April 23, 2012

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Down with the Ship

Tsakos Energy Navgation (TNP,$TNP) Leads VE Newsletter Portfolio with 17% Return Tsakos Energy Navigation Limited is a provider of international seaborne crude oil and petroleum product transportation services. As of March 31, 2011, the Company operated a fleet of 47 modern crude oil carriers and petroleum product tankers that provide world-wide marine transportation services for national and other independent oil companies and refiners under long, medium and short-term charters. Its fleet also includes one 2007-built liquefied natural gas (LNG) carrier. In addition to the vessels operating in its fleet as of March 31, 2011, the Company was building two additional suezmax tankers. As of March 31, 2011, the Company had 21 operating vessels were of ice-class specification. The fleet totals approximately 4.9 million deadweight tons, all of which is double-hulled. On March 23, 2011, the Company delivered the aframax tanker Opal Queen to its buyers. Tsakos was the Transportation Sector primary short pick for our ValuEngine Forecast 16 Market Neutral Newsletter this month. SInce our last rebalance on April 17th, TNP has dived in value and is currently down more than 15%. At this rate of return, the pick leads our portfolio for the month so far. ValuEngine has issued a SELL recommendation for Tsakos Energy Navigation on Apr. 23, 2012. Based on the information we have gathered and our resulting research, we feel that Tsakos Energy Navigation has the probability to UNDERPERFORM average market performance for the next year. The company exhibits UNATTRACTIVE market valuation, P/E ratio and risk.

Based on available data as of Apr. 23, 2012, we believe that TNP should be trading at $1.6. This makes TNP 300.00% overvalued. Fair Value indicates what we believe the stock should be trading at today if the stock market were perfectly efficient and everything traded at its true worth. For TNP, we base this on actual earnings per share (EPS) for the previous four quarters of -$1.40, forecasted EPS for the next four quarters of -$0.84, and correlations to the 30- year Treasury bond yield of 3.13%.
ValuEngine Forecast Target Price*
1-Month 3-Month 6-Month 1-Year 2-Year 3-Year 6.13 6.29 5.89 5.83 5.28 4.69

Expected Return
-3.86% -1.40% -7.65% -8.62% -17.25% -26.51%

Valuation & Rankings

Valuation 1-M Forecast Return 12-M Return Sharpe Ratio 5-Y Avg Annual Return Volatility Expected EPS Growth Market Cap (billions) Trailing P/E Ratio Forward P/E Ratio PEG Ratio Price/Sales Market/Book Beta Alpha 300.00% overvalued -3.86% -31.98% -0.63 -29.99% 47.28% 39.89% 0.29 n/a n/a n/a 0.75 0.32 0.93 -0.35 Valuation Rank 1-M Forecast Return Rank Momentum Rank Sharpe Ratio Rank 5-Y Avg Annual Rtn Rank Volatility Rank EPS Growth Rank Size Rank Trailing P/E Rank Forward P/E Ratio Rank PEG Ratio Rank Price/Sales Rank Market/Book Rank Beta Rank Alpha Rank 4 3 28 12 22 53 70 57 9 n/a n/a 65 93 61 29

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Market Overview
Summary of VE Stock Universe
Stocks Undervalued Stocks Overvalued Stocks Undervalued by 20% Stocks Overvalued by 20% 61.61% 38.39% 25.84% 14.52%

Sector
Aerospace Auto-Tires-Trucks Basic Materials Business Services Computer and Technology Construction Consumer Discretionary Consumer Staples Finance Industrial Products Medical Multi-Sector Conglomerates Oils-Energy Retail-Wholesale Transportation Utilities

Change
1.09% -0.31% 0.13% 0.34% -0.12% 1.08% 0.37% 0.50% 0.49% 0.58% 0.49% 0.39% 0.02% 0.37% 0.43% 1.07%

MTD
-1.82% -8.21% -5.96% -3.24% -3.12% -3.69% -2.50% -3.30% -2.04% -2.16% -2.57% -1.87% -5.67% -1.42% -2.43% -3.22%

YTD
5.19% 10.14% 2.41% 7.07% 13.24% 15.46% 15.45% 7.09% 12.79% 9.14% 11.67% 12.78% -1.80% 12.75% 10.06% 0.74%

Valuation
11.44% undervalued 9.06% undervalued 7.71% undervalued 2.94% undervalued 11.63% overvalued 3.84% undervalued 2.31% overvalued 8.16% overvalued 10.00% overvalued 8.14% overvalued 13.11% overvalued 5.30% overvalued 6.69% undervalued 12.83% overvalued 5.37% overvalued 3.15% overvalued

Last 12P/E MReturn Ratio

-7.14% -11.35% -30.19% -1.92% -11.33% -13.00% -2.12% -7.94% -2.10% -10.90% -12.59% -6.07% -26.53% 7.21% -16.92% -5.96% 15.5 17.15 21.07 27.48 40.26 36.16 27.75 24.99 23.53 24.42 44.38 16.92 27.85 22.94 16.8 26.62