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Dahlman Rose & Company, LLC (MEMBER: FINRA/SIPC) is a
full-service investment bank offering value-added research, trading,
and advisory services for companies along the natural resources
supply chain.

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For access to current Dry Bulk and Tanker Shipping index values, please visit Dahlman Rose Indices.

Frontline Ltd.
NYSE:FRO

Private Placement for $210 million.
3 million shares @ NOK 357.
Placement Agent
June 2008

Britannia Bulk Holdings
(NYSE:DWT)

Initial Public Offering for $125 million.
8,333,333 shares @ $15.00.
Co-Manager
June 2008

Arena Resources
(NYSE:ARD)

Bought Deal for $119.4 million.
2,501,250 shares @ $47.75.
Sole Bookrunner
May 2008

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