<SEC-DOCUMENT>0001317861-20-000017.txt : 20200527
<SEC-HEADER>0001317861-20-000017.hdr.sgml : 20200527
<ACCEPTANCE-DATETIME>20200527170341
ACCESSION NUMBER:		0001317861-20-000017
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200527
FILED AS OF DATE:		20200527
DATE AS OF CHANGE:		20200527

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:		20916123

	BUSINESS ADDRESS:	
		STREET 1:		4 MESSOGIOU & EVROPIS STREET
		CITY:			151 25 MAROUSSI
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		011 30 210 6105110

	MAIL ADDRESS:	
		STREET 1:		4 MESSOGIOU & EVROPIS STREET
		CITY:			151 25 MAROUSSI
		STATE:			J3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f52720esea6k.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="05/27/2020">
</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 May 2020</P>
<P style="margin:0pt"><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>4 Messogiou &amp; Evropis Street</P>
</TD></TR>
<TR><TD valign=top width=590.4><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>151 24 Maroussi, Greece</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=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>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=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>Form 20-F [X] &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F [ &nbsp;]</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>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" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify><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" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>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" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify><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:0pt"><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt">1</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt; page-break-before:always" align=center><B>INFORMATION CONTAINED IN THIS FORM 6-K REPORT</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>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 May 27, 2020: Euroseas Ltd. Reports Results for the Quarter Ended March 31, 2020.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt">2</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt; page-break-before:always" align=center><B>SIGNATURES</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt" align=justify>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>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=195.7></TD><TD width=42.8></TD><TD width=142.9></TD><TD width=61.4></TD></TR>
<TR><TD valign=top width=260.933><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=247.6 colspan=2><P style="line-height:14pt; margin:0pt; font-size:12pt">EUROSEAS LTD.</P>
</TD><TD valign=top width=81.867><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=260.933><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=247.6 colspan=2><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=81.867><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=260.933><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=247.6 colspan=2><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=81.867><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=260.933><P style="line-height:14pt; margin:0pt; font-size:12pt">Dated: May 27, 2020</P>
</TD><TD valign=top width=57.067><P style="line-height:14pt; margin:0pt; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=190.533><P style="line-height:14pt; margin:0pt; font-size:12pt">/s/ Aristides J. Pittas</P>
</TD><TD valign=top width=81.867><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=260.933><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=57.067><P style="line-height:14pt; margin:0pt; font-size:12pt">Name: &nbsp;</P>
</TD><TD valign=top width=190.533><P style="line-height:14pt; margin:0pt; font-size:12pt">Aristides J. Pittas</P>
</TD><TD valign=top width=81.867><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=260.933><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=top width=57.067><P style="line-height:14pt; margin:0pt; font-size:12pt">Title:</P>
</TD><TD valign=top width=190.533><P style="line-height:14pt; margin:0pt; font-size:12pt">President</P>
</TD><TD valign=top width=81.867><P style="margin:0pt; font-size:12pt">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:9.15pt"><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt">3</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>
<P style="margin:0pt" align=center><img src="f52720esea6k002.gif" alt="[f52720esea6k002.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" align=center><BR></P>
<P style="margin:0pt; font-family:Arial" align=center><FONT FACE="Arial"><B>Euroseas Ltd. Reports Results for the Quarter Ended March 31, 2020 </B></FONT></P>
<P style="margin:0pt" align=center><BR></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; May 27, 2020</B> &#150; Euroseas Ltd. (NASDAQ: ESEA, the &#147;Company&#148; or &#147;Euroseas&#148;), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today its results for the three-month period ended March 31, 2020. </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>First Quarter 2020 Financial 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">Total net revenues of $15.4 million. Net income of $2.0 million; net income attributable to common shareholders (after a $0.2 million of dividend on Series B Preferred Shares) of $1.8 million or $0.32 per share basic and diluted. Adjusted net income attributable to common shareholders</FONT><SUP>1</SUP> for the period was $1.0 million or $0.17 per share basic and diluted. </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</FONT><SUP>1</SUP> was $4.1 million. </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 19.0 vessels were owned and operated during the first quarter of 2020 earning an average time charter equivalent rate of $9,615 per day.</FONT><FONT FACE="Times New Roman">&nbsp;</FONT></P>
<P style="margin:0pt"><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">Finally, the Company declared its fifth cash dividend of $0.2 million on its Series B Preferred Shares.</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:normal; margin:0pt"><FONT FACE="Times New Roman"><SUP>1</SUP></FONT><FONT FACE="Arial"> Adjusted EBITDA, Adjusted net income/(loss) and Adjusted earnings/(loss) per share are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for Euroseas financial results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with GAAP.</FONT></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt">4</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"><FONT FACE="Arial"><B>Aristides Pittas, Chairman and CEO of Euroseas commented: </B></FONT>&#147;During the first quarter of 2020, containership markets were affected by the COVID-19 pandemic and declined throughout the quarter. The decline continued during April and May 2020 as regions which typically drive containerized trade, like Europe and North America, locked down their economies to control the spread of the pandemic, negatively affecting trade growth. Indeed, it is expected that 2020 will register a significant shrinkage of containerized trade although some recovery should start taking place by the fourth quarter as the world economy is gradually exiting from the lock down.&#148;</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">&#147;Within this very challenging environment, almost all of our vessels have remained employed at profitable rates during the first quarter except for Manolis P and EM Oinousses which are in the process of being scrapped and, since early May 2020, EM Spetses which is searching for employment.&#148;</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">&#147;Looking forward, we believe that there will remain a challenging market environment in 2020 with our contract renewals expected to be at lower charter rate levels; but a supply-demand balance favoring demand should develop in 2021 not only due to containerized trade and demand for vessels strongly rebounding but also due to limited supply growth as a result of one of the lowest orderbooks in the last 20 years. There are still significant uncertainties remaining regarding the timing and strength of recovery after the pandemic and risks related to a potential revival of the trade tensions between US and China.&#148; </P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">&#147;On the investment front, our strategy remains to take advantage of our status as the only publicly listed feeder and intermediate-size containership company and use it as a means of consolidation of other vessels or fleets as we have done in the second half of 2019.&#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 first quarter of 2020 reflect the better charter rates our vessels earned compared to the market because of their existing charter contracts not yet fully affected by the results of the COVID-19 pandemic. Our net revenues increased significantly as we operated on average 19.0 vessels during the first quarter of 2020 versus 11.0 vessels during the same period of last year.&#148;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>&#147;On a per-vessel-per-day basis, our vessels earned a higher average charter rate in the first quarter of 2020 as compared to the same period of 2019, as a result of their existing charters, and different composition of the fleet which now contains larger and younger vessels on average. Again, on a per-vessel-per-day basis, the sum of vessel operating expenses, management fees and general and administrative expenses decreased by 5.5% during the first quarter of 2020 as compared to the same period in 2019 which was primarily attributable to the different mix and allocation of general administrative expenses to a greater number of vessels we had in 2020. We believe that we continue to maintain one of the lowest operating cost structures amongst the public shipping companies which is one of our competitive advantages.&#148;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>&#147;Adjusted EBITDA during the first quarter of 2020 was $4.1 million compared to $1.5 million achieved for the first quarter of 2019.