This presentation provides an overview of Top Ships Inc., including its history and fleet, revenue visibility through existing contracts, growth strategy, management team, and favorable market fundamentals in the petroleum shipping industry. The company has acquired 6 newbuild, eco-designed product tankers with long-term charters in place. It sees opportunities to grow its fleet through additional newbuild orders or secondhand vessel acquisitions.

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INVESTOR PRESENTATION
April 2015

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DISCLAIMER
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Forward‐Looking Statements
This presentation contains forward‐looking statements regarding future events and
financial performance. In some cases, you can identify these statements by words
such as “may,” “might,” “will,” “should,” “except,” “plan,” “intend,” “anticipate,”
“believe,” “estimate,” “predict,” “potential,” or “continue,” the negative of continue,
these terms and other comparable terminology. These statements involve a number
of risks and uncertainties and are based on numerous assumptions involving
judgments with respect to future economic, competitive and market conditions and
future business decisions, all of which are difficult or impossible to predict
accurately and many of which are beyond the Company’s control. There are or may
be important factors that could cause our actual results to materially differ from our
historical results or from any future results expressed or implied by such forward
looking statements. These factors include, but are not limited to, those discussed
under the section entitled “Risk Factors” in our Annual Report on Form 20‐F, filed
February 14, 2014, which is available at the U.S. Securities and Exchange
Commission website at www.sec.gov. The forward‐looking statements in this
presentation are based upon management's reasonable belief as of the date hereof.
The Company undertakes no obligation to revise or update publicly any
forward‐looking statements for any reason.

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TOP SHIPS HISTORY
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IPO July 2004 and follow-on after 3 months, raised
abt $300 million
Fleet grew from 7 vessels in July 2004 to 33
vessels in October 2006
Became a major owner of double-hull MR and
Suezmax tankers
2008-2013: well timed chartering and sale of
vessels; Oct 2013 sold the entire fleet and focused
on ECO MR Product Tankers
2014: acquired 6 ultra high spec ECO MR Product
Tankers under construction at Hyundai Mipo
Follow-on June 2014, raised $21.3 million

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Ship Name
M/T StenaWeco Energy
M/T StenaWeco Evolution
M/T Ecofleet (S418)
M/T Eco Revolution (S419)
M/T Stenaweco Excellence (S414)
M/T Nord Valiant (S417)
Construction
Firm contracts
Options
Expected delivery date
20222015 2016 2017 2018 2019 2020 2021
$17,200 $18,000
$16,200 $17,200 $18,000
$16,200 / 16,350 4th year
2023
$16,500 $17,350 $18,100
$18,400
$16,000 $16,750
$15,200
$15,200
$16,000 $16,750
$16,800 $17,600
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REVENUE VISIBILITY
Contracted revenue: $ 205M ($129M firm / $76M options)
Contracted days: 12,410 (8,030 firm / 4,380 options)
Average duration of charters (firm
/ incl. options): 3.7 years / 5.7 years
Average daily TCE (firm / incl. options): $16,125 / $17,279
2 vessels delivered, 4 vessels under construction with expected deliveries
from Q3 2015 to Q3 2016; ALL ON TIME CHARTERS UPON DELIVERY

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ECO vessel design with latest ECO G-type engines
Large number of options added to yard’s basic
specification
Ability to carry more cargoes than industry average
due to phenolic epoxy coating of tanks
Unified Fleet (sister ship vessels)
Hyundai built – world’s largest shipbuilding group
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HIGH SPECIFICATION FLEET

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ECO FLEET – ECO VS NON ECO
ECO Vessel Characteristic Non-ECO vessel
24.3t/day Fuel consumption (NCR)* 32.6t/day
Higher by abt $2500**
Fuel consumption saving
effect on daily Time
Charter Equivalent rate
N/A
5% - 22%
% of Fleet built from 2013
onwards (currently and in
2017)***
95% - 78%
Higher
Charterers’ preference on
vessel type Lower
Higher
Rate of value
appreciation in good
market
Lower
Higher => Enhanced Tradeability
Compliance to latest
environmental
regulations
Lower => Reduced Tradeability
*** Source Drewry / Industry Sources** Assuming fuel oil cost at $300/ton* See Appendix

