DryShips SC 13E3 Going private transaction | DRYS 9 Sep 19

Exhibit (c)(3)

[Either insert client logo (height about 1”) above line if it is high resolution, or type client name.] Preliminary Discussion Materials Regarding Project Dallas July 30, 2019 The Special Committee of the Board of Directors of DryShips Inc. PRELIMINARY DRAFT SUBJECT TO MATERIAL CHANGES BASED ON ONGOING DUE DILIGENCE

R - 38 G - 77 B - 130 R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 193 G - 2 B - 2 R - 100 G - 100 B - 100 R - 0 G - 105 B - 170 R - 236 G - 163 B - 33 R - 138 G - 173 B - 70 R - 255 G - 219 B - 67 R - 221 G - 70 B - 55 R - 191 G - 191 B - 191 R - 240 G - 181 B - 74 R - 189 G - 209 B - 143 R - 209 G - 226 B - 255 R - 106 G - 151 B - 212 R - 183 G - 205 B - 235 R - 217 G - 217 B - 217 R - 158 G - 198 B - 197 R - 200 G - 222 B - 222 R - 191 G - 191 B - 191 R - 38 G - 77 B - 130 R - 193 G - 2 B - 2 Accent colors/ contrasting colors: R - 0 G - 134 B - 0 R - 235 G - 133 B - 33 R - 250 G - 202 B - 0 R - 170 G - 54 B - 206 Excel chart colors: For basic graphics, diagrams: Light gray for default Word table fill, callout boxes and annotated boxes: R - 234 G - 234 B - 234 Word tables: 3pt border, R - 38,G - 77,B - 130 Highlight colors: R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 219 G - 230 B - 245 R - 245 G - 192 B - 139 R - 201 G - 255 B - 201 R - 255 G - 235 B - 151 Group 1: For text, wireframe, borders, colored bullets: Group 2: For fills and larger areas of colors, e.g., Word table fill: Secondary colored font: R - 0 G - 105 B - 170 Primary colored font: R - 38 G - 77 B - 130 Preliminary Draft – Confidential These materials have been prepared by Evercore Group L . L . C . (“Evercore”) for the Special Committee (the “Committee”) of the Board of Directors of DryShips, Inc . (the “Company”) to whom such materials are directly addressed and delivered and may not be used or relied upon for any purpose other than as specifically contemplated . These materials are based on information provided by or on behalf of the Company and/or other potential transaction participants, from public sources or otherwise reviewed by Evercore . Evercore assumes no responsibility for independent investigation or verification of such information and has relied on such information being complete and accurate in all material respects . To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the management of the Company and/or other potential transaction participants or obtained from public sources, Evercore has assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such management (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates) . No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future . These materials were designed for use by specific persons familiar with the business and affairs of the Company . These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter . These materials have been developed by and are proprietary to Evercore and were prepared exclusively for the benefit and internal use of the Committee . These materials were compiled on a confidential basis for use by the Committee in evaluating the potential transaction described herein and not with a view to public disclosure or filing thereof under state or federal securities laws, and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the prior written consent of Evercore . These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Evercore (or any affiliate) to provide or arrange any financing for any transaction or to purchase any security in connection therewith . Evercore assumes no obligation to update or otherwise revise these materials . These materials may not reflect information known to other professionals in other business areas of Evercore and its affiliates . Evercore and its affiliates do not provide legal, accounting or tax advice . Accordingly, any statements contained herein as to tax matters were neither written nor intended by Evercore or its affiliates to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer . Each person should seek legal, accounting and tax advice based on his, her or its particular circumstances from independent advisors regarding the impact of the transactions or matters described herein . Note, this disclaimer page should follow the title page in presentations. Please fill out the [blanks] in the text.

To update section number manually, click in the text box, go to Numbering: I. Introduction

R - 38 G - 77 B - 130 R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 193 G - 2 B - 2 R - 100 G - 100 B - 100 R - 0 G - 105 B - 170 R - 236 G - 163 B - 33 R - 138 G - 173 B - 70 R - 255 G - 219 B - 67 R - 221 G - 70 B - 55 R - 191 G - 191 B - 191 R - 240 G - 181 B - 74 R - 189 G - 209 B - 143 R - 209 G - 226 B - 255 R - 106 G - 151 B - 212 R - 183 G - 205 B - 235 R - 217 G - 217 B - 217 R - 158 G - 198 B - 197 R - 200 G - 222 B - 222 R - 191 G - 191 B - 191 R - 38 G - 77 B - 130 R - 193 G - 2 B - 2 Accent colors/ contrasting colors: R - 0 G - 134 B - 0 R - 235 G - 133 B - 33 R - 250 G - 202 B - 0 R - 170 G - 54 B - 206 Excel chart colors: For basic graphics, diagrams: Light gray for default Word table fill, callout boxes and annotated boxes: R - 234 G - 234 B - 234 Word tables: 3pt border, R - 38,G - 77,B - 130 Highlight colors: R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 219 G - 230 B - 245 R - 245 G - 192 B - 139 R - 201 G - 255 B - 201 R - 255 G - 235 B - 151 Group 1: For text, wireframe, borders, colored bullets: Group 2: For fills and larger areas of colors, e.g., Word table fill: Secondary colored font: R - 0 G - 105 B - 170 Primary colored font: R - 38 G - 77 B - 130 Preliminary Draft – Confidential Introduction Source: Company Management, FactSet as of July 26, 2019 1. Implied value as of July 26, 2019 based on DRYS Common Share price of $3.93 2. Other / Retail / Undisclosed Private Shareholders represents the difference between units held by Institutions & Insiders and units outstanding : (i) Individual investors that have not crossed a disclosure threshold, (ii) Mutual funds not covered due to non - disclosure laws, (ii) Institutional investors in U.S. managing less than $100 million and do not fi le 13F and (iv) Institutional investors outside the U.S. that disregard 13F requirements or manage less than $100 million 3. Excludes shares held by SPII Holdings / George E. Economou Equity Ownership Summary DryShips, Inc. Share Count Detail ($ in millions ) Ownership Rank Investor Investor Classification Shares (mm) Value 1 Total (% Shares) Top DRYS Common Shareholders Company Statistics 1. SPII Holdings / George E. Economou Individual 72.422 $284.6 83.35% 2. Invesco Capital Management LLC Investment Adviser 0.187 0.7 0.21% 3. Susquehanna Investment Group LLC Investment Adviser 0.152 0.6 0.18% 4. BMO Asset Management, Inc. Mutual Fund Manager 0.051 0.2 0.06% 5. Creative Planning, Inc. Investment Adviser 0.051 0.2 0.06% 6. SSgA Funds Management, Inc. Mutual Fund Manager 0.039 0.2 0.04% 7. Northern Trust Investments, Inc.(Investment Management) Investment Adviser 0.036 0.1 0.04% 8. Jane Street Capital LLC Broker 0.024 0.1 0.03% 9. Millennium Management LLC Hedge Fund Manager 0.019 0.1 0.02% 10. Marshall Wace LLP Hedge Fund Manager 0.013 0.1 0.02% 11. Barclays Bank Plc Private Banking/Wealth Mgmt 0.013 0.1 0.01% 12. Cutler Group LP Broker 0.008 0.0 0.01% 13. NEXT Financial Group, Inc. Investment Adviser 0.005 0.0 0.01% 14. BlueMountain Capital Management LLC Hedge Fund Manager 0.005 0.0 0.01% 15. Simplex Trading LLC Broker 0.004 0.0 0.00% Total - Top DRYS Common Shareholders 73.029 $287.0 84.05% Total - Other / Retail / Undisclosed Private Shareholders 2 13.858 $54.5 15.95% Basic DRYS Common Shares Outstanding (Net of 17.388m Treasury Shares) 86.887 $341.5 100.0% Basic Common Shares Owned by the Public 3 14.465 $56.8 16.65% 4

R - 38 G - 77 B - 130 R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 193 G - 2 B - 2 R - 100 G - 100 B - 100 R - 0 G - 105 B - 170 R - 236 G - 163 B - 33 R - 138 G - 173 B - 70 R - 255 G - 219 B - 67 R - 221 G - 70 B - 55 R - 191 G - 191 B - 191 R - 240 G - 181 B - 74 R - 189 G - 209 B - 143 R - 209 G - 226 B - 255 R - 106 G - 151 B - 212 R - 183 G - 205 B - 235 R - 217 G - 217 B - 217 R - 158 G - 198 B - 197 R - 200 G - 222 B - 222 R - 191 G - 191 B - 191 R - 38 G - 77 B - 130 R - 193 G - 2 B - 2 Accent colors/ contrasting colors: R - 0 G - 134 B - 0 R - 235 G - 133 B - 33 R - 250 G - 202 B - 0 R - 170 G - 54 B - 206 Excel chart colors: For basic graphics, diagrams: Light gray for default Word table fill, callout boxes and annotated boxes: R - 234 G - 234 B - 234 Word tables: 3pt border, R - 38,G - 77,B - 130 Highlight colors: R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 219 G - 230 B - 245 R - 245 G - 192 B - 139 R - 201 G - 255 B - 201 R - 255 G - 235 B - 151 Group 1: For text, wireframe, borders, colored bullets: Group 2: For fills and larger areas of colors, e.g., Word table fill: Secondary colored font: R - 0 G - 105 B - 170 Primary colored font: R - 38 G - 77 B - 130 Preliminary Draft – Confidential DRYS Share Price Consideration June 13, 2019 Offer: $4.00 $4.50 $5.00 $5.50 $6.00 $6.50 Implied Premium / (Discount): DRYS Unaffected Share Price as of June 12, 2019 ($3.16) 26.6% 42.4% 58.2% 74.1% 89.9% 105.7% DRYS Current Share Price as of July 26, 2019 ($3.93) 1.8% 14.5% 27.2% 39.9% 52.7% 65.4% 10-Day VWAP ($3.31) 1 20.8% 36.0% 51.1% 66.2% 81.3% 96.4% 30-Day VWAP ($3.74) 1 7.0% 20.3% 33.7% 47.1% 60.4% 73.8% 60-Day VWAP ($4.08) 1 (2.0%) 10.3% 22.5% 34.8% 47.1% 59.3% 90-Day VWAP ($4.51) 1 (11.3%) (0.2%) 10.9% 22.0% 33.0% 44.1% Fully Diluted Shares Outstanding 86.887 86.887 86.887 86.887 86.887 86.887 Implied DRYS Equity Value (100%) $347.5 $391.0 $434.4 $477.9 $521.3 $564.8 Plus: Debt (June 30, 2019E) 3 386.8 386.8 386.8 386.8 386.8 386.8 Plus: Outstanding Legal Fees (June 30, 2019E) 4.6 4.6 4.6 4.6 4.6 4.6 Less: Cash & Restricted Cash (June 30, 2019E) 3 (115.1) (115.1) (115.1) (115.1) (115.1) (115.1) Less: Heidmar Cash (June 30, 2019E) (19.2) (19.2) (19.2) (19.2) (19.2) (19.2) Less: Investment in 9.5% Bonds (June 30, 2019E) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) Implied DRYS Enterprise Value (100%) $599.6 $643.1 $686.5 $729.9 $773.4 $816.8 TEV / Adj. EBITDA 2 Metric: 2019E $75.2 8.0x 8.5x 9.1x 9.7x 10.3x 10.9x 2020E 86.5 6.9 7.4 7.9 8.4 8.9 9.4 2021E 80.3 7.5 8.0 8.6 9.1 9.6 10.2 P / NAV 4 Metric: Estimated NAV $6.81 0.59x 0.66x 0.73x 0.81x 0.88x 0.95x Implied Offer Value Memo: Basic Common Shares Owned by the Public 14.465 14.465 14.465 14.465 14.465 14.465 DRYS Common Share Consideration $4.00 $4.50 $5.00 $5.50 $6.00 $6.50 Implied Offer Value to Unaffiliated Public Holders (16.6%) $57.9 $65.1 $72.3 $79.6 $86.8 $94.0 Introduction Proposed Transaction Economics: Analysis at Various Prices ($ in millions, except per share amounts) Source: Company Management, Bloomberg, FactSet as of July 26, 2019 1. VWAPs based on unaffected date of June 12, 2019 2. Based on DRYS management projections, inclusive of Heidmar projections (subject to ongoing due diligence with Company Management) 3. Adjusted for ABN refinancing 4. Asset values based on average broker values of the Company’s drybulk and tanker vessels from SSY (6/30/19 ) and Clarksons (6/30/19 ), which are subsequently adjusted for estimated scrubber value of $1.5mm per vessel. The Company’s offshore asset value is based on the average broker values from Clarksons (6/30/19) and Maersk (7/16/19). Heidmar’s value is based on the recent purchase price of $51mm. Includes net working capital as of 6/30/19 5

