-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 T/06L5h6XDvoEjOq5o0xd8EtfkmwZXZZ0Lw85yEijtbeCka55IMVGFo2Dr0jgbC2
 92Tz2OKlvM3crXBhnYUL3Q==

<SEC-DOCUMENT>0001317861-10-000059.txt : 20100302
<SEC-HEADER>0001317861-10-000059.hdr.sgml : 20100302
<ACCEPTANCE-DATETIME>20100302155947
ACCESSION NUMBER:		0001317861-10-000059
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100302
FILED AS OF DATE:		20100302
DATE AS OF CHANGE:		20100302

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EUROSEAS LTD.
		CENTRAL INDEX KEY:			0001341170
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33283
		FILM NUMBER:		10649260

	BUSINESS ADDRESS:	
		STREET 1:		AETHRION CENTER, 40 AG.
		STREET 2:		KONSTANTINOU STREET, 151 24
		CITY:			MAROUSSI
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		011 30 210 6105110

	MAIL ADDRESS:	
		STREET 1:		AETHRION CENTER, 40 AG.
		STREET 2:		KONSTANTINOU STREET, 151 24
		CITY:			MAROUSSI
		STATE:			J3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f030110esea6k.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Converted by EDGARwiz</TITLE>
<META NAME="author" CONTENT="Paul">
<META NAME="date" CONTENT="03/01/2010">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:432pt"><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>UNITED STATES</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>Washington, D.C. &nbsp;20549</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>FORM 6-K</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; padding-left:9pt; font-size:12pt" align=center><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>For the month of March 2010</P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>Commission File Number: &nbsp;001-33283</P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=442.8></TD></TR>
<TR><TD valign=top width=590.4><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>EUROSEAS LTD.</B></P>
</TD></TR>
<TR><TD valign=top width=590.4><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>(Translation of registrant&#146;s name into English)</P>
</TD></TR>
<TR><TD valign=top width=590.4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=590.4><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>Aethrion Center</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>40 Ag. Konstantinou Street</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>151 24 Maroussi, Greece</B></P>
</TD></TR>
<TR><TD valign=top width=590.4><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>(Address of principal executive office)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">Form 20-F [ X ] &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F [ &nbsp;]</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ &nbsp;].</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt"><B>Note</B>: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ &nbsp;].</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt"><B>Note</B>: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's &quot;home country&quot;), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</P>
<P style="margin-top:0pt; margin-bottom:10pt" align=center><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:11pt; font-size:11pt; page-break-before:always" align=center><B>INFORMATION CONTAINED IN THIS FORM 6-K REPORT</B></P>
<P style="margin:0pt; font-family:Arial"><FONT FACE="Arial">Attached to this Report on Form 6-K as Exhibit 1 is a copy of the press release issued by Euroseas Ltd. (the &#147;Company&#148;) on March 1, 2010: Euroseas Ltd. Reports Results for the Fourth Quarter and Year Ended December 31, 2009 </FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=right><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial; page-break-before:always" align=right><B>Exhibit 1</B></P>
<P style="margin:0pt" align=center><img src="f030110esea6k002.gif" alt="[f030110esea6k002.gif]" align=top height=122.4 width=278.4></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Euroseas Ltd. Reports Results for the Fourth Quarter and Year Ended December 31, 2009 </B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Maroussi, Athens, Greece &#150; March 1, 2010</B> &#150; Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the fourth quarter of 2009 and year ended December 31, 2009.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Fourth Quarter 2009 Highlights:</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0pt; padding-left:36pt; font-family:Arial" align=justify><FONT FACE="Arial">Net loss of $16.3 million or $0.53 loss per share basic and diluted on total net revenues of $16.5 million. The results include a $9.0 million loss from the sale of two vessels. Excluding the effect on the losses for the quarter of the loss from the sale of the vessels as well as the effect from the unrealized losses on derivatives and trading securities and the amortization of the fair value of time charter contracts acquired, the loss for the quarter ended December 31, 2009 would have been $4.8 million or $0.15 loss per share basic and diluted. </FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0pt; padding-left:36pt; font-family:Arial" align=justify><FONT FACE="Arial">Adjusted EBITDA was $0.4 million. Please refer to a subsequent section of the Press Release for a reconciliation of adjusted EBITDA to net loss.</FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0pt; padding-left:36pt; font-family:Arial" align=justify><FONT FACE="Arial">An average of 16.7 vessels were operated during the fourth quarter of 2009 earning an average time charter equivalent rate of $13,892 per day.</FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0pt; padding-left:36pt; font-family:Arial" align=justify><FONT FACE="Arial">Declared a quarterly dividend of $0.05 per share for the fourth quarter of 2009 payable on March 26, 2010 to shareholders of record on March 17, 2010. This is the eighteenth consecutive quarterly dividend declared.</FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Full Year 2009 Highlights:</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0pt; padding-left:36pt; font-family:Arial" align=justify><FONT FACE="Arial">Net loss of $15.6 million or $0.51 loss per share basic and diluted on total net revenues of $63.8 million. The results include a $9.0 million loss from the sale of two vessels. Excluding the effect on the losses for the year of the loss from the sale of the two vessels as well as the effect from the unrealized losses on derivatives and trading securities and amortization of the fair value of time charter contracts acquired the loss for the year ended December 31, 2009 would have been $2.6 million or $0.09 loss per share basic and diluted. </FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0pt; padding-left:36pt; font-family:Arial" align=justify><FONT FACE="Arial">Adjusted EBITDA was $17.4 million. Please refer to a subsequent section of the Press Release for a reconciliation of adjusted EBITDA to net loss.</FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0pt; padding-left:36pt; font-family:Arial" align=justify><FONT FACE="Arial">An average of 16.3 vessels were operated during 2009 earning an average time charter equivalent rate of $13,698 per day</FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="margin:0pt; padding-left:36pt; font-family:Arial" align=justify><FONT FACE="Arial">Declared quarterly dividends for the first, second, third and fourth quarters of 2009, aggregating $0.30 per share.</FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Aristides Pittas, Chairman and CEO of Euroseas commented: </B>&#147;2009 was a difficult year for Euroseas, as for most shipping companies, as rates declined dramatically compared to the summer and fall of 2008. And, while drybulk rates rebounded by early spring of 2009, &nbsp;containership rates have stayed at historically low levels since. In this challenging environment, we have been fortunate to reap the benefits of our risk management program which in 2008 enabled us to avoid investing in vessels at the peak of the markets. As a result, the huge decline of the markets in 2009 found us with a very strong balance sheet - lots of cash and low leverage - which enabled us to not only withstand the low rate environment but use the depressed markets as an opportunity to renew our fleet at a fraction of the cost compared to 2008. In total, we bought 3 drybulk vessels of an average age of about 11 years while we sold our 4 oldest vessels with an average a
ge of about 25 years (3 bulkers and 1 containership). </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>However, despite our successful fleet renewal, our results for the fourth quarter 2009 and 2009 as a whole were affected by the state of the containership market and by our decision early in 2009 to hedge our drybulk exposure in the FFA markets. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Looking forward into 2010, we expect on the one hand the containership market to remain at very low levels and on the other hand the drybulk market to be quite volatile affected by an emerging markets &#150; primarily Chinese-led - &nbsp;recovery and quite a number of scheduled vessel deliveries. As a result, we have currently covered 100% of our drybulk capacity for 2010 at profitable levels, including half of it hedged with FFA contracts, and about 45% of our container available days although the latter at rates that are just covering &#150;on average- operating costs. At the same time, we continue to look at the containership markets as a great opportunity to invest in more modern vessels at historically low prices, and to that effect we have been building our strategy over the last 6 months. The closing of our agreement to form a new vehicle together with Eton Park and Rhone Capital, two private investment firms, to exploit the opportunities we curre
ntly see arising on a bigger scale has been somewhat delayed but we remain confident that this deal will close within the first quarter of 2010.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Our Board confirmed its intention to continue paying dividends to our shareholders throughout the market cycles in parallel with our expansion program, as far as practically possible. In that respect we are happy to have declared a quarterly dividend of $0.05 per share which represents an annualized yield of about 5% on the basis of our stock price on February 26, 2010.&#148; </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Tasos Aslidis, Chief Financial Officer of Euroseas commented: </B>&#147;The results of the full year of 2009 reflect significantly lower revenues compared to 2008 due to the lower average time charter equivalent rate our vessels have achieved during the year. &nbsp;Our results for the fourth quarter 2009 were also lower compared to the same period for 2008. &nbsp;Our results were also negatively affected by the loss on the sale of two vessels in December 2009, m/v Artemis and m/v Gregos, settlement of certain interest rate swaps and FFA contracts in 2009 and other non-cash losses on interest rate derivatives, FFAs and declines in value of a small amount of securities held. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Daily vessel operating expenses, including management fees, during 2009 reflect a decrease of about 16% on a per vessel per day basis compared to 2008. A little more than half of this decrease is due to the fact that three of our vessels were laid-up during most of 2009. Even after adjusting for this factor, we maintain one of the lowest operating cost structures amongst the public shipping companies which, we believe, is one of our competitive advantages and a significant part of our overall strategy. We will continue to focus on controlling and reducing our costs while ensuring safe operations. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>We have been and are currently satisfying all our debt covenants. At the end of 2009, our outstanding debt was about $71.5 million versus unrestricted cash and cash in retention accounts of more than $48 million. Our scheduled debt repayments in 2010 are about $14 million, a number low enough to provide us with operational cash flow comfort. We estimate that our cash flow breakeven for 2010 including debt repayments but excluding dividend payments is around $10,000 per vessel per day.&#148;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Fourth Quarter 2009 Results:</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>For the fourth quarter of 2009, the Company reported total net revenues of $16.5 million representing a 30.2% decrease over total net revenues of $23.6 million during the fourth quarter of 2008. The Company reported a net loss for the period of $16.3 million as compared to net loss of $22.2 million for the fourth quarter of 2008. The results for the fourth quarter of 2009 include a $9.0 loss from the sale of two vessels and a $9.9 million loss on derivatives and trading securities as compared to $4.8 million loss on derivatives and trading securities for the same period of 2008. On average, 16.7 vessels were operated during the fourth quarter 2009 earning an average time charter equivalent rate of $13,892 per day compared to 16.0 vessels in the same period 2008 earning on average $17,420 per day. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Adjusted EBITDA for the fourth quarter of 2009 was $0.4 million, a 96.3% decrease from $11.4 million achieved during the fourth quarter of 2008. Please see below for Adjusted EBITDA reconciliation to net income and cash flow provided by operating activities. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Basic and diluted loss per share for the fourth quarter of 2009 was $0.53, calculated on 30,813,960 weighted average number of shares outstanding compared to basic and diluted loss per share of $0.73 for the fourth quarter of 2008, calculated on 30,520,584 weighted average number of shares outstanding. &nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Excluding the effect on the loss for the quarter of the loss on sale of vessels, unrealized loss on trading securities and derivatives, and amortization of the fair value of time charter contracts acquired the loss per share for the quarter ended December 31, 2009 would have been $0.15 per share basic and diluted compared to earnings of $0.24 per share basic and diluted for the quarter ended December 31, 2008. Usually, security analysts do not include the above items in their published estimates of earnings per share. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>The Company has declared a quarterly dividend of $0.05 per share, which represents its eighteenth consecutive quarterly dividend and a 50% decrease over last year&#146;s fourth quarter dividend, reflecting the much worse market conditions for the Company&#146;s containerships. &nbsp;The dividend is payable on March 26, 2010 to shareholders of record as of March 17, 2010.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Year Ended December 31, 2009 Results:</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>For the year ended December 31, 2009, the Company reported total net revenues of $63.8 million representing a 49.5% decrease compared to 2008. Net loss for the year amounted to $15.6 million compared to a net income for 2008 of $21.5 million. The results for the year also include a $9.0 million loss from the sale of two vessels and a $15.4 million loss on derivatives and trading securities as compared to $5.5 million loss on derivatives and trading securities inclusive of dividend income for the same period of 2008. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Adjusted EBITDA for the year was $17.4 million, a 75.8% decrease over 2008 (please see below for Adjusted EBITDA reconciliation to net income / loss and cash flow from operating activities). In the year ended December 31, 2008, net revenues were $126.3 million, net income was $21.5 million and Adjusted EBITDA was $72.0 million. &nbsp;On average,16.3 vessels were operated during the year 2009 earning an average time charter equivalent rate of $13,698 per day compared to 15.6 vessels in the same period 2008 earning a time charter equivalent rate of $23,695. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Basic and diluted losses per share for the year ended December 31, 2009 were $0.51 calculated on 30,648,991 weighted average number of shares outstanding, compared to basic earnings per share of $0.71 and diluted earnings per share of $0.70 for 2008 calculated on 30,437,107 and 30,505,476 weighted average number of shares outstanding, respectively. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Excluding the effect on the loss for the year of the loss on sale of vessels, unrealized loss on trading securities and derivatives, and the amortization of the fair value of time charter contracts acquired the loss per share for the year ended December 31, 2009 would have been $0.09 per share basic and diluted, while for the year ended December 31, 2008 the earnings per share would have been $1.51 per share basic and $1.50 per share diluted. Usually, security analysts do not include the above in their published estimates of earnings per share.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Change in accounting principle and change in estimates:</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>Beginning with the first quarter of 2009, the Company changed its accounting policy of drydocking costs from the deferral method, under which the Company amortized drydocking costs over the estimated period of benefit between dry-dockings, to the direct expense method, under which the Company expenses all drydocking costs as incurred. The Company believes that the direct expense method is preferable as it eliminates the significant amount of time and subjectivity involved in determining which costs and activities related to drydocking qualify for the deferral method. When the accounting principle was retrospectively applied, net income for the year ended December 31, 2008 decreased by $2.2 and net loss for the quarter ended December 31, 2008 decreased by $0.3 million, or $0.07 and $0.01 per share, respectively, basic and diluted.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>The Company reflected this change as a change in accounting principle from an accepted accounting principle to a preferable accounting principle in accordance with FASB ASC 250-10 &nbsp;Accounting Changes and Error Corrections. The new accounting principle will be applied retrospectively to all periods presented in earnings releases and filings.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>During the fourth quarter of 2008, the Company also changed its estimates of the scrap price and useful life of its containerships to better reflect the present market environment, industry practice and intended use. The effect of these changes decreased net loss for the three month period and year ended December 31, 2009 by $1.6 and $6.4 million, respectively, or $0.05 and $0.21 per share, respectively, basic and diluted.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Fleet Profile: &nbsp;</B></P>
<P style="margin:0pt; font-family:Arial">The Euroseas Ltd. fleet profile is as follows:</P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=113.4></TD><TD width=63></TD><TD width=54></TD><TD width=45></TD><TD width=36></TD><TD width=84.6></TD><TD width=86.4></TD></TR>
<TR><TD style="background-color:#333333; border:0.5pt solid #000000" width=151.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#FFFFFF" align=center><B>Name </B></P>
</TD><TD style="background-color:#333333; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#FFFFFF" align=center><B>Type</B></P>
</TD><TD style="background-color:#333333; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#FFFFFF" align=center><B>Dwt</B></P>
</TD><TD style="background-color:#333333; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#FFFFFF" align=center><B>TEU</B></P>
</TD><TD style="background-color:#333333; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#FFFFFF" align=center><B>Year Built</B></P>
</TD><TD style="background-color:#333333; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#FFFFFF" align=center><B>Employment</B></P>
</TD><TD style="background-color:#333333; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#FFFFFF" align=center><B>TCE&nbsp;Rate ($/day)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B><U>Drybulk Vessels</U></B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=84><P style="margin:0pt; font-family:Arial; font-size:9pt" align=center><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=72><P style="margin:0pt; font-family:Arial; font-size:9pt" align=center><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=60><P style="margin:0pt; font-family:Arial; font-size:9pt" align=center><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=48><P style="margin:0pt; font-family:Arial; font-size:9pt" align=center><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=112.8><P style="margin:0pt; font-family:Arial; font-size:9pt" align=center><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">PANTELIS</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Panamax</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>74,020</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2000</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Mar-10 </P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Then until Feb-12</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$22,500</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$17,500</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">ELENI P</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Panamax</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>72,119</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1997</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til May-10 </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$15,350</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">IRINI <SUP>(*)</SUP></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Panamax</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>69,734</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1988</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Baumarine Pool </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">ARISTIDES N.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Panamax</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>69,268</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1993</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;TC &#145;til Mar-10</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Then until Mar-12</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.2><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$12,350</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$18,900</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">MONICA P (**)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Handymax</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>46,667</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1998</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Bulkhandling Pool</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.2><P style="margin:0pt" align=center><BR></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total Drybulk Vessels</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>5</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>331,808</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B><U>Multipurpose Dry Cargo Vessels</U></B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">TASMAN TRADER</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>1</B></P>
<P style="margin:0pt" align=center><BR></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>22,568</P>
<P style="margin:0pt" align=center><BR></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>950</P>
<P style="margin:0pt" align=center><BR></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1990</P>
<P style="margin:0pt" align=center><BR></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Mar-12</P>
<P style="margin:0pt" align=center><BR></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$9,500 &#145;til Dec-10,</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$9,000 &#145;til Mar-12</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B><U>Container Carriers</U></B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">MAERSK NOUMEA</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Intermediate</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>34,677</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2,556</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2001</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Aug-11</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>(3 annual options &#145;til Aug-14) </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$16,800 &#145;til Aug-11</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$18,735 &#145;til Aug-12 </P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$19,240 &#145;til Aug-13</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$19,750 &#145;til Aug-14</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">TIGER BRIDGE </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Intermediate </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>31,627</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2,228</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1990</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Jun-10<BR>
(option &#145;til Mar-11)<BR>
(option &#145;til Mar-12)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.2><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$4,000</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$4,000<BR>
$7,500</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">DESPINA P</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Handy size</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>33,667</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1,932</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1990</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Laid-up</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">JONATHAN P<BR>