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>&#147;Finally, as of March 31, 2020, our outstanding debt (excluding the unamortized loan fees) is about $86.9 million versus restricted and unrestricted cash of about $5.5 million. &#147;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>First Quarter 2020 Results:</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>For the first quarter of 2020, the Company reported total net revenues of $15.4 million representing an 85.1% increase over total net revenues of $8.3 million during the first quarter of 2019. On average, 19.0 vessels were owned and operated during the first quarter of 2020 earning an average time charter equivalent rate of $9,615 per day compared to 11.0 vessels in the same period of 2019 earning on average $9,088 per day. The Company reported a net income for the period of $2.0 million and a net income attributable to common shareholders of $1.8 million, as compared to a net loss of $0.02 million and a net loss attributable to common shareholders of $0.49 million respectively for the first quarter of 2019. The results for the first quarter of 2020 include $0.8 million of amortization of below market charters acquired. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Vessel operating expenses for the first quarter of 2020 amounted to $8.0 million as compared to $4.8 million for the same period of 2019. The increased amount is due to the higher number of vessels owned and operated in the first quarter of 2020 compared to the corresponding period of 2019. Depreciation expense for the first quarter of 2020 amounts to $1.7 million compared to $0.8 million for the same period of 2019 due to the increased number of vessels in the Company&#146;s fleet. In the first quarter of 2020, none of our vessels underwent drydocking. In the same period of 2019, one vessel completed its special survey with a cost of $0.7 million.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Interest and other financing costs for the first quarter of 2020 amounted to $1.3 million compared to $0.7 million for the same period of 2019. This increase is due to the increased amount of debt in the current period compared to the same period of 2019, partly offset by the decreased Libor rates of our bank loans during the period as compared to the same period of last year.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Adjusted EBITDA<SUP>1</SUP> for the first quarter of 2020 was $4.1 million, compared to $1.5 million achieved for the first quarter of 2019. Please see below for Adjusted EBITDA reconciliation to net (loss) / income. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>Basic and diluted earnings per share for the first quarter of 2020 was $0.32, calculated on 5,576,960 basic and diluted weighted average number of shares outstanding compared to basic and diluted loss per share of $0.32 for the first quarter of 2019, calculated on 1,542,508 basic and diluted weighted average number of shares outstanding. &nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<A NAME="OLE_LINK4"></A><P style="margin:0pt; font-family:Arial" align=justify>Excluding the effect on the income attributable to common shareholders for the quarter of the unrealized gain on derivatives and the amortization of the below market time charters acquired, the adjusted earnings per share for the quarter ended March 31, 2020 would have been $0.17 per share compared to adjusted loss of $0.33 per share basic and diluted for the first quarter of 2019. 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"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Fleet Profile: </B></P>
<P style="margin:0pt; font-family:Arial">The Euroseas Ltd. fleet profile is as follows:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=117></TD><TD width=63></TD><TD width=50.4></TD><TD width=45></TD><TD width=36></TD><TD width=84.6></TD><TD width=87.4></TD></TR>
<TR><TD style="background-color:#333333; border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#FFFFFF"><FONT COLOR=#FFFFFF><B>Name </B></FONT></P>
</TD><TD style="background-color:#333333; border-left:0.5pt solid #000000; border-top: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-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><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-left:0.5pt solid #000000; border-top: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-left:0.5pt solid #000000; border-top: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-left:0.5pt solid #000000; border-top: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:0.5pt solid #000000" width=116.533><P style="margin:0pt" align=center><BR></P>
<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-bottom:0.5pt solid #000000" width=156><P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><FONT COLOR=#000000><B><U>Container Carriers</U></B></FONT></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">AKINADA BRIDGE</P>
</TD><TD style="border-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>71,366</P>
</TD><TD style="border-left: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>5,610</P>
</TD><TD style="border-left: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-left: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 until Oct-20</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$16,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">SYNERGY BUSAN</P>
</TD><TD style="border-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>50,726</P>
</TD><TD style="border-left: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>4,253</P>
</TD><TD style="border-left: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>2009</P>
</TD><TD style="border-left: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 until Aug-20</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$12,900</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">SYNERGY ANTWERP</P>
</TD><TD style="border-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>50,726</P>
</TD><TD style="border-left: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>4,253</P>
</TD><TD style="border-left: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>2008</P>
</TD><TD style="border-left: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 until Jun-20</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>CONTEX(**) 4250 less 6.25%; floor $8,000 / ceiling $16,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">SYNERGY OAKLAND</P>
</TD><TD style="border-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>50,787</P>
</TD><TD style="border-left: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>4,253</P>
</TD><TD style="border-left: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>2009</P>
</TD><TD style="border-left: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 until Jul-20 plus 8-12 months extension option</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$10,000 until Oct-20; option CONTEX(**) 4250 less 10%</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">SYNERGY KEELUNG</P>
</TD><TD style="border-left: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-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>50,969</P>
</TD><TD style="border-left: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>4,253</P>
</TD><TD style="border-left: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>2009</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>TC until Dec-20/Jun-22 plus 8- 12 months option </P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$10,000 until Jun-21; $11,750 until Jun-22; option $14,500 </P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">EM KEA</P>
</TD><TD style="border-left: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>Feeder</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>42,165</P>
</TD><TD style="border-left: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>3,100</P>
</TD><TD style="border-left: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>2007</P>
</TD><TD style="border-left: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 until Oct-20</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$8,100</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">EM ASTORIA</P>
</TD><TD style="border-left: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>Feeder</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>35,600</P>
</TD><TD style="border-left: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>2,788</P>
</TD><TD style="border-left: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>2004</P>
</TD><TD style="border-left: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 until Sep-20</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$8,500 </P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">EVRIDIKI G</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Feeder</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>34,677</P>
</TD><TD style="border-left: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-left: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-left: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 until Sep-20</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$10,250</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">EM CORFU</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Feeder</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>34,654</P>
</TD><TD style="border-left: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-left: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-left: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 until Sep-21</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$10,200</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">EM ATHENS</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Feeder</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>32,350</P>
</TD><TD style="border-left: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>2,506</P>
</TD><TD style="border-left: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-left: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 until Oct-20</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$9,250</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">EM OINOUSSES</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Feeder</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>32,350</P>
</TD><TD style="border-left: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>2,506</P>
