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The object of the enterprise of the Fund Company is the acquisition of ships (in particular containerships) and their operation, chartering and exploitation in its own and in someone elses name, as well as the participation in other companies for this purpose. The company is entitled to carry out all business acts connected with the object of the company, for example to the raising of loans. Banking business and activities pursuant to 34 c GewO are excluded.

MUNIA Mobilien-Verwaltungs-gesell-schaft mbH with its principal place of business in Grnwald shall be the personally liable and Managing Partner. It shall make no capital contribution and has no interest in the assets of the Fund Company. MUNIA Mobilien-Verwaltungsgesell-schaft mbH is released from the limitations of Section 181 BGB (German Civil Code).

The limited partner capital of the Fund Company amounts to USD 15.5 mil.. The limited partners are MIRAN Grundstcks-Verwaltungsgeselschaft mbH, Grnwald with a capital contribution of USD 11.5 mil. and MC Shipping Inc., Monaco (hereinafter referred to as MC Shipping) with a capital contribution of USD 4.0 mil. The mandatory capital contributions of the limited partners are due for payment upon request of the Managing Partner.

MIRAN Grundstcks-Verwaltungs-gesell-schaft mbH is entitled to split its limited partnership interest and to transfer it in whole or in part to new trustees/limited partners without the consent of the other partners and without the limitations set forth in 6. The capital contribution of each new limited partner and of each partner participating indirectly by entering into a trust agreement with the Fiduciary Partner must have a minimum amount of USD 20,000.00 or such higher amount which can be divided without balance by 1,000 or, in case of over-subscription, to the allocated smaller amount.

In general, only individual natural persons can become limited partners or trustees of the Fund Company. In individual cases legal entities and partnerships can also be admitted as partners. Any participation of private partnerships, married couples or other organisations or communities is precluded. It is not permitted to acquire or to hold partnership interests as trustee for third parties.

5.	The mandatory capital contributions correspond to the amount of the limited partnership interest. The capital contributions entered into the commercial register in USD as minimum liability amount shall be 10% of the mandatory capital contribution.

The contributions are fixed capital contributions which are entered into a permanent account (Capital Account I) for each partner and which constitute the capital account of the partner. Unless otherwise provided, the Capital Account I is solely decisive for the participation of the partners in the assets, the profits and losses of the Fund Company, as well as for all partnership rights. Unless otherwise provided in this Agreement, the Capital Accounts I can only be amended by a unanimous decision of the partners. As further account for each partner, a variable capital account (Capital Account II) shall be established to enter profits, losses and withdrawals of profits, as well as contributions according to 6 no. 4 and 11 and a further Capital Account III in which the repayment of capital contributions will be recorded. The capital accounts shall not bear any interest. They shall be maintained in USD and the recorded amounts shall not be converted to Euro.

All limited partners are obliged to provide the Fund Company with a notarised power of attorney in relation to the commercial register immediately after their accession, which authorises the general partner to undertake all actions in relation to entries in the commercial register for the entire term of the participation. Any costs related thereto shall be borne by the limited partners. The same applies to limited partners subsequently acceding due to legal succession.

The Fiduciary Partner holds and manages its participation in a fiduciary manner for the trustees with whom it has entered into trust agreements. It shall follow the instructions of the trustee. If no instructions of the trustee are available, the Fiduciary Partner shall exercise the partners rights except for the voting rights in the trustees best interest.

As between the partners and trustees, the trustees shall be considered and be treated as directly participating partners. This applies in particular to voting rights (cf. 13), participation in the assets of the company, in profits and losses, settlement amounts and any liquidation funds as well as the exercise of partnership rights and the right to transfer their trustee position to third parties. The provisions of this partnership agreement apply accordingly to trustees even if they are not expressly mentioned.

For its willingness to take up the position as Fiduciary Partner including the actual assumption of the position as Fiduciary Partner, the Fiduciary Partner shall receive from the Fund Company a fixed remuneration in the amount of USD 5,000.00 p.a. inclusive of statutory VAT. The remuneration is payable annually and in arrear on 30.12., the last time, on a pro rata basis, at the time of the liquidation of the Fund Company.