(ex-OEL INTEGRITY)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Handy size</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>33,667</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1,932</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1990</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Laid-up</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.2><P style="margin:0pt" align=center><BR></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">CAPTAIN COSTAS</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">(ex-OEL TRANSWORLD)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Handy size</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>30,007</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1,742</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1992</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC til Mar-10</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>then TC &#145;til Jun-10</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.2><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$4,000</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$4,250</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">YM PORT KELANG</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">(ex-MASTRO NICOS, ex-YM XINGANG I)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Handy size</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>23,596</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1,599</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1993</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Nov-10</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>(option &#145;til Nov-11)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.2><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$3,750 </P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$5,900</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">MANOLIS P</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Handy size</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>20,346</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1,452</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Apr-10</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>(option &#145;til Oct-10)</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>&nbsp;(option til Oct-11) </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.2><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$3,850<BR>
$4,000</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>CONTEX(***) less 10% </P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">NINOS <BR>
(ex-YM QINGDAO I)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Feeder</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>18,253</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1,169</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1990</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Apr-10<BR>
(option &#145;til Jun-10)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.2><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$3,900<BR>
$4,200</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">KUO HSIUNG</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Feeder</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>18,154</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1,169</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="margin:0pt" align=center><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>1993</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC &#145;til Mar -10 (option &#145;til Dec-10)</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>(option &#145;til Jun-11)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>&nbsp;$3,850 &#145;til Dec-10<BR>
$5,300 &#145;til Jun-11</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total Container Carriers</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>9</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>243,994</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>15,779</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=151.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Fleet Grand Total</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>15</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>598,370</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>16,729</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=115.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Arial">Note: TC denotes time charter. All dates listed are the earliest redelivery dates under each TC. All extension option are at the option of the charterers.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">(*) &quot;Irini&quot; is employed in the Baumarine spot pool that is managed by Klaveness, a major global charterer in the drybulk market. </P>
<P style="margin:0pt; font-family:Arial">(**) &quot;Monica P&quot; is employed in the Bulkhandling spot pool that is also managed by Klaveness. </P>
<P style="margin:0pt; font-family:Arial">(***) CONTEX is a charter market index for 1700 teu containership vessels</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Summary Fleet Data:</B></P>
<P style="margin:0pt" align=justify><BR></P>
<A NAME="OLE_LINK5"></A><TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=199.1></TD><TD width=72></TD><TD width=72></TD><TD width=72></TD><TD width=73.05></TD></TR>
<TR><TD style="background-color:#333333; border:0.5pt solid #000000" valign=top width=265.467><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#333333; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><B>3 months, ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><B>December 31, 2008</B></P>
</TD><TD style="background-color:#333333; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><B>3 months, ended </B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><B>December 31, 2009</B></P>
</TD><TD style="background-color:#333333; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><B>Year ended </B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><B>December 31, 2008</B></P>
</TD><TD style="background-color:#333333; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><B>Year ended &nbsp;</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><B>December 31, 2009</B></P>
</TD><A NAME="OLE_LINK2"></A></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify><B>FLEET DATA</B></P>
</TD><TD valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Average number of vessels (1)</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>16.00</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>16.68</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>15.61</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>16.30</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Calendar days for fleet (2)</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>1,472.0</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>1,535.0</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>5,714.0</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>5,949.0</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Scheduled off-hire days incl. laid-up (3)</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>11.9</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>262.0</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>150.8</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>966.5</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Available days for fleet (4) = (2) - (3)</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>1,460.1</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>1,273.0</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>5,563.2</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>4,982.5</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Commercial off-hire days (5)</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>40.1</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>67.6</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>47.8</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>223.7</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Operational off-hire days (6)</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>18.3</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>11.8</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>64.9</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>35.0</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Voyage days for fleet (7) = (4) - (5) - (6) </P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>1,401.7</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>1,193.6</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>5,450.5</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>4,723.8</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Fleet utilization (8) = (7) / (4)</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>96.0%</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>93.8%</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>98.0%</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>94.8%</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Fleet utilization, commercial (9) = ((4) - (5)) / (4)</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>97.3%</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>94.7%</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>99.1%</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>95.5%</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Fleet utilization, operational (10) = ((4) - (6)) / (4)</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>98.7%</P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>99.1%</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>98.9%</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>99.3%</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify><B>AVERAGE DAILY RESULTS</B></P>
</TD><TD valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Time charter equivalent rate (11)</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>17,420</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>13,892</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>23,695</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=97.4><P style="margin:0pt; font-family:Arial" align=right>13,698</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin: 0pt; font-family:Arial">Vessel operating expenses excl. drydocking expenses (12)</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>5,730</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>4,955</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>5,759</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=97.4><P style="margin:0pt; font-family:Arial" align=right>4,832</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial">General and administrative expenses (13)</P>
</TD><TD width=96><P style="margin:0pt; font-family:Arial" align=right>525</P>
</TD><TD width=96><P style="margin:0pt; font-family:Arial" align=right>516</P>
</TD><TD style="border-right:0.5pt solid #000000" width=96><P style="margin:0pt; font-family:Arial" align=right>710</P>
</TD><TD style="border-right:0.5pt solid #000000" width=97.4><P style="margin:0pt; font-family:Arial" align=right>612</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial">Total vessel operating expenses excl. dd expenses (14)</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>6,255</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>5,471</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>6,469</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=97.4><P style="margin:0pt; font-family:Arial" align=right>5,444</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=265.467><P style="margin:0pt; font-family:Arial" align=justify>Drydocking expenses (15)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>623</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>1,073</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=97.4><P style="margin:0pt; font-family:Arial" align=right>321</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(1) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of our fleet during the period divided by the number of calendar days in that period. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(2) Calendar days. We define calendar days as the total number of days in a period during which each vessel in our fleet was in our possession including off-hire days associated with major repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. Calendar days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during that period.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(3) The scheduled off-hire days including vessels laid-up are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. The shipping industry uses available days to measure the number of days in a period during which vessels were available to generate revenues.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(4) Available days. We define available days as the total number of days in a period during which each vessel in our fleet was in our possession net of scheduled off-hire days including days of vessels laid-up.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(5) Commercial off-hire days. We define commercial off-hire days as days waiting to find employment. &nbsp;&nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(6) Operational off-hire days. We define operational off-hire days as days associated with unscheduled repairs or other off-hire time related to the operation of the vessels.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(7) Voyage days. We define voyage days as the total number of days in a period during which each vessel in our fleet was in our possession net of commercial and operational off-hire days. The shipping industry uses voyage days to measure the number of days in a period during which vessels actually generate revenues.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(8) Fleet utilization. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our available days during that period. The shipping industry uses fleet utilization to measure a company&#146;s efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons such as unscheduled repairs or days waiting to find employment.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(9) Fleet utilization, commercial. We calculate commercial fleet utilization by dividing our available days net of commercial off-hire days during a period by our available days during that period.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(10) Fleet utilization, operational. We calculate operational fleet utilization by dividing our available net of operational off-hire days during a period by our available days during that period.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>(</B>11) Time charter equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing revenue generated from voyage charters net of voyage expenses by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract. TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company&#146;s performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters and bareboat charters) under which the vessels may be employed between the periods. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(12) Daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and management fees are calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period. Drydocking expenses are reported separately.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(13) Daily general and administrative expense is calculated by dividing general and administrative expense by fleet calendar days for the relevant time period. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(14) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels excluding drydocking expenses. TVOE is the sum of vessel operating expenses and general and administrative expenses. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>(15) Drydocking expenses, which include expenses during drydockings that would been capitalized and amortized under the deferral method divided by the fleet calendar days for the relevant period. Drydocking expenses could vary substantially from period to period depending on how many vessels underwent drydocking during the period.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Conference Call and Webcast: </B></P>
<P style="margin:0pt; font-family:Arial">Tomorrow, March 2, 2010 at 9:30 a.m. EST, the company's management will host a conference call to discuss the results. </P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Conference Call details: </B></P>
<P style="margin:0pt; font-family:Arial">Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (from the US), 0800 953 0329 (from the UK) or +44 (0)1452 542 301 (international standard dial in). Please quote &#147;Euroseas&#148;.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">A recording of the conference call will be available until March 9, 2010 by dialing 1 866 247 4222 (from the US), 0800 953 1533 (from the UK) or +44 (0)1452 550 000 (international standard dial in). Access Code: 6973591#</P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Arial"><B>Audio webcast &#150; Slides Presentation:</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>There will be a live and then archived audio webcast of the conference call, via the internet through the Euroseas website (www.euroseas.gr). &nbsp;Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. </P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>A slides presentation on the fourth quarter and year ended December 31, 2009 results in PDF format will also be available 30 minutes prior to the conference call and webcast accessible on the company&#146;s website (www.euroseas.gr) on the webcast page. &nbsp;Participants to the webcast can download the PDF presentation.</P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Euroseas Ltd. </B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Consolidated Condensed Statement of Operations</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>(All amounts expressed in U.S. Dollars &#150; except share amounts)</B></P>
<P style="margin:0pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=166.5></TD><TD width=85.5></TD><TD width=81></TD><TD width=81></TD></TR>
<TR><TD style="background-color:#000000; border-left:0.5pt solid #000000; border-top:0.5pt solid #000000" valign=bottom width=222><P style="margin:0pt; font-family:Arial; color:#FFFFFF"><FONT COLOR=#FFFFFF>&nbsp;</FONT></P>
</TD><TD style="background-color:#000000; border-top:0.5pt solid #000000" valign=bottom width=114><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Year Ended <BR>
December 31,</B></P>
</TD><TD style="background-color:#000000; border-top:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Year Ended <BR>
December 31,</B></P>
</TD><TD style="background-color:#000000; border-top:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Year Ended <BR>
December 31, </B></P>
</TD></TR>
<TR><TD style="background-color:#000000; border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=222><P style="margin:0pt; font-family:Arial; color:#FFFFFF">&nbsp;</P>
</TD><TD style="background-color:#000000; border-bottom:0.5pt solid #000000" valign=bottom width=114><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>2008</B></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt; color:#FFFFFF" align=center><B>(as originally reported under the deferral method)</B></P>
</TD><TD style="background-color:#000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>2008</B></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt; color:#FFFFFF" align=center><B>(as adjusted under the direct &nbsp;expense method)</B></P>
</TD><TD style="background-color:#000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>2009</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right><FONT COLOR=#000000>(unaudited)</FONT></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(unaudited)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(unaudited)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial"><B>Revenues</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Voyage revenue</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>132,243,918</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>132,243,918</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>66,215,669</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Commissions</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>(5,940,460)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(5,940,460)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(2,433,776)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial"><B>Net revenues</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right><B>126,303,458</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>126,303,458</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>63,781,893</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial"><B>Operating expenses</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Voyage expenses</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>3,092,323</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>3,092,323</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>1,510,551</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Vessel operating expenses</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>27,521,194</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>27,521,194</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>23,673,480</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Drydocking expenses</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>6,129,257</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>1,912,474</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Amortization and depreciation</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>32,230,901</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>28,284,752</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>19,092,384</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Impairment loss / net loss on sale of vessels</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>25,113,364</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>25,113,364</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>8,959,321</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Management fees</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>5,387,415</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>5,387,415</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>5,074,297</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Other general and administrative expenses</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>4,057,736</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>4,057,736</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>3,640,534</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Charter termination fees</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(103,577)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial"><B>Total operating expenses</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right><B>97,402,933</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>99,586,041</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>63,759,464</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial"><B>Operating income</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right><B>28,900,525</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>26,717,417</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>22,429</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial"><B>Other income/(expenses)</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Interest and finance cost </P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>(2,930,737)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(2,930,737)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(1,437,637)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Change in fair value of derivatives </P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>(3,474,635)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(3,474,635)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(15,778,209)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Realized &amp; unrealized gain / (loss) &nbsp;on trading securities </P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(2,312,790)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(2,312,790)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>406,119</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Foreign exchange gain</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>7,888</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>7,888</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>36,477</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Interest income</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>3,168,501</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>3,168,501</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>1,123,317</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Dividend income</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>315,266</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>315,266</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right><B>Other expenses, net</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right><B>(5,226,507)</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>(5,226,507)</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>(15,649,933)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=222><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=222><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Net income / (loss)</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>23,674,018</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>21,490,910</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>(15,627,504)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=222><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Earnings / (loss) per share, basic</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=114><P style="margin:0pt; font-family:Arial" align=right>0.78</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>0.71</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>(0.51)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=222><P style="margin:0pt; font-family:Arial">Weighted average number of shares, basic </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=114><P style="margin:0pt; font-family:Arial" align=right>30,437,107</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>30,437,107</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>30,648,991</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=222><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Earnings / (loss) per share, diluted</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=114><P style="margin:0pt; font-family:Arial" align=right>0.78</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>0.70</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>(0.51)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=222><P style="margin:0pt; font-family:Arial">Weighted average number of shares, diluted</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=114><P style="margin:0pt; font-family:Arial" align=right>30,505,476</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>30,505,476</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>30,648,991</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=166.5></TD><TD width=85.5></TD><TD width=81></TD><TD width=81></TD></TR>