</TD><TD style="border-left: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-left: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>Idle (***)</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>-</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">DIAMANTIS P</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Feeder</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>30,360</P>
</TD><TD style="border-left: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>2,008</P>
</TD><TD style="border-left: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>1998</P>
</TD><TD style="border-left: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 until Jul-20</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$8,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">EM SPETSES</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Feeder</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>23,224</P>
</TD><TD style="border-left: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">&nbsp;&nbsp;1,740</P>
</TD><TD style="border-left: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>2007</P>
</TD><TD style="border-left: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>Idle</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>-</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">EM HYDRA</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Feeder</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>23,351</P>
</TD><TD style="border-left: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>1,740</P>
</TD><TD style="border-left: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>2005</P>
</TD><TD style="border-left: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 until May-20</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$8,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">JOANNA</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=84><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Feeder</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>22,301</P>
</TD><TD style="border-left: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>1,732</P>
</TD><TD style="border-left: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>1999</P>
</TD><TD style="border-left: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 until Feb-21</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$8,050</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">MANOLIS P (****)</P>
</TD><TD style="border-left: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>Feeder</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>20,346</P>
</TD><TD style="border-left: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>1,452</P>
</TD><TD style="border-left: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>1995</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>To be scrapped</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>-</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">AEGEAN EXPRESS</P>
</TD><TD style="border-left: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>Feeder</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>18,581</P>
</TD><TD style="border-left: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>1,439</P>
</TD><TD style="border-left: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-left: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 until Jul-20</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$6,500</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">KUO HSIUNG</P>
</TD><TD style="border-left: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>Feeder</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>18,154</P>
</TD><TD style="border-left: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>1,169</P>
</TD><TD style="border-left: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>1993</P>
</TD><TD style="border-left: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 until May-20</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$7,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">NINOS</P>
</TD><TD style="border-left: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>Feeder</P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>18,253</P>
</TD><TD style="border-left: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>1,169</P>
</TD><TD style="border-left: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">1990</P>
</TD><TD style="border-left: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>Commences new TC in Jun-20 until Jul-20</P>
</TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$6,500</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=156><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-left: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>19</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>660,940</B></P>
</TD><TD style="border-left: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>51,083</B></P>
</TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=48><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=112.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=116.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Arial">&nbsp;</P>
<P style="margin:0pt; font-family:Arial">Note: (*) TC denotes time charter. Charter duration indicates the earliest redelivery date.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">(**) The CONTEX (Container Ship Time Charter Assessment Index) has been published by the Hamburg and Bremen Shipbrokers&#146; Association (VHBS) since October 2007. The CONTEX is a company-independent index of time charter rates for container ships. It is based on assessments of the current day charter rates of six selected container ship types, which are representative of their size categories: Type 1,100 TEU and Type 1,700 TEU with a charter period of one year, and the Types 2,500, 2,700, 3,500 and 4,250 TEU all with a charter period of two years</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">(***) The vessel suffered an engine room fire in January 2020 and is in the process of concluding an insurance claim for unrepairable damage following which it will be scrapped.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial">(****) The vessel was sold for scrap but the sale was not completed due to complications during its delivery to the buyers related to COVID-19 lockdowns and other restrictions; a dispute with the buyers is in arbitration. The vessel will be sold for scrap to new buyers.</P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt"><FONT FACE="Times New Roman">5</FONT></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"><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><FONT FACE="Arial"><B>Summary Fleet Data:</B></FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<A NAME="OLE_LINK5"></A><TABLE style="font-size:10pt" cellspacing=0><TR><TD width=199.1></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-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><FONT COLOR=#FFFFFF><B>Three Months, Ended March 31, 2019</B></FONT></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>Three Months, Ended &nbsp;March 31, 2020</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><FONT COLOR=#000000><B>FLEET DATA</B></FONT></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 style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>11.00</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>19.00</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 style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>990.0</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>1,729.0</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 style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>36.4</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><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=265.467><P style="margin:0pt; font-family:Arial" align=justify>Available days for fleet (4) = (2) - (3)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>953.6</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>1,729.0</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>Commercial off-hire days (5)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>5.6</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>18.2</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 style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>0.3</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>65.8</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>Voyage days for fleet (7) = (4) - (5) - (6) </P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>947.7</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>1,645.0</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>Fleet utilization (8) = (7) / (4)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>99.4%</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>95.1%</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 style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>99.4%</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>98.9%</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 style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=right>100%</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt; font-family:Arial" align=right>96.2%</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 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 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 style="border-right:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>9,088</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=97.4><P style="margin:0pt; font-family:Arial" align=right>9,615</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 style="border-right:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>5,622</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=97.4><P style="margin:0pt; font-family:Arial" align=right>5,417</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 style="border-right:0.5pt solid #000000" width=96><P style="margin:0pt; font-family:Arial" align=right>601</P>
</TD><TD style="border-right:0.5pt solid #000000" width=97.4><P style="margin:0pt; font-family:Arial" align=right>464</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>Total vessel operating expenses (14)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>6,223</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=97.4><P style="margin:0pt; font-family:Arial" align=right>5,881</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-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>598</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>13</P>
