of its holding companies (as each such term is defined in the Companies Act 2006).

	1.2.7.	
"Guarantor" means any person who has given a guarantee, indemnity, security interest or other assurance against loss to the Assigning Lender (or any person acting on the Assigning Lender's behalf) in respect of any obligations of the Borrower to the Assigning Lender in relation to the Loan.

	1.2.8.	
"Long Stop Date" means 30 November 2016 or such later date as the Assigning Lender may agree in its absolute discretion.

	1.2.9.	
"Outstanding Loan" means, in relation to the Assigning Lender, the principal amount of the Loan made to the Borrower which is currently owed to the Assigning Lender under the Junior Loan Agreement or the principal amount outstanding of that borrowing.

	1.2.10.	
"Purchaser Warranties" means the warranties, representations and indemnities made by, and the covenants and agreements of, the Purchaser set out in the Transfer Documents.

	1.2.11.	
"Senior Purchase Price" has the meaning given to "Purchase Price" in the Senior Sale and Transfer Deed.

	1.2.12.	
"Senior Sale and Transfer Deed" means a sale and transfer deed dated the same date as this Deed and made with, amongst others, the Borrower in relation to participations in a senior loan agreement.

- 4 -

	1.2.13.	
"Transfer Certificate" means a transfer certificate in the form set out on Schedule 2 hereto.

	1.2.14.	
"Transfer Documents" means this Deed, the Transfer Certificate and the Agency Transfer Agreement.

	1.3.	
Construction

	1.3.1.	
The provisions of clause 1 (interpretation)of the Junior Loan Agreement are incorporated in to this Deed as if set out herein.

	1.3.2.	
In this Deed, unless the contrary intention appears, a reference to a Clause or a Schedule is a reference to a clause of or schedule to this Deed.

	1.4.	
Headings are for ease of reference only.

	1.5.	
References to any document shall be references to that document as amended, varied, supplemented, replaced or restated in any manner from time to time.

	1.6.	
A provision of law is a reference to that provision as amended or re-enacted.

	2.	
TRANSFER AND ASSIGNMENT

	2.1	
Subject to the occurrence of, and with effect from, the Effective Date, the Assigning Lender will assign and transfer by way of the execution of a Transfer Certificate, without any warranty, representation, covenant or other recourse, all of its rights in respect of all of its Contribution and all of its obligations in respect of its Commitment and any and all right, title or interest in the Assigned Assets and obligations under the Assumed Obligations to the Purchaser.

	2.2	
As and with effect from the Effective Date, the Purchaser shall:

		(a)	
be deemed to accept the assignment and transfer of the Assigning Lender's Contribution, Commitment and Assigned Assets; and

		(b)	
assume, perform and comply with (vis-a-vis the Junior Lenders, the Agent and the other providers of credit in relation to the Assigned Assets) the Assumed Obligations under the Finance Documents as if originally named as an original party in the Finance Documents in place of the Assigning Lender. The Purchaser acknowledges and agrees that the transfer and assignment by the Assigning Lender to the Purchaser referred to in this Clause 2, and set out in the Transfer Certificate, shall be without any warranty, representation, covenant or other recourse of any kind.

- 5 -

	2.3	
Notwithstanding clause 26.11 (registration fee)of the Junior Loan Agreement, the Agent hereby confirms that it waives its entitlement to any registration fee in relation to the transfer and assignment by the Assigning Lender to the Purchaser pursuant to this Deed.

	3.	
REPRESENTATIONS AND WARRANTIES

	3.1	
Mutual representations and warranties

 

Each party to this Deed hereby represents and warrants to each other party that it has full capacity to enter into, execute and deliver the Transfer Documents to which it is or is to be a party and has taken all necessary corporate action and obtained all official consents which it needs to take or obtain in connection with the Transfer Documents to which it is or is to be a party and the transactions contemplated hereby.

	3.2	
Purchaser representations and warranties

As of the date of this Deed and the Effective Date, the Purchaser represents and warrants to each of the Assigning Lender, the Agent and the Security Trustee that:

		(a)	
it is duly organised, validly existing and in good standing under the laws of the Republic of Liberia;

		(b)	
its obligations under the Transfer Documents to which it is or is to be a party constitute its legal, valid, binding and enforceable obligations (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or similar laws affecting creditors' rights generally and subject, as to enforceability, to equitable principles of general application);

		(c)	
no broker, finder or other person acting pursuant to the instructions of a party is entitled to any broker's fee or other commission in connection with this Deed for which any other party may be responsible;

		(d)	
no notice to, registration with, consent or approval of or any other action by any governmental, regulatory or other authority is or will be required for it to execute, deliver, and perform its obligations under the Transfer Documents to which it is or is to be a party; and

		(e)	
it will not use any information received by it from any other party to this Deed in relation to the Borrower, any Security Party, any Assigned Asset or any Assumed Obligation for any unlawful purpose or for any public statement.