<TR><TD style="background-color:#000000; border-left:0.5pt solid #000000; border-top:0.5pt solid #000000" valign=bottom width=222><P style="margin:0pt; font-family:Arial; color:#FFFFFF"><FONT COLOR=#FFFFFF>&nbsp;</FONT></P>
</TD><TD style="background-color:#000000; border-top:0.5pt solid #000000" valign=bottom width=114><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended <BR>
December 31,</B></P>
</TD><TD style="background-color:#000000; border-top:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended <BR>
December 31,</B></P>
</TD><TD style="background-color:#000000; border-top:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended <BR>
December 31,</B></P>
</TD></TR>
<TR><TD style="background-color:#000000; border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=222><P style="margin:0pt; font-family:Arial; color:#FFFFFF">&nbsp;</P>
</TD><TD style="background-color:#000000; border-bottom:0.5pt solid #000000" valign=bottom width=114><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>2008</B></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt; color:#FFFFFF" align=center><B>(as originally reported under the deferral method)</B></P>
</TD><TD style="background-color:#000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>2008</B></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt; color:#FFFFFF" align=center><B>(as adjusted under the direct &nbsp;expense method)</B></P>
</TD><TD style="background-color:#000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>2009</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right><FONT COLOR=#000000>(unaudited)</FONT></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(unaudited)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(unaudited)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial"><B>Revenues</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Voyage revenue</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>24,679,143</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>24,679,143</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>17,117,138</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Commissions</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>(1,112,667)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(1,112,667)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(658,815)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial"><B>Net revenues</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right><B>23,566,476</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>23,566,476</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>16,458,323</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial"><B>Operating expenses</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Voyage expenses</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>262,461</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>262,461</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>535,513</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Vessel operating expenses</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>7,168,597</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>7,168,597</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>6,237,576</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Drydocking expenses</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>917,200</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Amortization and depreciation</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>6,886,703</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>5,680,610</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>4,701,556</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Impairment loss / net loss on sale of vessels</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>25,113,364</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>25,113,364</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>8,959,321</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Management fees</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>1,265,760</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>1,265,760</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>1,366,947</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Other general and administrative expenses</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>772,561</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>772,561</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>792,067</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial"><B>Total operating expenses</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right><B>41,469,446</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>41,180,553</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>22,592,980</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial"><B>Operating loss</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right><B>(17,902,970)</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>(17,614,077)</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>(6,134,657)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial"><B>Other income/(expenses)</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Interest and finance cost </P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>(619,077)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(619,077)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(409,420)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Change in fair value of derivatives </P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>(3,364,429)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(3,364,429)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>(9,827,627)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Realized and unrealized loss on trading securities </P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(1,478,023)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(1,478,023)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(115,751)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Foreign exchange loss</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>24,164</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>24,164</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>12,575</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Interest income</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>783,159</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>783,159</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>170,805</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right>Dividend income</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right>41,510</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>41,510</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right><B>Other expenses, net</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; font-family:Arial" align=right><B>(4,612,696)</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>(4,612,696)</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>(10,169,418)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=222><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=222><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Net loss</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>(22,515,666)</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>(22,226,773)</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>(16,304,075)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=bottom width=222><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Loss per share, basic</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=114><P style="margin:0pt; font-family:Arial" align=right>(0.74)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>(0.73)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>(0.53)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=222><P style="margin:0pt; font-family:Arial">Weighted average number of shares, basic </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=114><P style="margin:0pt; font-family:Arial" align=right>30,520,584</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>30,520,584</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>30,813,960</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=222><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Loss per share, diluted</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=114><P style="margin:0pt; font-family:Arial" align=right>(0.74)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>(0.73)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>(0.53)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=222><P style="margin:0pt; font-family:Arial">Weighted average number of shares, diluted</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=114><P style="margin:0pt; font-family:Arial" align=right>30,520,584</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>30,520,584</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Arial" align=right>30,813,960</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial; page-break-before:always" align=center><B>Euroseas Ltd.</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Consolidated Condensed Balance Sheet</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>(All amounts expressed in U.S. Dollars)</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=216></TD><TD width=90></TD><TD width=90></TD><TD width=81></TD></TR>
<TR><TD style="background-color:#000000" valign=bottom width=288><P style="margin:0pt; font-family:Arial; font-size:9pt; color:#FFFFFF"><FONT COLOR=#FFFFFF>&nbsp;</FONT></P>
</TD><TD style="background-color:#000000" valign=bottom width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#FFFFFF" align=center><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31,<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008</B></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt; color:#FFFFFF" align=center><B>(as originally reported under the deferral method)</B></P>
</TD><TD style="background-color:#000000" valign=bottom width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#FFFFFF" align=center><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31,<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008</B></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt; color:#FFFFFF" align=center><B>(as adjusted under the direct &nbsp;expense method)</B></P>
</TD><TD style="background-color:#000000" valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#FFFFFF" align=center><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#FFFFFF" align=center><B>&nbsp;&nbsp;December 31,<BR>
 2009</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><FONT COLOR=#000000>&nbsp;(unaudited)</FONT></P>
</TD><TD valign=bottom width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;(unaudited)</P>
</TD><TD valign=bottom width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;(unaudited)</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>ASSETS</B></P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Current Assets:</B></P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>73,851,191 </P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>73,851,191 </P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>40,984,549 </P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,233,895</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,233,895</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,650,713</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Other receivables, net </P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,439,628</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,439,628</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>239,656</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Due from related company </P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>4,678,750</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>4,678,750</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Inventories </P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,011,973</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,011,973</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,869,238</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,181,264</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,181,264</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,191,230</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Other deposits</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>12,376,119</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Vessels held for sale</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>6,067,020</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>6,067,020</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Trading securities</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>771,727</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>771,727</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>436,598</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Derivatives</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>61,670</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>61,670</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>241,102</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>241,102</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>185,137</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total current assets</B></P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>92,538,220</B></P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>92,538,220</B></P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>58,933,240</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Fixed assets:</B></P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Vessels, net</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>231,963,606</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>231,963,606</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>257,270,824</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Advances for vessel acquisition</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,821,798</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,821,798</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Long-term assets:</B></P>
</TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=108><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash</P>
</TD><TD valign=bottom width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>4,800,000</P>
</TD><TD valign=bottom width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>4,800,000</P>
</TD><TD valign=bottom width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>6,500,000</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Deferred charges, net</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>7,771,342</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>373,702</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>327,694</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; padding-left:21.6pt; text-indent:-21.6pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Derivatives</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>68,038</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>68,038</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>386,536</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; padding-left:21.6pt; text-indent:-21.6pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Fair value of above market time charter acquired</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,653,422</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,653,422</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total long-term assets</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>248,078,206</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>240,680,566</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>264,485,054</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total assets</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>340,616,426</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>333,218,786</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>323,418,294</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>LIABILITIES AND SHAREHOLDERS' EQUITY</B></P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Current liabilities:</B></P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Long term debt, current portion</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>12,450,000</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>12,450,000</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>14,030,000</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,283,488</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,283,488</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,843,182</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,206,466</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,206,466</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,060,326</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Accrued dividends</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>116,750</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>116,750</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>46,750</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>4,533,601</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>4,533,601</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,247,782</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; padding-left:21.6pt; text-indent:-21.6pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Derivatives</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>827,210</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>827,210</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>10,799,132</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; padding-left:21.6pt; text-indent:-21.6pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Due to related company</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,416,380</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total current liabilities</B></P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>21,417,515</B></P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>21,417,515</B></P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>30,443,552</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Long-term liabilities:</B></P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Long term debt, net of current portion</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>43,565,000</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>43,565,000</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>57,485,000</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; padding-left:21.6pt; text-indent:-21.6pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Derivatives</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,700,028</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,700,028</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>611,852</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; padding-left:21.6pt; text-indent:-21.6pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Fair value of below market time charter acquired</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>8,704,811</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>8,704,811</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>3,424,627</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total long-term liabilities</B></P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>54,969,839</B></P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>54,969,839</B></P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>61,521,479</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Total liabilities</B></P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>76,387,354</B></P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>76,387,354</B></P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>91,965,031</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Shareholders' equity:</B></P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; padding-left:12.6pt; text-indent:-12.6pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Common stock (par value $0.03, 100,000,000 shares authorized, 30,575,611 and 30,849,711 fissued and outstanding)</P>
<P style="line-height:11pt; margin:0pt; padding-left:21.6pt; text-indent:-21.6pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Preferred shares (par value $0.01, 20,000,000 shares authorized, no shares issued and outstanding)</P>
</TD><TD width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>917,269</P>
</TD><TD width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>917,269</P>
</TD><TD width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>925,492</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>234,567,670</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>234,567,670</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>235,588,391</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings / (deficit)</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>28,744,133</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>21,346,493</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(5,060,620)</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>&nbsp;Total shareholders' equity</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>264,229,072</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>256,831,432</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>231,453,263</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>&nbsp;Total liabilities and shareholders' equity</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>340,616,426</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>333,218,786</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>323,418,294</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial; page-break-before:always" align=center><B>Euroseas Ltd.</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Consolidated Condensed Statements of Cash Flows</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>&nbsp;(All amounts expressed in U.S. Dollars)</B></P>
<P style="margin:0pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=207></TD><TD width=91></TD><TD width=91></TD><TD width=91></TD></TR>
<TR><TD style="background-color:#0C0C0C; border-left:0.75pt solid #000000; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=276><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#0C0C0C; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><FONT COLOR=#FFFFFF><B>&nbsp;Year Ended December 31,</B></FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=right><B>&nbsp;Year Ended December 31,</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=108><P style="margin:0pt; text-indent:28.15pt; font-family:Arial; color:#FFFFFF" align=right><B>Year Ended December 31,</B></P>
</TD></TR>
<TR><TD style="background-color:#0C0C0C; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=276><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#0C0C0C; border-bottom:0.75pt solid #000000" valign=top width=108><P style="line-height:normal; margin:0pt; font-family:Arial; color:#FFFFFF" align=right><B>&nbsp;2008 <BR>
(as originally reported under the deferral method)</B></P>
</TD><TD style="background-color:#0C0C0C; border-bottom:0.75pt solid #000000" valign=top width=108><P style="line-height:normal; margin:0pt; font-family:Arial; color:#FFFFFF" align=right><B>&nbsp;2008 <BR>
(as adjusted under the direct &nbsp;expense method)</B></P>
</TD><TD style="background-color:#0C0C0C; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=108><P style="margin:0pt; text-indent:58pt; font-family:Arial; color:#FFFFFF"><B>2009</B></P>
</TD></TR>
<TR><TD valign=top width=276><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.8pt; font-family:Arial"><FONT COLOR=#000000><B>(unaudited)</B></FONT></P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.8pt; font-family:Arial"><B>(unaudited)</B></P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.8pt; font-family:Arial"><B>(unaudited)</B></P>
</TD></TR>
<TR><TD style="border-top:0.75pt solid #000000" valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial"><B>Cash flows from operating activities:</B></P>
</TD><TD style="border-top:0.75pt solid #000000" valign=top width=108><P style="margin:1.1pt"><BR></P>
</TD><TD style="border-top:0.75pt solid #000000" valign=top width=108><P style="margin:1.1pt"><BR></P>
</TD><TD style="border-top:0.75pt solid #000000" valign=top width=108><P style="margin:1.1pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Net income / (loss)</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:33pt; font-family:Arial">23,674,018</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:33pt; font-family:Arial">21,490,910</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:26.3pt; font-family:Arial">(15,627,504)</P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin:0pt; font-family:Arial">Adjustments to reconcile net income / (loss) to net cash provided by operating activities:</P>
