-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 BPdauUtY+vfotqi/7FiHgsw40iC2GFKX48CAfjMB7Sg6utfHdoiY2CmLogrdKMAi
 x72KwHZFXKc2J4pYGKOvow==

<SEC-DOCUMENT>0001317861-06-000116.txt : 20060523
<SEC-HEADER>0001317861-06-000116.hdr.sgml : 20060523
<ACCEPTANCE-DATETIME>20060522173404
ACCESSION NUMBER:		0001317861-06-000116
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060522
FILED AS OF DATE:		20060523
DATE AS OF CHANGE:		20060522

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			StealthGas Inc.
		CENTRAL INDEX KEY:			0001328919
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51559
		FILM NUMBER:		06859603

	BUSINESS ADDRESS:	
		STREET 1:		331 KIFISSIAS AVENUE
		STREET 2:		ERITHREA 14561
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		30 210 625 2849

	MAIL ADDRESS:	
		STREET 1:		331 KIFISSIAS AVENUE
		STREET 2:		ERITHREA 14561
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>gass6k052206.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>STEALTHGAS ANNOUNCES VESSEL ACQUISITION</TITLE>
<META NAME="author" CONTENT="PC16">
<META NAME="date" CONTENT="05/22/2006">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:20pt; margin:0pt; font-size:18pt" align=center><FONT FACE="Times New Roman" COLOR=#000000><B>FORM 6-K </B></FONT></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:20pt; margin:0pt; font-size:18pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P style="line-height:15.5pt; margin:0pt; font-size:13.5pt" align=center>Washington, D. C. 20549 </P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center>Report of Foreign Private Issuer </P>
<P style="margin:0pt" align=center>Pursuant to Rule 13a-16 or 15d-16 of </P>
<P style="margin:0pt" align=center>the Securities Exchange Act of 1934 </P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center>For the month of May 2006 </P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center>STEALTHGAS INC.</P>
<P style="margin:0pt" align=center>331 KIFISSIAS AVENUE</P>
<P style="margin:0pt" align=center>ERITHREA 14561</P>
<P style="margin:0pt" align=center>ATHENS, GREECE</P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center>(011)(30)(210) 625 2849</P>
<P style="margin:0pt" align=center>(Address, including zip code, and telephone number,</P>
<P style="margin:0pt" align=center>including area code, of registrant's principal executive offices)</P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center>Indicate by check mark whether the registrant files or will file annual reports </P>
<P style="margin:0pt" align=center>under cover Form 20-F or Form 40-F. </P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><B>Form 20-F [X] Form 40-F [_] </B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">Yes [_] No [X] </P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial; font-size:12pt"><FONT FACE="Arial">INFORMATION CONTAINED IN THIS FORM 6-K REPORT </FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial; font-size:12pt"><B>STEALTHGAS INC (NASDAQ: GASS) announced its First Quarter 2006 Results</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>First Quarter 2006 Results </B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>For the first quarter ended March 31, 2006, net revenues amounted to $16.9 million and net income for the first quarter was $6.9 million. Earnings per share basic and diluted calculated on 14 million weighted average number of shares outstanding, was $0.50. EBITDA for the first quarter of 2006 was $10.1 million.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial; font-size:11pt">An average of 22.4 vessels were owned and operated in the first quarter 2006 earning an average time-charter-equivalent rate of approximately $7,870 per day. &nbsp;</P>
<P style="margin:0pt"><BR></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="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>First Quarter 2005 Results </B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>For the first quarter ended March 31, 2005, net revenues amounted to $4.2 million and net income for the first quarter was $1.6 million. Earnings per share basic and diluted calculated on 6 million weighted average number of shares outstanding, was $0.27. EBITDA for the first quarter of 2005 was $1.8 million.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial; font-size:11pt">An average of 5.6 vessels were owned and operated in the first quarter 2005 earning an average time-charter-equivalent rate of approximately $8,110 per day. &nbsp;</P>
<P style="line-height:11pt; margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial; font-size:11pt">Attached hereto as Exhibit 1 is a Press Release dated May 22, 2006 announcing the results for the First Quarter 2006.</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" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><img src="gass6k052206002.gif" alt="[gass6k052206002.gif]" align=top height=86.6 width=160.067></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"><BR></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=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; font-family:Verdana; font-size:12pt" align=center><FONT FACE="Verdana"><B>STEALTHGAS INC. REPORTS FIRST QUARTER</B></FONT></P>
<P style="line-height:14pt; margin:0pt; font-family:Verdana; font-size:12pt" align=center><B>2006 RESULTS</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial"><B>ATHENS, GREECE, May 22, 2006</B></FONT>. &nbsp;STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the first quarter period ended March 31, 2006. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>First Quarter 2006 Results </B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>For the first quarter ended March 31, 2006, net revenues amounted to $16.9 million and net income for the first quarter was $6.9 million. Earnings per share basic and diluted calculated on 14 million weighted average number of shares outstanding, was $0.50. EBITDA for the first quarter of 2006 was $10.1 million.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>An average of 22.4 vessels were owned and operated in the first quarter 2006 earning an average time-charter-equivalent rate of approximately $7,870 per day. &nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>CEO Harry Vafias commented: &#147;We are very pleased with the financial and operational results we have achieved during the first quarter 2006. We have continued with the consistent implementation of our strategy of fleet expansion, maintaining moderate leverage, securing a visible revenue stream, having cost efficient operations and paying stable dividends to our shareholders. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>During the first quarter of 2006, we completed the acquisition of three vessels including the final vessel that had been identified at the time of our IPO expanding our fleet to 24 vessels by the end of the quarter. I am pleased to report that as of today, we have entered into agreements to acquire 3 additional vessels with expected delivery by the end of May or early June 2006, thereby further expanding our fleet to a total of 27 vessels. All three vessels to be acquired have immediate period employment ranging from six months to three years. This acquisition solidifies our ranking as number one in owned vessels in the 3,000 to 8,000 CBM segment that is the area of our strategic focus. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">In addition, consistent with our strategy of securing a visible revenue stream, as of today, we have period employment &nbsp;for 84% of our fleet of 27 vessels. Additionally, 76% of our fleet is already under period employment for the whole of 2006 and 51% for 2007.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>On May 4, 2006, we declared a cash dividend of $0.1875 cents per common share payable on May 25, 2006. This is our second consecutive dividend since we became a public company in October 2005.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Looking at 2006, we expect our profitability to benefit from our expanded fleet and its contracted employment. Our plans are to continue taking advantage of market opportunities and further expand our fleet, enhancing our revenue potential and profitability.</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=justify><BR></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=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>CFO Andrew Simmons commented: &#147;As of March 31, 2006 had all 27 vessels been delivered to us, our leverage would still remain moderate with a debt to capitalization ratio at 48.2%.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Our strong cash flow generation coupled with external financing has supported our growth plans. In this respect, in May 2006 we negotiated a new credit facility with Fortis Bank, which replaces the existing Fortis Bank credit facility. The new credit facility will facilitate the acquisitions of the three additional vessels, the &#147;Sir Ivor&#148;, the &#147;Lynne&#148; and the &#147;Gas Nemesis&#148;. The new credit facility provides for an increased amount of up to $79.8 million with repayment terms over 10 years at a margin of 75 basis points over LIBOR based on the current loan to value ratio, as opposed to the original amount of $ 50.4 million, all of which was fully drawn, with repayment terms over eight years at a margin of 90 basis points over LIBOR under the previous Fortis Bank credit facility. The new credit facility is secured by the nine existing vessels that secured the previous facility plus the three new
 vessels to be delivered to us by June 2006. It should be noted that &#147;Sir Ivor&#148; will be acquired for a purchase price of USD 15.7 million and not for USD 16.7 million as previously announced in error on May 8, 2006.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Regarding our dividend policy, our next dividend declaration is intended for August 2006.&#148;</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=justify><BR></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=justify><BR></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=justify><BR></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=justify><BR></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=justify><BR></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=justify><BR></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=justify><BR></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=justify><BR></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=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Updated Fleet Profile and Fleet Deployment:</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The table below describes our fleet development and deployment as of today: </P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=75.9></TD><TD width=47.85></TD><TD width=44.3></TD><TD width=37.05></TD><TD width=59></TD><TD width=73.9></TD><TD width=62.6></TD><TD width=51.4></TD></TR>
