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Subject:  NM Q3 Date:  11/20/2012  9:00 PM
Author:  Hohum777 Number:  2770 of 3766

- Restructuring of Credit Default Insurance: This is probably most significant for the
charters on the Cape vessels. NM gets a big lump sum payment, but their risk profile does
increase pretty significantly.

NM used to provide a slide presentation with their quarterly results. Those are a lot easier to
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