</TD><TD valign=top width=108><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=108><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=108><P style="margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Depreciation of vessels</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:33pt; font-family:Arial">28,284,752</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:33pt; font-family:Arial">28,284,752</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:33pt; font-family:Arial">19,092,384</P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Impairment loss / loss on sale of vessels</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:33pt; font-family:Arial">25,113,364</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:33pt; font-family:Arial">25,113,364</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">8,959,321</P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Amortization of deferred charges</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">4,031,290</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:50.5pt; font-family:Arial">85,141</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:45.5pt; font-family:Arial">110,504</P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Amortization of fair value of time charters</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial">(6,144,507)</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial">(6,144,507)</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial">(3,626,762)</P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Share-based compensation</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">1,618,484</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">1,618,484</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:45.5pt; font-family:Arial">820,189</P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Investment in trading securities, net</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(192,859)</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(192,859)</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:45.5pt; font-family:Arial">741,248</P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Loss &nbsp;/ (gain) on trading securities</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">2,312,790</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">2,312,790</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(406,118)</P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Loss on derivatives</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">3,397,530</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">3,397,530</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">7,626,918</P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Changes in operating assets and liabilities</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial">(7,811,121)</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial">(1,681,864)</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial">(9,852,520)</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial"><B><I>Net cash provided by operating activities</I></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:33pt; font-family:Arial"><B>74,283,741</B></P>
</TD><TD style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:33pt; font-family:Arial"><B>74,283,741</B></P>
</TD><TD style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial"><B>7,837,660</B></P>
</TD></TR>
<TR><TD valign=top width=276><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="line-height:9pt; margin:0pt"><BR></P>
</TD><TD valign=top width=108><P style="line-height:9pt; margin:0pt"><BR></P>
</TD><TD valign=top width=108><P style="line-height:9pt; margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial"><B>Cash flows from investing activities:</B></P>
</TD><TD valign=top width=108><P style="margin:1.1pt"><BR></P>
</TD><TD valign=top width=108><P style="margin:1.1pt"><BR></P>
</TD><TD valign=top width=108><P style="margin:1.1pt"><BR></P>
</TD><A NAME="OLE_LINK1"></A></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Purchase of vessels </P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:26.3pt; font-family:Arial">(43,582,320)</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:26.3pt; font-family:Arial">(43,582,320)</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:26.3pt; font-family:Arial">(62,224,639)</P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Advances for vessel acquisition</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial">(1,821,798)</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:31.3pt; font-family:Arial">(1,821,798)</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:74.65pt; font-family:Arial">-</P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Insurance proceeds</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:74.65pt; font-family:Arial">-</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:74.65pt; font-family:Arial">-</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:45.5pt; font-family:Arial">667,839</P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Change in restricted cash</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(741,385)</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(741,385)</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(709,966)</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Proceeds from sale of vessels</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:74.65pt; font-family:Arial">-</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:74.65pt; font-family:Arial">-</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:33pt; font-family:Arial">16,668,001</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial"><B><I>Net cash (used in) investing activities</I></B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:26.3pt; font-family:Arial"><B>(46,145,503)</B></P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:26.3pt; font-family:Arial"><B>(46,145,503)</B></P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:26.3pt; font-family:Arial"><B>(45,598,765)</B></P>
</TD></TR>
<TR><TD valign=top width=276><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=108><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=108><P style="margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial"><B>Cash flows from financing activities:</B></P>
</TD><TD valign=top width=108><P style="margin:1.1pt"><BR></P>
</TD><TD valign=top width=108><P style="margin:1.1pt"><BR></P>
</TD><TD valign=top width=108><P style="margin:1.1pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Issuance of share capital </P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:55.5pt; font-family:Arial">5,030</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:55.5pt; font-family:Arial">5,030</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:55.5pt; font-family:Arial">4,023</P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Net proceeds from shares issued </P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">1,805,892</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial">1,805,892</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:45.5pt; font-family:Arial">645,242</P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Dividends paid</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:26.3pt; font-family:Arial">(34,547,949)</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:26.3pt; font-family:Arial">(34,547,949)</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:26.3pt; font-family:Arial">(10,849,609)</P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Loan arrangement fees paid</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:74.65pt; font-family:Arial">-</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:74.65pt; font-family:Arial">-</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(208,000)</P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Offering expenses paid</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(110,340)</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(110,340)</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38.8pt; font-family:Arial">(197,193)</P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Proceeds from long-term debt</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:74.65pt; font-family:Arial">-</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:74.65pt; font-family:Arial">-</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:33pt; font-family:Arial">33,000,000</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Repayment of long-term debt</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:26.3pt; font-family:Arial">(25,575,000)</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:26.3pt; font-family:Arial">(25,575,000)</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:26.3pt; font-family:Arial">(17,500,000)</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial"><B><I>Net cash provided by/( used in) financing activities</I></B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:26.3pt; font-family:Arial"><B>(58,422,367)</B></P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:26.3pt; font-family:Arial"><B>(58,422,367)</B></P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:38pt; font-family:Arial"><B>4,894,463</B></P>
</TD></TR>
<TR><TD valign=top width=276><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=108><P style="line-height:8pt; margin:0pt"><BR></P>
</TD><TD valign=top width=108><P style="line-height:8pt; margin:0pt"><BR></P>
</TD><TD valign=top width=108><P style="line-height:8pt; margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial">Net decrease in cash and cash equivalents</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:26.3pt; font-family:Arial">(30,284,129)</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:26.3pt; font-family:Arial">(30,284,129)</P>
</TD><TD valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:26.3pt; font-family:Arial">(32,866,642)</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=276><P style="margin:0pt; font-family:Arial">Cash and cash equivalents at beginning of year</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; text-indent:28pt; font-family:Arial">104,135,320</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=108><P style="margin:0pt; text-indent:28pt; font-family:Arial">104,135,320</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=108><P style="margin:0pt; text-indent:33pt; font-family:Arial">73,851,191</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=276><P style="margin-top:1.1pt; margin-bottom:1.1pt; font-family:Arial"><B>Cash and cash equivalents at end of year</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:33pt; font-family:Arial"><B>73,851,191</B></P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:33pt; font-family:Arial"><B>73,851,191</B></P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=108><P style="margin-top:1.1pt; margin-bottom:1.1pt; text-indent:33pt; font-family:Arial"><B>40,984,549</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial; page-break-before:always" align=center><B>Euroseas Ltd.</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Reconciliation of Adjusted EBITDA to </B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Net Income / (Loss) and Cash Flow Provided By / (Used in) Operating Activities </B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>(All amounts expressed in U.S. Dollars)</B></P>
<P style="margin:0pt" align=center><BR></P>


<TABLE style="font-size:10pt" cellspacing=0 align=center>

<TR><TD width=224></TD><TD width=120></TD><TD width=120></TD><TD width=120></TD></TR>

<TR>
<TD style="background-color:#0C0C0C; border-left:3pt double #000000; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=224><P style="margin:0pt; font-family:Arial; color:#FFFFFF"><FONT COLOR=#FFFFFF>&nbsp;</FONT></P>
</TD>
<TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>December 31, 2008</B></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt; color:#FFFFFF" align=center><B>(as originally reported under the deferral method)</B></P>
</TD>
<TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>December 31, 2008</B></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt; color:#FFFFFF" align=center><B>(as adjusted under the direct &nbsp;expense method)</B></P>
</TD>
<TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>December 31, 2009</B></P>
</TD>

</TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=224><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><FONT COLOR=#000000><B>Net loss</B></FONT></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right><BR>
(22,515,666)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(22,226,773)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(16,304,075)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=224><P style="margin:0pt; font-family:Arial">Interest and finance costs, net (incl. interest income)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=right>
(164,082)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=bottom width=120<P style="margin:0pt; font-family:Arial" align=right></P>
<P style="margin:0pt; font-family:Arial" align=right>(164,082)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=bottom width=120><P style="margin:0pt; font-family:Arial" align=center></P>
<P style="margin:0pt; font-family:Arial" align=right>238,615</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=224><P style="margin:0pt; font-family:Arial">Depreciation, amortization of deferred charges and impairment loss</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right><BR>
32,000,067</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right><BR>30,793,974</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right><BR>4,701,556</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=224><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Loss from vessel sales</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>8,959,321</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=224><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Loss on derivatives, net</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>3,364,429</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>3,364,429</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>5,358,850</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=center width=224><P style="margin:0pt; font-family:Arial">Amortization of deferred revenue of below market time charter acquired</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=center width=120><P style="margin:0pt; font-family:Arial" align=right><BR>
<BR>
(1,077,768)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=center width=120><P style="margin:0pt; font-family:Arial" align=right><BR><BR>
(1,077,768)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(2,533,811)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=center width=224><P style="margin:0pt; font-family:Arial">Amortization of deferred revenue of above market time charter acquired</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>737,773</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>737,773</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=224><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Adjusted EBITDA</B></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right><BR>
<B>12,344,753</B></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><BR><P style="margin:0pt; font-family:Arial" align=right><B>11,427,553</B></P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><BR><P style="margin:0pt; font-family:Arial" align=right><B>420,456</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=131.65></TD><TD width=91.35></TD><TD width=89.7></TD><TD width=100.5></TD></TR>
<TR><TD style="background-color:#0C0C0C; border-left:3pt double #000000; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt; font-family:Arial; color:#3F3F3F"><FONT COLOR=#3F3F3F>&nbsp;</FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=121.8><P style="margin:0pt; font-family:Arial" align=center><FONT COLOR=#FFFFFF><B>Three Months Ended</B></FONT></P>
<P style="margin:0pt; font-family:Arial" align=center><FONT COLOR =#FFFFFF><B>December 31, 2008</B></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt; color:#FFFFFF" align=center><FONT COLOR=#FFFFFF><B>(as originally reported under the deferral method)</B></FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.6><P style="margin:0pt; font-family:Arial" align=center><FONT COLOR=#FFFFFF><B>Three Months Ended</B></FONT></P>
<P style="margin:0pt; font-family:Arial" align=center><FONT COLOR=#FFFFFF><B>December 31, 2008</B></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt; color:#FFFFFF" align=center><FONT COLOR=#FFFFFF><B>(as adjusted under the direct &nbsp;expense method)</B></FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=134><P style="margin:0pt; font-family:Arial" align=center><FONT COLOR=#FFFFFF><B>Three Months Ended</B></FONT></P>
<P style="margin:0pt; font-family:Arial" align=center><FONT COLOR=#FFFFFF><B>December 31, &nbsp;2009</B></P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt; font-family:Arial"><B>Net cash flow provided by / (used in) operating activities </B></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=121.8><P style="margin:0pt; font-family:Arial" align=right><BR>
13,690,216</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.6><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>13,690,216</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=134><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(3,657,862)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt; font-family:Arial">Changes in operating assets / liabilities</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=121.8><P style="margin:0pt; font-family:Arial" align=right><BR>
335,043</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.6><P style="margin:0pt; font-family:Arial" align=right><BR>
(582,157)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=134><P style="margin:0pt; font-family:Arial" align=right></P>
<P style="margin:0pt; font-family:Arial" align=right>3,732,063</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt; font-family:Arial">Loss on interest rate derivatives (realized)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=121.8><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>77,105</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.6><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>77,105</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=134><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>371,953</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt; font-family:Arial">Loss on trading securities, net</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=121.8><P style="margin:0pt; font-family:Arial" align=right><BR>
(1,478,022)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.6><P style="margin:0pt; font-family:Arial" align=right><BR>
(1,478,022)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=134><P style="margin:0pt; font-family:Arial" align=right><BR>
(115,752)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt; font-family:Arial">Investment in trading securities, net</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=121.8><P style="margin:0pt; font-family:Arial" align=right><BR>
130,814</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.6><P style="margin:0pt; font-family:Arial" align=right><BR>
130,814</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=134><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt; font-family:Arial">Share-based compensation</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=121.8><P style="margin:0pt; font-family:Arial" align=right><BR>
(225,661)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.6><P style="margin:0pt; font-family:Arial" align=right><BR>
(225,661)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=134><P style="margin:0pt; font-family:Arial" align=right><BR>
(110,475)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt; font-family:Arial"><BR>
Interest, net</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=121.8><P style="margin:0pt; font-family:Arial" align=right><BR>
(184,742)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.6><P style="margin:0pt; font-family:Arial" align=right><BR>
(184,742)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=134><P style="margin:0pt; font-family:Arial" align=right><BR>
200,529</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Adjusted EBITDA</B></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=121.8><P style="margin:0pt; font-family:Arial" align=right><B>12,344,753</B></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.6><P style="margin:0pt; font-family:Arial" align=right><B>11,427,553</B></P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=134><P style="margin:0pt; font-family:Arial" align=right><B>420,456</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=131.15></TD><TD width=83.55></TD><TD width=89.85></TD><TD width=107.7></TD></TR>
<TR><TD style="background-color:#0C0C0C; border-left:3pt double #000000; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=174.867><P style="margin:0pt; font-family:Arial; color:#FFFFFF"><FONT COLOR=#FFFFFF>&nbsp;</FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=111.4><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Year Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>December 31, 2008</B></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt; color:#FFFFFF" align=center><B>(as originally reported under the deferral method)</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.8><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Year Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>December 31, 2008</B></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt; color:#FFFFFF" align=center><B>(as adjusted under the direct &nbsp;expense method)</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=143.6><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Year Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>December 31, 2009</B></P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=174.867><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><FONT COLOR=#000000><B>Net income / (loss)</B></FONT></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=111.4><P style="margin:0pt; font-family:Arial" align=right><BR>
23,674,018</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.8><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>21,490,910</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=143.6><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(15,627,504)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=174.867><P style="margin:0pt; font-family:Arial">Interest and finance costs, net (incl. interest income)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=111.4><P style="margin:0pt; font-family:Arial" align=right><BR>
(237,764)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.8><P style="margin:0pt; font-family:Arial" align=right></P>
<P style="margin:0pt; font-family:Arial" align=right><BR>(237,764)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=143.6><P style="margin:0pt; font-family:Arial" align=center></P>
<P style="margin:0pt; font-family:Arial" align=right><BR>314,320</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=174.867><P style="margin:0pt; font-family:Arial">Depreciation, amortization of deferred charges and impairment loss</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=111.4><P style="margin:0pt; font-family:Arial" align=right><BR>
57,344,265</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.8><P style="margin:0pt; font-family:Arial" align=right><BR>53,398,116</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=143.6><P style="margin:0pt; font-family:Arial" align=right><BR>19,092,384</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=174.867><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Loss from vessel sales</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=111.4><P style="margin:0pt; font-family:Arial" align=right><BR>
- -</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.8><P style="margin:0pt; font-family:Arial" align=right><BR>-</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=143.6><P style="margin:0pt; font-family:Arial" align=right><BR>8,959,321</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=174.867><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Loss on derivatives, net</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=111.4><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>3,474,635</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.8><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>3,474,635</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=143.6><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>8,303,930</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=174.867><P style="margin:0pt; font-family:Arial">Amortization of deferred revenue of below market time charter acquired</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=111.4><P style="margin:0pt; font-family:Arial" align=right><BR>
<BR>
(9,095,599)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.8><P style="margin:0pt; font-family:Arial" align=right><BR>
<BR>
(9,095,599)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=143.6><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(5,280,184)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=174.867><P style="margin:0pt; font-family:Arial">Amortization of deferred revenue of above market time charter acquired</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=111.4><P style="margin:0pt; font-family:Arial" align=right><BR>
<BR>
2,951,092</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.8><P style="margin:0pt; font-family:Arial" align=right><BR>
<BR>
2,951,092</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=143.6><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>1,653,422</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=174.867><P style="margin:0pt; font-family:Arial"><B>Adjusted EBITDA</B></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=111.4><P style="margin:0pt; font-family:Arial" align=right><B>78,110,647</B></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=119.8><P style="margin:0pt; font-family:Arial" align=right><B>71,981,390</B></P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=143.6><P style="margin:0pt; font-family:Arial" align=right><B>17,415,689</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=131.65></TD><TD width=90.35></TD><TD width=92.05></TD><TD width=106.9></TD></TR>
<TR><TD style="background-color:#0C0C0C; border-left:3pt double #000000; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt; font-family:Arial; color:#3F3F3F"><FONT COLOR=#3F3F3F>&nbsp;</FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120.467><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><FONT COLOR=#FFFFFF><B>Year Ended</B></FONT></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>December 31, 2008</B></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt; color:#FFFFFF" align=center><B>(as originally reported under the deferral method)</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=122.733><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Year Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>December 31, 2008</B></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt; color:#FFFFFF" align=center><B>(as adjusted under the direct &nbsp;expense method)</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=142.533><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Year Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>December 31, 2009</B></P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt; font-family:Arial"><FONT COLOR=#000000><B>Net cash flow provided by operating activities </B></FONT></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120.467><P style="margin:0pt; font-family:Arial" align=right><BR>
