backhaul & route triangulation) enviro Competition Environment157 27 26 110 162 210 4 112 173 177 175 174 191 214 235 217 217 217 Appendix V: Comparable Companies Analysis 26 (1) Data as of April 28, 2014.

Comparable Companies ($ in Millions Except for Per Share Data) Company Name Stock Price Market Cap. Quartet is holding presentations for certain of its stockholders, as well as other persons who might be interested in purchasing Quartet’s securities, regarding its merger with Pangaea Logistics Solutions Ltd . The information in this Current PicClick is an elegant and simple tool that is more enjoyable to use than the built-in search tools on eBay...I love eBay, but what I don't love is the crazy amount of scrolling I have to do.

IN THE EXHIBIT HERETO ARE UNAUDITED AND DO NOT CONFORM TO SEC REGULATION S-X AND AS A RESULT MAY FLUCTUATE MATERIALLY DEPENDING Quartet and its directors and executives officers, and Jefferies LLC and EBC may be deemed to be participants in the solicitation of proxies for the special meeting of Quartet’s stockholders to be held to approve the merger . 37CERTAIN OF PANGAEA’S FINANCIAL RESULTS AND DATA CONTAINED I love eBay, but what I don't love is the crazy amount of scrolling I have to do. Vessel Acquisitions 32 Source: Company data, Clarksons 15.0 25.0 35.0 45.0 55.0 65.0 75.0 85.0 95.0 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 (USD millions) 5-Year Old Panamax 5-Year Old Supramax 7 1 2 3 4 6 5 8 9 13 12 14 11 10 18 16 17 19 20 1 – Panamax ( Sumitomo) 2 – Panamax ( Tsuneishi) 3 – Panamax ( Mitsubishi) 4 – Panamax ( Sumitomo) 5 – Supramax (Shin Kurushima Toyohashi) 6 – Panamax 1A (Oshima) 7 – Panamax 1A (Oshima) 8 – Supramax ( Tsuneishi) 9 – Supramax (Oshima) 10 – Panamax 1A (Oshima) 11 – Panamax 1A (Oshima) 12 – Panamax 1A (Oshima) 13 – Handysize ( Hindustan) 14 – Handymax (Sanoyas Hishino Meisho) 15 – Supramax (Shin Kurushima Toyohashi) 16 – Panamax 1A (Oshima) 17 – Supramax 1A/C (Oshima) 18 – Supramax 1A/C (Oshima) 19 – Handymax 1A (Daewoo) 20 – Handymax 1A (Daewoo) 15 4 Appendix VIII: A World - Class, Purpose - Driven Fleet Da igual un Logan que un clase E. Se va a ver cutre. The definitive Proxy Statement will be mailed to stockholders as of a record date to be established for voting on the merger . For our clients : ; We improve transportation operations ; We design loading & discharge systems in critical ports ; We optimize their scheduling & delivery terms ; We develop port capacities through new processes & services ; We provide a full - service program underpinned by deep expertise : Vessel Management Charter Operations 18 Appendix I: Introduction to Pangaea157 27 26 110 162 210 4 112 173 177 175 174 191 214 235 217 217 217 In 2013, Pangaea carried more than 19.5 million DWT of cargo, serving more than 190 ports around the globe Market Opportunity Created by Deep Relationships 19 Appendix I: Introduction to Pangaea157 27 26 110 162 210 4 112 173 177 175 174 191 214 235 217 217 217 ; Diversified: No cargo accounts for more than 14% of Pangaea’s traffic Cargo by Days, 2013 Iron Ore 14% Bauxite 11% Coal 9% Clinker 8% Limestone 8% Pig Iron 7% HBI 7% Alumina 6% Manganese Ore 4% Other 26% 20 Appendix I: Introduction to Pangaea157 27 26 110 162 210 4 112 173 177 175 174 191 214 235 217 217 217 Appendix II: Carrying Commodities is Not a Commodity Business ; Our clients recognize service & quality ; Load & discharge our cargos on schedule ; Deploy high quality vessels to avoid delays & damage ; We solve specialized problems ─ Insufficient pilotage: created a local pilot association ─ High local fuel costs: modified vessels to transport diesel ─ Delivery risks: reworked clients’ practices to optimize delivery terms ─ Insufficient draft: dredging the berth to maximize cargo capacity ; Hard - won reputation for service & quality drives backhaul business 21157 27 26 110 162 210 4 112 173 177 175 174 191 214 235 217 217 217 Appendix II: Carrying Commodities is Not a Commodity Business ; Efficient execution maximizes our revenues & minimizes expenses ; Loading & discharge of vessels ─ Good vessel preparation ─ Specialized techniques ─ Parceling ; Efficiencies en route ─ Employ various optimization strategies ─ Low - capex engine modifications ─ Innovative cleaning systems ; Vessel selection is key 22157 27 26 110 162 210 4 112 173 177 175 174 191 214 235 217 217 217 Appendix III: Business Strategy ; Focus on increasing strategic COAs ; Expand market leadership in niche ice routes by increasing owned fleet of ice - class vessels ; Plan to increase owned fleet from 14 to 20 vessels by the end of 2016, including four Ice - Class 1A Panamax newbuildings (2014 - 2015 delivery) & two Ice - Class 1C Ultramax newbuildings (2016 delivery) ; Expand operations in Southeast Asia & the Middle East ; Opened an office in Singapore in 2013 ; Increase backhaul focus & fleet efficiency ; Minimize ballast (non - revenue) legs & capture the benefits of well positioned vessels & ballast bonuses ; Maintain moderate balance sheet leverage ; Focus on short - term charters to minimize market risk ; Nearly all vessels are chartered in for terms of less than 9 months 23157 27 26 110 162 210 4 112 173 177 175 174 191 214 235 217 217 217 Growth Drivers ; Routes beget routes : ; Customer - led route expansions lead to new backhaul opportunities ; Special services increase volumes : ; Creating value for our clients embeds us in their businesses processes ; Helping our customers to grow expands our own business ; Expertise extends advantages : ; Operating leadership in special cargos & routes (e.g., Baltic ice) ; Operator of choice for established & new customers ; Innovation expands margins : ; First - mover advantage ─ Our pioneering routes, methods, & businesses earn premium rates ; Innovations stem from experience & focus on customers’ business 24 Appendix III: Business Strategy157 27 26 110 162 210 4 112 173 177 175 174 191 214 235 217 217 217 Appendix IV: Competition & Environment 25 ; Limited Competition : ; Market has centered on a small set of reliable, established operators ; Entry requires: ─ Trust of vessel owners ─ Trust of customers ─ Proven skills & reliability ─ Financial stability ; A low rate environment : ; Punishes inefficient & speculative operators ─ High standards & operating skills are critical ─ Pangaea’s “asset right” strategy & focus on short term charter contracts are a significant advantage in challenging environments ; All newbuildings are being purchased through 33% to 50% owned joint ventures ; Rewards careful & skilled operators ─ Experience informs rate discipline ─ Pangaea’s deep customer relationships are a key to successful growth ─ Pangaea’s margins are enhanced through logistics focus (i.e. I was able to view literally 100's so quickly. 2 Hypothetical ownership assuming that no Quartet shareholder redeems and each contingent payment is earned.

180 13251 8/20/2012. (“Pangaea” or the “Company”) .

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