</TD></TR>
</TABLE>
<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 the Company&#146;s fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of the Company&#146;s 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; font-family:Arial" align=justify><BR>
(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.</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR>
(4) Available days. We define available days as the Calendar days in a period net of scheduled off-hire days incl. laid up. We use available days to measure the number of days in a period during which vessels were available to generate revenues.&nbsp;</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR>
(5) Commercial off-hire days. We define commercial off-hire days as days a vessel is idle without employment.</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR>
(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="line-height:normal; margin:0pt; font-family:Arial" align=justify><BR>
(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. We use voyage days to measure the number of days in a period during which vessels actually generate revenues <FONT FACE="Times New Roman">or </FONT>are sailing for repositioning purposes.</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR>
(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. We use fleet utilization to measure a company'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.&nbsp;</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR>
(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.&nbsp;</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR>
(10) Fleet utilization, operational. We calculate operational fleet utilization by dividing our available days net of operational off-hire days during a period by our available days during that period.&nbsp;</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR>
(11) Time charter equivalent rate, or TCE rate, is a measure of the average daily net revenue performance of our vessels. Our method of calculating TCE is determined by dividing time charter revenue and voyage charter revenue 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, or are related to repositioning the vessel for the next charter. TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters, pool agreements and bareboat charters) under which the vessels may be employed between the periods. Our definition of TCE may not be comparable to that used by other companies in the shipping industry.</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR>
(12) Daily vessel operating expenses, which includes 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.&nbsp;</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR>
(13) Daily general and administrative expense is calculated by dividing general and administrative expense by fleet calendar days for the relevant time period.&nbsp;</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR>
(14) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels. TVOE is the sum of vessel operating expenses excluding drydocking 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; font-family:Arial" align=justify><BR>
(15) Drydocking expenses include expenses during drydockings that would have 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. The Company expenses drydocking expenses as incurred.</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>Conference Call and Webcast: </B></P>
<P style="margin:0pt; font-family:Arial" align=justify>Later today, Wednesday, May 27, 2020 at 9:00 a.m. Eastern Time, the Company's management will host a conference call and webcast to discuss the results.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Conference Call details:</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (877) 553-9962 (US Toll Free Dial In), 0(808) 238-0669 (UK Toll Free Dial In) or +44 (0) 2071 928592 (Standard International Dial In). Please quote &quot;Euroseas&quot; to the operator.</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR>
A telephonic replay of the conference call will be available until Wednesday, June 3, 2020, by dialing 1(866) 331-1332 (US Toll Free Dial In), 0(808) 238-0667 (UK Toll Free Dial In) or +44 (0) 3333 009785 (Standard International Dial In) and the access code required for the replay is: 6973591#.</P>
<P style="margin:0pt; font-family:Arial" align=justify>&nbsp;<BR>
<B>Audio Webcast - Slides Presentation:&nbsp;</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<FONT COLOR=#0000FF><U></U></FONT>). 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" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify>The slide presentation on the first quarter ended March 31, 2020 will also be available in PDF format 10 minutes prior to the conference call and webcast, accessible on the company's website (www.euroseas.gr) on the webcast page. Participants to the webcast can download the PDF presentation.<B>&nbsp;</B></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt"><FONT FACE="Times New Roman">6</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-left:148.5pt; text-indent:-36pt; font-family:Arial; page-break-before:always"><FONT FACE="Arial"><B>Euroseas Ltd. </B></FONT></P>
<P style="margin:0pt; font-family:Arial"><B>Unaudited Consolidated Condensed Statements of Operations</B></P>
<P style="margin:0pt; font-family:Arial"><B>(All amounts expressed in U.S. Dollars except number of shares)</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=76.4></TD><TD width=77.95></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=101.867><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended <BR>
March 31,</B></P>
</TD><TD style="background-color:#000000; border-top:0.5pt solid #000000" valign=bottom width=103.933><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>Three Months Ended <BR>
March 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=101.867><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>2019</B></P>
</TD><TD style="background-color:#000000; border-bottom:0.5pt solid #000000" valign=bottom width=103.933><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>2020</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=101.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=103.933><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"><FONT COLOR=#000000><B>Revenues</B></FONT></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=101.867><P style="margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=103.933><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>Time charter revenue</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=101.867><P style="margin:0pt; font-family:Arial" align=right>8,728,986</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=103.933><P style="margin:0pt; font-family:Arial" align=right>16,131,322</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=bottom width=101.867><P style="margin:0pt; font-family:Arial" align=right>(390,855)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=103.933><P style="margin:0pt; font-family:Arial" align=right>(698,515)</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>Net revenues</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=101.867><P style="margin:0pt; font-family:Arial" align=right><B>8,338,131</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=103.933><P style="margin:0pt; font-family:Arial" align=right><B>15,432,807</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=101.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=103.933><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 expenses</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=101.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=103.933><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>Voyage expenses</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=101.867><P style="margin:0pt; font-family:Arial" align=right>116,117</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=103.933><P style="margin:0pt; font-family:Arial" align=right>314,554</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=bottom width=101.867><P style="margin:0pt; font-family:Arial" align=right>4,789,923</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=103.933><P style="margin:0pt; font-family:Arial" align=right>8,037,863</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=bottom width=101.867><P style="margin:0pt; font-family:Arial" align=right>592,473</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=103.933><P style="margin:0pt; font-family:Arial" align=right>23,823</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 depreciation</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=101.867><P style="margin:0pt; font-family:Arial" align=right>798,712</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=103.933><P style="margin:0pt; font-family:Arial" align=right>1,727,085</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>Related party management fees</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=101.867><P style="margin:0pt; font-family:Arial" align=right>776,292</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=103.933><P style="margin:0pt; font-family:Arial" align=right>1,328,822</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>General and administrative expenses</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=101.867><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>595,423</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=103.933><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>802,376</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>Total operating expenses </B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=101.867><P style="margin:0pt; font-family:Arial" align=right><B>7,668,940</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=103.933><P style="margin:0pt; font-family:Arial" align=right><B>12,234,523</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=101.