<SEC-DOCUMENT>0000930413-17-004023.txt : 20171211
<SEC-HEADER>0000930413-17-004023.hdr.sgml : 20171211
<ACCEPTANCE-DATETIME>20171211161652
ACCESSION NUMBER:		0000930413-17-004023
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20171211
DATE AS OF CHANGE:		20171211

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAFE BULKERS, INC.
		CENTRAL INDEX KEY:			0001434754
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-84684
		FILM NUMBER:		171249663

	BUSINESS ADDRESS:	
		STREET 1:		APT. D11, LES ACANTHES
		STREET 2:		6, AVENUE DES CITRONNIERS
		CITY:			MONACO
		STATE:			O9
		ZIP:			MC98000
		BUSINESS PHONE:		011-30-2-111-888-400

	MAIL ADDRESS:	
		STREET 1:		APT. D11, LES ACANTHES
		STREET 2:		6, AVENUE DES CITRONNIERS
		CITY:			MONACO
		STATE:			O9
		ZIP:			MC98000

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vorini Holdings Inc.
		CENTRAL INDEX KEY:			0001454685
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		C/O SAFETY MANAGEMENT OVERSEAS S.A.
		STREET 2:		32 AVENUE KARAMANLI
		CITY:			VOULA, ATHENS
		STATE:			J3
		ZIP:			16605
		BUSINESS PHONE:		212-474-1192

	MAIL ADDRESS:	
		STREET 1:		C/O SAFETY MANAGEMENT OVERSEAS S.A.
		STREET 2:		32 AVENUE KARAMANLI
		CITY:			VOULA, ATHENS
		STATE:			J3
		ZIP:			16605
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>c89898_13d.htm
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1px; border-top: Black 1px solid; border-bottom: Black 1px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>UNITED
STATES</B></FONT><BR>
<FONT STYLE="font-size: 16pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<B>Washington, D.C. 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>Schedule
13D</B></FONT><BR>
<BR>
<B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B><BR>
<B>(Amendment No. 4)</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>Safe Bulkers,
Inc.</B></FONT><BR>
(Name of Issuer)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Stock</B><BR>
(Title of Class of Securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Y7388L103</B><BR>
(CUSIP Number)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ioannis Bertsis</B><BR>
<B>Authorized Representative</B><BR>
<B>Vorini Holdings Inc.</B><BR>
<B>Apt. No. D11, Les Acanthes</B><BR>
<B>6 Avenue des Citronniers, MC98000</B><BR>
<B>Monaco</B><BR>
<B>+377 93 25 05 75</B><BR>
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>December 11, 2017</B><BR>
(Date of Event Which Requires Filing of this Statement)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the filing person has previously filed
a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because
of &sect;&sect;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">*</TD><TD STYLE="text-align: justify">The remainder of this cover page shall be filled out for a reporting person&rsquo;s initial filing
on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required on the remainder
of this cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of
1934 (&ldquo;<U>Act</U>&rdquo;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all
other provisions of the Act (however, see the Notes).</P>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif"><B>CUSIP No. Y7388L103</B></TD>
    <TD STYLE="width: 39%; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Page 2 of 15</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-top: black 2px solid; border-left: black 2px solid; border-bottom: black 1px solid; border-right: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">1</FONT></TD>
    <TD STYLE="width: 94%; border-top: black 2px solid; border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vorini Holdings Inc.</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">2</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;</P>

</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CDCDCD">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">3</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">4</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO (See Item 3)</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">5</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">6</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Marshall Islands</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 20%; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: center">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH </TD>
    <TD STYLE="vertical-align: top; width: 6%; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-right: Black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; width: 74%; border-bottom: black 1px solid; border-right: black 2px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">8</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19,426,015</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">9</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">10</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19,426,015</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">11</FONT></TD>
    <TD STYLE="width: 94%; border-bottom: black 1px solid; border-right: black 2px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19,426,015</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">12</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">13</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19.13%*</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">14</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 2px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO</P>

</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt">*</TD>
    <TD STYLE="width: 96%; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt">This calculation is based on 101,526,708 shares of common stock of Safe Bulkers, Inc. outstanding as reported on the Current Report on Form 6-K (001-34077) filed with the Securities and Exchange Commission by Safe Bulkers, Inc. on November 1, 2017.</TD></TR>
</TABLE>

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    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif"><B>CUSIP No. Y7388L103</B></TD>
    <TD STYLE="width: 39%; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Page 3 of 15</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-top: black 2px solid; border-left: black 2px solid; border-bottom: black 1px solid; border-right: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">1</FONT></TD>
    <TD STYLE="width: 94%; border-top: black 2px solid; border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Polys Hajioannou</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">2</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;</P>

</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CDCDCD">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">3</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">4</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO (See Item 3)</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">5</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT>&nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">6</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United Kingdom</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 19%; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: center">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH </TD>
    <TD STYLE="vertical-align: top; width: 5%; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-right: Black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; width: 76%; border-bottom: black 1px solid; border-right: black 2px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">8</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">48,472,366</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">9</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">10</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">48,472,366</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">11</FONT></TD>
    <TD STYLE="width: 94%; border-bottom: black 1px solid; border-right: black 2px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">48,472,366</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">12</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">13</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">47.74%*</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">14</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 2px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN</P>

</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt">*</TD>
    <TD STYLE="width: 96%; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt">This calculation is based on 101,526,708 shares of common stock of Safe Bulkers, Inc. outstanding as reported on the Current Report on Form 6-K (001-34077) filed with the Securities and Exchange Commission by Safe Bulkers, Inc. on November 1, 2017.</TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif"><B>CUSIP No. Y7388L103</B></TD>
    <TD STYLE="width: 39%; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Page 4 of 15</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-top: black 2px solid; border-left: black 2px solid; border-bottom: black 1px solid; border-right: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">1</FONT></TD>
    <TD STYLE="width: 94%; border-top: black 2px solid; border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nicolaos Hadjioannou</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">2</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;</P>

</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CDCDCD">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">3</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">4</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO (See Item 3)</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">5</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">6</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United Kingdom</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 19%; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: center">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH </TD>
    <TD STYLE="vertical-align: top; width: 5%; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-right: Black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; width: 76%; border-bottom: black 1px solid; border-right: black 2px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">8</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">21,934,015</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">9</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">10</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">21,934,015</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">11</FONT></TD>
    <TD STYLE="width: 94%; border-bottom: black 1px solid; border-right: black 2px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">21,934,015</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">12</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">13</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">21.60%*</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">14</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 2px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN</P>

</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">*</TD><TD STYLE="text-align: justify">This calculation is based on 101,526,708 shares of common stock of Safe Bulkers, Inc. outstanding
as reported on the Current Report on Form 6-K (001-34077) filed with the Securities and Exchange Commission by Safe Bulkers, Inc.
on November 1, 2017.</TD></TR></TABLE>

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    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif"><B>CUSIP No. Y7388L103</B></TD>
    <TD STYLE="width: 39%; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Page 5 of 15</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-top: black 2px solid; border-left: black 2px solid; border-bottom: black 1px solid; border-right: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">1</FONT></TD>
    <TD STYLE="width: 94%; border-top: black 2px solid; border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bellapais Maritime Inc.</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">2</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) <FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;(b) <FONT STYLE="font-family: Wingdings">o</FONT></P>

</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CDCDCD">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">3</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">4</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO (See Item 3)</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">5</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">6</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Marshall Islands</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 19%; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: center">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH </TD>
    <TD STYLE="vertical-align: top; width: 5%; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-right: Black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; width: 76%; border-bottom: black 1px solid; border-right: black 2px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">8</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,000,000</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">9</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">10</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,000,000</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">11</FONT></TD>
    <TD STYLE="width: 94%; border-bottom: black 1px solid; border-right: black 2px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,000,000</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">12</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">13</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.92%*</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">14</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 2px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CO</P>

</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt">*</TD>
    <TD STYLE="width: 96%; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt">This calculation is based on 101,526,708 shares of common stock of Safe Bulkers, Inc. outstanding as reported on the Current Report on Form 6-K (001-34077) filed with the Securities and Exchange Commission by Safe Bulkers, Inc. on November 1, 2017.</TD></TR>
</TABLE>

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    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif"><B>CUSIP No. Y7388L103</B></TD>
    <TD STYLE="width: 39%; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Page 6 of 15</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-top: black 2px solid; border-left: black 2px solid; border-bottom: black 1px solid; border-right: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">1</FONT></TD>
    <TD STYLE="width: 94%; border-top: black 2px solid; border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kyperounta Maritime Inc.</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">2</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) <FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;(b) <FONT STYLE="font-family: Wingdings">o</FONT></P>

</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CDCDCD">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">3</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">4</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO (See Item 3)</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">5</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">6</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">British Virgin Islands</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 19%; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: center">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH </TD>
    <TD STYLE="vertical-align: top; width: 5%; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-right: Black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; width: 76%; border-bottom: black 1px solid; border-right: black 2px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">8</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,000,000</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">9</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">10</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,000,000</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">11</FONT></TD>
    <TD STYLE="width: 94%; border-bottom: black 1px solid; border-right: black 2px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,000,000</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">12</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">13</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.92%*</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">14</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 2px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CO</P>