74,283,741</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=122.733><P style="margin:0pt; font-family:Arial" align=right><BR>
74,283,741</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=142.533><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; text-indent:3.9pt; font-family:Arial" align=right>7,837,660</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Changes in operating assets / liabilities</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120.467><P style="margin:0pt; font-family:Arial" align=right></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>7,811,121 </P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=122.733><P style="margin:0pt; font-family:Arial" align=right></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>1,681,864 </P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=142.533><P style="margin:0pt; font-family:Arial" align=right></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>9,852,520</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt; font-family:Arial">Loss on interest rate derivatives (realized)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120.467><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>77,105</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=122.733><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>77,105</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=142.533><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>677,011</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">(Loss) / gain on trading securities, net</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120.467><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(2,312,790)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=122.733><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(2,312,790)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=142.533><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>406,118</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Investment in trading securities, net</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120.467><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>192,859</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=122.733><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>192,859</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=142.533><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(741,248)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Share-based compensation</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120.467><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(1,618,484)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=122.733><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(1,618,484)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=142.533><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(820,189)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Interest, net</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120.467><P style="margin:0pt; font-family:Arial" align=right><BR>
(322,905)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=122.733><P style="margin:0pt; font-family:Arial" align=right><BR>
(322,905)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=142.533><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>203,817</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=175.533><P style="margin:0pt; font-family:Arial"><B>Adjusted EBITDA</B></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120.467><P style="margin:0pt; font-family:Arial" align=right><B>78,110,647</B></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=122.733><P style="margin:0pt; font-family:Arial" align=right><B>71,981,390</B></P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=142.533><P style="margin:0pt; font-family:Arial" align=right><B>17,415,689</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial; page-break-before:always" align=center>&nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>EBITDA Reconciliation:</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>Euroseas Ltd. considers Adjusted EBITDA to represent net earnings / loss before interest, taxes, depreciation, impairment loss, loss from sale of vessels, amortization of deferred charges, amortization of fair value from above or below market time charters acquired and gain or loss on derivatives. Adjusted EBITDA does not represent and should not be considered as an alternative to net income / loss or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and our calculation of Adjusted EBITDA may not be comparable to that reported by other companies. Adjusted EBITDA is included herein because it is a basis upon which we assess our liquidity position and because we believe that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness. The Company&#146;s definition of Adjusted EBITDA may not be the same as that used by other companies in the sh
ipping or other industries.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial; page-break-before:always" align=center><B>Euroseas Ltd.</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Reconciliation to Net Income / (Loss) Excluding the Effect from Unrealized Loss on Derivatives, Unrealized Loss on Trading Securities, Impairment Loss, Loss on Sale of Vessels, Amortization of the &nbsp;Fair Value of Charters Acquired to Net Income / (Loss) </B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>(All amounts expressed in U.S. Dollars &#150; except share data and per share amounts)</B></P>
<P style="margin:0pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=167.4></TD><TD width=90></TD><TD width=90></TD><TD width=90></TD></TR>
<TR><TD style="background-color:#0C0C0C; border-left:3pt double #000000; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt; font-family:Arial; color:#FFFFFF"><FONT COLOR=#FFFFFF>&nbsp;</FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>December 31, 2008</B></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt; color:#FFFFFF" align=center><B>(as originally reported under the deferral method)</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>December 31, 2008</B></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt; color:#FFFFFF" align=center><B>(as adjusted under the direct &nbsp;expense method)</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>December 31, 2009</B></P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><FONT COLOR=#000000><B>Net loss</B></FONT></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(22,515,666)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(22,226,773)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(16,304,075)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Unrealized loss on derivatives, net</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>3,287,324</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>3,287,324</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>4,986,897</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt; font-family:Arial">Unrealized loss on trading securities</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>1,436,513</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>1,436,513</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; padding-left:3.6pt; font-family:Arial" align=right>115,751</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Impairment loss</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>25,113,364</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>25,113,364</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; padding-left:3.6pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Loss from vessel sales</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; padding-left:3.6pt; font-family:Arial" align=right>8,959,321</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt; font-family:Arial">Amortization of deferred revenue of below market time charter acquired</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(1,077,768)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(1,077,768)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(2,533,811)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt; font-family:Arial">Amortization of deferred revenue of above market time charter acquired</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>737,773</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>737,773</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt; font-family:Arial"><B>Net income / (loss) excluding &nbsp;unrealized loss on derivatives, unrealized loss on trading securities, impairment loss, loss from vessel sales, amortization of the fair value of charters acquired </B></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;</B></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>6,981,540</B></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;</B></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>7,270,433</B></P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;</B></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>(4,775,917)</B></P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt; font-family:Arial">Net income / (loss) per share excluding &nbsp;unrealized loss on derivatives, unrealized loss on trading securities, impairment loss, loss from vessel sales, amortization of the fair value of charters acquired, basic</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>0.23</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>0.24</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(0.15)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt; font-family:Arial">Weighted average number of shares, basic </P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>30,520,584</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>30,520,584</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>30,813,960</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt; font-family:Arial">Net income / (loss) per share excluding &nbsp;unrealized loss on derivatives, unrealized loss on trading securities, impairment loss, loss from vessel sales, amortization of the fair value of charters acquired, diluted</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>0.23</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>0.24</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(0.15)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt; font-family:Arial">Weighted average number of shares, diluted</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>30,534,713</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>30,534,713</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>30,813,960</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=167.4></TD><TD width=90></TD><TD width=90></TD><TD width=90></TD></TR>
<TR><TD style="background-color:#0C0C0C; border-left:3pt double #000000; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt; font-family:Arial; color:#FFFFFF"><FONT COLOR=#FFFFFF>&nbsp;</FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Year &nbsp;Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>December 31, 2008</B></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt; color:#FFFFFF" align=center><B>(as originally reported under the deferral method)</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Year Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>December 31, 2008</B></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt; color:#FFFFFF" align=center><B>(as adjusted under the direct &nbsp;expense method)</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:3pt double #000000; border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Year Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>December 31, 2009</B></P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><FONT COLOR=#000000><B>Net income / (loss)</B></FONT></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>23,674,018</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>21,490,910</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(15,627,504)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Unrealized loss on derivatives</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>3,397,530</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>3,397,530</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>7,626,919</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Unrealized loss on trading securities</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>1,997,524</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; padding-left:3.6pt; font-family:Arial" align=right>1,997,524</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; padding-left:3.6pt; font-family:Arial" align=right>5,325</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Impairment loss</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>25,113,364</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>25,113,364</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; padding-left:3.6pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Loss from vessel sales</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; padding-left:3.6pt; font-family:Arial" align=right>8,959,321</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Amortization of deferred revenue of below market time charter acquired</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=center width=120> <P style="margin:0pt; font-family:Arial" align=right>(9,095,599)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=center width=120>
<P style="margin:0pt; font-family:Arial" align=right>(9,095,599)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=center width=120>
<P style="margin:0pt; font-family:Arial" align=right>(5,280,184)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Amortization of deferred revenue of above market time charter acquired</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=center width=120><P style="margin:0pt" align=right><P style="margin:0pt; font-family:Arial" align=right>2,951,092</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=center width=120><P style="margin:0pt" align=right><P style="margin:0pt; font-family:Arial" align=right>2,951,092</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=center width=120><P style="margin:0pt" align=right><P style="margin:0pt; font-family:Arial" align=right>1,653,422</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Net income / (loss) excluding &nbsp;unrealized loss on derivatives, unrealized loss on trading securities, impairment loss, loss from vessel sales, amortization of the fair value of charters acquired </B></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;</B></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>48,037,929</B></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;</B></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>45,854,821</B></P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;</B></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>(2,662,701)</B></P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Net income / (loss) per share excluding &nbsp;unrealized loss on derivatives, unrealized loss on trading securities, impairment loss, loss from vessel sales, amortization of the fair value of charters acquired, basic</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>1.58</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>1.51</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(0.09)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Weighted average number of shares, basic </P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>30,437,107</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>30,437,107</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>30,648,991</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">Net income / (loss) per share excluding &nbsp;unrealized loss on derivatives, unrealized loss on trading securities, impairment loss, loss from vessel sales, amortization of the fair value of charters acquired, diluted</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>1.57</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>1.50</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(0.09)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=223.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Net income / (loss) excluding &nbsp;unrealized loss on derivatives, unrealized loss on trading securities, impairment loss, loss from vessel sales, amortization of the fair value of charters acquired </B></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>30,505,476</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>30,505,476</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>30,648,991</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Arial" align=justify><B>About Euroseas Ltd. </B></P>
<P style="margin:0pt; font-family:Arial" align=justify>Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 136 years. Euroseas trades on the NASDAQ Global Select Market under the ticker ESEA. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas&#146; operations are managed by Eurobulk Ltd., an ISO 9001:2000 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>The Company has a fleet of 15 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 2 Intermediate containership, 5 Handysize containerships, 2 Feeder containerships and a multipurpose dry cargo vessel. Euroseas` 5 drybulk carriers have a total cargo capacity of 331,808 dwt, its 9 containerships have a cargo capacity of 15,779 teu and its multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR>
<B>Forward Looking Statement</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company&#146;s growth strategy and measures to implement such strategy; including our expected joint venture and vessel acquisitions and time charters. Words such as &#147;expects,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;believes,&#148; &#147;anticipates,&#148; &#147;hopes,&#148; &#147;estimates,&#148; and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently
 subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for drybulk vessels and containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company&#146;s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company&#146;s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.</P>
<P style="margin:0pt; font-family:Arial" align=center><BR>
<B>Visit our website www.euroseas.gr</B></P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=221.4></TD><TD width=221.4></TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>Company Contact</B></P>
</TD><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>Investor Relations / Financial Media</B></P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">Tasos Aslidis</P>
<P style="margin:0pt; font-family:Arial">Chief Financial Officer</P>
<P style="margin:0pt; font-family:Arial">Euroseas Ltd.</P>
<P style="margin:0pt; font-family:Arial">11 Canterbury Lane,</P>
<P style="margin:0pt; font-family:Arial">Watchung, NJ 07069</P>
<P style="margin:0pt; font-family:Arial">Tel. (908) 301-9091</P>
<P style="margin:0pt; font-family:Arial">E-mail: aha@euroseas.gr</P>
</TD><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">Nicolas Bornozis</P>
<P style="margin:0pt; font-family:Arial">President</P>
<P style="margin:0pt; font-family:Arial">Capital Link, Inc.</P>
<P style="margin:0pt; font-family:Arial">230 Park Avenue, Suite 1536</P>
<P style="margin:0pt; font-family:Arial">New York, NY 10169</P>
<P style="margin:0pt; font-family:Arial">Tel. (212) 661-7566</P>
<P style="margin:0pt; font-family:Arial">E-mail: nbornozis@capitallink.com</P>
</TD></TR>
</TABLE>
<P style="line-height:10pt; margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt; page-break-before:always" align=center><FONT FACE="Times New Roman">SIGNATURES</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUROSEAS LTD.</P>
<P style="line-height:13pt; margin:0pt; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(registrant)</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; font-size:11pt">Dated: &nbsp;March 1, 2010 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="line-height:13pt; margin:0pt; text-indent:183.2pt; font-size:11pt">&nbsp;By: /s/ Aristides J. Pittas</P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="line-height:13pt; margin:0pt; text-indent:229pt; font-size:11pt">&nbsp;---------------------------------</P>
<P style="line-height:13pt; margin:0pt; text-indent:229pt; font-size:11pt">&nbsp;Aristides J. Pittas</P>
<P style="line-height:13pt; margin:0pt; text-indent:229pt; font-size:11pt">&nbsp;President</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
</DIV></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>f030110esea6k002.gif
<TEXT>
begin 644 f030110esea6k002.gif
M1TE&.#EA%@%Z`/<`````````,P``9@``F0``S```_P`S```S,P`S9@`SF0`S
MS``S_P!F``!F,P!F9@!FF0!FS`!F_P"9``"9,P"99@"9F0"9S`"9_P#,``#,
M,P#,9@#,F0#,S`#,_P#_``#_,P#_9@#_F0#_S`#__S,``#,`,S,`9C,`F3,`
MS#,`_S,S`#,S,S,S9C,SF3,SS#,S_S-F`#-F,S-F9C-FF3-FS#-F_S.9`#.9
M,S.99C.9F3.9S#.9_S/,`#/,,S/,9C/,F3/,S#/,_S/_`#/_,S/_9C/_F3/_
MS#/__V8``&8`,V8`9F8`F68`S&8`_V8S`&8S,V8S9F8SF68SS&8S_V9F`&9F
M,V9F9F9FF69FS&9F_V:9`&:9,V:99F:9F6:9S&:9_V;,`&;,,V;,9F;,F6;,
MS&;,_V;_`&;_,V;_9F;_F6;_S&;__YD``)D`,YD`9ID`F9D`S)D`_YDS`)DS
M,YDS9IDSF9DSS)DS_YEF`)EF,YEF9IEFF9EFS)EF_YF9`)F9,YF99IF9F9F9
MS)F9_YG,`)G,,YG,9IG,F9G,S)G,_YG_`)G_,YG_9IG_F9G_S)G__\P``,P`
M,\P`9LP`F<P`S,P`_\PS`,PS,\PS9LPSF<PSS,PS_\QF`,QF,\QF9LQFF<QF
MS,QF_\R9`,R9,\R99LR9F<R9S,R9_\S,`,S,,\S,9LS,F<S,S,S,_\S_`,S_
M,\S_9LS_F<S_S,S___\``/\`,_\`9O\`F?\`S/\`__\S`/\S,_\S9O\SF?\S
MS/\S__]F`/]F,_]F9O]FF?]FS/]F__^9`/^9,_^99O^9F?^9S/^9___,`/_,
M,__,9O_,F?_,S/_,____`/__,___9O__F?__S/___P```!`0$"`@(#`P,$!`
M0%!04&!@8'!P<("`@)"0D*"@H+"PL,#`P-#0T.#@X/#P\/___P``````````
M````````````````````````````````````````````````````````````
M`````````````````````"P`````%@%Z```(_P#1H4.'#ATZ=.C0H4-W[=JU
M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:^BN7;MV[=JU:]>N7;MV#=VU
M:]>N7;MV[=JU:]>N7;MV[=JU:]>N73MW[=JU:]>N7;MV[=JU:]>N7;MV[=JU
M:]>N7;MV[1JZ:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=HU=.C0H;MV[=JU
M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU
M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU
M:]>N7;MV[=JU:]>N7?^[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:
MM6O77'/--==<<\TUUUQSS3777'/--=>@@PXZZ*"##CKHH(,..NB@@PXZYUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777(/.-==<<\TUUUQS
MS3777(/.-==<<\TUUUQSS3777'/--==<<\TUUUQSS37H7'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777',-.M=<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--=><@PXZZ%QSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUS_
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777',-.NB@@PXZZ*"##CKHH(,..NB@@PXZUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS377H'/--==<<\TUUUQSS377G'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQS#3K77'/--==<_W/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSSC777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
MH(/..==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS34`N7;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M
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M.NB@@PXZZ*"##CKHH(,..NB@@PY`T%V[=NW:M6O7KEV[=NW:M6O7KEV[=NW:
MM6O7KEV[=NW:M6O7KEV[=NW:M6OGKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:
MM6OHKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEU#=^W:M6O7KEV[_W;M
MVK5KUZY=NW;MVK5KUZY=NX8.W;5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M
MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M
MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M
MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUUQSS37H
MH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQS#?\ZUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TYUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUZ"#SC777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS#3KHH'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\W_-==<<\TUUUQSS3777'/--==<<\TYZ*"##CKHH(,.
M.NB@@PXZZ*"##CKG7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/-->B@<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M->A<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<PTZUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TYZ*"##CK77'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M_S777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--0"Y=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[
M=NW:M6O7KEV[=NW:M6O7KEV[=@T=.G3HT*%#APX=.G3HT*%#APX=NFO7KEV[
M=NW:M6O7KEV[=NW:M6O7KEV[=@W=M6O7KEV[=NW:M6O7KEV[=NW:M6OGKEV[
M=NW:M6O7KEV[=NW:M6O7KEV[=NT:NFO7KEV[=NW:M6O7KEV[=NW:M6O7KEV[
M=NW:M6O7T%V[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M?]KUZZ=0X<.W;5KUZY=
MNW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=
MNW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<@PXZZ*"##CKHH(,..NB@@PXZ
MZ*"##CK77'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/-.==<<\TUUUS_<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQS#3KHG'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/-->B@<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<_W/--==<<\TUUUQSS37HH(,..NB@@PXZZ*"##CKHH(,..NB@<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--:RTPDHKUUQSS3777'/--==<<\TUUUQS
MS3777'/--=>@<\TUUUQSS3777'/--==<<\TUUYQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUR#SC777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/-->B@<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--=<`Y-JU:]>N
M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:__7KEV[=NW:M6O7
MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7
MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KIU#APX=.G3H
MT*%#APX=.G3HT)V[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KET1P*+%-737
MKEV[=NW:M6O7SEUKQ8J5($&"!`EBQ:K5M6O7KEV[=NW:M6O7KEV[=NW:M6O7
MKEV[=NW:M6O7KEV[=NW:M6O7KJ%#=^W:M6O7KEV[=NW:M6O7KEV[=NW:M6O7
MKEV[=NT:.G3HT*&[=LTUUUQSS37_UUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQS#3KHH(,..NB@@PXZZ*"##CKHH(,..M=<<\TUUUQSS3777'/-
M-==<<\TUUUQSS377M,*"``*P<`TZUUQSS3777',-*X)<(8```@@@@``""""`
M``((P$(@_X*T<LTUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777',-.M=<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<PTZZ*!S
M#CK77'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--?_77'/--==<
M@PXZZ*"##CKHH(,..NB@@PXZZ*!SS3777'/--==<<\TUUUQSS3777'/--==<
M<PTK`@@@P!777'/--==<PXH@+`@@@``""""```((((```@@@@``"""``"U<(
MT@HZUUQSS3777'/--==<<\TUUUQSS3777`.0:]>N7;MV[=JU:]>NG;MV[=JU
M:]>N7;MV[=JU:]>N7;MV[=JU:]>N74.'#ATZ=->N7;MV[=JU:]>N7;MV[=JU
M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU
M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;O_=NW:M6O7KEV[=NW:M6O7KEV[=NW:
MM6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:
MM6O7KEV[=NW:-73HT*%#APX=.G3HT*%#APX=.G3HKEV[=NW:M6O7KEV[=NW:
MM6O7KEV[=NV:(`$"!%RY=NW:-597!`@0($"```$"!`@0($"```$"!`@0($"`
M``((P,(5K:"#SC777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377H(/.