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=103.933><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 &nbsp;income</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=101.867><P style="margin:0pt; font-family:Arial" align=right><B>669,191</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=103.933><P style="margin:0pt; font-family:Arial" align=right><B>3,198,284</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=101.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=103.933><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=101.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000" valign=top width=103.933><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 other financing costs </P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=101.867><P style="margin:0pt; font-family:Arial" align=right>(710,649)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=103.933><P style="margin:0pt; font-family:Arial" align=right>(1,251,412)</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>Loss on derivatives, net </P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=101.867><P style="margin:0pt; font-family:Arial" align=right>(2,794)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=103.933><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>Foreign exchange (loss) / gain</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=101.867><P style="margin:0pt; font-family:Arial" align=right>(3,534)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=103.933><P style="margin:0pt; font-family:Arial" align=right>1,628</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=101.867><P style="margin:0pt; font-family:Arial" align=right>31,754</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=103.933><P style="margin:0pt; font-family:Arial" align=right>8,595</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=101.867><P style="margin:0pt; font-family:Arial" align=right><B>(685,223)</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=103.933><P style="margin:0pt; font-family:Arial" align=right><B>(1,241,189)</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=101.867><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=103.933><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; font-family:Arial" align=right><B>Net (loss) / income </B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.867><P style="margin:0pt; font-family:Arial" align=right><B>(16,032)</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=103.933><P style="margin:0pt; font-family:Arial" align=right><B>1,957,095</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" align=right>Dividend Series B Preferred shares</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=101.867><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(471,114)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=103.933><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>(159,562)</P>
</TD></TR>
<TR><TD style="border:0.5pt solid #000000" valign=top width=222><P style="margin:0pt; font-family:Arial" align=right><B>Net (loss) / income attributable to common shareholders </B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.867><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>(487,146)</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=103.933><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>1,797,533</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=bottom width=222><P style="margin:0pt; font-family:Arial">(Loss) / earnings per share, basic &amp; diluted</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=101.867><P style="margin:0pt; font-family:Arial" align=right>(0.32)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=103.933><P style="margin:0pt; font-family:Arial" align=right>0.32</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" align=right>Weighted average number of shares, basic &amp; diluted</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=101.867><P style="margin:0pt; font-family:Arial" align=right>1,542,508</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=103.933><P style="margin:0pt; font-family:Arial" align=right>5,576,960</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt"><FONT FACE="Times New Roman">7</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-left:144pt; font-family:Arial; page-break-before:always"><FONT FACE="Arial"><B>Euroseas Ltd.</B></FONT></P>
<P style="margin:0pt; padding-left:58.5pt; text-indent:9pt; font-family:Arial"><B>Unaudited Consolidated Condensed Balance Sheets</B></P>
<P style="margin:0pt; padding-left:36pt; font-family:Arial"><B>(All amounts expressed in U.S. Dollars &#150; except number of shares)</B></P>
<P style="margin:0pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=216></TD><TD width=95.2></TD><TD width=2.35></TD><TD width=85.05></TD><TD width=2.6></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=126.933><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;2019</B></P>
</TD><TD style="background-color:#000000" valign=bottom width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt; color:#FFFFFF" align=center><B>&nbsp;&nbsp;March 31,<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=126.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120 colspan=3><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"><FONT COLOR=#000000><B>ASSETS</B></FONT></P>
</TD><TD valign=bottom width=126.933><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=120 colspan=3><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=126.933><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom width=120 colspan=3><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=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>985,418</P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>508,105</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=bottom width=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>715,097</P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,585,246</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 </P>
</TD><TD valign=bottom width=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,570,506</P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,130,560</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=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,889,164</P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,847,943</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 &nbsp;&nbsp;</P>
</TD><TD valign=top width=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>610,376</P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>810,376</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; font-family:Arial; font-size:9pt">Vessel held for sale</P>
</TD><TD valign=top width=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,722,560</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; font-family:Arial; font-size:9pt">Prepaid expenses</P>
</TD><TD valign=top width=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>526,531</P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>591,923</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;<B>Total current assets</B></P>
</TD><TD valign=top width=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>6,297,092</B></P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>9,196,713</B></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=126.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120 colspan=3><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;Vessels, net</P>
</TD><TD valign=top width=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>116,230,333</P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>112,858,218</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=126.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120 colspan=3><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=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>4,334,267</P>
</TD><TD valign=bottom width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>4,134,267</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; 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-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>126,861,692</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>126,189,198</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=126.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120 colspan=3><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"><B>LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY</B></P>
</TD><TD valign=bottom width=126.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120 colspan=3><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"><B>Current liabilities:</B></P>
</TD><TD valign=bottom width=126.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120 colspan=3><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;Long-term bank loans, current portion</P>
</TD><TD valign=top width=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>12,295,320</P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>13,170,320</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;Related party loan, current</P>
</TD><TD valign=top width=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>5,000,000</P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>5,000,000</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=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>3,899,967</P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,895,839</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=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,725,321</P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,482,339</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 preferred dividends</P>
</TD><TD valign=top width=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>161,315</P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>159,562</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=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>973,774</P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>791,293</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;Liabilities associated with asset held for sale</P>