</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt">*</TD>
    <TD STYLE="width: 96%; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt">This calculation is based on 101,526,708 shares of common stock of Safe Bulkers, Inc. outstanding as reported on the Current Report on Form 6-K (001-34077) filed with the Securities and Exchange Commission by Safe Bulkers, Inc. on November 1, 2017.</TD></TR>
</TABLE>

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    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif"><B>CUSIP No. Y7388L103</B></TD>
    <TD STYLE="width: 39%; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Page 7 of 15</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-top: black 2px solid; border-left: black 2px solid; border-bottom: black 1px solid; border-right: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">1</FONT></TD>
    <TD STYLE="width: 94%; border-top: black 2px solid; border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lefkoniko Maritime Inc.</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">2</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) <FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;(b) <FONT STYLE="font-family: Wingdings">o</FONT></P>

</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CDCDCD">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">3</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">4</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO (See Item 3)</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">5</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">6</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">British Virgin Islands</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 19%; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: center">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH </TD>
    <TD STYLE="vertical-align: top; width: 5%; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-right: Black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; width: 76%; border-bottom: black 1px solid; border-right: black 2px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">8</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,000,000</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">9</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">10</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,000,000</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">11</FONT></TD>
    <TD STYLE="width: 94%; border-bottom: black 1px solid; border-right: black 2px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,000,000</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">12</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">13</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.92%*</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">14</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 2px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CO</P>

</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">*</TD><TD STYLE="text-align: justify">This calculation is based on 101,526,708 shares of common stock of Safe Bulkers, Inc. outstanding
as reported on the Current Report on Form 6-K (001-34077) filed with the Securities and Exchange Commission by Safe Bulkers, Inc.
on November 1, 2017.</TD></TR></TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif"><B>CUSIP No. Y7388L103</B></TD>
    <TD STYLE="width: 39%; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Page 8 of 15</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-top: black 2px solid; border-left: black 2px solid; border-bottom: black 1px solid; border-right: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">1</FONT></TD>
    <TD STYLE="width: 94%; border-top: black 2px solid; border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Akamas Maritime Inc.</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">2</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) <FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;(b) <FONT STYLE="font-family: Wingdings">o</FONT></P>

</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CDCDCD">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">3</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">4</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO (See Item 3)</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">5</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">6</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cayman Islands</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 19%; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: center">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH </TD>
    <TD STYLE="vertical-align: top; width: 5%; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-right: Black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; width: 76%; border-bottom: black 1px solid; border-right: black 2px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">8</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8,646,351</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">9</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">10</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8,646,351</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">11</FONT></TD>
    <TD STYLE="width: 94%; border-bottom: black 1px solid; border-right: black 2px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8,646,351</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">12</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">13</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.52%*</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">14</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 2px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CO</P>

</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt">*</TD>
    <TD STYLE="width: 96%; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt">This calculation is based on 101,526,708 shares of common stock of Safe Bulkers, Inc. outstanding as reported on the Current Report on Form 6-K (001-34077) filed with the Securities and Exchange Commission by Safe Bulkers, Inc. on November 1, 2017.</TD></TR>
</TABLE>

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    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif"><B>CUSIP No. Y7388L103</B></TD>
    <TD STYLE="width: 39%; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Page 9 of 15</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-top: black 2px solid; border-left: black 2px solid; border-bottom: black 1px solid; border-right: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">1</FONT></TD>
    <TD STYLE="width: 94%; border-top: black 2px solid; border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chalkoessa Maritime Inc.</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">2</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) <FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;(b) <FONT STYLE="font-family: Wingdings">o</FONT></P>

</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CDCDCD">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">3</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">4</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO (See Item 3)</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">5</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">6</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Marshall Islands</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 19%; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: center">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH </TD>
    <TD STYLE="vertical-align: top; width: 5%; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-right: Black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; width: 76%; border-bottom: black 1px solid; border-right: black 2px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">8</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,400,000</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">9</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">10</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,400,000</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">11</FONT></TD>
    <TD STYLE="width: 94%; border-bottom: black 1px solid; border-right: black 2px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,400,000</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">12</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">13</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.32%*</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">14</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 2px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CO</P>

</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt">*</TD>
    <TD STYLE="width: 96%; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt">This calculation is based on 101,526,708 shares of common stock of Safe Bulkers, Inc. outstanding as reported on the Current Report on Form 6-K (001-34077) filed with the Securities and Exchange Commission by Safe Bulkers, Inc. on November 1, 2017.</TD></TR>
</TABLE>

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    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif"><B>CUSIP No. Y7388L103</B></TD>
    <TD STYLE="width: 39%; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Page 10 of 15</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-top: black 2px solid; border-left: black 2px solid; border-bottom: black 1px solid; border-right: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">1</FONT></TD>
    <TD STYLE="width: 94%; border-top: black 2px solid; border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kition Holding Corp.</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">2</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) <FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;(b) <FONT STYLE="font-family: Wingdings">o</FONT></P>

</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CDCDCD">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">3</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">4</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO (See Item 3)</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">5</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-left: black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">6</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">British Virgin Islands</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 19%; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: center">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH </TD>
    <TD STYLE="vertical-align: top; width: 5%; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-right: Black 1px solid; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; width: 76%; border-bottom: black 1px solid; border-right: black 2px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">8</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2,508,000</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">9</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">10</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2,508,000</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">11</FONT></TD>
    <TD STYLE="width: 94%; border-bottom: black 1px solid; border-right: black 2px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2,508,000</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">12</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">13</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.47%*</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2px solid; border-left: Black 2px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">14</FONT></TD>
    <TD STYLE="border-right: black 2px solid; border-bottom: black 2px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CO</P>

</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt">*</TD>
    <TD STYLE="width: 96%; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt">This calculation is based on 101,526,708 shares of common stock of Safe Bulkers, Inc. outstanding as reported on the Current Report on Form 6-K (001-34077) filed with the Securities and Exchange Commission by Safe Bulkers, Inc. on November 1, 2017.</TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif"><B>CUSIP No. Y7388L103</B></TD>
    <TD STYLE="width: 39%; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Page 11 of 15</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">This Amendment No. 4
(the &ldquo;Amendment No. 4&rdquo;) amends the Report on Schedule 13D originally filed on November 25, 2013 (the &ldquo;Original
13D&rdquo;, and as amended by Amendment No. 1 to Schedule 13D filed on December 24, 2013, Amendment No. 2 to Schedule 13D filed
on December 15, 2014 and Amendment No. 3 to Schedule 13D filed on December 12, 2016, the &ldquo;Amended 13D&rdquo;) by Vorini Holdings
Inc. (&ldquo;Vorini&rdquo;), Polys Hajioannou, Nicolaos Hadjioannou, Bellapais Maritime Inc. (&ldquo;Bellapais&rdquo;), Kyperounta
Maritime Inc. (&ldquo;Kyperounta&rdquo;), Lefkoniko Maritime Inc. (&ldquo;Lefkoniko&rdquo;), Akamas Maritime Inc. (&ldquo;Akamas&rdquo;),
Chalkoessa Maritime Inc. (&ldquo;Chalkoessa&rdquo;) and Kition Holding Corp. (&ldquo;Kition&rdquo;) (collectively, the &ldquo;Reporting
Persons&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Unless indicated otherwise,
all items left blank remain unchanged, and any items which are deemed to amend and update the existing items in the Amended 13D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">Item 1.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">Security and Issuer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">This statement on Schedule
13D relates to the common stock, par value $0.001 per share (&ldquo;Common Stock&rdquo;), of Safe Bulkers, Inc., a Marshall Islands
corporation (the &ldquo;Issuer&rdquo;). The principal executive office in Monaco of the Issuer is located at: Apt. No. D11, Les
Acanthes, 6 Avenue des Citronniers, MC98000, Monaco.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">As of December 11, 2017,
the Reporting Persons beneficially owned an aggregate of 50,980,366 shares of Common Stock of the Issuer representing approximately
50.21% of the shares of Common Stock issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">Item 4.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">Purpose of the Transaction</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><I>Item 4 is hereby supplemented
by the addition of the following:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On September 19, 2017,
Akamas entered into a Rule 10b5-1 Preset Diversification Program (the &ldquo;10b5-1 Sales Plan&rdquo;), with Morgan Stanley Smith
Barney LLC (&ldquo;Morgan Stanley&rdquo;) pursuant to which Morgan Stanley is authorized and directed to sell on behalf of Akamas
up to an aggregate of 5,000,000 shares of Common Stock through September 30, 2018, subject to the satisfaction of certain conditions,
including, among others, the trading price of Common Stock. All transactions under the 10b5-1 Sales Plan are to be made in accordance
with the terms and conditions of the 10b5-1 Sales Plan, including the volume limitation requirements in accordance with Rule 144
of the Securities Act of 1933, as amended. Akamas will not have any control, influence or authority over sales made pursuant to
the 10b5-1 Sales Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The adoption of the
10b5-1 Sales Plan is intended to enhance the liquidity position of Polys Hajioannou, the sole shareholder of Akamas, for personal
and family investment purposes. The form of the 10b5-1 Sales Plan is being filed hereto as Exhibit 99.5 and the foregoing description
of the 10b5-1 Sales Plan is qualified in its entirety by reference thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Since November 16, 2017,
Kition has sold 492,000 shares of Common Stock in open market transactions, described in more detail on Exhibit 99.6, which is
incorporated by reference herein. The sale of these shares was intended to enhance the liquidity position of Nicolaos Hadjioannou,
the sole shareholder of Kition, for personal and family investment purposes. Depending on various factors, including the market
value of the shares and the liquidity needs of Nicolaos Hadjioannou, Kition may continue to sell shares in open market transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">Item 5.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">Interest in Securities of the Issuer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><I>Item 5 is hereby
supplemented by the addition of the following:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">(a), (b) Based on the
Current Report on Form 6-K (001-34077) filed by the Issuer with the Securities and Exchange Commission on November 1, 2017, there
were 101,526,708 shares of Common Stock issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Based on the foregoing,
the 50,980,366 shares of Common Stock beneficially owned by the Reporting Persons represent approximately 50.21% of the shares
of Common Stock issued and outstanding.</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif"><B>CUSIP No. Y7388L103</B></TD>
    <TD STYLE="width: 39%; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Page 12 of 15</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">By virtue of shares
owned indirectly through Vorini, Bellapais, Kyperounta, Lefkoniko, Akamas and Chalkoessa, Polys Hajioannou may be deemed to have
the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) 48,472,366 shares
of Common Stock. Akamas may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or
direct the disposition of) 8,646,351 shares of Common Stock. By virtue of shares owned indirectly through Vorini and Kition, Nicolaos
Hadjioannou may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the
disposition of) 21,934,015 shares of Common Stock. Kition may be deemed to have the shared power to vote or direct the vote of
(and the shared power to dispose or direct the disposition of) 2,508,000 shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The Reporting Persons
are responsible for the completeness and accuracy of the information concerning the Reporting Persons contained herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">As of the date hereof,
none of the Reporting Persons own any shares of Common Stock other than the Subject Shares covered in this statement on Schedule
13D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">(c)&#9;The following
are the only transactions in shares of Common Stock effected in the past 60 days by the Reporting Persons. Except as set forth
below, within the last 60 days, no reportable transactions were effected by any Reporting Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Pursuant to the 10b5-1
Sales Plan, Akamas sold 726,803 shares of Common Stock on November 6, 2017, at an average price per share of $3.66 and 182,258
shares of Common Stock on November 7, 2017, at an average price per share of $3.63 in open market transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Since November 16, 2017,
Kition has sold 492,000 shares of Common Stock in open market transactions, described in more detail on Exhibit 99.6, which is
incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">Item 6.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><I>Item 6 is hereby
supplemented by the addition of the following:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The information set
forth related to the 10b5-1 Sales Plan in Item 4 above is hereby incorporated by reference into this Item 6. The information in
this Item 6 is qualified in its entirety by reference to the 10b5-1 Sales Plan, a copy of which is attached hereto as Exhibit 99.5,
and is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">Item 7.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">Material to be Filed as Exhibits.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><I>Item 7 is hereby
supplemented by the addition of the following:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif"><U>Exhibit</U></TD>
    <TD STYLE="width: 93%; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">99.5</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Form of 10b5-1 Preset Diversification Program dated September 19, 2017 between Akamas Maritime Inc. and Morgan Stanley Smith Barney LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">99.6</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Schedule of Transactions in Shares by Kition Holding Corp.</TD></TR>
</TABLE>

