ALGOMA CENTRAL CORPORATION

Algoma Central Corporation owns a domestic Canadian fleet of vessels operating on the Great Lakes - St. Lawrence Waterway. Prior to this transaction, Algoma's fleet consisted of twelve self-unloading and seven gearless bulk carriers along with seven product tankers. The Corporation also has interests in ocean dry-bulk and product tanker vessels operating in international markets. The Corporation owns a diversified ship repair and fabricating facility active in the Great Lakes and St. Lawrence regions of Canada. In addition, the Corporation owns and manages commercial real estate properties in Sault Ste. Marie, St. Catharines and Waterloo, Ontario.