</TD><TD valign=top width=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,133,817</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=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>795,562</P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,663,367</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=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>24,851,259</B></P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>27,296,537</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=126.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120 colspan=3><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"><B>Long-term liabilities:</B></P>
</TD><TD valign=bottom width=126.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120 colspan=3><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;Long-term bank loans, net of current portion</P>
</TD><TD valign=top width=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>72,187,785</P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>68,088,481</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;Fair value of below market time charters &nbsp;</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;acquired</P>
</TD><TD valign=top width=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,714,370</P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>867,965</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=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>73,902,155</B></P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>68,956,446</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=126.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>98,753,414</B></P>
</TD><TD valign=top width=120 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>96,252,983</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=126.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120 colspan=3><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"><B>Mezzanine equity:</B></P>
</TD><TD valign=bottom width=130.067 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.867 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; text-indent:-7.1pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;Series B Preferred shares (par value $0.01, 20,000,000 shares authorized, 8,000 issued and outstanding, respectively) </P>
</TD><TD valign=bottom width=130.067 colspan=2><P style="line-height:11pt; margin:0pt; padding-right:-5.4pt; font-family:Arial; font-size:9pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,654,577</B></P>
</TD><TD valign=bottom width=116.867 colspan=2><P style="line-height:11pt; margin:0pt; padding-right:-5.4pt; font-family:Arial; font-size:9pt" align=right><B>7,654,577</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Shareholders&#146; equity:</B></P>
</TD><TD valign=bottom width=130.067 colspan=2><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=116.867 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; font-family:Arial; font-size:9pt">Common stock (par value $0.03, 200,000,000 shares authorized, 5,600,259, issued and outstanding)</P>
</TD><TD valign=top width=130.067 colspan=2><P style="line-height:11pt; margin:0pt; padding-right:-5.4pt; font-family:Arial; font-size:9pt" align=right>168,008</P>
</TD><TD valign=top width=116.867 colspan=2><P style="line-height:11pt; margin:0pt; padding-right:-5.4pt; font-family:Arial; font-size:9pt" align=right>168,008</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;Additional paid-in capital</P>
</TD><TD valign=top width=130.067 colspan=2><P style="line-height:11pt; margin:0pt; padding-right:-5.4pt; font-family:Arial; font-size:9pt" align=right>253,967,708</P>
</TD><TD valign=top width=116.867 colspan=2><P style="line-height:11pt; margin:0pt; padding-right:-5.4pt; font-family:Arial; font-size:9pt" align=right>253,998,112</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;Accumulated deficit</P>
</TD><TD valign=top width=130.067 colspan=2><P style="line-height:11pt; margin:0pt; padding-right:-5.4pt; font-family:Arial; font-size:9pt" align=right>(233,682,015)</P>
</TD><TD valign=top width=116.867 colspan=2><P style="line-height:11pt; margin:0pt; padding-right:-5.4pt; font-family:Arial; font-size:9pt" align=right>(231,884,482)</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&#146; equity</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=130.067 colspan=2><P style="line-height:11pt; margin:0pt; padding-right:-5.4pt; font-family:Arial; font-size:9pt" align=right><B>20,453,701</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=116.867 colspan=2><P style="line-height:11pt; margin:0pt; padding-right:-5.4pt; font-family:Arial; font-size:9pt" align=right><B>22,281,638</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, mezzanine equity and shareholders&#146; equity</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=130.067 colspan=2><P style="line-height:11pt; margin:0pt; padding-right:-5.4pt; font-family:Arial; font-size:9pt" align=right><B>126,861,692</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=116.867 colspan=2><P style="line-height:11pt; margin:0pt; padding-right:-5.4pt; font-family:Arial; font-size:9pt" align=right><B>126,189,198</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt"><FONT FACE="Times New Roman">8</FONT></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><FONT FACE="Arial"><B>Euroseas Ltd.</B></FONT></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Unaudited 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=1.2></TD><TD width=216></TD><TD width=2.55></TD><TD width=84.25></TD><TD width=0.8></TD><TD width=85.05></TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><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=288><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=115.733 colspan=2><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><FONT COLOR=#FFFFFF><B>&nbsp;Three Months Ended March 31,</B></FONT></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=114.467 colspan=2><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>&nbsp;Three Months Ended March 31,</B></P>
</TD></TR>
<TR><TD style="background-color:#0C0C0C; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#0C0C0C; border-bottom:0.75pt solid #000000" valign=top width=288><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#0C0C0C; border-bottom:0.75pt solid #000000" valign=top width=115.733 colspan=2><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>&nbsp;2019</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>&nbsp;</B></P>
</TD><TD style="background-color:#0C0C0C; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=114.467 colspan=2><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>&nbsp;2020</B></P>
</TD></TR>
<TR><TD style="background-color:#0C0C0C; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=115.733 colspan=2><P style="margin:1.1pt"><BR></P>
</TD><TD valign=top width=114.467 colspan=2><P style="margin:1.1pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.75pt solid #000000" valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt"><FONT COLOR=#000000><B>Cash flows from operating activities:</B></FONT></P>
</TD><TD style="border-top:0.75pt solid #000000" valign=top width=115.733 colspan=2><P style="margin:1pt"><BR></P>
</TD><TD style="border-top:0.75pt solid #000000" valign=top width=114.467 colspan=2><P style="margin:1pt"><BR></P>
</TD></TR>
<TR><TD style="border-top:0.75pt solid #000000" valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt">Net (loss) / income</P>
</TD><TD valign=top width=115.733 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:47.25pt; font-family:Arial; font-size:9pt">(16,032)</P>
</TD><TD valign=top width=114.467 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:49.85pt; font-family:Arial; font-size:9pt">1,957,095</P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Adjustments to reconcile net (loss) / income to net cash (used in) / provided by operating activities:</P>
</TD><TD valign=top width=115.733 colspan=2><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=114.467 colspan=2><P style="margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt">Vessel depreciation </P>
</TD><TD valign=top width=115.733 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:48.75pt; font-family:Arial; font-size:9pt">798,712</P>
</TD><TD valign=top width=114.467 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:49.85pt; font-family:Arial; font-size:9pt">1,727,085</P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt">Amortization of deferred charges</P>
</TD><TD valign=top width=115.733 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:53.25pt; font-family:Arial; font-size:9pt">31,339</P>
</TD><TD valign=top width=114.467 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:61.1pt; font-family:Arial; font-size:9pt">61,156</P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt">Share-based compensation</P>
</TD><TD valign=top width=115.733 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:53.25pt; font-family:Arial; font-size:9pt">24,862</P>
</TD><TD valign=top width=114.467 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:61.1pt; font-family:Arial; font-size:9pt">30,404</P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt">Amortization of debt discount</P>
</TD><TD valign=top width=115.733 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:53.25pt; font-family:Arial; font-size:9pt">54,101</P>
</TD><TD valign=top width=114.467 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt" align=right>&nbsp;-</P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt">Unrealized gain on derivatives</P>
</TD><TD valign=top width=115.733 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:47.25pt; font-family:Arial; font-size:9pt">(18,754)</P>
</TD><TD valign=top width=114.467 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt" align=right>&nbsp;-</P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt">Amortization of fair value of below market time charters acquired</P>
</TD><TD valign=top width=115.733 colspan=2><P style="margin:1pt"><BR></P>
<P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:75pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD valign=top width=114.467 colspan=2><P style="margin:1pt"><BR></P>
<P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:50.6pt; font-family:Arial; font-size:9pt">(846,405)</P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt">Changes in operating assets and liabilities</P>
</TD><TD valign=top width=115.733 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:36pt; font-family:Arial; font-size:9pt">(2,368,640)</P>