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-->B@@\XUUUQSS3777'/-
M-==<<\TUUUQS_\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777(,..NB@@PXZZ*"#
M#CKHH(,..NB@<\XUUUQSS3777'/--==<<\TUUUQSS3777'/--=<((H```@AR
M#3JM7"&```((((```@@@@``""""```((((```@@@@``""""```((P/_"%:Q<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-->B@<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUZ"##CKG7'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS37HH(/_#CKHH(,..NB@@PXZZ*"##CKH
MH'/--==<<\TUUUQS#4"N7;MV[=JU:]>N7;N&[HH``0+,70LD0(```0($"!`@
M0(```0($"!`@0(```0($"!`@0(```0($"!#``LNU:]>N7;MV[=JU:]>N7;MV
M[=JU:]>N7;N&[MJU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>NH4-W
M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV
M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV
M[=JU:]>N7;MV[=JU_VO7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[
M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=@X=.G3HH(,..NB@@PXZZ*"#
M#CKHH'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS14"""!`*^BT((```@@@
M@``""""```((((```@@@@``""""```((((```@@@@``""""```($TLHUUUQS
MS377H(,..NB@<\TUUUQSS377H'/--==<<\TUUUQSS3777'/--=<((L@UUUQS
MS3777'/--=><@PXZUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUU_]<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<PTZZ*"##CKHH(,..NB@@PXZZ*"##CK77'/--==<
M<\TUUUQSS3777'/--==<<\TUU[`@@``L7,,*"P((((```@@@@``""""``"P(
M((```K`@@``""""```((((```@@@@``""""``"S_7,'*-==<<PTZZ*"#SC77
M7'/--==<<\TUUUQSS3777'/--==<@PXZZ*`CB`""7'/--==<<\TUUUQSS377
MH'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS34`
MN7;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=
MNW8-'3ITZ-"A0X<.'3IT_^C0H3MW[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]=:
M"1`@H,4U00($"!`@0(``%BT$L6)UK=6U:]>NM6(E2-"5%@($"!`@0(```0($
M"!`@0(```2P$L;IV[1JZ:]>N7;MV[=JU:]>N7;MV[=JU:]>N74.'CA4+`0)8
M7;MV[=JU:]>N7;MV#1TZ=->N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N
M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N
M7;MV[=JU:]>N7;MV[=JU:]>N77/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS?\UUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS377H(,..NB@@PXZZ*"##CKHH(,..NB@<\TUUUQSS3777'/--==<
M<\TUUUQSS3777,.*``((<,4U@@@0@``""'"%(*R@<\TUUUQSS3777'/--==<
M<\TUK+!R10L""""```((((```@@@@``"""``"RT(PLHUUUQS#3K77'/--==<
M<\TUUUQSS377H'/--:Q@(8```@C0RC777'/--==<<\TUUUQSS3GH7'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\W_-==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS37H
MH(,..NB@@PXZZ*"##CKHH(,..M=<<\TUUUQSS3777'/--==<<\TUUZ!SS36L
M"""``(*@<X4``K00R#777'/--==<<\TUUZ!SS3777'/--==<<\TUUUS#"A8L
M"""```((((```@@@@``""!"`_P`""'"%((*P<LTUUUQSS37H7'/--==<<PTK
M@EPA0``"""``"]=<<\TUUUQSS3777'/-->B@@\XUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUP#DVK5KUZY=NW;MVK5K
MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K
MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K
MUZY=NW;MVK5KUZY=NW8-'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-!=NW;MVK5K
MUZY=N_]V[=JU:]>N7;MV[IH@`0($L+K6@@66:]>N7;MV[=JU:]>N74.'[MJU
M:]>N7;MV[=JU:]>N71/40H```0($"!`@0(```0($"!`00(``%BT""1+$BA6K
M5JQ8"1)TA84``0($"!`@X,JU:]>N7;MV[=JU:]>N74.'#MVU:]>N7;MV[=JU
M:]>N7;MVS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUS_<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777',..NB@@PXZZ*"##CKH
MH(,..NB@@PXZYUQSS3777'/--==<<\TUUUQSS3777'/--==<<X4``K#`RC6"
ML'+--==<<\TUU[3"2B!77!'(%5<(P@HKUUQSS3777'/--==<<\TUU[!R!0L"
M"""```((((```@@@@``""""```($((```@C`@@`""""```$(((```@@@@``"
M7''--==<<\TUUUQSS3777(,..NB@<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<_W/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS37HH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ
MUUQSS3777'/--==<<\TUUUQSS3777'/--2T((``+K5QSS37H7'/--:T(PH(`
M`@@@@``""""```(((``++03"2BO77',-.M=<<\TUU[1R!0L""""```((((``
M`@@@@``""/\@@``""""```((`!`!`@0($"!`@``!`@0($"#HVKEKUZY=NW;M
MVK5KUZZ=0X<.W;5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M
MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M
MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M
MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NX8.'3ITZ-"A0X<.
M'3ITZ-"A0X<.';IKUZY=NW;MVK5KUZY=NW;MVK5KUZZU8B%`0(O_:]>NH4.'
M[EH@%@($"!`@0(```0($"!`@0(```0($L&@AB-6U:]>N7;MV[1HK@0@@@``"
M"""```((((```@@@@``""""```((((```@@@@``""""```(((``KUUQSS377
M7'/--==<<\TUZ*"##CKH7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TU_]=<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TYZ*"##CKHH(,..NB@@PXZZ*"##CKHH'/--==<<\TU
MUUQSS3777'/--==<<\TUU[`B@``"7''--=>@<\TU@@@@@``""""```((((``
M`@@@@``""""```((((```K`@""OH7'/--==<TXH``@@@@``""""```((((``
M`@@@@``""""```((((```@@@@``""""```*P@LXUUUQSS3777'/--==<<PTZ
MZ*"##CK77'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--?_77'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUZ*"##CKHH(,..NB@@PXZZ*!SSC777'/--==<<\TUUUQSS3777'/-
M-==<<PU`6`D0("#0-737KET[)TB```$"!`@0($"```$"!`@0($"```$"!`@0
M($"``!976%V[=NV:(`$"!`@0($"```$"!`@0($"```$"!`@0($"```'_`@0(
M$"!`@``!+<Q=NW;MVK5KUZY=NW8-'3ITZ-"ANW;MVK5KUZY=NW;MVK5KUZY=
MNW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=
MNW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=
MNW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=
MNW;MVK5KUZY=NX8.'3ITZ-"A0X<.'3ITZ*"##CK77'/--==<<\TUUUQSS377
M7'/--==<<XT@`@@@@"#77(/.-=>@<X4``@@@_X```@@@@``""""```((((``
M`@@@@``""""```((((``5[!R#3I7"""```((((```@@@@``""""```((((``
M`@@@@``""""```((((```@C`0BO77'/--==<<\TUUUQS#3KHH(,..NA<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<__--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777',-
M.NB@@PXZZ*"##CKHH(,..NB@<\TUUUQSS3777'/--==<<\TUUUQSS3777"&`
M``*P<LTUUUQSS34L"""```((((```@@@@``""""```((((```@@@@``""""`
M``((((``5[!RA0`""""```((((```@@@@``""""```((((```@@@@``""""`
M``((((``5UQSS3777'/--==<<\TUZ)R##CKHH'/.-==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/_
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--0"Y=NW:M6O7
MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEU#APX=.G3HT*%#APX=.G3H
MT*&[=NW:M6O7KEV[=NW:M6O7KEV[=NW:%0$"!+"Z=NW:M6NM6`@0($"```$"
M!`@0($"```$"!`@0($"```$"!`@0($"```$"!`@0($"```$"!`@0($"```$"
M!`@0($"```$"!`@0($"```$"!`@0(.#*M6O7KEV[_W;MVK5KUZY=0X<.'3IT
MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K
MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K
MUZY=NW;MVK5KUZY=<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS#3KHH(,..NB@@PXZ
MZ*"##CKHH'/.-==<<\TUUUQSS3777'/--==<<\TUYUQS#0L"",#"-==<<\TU
MU[`B@``""""```((((```O\(((```@@@@``""""```((((```@@@@``""""`
M``((((```@@@@``""""```((((```@@@@``""""```((((```@@@@``"",#*
M-==<<\TUUUQSS3777',-.NB@@PXZZ%QSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-=?_7'/--==<<\TUUUQSS3777'/-.>B@@PXZZ*"##CKHH(,..NB@@PXZZ*!S
MS3777'/--==<<\TUUUQSS3777'/--=:T((``+5QSS3777'.-(`((((```@C`
M`@LM7-'"%2VP((```@@@@``""""```((((```@@@@``""""```((((```@@@
M@``""""```((((```@@@@``""""```((((```@@@@`"M7'/--==<<\TUUUQS
MS3777',..NB@@\XUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--=<`Y-JU:]>N7;MV_^W:M6O7KEV[=NW:
MM6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:
MM6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:
M-73HT*%#APX=.G3HT*%#APX=.G37KEV[=NW:M6O7KEV[=NW:M6O7KK42($#`
ME6O7T%V[=NV*``$MK@ABU>H:.G37KEV[=JV5H$`M6`@0($"```$"!`@0($"`
M``$"!`@0($"```$"!`@0($"```$"!`@0($"```$"!`@0($"```$"6+2Z=NW:
MM6O7KEV[=NW:M6OHT*%#=^W:M?]KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777',-.NB@@PXZZ*"##CKHH(,..NB@@PXZUUQSS3777'/-
M-==<<\TUUUQSS3777,.*``((<`4ZUUQSS37GM'`%*]=<<\TUUZ"#SC77H'/-
M-==<<\W_-=>T(D@+`@@@@``""""```((((```@@@@``""""```((((```@@@
M@``""""```((((```@@@@``""""```*P<,TUUUQSS3777'/--==<<\TUUYR#
M#CKHH'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-_S777'/--==<
M<\TUUUR##CKHH(,..NB@@PXZZ*"##CKG7'/--==<<\TUUUQSS3777'/--==<
M<\TU@@@@@`""7'/-->=<<TTKUUQSS37HH(,..NA<@\XUUUQSS37H7'/--==<
MP\H5+`@@@``""""```((((```@@@@``""""```((((```@@@@``""""```((
M((```@@@@``""``0`2VN7;MV[=JU:]>N7;MV[=JU:]?0H4.'[MJU:]>N7;MV
M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV
M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:__7KEV[=NW:M6O7KEV[=NW:M6O7KEV[
M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[
M=NW:M6O7KEV[=NW:M6O7KEV[A@X=.G3HT*%#APX=.G3HT*%#A^[:M6O7KEV[
M=NW:M6O7KEV[AN[:M2L"!`A@=>W:M6O7KEV[=NW:-73HT*$[=^T:.G37KEV[
M=NW:M6O7KEUC):B%``$"!`@0($"```$"!`@0($"```((((```@@@@``""""`
M``((((```@@@@``"""!`(-=<<\TUUUQSS3777'/--==<<\TUZ*"##CKHH'/.
M-==<<\TUUUS_<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-->A<<\TUZ*"#
M#CKHH(,..NB@@PXZZ*"##CK77'/--==<<\TUUUQSS3777'/.-==<<X4``K#`
MRC777'/--==<<\TUK;!RQ1577''%%5=<<44@K)C3RC7HH(,..M=<_W,-.M<(
M<@4+`0@@@``""""```((((```@@@@``""""```((((```@@@@``""""```((
M((```@ARS3777'/--==<<\TUUUQSS3777(,..NB@@\XUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS377G/^#SC7HH(,..NB@@PXZZ*"##CKH
MH(,..NB@<\TUUUQSS3777'/--==<<\TUUUQSS34M""!`"]=<<\TUUYQS#4!8
M"6(A0(```0($"!`@0(```0($L&!Q11`K=->N7;MV[=JU5H):"!`@0(```0($
M"!`@0(```0($"!`@0(```0($"!`@0(```0($"!`@@-6U:]>N7;MV[=JU:]>N
M7;MV[=JU:^C0H;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N
M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N
M7;MV[=JU:]>N7;O_=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7
MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:-73HT*%#APX=.G3H
MT*%#APX=.G3GKEV[=NW:M6O77'/--==<<\TUUUQSS34M""#`%==<<\TUUUPC
MB``!"""```((((```@@@@``""""```((((```K`@""O77'/--==<<TTK+`@@
M@``""""```((((```@@@@``""""```((((```@@@@``""""```(((``KUUQS
MS3777'/--==<<\TUUUQS#3KGH(,..N=<<\TUUUQSS3777'/--==<<\TU_]=<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<PTZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..M=<
M<\TUUUQSS3777'/--==<<\TUU[`B@``"7('.-==<<\TU+0@@@``""""```((
M((```@@@@``""""```((((```@AP12"M7'/--?_7""*```((((```@@@@``"
M"""```((((```@@@@``""""```((((```@@@@``LM'+--==<<\TUUUQSS377
M7'/--==<<\TUZ*"##CK77'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS34`N7;MVK5KUZY=NW;MVK5K
MUZY=NW8-'3ITZ-"A0X?_#ATZ=.C0H4.'#ATZ=.BN7;MV[=JU:]>N7;MV[=JU
M<]>N"1(@0("@:]>N7;MVC84``0($"!`@0(```0($"!`@0(```0($"!`@0(``
M`0)87&EU#5V@``($"!`@0(```0($"!`@0(```0($"!`@0(```0($"!`@0(``
M`0*N7+MV[=JU:]>N7;MV[=JU:]>N7;MV#1TZ=->N7;MV[=JU:]>N7;MV[=JU
M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU
M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU
M_VO7KEUSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777',..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*!SS3777'/--==<
M<\TUUUQSS3777'/-%0((((`@Z%QSS3777-."``((((```@@@@``""""```((
M((```@@@@``""""```((((``+%S12@L""""```((((```@@@@``""""```((
M((```@@@@``""""```((((```@APQ3777'/--==<<\TUUUQSS3777'/--==<
M@PXZZ%QSS3777'/--==<<\TUUUQSS3777'/--==<<__--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
MH(,..NB@@PXZZ*"##CKHH(,..NB@<\XUUUQSS3777'/--==<<\TUUUQSS377
M7"&```*P<LTUUUQSS34L"""```((((```@@@@``""""```((((```@@@@``"
M"""```((((``+`@@@``"""#_@``""""```((((```@@@@``""""```((((``
M`@@@@``""""``%=<<\TUUUQSS3777'/--==<<\TUUUR##CKHH(/.-==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUP#DVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M
MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M
MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZZA0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.
MW;5K_]>N7;MV[=JU:]>N7;MV[=JU&0$$L+AV[=JU:]=8"1`@0(```0($"!`@
M0(```0($"!`@0(```0($"!`@0(```0($"!`@0(```0($"!`@0(```0($"!`@
M0(```0($"!`@0(```0($"!`@0("@:]>N7;MV[=JU:]>N7;MV[=JU:]?.H4.'
M#MVU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MVS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUU_]<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<PTZZ*"##CKH
MH(,..NB@@PXZZ*"##CKHH'/--==<<\TUUUQSS3777'/--==<<TT+`@C0PC77
M7'/--=<((H```@@@@``""""```((((```@@@@``""""```((((```@@@@``"
M"""```((((```@@@@``""""```((((```@@@@``""""```((((```@@@@``"
M",#*-==<<\TUUUQSS3777'/--==<<\TUUZ"##CKHG'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--=?_7'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--=>@@PXZZ*"##CKHH(,..NB@@PXZ
MZ*"##CK77'/--==<<\TUUUQSS3777'/--:R8((``5UQSS3777'.-(`((((``
M`@@@@``""""```((((```@@@@``""""```((((```@@@@``""""```((((``
M`@@@@``"_P@@@``""""```((((```@@@@``""""```(((``+K5QSS3777'/-
M-==<`Y!KUZY=NW;MVK5KZ-"A0W?MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=
MNW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=
MNW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=
MNW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KY]"A
M0X<.'3ITZ-"A0X<.'3ITZ,Y=NW;MVK5KUZY=NW;MVK5KUZY=8_\E0("`*]>N
M7;MV[5H@`0($"&C!H@4+%BU8M!`@0(```0($"!`@0(```0($"!`@0(```0($
M"!`@0(```0($"!`@0(```0($"!`@0(```@@@@``""""```((($`+UUQSS377
M7'/--==<<\TUUUQSS3777(,..NB@@\XUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\W_-==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUR#SC7HH(,..NB@@PXZZ*"##CKHH(,..NB@<\TU
MUUQSS3777'/--==<<\TUUUPCB``"",#*-==<<\TUUW31PA6"L-**-:U<<TTK
MUK3"BB"!7"&```((((```@@@@``""""```((((```@@@@``""""```((((``
M`@@@@``""""```((((```@@@@``""""```)<<<TUUUQSS3777'/--==<<\TU
MUUQSS37GH(,..NA<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/-_S777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUZ"##CKHH(,..NB@@PXZZ*"##CKHH(,..M=<<\TUUUQSS3777'/-
M-==<<\TU@@@@@`"L7'/--==<<TTTUUQSS3777'/--==<<PU`KEV[=NU:*T%7
M!`@0($"```$"!`@0($"```$"!`@0($"```$"!`@0($"```$"!`@0(/]`@``!