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Management familiar with managing fleet
growth – done it before
- MR product tankers of ECO design
- Newbuilding orders, resales or secondhand vessels
- Balanced Employment Strategy
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GROWTH STRATEGY
Strong growth via accretive acquisitions:

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Evangelos Pistiolis
CEO and Founder
23 yrs shipping experience
Alexandros Tsirikos
CFO
11 yrs shipping experience
8 yrs with the company
Vangelis Ikonomou
COO
31 yrs shipping experience
13 yrs with the company
Dimitris Souroullas
CTO
31 yrs shipping experience
9 yrs with the company
96 years of combined shipping experience
STRONG MANAGEMENT TEAM

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“BP plc”, is a British multinational oil and gas company
headquartered in London, England. It is one of the six oil
and gas “supermajors”
“NORDEN A/S“ is a Danish shipping company that was
founded and listed in 1871. It operates globally in dry
cargo and tankers with an active fleet of
285 owned and chartered vessels.
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HIGH QUALITY CHARTERERS
Stena Weco A/S has a fleet of about 50 MR tankers with
offices in Europe (Copenhagen, Denmark), USA
(Houston, Texas) and Singapore. It is the joint venture
between Stena Bulk and Weco, both established
companies in the petroleum product transportation
industry.

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New refining capacity closer to
the oil reserves, Middle East in
particular
Limited new refinery
expansion in OECD countries
combined with refinery closures
due to poor margins
Arbitrage trading emerging as
competing refineries are opening
up in many different countries
INCREASE IN TONNE MILES DUE TO:RELOCATION OF REFINERIES
FAVOURABLE MARKET FUNDAMENTALS
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INCREASE IN TONNE MILES DUE TO:NEW ROUTES
FAVOURABLE MARKET FUNDAMENTALS
EstablishedRoutesNew Routes
N. Europe – N.America
Gasoline
Mid East – Europe
Gasoline, Jet Fuel
S. Korea – Japan
Gasoline, Gas Oil
Intra Asia
Naphtha, Gas Oil
Asia – Australia
Gasoline, Gas Oil
Mid East – Asia
Naphtha
Asia – N. America
Jet Fuel, Gas Oil, Diesel
Mid East – N.America
Diesel
Intra Europe
Gasoline, Naphtha, Gas Oil
Caribbean – N.America
Gasoline, Naphtha, Gas Oil
N. America – S. America
Diesel
N. America – Europe
Diesel
Seaborne Refined Products Trades
Principal Load/Discharge Zones
Source: Drewry
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US is now a major net exporter of products
US crude oil production has risen to levels unseen in 22 years
Due to restrictions in US crude oil exports, excess US crude oil is refined and
exported to Europe, South America and Far East
Around 0.5m barrels per day of extra refining capacity has been added to US Gulf
refineries in the last few years
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FAVOURABLE MARKET FUNDAMENTALS
INCREASE IN TONNE MILES DUE TO: RISE IN US PRODUCT EXPORTS
Source: Drewry
Exports of petroleum products

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TOP SHIPS: A GROWTH PLATFORM
KEY HIGHLIGHTS
TOPS is the only ECO MR Pure Play
High specification ECO Fleet
Strong management team with proven track record and familiarity with
growth
Revenue visibility with high quality Charterers
Favourable market fundamentals

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Appendix
Fuel consumption specifications per Shipbuilding Contracts
ECO VESSEL (based on M/T StenaWeco Energy shipbuilding contract)
NON-ECO VESSEL (based on M/T Hongbo contract – vessel sold Oct 16th 2013)
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