IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY

NSD 1670 of 2008

BETWEEN:

BELUGA SHIPPING GMBH & CO. KS "BELUGA FANTASTIC"

Plaintiff

AND:

HEADWAY SHIPPING LIMITED

First Defendant

First Cross Claimant

First Defendant to Second Cross Claim

SUZLON ENERGY LTD

Second Defendant

First Cross Defendant

First Claimant to Second Cross Claim

SUZLON ENERGY AUSTRALIA PTY LTD ACN 107 631 176

Third Defendant

Second Cross Defendant

Second Claimant to Second Cross Claim

HEADWAY CHARTERING (CANADA) LIMITED

Fourth Defendant

Second Cross Claimant

Second Defendant to Second Cross Claim

SUZLON INFRASTRUCTURE LIMITED

Third Claimant to Second Cross Claim

SUZLON WIND ENERGY CORPOROATION, USA

Fourth Claimant to Second Cross Claim

SUZLON STRUCTURES PTE LTD

Fifth Claimant to Second Cross Claim

SANJEEV BANGAD

Third Defendant to Second Cross Claim

JUDGE:

RARES J

DATE OF ORDER:

26 NOVEMBER 2008

WHERE MADE:

SYDNEY

I certify that the preceding two (2) numbered paragraphs are a true copy of the Reasons for Judgment herein of the Honourable Justice Rares.