R - 38 G - 77 B - 130 R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 193 G - 2 B - 2 R - 100 G - 100 B - 100 R - 0 G - 105 B - 170 R - 236 G - 163 B - 33 R - 138 G - 173 B - 70 R - 255 G - 219 B - 67 R - 221 G - 70 B - 55 R - 191 G - 191 B - 191 R - 240 G - 181 B - 74 R - 189 G - 209 B - 143 R - 209 G - 226 B - 255 R - 106 G - 151 B - 212 R - 183 G - 205 B - 235 R - 217 G - 217 B - 217 R - 158 G - 198 B - 197 R - 200 G - 222 B - 222 R - 191 G - 191 B - 191 R - 38 G - 77 B - 130 R - 193 G - 2 B - 2 Accent colors/ contrasting colors: R - 0 G - 134 B - 0 R - 235 G - 133 B - 33 R - 250 G - 202 B - 0 R - 170 G - 54 B - 206 Excel chart colors: For basic graphics, diagrams: Light gray for default Word table fill, callout boxes and annotated boxes: R - 234 G - 234 B - 234 Word tables: 3pt border, R - 38,G - 77,B - 130 Highlight colors: R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 219 G - 230 B - 245 R - 245 G - 192 B - 139 R - 201 G - 255 B - 201 R - 255 G - 235 B - 151 Group 1: For text, wireframe, borders, colored bullets: Group 2: For fills and larger areas of colors, e.g., Word table fill: Secondary colored font: R - 0 G - 105 B - 170 Primary colored font: R - 38 G - 77 B - 130 Preliminary Draft – Confidential Introduction Issues for Consideration Management Agreements Agreements with TMS Bulkers, TMS Tankers and TMS Offshore Services cover executive management, commercial, accounting, reporting, financing, legal, manning, catering, information technology, attendance, insurance, technical and operation services The agreements have a ten year duration effective January 1, 2017 The agreements burden the Company with significant costs relative to other drybulk public companies with potential net present value impact of $0.58 to $0.88 1 per share The negative drag on value could impact the market’s view on NPV value The Company may terminate the agreements at any time for a fee of $50 million ($0.58 per share) Secured Debt Beneficial Ownership Across six secured credit facilities with a total outstanding debt of $214.2 million, Economou must continue to beneficially own at least 50% of the Company’s issued and outstanding share capital or issued and outstanding voting share capital Offshore Assets Potential cost to redeploy offshore assets Ability to realize appraisal value given lack of employment and challenges in the broader offshore market Heidmar Vessels under management drop from 2018 to 2019 (per actual vessels in pool) but then vessels in pools stay reasonably constant Management turnover at the executive level DryShips hired a new CEO at Heidmar with the goal to stabilize and turn around the platform Business was marketed for sale extensively by Morgan Stanley, who was unable to find a buyer above the value paid by DryShips Ongoing Litigation Overhang Ongoing SEC investigation and shareholder suits ► SEC issued subpoena ► Shareholder lawsuits filed Potential significant legal expenses and damages associated with outstanding investigations / lawsuits Awaiting additional litigation expense information Source : Company Management 1. Bottom end of range based on $ 50mm management agreement termination fee divided by shares outstanding of 86.887mm and top end of range based on the implied difference in unlevered free cash flow between the Company’s current per vessel per day overhead of $2,809 and $ 1,317, which represents the median of GOGL, DSX, SB, EGLE, GNK and SBLK, through 2026 (the termination date of the Management Agreem ent ) discounted at the Company’s weighted average cost of capital of 9.0%, divided by shares outstanding of 86.887mm 6

To update section number manually, click in the text box, go to Numbering: II. DryShips Situation Analysis

R - 38 G - 77 B - 130 R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 193 G - 2 B - 2 R - 100 G - 100 B - 100 R - 0 G - 105 B - 170 R - 236 G - 163 B - 33 R - 138 G - 173 B - 70 R - 255 G - 219 B - 67 R - 221 G - 70 B - 55 R - 191 G - 191 B - 191 R - 240 G - 181 B - 74 R - 189 G - 209 B - 143 R - 209 G - 226 B - 255 R - 106 G - 151 B - 212 R - 183 G - 205 B - 235 R - 217 G - 217 B - 217 R - 158 G - 198 B - 197 R - 200 G - 222 B - 222 R - 191 G - 191 B - 191 R - 38 G - 77 B - 130 R - 193 G - 2 B - 2 Accent colors/ contrasting colors: R - 0 G - 134 B - 0 R - 235 G - 133 B - 33 R - 250 G - 202 B - 0 R - 170 G - 54 B - 206 Excel chart colors: For basic graphics, diagrams: Light gray for default Word table fill, callout boxes and annotated boxes: R - 234 G - 234 B - 234 Word tables: 3pt border, R - 38,G - 77,B - 130 Highlight colors: R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 219 G - 230 B - 245 R - 245 G - 192 B - 139 R - 201 G - 255 B - 201 R - 255 G - 235 B - 151 Group 1: For text, wireframe, borders, colored bullets: Group 2: For fills and larger areas of colors, e.g., Word table fill: Secondary colored font: R - 0 G - 105 B - 170 Primary colored font: R - 38 G - 77 B - 130 Preliminary Draft – Confidential DryShips Situation Analysis Public Market Overview and Capitalization Source: Company Management, FactSet as of 7/26/19 1. Excludes deferred financing costs 2. Calculated as Net Debt plus Market Value of Equity 3. Asset values based on average broker values of the Company’s drybulk and tanker vessels from SSY (6/30/19) and Clarksons (6/30/19), excluding the subsequent adjustment for estimated scrubber value of $1.5mm per vessel. Excludes OSV values and the value of Heidmar 4. Based on DRYS management projections, inclusive of Heidmar projections (subject to ongoing due diligence with Company Management) 5. Asset values based on average broker values of the Company’s drybulk and tanker vessels from SSY (6/30/19) and Clarksons (6/30/19), which are subsequently adjusted for estimated scrubber value of $1.5mm per vessel . The Company’s offshore asset value is based on the average broker values from Clarksons (6/30/19) and Maersk (7/16/19). Heidmar’s value is based on purchase price of $ 51mm. Includes net working capital as of 6/30/19 6. Cash and debt are pro forma for ABN refinancing ($ in millions, except per share amounts ) Unaffected Price Current Price as of 6/12/19 as of 7/26/19 Share Price $3.16 $3.93 52-Week High 6.75 6.75 52-Week Low 3.16 3.16 Total Shares Outstanding (mm) 86.887 86.887 Equity Value $275 $341 (+) Debt 387 387 (+) Outstanding Legal Fees 5 5 (-) Cash and Cash Equivalents (115) (115) (-) Heidmar Cash (19) (19) (-) Investment in 9.5% Bonds (5) (5) Net Debt $252 $252 Enterprise Value $527 $594 Metric Multiple Multiple P / NAV 5 $6.81 0.46x 0.58x EV / 2019 Adj. EBITDA 4 $75 7.0x 7.9x EV / 2020 Adj. EBITDA 4 $86 6.1x 6.9x As of 7/26/19 Cash & Cash Equivalents $115 Heidmar Cash 19 Investment in 9.5% Bonds 5 Total Cash & Investments $139 Drybulk Segment Debt 1 $262 Tanker Segment Debt 1 125 Legal Fees Outstanding 5 Total Debt $391 Net Debt $252 Market Value of Equity (7/26/19) $341 Total Capitalization 2 $594 Asset Value 3 $788 Credit Statistics Debt / Asset Value 3 49.7% Net Debt / Asset Value 3 32.0% Trading Overview 6 Capitalization 6 8