<TR><TD style="border:0.5pt solid #000000" valign=top width=101.2><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><FONT FACE="Verdana"><B>Vessel</B></FONT></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=63.8><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><B>Vessel Size (cbm)</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=59.067><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><B>Vessel Type</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=49.4><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><B>Year Built</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=78.667><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><B>Delivered To GASS</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=98.533><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><B>Employment Status</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=83.467><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><B>Charter Expiration</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=68.533><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><B>Monthly Rate (1*) $</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=602.667 colspan=8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>CURRENT FLEET (Initial Fleet plus Identified &amp; Additional Vessels already delivered to GASS)</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Cathar(2)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>7,517</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>2001</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Oct-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Aug-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>365,000</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Marathon</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>6,572</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Nov-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Oct-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>220,000</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Chios</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>6,562</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1991</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Oct-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Mar-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>300,000</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Amazon (3)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>6,526</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1992</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>May-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>May -07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>300,000</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Monarch</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>5,018</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1997</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Dec-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Jun-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>295,000</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Emperor</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>5,013</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Feb-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Jun-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>245,000</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Birgit Kosan</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>5,012</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Apr-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Apr-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>190,000</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Catterick</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>5,001</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Nov-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Feb-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>300,000</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Sincerity</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>4,123</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>2000</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Nov-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Jul-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>285,000</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Spirit(4)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>4,112</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>2001</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Dec-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Jun-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>195,000</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Zael (5)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>4,111</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>2001</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Dec-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Aug-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>199,000</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Courchevel </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>4,109</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>S.R.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1991</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Nov-04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Aug-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>395,000</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Prophet</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,556</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1996</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Oct-04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Spot</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>N/A</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>N/A</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Shangai</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,526</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1999</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Dec-04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Spot</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>N/A</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>N/A</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Czar(6)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,510</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Feb-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Nov-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>171,250</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Legacy</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,500</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1998</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Oct-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Apr-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>250,000</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Fortune(7)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,500</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Feb-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Dec-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>184,000</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Eternity</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,500</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1998</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Mar-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Spot</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>N/A</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>N/A</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Artic</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,434</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>S.R.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1992</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Apr-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Apr-09</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>190,000</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Ice</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,434</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>S.R.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1991</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Apr-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Apr-08</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>174,250</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Crystal</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,211</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>S.R.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1990</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Nov-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Spot</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>N/A</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>N/A</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Oracle</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,014</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1990</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Dec-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>May-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>118,000</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Prodigy</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,014</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Oct-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Dec-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>219,000</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Tiny</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1,320</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>S.R.