Cavour Corporate Finance advised the Shareholders of Palmali Group with a fairness opinion about the company value of both Palmali Shipping SA and Palmali International Holding Company Ltd.

The evaluation has been produced for internal purpose, supporting the Shareholders decisions related to the Share Purchase Agreements to be carried out into the Palmali Group.

Both Companies are controlled by Palmali Shipping Group, international Group providing professional ship management services: ship management, chartering, ship agency, ship construction, technical maintenance. The Group is mainly active in Caspian, Black and Mediterranean seas.

In 2007, the Palmali Shipping Group reported revenues for US Dollars 459 million and after tax profit for US Dollars 77.8 million. 2008 revenues are US Dollars 855 million and 2008 after tax profit are US Dollars 145.7 million.