R - 38 G - 77 B - 130 R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 193 G - 2 B - 2 R - 100 G - 100 B - 100 R - 0 G - 105 B - 170 R - 236 G - 163 B - 33 R - 138 G - 173 B - 70 R - 255 G - 219 B - 67 R - 221 G - 70 B - 55 R - 191 G - 191 B - 191 R - 240 G - 181 B - 74 R - 189 G - 209 B - 143 R - 209 G - 226 B - 255 R - 106 G - 151 B - 212 R - 183 G - 205 B - 235 R - 217 G - 217 B - 217 R - 158 G - 198 B - 197 R - 200 G - 222 B - 222 R - 191 G - 191 B - 191 R - 38 G - 77 B - 130 R - 193 G - 2 B - 2 Accent colors/ contrasting colors: R - 0 G - 134 B - 0 R - 235 G - 133 B - 33 R - 250 G - 202 B - 0 R - 170 G - 54 B - 206 Excel chart colors: For basic graphics, diagrams: Light gray for default Word table fill, callout boxes and annotated boxes: R - 234 G - 234 B - 234 Word tables: 3pt border, R - 38,G - 77,B - 130 Highlight colors: R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 219 G - 230 B - 245 R - 245 G - 192 B - 139 R - 201 G - 255 B - 201 R - 255 G - 235 B - 151 Group 1: For text, wireframe, borders, colored bullets: Group 2: For fills and larger areas of colors, e.g., Word table fill: Secondary colored font: R - 0 G - 105 B - 170 Primary colored font: R - 38 G - 77 B - 130 Preliminary Draft – Confidential DryShips Situation Analysis DRYS Financial Projections Assumptions Overview Source: Company Management Note: Litigation expenses are not reflected in Company Financial Projections Drybulk Revenue based on the following spot rate assumptions: Assumes 98.0% spot utilization, calculated on available days Scrubber net premium of $1,750 / day from 2019 onwards All-in commission on spot revenues totals 6.25%, inclusive of 1.25% to TMS All time charter contracts expire at their earliest redelivery date Operating expenses are assumed to increase 2.0% per year from 2020 onwards Capital expenditures reflect scrubber purchases and installations, with ~45 offhire days assumed per vessel Dry-docking expenses include BWTS installation costs Dry-docking occurs twice every 5 years for Panamaxes over 15 years old Management fees TMS base fee: $1mm per month; $1,500 / day / vessel for each vessel incremental to 20 total Performance fee: none assumed out of $20mm Other G&A: $700K / month assumed to increase 2.0% per year from 2020 onwards Tanker Revenue based on the following spot rate assumptions: Assumes 98.0% spot utilization, calculated on available days Scrubber net premium of $1,750 / day from 2019 onwards All-in commission on spot revenues totals 5.0%, inclusive of 1.25% to TMS Tankers and 1.25% to Cardiff Tankers All time charter contracts expire at their earliest redelivery date Operating expenses are assumed to increase 2.0% per year from 2020 onwards Capital expenditures reflect scrubber purchases and installations, with ~45 offhire days assumed per vessel Dry-docking expenses include BWTS installation costs Assumes all vessels are laid up with operating expenses of $400 / day OSV Assumes all vessels are laid up with operating expenses of $400 / day Vessel Type 2019E 2020E 2021E 2022E 2023E VLCC $34,500 $34,500 $33,250 $32,000 $32,000 Suezmax 23,750 23,750 23,375 23,000 23,000 Aframax 21,625 21,625 20,813 20,000 20,000 Vessel Type 2019E 2020E 2021E 2022E 2023E Newcastlemax $19,125 $19,125 $17,313 $15,500 $15,500 Kamsarmax 13,250 13,250 12,738 12,225 12,225 Panamax 12,125 12,125 11,488 10,850 10,850 Company Management provided the Company Financial Projections, which include the following selected assumptions: 17

R - 38 G - 77 B - 130 R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 193 G - 2 B - 2 R - 100 G - 100 B - 100 R - 0 G - 105 B - 170 R - 236 G - 163 B - 33 R - 138 G - 173 B - 70 R - 255 G - 219 B - 67 R - 221 G - 70 B - 55 R - 191 G - 191 B - 191 R - 240 G - 181 B - 74 R - 189 G - 209 B - 143 R - 209 G - 226 B - 255 R - 106 G - 151 B - 212 R - 183 G - 205 B - 235 R - 217 G - 217 B - 217 R - 158 G - 198 B - 197 R - 200 G - 222 B - 222 R - 191 G - 191 B - 191 R - 38 G - 77 B - 130 R - 193 G - 2 B - 2 Accent colors/ contrasting colors: R - 0 G - 134 B - 0 R - 235 G - 133 B - 33 R - 250 G - 202 B - 0 R - 170 G - 54 B - 206 Excel chart colors: For basic graphics, diagrams: Light gray for default Word table fill, callout boxes and annotated boxes: R - 234 G - 234 B - 234 Word tables: 3pt border, R - 38,G - 77,B - 130 Highlight colors: R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 219 G - 230 B - 245 R - 245 G - 192 B - 139 R - 201 G - 255 B - 201 R - 255 G - 235 B - 151 Group 1: For text, wireframe, borders, colored bullets: Group 2: For fills and larger areas of colors, e.g., Word table fill: Secondary colored font: R - 0 G - 105 B - 170 Primary colored font: R - 38 G - 77 B - 130 Preliminary Draft – Confidential Drydocking Cost BWTS Cost Scrubber Installation Cost Yard & Silicon Total IMO USCG Total PO Projected Total Total DD & Peripherals Ducts Paints DD/SS Due Due BWTS Placement Scrubbers Installation Scrubbers Scrubber Vessel Type Year Built Due Date Cost Cost Cost Cost Date Date Cost Date Cost Costs Cost Costs Castellani KAMS 2014 1/27/19 $0.94 $0.94 NA 7/9/18 $1.03 $1.08 $2.11 $3.04 Levanto PNMX 2001 4/30/19 0.92 0.92 NA NA - - - 0.92 Ligari PNMX 2004 4/10/19 1.09 1.09 4/11/24 4/10/19 $0.57 8/10/18 0.97 1.11 2.08 3.74 Marini NEWC 2014 6/15/19 1.24 $0.27 $0.32 1.83 6/15/24 6/15/19 0.89 7/20/18 1.43 1.70 3.12 5.84 Rapallo PNMX 2009 6/3/19 1.55 1.55 6/3/24 6/3/19 0.62 7/20/18 0.96 1.22 2.18 4.35 Nasaka KAMS 2014 7/17/19 0.94 0.94 NA 8/10/18 1.03 1.08 2.11 3.04 Valadon KAMS 2014 9/25/19 1.00 1.00 NA 10/24/18 0.95 1.15 2.10 3.10 Matisse KAMS 2014 8/25/19 1.00 1.00 NA 9/26/18 0.95 1.15 2.10 3.10 Morandi NEWC 2013 6/4/23 0.09 0.09 6/4/23 12/4/20 0.89 11/29/18 1.43 1.70 3.12 4.11 Huahine NEWC 2013 10/20/23 0.09 0.09 10/20/23 10/20/23 NA 11/12/18 1.57 1.70 3.27 3.36 Judd NEWC 2015 4/15/20 1.24 $0.27 $0.33 1.84 7/13/22 4/15/20 0.89 12/10/18 1.43 1.70 3.12 5.85 Bacon NEWC 2013 10/19/23 0.05 0.05 10/19/23 4/19/21 0.89 12/30/18 1.43 1.70 3.12 4.07 Netadola NEWC 2017 5/15/22 0.09 0.09 NA 1/13/19 1.19 1.70 2.89 2.98 Pink Sands NEWC 2016 10/17/21 0.09 0.09 NA 1/13/19 1.19 1.70 2.89 2.98 Xanadu NEWC 2017 2/14/22 0.09 0.09 NA 1/29/19 1.19 1.70 2.89 2.98 Conquistador NEWC 2016 4/20/21 0.09 0.09 NA 1/29/19 1.19 1.70 2.89 2.98 Catalina PNMX 2005 3/31/20 1.35 1.35 4/28/22 3/31/20 0.57 6/30/19 1.03 1.00 2.03 3.95 Majorca PNMX 2005 11/22/22 0.09 0.09 8/27/22 5/1/20 0.57 6/30/19 1.03 1.10 2.13 2.79 Kelly KAMS 2017 6/13/22 0.05 0.05 NA 7/1/19 0.96 1.10 2.06 2.11 Raraka PNMX 2012 9/3/21 1.15 1.15 2/1/22 9/3/21 0.60 8/1/19 1.17 1.00 2.17 3.92 Total $14.34 $6.50 $48.37 $69.21 Botafogo AFRA 2010 1/25/20 $1.50 $1.50 4/3/22 1/25/20 $1.01 7/23/18 $1.17 $1.29 $2.47 $4.97 Shiraga VLCC 2011 12/1/21 NA NA 12/1/21 12/1/21 1.45 10/9/18 1.74 1.83 3.57 5.02 Stamos AFRA 2012 2/28/22 NA NA 2/28/22 2/28/22 NA 9/1/19 1.20 1.47 2.67 2.67 Marfa SUEZ 2017 9/26/22 NA NA NA 11/1/19 1.21 1.64 2.84 2.84 Samsara SUEZ 2017 5/18/22 NA NA NA 1/1/20 1.21 1.64 2.84 2.84 Balla AFRA 2017 4/1/22 1.30 $0.16 1.46 NA 9/1/19 0.96 1.50 2.46 3.92 Total $2.96 $2.46 $16.84 $22.26 Drybulk and Tanker Total $17.30 $8.95 $65.21 $91.47 Paid to Date 2.02 8.77 10.80 Remaining $6.93 $56.44 $80.67 Tanker Drybulk DryShips Situation Analysis Drydock Schedule Source: Company Management Note: Reflects gross totals 1. Assumes $6.4mm for the financing of the scrubbers cost for Conquistador / Pink Sands / Xanadu per the agreed term sheet 2 1 ($ in millions ) 1 1 1 22