	3.3	
Survival of representations

All express representations and warranties made by any party to this Deed pursuant to the Transfer Documents shall survive the Effective Date and consummation of the transactions contemplated in the Transfer Documents.

	4.	
CONDITIONS PRECEDENT

		(a)	
The agreement of the Assigning Lender to assign and transfer its Contribution, Commitments, Assigned Assets and Assumed Obligations to the Purchaser

- 6 -

shall be expressly conditional upon, and subject to, the prior fulfilment on or before the Long Stop Date of each of the conditions precedent set out in Schedule 1 to this Deed to the satisfaction of the Agent (collectively, "Conditions Precedent").

		(b)	
The Agent agrees to provide a written confirmation to the Borrower and the Purchaser promptly following satisfaction of the Conditions Precedent.

		(c)	
In the event that the Effective Date has not occurred on or before the Long Stop Date, the Agent may (acting on the instructions of the Assigning Lender) terminate this Deed by written notice to the Borrower and the Purchaser, whereupon this Deed shall automatically be deemed terminated.

	5.	
CONSENT / ACKNOWLEDGMENT TO TRANSFER

		(a)	
By its signature below, the Borrower confirms that, in accordance with clause 26.2 (transfer by a Lender)of the Junior Loan Agreement, the Assigning Lender has consulted with the Borrower prior to entering into this Deed.

		(b)	
Notwithstanding any provision of the Junior Loan Agreement to the contrary, each of the parties to this Deed acknowledges and agrees that no consent is required to the transfer and assignment by the Assigning Lender to the Purchaser as set out in this Deed, or, to the extent that consent is required, each irrevocably and unconditionally waives such requirement.

	6.	
INDEMNITY

Subject only to Clause 9.2, the Purchaser shall indemnify, defend and hold the Assigning Lender and each of its officers, directors, employees and agents fully harmless from and against any liability, claim, cost, loss, damage or expense (including, without limitation, reasonable legal fees and disbursements and VAT thereon) or judgment which the Assigning Lender or any of its officers, directors, employees and agents may incur or suffer as a result of:

		(a)	
the Purchaser's breach of any of the provisions of the Transfer Documents; or

		(b)	
the breach of any of the Purchaser Warranties by the Purchaser; or

		(c)	
the failure by the Purchaser to perform any of the Assumed Obligations from the Effective Date; or

		(d)	
any obligation of the Assigning Lender to, in whole or part, disgorge or reimburse any party or entity for any payment or property received, effected by or applied by the Assigning Lender or the Purchaser for the account of the Purchaser under or in connection with any of the Assumed Assets or any of the Assumed Obligations.

	7.	
RELEASE

The Borrower (on behalf of itself, each of its subsidiaries and affiliates and each of its and their respective successors-in-title, legal representatives and assignees) and each of its and their respective employees, agents, representatives, officers, directors,

- 7 -

shareholders, and trustees (each, a "Releasing Party" and collectively, the "Releasing Parties") does hereby irrevocably and unconditionally fully release and discharge, and shall be deemed to have irrevocably and unconditionally fully released and discharged, the Assigning Lender, the Agent and the Security Trustee (including each of their respective successors-in-title, legal representatives and assignees) and each of their respective, past, present and future, officers, directors, shareholders, trustees, agents, employees, consultants, experts, advisors, attorneys and other professionals and all other persons and entities to whom any of the foregoing would be liable if any such person or entity were found to be liable to any Releasing Party (each, a "Released Party" and collectively, the "Released Parties") from any and all manner of action and actions, cause and causes of action, claims, charges, demands, counterclaims, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, damages, judgments, expenses, executions, liens, claims of liens, claims of costs, penalties, attorneys' fees, or any other compensation, recovery or relief on account of any liability, obligation, demand or cause of action of whatever nature, whether in law, equity or otherwise (including without limitation interest or other carrying costs, penalties, legal, accounting and other professional fees and expenses, and incidental, consequential and punitive damages payable to third parties), whether known or unknown, fixed or contingent, joint and/or several, secured or unsecured, due or not due, primary or secondary, liquidated or unliquidated, contractual or tortious, direct, indirect, or derivative, asserted or unasserted, foreseen or unforeseen, suspected or unsuspected, now existing, heretofore existing or which may heretofore accrue against any of the Released Parties, whether held in a personal or representative capacity, and which are based on any act, fact, event or omission or any other matter, cause or thing occurring at or from any time prior to and including the date hereof in any way, directly or indirectly arising out of, connected with or relating to, this Deed, any other Transfer Document, the Junior Loan Agreement, any other Finance Document, any of the transactions contemplated hereby or thereby or any other agreement, certificate, instrument or other document or statement whatsoever (in each case whether written or oral) related to any of the foregoing (each, a "Claim" and collectively, the "Claims").