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    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif"><B>CUSIP No. Y7388L103</B></TD>
    <TD STYLE="width: 39%; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Page 13 of 15</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SIGNATURES</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">After reasonable inquiry
and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: December 11, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><B>VORINI HOLDINGS INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">By:&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; border-bottom: Black 1px solid">/s/ Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">Name:&nbsp;</TD>
    <TD STYLE="width: 47%; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">President and Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">/s/ Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">/s/ Nicolaos Hadjioannou</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">Nicolaos Hadjioannou</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><B>BELLAPAIS MARITIME INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">By:</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; border-bottom: Black 1px solid">/s/ Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">President and Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><B>KYPEROUNTA MARITIME INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">By:</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; border-bottom: Black 1px solid">/s/ Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">President and Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><B>LEFKONIKO MARITIME INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">By:</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; border-bottom: Black 1px solid">/s/ Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">President and Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><B>AKAMAS MARITIME INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">By:</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; border-bottom: Black 1px solid">/s/ Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">President and Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><B>CHALKOESSA MARITIME INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">By:</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; border-bottom: Black 1px solid">/s/ Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">President and Director</TD></TR>
</TABLE>

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    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif"><B>CUSIP No. Y7388L103</B></TD>
    <TD STYLE="width: 39%; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Page 14 of 15</B></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><B>KITION HOLDING CORP.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">By:&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; border-bottom: Black 1px solid">/s/ Nicolaos Hadjioannou</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; width: 46%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; width: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; width: 4%">Name:&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; width: 47%">Nicolaos Hadjioannou</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">President and Director</TD></TR>
</TABLE>

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    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif"><B>CUSIP No. Y7388L103</B></TD>
    <TD STYLE="width: 39%; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Page 15 of 15</B></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXHIBIT INDEX</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; border-bottom: black 1px solid; text-align: left"><B>Exhibit </B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 89%; border-bottom: black 1px solid; padding-left: 5pt"><B>Description </B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt">99.5</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">Form of 10b5-1 Plan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt">99.6</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">Schedule of Transactions in Shares by Kition Holding Corp.</TD></TR>
</TABLE>

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<TYPE>EX-99.5
<SEQUENCE>2
<FILENAME>c89898_ex99-5.htm
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<P STYLE="font: bold 10pt Garamond, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><IMG SRC="x1_c89898x16x1.jpg" ALT=""></P>

<P STYLE="margin: 0pt 0; font: bold 14pt Arial, Helvetica, Sans-Serif; text-align: center"><B>10b5-1 Preset Diversification Program<SUB>&reg;
</SUB>(PDP)<SUP> 1</SUP></B></P>

<P STYLE="font: bold 10pt Garamond, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><U>Table of Contents</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Part I.&nbsp;&nbsp;&nbsp;&nbsp;<U>Account and Plan Information</U><FONT STYLE="font-weight: normal">.
<I>Instructions: To be completed by MSSB and reviewed by the Seller</I>.</FONT></P>

<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Part II.&nbsp;&nbsp;&nbsp;<U>Trade Schedules</U><FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 72pt"><FONT STYLE="font-weight: normal"><U>Trade Schedule A
&ndash; Notice and Authorization of Exercise of Stock Options and Sale of Underlying Stock</U>. <I>Instructions: May not be applicable
for some plans. For use by any seller who wishes to sell shares obtained upon the exercise of stock options. When applicable, to
be completed by MSSB and reviewed by the Seller. This Trade Schedule will be provided to the Issuer as Notice of the intention
to exercise stock options.</I></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 72pt">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 72pt"><FONT STYLE="font-weight: normal"><U>Trade Schedule B
&ndash; Sale of Clean Stock/Control Stock/Restricted Stock Awards or Units or ESPP Stock</U>. <I>Instructions: May not be applicable
for some plans. For use by any seller who wishes to sell these types of shares. When applicable, to be completed by MSSB and reviewed
by the Seller.</I></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 72pt">&nbsp;</P>

<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Part III.&nbsp;<U>Sales Plan Disclosures and Representations</U><FONT STYLE="font-weight: normal">.
<I>Instructions: The Seller must review and understand these disclosures and representations. The Seller is required to sign the
last page of this Part III.</I></FONT></P>

<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Part IV.&nbsp;<U>Exhibits</U><FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 72pt"><U>Exhibit A &ndash; Issuer Representation Letter</U><FONT STYLE="font-weight: normal">.
<I>Instructions: To be reviewed and executed by an authorized representative of the Issuer.</I></FONT></P>

<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 72pt">&nbsp;</P>

<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 72pt"><U>Exhibit B &ndash; Seller Representation Letter</U><FONT STYLE="font-weight: normal">.
<I>Instructions: May not be applicable for some plans. To be reviewed and executed only by those sellers required to sell shares
pursuant to Rule 144.</I></FONT></P>

<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 72pt">&nbsp;</P>

<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 72pt"><U>Exhibit C &ndash; Section 16 Authorization Letter</U><FONT STYLE="font-weight: normal">.
<I>Instructions: May not be applicable for some plans. To be reviewed and signed only by those sellers who are required to comply
with Section 16 of the Exchange Act. Not required if MSSB already has an Authorization Letter on file for the Seller. If required,
this Authorization Letter will be provided to the Issuer&rsquo;s Section 16 Compliance Officer.</I></FONT></P>

<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 72pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 9%; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <TD STYLE="width: 17%; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <TD STYLE="width: 53%; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b><u>Document</u></b></font></td>
    <TD STYLE="width: 4%; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><font style="font: 9pt Arial, Helvetica, Sans-Serif"><b>&nbsp;</b></font></td>
    <TD STYLE="width: 17%; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-decoration: underline; text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b><u>To Be Signed By</u></b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Part I</font></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center; padding-top: 5pt">&nbsp;</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Account and Plan Information</font></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center; padding-top: 5pt">&nbsp;</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">N/A</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Part II</font></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Trade Schedule A</font></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Notice and Authorization of Exercise of Stock Options and Sale of Underlying Stock</font></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center; padding-top: 5pt">&nbsp;</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">N/A</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Part II</font></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Trade Schedule B</font></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Sale of Clean Stock/Control Stock/Restricted Stock Awards or Units or ESPP Stock</font></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center; padding-top: 5pt">&nbsp;</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">N/A</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Part III</font></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center; padding-top: 5pt">&nbsp;</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Sales Plan Disclosures and Representations</font></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center; padding-top: 5pt">&nbsp;</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Seller and MSSB</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Part IV</font></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Exhibit A</font></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Issuer Representation Letter</font></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center; padding-top: 5pt">&nbsp;</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Issuer</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Part IV</font></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Exhibit B</font></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Seller Representation Letter</font></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center; padding-top: 5pt">&nbsp;</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Seller, if applicable</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Part IV</font></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Exhibit C</font></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Section 16 Authorization Letter</font></td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center; padding-top: 5pt">&nbsp;</td>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center; padding-top: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Seller, if applicable</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>1</SUP><FONT STYLE="font-size: 8pt"> Preset Diversification
Program is a registered Trademark of Morgan Stanley Smith Barney LLC, protected in the United States and other countries.</FONT></P>