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R - 38 G - 77 B - 130 R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 193 G - 2 B - 2 R - 100 G - 100 B - 100 R - 0 G - 105 B - 170 R - 236 G - 163 B - 33 R - 138 G - 173 B - 70 R - 255 G - 219 B - 67 R - 221 G - 70 B - 55 R - 191 G - 191 B - 191 R - 240 G - 181 B - 74 R - 189 G - 209 B - 143 R - 209 G - 226 B - 255 R - 106 G - 151 B - 212 R - 183 G - 205 B - 235 R - 217 G - 217 B - 217 R - 158 G - 198 B - 197 R - 200 G - 222 B - 222 R - 191 G - 191 B - 191 R - 38 G - 77 B - 130 R - 193 G - 2 B - 2 Accent colors/ contrasting colors: R - 0 G - 134 B - 0 R - 235 G - 133 B - 33 R - 250 G - 202 B - 0 R - 170 G - 54 B - 206 Excel chart colors: For basic graphics, diagrams: Light gray for default Word table fill, callout boxes and annotated boxes: R - 234 G - 234 B - 234 Word tables: 3pt border, R - 38,G - 77,B - 130 Highlight colors: R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 219 G - 230 B - 245 R - 245 G - 192 B - 139 R - 201 G - 255 B - 201 R - 255 G - 235 B - 151 Group 1: For text, wireframe, borders, colored bullets: Group 2: For fills and larger areas of colors, e.g., Word table fill: Secondary colored font: R - 0 G - 105 B - 170 Primary colored font: R - 38 G - 77 B - 130 Preliminary Draft – Confidential Preliminary Valuation of the Common Shares Valuation Methodologies Methodology Description Metrics / Assumptions Discounted Cash Flow Analysis (“DCF”) Values DryShips and Heidmar separately on the concept of the time value of money Based on the Company Financial Projections, Evercore: Utilized varying WACC discount rates to derive valuation ranges for DryShips’ assets based on their unlevered cash flows Calculated terminal values based on a range of multiples of EBITDA as well as a range of perpetuity growth rates Discounted the projected cash flows to June 30, 2019 EBITDA exit multiple of 8.0x to 10.0x Perpetuity growth rate of 2.0% to 3.0% WACC of 8.5% to 9.5% based on capital asset pricing model (“CAPM”) Discounted the projected cash flows to June 30, 2019 EBITDA exit multiple of 5.0x to 7.0x Perpetuity growth rate of 2.0% to 3.0% Cost of equity of 10.0% to 11.0% Peer Group Trading Analysis Values the Common Shares based on the current market enterprise value multiples of EBITDA and Price to NAV multiples for publicly - traded entities with assets similar to those owned by DryShips Heidmar EBITDA consolidated into DRYS’ total Multiples for both tanker and dry bulk companies were utilized EBITDA multiples and Price to NAV multiples based on peer group of crude and mixed tanker and drybulk companies Price to NAV multiple applied to estimated NAV Enterprise value / EBITDA multiples applied to 2019E and 2020E EBITDA Net Asset Value Analysis (“NAV”) Values the Common Shares based on the implied value of DRYS’ respective vessel segments: Values Bulkers based on a range of third party appraisals Values Tankers based on a range of third party appraisals Values OSVs based on a range of third party appraisals Values Heidmar based on the recent consideration paid of $51mm on a 100% basis Total implied asset value from DRYS’ respective vessel segments adjusted by segment level net debt and projected capex Vessel appraisals from third party broker as provided by Company management Evercore utilized the Company Financial Projections and the following methodologies to analyze a range of values of the Common Shares: DryShips Heidmar Note: Summary financial projections do not reflect any go forward legal costs associated with ongoing litigation; Heidmar financial projections subject to ongoing due diligence with Company Management 27

R - 38 G - 77 B - 130 R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 193 G - 2 B - 2 R - 100 G - 100 B - 100 R - 0 G - 105 B - 170 R - 236 G - 163 B - 33 R - 138 G - 173 B - 70 R - 255 G - 219 B - 67 R - 221 G - 70 B - 55 R - 191 G - 191 B - 191 R - 240 G - 181 B - 74 R - 189 G - 209 B - 143 R - 209 G - 226 B - 255 R - 106 G - 151 B - 212 R - 183 G - 205 B - 235 R - 217 G - 217 B - 217 R - 158 G - 198 B - 197 R - 200 G - 222 B - 222 R - 191 G - 191 B - 191 R - 38 G - 77 B - 130 R - 193 G - 2 B - 2 Accent colors/ contrasting colors: R - 0 G - 134 B - 0 R - 235 G - 133 B - 33 R - 250 G - 202 B - 0 R - 170 G - 54 B - 206 Excel chart colors: For basic graphics, diagrams: Light gray for default Word table fill, callout boxes and annotated boxes: R - 234 G - 234 B - 234 Word tables: 3pt border, R - 38,G - 77,B - 130 Highlight colors: R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 219 G - 230 B - 245 R - 245 G - 192 B - 139 R - 201 G - 255 B - 201 R - 255 G - 235 B - 151 Group 1: For text, wireframe, borders, colored bullets: Group 2: For fills and larger areas of colors, e.g., Word table fill: Secondary colored font: R - 0 G - 105 B - 170 Primary colored font: R - 38 G - 77 B - 130 Preliminary Draft – Confidential Reference Values Discounted Cash Flow Analysis Peer Group Trading Analysis NAV Analysis Precedent Transactions Share Price Exit Multiple Perpetuity Growth 2019E EBITDA 2020E EBITDA Price / NAV Fully Delivered NAV P / NAV EBITDA Multiple Premiums Paid 52 Week High / Low DryShips Co. Valuation Assumptions WACC: 2019E EBITDA 2020E EBITDA Total NAV 2 Total NAV 2 Total NAV 2 2019E EBITDA Unaffected Price 52-Week High 8.5% - 9.5% $75.2 $86.5 $6.81 $6.81 $6.81 $75.2 $3.16 $6.75 EBITDA Exit Multiple: 8.0x - 10.0x EV / EV / Price Implied EV / Price EV / % Premiums Perpetuity Growth: 2019E EBITDA 2020E EBITDA / NAV 1 2020E EBITDA / NAV 1 2019E EBITDA Paid 52-Week Low 2.0% - 3.0% 8.00x - 10.00x 5.00x - 7.00x 0.65x - 0.90x 9.55x - 9.86x 0.90x - 1.10x 7.50x - 10.00x 10.0% - 20.0% $3.16 Heidmar Valuation Assumptions (Value per Share) DCF (Exit Multiple & Perp. Growth Ranges): EBITDA methods include Heidmar NAV methods are based on the Includes Heidmar $0.78 - $0.89 EBITDA and cash on a consolidated basis total consideration paid for Heidmar: 3 EBITDA and cash on a N/A $1.07 - $1.24 $0.59 consolidated basis Precedent $3.37 $2.48 $4.02 $2.07 $4.43 $6.66 $6.13 $3.59 $3.48 $3.16 $4.64 $3.73 $5.76 $4.06 $6.13 $6.96 $7.49 $5.76 $3.79 $6.75 $ - $2.00 $4.00 $6.00 $8.00 1 2 3 4 5 6 7 8 9 10 $3.54 $5.77 $5.25 $5.55 $6.39 $6.91 Preliminary Valuation of the Common Shares Illustrative Common Share Valuation Source: Bloomberg, FactSet as of 7/26/19 Note: This summary of certain analyses is provided for illustrative purposes. It does not represent all of the analyses perfo rme d by Evercore and should be considered with the information elsewhere in this Presentation . Summary financial projections do not reflect any go forward legal costs associated with ongoing litigation; Heidmar financial projections subject to ongoing due diligence with Company Management 1. Represents equity value paid for target NAV 2. Includes OSV asset values and Heidmar . Total NAV is based on midpoint of the NAV / share range on page 32 3. Assumes $51mm of total consideration paid for Heidmar 4. Bottom end of range based on $ 50mm management agreement termination fee divided by shares outstanding of 86.887mm and top end of range based on the implied difference in unlevered free cash flow between the Company’s current per vessel per day overhead of $2,809 and $ 1,317, which represents the median of GOGL, DSX, SB, EGLE, GNK and SBLK, through 2026 (the termination date of the Management Agreem ent ) discounted at the Company’s weighted average cost of capital of 9.0%, divided by shares outstanding of 86.887mm ($ per share) Offer Price: $4.00 30 - Day VWAP: $3.74 Unaffected Price: $3.16 = Adjusted for deduction of $0.58 - $0.88 per share for potential Management Agreement friction costs 4 28

R - 38 G - 77 B - 130 R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 193 G - 2 B - 2 R - 100 G - 100 B - 100 R - 0 G - 105 B - 170 R - 236 G - 163 B - 33 R - 138 G - 173 B - 70 R - 255 G - 219 B - 67 R - 221 G - 70 B - 55 R - 191 G - 191 B - 191 R - 240 G - 181 B - 74 R - 189 G - 209 B - 143 R - 209 G - 226 B - 255 R - 106 G - 151 B - 212 R - 183 G - 205 B - 235 R - 217 G - 217 B - 217 R - 158 G - 198 B - 197 R - 200 G - 222 B - 222 R - 191 G - 191 B - 191 R - 38 G - 77 B - 130 R - 193 G - 2 B - 2 Accent colors/ contrasting colors: R - 0 G - 134 B - 0 R - 235 G - 133 B - 33 R - 250 G - 202 B - 0 R - 170 G - 54 B - 206 Excel chart colors: For basic graphics, diagrams: Light gray for default Word table fill, callout boxes and annotated boxes: R - 234 G - 234 B - 234 Word tables: 3pt border, R - 38,G - 77,B - 130 Highlight colors: R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 219 G - 230 B - 245 R - 245 G - 192 B - 139 R - 201 G - 255 B - 201 R - 255 G - 235 B - 151 Group 1: For text, wireframe, borders, colored bullets: Group 2: For fills and larger areas of colors, e.g., Word table fill: Secondary colored font: R - 0 G - 105 B - 170 Primary colored font: R - 38 G - 77 B - 130 Preliminary Draft – Confidential Preliminary Valuation of the Common Shares Discounted Cash Flow Analysis – DryShips (Excl. Heidmar ) Source: Company Management, Bloomberg Note: Summary financial projections do not reflect any go forward legal expenditures associated with ongoing litigation 1. Terminal drydock expense represents the normalized average drydock expense from DRYS’ 26 vessels (excluding scrubbers) 2. Represents replacement capex based on Company - provided vessel scrap values and remaining useful life to arrive at cumulative annualized depreciation ($ in millions, except per share amounts ) EBITDA Exit Multiple Sensitivities Perpetuity Growth Rate Sensitivities Assumptions Exit Multiple 9.0x Perpetuity Growth Rate 2.5% WACC 9.0% Terminal Value 6 Months Ending For Years Ending December 31, EBITDA Perpetuity 2019E 2020E 2021E 2022E 2023E Exit Multiple Growth Rate DryShips EBITDA $34.9 $79.3 $72.3 $61.6 $62.0 $62.0 $62.0 (-) Drydock Expense 1 (8.6) (3.9) (8.7) (13.7) (5.3) (7.4) (-) Scrubber Expense (26.3) (27.7) (2.4) - - - (-) Replacement Capital Expenditure 2 - - - - - (31.2) Unlevered Free Cash Flow ($0.0) $47.6 $61.2 $47.8 $56.8 $23.5 EBITDA Exit Multiple / Perpetuity Growth Rate 9.0x 2.5% Terminal Value $558.4 - $361.5 Present Value of Terminal Value @ 9.0% WACC $362.9 - $250.6 Plus: Present Value of Unlevered Free Cash Flow @ 9.0% WACC ($0.0) $42.8 $50.4 $36.1 $39.4 $168.6 - $168.6 Implied Enterprise Value Range $531.5 - $419.3 (-) Total Debt as of June 30, 2019E ($386.8) ($386.8) (-) Legal Fees Outstanding as of June 30, 2019E (4.6) (4.6) (+) Cash as of June 30, 2019E 115.1 115.1 (+) Investment in 9.5% Bonds as of June 30, 2019E 5.0 $5.0 (+) OSV Scrap Value 14.3 14.3 Implied DryShips Equity Value Range $274.5 - $162.2 Implied DryShips Share Price Range $3.16 - $1.87 EBITDA Exit Multiple Perpetuity Growth Rate $3.16 8.00x 8.50x 9.00x 9.50x 10.00x 8.50% $2.81 $3.04 $3.28 $3.52 $3.76 8.75% 2.75 2.99 3.22 3.45 3.69 9.00% 2.70 2.93 3.16 3.39 3.62 9.25% 2.64 2.87 3.10 3.33 3.56 9.50% 2.59 2.81 3.04 3.27 3.50 DRYS Implied Equity Value $2.59 - $3.76 WACC Perpetuity Growth Rate $1.87 2.00% 2.25% 2.50% 2.75% 3.00% 8.50% $1.95 $2.07 $2.19 $2.33 $2.48 8.75% 1.80 1.91 2.02 2.15 2.29 9.00% 1.66 1.76 1.87 1.98 2.11 9.25% 1.53 1.62 1.72 1.83 1.94 9.50% 1.41 1.50 1.59 1.68 1.79 DRYS Implied Equity Value $1.41 - $2.48 WACC 30

