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DELIVERY OPTIONS FOR SUBSCRIPTION RIGHTS CERTIFICATE

PLEASE PRINT ALL INFORMATION CLEARLY AND LEGIBLY. FOR INSTRUCTIONS, CONSULT THE INFORMATION AGENT,
PHOENIX ADVISORY PARTNERS, AT (800) 576-4314.

Delivery other than in the manner or to the addresses listed below will not constitute valid delivery.

FORM 1 – EXERCISE OF SUBSCRIPTION RIGHTS

To subscribe for Series A Preference Shares pursuant to your Subscription Rights, please complete lines (a), (b) and (c) and sign under Form 4 below. To the extent you subscribe for more Series A Preference Shares than you are entitled under your Subscription Rights, you will be deemed to have elected to purchase the maximum number of subscription rights that may be exercised with the aggregate subscription price payment you deliver to the rights agent or the maximum number of Shares you are entitled to subscribe for, whichever is lower.

(a) Exercise of Subscription Right:

(b) Total Amount of Payment Enclosed = $                                        

(c) Method of Payment (CHECK ONE)

o

Wire transfer of immediately available funds directly to the account maintained by American Stock Transfer & Trust Company, LLC, as Subscription Agent, for purposes of accepting subscriptions in this Rights Offering at JPMorgan Chase Bank, 55 Water Street, New York, New York 10005, ABA #021000021, Account # 530-354624 American Stock Transfer FBO TBS International plc, with reference to the rights holder's name.



o

Check or bank draft payable drawn upon a U.S. bank or U.S. postal money order and payable to "American Stock Transfer & Trust Company, LLC (as rights agent for TBS International plc)."

FORM 2 – DELIVERY TO DIFFERENT ADDRESS

If you wish for the Series A Preference Shares issuable upon exercise of your subscription rights to be delivered to an address different from that shown on the face of this Subscription Rights Certificate, please enter the alternate address below, sign under Form 3 and have your signature guaranteed under Form 4.

FORM 3 – SIGNATURE

TO SUBSCRIBE: I acknowledge that I have received the Prospectus for this Rights Offering, and I hereby irrevocably subscribe for the number of shares indicated above on the terms and conditions specified in the Prospectus. By signing below I confirm that my right to convert the Series A reference Shares received upon exercise of my Rights may be limited, as set forth in the Prospectus. I also agree to cooperate with the Company and provide to the Company any and all information requested by the Company in connection with the exercise of the Rights or the applicability of the conversion limitations mentioned in the preceding sentence.

Signature(s):                                                                                  

IMPORTANT: The signature(s) must correspond with the name(s) printed on the reverse of this Subscription Rights Certificate in every particular, without alteration or any other change whatsoever.

FORM 4 – SIGNATURE GUARANTEE

This Form 4 must be completed if you have completed any portion of Form 2.

IMPORTANT: The signature(s) should be guaranteed by an eligible guarantor institution (bank, stock broker, savings & loan association or credit union) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15.

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