Sale of FARWAH and Purchase of MINERAL KYOTO

The charterer of the FPSO Farwah (2003) (owned 50/50 by Exmar and CMB) has given notice of the exercise of its purchase option.

The transaction is expected to close in May 2008 and CMB will realise a capital gain of about USD 1 million and a cash surplus of approximately USD 16 million.

Recently Bocimar exercised its option to purchase the Mineral Kyoto (2004 – 183,204 dwt) currently on long-term charter from Imabari (Japan). The change of ownership is scheduled to take place in the course of the month of March. The acquisition price amounts to USD 36 million.