R - 38 G - 77 B - 130 R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 193 G - 2 B - 2 R - 100 G - 100 B - 100 R - 0 G - 105 B - 170 R - 236 G - 163 B - 33 R - 138 G - 173 B - 70 R - 255 G - 219 B - 67 R - 221 G - 70 B - 55 R - 191 G - 191 B - 191 R - 240 G - 181 B - 74 R - 189 G - 209 B - 143 R - 209 G - 226 B - 255 R - 106 G - 151 B - 212 R - 183 G - 205 B - 235 R - 217 G - 217 B - 217 R - 158 G - 198 B - 197 R - 200 G - 222 B - 222 R - 191 G - 191 B - 191 R - 38 G - 77 B - 130 R - 193 G - 2 B - 2 Accent colors/ contrasting colors: R - 0 G - 134 B - 0 R - 235 G - 133 B - 33 R - 250 G - 202 B - 0 R - 170 G - 54 B - 206 Excel chart colors: For basic graphics, diagrams: Light gray for default Word table fill, callout boxes and annotated boxes: R - 234 G - 234 B - 234 Word tables: 3pt border, R - 38,G - 77,B - 130 Highlight colors: R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 219 G - 230 B - 245 R - 245 G - 192 B - 139 R - 201 G - 255 B - 201 R - 255 G - 235 B - 151 Group 1: For text, wireframe, borders, colored bullets: Group 2: For fills and larger areas of colors, e.g., Word table fill: Secondary colored font: R - 0 G - 105 B - 170 Primary colored font: R - 38 G - 77 B - 130 Preliminary Draft – Confidential Preliminary Valuation of the Common Shares Discounted Cash Flow Analysis – Heidmar Source: Company Management, Bloomberg Note: Heidmar does not carry any debt; 2019E - 2023E based on 25% of current fiscal year ending and 75% of following fiscal year; Heidmar financial projections subject to ongoing due diligence with Company Management ($ in millions, except per share amounts ) EBITDA Exit Multiple Sensitivities Perpetuity Growth Rate Sensitivities Assumptions Exit Multiple 6.0x Perpetuity Growth Rate 2.50% Cost of Equity 10.5% Terminal Value 6 Months Ending For Years Ending December 31, EBITDA Perpetuity 2019E 2020E 2021E 2022E 2023E Exit Multiple Growth Rate Heidmar EBITDA $5.3 $7.1 $8.0 $6.8 $6.4 $6.4 $6.4 (-) LTIP Payments (0.0) (0.1) (0.0) - - - (-) Office Lease (0.0) 0.2 0.2 0.2 0.2 - (-) Change in Net Working Capital 1.4 0.2 0.8 0.9 0.2 - (-) Capex (0.1) (0.2) (0.2) (0.2) (0.2) (0.2) (-) Other One-Off Items 0.2 0.1 0.0 0.0 0.0 Unlevered Free Cash Flow $6.7 $7.3 $8.8 $7.7 $6.6 $6.1 EBITDA Exit Multiple / Perpetuity Growth Rate 6.0x 2.5% Terminal Value $38.1 - $76.7 Present Value of Terminal Value @ 10.5% Cost of Equity $23.1 - $50.2 Plus: Present Value of Unlevered FCF @ 10.5% Cost of Equity $6.6 $6.5 $7.1 $5.6 $4.3 $30.0 - $30.0 Implied Enterprise Value Range $53.1 - $80.2 (+) Cash as of June 30, 2019E $19.2 $19.2 Implied Heidmar Equity Value Range $72.4 - $99.4 Implied Heidmar Equity Value per Share to DRYS $0.83 - $1.14 EBITDA Exit Multiple Perpetuity Growth Rate $0.83 5.00x 5.50x 6.00x 6.50x 7.00x 10.00% $0.80 $0.82 $0.84 $0.86 $0.89 10.25% 0.79 0.81 0.84 0.86 0.88 10.50% 0.79 0.81 0.83 0.85 0.88 10.75% 0.78 0.81 0.83 0.85 0.87 11.00% 0.78 0.80 0.82 0.85 0.87 Heidmar Implied Equity Value $0.78 - $0.89 Cost of Equity Perpetuity Growth Rate 1.14 2.00% 2.25% 2.50% 2.75% 3.00% 10.00% $1.16 $1.18 $1.20 $1.22 $1.24 10.25% 1.13 1.15 1.17 1.19 1.21 10.50% 1.11 1.13 1.14 1.16 1.18 10.75% 1.09 1.10 1.12 1.14 1.15 11.00% 1.07 1.08 1.10 1.11 1.13 Heidmar Implied Equity Value $1.07 - $1.24 Cost of Equity 31

R - 38 G - 77 B - 130 R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 193 G - 2 B - 2 R - 100 G - 100 B - 100 R - 0 G - 105 B - 170 R - 236 G - 163 B - 33 R - 138 G - 173 B - 70 R - 255 G - 219 B - 67 R - 221 G - 70 B - 55 R - 191 G - 191 B - 191 R - 240 G - 181 B - 74 R - 189 G - 209 B - 143 R - 209 G - 226 B - 255 R - 106 G - 151 B - 212 R - 183 G - 205 B - 235 R - 217 G - 217 B - 217 R - 158 G - 198 B - 197 R - 200 G - 222 B - 222 R - 191 G - 191 B - 191 R - 38 G - 77 B - 130 R - 193 G - 2 B - 2 Accent colors/ contrasting colors: R - 0 G - 134 B - 0 R - 235 G - 133 B - 33 R - 250 G - 202 B - 0 R - 170 G - 54 B - 206 Excel chart colors: For basic graphics, diagrams: Light gray for default Word table fill, callout boxes and annotated boxes: R - 234 G - 234 B - 234 Word tables: 3pt border, R - 38,G - 77,B - 130 Highlight colors: R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 219 G - 230 B - 245 R - 245 G - 192 B - 139 R - 201 G - 255 B - 201 R - 255 G - 235 B - 151 Group 1: For text, wireframe, borders, colored bullets: Group 2: For fills and larger areas of colors, e.g., Word table fill: Secondary colored font: R - 0 G - 105 B - 170 Primary colored font: R - 38 G - 77 B - 130 Preliminary Draft – Confidential Preliminary Valuation of the Common Shares ($ in millions) Precedent Transactions – EV / EBITDA and Price / NAV Target Maritrans OMI Chembulk Quintana Global Ship Lease Arlington Asia Pacific Carriers K-Sea Crude Carriers Saga Tankers Ocean Freight Oceanbulk 34 Excel Maritime Vessels Samco Shipholding Golden Ocean Navi8 Crude Frontline Ltd. Principal Maritime BW Group Navig8 Product TIL Gener8 GCI 16 vessels 18 vessels Global Ship Lease CPLP 11 vessels Acquiror OSG Teekay Torm Berlian Laju Excel Marathon Acquisition GenMar Navios Maritime Acq. Kirby Capital Product Partners DHT Holdings DryShips Star Bulk Star Bulk DHT Maritime Knightsbrid ge Shipping GenMar Frontline 2012 Teekay Tankers DHT STNG TNK Euronav Seaspan Starbulk Starbulk Poseidon Containers Diamond S Starbulk Transaction Value $456 $2,222 $850 $2,139 $1,005 $490 $587 $600 $400 $105 $239 $1,757 $635 $578 $1,207 $1,445 $1,506 $662 $538 $1,138 $570 $1,518 $1,600 $433 $477 $465 $525 $140 Consideration Structure Cash Cash Cash Mixed Stock Stock Cash Mixed Unit Stock Mixed Stock Mixed Cash Stock Stock Stock Mixed Mixed Stock Stock Stock Mixed Stock Stock Stock Stock Mixed Sector Barging Tanker Chemical Drybulk Container Tanker Tanker MLP MLP Tanker Drybulk Drybulk Drybulk Tanker Drybulk Tanker Tanker Tanker Tanker Tanker Tanker Tanker Container Drybulk Drybulk Drybulk Tanker Drybulk 10/29/18 5/27/196/16/14 5/30/17 12/19/17 3/14/18 4/20/18 11/27/188/19/14 9/9/14 10/7/14 2/25/15 7/1/15 5/23/178/5/15 3/23/17 5/14/187/26/11Announced Date 9/25/06 4/17/07 10/11/07 1/29/08 3/21/08 8/5/08 7/19/10 3/13/11 5/5/11 5/31/11 8.3x 10.1x 6.3x 9.2x 11.4x 12.2x 7.8x 9.0x 13.1x 9.3x 9.2x 9.0x NA NA 9.3x 7.9x 12.7x NA NA 8.3x 9.4x 10.2x 8.3x 7.9x NA 5.1x 7.6x 8.0x 1.02x 1.15x 1.04x 0.88x 0.72x 0.80x 1.10x NA 1.04x 0.93x 1.07x 0.95x 1.00x 1.14x 1.03x 1.05x 1.27x 0.96x 1.02x 1.05x 1.13x 0.87x 0.92x 0.83x 0.95x 1.05x 1.10x 0.88x 0.00x 0.20x 0.40x 0.60x 0.80x 1.00x 1.20x 1.40x 0.0x 3.0x 6.0x 9.0x 12.0x 15.0x Price / NAV TEV / FY+1 EBITDA 9/25/06 4/17/07 10/11/07 1/29/08 3/21/08 8/5/08 7/19/10 3/13/11 5/5/11 5/31/11 7/26/11 6/16/14 8/19/14 9/9/14 10/7/14 2/25/15 7/1/15 8/5/15 3/23/17 5/23/17 5/30/17 12/19/17 3/14/18 4/20/18 5/14/18 5/27/19 11/27/18 10/29/18 Source: Company filings, press releases, investor presentations, FactSet , CapitalIQ TEV / FY+1 EBITDA Price / NAV Avg. TEV / FY+1 EBITDA = 9.1x Avg. Price / NAV = 0.99x = All - Cash Deals NAV multiple does not account for underlying value of in - the - money charter contracts 36

