Pacific Basin Shipping Limited — Proxy Solicitation & Information Statement 2008

Feb 25, 2008

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Form of Proxy for Special General Meeting to be held on 14 March 2008

I/We[1 ]

of

being the registered holder(s) of share(s)[2 ] of HK$0.10 each

in the share capital of Rising Development Holdings Limited (the “Company”) HEREBY APPOINT THE CHAIRMAN OF THE MEETING[3] or

of

as my/our proxy to vote and act for me/us at the Special General Meeting (and at the any adjournment thereof) of the Company to be held at Rooms 2004-2005, 20/F., World Trade Centre, 280 Gloucester Road, Causeway Bay, Hong Kong (the “Meeting”) on Friday, 14 March 2008 at 11:30 a.m. for the purposes of considering and, if thought fit, passing the resolutions as more particularly set out in the notice convening the said Meeting and at such Meeting (and at any adjournment thereof) to vote for me/us and in my/our name(s) in respect of the said resolutions as indicated below[4] :

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----- Start of picture text ----- ORDINARY RESOLUTIONS FOR [4] AGAINST [4]1. To approve the Agreement and to authorize any director to implement thetransactions thereunder including to approve any amendment of the terms ofthe Agreement and/or the Convertible Notes as set out in item 1 of the noticeconvening the Meeting----- End of picture text -----

Dated this day of 2008 Signature[5]

Notes:

1. Full name(s) and address(es) to be inserted in BLOCK CAPITALS. The names of all joint holders should be stated.

2. Please insert the number of shares registered in your name(s) to which this form of proxy relates. If no number is inserted, this form of proxy will be deemed to relate to all the shares in the capital of the Company registered in your name(s).

3. If any proxy other than the Chairman of the meeting is preferred, strike out the words “the Chairman of the meeting or” and insert in BLOCK CAPTIALS the name and address of the proxy desired in the space provided. If this space in not completed, the Chairman of the meeting will act as your proxy. ANY ALTERATION MADE TO THIS FORM OF PROXY MUST BE INITIALED BY THE PERSON WHO SIGNS IT.

4. Important: If you wish your proxy to vote for a particular resolution, place a “√“ in the appropriate box under “For”. If you wish your proxy to vote against a particular resolution, place a “√“ in the appropriate box under “Against”. If this form of proxy is returned to the Company without properly indicating how the proxy shall vote on any particular matter, the proxy shall be entitled to exercise his/her discretion as to whether he/she votes in respect of the relevant matter and if so how.

5. This form of proxy must be signed by the appointer or his attorney duly authorized in writing, or if such appointer is a corporation, either under its common seal or under the hand of an officer or attorney duly authorized. In the case of joint holders, this form of proxy must be signed by the member whose name stands first in the register of members of the Company.

6. In the case of joint holders of a share the vote of the senior who tenders a vote, whether in person or by proxy or by authorized representative, shall be accepted to the exclusion of the votes of the other joint holder(s); and for this purpose seniority shall be determined by the order in which the names stand in the register of members of the Company in respect of the joint holders.

7. In order to be valid, this form of proxy, duly executed, and the power of attorney, or other authority (if any) under which it is signed or a notarially certified copy thereof, must reach the office of the Company’s Hong Kong branch share registrar, Tricor Tengis Limited, at 26th Floor, Tesbury Centre, 28 Queen’s Road East, Wanchai, Hong Kong as soon as possible and in any event not later than 48 hours before the time appointed for the meeting.

8. The proxy need not be a member of the Company but must attend the meeting in person to represent you.

9. Completion and delivery of this form of proxy will not preclude you from attending and voting at the meeting if you so wish. In that event, this form of proxy will be deemed to have been revoked.

• for identification purpose only