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1991</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Oct-04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Dec-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>120,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>Subtotal &#150; </B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>102,195</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify>&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify>&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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>24 vessels</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>Cbm</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=602.667 colspan=8><P style="line-height:9.5pt; margin:0pt; font-family:Verdana; font-size:7.5pt"><B>ADDITIONAL VESSELS (with expected delivery date)</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Lyne (8)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>5,014</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1996</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>May-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>May-09</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>163,636</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Sir Ivor (9)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>5,000</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>2003</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>May-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>May-09</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>163,636</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Nemesis (10) &nbsp;&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>5,016</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>June 2006</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Dec-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>201,500</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>Subtotal &#150; </B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8 rowspan=2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>15,030</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>&nbsp;</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>3 vessels</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>FLEET TOTAL</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8 rowspan=2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>117,225</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>&nbsp;</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=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>27 VESSELS</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">F.P.: Fully Pressurized</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">S.R.: Semi-Refrigerated</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(1) To calculate daily rate divide by 30.4. All rates are quoted on a gross basis and do not take into account chartering commissions</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(2) Gas Cathar is employed until August 2006 at the rate of USD 365,000 per month. Thereafter Gas Cathar will be employed for a further one year period at the rate of USD 355,000.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(3) Gas Amazon is employed until May 2006 at the rate of USD 420,000 per month. Thereafter it will be employed for a further one year period at the rate of $ 300,000 per month.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(4) Gas Spirit is employed until June 2006 at the rate of USD 195,000 per month. Thereafter Gas Spirit will be employed for a further one year period ending June 2007 at the rate of USD 250,000 per month.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(5) As of April 03, 2006 &#147;Feisty Gas&#148; was renamed &#147;Gas Zael&#148;.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(6) Gas Czar is employed until November 2006 at the rate of USD 171,250 per month. The rate for the 12 month period between December 2006 and November 2007 will be agreed upon no later than the commencement of the charter extension for the 12 months and will range between a minimum of USD 190,000 and a maximum of USD 210,000.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(7) Gas Fortune is employed until December 2006 at the rate of USD $ 184,000 per month. Thereafter at charterer&#146;s option it can be employed for a further one year period at the rate of $ 205,000 per month.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(8) Lyne will be employed under a bareboat charter until May 2009 at the rate of USD 163,636. Thereafter, at charterer&#146;s option, the bareboat charter can extenced a further one year at the rate of USD 171,717.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(9) Sir Ivor will be employed under a bareboat charter until May 2009 at the rate of USD 163,636. Thereafter, at charterer&#146;s option, the bareboat charter can extenced a further one year at the rate of USD 171,717. Sir Ivor will be acquired for a purchase price of USD 15.7 million and not for USD 16.7 million as previously announced.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(10) Upon its delivery, Gas Nemesis will be employed under an existing time charter until December 2006 at the rate of USD 201,500 per calendar month.</FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial"><B>Fleet Data </B></FONT></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The following key indicators highlight the Company&#146;s operating performance during first quarter 2006. &nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=213.4></TD><TD width=130.25></TD><TD width=106.9></TD></TR>
<TR><TD style="background-color:#0C0C0C; border:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF"><FONT COLOR=#FFFFFF><B>FLEET DATA</B></FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=right><B>First Quarter 2005</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=right><B>First Quarter 2006</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=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><FONT COLOR=#000000>Average number of vessels (1)</FONT></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>5.6</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>22.4</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=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Period end number of vessels in fleet</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>6.0</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>24</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=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Total calendar days for fleet (2)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>508</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,019</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=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Total voyage days for fleet (3)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>496</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,015</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=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Fleet utilization (4)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>97.6 %</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>99.9%</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=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Total time charter days for fleet (5)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>490</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,897</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=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Total spot market days for fleet (6)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>6</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>118</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=214.45></TD><TD width=126.15></TD><TD width=107.85></TD></TR>
<TR><TD style="background-color:#0C0C0C; border:0.5pt solid #000000" valign=top width=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF"><FONT COLOR=#FFFFFF><B>AVERAGE DAILY RESULTS (in USD)</B></FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=right><B>First Quarter 2005</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF"><B>First Quarter 2006</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=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><FONT COLOR=#000000>Time Charter Equivalent &#150; TCE (7) </FONT></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$8,110</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$7,870</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=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Vessel operating expenses (8)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,564</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,148</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=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Management fees</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>390</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>321</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=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">General and administrative expenses</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>207</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>296</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=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Total vessel operating expenses (9)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,771</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,444</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>1) <U>Average number of vessels</U> is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>2) <U>Total calendar days</U> are the total days the vessels were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>3) <U>Total voyage days</U> for fleet reflect the total days the vessels were in our possession for the relevant period net of off-hire days associated with major repairs, drydocks or special or intermediate surveys.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>4) <U>Fleet utilization</U> is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>5) <U>Total time charter days</U> for fleet are the number of voyage days the vessels in our fleet operated on time charters for the relevant period.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>6) <U>Total spot market charter days</U> for fleet are the number of voyage days the vessels in our fleet operated on spot market charters for the relevant period.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>7) <U>Time charter equivalent, or TCE</U>, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing voyage revenues (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, as well as commissions. 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 charters, time charters and bareboat charters) under which the vessels may be employed between the periods.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>8) <U>Vessel operating expenses</U>, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs is calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>9) <U>Total vessel operating expenses, or TVOE</U>, is a measurement of our total expenses associated with operating our vessels. TVOE is the sum of vessel operating expenses and general and administrative expenses. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>EBITDA Reconciliation </B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>EBITDA represents net earnings before interest, taxes, depreciation and amortization. EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and our calculation of EBITDA may not be comparable to that reported by other companies. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>EBITDA is included herein because it is a basis upon which we assess our liquidity position and because we believe that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness. &nbsp;The Company&#146;s definition of 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></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=270.05></TD><TD width=97.5></TD><TD width=78.95></TD></TR>