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    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: right; width: 100%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>PART I</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Account and Plan Information</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Instructions: To be completed by MSSB and reviewed by the
Seller.</I></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">The undersigned (referred
to hereinafter as the &ldquo;</FONT>Seller<FONT STYLE="font-weight: normal">&rdquo;, &ldquo;</FONT>I<FONT STYLE="font-weight: normal">&rdquo;
or &ldquo;</FONT>me<FONT STYLE="font-weight: normal">&rdquo;) hereby appoints Morgan Stanley Smith Barney LLC (&ldquo;</FONT>MSSB<FONT STYLE="font-weight: normal">&rdquo;)
as my agent for the purposes of implementing this Sales Plan (this &ldquo;</FONT>Plan<FONT STYLE="font-weight: normal">&rdquo;)
that complies with the requirements of Rule 10b5-1(c)(1) under the Securities Exchange Act of 1934, as amended (the &ldquo;</FONT>Exchange
Act<FONT STYLE="font-weight: normal">&rdquo;) as outlined below and for the purpose of executing this Plan. I understand that this
Plan is subject to review prior to acceptance by MSSB and that, upon acceptance, MSSB will use commercially reasonable efforts
to perform its obligations under this Plan.</FONT></P>

<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The appointment of MSSB is for the purpose of selling my securities
pursuant to the terms and conditions set forth below. Subject to such terms and conditions, MSSB accepts such appointment. This
Plan is valid only for the specific security, account number and maximum total shares indicated:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 55%; text-decoration: underline"><font style="font-family: Arial, Helvetica, Sans-Serif"><u>Issuer (the &ldquo;<b>Issuer</b>&rdquo;):</u> <u>Safe Bulkers, Inc.</u></font></td>
    <TD STYLE="width: 45%; text-decoration: underline"><font style="font-family: Arial, Helvetica, Sans-Serif"><u>Trading Symbol:</u> <u>SB</u></font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td>
    <TD><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-decoration: underline"><font style="font-family: Arial, Helvetica, Sans-Serif"><u>Adoption Date:</u></font></td>
    <TD STYLE="text-decoration: underline"><font style="font-family: Arial, Helvetica, Sans-Serif"><u>Plan Type: </u>&nbsp;<u>New Plan</u></font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>The date on which the Seller executes this Plan will be defined
as the Adoption Date (the &ldquo;<B>Adoption Date</B>&rdquo;).</I></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Seller&rsquo;s Name:</U> <U>AKAMAS MARITIME INC.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 55%; text-decoration: underline"><font style="font-family: Arial, Helvetica, Sans-Serif"><u>Account #</u>:</font></td>
    <TD STYLE="width: 45%; text-decoration: underline"><font style="font-family: Arial, Helvetica, Sans-Serif"><u>FA Number</u>:</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Selling Start Date</U>:</P>

<P STYLE="font: italic 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Note</U>: The &ldquo;Selling Start
Date&rdquo; may be no sooner than 14 days after the Adoption Date that this Plan is executed.</P>

<P STYLE="font: italic 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 55%; text-decoration: underline"><font style="font-family: Arial, Helvetica, Sans-Serif"><u>Plan End Date</u>:</font></td>
    <TD STYLE="width: 45%; text-decoration: none"><font style="font-family: Arial, Helvetica, Sans-Serif"><u>Commission:</u> per share</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Seller&rsquo;s
Affiliation Status:</U>&nbsp;</FONT><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">
144 Affiliate </FONT>&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> Section
16 insider </FONT>&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> Non 144
Affiliate but subject to trading windows </FONT>&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">
Other</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Share
Type:</U></FONT>&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> Options
</FONT>&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> Shares already owned
</FONT>&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> Restricted Stock
Award /Units </FONT>&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> Other</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><U>Plan Total Share Quantity</U>:&nbsp;</TD>
    <TD STYLE="width: 15%">Trade Schedule A: </TD>
    <TD STYLE="width: 10%; border-bottom: Black 1px solid">0</TD>
    <TD STYLE="width: 55%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Trade Schedule B:</TD>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Total Shares:</TD>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 50%; border: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>For
        Internal Use Only: </b></font>&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;<font style="font: 8pt Arial, Helvetica, Sans-Serif">Drop-Ins </font>&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT><font style="font: 8pt Arial, Helvetica, Sans-Serif">
        No-Sales Periods</font></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">M S P</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Entered___________ Uploaded_________ Sent to Branch ________</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Additional Notes:</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></td>
    <td style="width: 50%; border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Received________ Entered________ Checked___________</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Additional Notes:</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></td></tr>
</table>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notice</U>:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 98%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><u>To the Seller:</u></P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Name:</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Address:</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Telephone:</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Fax:</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">E-Mail:</P>
</td>
    <TD STYLE="width: 50%; border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copies to:</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Name:_______</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Address:_______</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Telephone:_______</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Fax:_______</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">E-Mail:_______</P>
</td></tr>
</table><BR STYLE="clear: both">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 98%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><u>To Issuer:</u></P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Name:</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Address:</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Telephone:</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Fax:</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">E-Mail:<u> </u></P>
</td>
    <TD STYLE="width: 50%; border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copies to:</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Name:_______</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Corporation</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Address:_______</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Telephone:_______</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Fax:_______</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">E-Mail:_______</P>
</td></tr>
</table><BR STYLE="clear: both">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 98%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><u>To: MSSB 10b5-1 Preset Diversification Program Department</u></P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Primary Contact:</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Alternate Contact:</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Address:</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Telephone:</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Fax:</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">E-mail:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
</td>
    <TD STYLE="width: 50%; border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copies to: MSSB Financial Advisor</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Primary Contact:</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Alternate Contact:</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ops Manager:</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Address:</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Telephone:</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Fax:</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">E-mail:</P>
</td></tr>
</table><BR STYLE="clear: both">
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>This Part I is an integral part of this Plan entered into by
the Seller with MSSB and is subject to the terms and conditions set forth therein.</B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Trade Schedule A &ndash; Notice and Authorization
of Exercise of Stock Options and Sale of Underlying Stock.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Instructions: May not be applicable for some plans. For
use by any seller who wishes to sell shares obtained upon the exercise of stock options. When applicable, to be completed by MSSB
and reviewed by the Seller. This Trade Schedule will be provided to the Issuer as Notice of the intention to exercise stock options.
</I></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; padding-right: 3.6pt; padding-left: 3.6pt; layout-grid-mode: char"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Name
    of Seller: _________________________</FONT></td>
    <TD STYLE="width: 50%; font: 8pt Times New Roman, Times, Serif; padding-right: 3.6pt; padding-left: 3.6pt; layout-grid-mode: char"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Name
    of Issuer: ____________</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">I understand that it is my responsibility to ensure that my employee
stock options (the &ldquo;<B>Options</B>&rdquo;) will be vested prior to the purchase of shares (the &ldquo;<B>Shares</B>&rdquo;)
of common stock of the Issuer upon exercising the options and will be vested prior to their associated sale periods listed below
and will not expire before such sale periods. I also acknowledge responsibility for notifying MSSB in the event of an expiration
of the Options under the Issuer&rsquo;s stock option plan that will prevent the occurrence of one or more transactions listed below.
If I authorize the exercise of more than one vested Option grant at the same limit price, the Options will be exercised in the
order listed below. I further acknowledge that in the event Options cannot be exercised and the corresponding Shares cannot be
sold for any reason, including the occurrence of a suspension pursuant to this Plan, the term of this Plan will not be affected
thereby and will end on the originally scheduled Plan End Date. I represent that the information below is accurate.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>MSSB MAY NOT ACCEPT A PLAN THAT COMMENCES SALES WITHIN (14)
CALENDAR DAYS OF ADOPTION DATE.</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; color: #221E1F">The following shall constitute my irrevocable
direction and authorization to exercise the Options and sell the Shares as follows:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; color: #221E1F">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>*** INFORMATION ON GRID MUST BE TYPED ***</B></P>