</TD><TD valign=top width=114.467 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:50.6pt; font-family:Arial; font-size:9pt">(903,784)</P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt"><B><I>Net cash (used in) / provided by operating activities </I></B></P>
</TD><TD style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=115.733 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:36pt; font-family:Arial; font-size:9pt"><B>(1,494,412)</B></P>
</TD><TD style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=114.467 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:49.85pt; font-family:Arial; font-size:9pt"><B>2,025,551</B></P>
</TD></TR>
<TR><TD style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=115.733 colspan=2><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=114.467 colspan=2><P style="margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt"><B>Cash flows from investing activities:</B></P>
</TD><TD valign=top width=115.733 colspan=2><P style="margin:1pt"><BR></P>
</TD><TD valign=top width=114.467 colspan=2><P style="margin:1pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt">Cash paid for vessels capitalized expenses</P>
</TD><TD valign=top width=115.733 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:75pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD valign=top width=114.467 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:50.6pt; font-family:Arial; font-size:9pt">(149,420)</P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt">Advance received for vessel held for sale</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=115.733 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:75pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=114.467 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:49.85pt; font-family:Arial; font-size:9pt">1,133,817</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt"><B>Net cash provided by operating investing activities</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=115.733 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:75pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=114.467 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:56.6pt; font-family:Arial; font-size:9pt"><B>984,397</B></P>
<P style="margin:1pt"><BR></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="margin:1pt"><BR></P>
<P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt"><B>Cash flows from financing activities:</B></P>
</TD><TD valign=top width=115.733 colspan=2><P style="margin:1pt"><BR></P>
</TD><TD valign=top width=114.467 colspan=2><P style="margin:1pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt">Preferred dividends paid</P>
</TD><TD valign=top width=115.733 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:75pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD valign=top width=114.467 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt" align=right>&nbsp;(161,315)</P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt">Repayment of long-term bank loans</P>
</TD><TD valign=top width=115.733 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:36pt; font-family:Arial; font-size:9pt">(1,303,000)</P>
</TD><TD valign=top width=114.467 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt" align=right>&nbsp;(3,285,460)</P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt">Offering expenses paid</P>
</TD><TD valign=top width=115.733 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt" align=right>&nbsp;-</P>
</TD><TD valign=top width=114.467 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt" align=right>&nbsp;(40,486)</P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt"><B><I>Net cash used in financing activities </I></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=115.733 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:36pt; font-family:Arial; font-size:9pt"><B>(1,303,000)</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=114.467 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:43.85pt; font-family:Arial; font-size:9pt"><B>(3,487,261)</B></P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=115.733 colspan=2><P style="line-height:8pt; margin:0pt"><BR></P>
</TD><TD valign=top width=114.467 colspan=2><P style="line-height:8pt; margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt">Net decrease in cash, cash equivalents, and restricted cash </P>
</TD><TD valign=top width=115.733 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:36pt; font-family:Arial; font-size:9pt">(2,797,412)</P>
</TD><TD valign=top width=114.467 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:50.6pt; font-family:Arial; font-size:9pt">(477,313)</P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=288><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Cash, cash equivalents, and restricted cash at beginning of period</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=115.733 colspan=2><P style="line-height:11pt; margin:0pt; text-indent:37.5pt; font-family:Arial; font-size:9pt">13,211,588</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=114.467 colspan=2><P style="line-height:11pt; margin:0pt; text-indent:49.85pt; font-family:Arial; font-size:9pt">5,930,061</P>
</TD></TR>
<TR><TD style="border-bottom:0.75pt solid #000000" valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt"><B>Cash, cash equivalents, and restricted cash at end of period</B></P>
</TD><TD valign=top width=115.733 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:37.5pt; font-family:Arial; font-size:9pt"><B>10,414,176</B></P>
</TD><TD valign=top width=114.467 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; text-indent:49.85pt; font-family:Arial; font-size:9pt"><B>5,452,748</B></P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000" valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt"><B>Cash breakdown</B></P>
</TD><TD style="border-top:0.75pt solid #000000" valign=top width=115.733 colspan=2><P style="margin:1pt"><BR></P>
</TD><TD style="border-top:0.75pt solid #000000" valign=top width=114.467 colspan=2><P style="margin:1pt"><BR></P>
</TD></TR>
<TR><TD style="border-top:0.75pt solid #000000" valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt">Cash and cash equivalents</P>
</TD><TD valign=top width=115.733 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt" align=right>4,164,659</P>
</TD><TD valign=top width=114.467 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt" align=right>508,105</P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt">Restricted cash, current</P>
</TD><TD valign=top width=115.733 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt" align=right>115,250</P>
</TD><TD valign=top width=114.467 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt" align=right>810,376</P>
</TD></TR>
<TR><TD valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt">Restricted cash, long term</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=115.733 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt" align=right>6,134,267</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=114.467 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt" align=right>4,134,267</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=1.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=288><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt"><B>Total cash, cash equivalents, and restricted cash shown in the statement of cash flows</B></P>
</TD><TD valign=top width=115.733 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt" align=right><B>10,414,176</B></P>
</TD><TD valign=top width=114.467 colspan=2><P style="line-height:11pt; margin-top:1pt; margin-bottom:1pt; font-family:Arial; font-size:9pt" align=right><B>5,452,748</B></P>
</TD></TR>
<TR><TD valign=top width=293 colspan=3><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000" valign=top width=113.4 colspan=2><P style="margin:1.1pt"><BR></P>
</TD><TD style="border-top:0.5pt solid #000000" valign=top width=113.4><P style="margin:1.1pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt"><FONT FACE="Times New Roman">9</FONT></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"><BR></P>
<P style="margin:0pt; font-family:Arial" align=center><FONT FACE="Arial"><B>Euroseas Ltd.</B></FONT></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 (Loss) / Income </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=131.15></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=119.8><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>March 31, 2019</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>Three Months Ended</B></P>
<P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><B>March 31, 2020</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; font-family:Arial"><FONT COLOR=#000000><B>Net (loss) / income</B></FONT></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>(16,032)</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>1,957,095</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; 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=119.8><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>678,895</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>1,242,817</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=174.867><P style="margin:0pt; font-family:Arial">Vessel depreciation </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>798,712</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>1,727,085</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">Loss on interest rate swap derivatives, net</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>2,794</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>-</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:3pt double #000000" valign=top width=174.867><P style="margin:0pt; font-family:Arial">Amortization of below market time charters acquired</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:3pt double #000000" valign=top width=119.8><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><TD style="border-right:3pt double #000000; border-bottom:3pt double #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>(846,405)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:3pt double #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:3pt double #000000" valign=top width=119.8><P style="margin:0pt; font-family:Arial" align=right><B>1,464,369</B></P>