M`@0($"!`@``!`@)=NW;MVK5KUZY=NW;MVK5KUZY=NW8-'3ITYZY=NW;MVK5K
MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K
MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K
MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K
MUZY=NW;MVK5KUZY=NX8.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITUZY=NW;MVK5K
MUZY=NW;MVK5K5P@@``NM7'/--==<<\TUUUS_<\TUUZ!SS3777'/--==<<\TU
MUUQS#2N"M,""``((((```@@@@``""""```((((```@@@@``""""```((((``
M`@@@@``""""```((((```@@@@"#77'/--==<<\TUUUQSS3777'/--==<<\TU
MZ*!SS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<_W/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<@PXZZ*"##CKHH(,..NB@@PXZYUQSS3777'/--==<<\TUUUQSS3777#.#
M``*T<,TUUUQSS3777'/--=>@<\TUUUQS#3K77'/--==<<\TUUUQSS36M!-*"
M``((((```@@@@``""""```((((```@@@@``""""```((((```@@@@``""""`
M``((((```K!RS3777'/--==<<\TUUUQSS3777'/--=>@<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777/]S
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--0"Y=NW:M6O7KET[=PT=.G3HT*%#APX=
M.G3HT*%#APX=NFO7KEV[=NW:M6O7KEV[=NW:-1,"!%RY=NW<M6O7KEV[=HV5
MH"M76EQI<>6*($&L6EU#=^W:M6O7KJ&[QNI*"P$"!`@0($"```$"!`@0($"`
M``$"!`@0($"```$"!`@0($"```$"!`@0((!%JVO_UZY=NW;MVK5KUZY=NW;M
MVK5KUZY=0X<.W;5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M
MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M
MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377H',-.NB@@PXZ
MZ*"##CKHH(,..NB@@PXZUUQSS3777'/--==<<\TUUUQS330(""#`%==<<\TU
MUUQSS357L""```($((``_P($((```@C`PA57L'+-->A<@\XUUUQS32NL7,&"
M``((((```@@@@``""""```((((```@@@@``""""```((((```@@@@``"",#"
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3G77'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-?_77'/--==<<\TUUUQSS3777'/--==<@\XUZ*"##CKHH(,..NB@@PXZZ*"#
M#CKHH'/--==<<\TUUUQSS3777'/--=>P(H```@ARS3777',-*X((((```@@@
M@``""""```((((```@@@@``L!"+(-==<<\TUZ*!SS36M!-*"``((((```@@@
M@``""""```((((```@@@@``""""```((((```@@@@``M7'/--==<<\TUUUQS
MS3777'/--==<<\TUUUR##CK77'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS37_UUQSS3777'/--==<
M<\TUUUQSS377`.3:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[
M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[
M=NW:M6O7T*%#APX=.G3HT*%#APX=.G3HT)V[=NW:M6O7KEV[=NW:M6O7KEUC
M)4"``%;HKEV[)HB%``$"!`@0($"```$"!`@0($"```$"!`@0((#%%4'7T*%#
M=^W:M6O7!`@0($"```$"!`@0($"```$"!`@0($"```$"!`@0($"```$"!%RY
M=NW:M6O7KEV[=NW:M6O7KEV[_W;MVC5TZ*Y=NW;MVK5KUZY=NW;MVK5KUZY=
MNW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777',-.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CK77'/-
M-==<<\TUUUQSS3777'/-%0(((``KZ%P3S0P""""```((((```@@@@``""""`
M``(((/^```((((```@@@@``L7,'*-=>@@PXZK;`@@``""""```((((```@@@
M@``""""```((((```@@@@``""""```(((,@UZ*"#SC777'/--==<<\TUUUQS
MS3777'/-->B@@\XUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/_S3777'/--==<
M<\TUUUQS#3KHH(,..NB@@PXZZ*"##CKHH(,..NB@<\TUUUQSS3777'/--==<
M<\TUUUPA@``LM'(-(BP(((```@@@@``""""```((((```@@@@``""""```((
M((```@@@@``"7"$(*]>@PXH``@@@@``""""```((((```@@@@``""""```((
M((```@@@@``""""``()<<\TUYUQSS3777'/--==<<\TUUUQSS3777`.0<^C.
M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N
M7;MV[=JU:]>N7;MV[=JU:]>N7;MV_^W:M6O7KEV[=NW:M6O7KEV[=NW:M6O7
MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7
MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=@X=.G3HT*%#APX=.G3HT*%#APX=.G3H
MKEV[=NW:M6O7KEV[=NW:M6LM!`AH<>T:"P$"!`@0($"```$"!`@0($"```$"
M!`@0($"```$"!`@0($"```$"!`BXPDJ0``$"!`@0($"```$"!`@0($"```$"
M!`@0($"```$"!`@0($``"ZQ<<\TUYUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<@PXZU_]<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUZ*"#
M#CKHH(,..NB@@PXZZ*"##CKHH'/.-==<<\TUUUQSS3777'/--==<TPH+`@AP
MQ371"""```((((```@@@@``""""```((((```@@@@``""""```+_"""```((
M((```@@@@``L"""```((((```@@@@``""""```((((```@@@@``""""```((
M((```@S`RC777'/--==<<\TUUUQSS3777'/--==<<\TUUUR##CKG7'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS377_UQSS3777(,..NB@@PXZZ*"##CKH
MH(,..NB@@PXZZ*!SS3777'/--==<<\TUUUQSS36L"""``%>@PXH``@@@@``"
M""``"RU<<84@K`C"BB""7'$%"P((((```@@@`$`$"!`@0(```0($"!`@0(``
M`0($"!`@0(```0($"!`@0(```0($"!`@0(```0($"!`@@,6U:]>N7;MV[=JU
M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU
M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU
M:]>N7;MV[=JU:__7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:
MM6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KET[APX=
M.G3HT*%#APX=.G3HT*%#AP[=M6O7KEV[=NW:M6O7KEV[QDJ```&"T`D2($"`
M``$LM"`(*]=<<\TUUUQSS3777'/--:T$T@("`@@@@``""""```((((```@@@
M@``""""```((((```@@@@``""""```((((```@@@@``""""```(((,`5UUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\W_-==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777(,..NB@@PXZZ*"##CKHH(,..NB@
M@PXZUUQSS3777'/--==<<\TUUUPCB``"",#*-5<(((``+`C"RC777'/--==<
M<\TUUUQSS3777'/--=>P(D@+`@@@@``""""`_P`""""```((((```@@@@``"
M"""```((((```@@@@``""""```((((```@@@@``""'+--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/-->A<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS?\U`$&'#ATZ=.C0H4.'#ATZ=.C0H3MW[=JU:]>N7;MV
M[=JU:]>N7;LB0(``5M=8"&@AZ-JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV
MC945`0($"!`@0(```0($"!`@0(```0($"!`@0(```0($"!`@0(```0($"!`@
M0(```0($(+IV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[MJU:]>N7;MV
M[=JU:]>NH4.'[MJU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV
M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;O_
M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEUSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUZ*"##CKHH(,..NB@@PXZZ*"##CKHH'/--==<
M<\TUUUQSS3777'/--5<((``+U[3"`A:R7'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'--*X*P((```@@@@``""""```((((```@@@@``""""```((
M((```@@@@``""""```((((```@@@0#377'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-->A<_W/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--=>@@PXZUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<PXZZ*"##CKHH(,..NB@@PXZZ*"##CK77'/--==<<\TUUUQSS377
M7-."``)<<<TUK%QSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--8*T($```@@@@``""/\@@``""""```((((```@@@@``""""```((((``
M`@@@@``""""```BP<LTUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<PTZ
MUUQSS3777'/--==<<\TUYZ"#SC777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS37HG(,..NA<<\TUUUQSS3777'/--==<<\TU
MUP#DVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=
MNW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KU]"A0X<.'3ITZ-"A
M0X?_#ATZ=.C07;MV[=JU:]>N7;MV[=JU5BP$"`AT[=JU:]>N7;MV[=JU:]>N
M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:X):"!`@0(```0($"!`@0(```0($
M"!`@0(```0($"!`@0(```0($"!`@0$"+:]>N7;MV[=JU:]>N7;MV[=JU:]>N
M7;MV[=JU:]>NH4-W[=JU:]>N7;MV[=JU:^?0H;MV[=JU:]>N7;MV[=JU:]>N
M7;MV[=JU:]>N7;MV[=JU:]>N7;MVS3777(,..NB@<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU_]=<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7(,..NB@@PXZZ*"##CKHH(,..N=<<\TUUUQSS3777'/--==<<XTU`@@@@"#7
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
ML"(("P((((```@@@@``""""```((((```@@@@``""""```((((```@@@@``"
M7,'*-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\XUUUQSS377
M7'/--==<<\TUUUQSS3777'/--?_77'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<PTZZ*"#SCG77'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUR##CKHH(,..NB@@PXZ
MZ*"##CKHH(,..M=<<\TUUUQSS3777'/--=<((H```@ARS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3771"/(%0((((``
M`@@@@`#_`@@@@``""""```((((```@@@@``""""```)$P<HUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<`Y!KUZY=NW;MVK5K
MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M&CIT
MZ*Y=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K
MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K
MUZY=NW8-'3ITZ-"A0X<.'3ITZ-"A0X<.';IKUZY=NW;MVK5K_]>N7;LF2(``
M`:RN7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU
M:]>N76,EJ`4+`0($"!`@0(```0($"!`@0(```0($"!`@P,051->N7;MV[=JU
M:]>N7;MV[=HUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7(/.-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/-->A<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<__--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/-->B@@PXZZ*"##CKHH(,..NB@@PXZ
MZ*!SS3777'/--==<<\TUUUQSS14"",#"-==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS37H7'/--==<<\TUUUQSS3777,.*(%>TP((`
M`@@@@``""""```((((```K!PA2"L7'/--==<<\TUUUQSS3777'/--==<<PXZ
MZ%QSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377G'/--==<<\TU
MUUQSS3777'/_S3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3G77'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777',..NB@@PXZZ*"##CKHH(,..NB@<\XUUUQSS3777'/-
M-==<<\TUUUPA@``M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUYQSS3777'/--==<<PU`KEV[=NW:M6O7KK42=.7*E18L_Q*80-"B
MQ94K@EA=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVC5TYZY=NW;MVK5KUZY=NW;M
MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M
MVK5KUZY=NW;MVK5KUZZANW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M
MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M
MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=0X<.'3ITZ-"A0X<.'3ITZ-"A0W?M
MVK5KUZY=NW;MVK5KUUH($'#EW+5KUZY=N_]V[=JU:]>N7;MV[=JU:]=<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<TXHU
MK5S#RC777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--=>@<\TUUUQSS3777'/--==<<PTZUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU
MUUQSS3777'/--=?_7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUR##CKHH(,..NB@@PXZZ*"##CKH7'/--==<<\TUUUQSS3777-,*
M"P((<,4UUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS377H'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS377H'/--==<<\TUUUQSS3777(/.
M-==<<\TUUUQSS3777'/-->A<<\TUUUQSS3777'/--==<<\TUUUQSS377_UQS
MS3777'/--==<<\TUUUQSS377H'/.-==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<@PXZZ*"#
M#CKHH(,..@!!APX=.G3HT%V[=NW:M6O7KEV[=NW:-58"!`@0=.W:M6O7KEV[
M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[
M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=O_MVK5KUZY=NW;MVK5KUZY=
MNW;MVK5KUZY=NW;MVK5KUZY=NX;NVK5KUZY=NW;MVK5KU\Y=NW;MVK5KUZY=
MNW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KU\Y=
MNW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=
MNW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=<\TUUUQSS3777'/--==<@PXZ
MZ*"##CKHH(,..NB@@PXZZ*!SSC777'/--==<<\TUUUQSS36""""``*Q<<\TU
MUUQSS3777'/--==<<\W_-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TYUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TYUUQSS3777'/--==<<\TUUYQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M_S777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS37HH(,..NB@@PXZZ*"#
M#CKHH(,..M=<<\TUUUQSS3777'/--==<<X4``@C0RC777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUYQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS?\UUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377`.3:M6O7
MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7
MKEV[=NW:M6O7KEV[=NW:.73HT*%#APX=.G3HT*%#AP[=M6O7KEV[=NW:M6O7
MKEV[=D6```'7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7
MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7
MKEV[=NW:M6O7KEV[=NW:M6O_UZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K
MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K
MUZY=NW;MVK5KUZY=NW;--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<<\TUUUQSS3777'/--==<<\TUUUR##CKHH(,..NB@@PXZZ*"##CKHH'/-
M-==<<\TUUUQSS3777'/--5<((``+UUQSS3777'/--==<<\TUUUQSS3777'/-
M-==<_W/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS377G'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS
MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777/]SS3777'/--==<
M<\TUUUQSS3777'/--=>@@PXZZ*"##CKHH(,..NB@@PXZUUQSS3777'/--==<
M<\TUUUS#@@`"M'#--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777`.0:]>N7;MV[=JU:]>N7;MV[=JU
M:]>N7;MV[=JU:]>N7;MV[=JU:]?_KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:
MM6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:
MM6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEU#APX=.G3HT*%#APX=
M.G3HT*%#=^W:M6O7KEV[=NW:M6NL!`@0$.C:M6O7SEV[=LT:M&C0HD&+!BT:
MM&C0HD&#%@T:M&C7KEV[!BT:-&C7KEV[=NW:M6O7KEV[!@T:-&C7KEV[%@T:
MM&C0HD&+!BT:-&C1H$6[=NW:M6O7KEV[=NW:M6O7KEV#IBQ9LF3*H$6[=NW:
M-==<<\TU_]=<<\TUUUQSC370*)-,,LDDHTPTUUQSS3777'/--==<`TTTT$`3
M#3310!,---%`$PTTT4`##3317'/--==<<\TUUUQS#3310`,---=<<\TUUUQS
MS3777'/--==<<PTTR2233#+)*`/--==<<\TUUUQSS37H7'/--==<<\TUUUQS
MS3777'/--==<<PTZZ*"#SC777'/--==<<\TUUZ"#SC777'/--==<<\TUUUQS
MS3777',-.NB@@PXZZ*"##CKHH(,..NB@<\XUUUQSS3777'/--==<<PTK`@@@
M`"O77'/--==<<\TUP^Q2RRZU[%+++K7L4LLNM>Q2RRZU\,++-?_77',-+[7L
M8@LTUUQSS3777'/--==<`\TNM?#"RS777'--,KO4LDLMN]2R2RV[U+)++;SL
MPLLPUUQSS3777'/--==<<TTTR?!22RVTU$)++;7L,LPUUUQSS3777'/--==<
M<\TUP_!22RVTU%)++;7L(@PTUUQSS3777'/--;SL4LLNM>Q2RRZU[%+++K7L
M4LLNM>R2S#777'/--==<<\TUT.Q2"R^U\`+--==<<\TUUUQSS3777'--,KS4
M4DLMM=!22RV[\*+,-==<<\TUUUR#SC777'/--==<<\TUUUQSS3777(/.-==<
M<\TUUUQSS3777'/--==<<\TUUZ!SS37_UUQSS3777'/--==<<\TUZ*"##CKH
MH(,..NB@@PXZZ*!S#CK77'/--==<<\TUUUQSS377""*```*T<LTUUUQSS377