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R - 38 G - 77 B - 130 R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 193 G - 2 B - 2 R - 100 G - 100 B - 100 R - 0 G - 105 B - 170 R - 236 G - 163 B - 33 R - 138 G - 173 B - 70 R - 255 G - 219 B - 67 R - 221 G - 70 B - 55 R - 191 G - 191 B - 191 R - 240 G - 181 B - 74 R - 189 G - 209 B - 143 R - 209 G - 226 B - 255 R - 106 G - 151 B - 212 R - 183 G - 205 B - 235 R - 217 G - 217 B - 217 R - 158 G - 198 B - 197 R - 200 G - 222 B - 222 R - 191 G - 191 B - 191 R - 38 G - 77 B - 130 R - 193 G - 2 B - 2 Accent colors/ contrasting colors: R - 0 G - 134 B - 0 R - 235 G - 133 B - 33 R - 250 G - 202 B - 0 R - 170 G - 54 B - 206 Excel chart colors: For basic graphics, diagrams: Light gray for default Word table fill, callout boxes and annotated boxes: R - 234 G - 234 B - 234 Word tables: 3pt border, R - 38,G - 77,B - 130 Highlight colors: R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 219 G - 230 B - 245 R - 245 G - 192 B - 139 R - 201 G - 255 B - 201 R - 255 G - 235 B - 151 Group 1: For text, wireframe, borders, colored bullets: Group 2: For fills and larger areas of colors, e.g., Word table fill: Secondary colored font: R - 0 G - 105 B - 170 Primary colored font: R - 38 G - 77 B - 130 Preliminary Draft – Confidential Appendix DCF Sensitivity Case 1 – 2H 2021E - 2023E Newcastlemax Rates: +10% (Excl. Heidmar ) Assumptions Exit Multiple 9.0x Perpetuity Growth Rate 2.5% WACC 9.0% Terminal Value 6 Months Ending For Years Ending December 31, EBITDA Perpetuity 2019E 2020E 2021E 2022E 2023E Exit Multiple Growth Rate DryShips EBITDA $34.9 $79.3 $74.6 $66.2 $66.7 $66.7 $66.7 (-) Drydock Expense 1 (8.6) (3.9) (8.7) (13.7) (5.3) (7.4) (-) Scrubber Expense (26.3) (27.7) (2.4) - - - (-) Replacement Capital Expenditure 2 - - - - - (31.2) Unlevered Free Cash Flow ($0.0) $47.6 $63.5 $52.5 $61.4 $28.1 EBITDA Exit Multiple / Perpetuity Growth Rate 9.0x 2.5% Terminal Value $599.9 - $432.5 Present Value of Terminal Value @ 9.0% WACC $389.9 - $299.9 Plus: Present Value of Unlevered Free Cash Flow @ 9.0% WACC ($0.0) $42.8 $52.3 $39.6 $42.6 $177.3 - $177.3 Implied Enterprise Value Range $567.2 - $477.2 (-) Total Debt as of June 30, 2019E ($386.8) ($386.8) (-) Legal Fees Outstanding as of June 30, 2019E (4.6) (4.6) (+) Cash as of June 30, 2019E 115.1 115.1 (+) Investment in 9.5% Bonds as of June 30, 2019E 5.0 $5.0 (+) OSV Scrap Value 14.3 14.3 Implied DryShips Equity Value Range $310.2 - $220.1 Implied DryShips Share Price Range $3.57 - $2.53 Source: Company Management, Bloomberg 1. Terminal drydock expense represents the normalized average drydock expense from DRYS’ 26 vessels (excluding scrubbers) 2. Represents replacement capex based on Company - provided vessel scrap values and remaining useful life to arrive at cumulative ann ualized depreciation EBITDA Exit Multiple Sensitivities Perpetuity Growth Rate Sensitivities EBITDA Exit Multiple Perpetuity Growth Rate $3.57 8.00x 8.50x 9.00x 9.50x 10.00x 8.50% $3.19 $3.44 $3.70 $3.96 $4.21 8.75% 3.13 3.38 3.63 3.89 4.14 9.00% 3.07 3.32 3.57 3.82 4.07 9.25% 3.01 3.26 3.51 3.75 4.00 9.50% 2.96 3.20 3.44 3.69 3.93 DRYS Implied Equity Value $2.96 - $4.21 WACC Perpetuity Growth Rate $2.53 2.00% 2.25% 2.50% 2.75% 3.00% 8.50% $2.63 $2.77 $2.92 $3.09 $3.27 8.75% 2.45 2.58 2.72 2.87 3.03 9.00% 2.29 2.41 2.53 2.67 2.82 9.25% 2.13 2.24 2.36 2.49 2.62 9.50% 1.99 2.09 2.20 2.32 2.44 DRYS Implied Equity Value $1.99 - $3.27 WACC 1 39

R - 38 G - 77 B - 130 R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 193 G - 2 B - 2 R - 100 G - 100 B - 100 R - 0 G - 105 B - 170 R - 236 G - 163 B - 33 R - 138 G - 173 B - 70 R - 255 G - 219 B - 67 R - 221 G - 70 B - 55 R - 191 G - 191 B - 191 R - 240 G - 181 B - 74 R - 189 G - 209 B - 143 R - 209 G - 226 B - 255 R - 106 G - 151 B - 212 R - 183 G - 205 B - 235 R - 217 G - 217 B - 217 R - 158 G - 198 B - 197 R - 200 G - 222 B - 222 R - 191 G - 191 B - 191 R - 38 G - 77 B - 130 R - 193 G - 2 B - 2 Accent colors/ contrasting colors: R - 0 G - 134 B - 0 R - 235 G - 133 B - 33 R - 250 G - 202 B - 0 R - 170 G - 54 B - 206 Excel chart colors: For basic graphics, diagrams: Light gray for default Word table fill, callout boxes and annotated boxes: R - 234 G - 234 B - 234 Word tables: 3pt border, R - 38,G - 77,B - 130 Highlight colors: R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 219 G - 230 B - 245 R - 245 G - 192 B - 139 R - 201 G - 255 B - 201 R - 255 G - 235 B - 151 Group 1: For text, wireframe, borders, colored bullets: Group 2: For fills and larger areas of colors, e.g., Word table fill: Secondary colored font: R - 0 G - 105 B - 170 Primary colored font: R - 38 G - 77 B - 130 Preliminary Draft – Confidential Appendix DCF Sensitivity Case 2 – 2H 2021E - 2023E Newcastlemax Rates: +15% (Excl. Heidmar ) Assumptions Exit Multiple 9.0x Perpetuity Growth Rate 2.5% WACC 9.0% Terminal Value 6 Months Ending For Years Ending December 31, EBITDA Perpetuity 2019E 2020E 2021E 2022E 2023E Exit Multiple Growth Rate DryShips EBITDA $34.9 $79.3 $75.8 $68.5 $69.0 $69.0 $69.0 (-) Drydock Expense 1 (8.6) (3.9) (8.7) (13.7) (5.3) (7.4) (-) Scrubber Expense (26.3) (27.7) (2.4) - - - (-) Replacement Capital Expenditure 2 - - - - - (31.2) Unlevered Free Cash Flow ($0.0) $47.6 $64.7 $54.8 $63.7 $30.4 EBITDA Exit Multiple / Perpetuity Growth Rate 9.0x 2.5% Terminal Value $620.7 - $468.0 Present Value of Terminal Value @ 9.0% WACC $403.4 - $324.5 Plus: Present Value of Unlevered Free Cash Flow @ 9.0% WACC ($0.0) $42.8 $53.3 $41.4 $44.2 $181.6 - $181.6 Implied Enterprise Value Range $585.0 - $506.1 (-) Total Debt as of June 30, 2019E ($386.8) ($386.8) (-) Legal Fees Outstanding as of June 30, 2019E (4.6) (4.6) (+) Cash as of June 30, 2019E 115.1 115.1 (+) Investment in 9.5% Bonds as of June 30, 2019E 5.0 $5.0 (+) OSV Scrap Value 14.3 14.3 Implied DryShips Equity Value Range $328.0 - $249.1 Implied DryShips Share Price Range $3.78 - $2.87 Source: Company Management, Bloomberg 1. Terminal drydock expense represents the normalized average drydock expense from DRYS’ 26 vessels (excluding scrubbers) 2. Represents replacement capex based on Company - provided vessel scrap values and remaining useful life to arrive at cumulative ann ualized depreciation EBITDA Exit Multiple Sensitivities Perpetuity Growth Rate Sensitivities EBITDA Exit Multiple Perpetuity Growth Rate $3.78 8.00x 8.50x 9.00x 9.50x 10.00x 8.50% $3.38 $3.65 $3.91 $4.17 $4.44 8.75% 3.32 3.58 3.84 4.10 4.36 9.00% 3.26 3.52 3.78 4.03 4.29 9.25% 3.20 3.45 3.71 3.96 4.22 9.50% 3.14 3.39 3.64 3.90 4.15 DRYS Implied Equity Value $3.14 - $4.44 WACC Perpetuity Growth Rate $2.87 2.00% 2.25% 2.50% 2.75% 3.00% 8.50% $2.97 $3.12 $3.28 $3.46 $3.66 8.75% 2.78 2.92 3.07 3.23 3.41 9.00% 2.60 2.73 2.87 3.02 3.18 9.25% 2.44 2.55 2.68 2.82 2.97 9.50% 2.28 2.39 2.51 2.63 2.77 DRYS Implied Equity Value $2.28 - $3.66 WACC 2 40