<TR><TD style="background-color:#0C0C0C; border:0.5pt solid #000000" valign=top width=360.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF"><FONT COLOR=#FFFFFF><B>(figures in US $)</B></FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=130><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=center><B>First Quarter 2005</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=105.267><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=center><B>First Quarter 2006</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=360.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><FONT COLOR=#000000><B>Net Cash Provided By (Used in) Operating Activities</B></FONT></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=130><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$1,200,880</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=105.267><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$9,291,743</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=360.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Net increase in current assets, excl. cash</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=130><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>860,920</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=105.267><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>525,266</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=360.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Net (increase) in current liabilities, excl .short-term</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=130><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(186,564)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=105.267><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(1,561,271)</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=360.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Non-cash general &amp; admin.exps</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=130><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(97,500)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=105.267><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>0</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=360.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Interest income</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=130><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(23,073)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=105.267><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(186,060)</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=360.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Interest &amp; finance costs, net</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=130><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>34,095</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=105.267><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,357,294</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=360.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Amortization &nbsp;of financing fees</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=130>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=105.267><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(9,919)</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=360.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Net income of vessel acquired from the Vafias Group</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=130>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=105.267><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>99,870</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=360.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Change in fair value of derivatives</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=130>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=105.267><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>642,960</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=360.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>EBITDA</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=130><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$1,788,758</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=105.267><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$10,159,883</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=264.75></TD><TD width=99></TD><TD width=77></TD></TR>
<TR><TD style="background-color:#0C0C0C; border:0.5pt solid #000000" valign=top width=353><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF"><FONT COLOR=#FFFFFF><B>(figures in US $)</B></FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=right><B>First Quarter 2005</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=102.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=right><B>First Quarter 2006</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=353><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><FONT COLOR=#000000><B>Net Income</B></FONT></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$1,636,914</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=102.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$6,958,693</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=353><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Plus net interest expense</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>34,095</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=102.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,357,294</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=353><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Less Interest income</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(23,073)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=102.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(186,060)</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=353><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Plus depreciation </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>509,393</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=102.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,807,660</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=353><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Plus Amortization of fair value</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(368,571)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=102.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(777,704)</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=353><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>EBITDA</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$1,788,758</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=102.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$10,159,883</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Conference Call and Webcast:</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>As already announced, on Tuesday, May 23, 2006 at 10:00 A.M. EST, the company's management will host a conference call to discuss the results and the company's operations and outlook. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Conference Call details: </B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1866 819 7111 (from the US), 0800 953 0329 (from the UK) or +44 (0) 1452 542 301 (Std. International Dial in). Please quote &quot;STEALTHGAS.&quot; </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>In case of any problem with the above numbers, please dial 1866 869 2352 (from the US), 800 694 1449 (from the UK) or +44 (0) 1452 560 304 (Std. International Dial in). Quote &quot;STEALTHGAS.&quot; </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>A telephonic replay of the conference call will be available until May 30, 2006 by dialing 1866 247 4222 (from the US), 0800 953 1533 (from the UK) or +44 1452 550 000 (Std. International Dial in). Access Code: 2201616# </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Slides and audio webcast: </B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>There will also be a live-and then archived-webcast of the conference call, through the internet through the STEALTHGAS INC. website (<FONT COLOR=#0000FF><U>www.stealthgas.com</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="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:10pt; margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt; page-break-before:always" align=center><B>STEALTHGAS INC<BR>
Consolidated Statements of Income (Unaudited)</B></P>
<P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt" align=center><B>For the quarters ended March 31, 2005 and March 31, 2006</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>(Expressed in United States Dollars)</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=19.1></TD><TD width=43.1></TD><TD width=63.55></TD><TD width=63></TD><TD width=27.7></TD><TD width=32.8></TD><TD width=30.9></TD><TD width=67.4></TD><TD width=13.9></TD><TD width=78.25></TD><TD width=22.35></TD></TR>
<TR><TD valign=bottom width=25.467>&nbsp;</TD><TD valign=bottom width=57.467>&nbsp;</TD><TD valign=bottom width=84.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=36.933>&nbsp;</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=212.733 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>FOR THE THREE MONTHS</B></P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=25.467>&nbsp;</TD><TD valign=bottom width=57.467>&nbsp;</TD><TD valign=bottom width=84.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=36.933>&nbsp;</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=212.733 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>ENDED MARCH 31,</B></P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=25.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=57.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=84.733><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=36.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=89.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>2005</B></P>