Any transfer, in whole or in part, encumbrance or other disposition of partnership interest shall only be valid with the prior and written consent of the Managing Partner. The consent may only be withheld for important reasons. A transfer of part of the partnership interest is not permitted if this would result in a partnership interest of an amount of less than USD 20,000.00 or of interest not dividable without balance by 1,000. 3 no. 4 shall apply accordingly.

In the event of any transfer to or other assumption of the position as partner by a third party, irrespective of whether in the course of inheritance or legal succession, all accounts according to 3 no. 6 shall be continued unchanged and uniformly. In the event of a partial transfer of a partnership interest, accounts will be divided to separate accounts reflecting the portions of the division. It is not possible to transfer or assume individual rights and/or obligations with respect to individual partners accounts separately from the respective partnership interest.

All costs of a transfer in whole or in part, or of an encumbrance as well as an assignment in whole or in part, including in particular the costs of the registration with the commercial register, shall be borne vis--vis the Fund Company by the transferring or the encumbering partner and the acquiring party as jointly liable debtors. Furthermore, the transferring/encumbering partner and the acquiring party shall jointly be liable for the costs of the administrative efforts which the Fund Company is charged by its administrator, up to an amount of USD 2,000.00. Upon request of the Managing Partner, the partner immediately has to effect a contribution in the corresponding amount to its capital account (Capital Account II). 11 shall remain unaffected.

(a)

the Fiduciary Partner shall be permitted to transfer its partnership interest at any time in whole or in part to a succeeding fiduciary partner or to its trustees and to assign dividend and withdrawal rights, liquidation and settlement payments it is entitled to as Fiduciary Partner, in each case on a pro rata basis, to its trustees;

(b)

in the event of a withdrawal of a partner pursuant to 7 of the Partnership Agreement, the Managing Partner shall be authorised to transfer the partnership interest of the withdrawing partner to a third party.

Each partner is entitled to terminate its participation in the Fund Company with effect at the end of 30 June 2013 by registered letter with a notice period of three months, thereafter with the same notice period with effect to the end of any fiscal year. The termination notice shall be addressed to the Fund Company. Receipt of the notice is decisive for compliance with the notice period. The partner giving notice withdraws from the Fund Company with effect of the date for which notice has been properly given. If within six months after receipt of the notice the partners liquidate the partnership, or if the Fund Company is liquidated for mandatory reasons at the time of the withdrawal of the partner giving notice, then the partner giving notice shall participate in the liquidation.

2.	The Managing Partner is entitled and, under release from the restrictions pursuant to 181 BGB, authorised to exclude a partner from the Fund Company with immediate effect by way of written unilateral declaration, if

(a)

the relevant partner, contrary to his obligations under 6 no. 4 and 11, does not immediately compensate the Fund Company for all disadvantages arising from a change of partners following written notice by the Managing Partner;

The partner ceases to be partner of the Fund Company with receipt of the exclusion declaration or at the declared later time. The exclusion declaration is deemed to be received three days from mailing to the last address advised to the Fund Company in writing.

In the case of execution measures being levied in relation to the partnership interest, the exclusion shall become invalid, if the relevant partner within one month following the receipt of the exclusion declaration proves that the execution measures have been cancelled. Until the expiry of that period, all payments relating to his partnership interest and arising from his position as partner shall be suspended with effect vis--vis all partners.

With the institution of insolvency or similar proceedings with regard to the assets of a partner, the partner in question shall retire from the Fund Company without any further act or notice being required by the Fund Company or the partners. The same shall apply if an application for the institution of insolvency or similar proceedings is rejected due to a lack of assets.

In all cases of the retirement or exclusion of a partner, the Fund Company shall continue to exist between the remaining partners. The partnership interest in the company assets of the ceasing partner shall accrue to the remaining partners in relation to their prior participation. The trustees shall participate in this accrual through the Fiduciary Partner. The capital contribution of the Fiduciary Partner shall be reduced in relation to the contribution of a ceasing trustee.

In the cases set forth in no. 2, the Managing Partner shall, at his discretion and under release from the limitations pursuant to 181 BGB, as an alternative to exclusion also be entitled and authorised to transfer the partnership interest of the partner in question to one or more third parties nominated by the Managing Partner. The transfer shall be effected at the value set out in 9.