Page 3: of Maritime Reporter Magazine (November 1977)

— " n( on offer to buy any te securities. $37,750,000

United States Government Guaranteed

Ship Financing Bonds issued by _u„„ Xue and Barge Company

This advertisement is neither an off.r t ~ ~ — June, 1977 $36,900,000

United ^ates Government Guaranteed bhlP Financing Bonds issued by

A rmr-l- o. . Tllo and Barge ^e H-bor Jug oa d

CroW»evMarU«neO«po^, ie March 15,2001 $3,157,0W

Diamond M Marine 05SS2-—• mond e 1985

AWSott, owned

SinWng ^d Bonds due / fhes' Uni'"1 &1991

States —I

Warburg Paribas incorporated i announcement appears a, $4,500,000

National Marine Service

Incorporated ^Sinking Fund Bonds due 19B2,1990 & 2001

Warburg Paribas Becker \ncorporated

State Gu

Ship Financing Bonus issue y

Armstrong Steamship Company

A .fhoUyo-ed ..tautonr'»< . 77i«s advertisement is neither an offer to sell nor a solicitation of an offer to buy any of these i

The offering is made only by the Offering Circular.

Septeir $43,121,000

United States Government Guaranteed ===fl Ship Financing Bonds \\ issued by \\American Export Lines, Inc. inking Fund Bonds, Series I, due no later than December 1, 2006 liking Fund Bonds, Series II, due no later than December 1, 2006 \\ing Fund Bonds, Young America Series, due September 26,1994 \\iking Fund Bonds, Red jacket Series, due September 26,1994 \\ will be guaranteed by the United States of America under Title XI of the Merchant \\vhich expressly provides that: "The full faith and credit of the United States is guarantees made under this title with respect to both principal and interest, ll ovided for in the guarantee, accruing between the date of default under a \\yment in full of the guarantee." \ || T/iis announcement appears as a matter of record only" $16,053,000

IOT Corporation through its wholly owned subsidiaries itate Marine Transport Co. and Interstate Towing Co. ' States Government Guaranteed

Ship Financing Bonds \

We hove arranged .he private placement of these United Stole,

Government Guaranteed Ship Financing Bonds for the financing of fifteen barges.

Warburg Paribas Becker

Incorporated

II

Hssssss.

Hjrh«miWih.Kllnkr 77

July. W77

VESSEL FINANCING

Title XI Financing

Ship Mortgage Financing 100% Leveraged Lease Financing

Warburg Paribas Becker provides vessel financing, through the structuring and placement of debt and lease ownership interests, and merger and consolidation services to the maritime industry.

Over the past five years, Warburg Paribas Becker and its affiliates implemented more Title XI transactions than any other investment banker.

The significant private placement, commercial paper and government bond marketing activities of our corporate affiliates contribute to our role in vessel financing.

For further information and assistance you are invited to contact any of the following officers.

New York Chicago Los Angeles

William M. Pope, Jr. Paul W. Oliver, Jr. Douglas M. Hayes 212-747-4068 312-630-5224 213-552-6123

Warburg Paribas Becker

Incorporated