</TD><TD valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt" align=center>&nbsp;</P>
</TD><TD valign=bottom width=104.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>2006</B></P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=25.467>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=57.467>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=36.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=41.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=89.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>(restated)*</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.533>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.333>&nbsp;</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=25.467>&nbsp;</TD><TD valign=bottom width=57.467>&nbsp;</TD><TD valign=bottom width=84.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=36.933>&nbsp;</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=89.867>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=104.333>&nbsp;</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=167.667 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Revenues</B></P>
</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=36.933>&nbsp;</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=89.867>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=104.333>&nbsp;</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=25.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.2 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Voyage revenues</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=36.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=41.2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=89.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$4,197,469</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$16,937,918</P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=25.467>&nbsp;</TD><TD valign=bottom width=57.467>&nbsp;</TD><TD valign=bottom width=84.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=36.933>&nbsp;</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=89.867>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=104.333>&nbsp;</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=82.933 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Expenses</B></P>
</TD><TD valign=bottom width=84.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=36.933>&nbsp;</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=89.867>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=104.333>&nbsp;</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=25.467>&nbsp;</TD><TD valign=bottom width=142.2 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Voyage expenses</P>
</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=36.933>&nbsp;</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=89.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>174,902</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=104.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,047,825</P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=25.467>&nbsp;</TD><TD valign=bottom width=226.2 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Vessels' operating expenses</P>
</TD><TD valign=bottom width=36.933>&nbsp;</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=89.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,302,704</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=104.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>4,337,206</P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=25.467>&nbsp;</TD><TD valign=bottom width=142.2 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Dry-docking costs</P>
</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=36.933>&nbsp;</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=89.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>255,771</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=104.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>--</P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=25.467>&nbsp;</TD><TD valign=bottom width=142.2 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Management fees</P>
</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=36.933>&nbsp;</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=89.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>198,120</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=104.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>647,799</P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=25.467>&nbsp;</TD><TD valign=bottom width=263.133 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">General and administrative expenses</P>
</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=89.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>105,300</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=104.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>597,181</P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=25.467>&nbsp;</TD><TD valign=bottom width=142.2 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Depreciation</P>
</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=36.933>&nbsp;</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=89.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>509,393</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=104.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,807,660</P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=167.667 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Total expenses</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=84><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=36.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=43.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=41.2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=89.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>2,546,190</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=104.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>9,437,671</B></P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=25.467><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=57.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=84.733><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=36.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=89.867>&nbsp;</TD><TD valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=104.333><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=251.667 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Income from operations</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=36.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=41.2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=89.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$1,651,279</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$7,500,247</B></P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=25.467>&nbsp;</TD><TD valign=bottom width=57.467>&nbsp;</TD><TD valign=bottom width=84.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=36.933>&nbsp;</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=89.867>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=104.333>&nbsp;</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=251.667 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Other revenues and (expense)</B></P>
</TD><TD valign=bottom width=36.933>&nbsp;</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=89.867>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=104.333>&nbsp;</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=25.467>&nbsp;</TD><TD valign=bottom width=226.2 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Interest and finance costs, net</P>
</TD><TD valign=bottom width=36.933>&nbsp;</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=89.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(34,095)</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=104.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(1,357,294)</P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=25.467>&nbsp;</TD><TD valign=bottom width=226.2 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Change in fair value of derivatives</P>
</TD><TD valign=bottom width=36.933>&nbsp;</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=89.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>&nbsp;&nbsp;--</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=104.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>642,960</P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=25.467>&nbsp;</TD><TD valign=bottom width=142.2 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Interest income</P>
</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=36.933>&nbsp;</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=89.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>23,073</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=104.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>186,060</P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=25.467>&nbsp;</TD><TD valign=bottom width=226.2 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Foreign exchange loss</P>
</TD><TD valign=bottom width=36.933>&nbsp;</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=89.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(3,343)</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=104.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(13,280)</P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=167.667 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Other expenses, net</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=84><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=36.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=43.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=41.2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=89.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>(14,365)</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=104.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>(541,554)</B></P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=25.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=57.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=84.733><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=36.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=89.867>&nbsp;</TD><TD valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=104.333><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=167.667 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Net income</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84><P style="margin:0pt; font-family:Arial; font-size:11pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=36.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=43.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=41.2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=89.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$1,636,914</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$6,958,693</B></P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=25.467>&nbsp;</TD><TD valign=bottom width=57.467>&nbsp;</TD><TD valign=bottom width=84.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=36.933>&nbsp;</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=89.867>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=104.333>&nbsp;</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=288.6 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Earnings per share, basic and diluted</B></P>