R - 38 G - 77 B - 130 R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 193 G - 2 B - 2 R - 100 G - 100 B - 100 R - 0 G - 105 B - 170 R - 236 G - 163 B - 33 R - 138 G - 173 B - 70 R - 255 G - 219 B - 67 R - 221 G - 70 B - 55 R - 191 G - 191 B - 191 R - 240 G - 181 B - 74 R - 189 G - 209 B - 143 R - 209 G - 226 B - 255 R - 106 G - 151 B - 212 R - 183 G - 205 B - 235 R - 217 G - 217 B - 217 R - 158 G - 198 B - 197 R - 200 G - 222 B - 222 R - 191 G - 191 B - 191 R - 38 G - 77 B - 130 R - 193 G - 2 B - 2 Accent colors/ contrasting colors: R - 0 G - 134 B - 0 R - 235 G - 133 B - 33 R - 250 G - 202 B - 0 R - 170 G - 54 B - 206 Excel chart colors: For basic graphics, diagrams: Light gray for default Word table fill, callout boxes and annotated boxes: R - 234 G - 234 B - 234 Word tables: 3pt border, R - 38,G - 77,B - 130 Highlight colors: R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 219 G - 230 B - 245 R - 245 G - 192 B - 139 R - 201 G - 255 B - 201 R - 255 G - 235 B - 151 Group 1: For text, wireframe, borders, colored bullets: Group 2: For fills and larger areas of colors, e.g., Word table fill: Secondary colored font: R - 0 G - 105 B - 170 Primary colored font: R - 38 G - 77 B - 130 Preliminary Draft – Confidential Appendix DCF Sensitivity Case 3 – 2H 2021E - 2023E Newcastlemax Rates: +20% (Excl. Heidmar ) Assumptions Exit Multiple 9.0x Perpetuity Growth Rate 2.5% WACC 9.0% Terminal Value 6 Months Ending For Years Ending December 31, EBITDA Perpetuity 2019E 2020E 2021E 2022E 2023E Exit Multiple Growth Rate DryShips EBITDA $34.9 $79.3 $76.9 $70.8 $71.3 $71.3 $71.3 (-) Drydock Expense 1 (8.6) (3.9) (8.7) (13.7) (5.3) (7.4) (-) Scrubber Expense (26.3) (27.7) (2.4) - - - (-) Replacement Capital Expenditure 2 - - - - - (31.2) Unlevered Free Cash Flow ($0.0) $47.6 $65.9 $57.1 $66.0 $32.7 EBITDA Exit Multiple / Perpetuity Growth Rate 9.0x 2.5% Terminal Value $641.5 - $503.6 Present Value of Terminal Value @ 9.0% WACC $416.9 - $349.1 Plus: Present Value of Unlevered Free Cash Flow @ 9.0% WACC ($0.0) $42.8 $54.3 $43.2 $45.8 $185.9 - $185.9 Implied Enterprise Value Range $602.9 - $535.1 (-) Total Debt as of June 30, 2019E ($386.8) ($386.8) (-) Legal Fees Outstanding as of June 30, 2019E (4.6) (4.6) (+) Cash as of June 30, 2019E 115.1 115.1 (+) Investment in 9.5% Bonds as of June 30, 2019E 5.0 $5.0 (+) OSV Scrap Value 14.3 14.3 Implied DryShips Equity Value Range $345.8 - $278.0 Implied DryShips Share Price Range $3.98 - $3.20 Source: Company Management, Bloomberg 1. Terminal drydock expense represents the normalized average drydock expense from DRYS’ 26 vessels (excluding scrubbers) 2. Represents replacement capex based on Company - provided vessel scrap values and remaining useful life to arrive at cumulative ann ualized depreciation EBITDA Exit Multiple Sensitivities Perpetuity Growth Rate Sensitivities EBITDA Exit Multiple Perpetuity Growth Rate $3.98 8.00x 8.50x 9.00x 9.50x 10.00x 8.50% $3.57 $3.85 $4.12 $4.39 $4.66 8.75% 3.51 3.78 4.05 4.32 4.59 9.00% 3.45 3.71 3.98 4.25 4.51 9.25% 3.39 3.65 3.91 4.18 4.44 9.50% 3.32 3.58 3.85 4.11 4.37 DRYS Implied Equity Value $3.32 - $4.66 WACC Perpetuity Growth Rate $3.20 2.00% 2.25% 2.50% 2.75% 3.00% 8.50% $3.31 $3.47 $3.65 $3.84 $4.05 8.75% 3.10 3.25 3.42 3.59 3.78 9.00% 2.91 3.05 3.20 3.36 3.53 9.25% 2.74 2.86 3.00 3.15 3.31 9.50% 2.57 2.69 2.81 2.95 3.10 DRYS Implied Equity Value $2.57 - $4.05 WACC 3 41

R - 38 G - 77 B - 130 R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 193 G - 2 B - 2 R - 100 G - 100 B - 100 R - 0 G - 105 B - 170 R - 236 G - 163 B - 33 R - 138 G - 173 B - 70 R - 255 G - 219 B - 67 R - 221 G - 70 B - 55 R - 191 G - 191 B - 191 R - 240 G - 181 B - 74 R - 189 G - 209 B - 143 R - 209 G - 226 B - 255 R - 106 G - 151 B - 212 R - 183 G - 205 B - 235 R - 217 G - 217 B - 217 R - 158 G - 198 B - 197 R - 200 G - 222 B - 222 R - 191 G - 191 B - 191 R - 38 G - 77 B - 130 R - 193 G - 2 B - 2 Accent colors/ contrasting colors: R - 0 G - 134 B - 0 R - 235 G - 133 B - 33 R - 250 G - 202 B - 0 R - 170 G - 54 B - 206 Excel chart colors: For basic graphics, diagrams: Light gray for default Word table fill, callout boxes and annotated boxes: R - 234 G - 234 B - 234 Word tables: 3pt border, R - 38,G - 77,B - 130 Highlight colors: R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 219 G - 230 B - 245 R - 245 G - 192 B - 139 R - 201 G - 255 B - 201 R - 255 G - 235 B - 151 Group 1: For text, wireframe, borders, colored bullets: Group 2: For fills and larger areas of colors, e.g., Word table fill: Secondary colored font: R - 0 G - 105 B - 170 Primary colored font: R - 38 G - 77 B - 130 Preliminary Draft – Confidential Appendix DCF Heidmar Sensitivity – 2H 2021E - 2023E Excluding VLCCs Source: Company Management, Bloomberg Note: Heidmar does not carry any debt; 2019E - 2023E based on 25% of current fiscal year ending and 75% of following fiscal year; Heidmar financial projections subject to ongoing due diligence with Company Management ($ in millions, except per share amounts ) EBITDA Exit Multiple Sensitivities Perpetuity Growth Rate Sensitivities Assumptions Exit Multiple 6.0x Perpetuity Growth Rate 2.50% Cost of Equity 10.5% Terminal Value 6 Months Ending For Years Ending December 31, EBITDA Perpetuity 2019E 2020E 2021E 2022E 2023E Exit Multiple Growth Rate Heidmar EBITDA $5.3 $7.1 $6.7 $4.8 $4.1 $4.1 $4.1 (-) LTIP Payments (0.0) (0.1) (0.0) - - - (-) Office Lease (0.0) 0.2 0.2 0.2 0.2 - (-) Change in Net Working Capital 1.4 0.2 0.8 0.9 0.2 - (-) Capex (0.1) (0.2) (0.2) (0.2) (0.2) (0.2) (-) Other One-Off Items 0.2 0.1 0.0 - - Unlevered Free Cash Flow $6.7 $7.3 $7.5 $5.8 $4.4 $3.9 EBITDA Exit Multiple / Perpetuity Growth Rate 6.0x 2.5% Terminal Value $24.9 - $49.1 Present Value of Terminal Value @ 10.5% Cost of Equity $15.1 - $32.1 Plus: Present Value of Unlevered FCF @ 10.5% Cost of Equity $6.6 $6.5 $6.0 $4.2 $2.9 $26.1 - $26.1 Implied Enterprise Value Range $41.2 - $58.2 (+) Cash as of June 30, 2019E $19.2 $19.2 Implied Heidmar Equity Value Range $60.4 - $77.4 Implied Heidmar Equity Value per Share to DRYS $0.70 - $0.89 EBITDA Exit Multiple Perpetuity Growth Rate $0.70 5.00x 5.50x 6.00x 6.50x 7.00x 10.00% $0.67 $0.69 $0.70 $0.72 $0.73 10.25% 0.67 0.68 0.70 0.71 0.73 10.50% 0.67 0.68 0.70 0.71 0.72 10.75% 0.66 0.68 0.69 0.71 0.72 11.00% 0.66 0.67 0.69 0.70 0.72 Heidmar Implied Equity Value $0.66 - $0.73 Cost of Equity Perpetuity Growth Rate 0.89 2.00% 2.25% 2.50% 2.75% 3.00% 10.00% $0.90 $0.91 $0.93 $0.94 $0.95 10.25% 0.88 0.90 0.91 0.92 0.93 10.50% 0.87 0.88 0.89 0.90 0.92 10.75% 0.85 0.86 0.88 0.89 0.90 11.00% 0.84 0.85 0.86 0.87 0.88 Heidmar Implied Equity Value $0.84 - $0.95 Cost of Equity A 42