<table cellspacing="0" cellpadding="0" style="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td rowspan="2" style="border: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 10pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(a) Date of Grant</b></font></td>
    <td rowspan="2" style="border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 10pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(b) Grant <BR>
ID</b></font></td>
    <td rowspan="2" style="border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 10pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(c) Strike Price</b></font></td>
    <td rowspan="2" style="border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 10pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(d) Option <BR>
Vest Date</b></font></td>
    <TD ROWSPAN="2" STYLE="border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 10pt; text-indent: -0.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(e) Option </b></font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Expiration <BR>
Date</b></font></td>
    <TD COLSPAN="2" STYLE="border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 10pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(f) Sale Period(s)</b></font></td>
    <td rowspan="2" style="border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 10pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(g) Number <BR>
of Shares </b></font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>to be Sold</b></font></td>
    <td rowspan="2" style="border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 8pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(h) Limit <BR>
Price</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 10pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Start <BR>
Date</b></font></td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 10pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>End Date</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="width: 10%; border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="width: 10%; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; border-right: Black 1px solid">&nbsp;</td>
    <td style="width: 10%; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; border-right: Black 1px solid">&nbsp;</td>
    <td style="width: 11%; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; border-right: Black 1px solid">&nbsp;</td>
    <td style="width: 17%; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; border-right: Black 1px solid">&nbsp;</td>
    <td style="width: 9%; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; border-right: Black 1px solid">&nbsp;</td>
    <td style="width: 9%; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; border-right: Black 1px solid">&nbsp;</td>
    <td style="width: 12%; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; border-right: Black 1px solid">&nbsp;</td>
    <td style="width: 12%; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; border-right: Black 1px solid; font-size: 8pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 8pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 8pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 8pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 8pt">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5pt"><I>Note: Insert additional rows as necessary.</I></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 30%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td colspan="2" style="border: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 8pt; text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>&ldquo;No Sale&rdquo; Periods (if any)</b></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 49%; border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 10pt; text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Start Date</b></font></td>
    <TD STYLE="width: 51%; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; border-right: Black 1px solid; font-size: 8pt; text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>End Date</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 8pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 8pt">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>The maximum number of Shares to be sold under this Trade Schedule
A is <U>________</U>.</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: left; vertical-align: top">I hereby irrevocably authorize the Issuer to deliver Shares through the Depository Trust Company (DTC) to Morgan Stanley Smith
Barney LLC - DTC#: <B>015</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">Deliver to Account #: <U>XXX -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>I hereby authorize MSSB or its affiliates, as applicable, to wire a cash amount sufficient to cover the cost of the exercise
and any withholding taxes due to either the Issuer or, if applicable, the Issuer&rsquo;s outside stock option plan administrator
upon the exercise of any Options exercised and underlying Shares sold pursuant to this Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Instructions for Trade Schedule A:</B></P>

<P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Please list all Options to be exercised and sold in the order of proposed
exercise and sale. If a specific grant is not attributed to each individual Sale Period, Options will be exercised in the order
that the grants are listed above.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In columns (a) through (e) please provide the details of the Option
grants to be exercised and sold.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In column (f), state the first and last date on which the Shares are
authorized to be sold during the Sale Period (Share sales may occur on or between these dates). If, during any Sale Period the
stated price is not reached for some or all of these Shares, they will not be carried over into any subsequent Sale Period unless
explicitly indicated.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In column (g), state the maximum number of Shares to be sold pursuant
to the Option exercise. Do not aggregate with amounts authorized to be sold at a different price during the same Sale Period.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In column (h), write a dollar price which is the minimum price per
Share (the &ldquo;<B>Limit Price</B>&rdquo;) at which the Shares are authorized to be sold during the Sale Period. All limit orders
will be treated as &ldquo;limit not held&rdquo; orders. Note: Option exercises and sales must be at a Limit Price, not at a &ldquo;Market&rdquo;
price.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In the grid labeled &ldquo;No Sale&rdquo; Periods, list the time period(s),
if any, during which no sales may be made, notwithstanding their inclusion in this <U>Trade Schedule A</U>. These periods are independent
of any suspension that may occur pursuant to this Plan.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>This Trade Schedule A is an integral part of this Plan entered
into by the Seller with MSSB and is subject to the terms and conditions set forth therein.</B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Trade Schedule B &ndash; Sale of Clean
Stock/Control Stock/Restricted Stock Awards or Units or Employee Stock Purchase Plan Stock.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Instructions: May not be applicable for some plans. For
use by any seller who wishes to sell these types of shares. When applicable, to be completed by MSSB and reviewed by the Seller.
</I></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; padding-right: 3.6pt; padding-left: 3.6pt; layout-grid-mode: char"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Name of Seller: <u>AKAMAS MARITIME INC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    <TD STYLE="width: 50%; font: 8pt Times New Roman, Times, Serif; padding-right: 3.6pt; padding-left: 3.6pt; layout-grid-mode: char"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Name of Issuer:&nbsp;&nbsp;<u>Safe Bulkers, Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">I acknowledge that in the event the number of Shares in column
(e) cannot be sold for any reason, including the occurrence of a suspension pursuant to this Plan, the term of this Plan will not
be affected and will end on the originally scheduled Plan End Date. I represent that the information below is accurate.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>MSSB MAY NOT ACCEPT A PLAN THAT COMMENCES SALES WITHIN (14)
CALENDAR DAYS OF ADOPTION DATE.</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>*** INFORMATION ON GRID MUST BE TYPED ***</B></P>

<table cellspacing="0" cellpadding="0" style="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td rowspan="2" style="border: Black 1px solid; padding: 2.15pt 3.6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.4pt; text-indent: -14.4pt"><b>(a) Type</b></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><i>(Clean (CLN), <BR>
Control (CTRL),<BR>
 Restricted (RST), <BR>
Restricted
        Stock <BR>
Awards (RSA) or <BR>
Units (RSU) or <BR>
Employee Stock <BR>
Purchase Plan <BR>
shares (ESPP) )</i></P>

</td>
    <td rowspan="2" style="border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 10pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(b) Grant ID</b></font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif"><i>(If applicable)</i></font></td>
    <td rowspan="2" style="border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 10pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(c) Date <BR>
Shares <BR>
Acquired / <BR>
Vest Date</b></font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif"><i>(If applicable)</i></font></td>
    <TD COLSPAN="2" STYLE="border-top: Black 1px solid; border-right: Black 1px solid; padding: 2.15pt 3.6pt 2.15pt 17.4pt; font-size: 10pt; text-indent: -14.4pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(d) Sale Period(s)</b></font></td>
    <TD ROWSPAN="2" STYLE="border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt 2.15pt 17.4pt; font-size: 10pt; text-indent: -14.4pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(e)&nbsp;&nbsp;Authorized <BR>
Number of <BR>
Owned <BR>
Shares to <BR>
be Sold</b></font></td>
    <TD ROWSPAN="2" STYLE="border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt 2.15pt 17.4pt; font-size: 8pt; text-indent: -14.4pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(f)&nbsp;&nbsp;&nbsp;Limit Price <BR>
(&ldquo;Market&rdquo; </b></font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>if a Market <BR>
Order)</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 10pt; text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Start Date</b></font></td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 10pt; text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>End Date</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="width: 21%; border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="width: 14%; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; border-right: Black 1px solid">&nbsp;</td>
    <td style="width: 13%; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; border-right: Black 1px solid">&nbsp;</td>
    <td style="width: 11%; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; border-right: Black 1px solid">&nbsp;</td>
    <td style="width: 11%; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; border-right: Black 1px solid">&nbsp;</td>
    <td style="width: 15%; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; border-right: Black 1px solid">&nbsp;</td>
    <td style="width: 15%; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; border-right: Black 1px solid; font-size: 8pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 8pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 8pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 8pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 8pt">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Note: Insert additional rows as necessary</I></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 30%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td colspan="2" style="border: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 8pt; text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>&ldquo;No Sale&rdquo; Periods (if any)</b></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 49%; border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 10pt; text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Start Date</b></font></td>
    <TD STYLE="width: 51%; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; border-right: Black 1px solid; font-size: 8pt; text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>End Date</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 8pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding: 2.15pt 3.6pt">&nbsp;</td>
    <td style="border-right: Black 1px solid; border-bottom: Black 1px solid; padding: 2.15pt 3.6pt; font-size: 8pt">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>The maximum number of Shares to be sold under this Trade Schedule
B is <U>5,000,000</U>.</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Instructions for Trade Schedule B:</B></P>