</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=89.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$0.27</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=104.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$0.50</P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=25.467>&nbsp;</TD><TD valign=bottom width=57.467>&nbsp;</TD><TD valign=bottom width=84.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=36.933>&nbsp;</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=89.867>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=104.333>&nbsp;</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=288.6 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Weighted average number of shares, outstanding</B></P>
</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=89.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>6,000,000</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=104.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>14,000,000</P>
</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=25.467>&nbsp;</TD><TD valign=bottom width=57.467>&nbsp;</TD><TD valign=bottom width=84.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=36.933>&nbsp;</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=89.867>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=104.333>&nbsp;</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=25.467>&nbsp;</TD><TD valign=bottom width=57.467>&nbsp;</TD><TD valign=bottom width=84.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=36.933>&nbsp;</TD><TD valign=bottom width=43.733>&nbsp;</TD><TD valign=bottom width=41.2>&nbsp;</TD><TD valign=bottom width=89.867>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=104.333>&nbsp;</TD><TD valign=bottom width=29.8>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>* </B>During the course of 2005, the Company acquired a number of ship-owning companies from affiliated entities of the Vafias Group (&#147;The Vafias Group of LPG Carriers&#148;), which is controlled by the Vafias family. Because the Company and the Vafias Group are entities under common control, in accordance with US GAAP, the consolidated financial statements of the Company must be presented as if the ship-owning companies acquired were consolidated subsidiaries of the Company and such accounting resulted in the retroactive restatement of the historical financial statements of the Company as if &#147;The Vafias Group of LPG Carriers&#148; were consolidated subsidiaries of the Company for the period presented.</P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:10pt; margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt; page-break-before:always" align=center><B>STEALTHGAS INC<BR>
Consolidated Balance Sheets (Unaudited)</B></P>
<P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt" align=center><B>For the periods ended March 31, 2006 and December 31, 2005</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>(Expressed in United States Dollars)</B></P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=13.6></TD><TD width=74.05></TD><TD width=43.2></TD><TD width=51.75></TD><TD width=70.45></TD><TD width=18></TD><TD width=11.8></TD><TD width=103.45></TD><TD width=17.75></TD><TD width=82.7></TD><TD width=16.55></TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=98.733>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933>&nbsp;</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267>&nbsp;</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=98.733>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=center><B>DECEMBER 31,</B></P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=center><B>MARCH 31,</B></P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=98.733>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=center><B>2005</B></P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=center><B>2006</B></P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=98.733><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=57.6><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=69><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=93.933><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=center><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=23.667><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=center><B>[UNAUDITED]</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=22.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=116.867 colspan=2><P style="margin:0pt; font-family:Arial"><B>Assets</B></P>
</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933>&nbsp;</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267>&nbsp;</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=174.467 colspan=3><P style="margin:0pt; font-family:Arial"><B>Current assets</B></P>
</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933>&nbsp;</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267>&nbsp;</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=225.333 colspan=3><P style="margin:0pt; font-family:Arial">Cash and cash equivalents</P>
</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>$23,210,243</P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>$11,310,749</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=156.333 colspan=2><P style="margin:0pt; font-family:Arial">Trade receivables</P>
</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>13,330</P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>115,342</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=156.333 colspan=2><P style="margin:0pt; font-family:Arial">Claim receivable</P>
</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>52,124</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=156.333 colspan=2><P style="margin:0pt; font-family:Arial">Inventories</P>
</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>399,624</P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>753,458</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=225.333 colspan=3><P style="margin:0pt; font-family:Arial">Advances and prepayments</P>
</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>161,094</P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>178,390</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=343.267 colspan=5><P style="margin:0pt; font-family:Arial">Fair value of above market acquired time charter</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>597,754</P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>409,847</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=156.333 colspan=2><P style="margin:0pt; font-family:Arial">Restricted cash</P>
</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>1,634,203</P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>1,098,725</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=174.467 colspan=3><P style="margin:0pt; font-family:Arial"><B>Total current assets</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=69><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=93.933><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=24><P style="margin:0pt; font-family:Arial; color:#FFFFFF" align=center><FONT COLOR=#FFFFFF>&nbsp;</FONT></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=15.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right><FONT COLOR=#000000><B>26,016,248</B></FONT></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=23.667><P style="margin:0pt; font-family:Arial"><B><I>&nbsp;</I></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right><B>13,918,635</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=22.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=98.733>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933>&nbsp;</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267>&nbsp;</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=174.467 colspan=3><P style="margin:0pt; font-family:Arial"><B>Non current assets</B></P>
</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933>&nbsp;</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267>&nbsp;</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=225.333 colspan=3><P style="margin:0pt; font-family:Arial">Advances for vessels acquisitions</P>
</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>983,000</P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=156.333 colspan=2><P style="margin:0pt; font-family:Arial">Vessels, net</P>
</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>229,763,864</P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>259,647,669</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=225.333 colspan=3><P style="margin:0pt; font-family:Arial">Deferred finance charges</P>
</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>215,656</P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>233,737</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=225.333 colspan=3><P style="margin:0pt; font-family:Arial">Derivative receivable</P>