	8.	
TAXES AND FEES

	8.1	
Stamp taxes / perfection of Security Interests

Any stamp duty, stamp duty reserve tax or any other applicable transfer tax or duty (excluding notarial fees) attributable to the sale, purchase, assignment or assumption of any of the Assigning Lender's Commitment, Contribution, Assigned Assets and Assumed Obligations and any costs (excluding notarial costs) attributable to the transfer or perfection of any of the Security Interests included in the Assigned Assets are payable by the Purchaser.

	8.2	
Notarial fees

Any notarial fee attributable to the sale, purchase, assignment or assumption of any of the Assigning Lender's Assigned Assets, the related collateral subject to any Security Interest and the Assumed Obligations is payable by the Purchaser.

- 8 -

	8.3	
Tax

The Purchaser acknowledges that it is responsible for making its own independent tax analysis of the Finance Documents and the Transfer Documents and the transaction contemplated thereby.

	8.4	
Free and clear payments

All payments made under the Transfer Documents shall be made free and clear of any deduction or withholding save for such deduction or withholding as may be required to be made from such payments by any law, regulation or practice. If any such deduction or withholding is made or is required to be made, the payer shall increase the amount to be paid to the payee to ensure that the payee receives and retains a sum equal to the sum which it would have received and retained had no such deduction or withholding been made or required to be made.

	9.	
CONTINUING OBLIGATION

	9.1	
Each indemnity in any Transfer Document is a continuing obligation, separate and independent from the other obligations of the parties under the Transfer Document and shall survive termination of any Transfer Document; and it is not necessary for any party to a Transfer Document to incur any expense or make any payment before enforcing a right of indemnity conferred by any Transfer Document.

	9.2	
No party to any Transfer Document shall be obliged to indemnify any other party to

that Transfer Document if the loss of the indemnified party is due to the negligence or wilful misconduct of the indemnified party.

	10.	
CONFIDENTIALITY

Each party to this Deed shall maintain the confidentiality of the terms of the Transfer Documents and the transactions contemplated thereby unless otherwise required by law or regulation. Each such party shall be permitted to make any necessary disclosure:

		(e)	
to any member of its Group;

		(f)	
to its professional advisers and auditors regarding the terms of any of the transactions contemplated by the Transfer Documents;

		(g)	
in connection with the perfection or enforcement of a party's rights and obligations under any of the Transfer Documents; and

		(h)	
to any person appointed by that party to provide administration or settlement services in respect of any of the Transfer Documents, any Finance Document or any of the transactions contemplated thereby,

subject, in each case, to the same confidentiality constraints.

- 9 -

	11.	
SUPPLEMENTAL

	11.1	
Finance Document

This Deed shall be a "Finance Document" under the Junior Loan Agreement.

	11.2	
Counterparts

This Deed may be executed in any number of counterparts.

	11.3	
Third Party rights A person who is not a party to this Deed has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Deed.

	12.	
NOTICES AND PROCESS AGENT

	12.1	
The provisions of clause 28 (notices)of the Junior Loan Agreement shall apply to this Deed as if it was expressly incorporated in this Deed, with the notice details for the Purchaser being:

Advice Investments S.A.

c/o Cefai & Associates

5/1, Merchants Street

Valletta VLT 1171

Malta

Attention: Ms. Louise Cefai

 Fax: +356 21 249 950

and with any other necessary modification.

	12.2	
The Purchaser irrevocably appoints Ince Process Agents Ltd. at its registered office for the time being, presently at Aldgate Tower, 2 Leman Street, London El 8QN, England, to act as its agent to receive and accept on its behalf any process or other document relating to any proceedings in the English courts which are connected with this Deed, any other Transfer Document or any non-contractual obligations arising out of or in connection with this or any other Transfer Document.