<P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Shares should be listed in chronological order of proposed sales.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In column (a), indicate the type of stock to be sold.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In column (b), for Restricted Stock Awards/units or ESPP Shares, please
state the Grant ID, if applicable.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In column (c), state the date the Shares to be sold were acquired or
vested. If the Shares were acquired/vested in more than one lot, state the acquisition/vest date for each lot. If performance based
Restricted Stock Awards or Units and vest date is unknown at this time, indicate &ldquo;TBD&rdquo; in the grid above.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In column (d), state the first and last date on which the Shares are
authorized to be sold during the designated Sale Period (Share sales may occur on or between these dates). If, during any Sale
Period the stated price is not reached for some or all of these Shares, they will not be carried over into any subsequent Sale
Period, unless explicitly indicated.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In column (e), state the maximum number of Shares authorized to be
sold at the price during the designated Sale Period. Do not aggregate with amounts authorized to be sold at a lower price during
the same designated Sale Period.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In column (f), write either: (i) a dollar price, which is the minimum
price (the &ldquo;Limit&rdquo; Price) at which Shares are authorized to be sold, or (ii) the word &ldquo;market&rdquo; if Shares
are to be sold at the then-prevailing market price per Share during the Sale Period. All market orders will be treated as &ldquo;market
not held&rdquo; orders. All limit orders will be treated as &ldquo;limit not held&rdquo; orders.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In the grid labeled &ldquo;No Sale&rdquo; Periods, list the period(s),
if any, during which no sales may be made pursuant to this <U>Trade Schedule B</U>, stated Sale Periods, notwithstanding. These
periods are independent of any suspension that may occur pursuant to this Plan.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>This Trade Schedule B is an integral part of this Plan entered
into by the Seller with MSSB and is subject to the terms and conditions set forth therein.</B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>PART III</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Sales Plan Disclosures and Representations</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Instructions: The Seller must review and understand these
disclosures and representations. The Seller is required to sign the last page of this Part III.</I></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>A. General Representations</B>.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">I understand that this Plan is intended to conform with certain
provisions of SEC Rule 10b5-1 of the Securities and Exchange Commission (the &ldquo;<B>Rules</B>&rdquo;). In summary, under the
Rules, a person executing pre-planned transactions pursuant to a Rule 10b5-1 plan established in good faith at a time when that
person was unaware of material nonpublic information has an affirmative defense against allegations of insider trading.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>I hereby represent to MSSB that, as of the date of my signature below:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">a.</TD><TD>I am not in possession, and am not aware, of any material nonpublic information about the securities which are the subject
of this Plan or the Issuer of such securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">b.</TD><TD>I am entering into this Plan in good faith and not as part of a plan or scheme to evade any law, including, without limitation,
the federal securities laws or any law governing insider trading;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">c.</TD><TD>I understand that the protections of the Rules may not apply if I alter this Plan or deviate from the instructions in any way,
other than in accordance with the modification provisions of this Plan and applicable law;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">d.</TD><TD>I own the securities which are the subject of this Plan free and clear and I acknowledge and confirm that:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(i)</TD><TD>Neither I, nor the securities subject to this Plan are subject to any pledges, liens, security interests or other impediments
to transfer (except for those which I have entered into with MSSB or limitations imposed by Rule 144, if applicable), nor is there
any contractual restriction or litigation, arbitration or other proceeding pending, or to my knowledge threatened, that would prevent
or interfere with the exercise of options (&ldquo;<B>Options</B>&rdquo;) to purchase shares (&ldquo;<B>Shares</B>&rdquo;) of the
Issuer or sale of Shares under this Plan; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD>The execution and delivery of this Plan by me and the transactions contemplated by this Plan will not contravene applicable
law or any agreement or other instrument binding on me or any of my affiliates or any judgment, order or decree of any governmental
body, agency or court having jurisdiction over me or my affiliates.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">e.</TD><TD>While this Plan is in effect, I will not enter into any corresponding or hedging transaction or position with respect to the
securities which are the subject of this Plan (including, without limitation, with respect to any securities convertible or exchangeable
into common stock of the Issuer) and, unless this Plan is modified or terminated in accordance with the terms hereof, I agree not
to alter or deviate from the terms of this Plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">f.</TD><TD>I agree not to, directly or indirectly, communicate any information relating to the Shares or the Issuer to any employee of
MSSB or its affiliates who are involved, directly or indirectly, in executing this Plan at any time while this Plan is in effect
or attempt to exercise any influence over how, when or whether to effect any sales of Shares pursuant to this Plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">g.</TD><TD>I represent that this Plan conforms with the trading policies of the Issuer, and I acknowledge and confirm that I have provided
MSSB with an Issuer Representation letter dated as of the date of this Plan signed by an authorized representative of the Issuer
substantially in the form of <U>Part IV - Exhibit A</U> to this Plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">h.</TD><TD>I agree to notify MSSB in writing to the individuals set forth in <U>Part I &ndash; Account and Plan Information</U> as soon as
practicable if I become aware of:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(i)</TD><TD>any restriction that would prohibit any sale pursuant to this Plan (other than any such restriction relating to my possession
or alleged possession of material nonpublic information about the Issuer or its securities). Such notice will indicate the anticipated
duration of the restriction, but will not include any other information about the nature of the restriction or its applicability
to me and will not in any way communicate any material nonpublic information about the Issuer or its securities to MSSB;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD>any change in the Issuer&rsquo;s insider trading policies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(iii)</TD><TD>any change in the Issuer&rsquo;s policies with regard to the timing or method of exercising options covered by this Plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(iv)</TD><TD>any change that would cause the sales hereunder not to meet all applicable requirements of Rule 144, if applicable; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(v)</TD><TD>any stock split, stock dividend or other like distributions affecting the Shares (&ldquo;<B>Recapitalization</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">i.</TD><TD>I acknowledge that MSSB is not acting as my fiduciary but is acting in a brokerage capacity in connection with the adoption
and implementation of this Plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">j.</TD><TD>I agree that until this Plan has been terminated in accordance with its terms, I will not, without providing prior written
notice to MSSB:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(i)</TD><TD>enter into a binding contract with respect to the purchase or sale of any securities of the Issuer with another broker, dealer
or financial institution (each, a &ldquo;<B>Financial Institution</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD>instruct another Financial Institution to purchase or sell any securities of the Issuer; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 18pt">(iii)</TD><TD>adopt a plan for trading with respect to any securities of the Issuer other than this Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">k.</TD><TD>If I am a director or executive officer of the Issuer, then I am not subject to any current pension fund blackout period applicable
to such Issuer, and I have not received written notice of the imposition of, nor am I aware of, the actual or approximate beginning
or ending dates of any such blackout period and I further acknowledge and agree that I may not modify or otherwise alter this Plan
in such circumstances;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">l.</TD><TD>I represent that I am not entering into this Plan on behalf of, or with the assets of, an individual retirement account or
individual retirement annuity, or any employee retirement or employee benefit plan (such as, for example, a Keogh or &ldquo;HR-10&rdquo;
plan). [Explanatory Note: A plan involving the sale of stock acquired through the exercise of employee stock options would not
be &ldquo;on behalf of, or with the assets of&rsquo; any of the types of plans referred to in this paragraph.]</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">m.</TD><TD>I represent that my account is not an &ldquo;employee benefit plan&rdquo; within the meaning of Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended, or a &ldquo;plan&rdquo; as defined under Section 4975(e) of the Internal Revenue
Code of 1986, as amended, or an entity whose underlying assets include the assets of any such plan by reason of such a plan&rsquo;s
investment in such entity.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0pt"><B>B. Securities Law Representations (note:
may not be applicable for some plans).</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>I understand that it is my responsibility to comply with all applicable laws and the policies of the Issuer of the securities
with respect to the transactions contemplated by this Plan (&ldquo;<B>Covered Transactions</B>&rdquo;). I agree to comply with
all such laws and policies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>I represent that I am not subject to the requirements of Section 16 of the Exchange Act; and</TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">3.</TD><TD>I understand that the laws governing insider trading are fact-specific and that MSSB does not and cannot guarantee that any
transaction that is executed pursuant to this Plan will be deemed covered by the protections of the Rules.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>C. Sales of Restricted Stock or Control Stock Pursuant to SEC
Rule 144 (note: may not be applicable for some plans).</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>I understand that this Plan is applicable only as to securities that are freely-tradable and that are not subject to any restrictions
against purchase or sale. If I am considered an &ldquo;Affiliate&rdquo; within the meaning of Rule 144, then I understand that
the provisions of that rule may limit the number of Shares I can sell at any given time. In the event there is a conflict between
the quantity of securities that I have directed to be sold and any lesser amount of Shares that are permitted to be sold pursuant
to Rule 144 or other securities laws or rules, I hereby direct that the maximum limits established by such other laws or rules
shall govern. In no event will MSSB effect any sale if such sale would exceed the then-applicable limitation under Rule 144 assuming