</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>575,960</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=243.467 colspan=4><P style="margin:0pt; font-family:Arial"><B>Total non current assets</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=93.933><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=24>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=15.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right><B>230,962,520</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=23.667><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right><B>260,457,366</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=22.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=174.467 colspan=3><P style="margin:0pt; font-family:Arial"><B>Total assets</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=69><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=93.933><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right><B>256,978,768</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=23.667><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right><B>274,376,001</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=22.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=98.733>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933>&nbsp;</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267>&nbsp;</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=337.4 colspan=5><P style="margin:0pt; font-family:Arial"><B>Liabilities and Stockholders' Equity</B></P>
</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933>&nbsp;</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267>&nbsp;</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=174.467 colspan=3><P style="margin:0pt; font-family:Arial"><B>Current liabilities</B></P>
</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933>&nbsp;</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267>&nbsp;</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=156.333 colspan=2><P style="margin:0pt; font-family:Arial">Overdraft facility</P>
</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>200,000</P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=225.333 colspan=3><P style="margin:0pt; font-family:Arial">Payable to related party</P>
</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>1,549,837</P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>1,737,338</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=225.333 colspan=3><P style="margin:0pt; font-family:Arial">Trade accounts payable</P>
</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>984,997</P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>1,488,636</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=225.333 colspan=3><P style="margin:0pt; font-family:Arial">Other accrued liabilities</P>
</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>1,635,040</P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>1,874,479</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=343.267 colspan=5><P style="margin:0pt; font-family:Arial">Fair value of below market acquired time charter</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>1,443,989</P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>957,378</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=156.333 colspan=2><P style="margin:0pt; font-family:Arial">Deferred income</P>
</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>2,284,578</P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>2,915,270</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=225.333 colspan=3><P style="margin:0pt; font-family:Arial">Current portion of long-term debt</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=93.933><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>12,627,000</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=23.667><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>14,643,000</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=243.467 colspan=4><P style="margin:0pt; font-family:Arial"><B>Total current liabilities</B></P>
</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right><B>20,725,441</B></P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right><B>23,616,101</B></P>
</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=22.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=98.733>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933>&nbsp;</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267>&nbsp;</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=243.467 colspan=4><P style="margin:0pt; font-family:Arial"><B>Non current liabilities</B></P>
</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933>&nbsp;</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267>&nbsp;</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=156.333 colspan=2><P style="margin:0pt; font-family:Arial">Derivative liability</P>
</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>67,000</P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=156.333 colspan=2><P style="margin:0pt; font-family:Arial">Long-term debt</P>
</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>85,079,000</P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>95,706,250</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=22.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=174.467 colspan=3><P style="margin:0pt; font-family:Arial"><B>Total liabilities</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=69><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=93.933><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=24>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right><B>105,871,441</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=23.667><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right><B>119,322,351</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=22.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=98.733>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933>&nbsp;</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267>&nbsp;</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=174.467 colspan=3><P style="margin:0pt; font-family:Arial"><B>Stockholders' equity</B></P>
</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933>&nbsp;</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267>&nbsp;</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=319.267 colspan=4><P style="margin:0pt; font-family:Arial">Capital stock 100,000,000 shares authorized;</P>
</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933>&nbsp;</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267>&nbsp;</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=343.267 colspan=5><P style="margin:0pt; font-family:Arial" align=center>14,000,000 shares outstanding with a par value of $.01</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>140,000</P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>140,000</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=225.333 colspan=3><P style="margin:0pt; font-family:Arial">Additional paid-in capital</P>
</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>145,883,121</P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>145,595,621</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=156.333 colspan=2><P style="margin:0pt; font-family:Arial">Retained earnings</P>
</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right>5,084,206</P>
</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right>9,318,029</P>
</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=243.467 colspan=4><P style="margin:0pt; font-family:Arial"><B>Total stockholders' equity</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=93.933><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=24><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=15.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right><B>$151,107,327</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=23.667><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right><B>$155,053,650</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=22.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=337.4 colspan=5><P style="margin:0pt; font-family:Arial"><B>Total liabilities and stockholders' equity</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=24><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=137.933><P style="margin:0pt; font-family:Arial" align=right><B>$256,978,768</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=23.667><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=110.267><P style="margin:0pt; font-family:Arial" align=right><B>$274,376,001</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=22.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=98.733>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=69>&nbsp;</TD><TD valign=bottom width=93.933>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=137.933>&nbsp;</TD><TD valign=bottom width=23.667>&nbsp;</TD><TD valign=bottom width=110.267>&nbsp;</TD><TD valign=bottom width=22.067>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:10pt; 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"><BR></P>
<P style="line-height:13pt; margin:0pt; padding-right:40.9pt; font-family:Arial; font-size:11pt" align=justify><B>(Expressed in United States Dollars)</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=15.2></TD><TD width=34.25></TD><TD width=53.3></TD><TD width=63.75></TD><TD width=53.3></TD><TD width=30.85></TD><TD width=34.25></TD><TD width=81.2></TD><TD width=13.6></TD><TD width=81.25></TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=85>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=234.733 colspan=3><P style="margin:0pt; font-family:Arial" align=center><B>FOR THE THREE MONTHS</B></P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=85>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=234.733 colspan=3><P style="margin:0pt; font-family:Arial" align=center><B>ENDED MARCH 31,</B></P>
</TD></TR>
<TR><TD valign=bottom width=20.267><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=45.667><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=71.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=85><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=71.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=center><B>2005</B></P>
</TD><TD valign=bottom width=18.133><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=center><B>2006</B></P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=85>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=center><B>(restated)</B></P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=293.067 colspan=5><P style="margin:0pt; font-family:Arial"><B>Cash flows from operating activities</B></P>
</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=201.733 colspan=3><P style="margin:0pt; font-family:Arial">Net income for the period</P>
</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>$1,636,914</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>$6,958,693</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=85>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=293.067 colspan=5><P style="margin:0pt; font-family:Arial"><B>Items included in net income not affecting</B></P>
</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=137 colspan=3><P style="margin:0pt; font-family:Arial"><B>&nbsp;&nbsp;cash flows:</B></P>
