The Board of Directors of JSC Novoship
(Elected by the General Shareholders Meeting on September 25, 2009)

1. Evgeny N. Ambrosov
   JSC Sovcomflot – Executive Vice-President
2. Nikolay L. Kolesnikov
   JSC Sovcomflot - Executive Vice-President / Chief Strategy and Financial Officer
3. Evgeny V. Kostyuk
   JSC Novoship – Adviser to President
4. Marlen G. Manasov
   UBS Securities, UBS Bank – Member of Board of Directors
5. Vladimir A. Mednikov
   JSC Sovcomflot – Executive Vice-President
6. Sergey G. Popravko
   Unicom Management Services Ltd. – CEO
7. Robert Sasson
   UFG Asset Management Group, UFG Private Equity – Senior Managing Partner
8. Igor V. Tonkovidov
   JSC Novoship – President
9. Sergey O. Frank
   JSC Sovcomflot – President and CEO