	13.	
LAW AND JURISDICTION

	13.1	
Governing law

This Deed, including any non-contractual obligations arising out of or in connection with this Deed, shall be governed by and construed in accordance with English law.

	13.2	
Incorporation of Junior Loan Agreement provisions

The provisions of clause 30 (law and jurisdiction)of the Junior Loan Agreement shall apply to this Deed as if it was expressly incorporated in this Deed with any necessary modifications.

- 10 -

THIS DEED has been duly executed as a Deed and delivered on the date stated at the beginning of this Deed.

 

 

 

- 11 -

SCHEDULE 1

CONDITIONS PRECEDENT

The following are the documents referred to in Clause 4(a):

	1.	
A duly executed original of:

		(a)	
this Deed;

		(b)	
the Transfer Certificate for the Assigning Lender;

		(c)	
the Agency Transfer Agreement; and

		(d)	
the Senior Sale and Transfer Deed.

	2.	
Copies of the resolutions of the directors of the Borrower authorising the execution of this Deed, each of the other documents referred to in paragraph 1 above to which the Borrower is a party and the transactions contemplated hereby or thereby.

	3.	
Copies of the resolutions of the sole director and the sole shareholder of the Purchaser authorising the execution of this Deed, each of the other documents referred to in paragraph 1 above to which the Purchaser is a party and the transactions contemplated hereby or thereby.

	4.	
Copies of all consents which the Purchaser or the Borrower requires to enter into, or make any payment, under this Deed or any other document referred to in paragraph 1 above.

	5.	
Confirmation of receipt by the Agent in full (without any set off, deduction or counterclaim of any kind) of the Aggregate Purchase Price.

	6.	
All documentation required by each of the Assigning Lender, the Agent and the Security Trustee to satisfy its "know your customer" requirements in relation to the Purchaser.

	7.	
Evidence satisfactory to the Agent that:

		(a)	
the Agent has received an "Effective Time Certificate" pursuant to the Agency Transfer Agreement duly executed by the Successor Agent and the Successor Security Trustee (as each is defined in the Agency Transfer Agreement);

		(b)	
all conditions precedent (other than the occurrence of the Effective Date under this Deed) to the occurrence of the "Effective Date" under the Agency Transfer Agreement have been satisfied;

		(c)	
the "Effective Date" under the Agency Transfer Agreement will be the same date as the Effective Date under this Deed; and

		(d)	
the transfer contemplated by the Agency Transfer Agreement will occur and complete no later than the Effective Date under this Deed.

- 12 -

	8.	
Evidence satisfactory to the Agent that:

		(a)	
all conditions precedent (other than the occurrence of the Effective Date under this Deed) to the occurrence of the "Effective Date" under the Senior Sale and Transfer Deed have been satisfied;

		(b)	
the "Effective Date" under the Senior Sale and Transfer Deed will be the same date as the Effective Date under this Deed; and

		(c)	
the transfer contemplated by the Senior Sale and Transfer Deed will occur and complete no later than the Effective Date under this Deed.

	9.	
Documentary evidence that the agent for service of process named in Clause 12.2 has accepted its appointment on behalf of the Purchaser.

	10.	
Favourable legal opinions from lawyers appointed by the Agent of such matters concerning the laws of Liberia and such other jurisdictions as the Agent may require.

- 13 -

SCHEDULE 2

TRANSFER CERTIFICATE

The Transferee accepts exclusive responsibility for ensuring that this Certificate and the transaction to which it relates comply with all legal and regulatory requirements applicable to it.

	To:	
HSH Nordbank AG for itself and for and on behalf of the Borrower, each Security Party, the Security Trustee, the Swap Banks and each Lender, as defined in the Junior Loan Agreement referred to below.

	 	
[·] 2016

	1.	
This Certificate relates to a Loan Agreement (the "Loan Agreement") dated 31 March 2006 between, inter alia, (1) Dryships Inc. (the "Borrower"), (2) HSH Nordbank AG and others and each of their successors and assigns (the "Junior Lenders"),(3) IISII Nordbank AG (in its capacity as agent, the "Agent") and (4) HSII Nordbank AG (in its capacity as security trustee, the "Security Trustee"),as amended by that certain Amending and Restating Agreement dated 23 May 2007 between, inter alia, the Borrower, the Agent and the Security Trustee (and as otherwise amended, novated or supplemented from time to time, the "Junior Loan Agreement") pursuant to which the Junior Lenders agreed to make available to the Borrower both term loan and short term credit facilities of (originally) up to US$110,000,000 in aggregate.