MSSB&rsquo;s sales under this Plan are the only sales subject to that limitation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>I agree not to take nor to cause any person or entity with which I would be required to aggregate sales of stock pursuant to
Rule 144 to take, any action that would cause the sales hereunder not to meet all applicable requirements of Rule 144, including
volume limitations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">3.</TD><TD>I instruct MSSB to conduct all sales pursuant to this Plan in accordance with the manner of sale under Rule 144(f) and current
public information requirements of Rule 144(c).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>I agree to timely provide completed and signed Rule 144 paperwork to MSSB (including, without limitation, a Seller Representation
letter dated as of the date of this Plan substantially in the form of <U>Part IV - Exhibit B</U> to this Plan prior to the Adoption
Date). I acknowledge that MSSB requires this paperwork to facilitate Rule 144 trades for my account. Consistent with Rule 144 filing
requirements, MSSB hereby agrees to submit my completed Form 144 &ndash; Notice of Proposed Sale to the Securities and Exchange
Commission. In order for MSSB to complete this paperwork, I authorize MSSB to maintain my pre-signed Forms 144 in safekeeping and
to complete these forms as necessary before submitting them to the SEC. I further agree to release, hold harmless and discharge
MSSB and their affiliates, agents, officers, successors and insurers from any and all claims, demands, losses, liabilities, damages
and other expenses which may be sustained at any time relating to its facilitating transactions under this Plan and completing
necessary paperwork on my behalf under Rule 144, unless arising out of MSSB&rsquo;s willful misconduct or gross negligence.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>D. Implementation, Modification, Suspension and Termination.</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">1.</TD><TD><U>Implementation of Plan</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">a.</TD><TD>MSSB will sell the Shares subject to this Plan in accordance with the terms of this Plan for my account in accordance with
the principles of best execution provided that MSSB may execute orders on a &ldquo;not held&rdquo; basis. MSSB considers several
factors, including price, the available liquidity pool, execution speed, transaction costs, service and opportunities for price
improvement in determining where to route customer orders for execution. A &ldquo;not held&rdquo; or &ldquo;working order&rdquo;
permits MSSB to use reasonable brokerage judgment, exercising price and time discretion, as to when to execute the order. However,
MSSB will not sell any Shares subject to this Plan at a price less than the Limit Price, if applicable<FONT STYLE="color: #00B050">.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">b.</TD><TD>MSSB may sell the Shares subject to this Plan on any national securities exchange, in the over-the-counter market, on an automated
trading system or otherwise. I agree that if MSSB or its affiliates is a market maker or dealer in such Shares at the time that
any sale is to be made under this Plan, MSSB or its affiliates may, at its sole discretion, purchase such Shares in its capacity
as market maker or dealer.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">c.</TD><TD>I agree to deliver the Shares subject to this Plan to the extent I currently own such Shares into an account at MSSB in my
name and for my benefit prior to the Selling Start Date. I understand that this Plan shall not be effective until I establish a
valid account at MSSB to hold the Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">2.</TD><TD><U>Modification of Plan</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">a.</TD><TD>I may not modify this Plan unless:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 10pt; text-align: right">(i)</TD>
    <TD STYLE="width: 8pt">&nbsp;</TD><TD>such modification is accepted in writing by MSSB;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 10pt; text-align: right">(ii)</TD>
    <TD STYLE="width: 8pt">&nbsp;</TD><TD>I provide MSSB with:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 126pt"></TD><TD STYLE="width: 13.5pt">(a)</TD><TD>an Issuer Representation Letter substantially in the form of <U>Part IV - Exhibit A</U> to this Plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 139.5pt; text-indent: -13.5pt">(b) a Seller Representation
Letter substantially in the form of <U>Part IV - Exhibit B</U> to this Plan;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 139.5pt; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 126pt"></TD><TD STYLE="width: 13.5pt">(c)</TD><TD>a modification letter and new trade schedule(s) in which I represent that, among other things, on the date of such modification
that I am not aware of any material, non-public information regarding the Issuer or any of its securities (including the Shares),
that the modification is being made in good faith and not as part of a scheme to evade the Rules, and that my representations and
warranties contained in this Plan are true at and as of the date of such letter as if made at and as of such date; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 10pt">(iii)</TD>
    <TD STYLE="width: 8pt">&nbsp;</TD><TD>such modification occurs only outside of any &ldquo;blackout periods&rdquo; set forth in the Issuer&rsquo;s insider trading
policy and procedures.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">b.</TD><TD>I further understand that MSSB requires a 14 day period from the adoption of such modification to the date when trading may
resume following such modification. The Issuer may impose additional requirements as a condition of allowing me to modify this
Plan, including, but not limited to, an additional period of time which must elapse before trading may resume following such modification.
I agree to comply with any such additional requirements imposed by Issuer and to advise MSSB of such requirements. I further agree
that any such modification of this Plan shall be undertaken at my own risk without liability or consequence to MSSB.<BR>
<BR>
</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">3.</TD><TD><U>Suspension of Plan</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">a.</TD><TD>I understand that trading under this Plan may be suspended if MSSB has received written notice from the Issuer or from me of
a legal, regulatory or contractual restriction applicable to the Issuer or to me. Upon receipt of such written notice, I expressly
authorize MSSB to suspend trading as soon as practicable and trading shall not resume until MSSB has received written notice of
the lifting of such suspension or the resolution of the underlying restriction. If the events giving rise to a suspension of trading
cannot be resolved (as determined by MSSB in its sole discretion), I understand and acknowledge that MSSB reserves the right, in
its sole discretion, to terminate this Plan in accordance with the provisions contained herein. In the event of a suspension, MSSB
will resume effecting trades in accordance with this Plan as soon as MSSB determines that it is reasonably practical to do so.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">b.</TD><TD>Upon the resumption of trading following a suspension, any trades having a Sales Period End Date scheduled to have occurred
during such suspension period shall be deemed to have expired as of that scheduled Sales Period End Date as defined in <U>Trade
Schedule</U> <U>A</U> or <U>B</U>, as applicable. Any trades having a Sales Period Start Date scheduled to have occurred during
the period of suspension shall be placed as soon as practicable for the balance of time remaining until the Sales Period End Date
applicable to such trade. All other trades shall be placed as originally indicated in this Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">4.</TD><TD><U>Termination of Plan</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">a.</TD><TD>I understand that this Plan will terminate at market close on the Plan End Date or, if earlier, upon the completed sale of
the maximum Shares subject to this Plan. In addition, this Plan shall terminate, regardless of whether the maximum Shares have
been sold, upon any of the following events:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 10pt; text-align: right">(i)</TD>
    <TD STYLE="width: 8pt">&nbsp;</TD><TD>MSSB receives written notice of my death;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD STYLE="text-align: right">(ii)</TD>
    <TD>&nbsp;</TD><TD>MSSB receives written notice of the commencement or impending commencement of any proceedings in respect of or triggered by
my bankruptcy or insolvency;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD STYLE="text-align: right">(iii)</TD>
    <TD>&nbsp;</TD><TD>MSSB receives written notice of a valid instruction to transfer all or substantially all of the assets within my securities
account at MSSB to another broker-dealer;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD STYLE="text-align: right">(iv)</TD>
    <TD>&nbsp;</TD><TD>MSSB receives two days&rsquo; written notice from me terminating this Plan (which may be given for any reason);</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD STYLE="text-align: right">(v)</TD>
    <TD>&nbsp;</TD><TD>I receive written notice from MSSB terminating this Plan (which may be given for any reason);</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD STYLE="text-align: right">(vi)</TD>
    <TD>&nbsp;</TD><TD>If I fail to comply in any material respect with any applicable law and/or any obligation under this Plan; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD STYLE="text-align: right">(vii)</TD>
    <TD>&nbsp;</TD><TD>Upon my or the Issuer&rsquo;s demonstrating to MSSB that any of the following contingencies have occurred:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 162pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>A public announcement has been made of a tender offer involving the Issuer&rsquo;s securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 162pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>A definitive agreement has been announced relating to a merger, reorganization, consolidation or similar transaction in which
the securities covered by this Plan would be subject to a lock-up provision;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 162pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>A sale has been made of all or substantially all of the assets of the Issuer on a consolidated basis to an unrelated person
or entity, or if a transaction affecting the Issuer occurs in which the owners of the Issuer&rsquo;s outstanding voting power prior
to the transaction do not own at least a majority of the outstanding voting power of the successor entity immediately upon completion
of the transaction;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 162pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD>A dissolution or liquidation of the Issuer takes place or there is a commencement or impending commencement of any proceedings
in respect of or triggered by the Issuer&rsquo;s bankruptcy or insolvency; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 162pt"></TD><TD STYLE="width: 18pt">(e)</TD><TD>That this Plan or its attendant transactions may violate existing, new or revised federal or state laws or regulations, or
may cause a breach of a contract or agreement to which the Issuer is a party or by which the Issuer is bound.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">b.</TD><TD>In no event shall MSSB be deemed to have breached or failed to comply with this Plan if MSSB does not receive written notice
from me or the Issuer of the above contingencies prior to the placement of a scheduled order under this Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>E. Indemnification; Limitation of Liability.</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">I understand that the purpose of this Plan is to provide me with
an affirmative defense against charges of insider trading and that MSSB can make no representation or guarantee that any transaction
entered according to this Plan will not subsequently be found to violate federal or state laws or rules against trading by insiders
or trading on the basis of material nonpublic information or other laws or rules governing securities transactions. Therefore,
in consideration of MSSB&rsquo;s acceptance of these instructions, I hereby agree to indemnify and hold harmless MSSB and</P>