</TD><TD style="border-right:3pt double #000000; border-bottom:3pt double #000000" valign=top width=143.6><P style="margin:0pt; font-family:Arial" align=right><B>4,080,592</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Adjusted EBITDA Reconciliation:</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>Euroseas Ltd. considers Adjusted EBITDA to represent net (loss) / income before interest, income taxes, depreciation, loss on interest rate swaps and amortization of below market time charters acquired. Adjusted EBITDA does not represent and should not be considered as an alternative to net income, as determined by United States generally accepted accounting principles, or GAAP. Adjusted EBITDA is included herein because it is a basis upon which the Company assesses its financial performance and liquidity position and because the Company believes that this non-GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period by excluding the potentially disparate effects between periods of, financial costs, (gain) / loss on interest rate swaps, depreciation and amortization of below market time charters acquired. The Company's definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries.</P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="margin:0pt"><FONT FACE="Times New Roman">10</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=center><FONT FACE="Arial"><B>Euroseas Ltd.</B></FONT></P>
<P style="margin:0pt; font-family:Arial" align=center><B>Reconciliation of Net (loss) / income to Adjusted net (loss) / income</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>(All amounts expressed in U.S. Dollars except share data and per share amounts)</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=167.4></TD><TD width=86.1></TD><TD width=93.9></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=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=114.8><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>March 31, 2019</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=125.2><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>March 31, 2020</B></P>
</TD><A NAME="OLE_LINK3"></A></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"><FONT COLOR=#000000><B>Net (loss) / income</B></FONT></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=114.8><P style="margin:0pt; font-family:Arial" align=right><B>(16,032)</B></P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=125.2><P style="margin:0pt; font-family:Arial" align=right><B>1,957,095</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">Unrealized gain on derivatives</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=114.8><P style="margin:0pt; font-family:Arial" align=right>(18,754)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=125.2><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">Amortization of below market time charters acquired</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=114.8><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><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=125.2><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>(846,405)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=223.2><P style="margin:0pt; font-family:Arial"><B>Adjusted net (loss) / income</B></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=114.8><P style="margin:0pt; font-family:Arial" align=right><B>(34,786)</B></P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" width=125.2><P style="margin:0pt; font-family:Arial" align=right><B>1,110,690</B></P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=223.2><P style="margin:0pt; font-family:Arial">Preferred dividends</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=114.8><P style="margin:0pt; font-family:Arial" align=right>&nbsp;(471,114)</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" valign=top width=125.2><P style="margin:0pt; font-family:Arial" align=right>(159,562)</P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=223.2><P style="margin:0pt; font-family:Arial"><B>Adjusted net (loss) / income attributable to common shareholders</B></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=114.8><P style="margin:0pt; font-family:Arial" align=right><B>(505,900)</B></P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" width=125.2><P style="margin:0pt; font-family:Arial" align=right><B>951,128</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">Adjusted (loss) / earnings per share, basic &amp; diluted</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=114.8><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>(0.33)</B></P>
</TD><TD style="border-right:3pt double #000000; border-bottom:0.75pt solid #000000" width=125.2><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>0.17</B></P>
</TD></TR>
<TR><TD style="border-left:3pt double #000000; border-right:0.75pt solid #000000; border-bottom:3pt double #000000" valign=top width=223.2><P style="margin:0pt; font-family:Arial">Weighted average number of shares, basic &amp; diluted</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:3pt double #000000" valign=bottom width=114.8><P style="margin:0pt; font-family:Arial" align=right>1,542,508</P>
</TD><TD style="border-right:3pt double #000000; border-bottom:3pt double #000000" valign=bottom width=125.2><P style="margin:0pt; font-family:Arial" align=right>5,576,975</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-left:4.5pt; font-family:Arial"><B>Adjusted net (loss) / income and Adjusted (loss) / earnings per share Reconciliation:</B></P>
<P style="margin:0pt; font-family:Arial">&nbsp;Euroseas Ltd. considers Adjusted net (loss) / income to represent net (loss) / income before unrealized gain on derivatives and amortization of below market time charters acquired. Adjusted net (loss) / income and Adjusted (loss) / earnings per share is included herein because we believe it assists our management and investors by increasing the comparability of the Company's fundamental performance from period to period by excluding the potentially disparate effects between periods of unrealized gain on derivatives and amortization of below market time charters acquired, which items may significantly affect results of operations between periods. </P>
<P style="margin:0pt; font-family:Arial">Adjusted net (loss) / income and Adjusted (loss) / earnings per share do not represent and should not be considered as an alternative to net (loss) / income or (loss) / earnings per share, as determined by GAAP. The Company's definition of Adjusted net (loss) / income and Adjusted (loss) / earnings per share may not be the same as that used by other companies in the shipping or other industries.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>&nbsp;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 140 years. Euroseas trades on the NASDAQ Capital 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 container shipping market. Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 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 19 vessels, including 14 Feeder containerships and 5 Intermediate containerships. Euroseas 19 containerships have a cargo capacity of 51,083 teu.</P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt"><FONT FACE="Times New Roman">11</FONT></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=justify><FONT FACE="Arial"><B>Forward Looking Statement</B></FONT></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's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as &quot;expects,&quot; &quot;intends,&quot; &quot;plans,&quot; &quot;believes,&quot; &quot;anticipates,&quot; &quot;hopes,&quot; &quot;estimates,&quot; 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 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'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's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><BR>
<B>Visit the Company&#146;s website www.euroseas.gr<U></U></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<FONT COLOR=#0000FF><U></U></FONT></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: euroseas@capitallink.com<FONT COLOR=#0000FF><U></U></FONT> <B>&nbsp;</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="margin:0pt"><FONT FACE="Times New Roman">12</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
</DIV></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>f52720esea6k002.gif
<TEXT>
begin 644 f52720esea6k002.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,
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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,$!
M0%!04&!@8'!P<(" @)"0D*"@H+"PL,# P-#0T.#@X/#P\/___P
M
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M-==<<\TUUUQSS377M,*"  *P< TZUUQSS3777',-*X)<(8   @@@@  """"
M  ((P$(@_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
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MUUQSS3777'/--==<<\TUUUQSS3777'/--2T((  +K5QSS37H7'/--:T(PH(
M @@@@  """"   (((  ++03"2BO77',-.M=<<\TUU[1R!0L""""   ((((
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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 """"   ((((   @@@@  """"   ((((   @@@@  """"
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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($"
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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"""   ((((  + @@@  """#_@  """"   ((((   @@@@  """"   ((((
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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($"
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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($"
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M7'/--8*T($   @@@@  ""/\@@  """"   ((((   @@@@  """"   ((((
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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
M7,-++;744DLMM=122RVUU%)++;744@LMPEQSS370U%(++;58<\TUUUQSS377
M7'/--</44@LMO%QS#4"N7>-5JU:M6K5JU:I5JU:M6K1JU:+%"]JU:]>N7;MV
M[5HR7K1JU:I5JU:M6K5JT=JE[-JU:]>N7;MV[1JT7;5JU:I5JU:M6K5JU:J5
M[-JU:]>N78-6JU:M6K5JU:I5JU:M6K5JU:I5JY:R:]>N7;MV[=JU:[QHU:I%
MJQ:T:]>N7;MV_^W:M6O7H/&J5:M6K5JU:M6J5:M6+6'7KEV[=NW:M7/7KEV[
M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEU#=^W:M6O7KEV[
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%)++=!
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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>