R - 38 G - 77 B - 130 R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 193 G - 2 B - 2 R - 100 G - 100 B - 100 R - 0 G - 105 B - 170 R - 236 G - 163 B - 33 R - 138 G - 173 B - 70 R - 255 G - 219 B - 67 R - 221 G - 70 B - 55 R - 191 G - 191 B - 191 R - 240 G - 181 B - 74 R - 189 G - 209 B - 143 R - 209 G - 226 B - 255 R - 106 G - 151 B - 212 R - 183 G - 205 B - 235 R - 217 G - 217 B - 217 R - 158 G - 198 B - 197 R - 200 G - 222 B - 222 R - 191 G - 191 B - 191 R - 38 G - 77 B - 130 R - 193 G - 2 B - 2 Accent colors/ contrasting colors: R - 0 G - 134 B - 0 R - 235 G - 133 B - 33 R - 250 G - 202 B - 0 R - 170 G - 54 B - 206 Excel chart colors: For basic graphics, diagrams: Light gray for default Word table fill, callout boxes and annotated boxes: R - 234 G - 234 B - 234 Word tables: 3pt border, R - 38,G - 77,B - 130 Highlight colors: R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 219 G - 230 B - 245 R - 245 G - 192 B - 139 R - 201 G - 255 B - 201 R - 255 G - 235 B - 151 Group 1: For text, wireframe, borders, colored bullets: Group 2: For fills and larger areas of colors, e.g., Word table fill: Secondary colored font: R - 0 G - 105 B - 170 Primary colored font: R - 38 G - 77 B - 130 Preliminary Draft – Confidential Vessels Age Debt Outstanding 1 Maturity Amortization Profile Pricing LTV 1 ABN Facility Botafogo 2 , Huahine, Judd, Raraka 9 years / 6 years / 4 years / 7 years $62.9 million June 30, 2024 20 quarterly payments of $1,675,000 and balloon installment of $30,000,000 after 20th quarterly installment Floating - LIBOR plus a 2.50% margin p.a. 58.6% KfW Facility 3 Conquistador, Pink Sands, Xanadu 3 years / 3 years / 2 years $68.9 million April 19, 2028; October 13, 2028; February 10, 2029, respectively 48 quarterly payments of $1,387,500. Balloon installment of $16,650,000 payable after 47th or 48th quarterly installment Floating - LIBOR plus a 2.20% margin p.a. 50.2% DekaBank Facility Netadola 2 years $25.0 million May 12, 2029 40 quarterly payments of $481,000. Balloon installment of $5,772,000 payable after 81st quarterly installment Floating - LIBOR plus a 2.50% margin p.a. 52.5% DVB / Valadon- Matisse-Rapallo Facility Valadon, Matisse, Rapallo 5 years / 5 years / 10 years $30.8 million March 7, 2024 23 quarterly payments of $847,500. Balloon installment of $14,660,000 after 23rd quarterly installment Floating - LIBOR plus a 2.50% margin p.a. 59.4% ICBC Facility Bacon, Castellani, Marini, Morandi, Nasaka 6 years / 5 years / 5 years / 6 years / 5 years $76.5 million May 15, 2026 32 quarterly payments of $1,366,668. Balloon installment of $38,266,624 after 32nd quarterly installment Floating - LIBOR plus a 2.85% margin p.a. 53.3% CMB Facility Kelly 2 years $12.2 million April 13, 2028 40 quarterly payments of $219,576. Balloon installment of $4,325,970 after 40th quarterly installment Floating - LIBOR plus a 3.00% margin p.a. 50.2% Credit Suisse Facility Shiraga, Samsara, Stamos, Balla 8 years / 2 years / 7 years / 2 years $79.6 million January 24, 2023 20 quarterly payments of $2,085,000. Balloon installment of $48,300,00 payable together with 20th quarterly installment Floating - LIBOR plus a 2.50% margin p.a. 42.0% DVB / Marfa Facility Marfa 2 years $30.9 million September 23, 2023 22 quarterly payments of $583,333. Balloon installment of $21,000,000 payable after 22nd quarterly installment Floating - LIBOR plus a 2.50% margin p.a. 56.5% Total $386.8 million 49.1% Appendix Source: Company loan agreements Note: Excludes outstanding legal fees 1. Based on company model as of July 2019 2. Botafogo is a tanker 3. Excludes scrubber facility of $6.4mm Drybulk Tankers 1 2 Debt Overview 44

R - 38 G - 77 B - 130 R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 193 G - 2 B - 2 R - 100 G - 100 B - 100 R - 0 G - 105 B - 170 R - 236 G - 163 B - 33 R - 138 G - 173 B - 70 R - 255 G - 219 B - 67 R - 221 G - 70 B - 55 R - 191 G - 191 B - 191 R - 240 G - 181 B - 74 R - 189 G - 209 B - 143 R - 209 G - 226 B - 255 R - 106 G - 151 B - 212 R - 183 G - 205 B - 235 R - 217 G - 217 B - 217 R - 158 G - 198 B - 197 R - 200 G - 222 B - 222 R - 191 G - 191 B - 191 R - 38 G - 77 B - 130 R - 193 G - 2 B - 2 Accent colors/ contrasting colors: R - 0 G - 134 B - 0 R - 235 G - 133 B - 33 R - 250 G - 202 B - 0 R - 170 G - 54 B - 206 Excel chart colors: For basic graphics, diagrams: Light gray for default Word table fill, callout boxes and annotated boxes: R - 234 G - 234 B - 234 Word tables: 3pt border, R - 38,G - 77,B - 130 Highlight colors: R - 106 G - 151 B - 212 R - 235 G - 133 B - 33 R - 0 G - 134 B - 0 R - 250 G - 202 B - 0 R - 219 G - 230 B - 245 R - 245 G - 192 B - 139 R - 201 G - 255 B - 201 R - 255 G - 235 B - 151 Group 1: For text, wireframe, borders, colored bullets: Group 2: For fills and larger areas of colors, e.g., Word table fill: Secondary colored font: R - 0 G - 105 B - 170 Primary colored font: R - 38 G - 77 B - 130 Preliminary Draft – Confidential Appendix DryShips Standalone WACC Analysis – Theoretical CAPM ($ in millions, except per share amounts) Beta and Capital Structure Benchmarking Weighted Average Cost of Capital Cost of Equity – Sensitivities WACC – Sensitivities Arithmetic Avg. Premium Supply Side Premium Target Debt / Capitalization Target Debt / Capitalization 45.0% 50.0% 55.0% 45.0% 50.0% 55.0% 0.38 9.6% 10.0% 10.6% 0.38 9.0% 9.5% 10.0% 0.43 10.2% 10.8% 11.4% 0.43 9.6% 10.1% 10.7% 0.48 10.9% 11.5% 12.2% 0.48 10.2% 10.7% 11.4% 0.49 11.0% 11.6% 12.4% 0.49 10.3% 10.9% 11.5% 0.50 11.1% 11.8% 12.5% 0.50 10.4% 11.0% 11.7% Unlevered Beta Arithmetic Avg. Premium Supply Side Premium Target Debt / Capitalization Target Debt / Capitalization 45.0% 50.0% 55.0% 45.0% 50.0% 55.0% 0.38 8.0% 8.0% 8.1% 0.38 7.7% 7.8% 7.8% 0.43 8.3% 8.4% 8.5% 0.43 8.0% 8.1% 8.1% 0.48 8.7% 8.8% 8.8% 0.48 8.3% 8.4% 8.5% 0.49 8.8% 8.8% 8.9% 0.49 8.4% 8.5% 8.5% 0.50 8.8% 8.9% 9.0% 0.50 8.5% 8.5% 8.6% Unlevered Beta Source: FactSet, Bloomberg, Duff & Phelps, market data as of 7/26/19 Note: Total debt includes preferred equity; any existing debt balance is updated for market values when available 1. U.S. Treasury 20 - year note current yield to maturity as of 7/26/19 2. Based on 2019 Duff & Phelps estimate 3. Based on 2019 Duff & Phelps estimate, based on the decile breakdown for approximate NAV of $613 million 4. Cost of debt is estimated based with a current average margin of ~3.0% (from the Company’s internal model) plus 5 - year LIBOR swap of 3.05% 5. Bloomberg 2 - year adjusted beta as of 7/26/19 Share Price Market Total Debt + Pref / Adjusted (5) Unlevered Ticker Company 7/26/19 Equity Value Debt + Pref Capital Beta Beta DHT DHT Holdings $5.91 $839 $940 52.8% 0.77 0.36 EURN Euronav 8.83 1,913 1,790 48.3% 1.03 0.53 FRO Frontline 8.05 1,368 1,721 55.7% 1.09 0.48 INSW International Seaways Inc. 17.40 511 806 61.2% 1.03 0.40 NAT Nordic American Tankers 2.11 300 416 58.1% 1.30 0.54 TNK Teekay Tankers 1.25 338 716 67.9% 1.09 0.35 Tanker Mean 57.4% 1.05 0.44 Tanker Median 56.9% 1.06 0.44 DSX Diana Shipping inc. $3.66 $368 $506 57.9% 0.78 0.33 EGLE Eagle Bulk 4.50 329 321 49.4% 1.13 0.57 GNK Genco 9.98 418 535 56.1% 1.31 0.57 GOGL-US Golden Ocean Group Limited 6.47 936 1,163 55.4% 1.25 0.56 SB Safe Bulkers 2.18 221 580 72.4% 1.26 0.35 SALT Scorpio Bulkers Inc. 6.38 462 896 66.0% 1.11 0.38 SBLK Star Bulk 10.40 985 1,422 59.1% 1.30 0.53 Drybulk Mean 59.5% 1.16 0.47 Dybulk Median 57.9% 1.25 0.53 Total Mean 58.5% 1.11 0.46 Total Median 57.9% 1.11 0.48 DRYS DryShips $3.93 $341 $391 53.4% 0.81 0.38 Arithmetic Avg. Supply Side Peers Target Peers Target Risk Free Rate 1 2.4% 2.4% 2.4% 2.4% Unlevered Beta 0.48 0.38 0.48 0.38 Adj. Relevered Beta 0.96 0.81 0.96 0.81 Equity Risk Premium 2 6.9% 6.9% 6.1% 6.1% Size Premium 3 2.5% 3.5% 2.5% 3.5% Cost of Equity 11.5% 11.4% 10.7% 10.8% Tax Rate 0.0% 0.0% 0.0% 0.0% Target Debt / Capitalization 50.0% 50.0% 50.0% 50.0% Pre-Tax Cost of Debt 4 6.0% 6.0% 6.0% 6.0% After-Tax Cost of Debt 6.0% 6.0% 6.0% 6.0% WACC 8.8% 8.7% 8.4% 8.4% 46

DryShips (DRYS) Inactive SC 13E3Going private transaction