	2.	
In this Certificate:

"Relevant Parties" means the Agent, the Borrower, each Security Party, the Security Trustee, each Swap Bank and each Lender;

"Transferor" means HSII Nordbank AG of Gerhart-Hauptman-Platz 50, D-20095 Hamburg, Federal Republic of Germany; and

"Transferee" means Advice Investments S.A. of 80 Broad Street, Monrovia, Republic of Liberia.

Terms defined in the Junior Loan Agreement shall, unless the contrary intention appears, have the same meanings when used in this Certificate.

	3.	
The effective date of this Certificate is .. .... 2016 provided that this Certificate shall not come into effect unless it is signed by the Agent on or before that date.

	4.	
The Transferor assigns to the Transferee absolutely all rights and interests (present, future or contingent) which the Transferor has as Lender under or by virtue of the Junior Loan Agreement and every other Finance Document in relation to 100 per cent. of the Contribution outstanding to the Transferor (or its predecessors in title).

	5.	
By virtue of this Transfer Certificate and Clause 26 of the Junior Loan Agreement, the Transferor is discharged entirely from its Commitment and the Transferee acquires all such Commitment.

- 14 -

	6.	
The Transferee undertakes with the Transferor and each of the Relevant Parties that the Transferee will observe and perform all the obligations under the Finance Documents which Clause 26 of the Junior Loan Agreement provides will become binding on it upon this Certificate taking effect,

	7.	
The Agent, at the request of the Transferee (which request is hereby made) accepts, for the Agent itself and for and on behalf of every other Relevant Party, this Certificate as a Transfer Certificate taking effect in accordance with Clause 26 of the Junior Loan Agreement,

	8.	
[Intentionally omitted.]

	9.	
The Transferee:

	(a)	
confirms that it has received a copy of the Junior Loan Agreement and each other Finance Document;

	(b)	
agrees that the transfer is on a non-recourse basis and that it will have no rights of recourse of any kind on any ground against either the Transferor, the Agent, the Security Trustee, any Swap Bank or any Lender, including but not limited to:

		(i)	
the Finance Documents proving to be invalid or ineffective,

		(ii)	
the Borrower or any Security Party failing to observe or perform its obligations, or to discharge its liabilities, under the Finance Documents;

		(iii)	
it proves impossible to realise any asset covered by a Security Interest created by a Finance Document, or the proceeds of such assets are insufficient to discharge the liabilities of the Borrower or any Security Party under the Finance Documents;

	(c)	
agrees that it will have no rights of recourse on any ground against the Agent, the Security Trustee, any Swap Bank or any Lender in the event that this Certificate proves to be invalid or ineffective;

	(d)	
warrants to the Transferor and each Relevant Party (i) that it has full capacity to enter into this transaction and has taken all corporate action and obtained all official consents which it needs to take or obtain in connection with this transaction; and (ii) that this Certificate is valid and binding as regards the Transferee; and

	(e)	
confirms the accuracy of the administrative details set out below regarding the Transferee.

	10.	
The Transferee undertakes with the Agent and the Security Trustee, on demand, fully to indemnify the Agent and/or the Security Trustee in respect of any claim, proceeding, liability or expense (including all legal expenses) which it may incur in connection with this Certificate or any matter arising out of it, except such as are shown to have been mainly and directly caused by the gross and culpable negligence or dishonesty of the Agent's or the Security Trustee's own officers or employees.

	
HSH NORDBANK AG

	 	
ADVICE INVESTMENTS S.A.

	 	 	 

- 15 -

	
By:

	 	
By:

	 	 	 
	
Date:

	 	
Date:

	 	 	 
	
Agent

	 	 
	 	 	 
	
Signed for itself and for and on

behalf of itself as Agent and for

 every other Relevant Party

	 	 
	 	 	 
	
HSH NORDBANK AG

	 	 
	 	 	 
	
By:

	 	 
	 	 	 
	
Date:

	 	 
	 	 	 

- 16 -

EXECUTION PAGES

	
BORROWER

	 	 
	 	 	 
	
EXECUTED AS A DEED

	
)

	 
	
by DRYSHIPS INC.