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    <!-- Field: /Page -->

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> its directors,
officers, employees and affiliates (including, without limitation, Morgan Stanley &amp; Co. LLC) from any claim, loss, damage,
liability or expense (including, without limitation, any legal fees and expenses reasonably incurred) arising out of or attributable
to this Plan (including, without limitation, any representations or warranties I have given or will give under or in connection
with this Plan) or any transaction or transactions executed pursuant to this Plan or from any deviation I might make from this
Plan, unless arising out of MSSB&rsquo;s willful misconduct or gross negligence. This indemnification will survive termination
of this Plan.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Notwithstanding any other provision hereof, MSSB shall not be
liable to me for (i) any special, indirect, punitive, exemplary or consequential damages, or incidental losses or damages of any
kind, even if advised of the possibility of such losses or damages or if such losses or damages could have been reasonably foreseen,
or (ii) any failure to perform or to cease performance or any delay in performance that results from a cause or circumstance that
is beyond MSSB&rsquo;s reasonable control, including but not limited to, failure of electronic or mechanical equipment, strikes,
failure of common carrier or utility systems, outbreak or escalation of hostilities or other crisis or calamity, severe weather,
market disruptions, material disruptions in securities settlement, payment or clearance services or other causes commonly known
as &ldquo;acts of God&rdquo;.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>F. Notice</B>.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">All notices and other communications provided for herein shall
be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier
or electronic mail and made to the applicable persons indicated in <U>Part I &ndash; Account and Plan Information</U>. The parties
acknowledge and agree that the distribution of material through an electronic medium is not necessarily secure and that there are
confidentiality and other risks associated with such distribution.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>G. Miscellaneous.</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">1.</TD><TD><U>Additional Documents</U>. I agree to complete, execute and deliver to MSSB any additional forms or other paperwork pursuant
to this Plan at such times and in such form as MSSB may reasonably request.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">2.</TD><TD><U>My Obligation to Consult Legal Advisors</U>. I agree that I will not enter into, modify, suspend or terminate this Plan
except upon consultation with my own legal advisors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">3.</TD><TD><U>Inconsistent Provisions</U>. If any provision of this Plan is or becomes inconsistent with any applicable present or future
law, rule or regulation, that provision will be deemed rescinded to the extent required in order to comply with the relevant law,
rule or regulation. All other provisions of this Plan will continue and remain in full force and effect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">4.</TD><TD><U>Market Disruptions and Other Unusual Situations</U>. I understand that MSSB may not be able to effectuate a sale due to
a market disruption or a legal, regulatory or contractual restriction to which it, its affiliates, me or my affiliates may be subject
(as determined by MSSB in its sole discretion). If any transaction cannot be executed due to a market disruption, a legal, regulatory,
or contractual restriction applicable to MSSB, or any other event, MSSB agrees to effectuate such sale as promptly as practical
after the cessation or termination of such market disruption, applicable restriction or other event; provided that such date does
not exceed the Sales Period End Date for that order or the Plan End Date, or falls within a No Sales Period as defined in <U>Trade
Schedule</U> <U>A</U> and/or <U>B</U> of this Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">5.</TD><TD><U>Non-Market Days and Trading Restrictions</U>. If I have given instructions that require an order to be entered on a particular
date, and the date that I have selected for a transaction falls on a day when the applicable primary market for the security is
closed, then I direct that the transaction occur on the next regular business day on which such market is open following the original
date indicated; provided that such date does not exceed the Sales Period End Date for that order or the Plan End Date or falls
within a No Sales Period as defined in <U>Trade Schedule</U> <U>A</U> and/or <U>B</U> of this Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">6.</TD><TD><U>State Insider Trading Laws</U>. I understand that some states may have their own laws that relate to insider trading. I
understand that MSSB makes no representation to me with respect to whether this Plan conforms to the laws of any particular state,
and that I will seek the advice of my own counsel with respect to matters of state law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">7.</TD><TD><U>Prices</U>. All references in this Plan to per share prices will be before deducting any commission equivalent, mark-up
or differential and other expenses of sale.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"></P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: right; width: 100%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">8.</TD><TD><U>Other Shares</U>. I may instruct MSSB to sell securities of the Issuer other than pursuant to this Plan. The parties hereto
agree that any such sale transaction will not be deemed to modify this Plan unless in connection with such transaction this Plan
is modified pursuant to the process set forth in subsection D.2 above.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">9.</TD><TD><U>Adjustments to Share and Dollar Amounts</U>. The exercise and sale prices, and number of Options to be exercised and Shares
to be sold, will be adjusted following such time as I or the Issuer notifies MSSB promptly of a Recapitalization, which shall be
made by providing a new schedule reflecting the adjustment in Shares and prices after the Recapitalization.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">10.</TD><TD><U>Effect of Instructions on Other Agreements with MSSB</U>. Subject to &ldquo;Entire Agreement; Subsequent Plans&rdquo; subsection
below, nothing in this Plan changes any other terms or agreements that are already applicable to my account or accounts, or that
otherwise exist between MSSB and me.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">11.</TD><TD><U>Entire Agreement; Subsequent Plans</U>. This Plan constitutes the entire agreement between the parties with respect to this
Plan and supersedes any prior agreements or understandings with respect to this Plan. I understand that if I enter into a subsequent
10b5-1 trading plan, that plan will not amend, suspend or terminate this Plan unless explicitly agreed to by MSSB in writing.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">12.</TD><TD><U>Assignment</U>. My rights and obligations under this Plan may not be assigned or delegated without the written permission
of MSSB. MSSB may assign or delegate any or all of its rights or obligations under this Plan to a company affiliated with, or a
successor to, MSSB or to any assignee to which MSSB determines to assign all or part of its business relating to sales plans of
this kind. Any such assignment will not affect the status, or be deemed to be an amendment, of this Plan, the purpose of which
is to provide me with an affirmative defense against charges of insider trading.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">13.</TD><TD><U>Choice of Law Regarding Interpretation of Instructions</U>. This Plan shall be construed in accordance with the internal
laws of the State of New York.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">14.</TD><TD><U>Enforceability in the Event of Bankruptcy</U>. The parties acknowledge and agree that this Plan is a &ldquo;securities contract&rdquo;
as defined in Section 741(7) of Title 11 of the United States Code (&ldquo;Bankruptcy Code&rdquo;) and shall be entitled to all
of the protections afforded to such contracts under the Bankruptcy Code.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">15.</TD><TD><U>Headings. </U>Headings used in this Plan are provided for convenience only and shall not be used to construe meaning or
intent.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">16.</TD><TD><U>Counterparts</U>. This Plan may be signed in any number of counterparts, each of which shall be deemed an original, with
the same effect as if the signatures thereto and hereto were placed upon the same instrument.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">By signing this Plan I agree that I have read and understood all
of the disclosures and representations outlined in<B> </B>this Plan and applicable Trade Schedules.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 43%; font: 8.5pt Bookman Old Style, Times, Serif; padding-left: 5.4pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Seller</b></font></td>
    <TD STYLE="width: 9%; font-family: Bookman Old Style, Times, Serif">&nbsp;</td>
    <TD STYLE="width: 48%; font: 8pt Bookman Old Style, Times, Serif; padding-left: 5.4pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Morgan Stanley Smith Barney LLC</b></font></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 8.5pt Bookman Old Style, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Bookman Old Style, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Bookman Old Style, Times, Serif">&nbsp;</TD></TR>
</table>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 38%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Bookman Old Style, Times, Serif; border-bottom: Black 1px solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Bookman Old Style, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Bookman Old Style, Times, Serif">&nbsp;</td>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Bookman Old Style, Times, Serif; border-bottom: Black 1px solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Bookman Old Style, Times, Serif; padding-bottom: 1px">&nbsp;</TD></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Bookman Old Style, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Name: </font></td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Bookman Old Style, Times, Serif">&nbsp;</td>
    <TD COLSPAN="2" STYLE="font: 8pt Bookman Old Style, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Name: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Bookman Old Style, Times, Serif">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Bookman Old Style, Times, Serif">&nbsp;</td>
    <TD COLSPAN="2" STYLE="font: 8pt Bookman Old Style, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Bookman Old Style, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Title: </font></td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Bookman Old Style, Times, Serif">&nbsp;</td>
    <TD COLSPAN="2" STYLE="font: 8pt Bookman Old Style, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Title: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Bookman Old Style, Times, Serif">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Bookman Old Style, Times, Serif">&nbsp;</td>
    <TD COLSPAN="2" STYLE="font: 8pt Bookman Old Style, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Bookman Old Style, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Adoption Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Bookman Old Style, Times, Serif">&nbsp;</td>
    <TD COLSPAN="2" STYLE="font: 8pt Bookman Old Style, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td></tr>
</table>

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<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>4
<FILENAME>c89898_ex99-6.htm
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Schedule of Transactions in Shares
by Kition Holding Corp.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Kition Holding Corp.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 20%; border-bottom: black 2px solid; text-align: center"><b>Transaction Date</b></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 19%; border-bottom: black 2px solid; text-align: center"><b>Transaction</b></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 19%; border-bottom: black 2px solid; text-align: center"><b>Security</b></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 19%; border-bottom: black 2px solid; text-align: center"><b>Shares Sold</b></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 19%; border-bottom: black 2px solid; text-align: center"><b>Average Sale Price<BR>
 Per Share</b></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top">11/16/2017</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">Sell</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">Common Stock</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">161,552</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">3.00</td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top">11/17/2017</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">Sell</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">Common Stock</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">88,448</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">3.00</td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top">11/22/2017</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">Sell</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">Common Stock</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">42,527</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">3.20</td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top">11/24/2017</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">Sell</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">Common Stock</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">78,523</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">3.20</td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top">11/27/2017</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">Sell</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">Common Stock</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">22,139</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">3.20</td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top">11/28/2017</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">Sell</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">Common Stock</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">6,811</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">3.07</td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top">11/28/2017</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">Sell</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">Common Stock</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">5,000</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">3.05</td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top">11/28/2017</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">Sell</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">Common Stock</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">5,000</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">3.11</td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top">11/28/2017</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">Sell</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">Common Stock</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">6,300</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">3.15</td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top">11/29/2017</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">Sell</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">Common Stock</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">3,700</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">3.15</td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top">12/01/2017</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">Sell</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">Common Stock</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">10,000</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">3.20</td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top">12/01/2017</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">Sell</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">Common Stock</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">30,000</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">3.21</td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top">12/01/2017</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">Sell</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">Common Stock</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">10,000</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">3.25</td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top">12/04/2017</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">Sell</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">Common Stock</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">10,000</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">3.30</td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top">12/04/2017</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">Sell</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">Common Stock</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">10,000</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">3.35</td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top">12/04/2017</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">Sell</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">Common Stock</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">2,000</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">3.40</td></tr>
</table>

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