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M=NW:M6O7T*%#APX=.G3HT*%#=^W:M6O7KEV[=NW:M6O7KEV[=DV0``$L6EV[
M=NW:M6O7HNVJ5:M6K5JU:M6J5:M6K5JU:M6JE>S:M6O*T%)++;Q<<\TUUUQS
MS3777'/--<+44DLMPEQSS377\%)++;744DLMM=122RVUU%)++;744@LOUUQS
MS3777'/-,+344DLMM=3"BS"\U%)++;744DLRUUQSS3777'---+744O]++;74
MPHLPO-122RVUU%)+,M=<<\TUUT!32RVUU%)++;744DLMM=122RVUU%)++=!<
M<\TUUUQSS377)%-++;744DLMR5QSS3777'/--==<<\TNM=122RVU[#(,+[74
M4DLMM=0BS#777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<@PXZZ*"##CKHH(,..NB@
M<\TUUUQSS3777'/--==<<\TUUUQSS14"",#"-==<<\TUUUQS#32UU%)++=!`
MHPPTT$"C##300*,,--!`$\TUUUPS3"VUU#+_S#777'/--==<<\TUUUS#2RVU
MU*+,-==<`TTMM=12BS+00*,,--`H`PTTR?!22RVUU`+--==<<\TUPM122RVU
MU#(,-.A<<PTTP]122RVUU`+--==<<\TUUPA32RVUU#*,-==<<PTTR=122RVU
MU`+--==<<\TPM=12"R_00`.-,M!`HPPTT$"C##300'/--==<<\TUUUP3#2^U
MU%)++;74,LPUUUQSS3777'/--<G44DLMM0P#S3777'--,KS44DLMM3QSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQS_\TUUUQSS377H(,..NB@@PXZZ*"#SC777'/--==<<\TU
M`+EV[=JU:]>N7;O60H"`%M>N7;MV[=JU:\EJU:K%Z]JU:]>N7;MV[=JU:]>N
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M<\TUUUQSS3777'/--=>P((``5UQSS3777'/--=<(4TLMM0ASS3777'/--==<
M<\TUUUQSS3777'.--;744DLMT%QSS3777'/--==<<TTRM=12"R_17'/--</4
M4DLMPEQSS3777'/--==<<\TUP]12"RW#7'/--=#44DLMM?`"S3777'/--==<
M<\TUR=122RVU/'/--==<`TTMM=2RRS777'/--=?_7'/--</44DLMPEQSS371
M\%)++;4H<\TUUUQSS3777'/--==<<\TUUUQSS3777'---+O44DLMR=122RV\
M7'/--==<<\TUUUQ32RVU[!+--==<<\TUUUQSC3*UU%+++M%<<\TUUZ!SS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQS#3KHH(,..NB@@PXZZ*"#SC777'/--==<<\TUUUQSS377
M7-.*``(((,@UUUQSS3777',-+[744HLRUUQSS3777'/--==<<\TUUUQSS377
M*%-++;7P`LTUUUQSS377_UQSS377#$-++;4(<\TUUUS#2RVUU#+,-==<<\TU
MUUQSS3777),,+;74DLPUUUS#2RVUU%(+--=<<\TUUUQSS3777',-+[744LLP
MUUQSS370U%)++;Q<<\TUUUQSS3777`--+;70PLLUUUP#32VUU%(+--=<<\TU
MUUQSS3777'/--==<<\TUUUQSS377"%-++;7P`DTMM=12RS777'/--==<<PTT
MN]122RW07'/--==<<\TUUT!32RVU\`+--==<@\XUUP#DVK5KUZY=NW;MVK5K
MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW8-'3IT
MZ/_0H4.'#ATZ=.C0G;MV[=JU:]>N7;MV[=JU:ZQ8"!#`ZMJU:]>N7;MVK5:M
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M7'/--=`DHTPRR2B33#+)))-,,M!<`TTRR2B33#+)*&/--==<<\TUUUQSS377
M7'/--==<@PXZZ*"##CKHH(,..M=<<\TUUUQSS3777'/--==<<\TU@@@@@`"L
M7'/--==<<\TUT-122RV[1'/--==<<\TUUUQSS3777'/--==<<XTPM-12BS#7
M7'/--==<<\TUUUQS32VUU%(+--=<<PTTM=122RW17'/--==<<\TUUUQS33*U
MU%)++=!<<\TPM-12"R_77'/--==<<\TUUUQSS3770%-++;7L`LTUUUQSS2ZU
MU%)++<-`<\TUUUQSS3777'/-_S777'/--</44DLMPEQSS3777'/--==<<\TU
MUUQSS3777',-.M=<PTLMM=3"RS77"%-++;4D<\TUUUQSS3777"-,+;744HLP
MT%QSS3777'/--==<<\TUUUQSS3777'/--=?P4HLPUUQSS3777,-++;344DLM
MM=122RVUU,++-<+44DLMM=122RVU#`/--==<<\TUUUQSS3777'/-->B@@PXZ
MZ*"##CKHH'/--==<<\TUUUQSS3777'/--==<<X4``@APS3777'/--==<,TPM
MM=0BS#777'/--==<<\TUUUQSS3777'/--='P4DLMM2ASS3777'/--==<<\TU
MT-122_\MM5QSS377)%-++;4(<\TUUUQSS3777'---,G44DLMM?!BS377\%)+
M+;4D<\TUUUQSS3777'/--==<<TTTN]122RW77'/--=<H4TLMM=12RR[#7'/-
M-==<<\TUUUQSS3777"-,+;74`I!DUZY=NW;MVK5KUZY=NW;MVK5KUZY=NZ:L
M5JU:M:!=NS:,5JU:PZY=NW;MVK5KUZ#5JE6K5JU:PJ!=NW;MVK5KUZY=NW;M
MVC5TUZY=@U:KUK!KUZY=NW9-V#!>PWC5JK5KF#!AO)1=JU6+ES!APGC5JE6+
MU[5KUZY=NW;MVK5KUZY=NX8.'3ITZ-"A0W?MVK5KUZY=NW;_[=JU:]>N7;MV
MK84``2VN7;MV[=JU:]>$U:I5JU:M6KMJU=I5J]:N6K5VU5)V[=HU:[5JU:H%
M[=JU:]>N7;MV[=JU9+5JU>)U[=JU:\)JU:K%*UFR9,F2)4N63-BN6K5JU:H%
M[=JU:[5JU:H%[=JU:]>N7;MV[=JU:]>N6>-5JU8M:->N7;MV+5DMM=122RVU
M[#(,--=<<\TUUUQSS3777%-++;744DLMN]12RRZUU+)++;7L4@LOT%QSS377
M7'/-+K744HLPUUQS33*UU%*+,-=<<\TUUUQSS3770%-++;744DLMM0@#S377
M7'/--==<<\TUUUR#SC777`--+;4\_W/--==<<\TUUUQSS376U%++,-=<<\TU
MUT!32RW)7'/--==$(TPMM"1SS3777'/--==<<\TUUUQS#3KHH(,..NB@@\XU
MUUQSS3777'/--==<<\TUUUQSS34L""#`%>A<<\TUUUQSS36\U%)++;744DLM
MM=122RVUU%)++;74`LTUUURC3"VUU+++-==<<\TUUUQSS3777"-,+;74DLPU
MUUQS#2^UU%)++;344DLMM=122RVUU%)++;74HLPUUUP#32VUU,(+-->@<\TU
MUUQSS3777'/--==<4TLMM=1RS3777'/--=<DLTLMM=122RVUU"(,--=<<\TU
MUUQS#32UU/]22RVUU%)++;744DLMM=122RVT\'+--==<<\TUR=122RVU0'/-
M-==`4TLMM?!RS3777'/--==<<\TUT/!22RVUU%)++;4(`\TUUUQSS3777'/-
M-==<<\TUR=122S377'/--==<<\TUUURC3"VU0'/--==<<TTRM=0"S3777'/-
M-=?P4@LOUUQSS3777'/--==<<\TUUUR##CKHH(,..M=<<\TUUUQSS3777'/-
M-==<<\TUU[32@@`"7''--==<<\TUUT"S2RVUU%)++;744DLMM=122RVUU%(+
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MNW;MVK5KUZY=NW;MVK5KUU@)$"!`T+5K_]>N7;MV35FM6K5J)4N6+%FR9,F2
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MPUQSS3777'/--?_77'/--;S4PLLUUUQSS377[%*+,-=<<\TUUUQSC3*T[`+-
M-==<<\TUUUQSS3777'/--=>@@PXZZ%QSS3777'/--==<<\TUUUQSS3777',-
M*P(((``KUUQSS3777'--,K344HLPUUQSS3777'/--==<<\TUUUQSS3777%-+
M+;74`LTUUUQSS3777'/--=<D4TLMM/!RS3777),,+;74PDLTUD1S#33*[%)+
M+;4(<\TUUUQSS3777)-,+;74(LPUUUQSS3777'/--==<<\TUUPA32RVU"'/-
M-==<<\TUUUQSS3777&.-,KS44DLMM=2BS#777',-+[744DLRUUQSS37_UUQS
MS3777'/--==<<\TUUUP#32VUU%(++\DDHTPRR2BS2RVUU*+,-==<<\TUUUQS
MS3777'/--==<HXPPM=122RVU#'/--==<<\TUZ%QS#32UU)+,-==<<\TUUUQS
MS3777+-++<-<<\TUUUQS#2^T#'/--==<<\TUUT!32RW07'/--==<<\TUUUQS
MS3777',-.NB@@\XUUUQSS3777'/--==<<\TUUUQSS377"!*````1P.K:M6O7
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MUZY=NW;MVK5KU]"A<\TUUUQSS3777'/--==<<\TUUUQSS3777"&``"U<<\TU
MUUQSS377\%)++;5`<__--==<<\TUUUQSS3777'/--==<<PTTM=12"R_77'/-
M-==<<\TUUUQS#2^UU%)+,M=<<\TUPM122RW*7'/--==<<\TUR=122RVU0'/-
M-==<<\TUT-122RVU6'/--==<<\TUUUQSS3777#-,+;744@LTUT0C#"^\\'+-
M-==<<\TUUUQSS37)U%)++;58<\TUT-122RV[0'/--==<<\TUUUQSS3777'/-
M-==<<PTTM=122RVUU%)++;740DLMM=12"RW#7'/--=<,PPLOO$1SS3777'/-
M-==<<PTTM=12"RW07'/--==<@\XUUPA3RR[07'/--==<<\TUUUQS33*UU`+_
MS3777'/--<G04@LTUUQSS3777'.-,+7L<LTUUUQSS3777'/--==<<\TUUZ"#
MSC777'/--==<<\TUUUQSS3777'/--==<<\T5`@APQ3777'/--==<`TTMM=12
M"S377'/--==<<\TUUUQSS3777'/--=<D4TLMM`ASS3777'/--==<<\TURM!2
M2RVU0'/--==`4TLMM=0"S3777'/--==<<PTOM-12BS#77'/--==<<TTMM=12
MBS+77'/--==<<\TUUUQS#32\U%)++<-<@PXTM=1""R_77'/--==<<\TUUUQS
M32VUU%)+--=<DTPMM=3"RS777'/--==<<\TUUUQS_\TUUUQSS377\%)++;7P
M,HPPPPPCS####"-,+;74(LPUUUP#S2ZUT%(+--=<<\TUUUQSS3777,-++;74
MHLPUUUQSS3777',-+[7P<LTUUUQSS377`.3:M6OHAM'B!>W:M6O7K@FKQ>O:
MM6O7KEV[!JU6K6'7KEV[=NW:M6O7KEV[=NW:M6OHKEV[=NW:M6O7KEV[=NW:
MM6O7KEV[=JV%``%7KEV[=NW:M6O):M6JQ>O:M6O7KEV[=NW:M6O7KEV[=NW:
M-66U:M7B=>W:M6O7KEV[=NT:KUJU:O&Z=NW:-6BU:M7:=>W:M6O7KEV[=@U:
MK5JU:D&[=NW:M6O7A-6J5?]KU[5KUZY=NW;MVK5KUWC5JE6K%K1KUZ#5JE6K
M%K1KUZY=NW;MVK5KT';5JE4+VK5KPFK5JC7LVK5KUZY=NW;MVK5KUZY=NW;M
M6K):M6K5@G;MVK5KUZY=NP:M5JU:O*!=NW:-5ZU:M9)=NW;MVK5KUZY=N\9+
M+;74`LTUUUQSS3777!/-+K4,<\TUUUQSS3777'/--=?P4@LOUUQSS3777,-+
M+;Q<<\TUUUQSS36\U%(+--=<<\TUUUQSS3777'/--==<<PTZZ%QSS3777'/-
M-==<<\TUUUQSS3777'/--=$@((``@5QSS3777'/--</44DLMPEQSS3777'/-
M-=?_7'/--==<<\TUUUQS#32UU%)++<I<<\TUUUQSS377)%-++;74`LTUUUQS
M33*UU$(++]=<<\TUUUQSS3777,-++;74,LPUUUQSS3770%-++;74,LPUUUQS
MS3777'/--<+44DLMM21SS3777,-++;74(LPUUUQSS3777'/--</44DLMNUQS
MS36\U%)++<E<<\TUUUQSS3777'/--==<<\TUUURS2RVUU"+,-==<<\TUUUQS
MS377U%)++;5<<\TUU_!22RVU\'+--==<<\TUUUQSS3.UU%)++=!<<\TUUUQS
MS370U%)+,M=<<\TUUUQSS3777`,-+[0,<\TUUUQS#32U_]22S#777'/--=<(
M4TLMPUQSS3777'/--==<<\TUUUQSS3777(/.-==<<\TUUUQSS3777'/--==<
M<\TUUUS#B@`"""#(-==<<\TUUUS#2RVUU)+,-==<<\TUUUQSS3777'/--==<
M<\TUUURS2RVUU+*+,M=<<\TUUT`S3"VUU%*+,-=<<\TUUPA32RVU)'/--==<
M<\TUUUQSS37)U%)++;5`<\TUUUQSS37"U%)++;4($\TUUUQSS370[%)++;74
M(LPUUUQSS37"U%)++;4,<\TUUUQSS377)%-++;74,LPUUUQ32RVUU`+--==<
M<\TUUUQSS3777`.0:]>N7;LVK/]6K5JUH%V[=NW:M6O7KEV[QJM6K5K0KEV[
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M4TLMM=1"2RVUU$)++;744@LOT%QSS377H`--+;744@LTUUQSS3777'/--==<
M<XTPM=12RR[77'/--==<<PTTN]122RVUU%)++;704DLMM=0RS#777'/--==<
M<XTRM=122RVUU%)++;740DLMM=3""S377'--,K744DLMM=122RVUU%)++;74
M4DLMM=12RS7"U%)++;M`<\TUUUQSS3777'/--=<,0TLMM0QSS3777`/-+K74
M4DLMM=122RVUU%)++;7LHLPUUUQSS3777'/--<+PL@LOM?"RBRV[\,++-==<
MDTPMO%QSS3777'/-,+SLPDLMO.QB"_\OPD!SS3777'/--==<<\TUUUQSS377
M7'/--==<<PTZUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M)%-++;340DLMM=!2"RVUU$)++;344DLMNT1SS3777'/--<GP4DLMM=122RVU
MU%)++<-<<\TUUUQSS37)U%(++;Q<<\TUUUQSS3777'/--==`4TLMM=22#$#0
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MKEV[=NW:M6O7H`D;-FS8L&'#A@T;-FS8L&'#A@T;ENS:M6O7KEV[=NV:,F&\
M>.WBQ8M7,FC7KEV[=NW:M6O0##/,,,E<<\TUUUQSS3777'/--==<D\PPPPBC
MS#777'/--==<<PTZT"3#"R^[\,(++\-`<\TUUUQSS3777'/--==<_W/--=`,
MP\LNO.S""R^\)!/--==<<\TUUR0CS#####/,,,,,,\PPPPPSS#####/,,-!`
M(\PPPPP3S3777'/--==<<\TUUUQS333"##-,,M=<<\TUUUQS#33)\,(++[OP
MP@LOR4!SS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<
M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-->B@
M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@
M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH/^##CKHH(/.-=%8<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<$XTUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<TTTUEQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777!.--==<<\TUUUQSS377
M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377
M7'/--==<<\TUUUS_<\TUUUQSS3777'/--==<<\TUUUQS#3KHH(,..NB@@PXZ
MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ`$&'#ATZ=.C0H4.'#ATZ
M=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ
M=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ
M=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ
M=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'_PX=
M.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=
M.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=
M.G3HT*&##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@
M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@
M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@
M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..O_HH(,..NB@@PXZZ*"##CKH
MH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKH
MH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKH
MH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKH
MH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKH
MH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKH
MH(,..NB@@PXZZ*"##CK_Z*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ
MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ
MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ
MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ
MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ
MZ*"##CKHH(,..NB@@PXZZ``$'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.
M_QTZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'
M#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'
M#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'
M#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'
M#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'
M#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=/_HT*%#APXZZ*"##CKH
MH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKH
MH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKH
MH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKH
MH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKH
MH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKH
MH(,..NB@@PXZZ*"##CKHH(/_#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ
MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ
MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ
MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ
MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ
MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ
MZ*"#_PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,.
M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,.
M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,.
M.NB@`Q!TZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A
M0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A
M0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ/_0H4.'#ATZ=.C0
MH4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0
MH4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0
MH4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0
MH4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZZ*"##CKHH(,..NB@@PXZZ*"##CKH
MH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKH
MH(,..NB@@PXZZ*"##CKHH(,..NC_H(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ
MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ
MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ
MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ
MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ
MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ
MZ*"##CKH_Z"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,.
M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,.
M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,.
M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,.
M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,.
M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ.N@@PXZZ*"#
M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,.0-"A0X<.'3IT
MZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3IT
MZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3IT
MZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3IT
MZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3IT
%Z`("`#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