	
)

	 
	
acting by Dimitrios Drelozis

	
)

	
/s/ Dimitrios Drelozis

	 	
)

	 
	
duly authorised in accordance

	
)

	 
	
with the laws of the Republic of

	
)

	 
	
the Marshall Islands

	
)

	 
	 	 	 
	
in the presence of:

	 	 
	
Witness' signature:

	 	
/s/ Anastasia G. Pavli

	
Witness' name: Anastasia G. Pavli

	 	 
	
Witness' address:

	 	
Attorney-at-Law

52 Ag. Konstantinou Street -15124 Marousi

Athens, Greece

 Tel.: +30 210 6140580

	 	 	 
	 	 	 
	
PURCHASER

	 	 
	 	 	 
	
EXECUTED AS A DEED

	
)

	 
	
by ADVICE INVESTMENTS S.A.

	
)

	 
	
acting by Alexandros Sigalos

	
)

	
/s/ Alexandros Sigalos

	 	
)

	 
	
duly authorised in accordance

	
)

	 
	
with the laws of the Republic of

	
)

	 
	
Liberia

	
)

	 
	 	 	 
	
in the presence of:

	 	 
	
Witness' signature:

	 	
/s/ Christina Karanasiou

	
Witness' name: Christina Karanasiou

	 	 
	
Witness' address:

	 	
Attorney-at-Law

52 A. Konstantinou Street-15124 Marousi

Athens. Greece

 Tel.: +30 210 6140580

	 	 	 
	 	 	 
	
AGENT

	 	 
	 	 	 
	
EXECUTED AS A DEED

	
)

	 
	
by HSH NORDBANK AG

	
)

	 
	
acting

	
)

	 /s/ illegible
	 	
)

	 
	
duly authorised in accordance

	
)

	 
	
with the laws Germany

	
)

	 
	
in the presence of:

	 	 
	 	 	 
	
Witness' signature:

	 	 /s/ illegible
	
Witness' name:

	 	 
	
Witness' address:

	 	HSN Nordbank
	 	 	Gerhart-Hauptmann-Platz 50
	 	 	20095 Hamburg

- 17 -

	
SECURITY TRUSTEE

	 	 
	 	 	 
	
EXECUTED AS A DEED

	
)

	 
	
by HSH NORDBANK AG

	
)

	 
	
acting by

	
)

	/s/ illegible
	 	
)

	 
	
duly authorised in accordance

	
)

	 
	
with the laws of Germany

	
)

	 
	
in the presence of:

	 	 
	 	 	 
	
Witness' signature:

	 	/s/ illegible
	
Witness' name:

	 	 
	
Witness' address:

	 	HSN Nordbank
	 	 	Gerhart-Hauptmann-Platz 50
	 	 	20095 Hamburg
	
LEAD BOOKRUNNER

	 	 
	 	 	 
	 	 	 
	
EXECUTED AS A DEED

	
)

	 
	
by HSH NORDBANK AG

	
)

	 
	
acting by

	
)

	/s/ illegible
	 	
)

	 
	
duly authorised in accordance

	
)

	 
	
with the laws of Germany

	
)

	 
	
in the presence of:

	 	 
	 	 	 
	
Witness' signature:

	 	/s/ illegible
	
Witness' name:

	 	 
	
Witness' address:

	 	HSN Nordbank
	 	 	Gerhart-Hauptmann-Platz 50
	 	 	20095 Hamburg
	 	 	 
	
ASSIGNING LENDER

	 	 
	 	 	 
	
EXECUTED AS A DEED

	
)

	 
	
by HSH NORDBANK AG

	
)

	 
	
acting by

	
)

	/s/ illegible
	 	
)

	 
	
duly authorised in accordance

	
)

	 
	
with the laws of Germany

	
)

	 
	
in the presence of:

	 	 
	 	 	 
	
Witness' signature:

	 	/s/ Jun Huan
	
Witness' name:

	 	Jun Huan
	
Witness' address:

	 	HSN Nordbank
	 	 	Gerhart-Hauptmann-Platz 50
	 	 	20095 Hamburg
	 	 	 

- 18 -

	
SWAP BANK

	 	 
	 	 	 
	
EXECUTED AS A DEED

	
)

	 
	
by HSH NORDBANK AG

	
)

	 
	
acting by

	
)

	/s/ illegible
	 	
)

	 
	
duly authorised in accordance

	
)

	 
	
with the laws of Germany

	
)

	 
	
in the presence of:

	 	 
	 	 	 
	
Witness' signature:

	 	/s/ Jun Huan
	
Witness' name:

	 	Jun Huan
	
Witness' address:

	 	HSN Nordbank
	 	 	Gerhart-Hauptmann-Platz 50
	 	 	20095 Hamburg
	 	 	 

- 19 -

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