</TD><TD valign=bottom width=85>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=201.733 colspan=3><P style="margin:0pt; font-family:Arial">Depreciation and Amortization</P>
</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>509,393</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>2,817,579</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=272.8 colspan=4><P style="margin:0pt; font-family:Arial">Amortization of fair value of time charter</P>
</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>(368,571)</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>(777,704)</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=272.8 colspan=4><P style="margin:0pt; font-family:Arial">Non cash general and administrative expenses</P>
</TD><TD valign=bottom width=41.133><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>97,500</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=359.6 colspan=6><P style="margin:0pt; font-family:Arial">Net income of vessel acquired from the Vafias Group</P>
</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>(99,870)</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=313.933 colspan=5><P style="margin:0pt; font-family:Arial">Change in fair value of derivatives</P>
</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>(642,960)</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=85>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=293.067 colspan=5><P style="margin:0pt; font-family:Arial"><B>Changes in operating assets and liabilities:</B></P>
</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=313.933 colspan=5><P style="margin:0pt; font-family:Arial">(Increase) in receivable from related party</P>
</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>(805,207)</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=272.8 colspan=4><P style="margin:0pt; font-family:Arial">(Increase) in trade receivables</P>
</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>(5,728)</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>(102,012)</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=272.8 colspan=4><P style="margin:0pt; font-family:Arial">(Increase) in claim receivable</P>
</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>(52,124)</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=313.933 colspan=5><P style="margin:0pt; font-family:Arial">(Increase) Decrease in inventories</P>
</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>15,385</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>(353,834)</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=272.8 colspan=4><P style="margin:0pt; font-family:Arial">(Increase) in advances and prepayments</P>
</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>(65,370)</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>(17,296)</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=272.8 colspan=4><P style="margin:0pt; font-family:Arial">Increase in payable to related parties</P>
</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>187,501</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=313.933 colspan=5><P style="margin:0pt; font-family:Arial">Increase (Decrease) in trade accounts payable</P>
</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>(33,832)</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>503,639</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=272.8 colspan=4><P style="margin:0pt; font-family:Arial">Increase in other accrued liabilities</P>
</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>204,060</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>239,439</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=201.733 colspan=3><P style="margin:0pt; font-family:Arial">Increase in deferred income</P>
</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>16,336</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>630,692</P>
</TD></TR>
<TR><TD valign=bottom width=293.067 colspan=5><P style="margin:0pt; font-family:Arial"><B>Net cash provided by operating activities</B></P>
</TD><TD valign=bottom width=41.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right><B>1,200,880</B></P>
</TD><TD valign=bottom width=18.133><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right><B>9,291,743</B></P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=85>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=293.067 colspan=5><P style="margin:0pt; font-family:Arial"><B>Cash flows from investing activities</B></P>
</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=272.8 colspan=4><P style="margin:0pt; font-family:Arial">Advances for vessels acquisitions</P>
</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>(2,185,988)</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=272.8 colspan=4><P style="margin:0pt; font-family:Arial">Decrease in restricted cash account</P>
</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>535,478</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=201.733 colspan=3><P style="margin:0pt; font-family:Arial">Acquisition of vessels</P>
</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>(11,529,927)</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>(31,708,465)</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=272.8 colspan=4><P style="margin:0pt; font-family:Arial">Fair value of acquired time charter</P>
</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>479,000</P>
</TD></TR>
<TR><TD valign=bottom width=293.067 colspan=5><P style="margin:0pt; font-family:Arial"><B>Net cash (used in) investing activities</B></P>
</TD><TD valign=bottom width=41.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right><B>(13,715,915)</B></P>
</TD><TD valign=bottom width=18.133><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right><B>(30,693,987)</B></P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=85>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=293.067 colspan=5><P style="margin:0pt; font-family:Arial"><B>Cash flows from financing activities</B></P>
</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=116.733 colspan=2><P style="margin:0pt; font-family:Arial">Capital stock</P>
</TD><TD valign=bottom width=85>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>60,000</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=201.733 colspan=3><P style="margin:0pt; font-family:Arial">Additional paid-in capital</P>
</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>13,568,072</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=201.733 colspan=3><P style="margin:0pt; font-family:Arial">Deemed dividends</P>
</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>(287,500)</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=116.733 colspan=2><P style="margin:0pt; font-family:Arial">Dividends paid</P>
</TD><TD valign=bottom width=85>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>(2,625,000)</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=201.733 colspan=3><P style="margin:0pt; font-family:Arial">Deferred finance charges</P>
</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>(162,000)</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>(28,000)</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=116.733 colspan=2><P style="margin:0pt; font-family:Arial">Overdraft facility</P>
</TD><TD valign=bottom width=85>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>(200,000)</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=116.733 colspan=2><P style="margin:0pt; font-family:Arial">Loan repayment</P>
</TD><TD valign=bottom width=85>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>(1,356,750)</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=201.733 colspan=3><P style="margin:0pt; font-family:Arial">Proceeds from long-term debt</P>
</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>28,735,000</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>14,000,000</P>
</TD></TR>
<TR><TD valign=bottom width=293.067 colspan=5><P style="margin:0pt; font-family:Arial"><B>Net cash provided by financing activities</B></P>
</TD><TD valign=bottom width=41.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right><B>42,201,072</B></P>
</TD><TD valign=bottom width=18.133><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right><B>9,502,750</B></P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=85>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=293.067 colspan=5><P style="margin:0pt; font-family:Arial">Net Increase in cash and cash equivalents</P>
</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>29,686,037</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>(11,899,494)</P>
</TD></TR>
<TR><TD valign=bottom width=334.2 colspan=6><P style="margin:0pt; font-family:Arial">Cash and cash equivalents at beginning of period</P>
</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>23,210,243</P>
</TD></TR>
<TR><TD valign=bottom width=293.067 colspan=5><P style="margin:0pt; font-family:Arial"><B>Cash and cash equivalents at end of period</B></P>
</TD><TD valign=bottom width=41.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right><B>$29,686,037</B></P>
</TD><TD valign=bottom width=18.133><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right><B>$11,310,749</B></P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=85>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=293.067 colspan=5><P style="margin:0pt; font-family:Arial"><B>Supplemental Cash Flow Information:</B></P>
</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=201.733 colspan=3><P style="margin:0pt; font-family:Arial">Cash paid during the period for:</P>
</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=201.733 colspan=3><P style="margin:0pt; font-family:Arial">Interest payments</P>
</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333><P style="margin:0pt; font-family:Arial" align=right>1,220,506</P>
</TD></TR>
<TR><TD valign=bottom width=20.267>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=85>&nbsp;</TD><TD valign=bottom width=71.067>&nbsp;</TD><TD valign=bottom width=41.133>&nbsp;</TD><TD valign=bottom width=45.667>&nbsp;</TD><TD valign=bottom width=108.267>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=108.333>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:10pt; 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"><BR></P>
<P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt"><B>&nbsp;</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>About STEALTHGAS INC. </B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. STEALTHGAS INC. currently has a fleet of 24 LPG carriers, and intends to acquire three additional LPG carriers. &nbsp;Once these acquisitions are completed, STEALTHGAS INC's fleet will be composed of 27 LPG carriers with a total capacity of 117,225 cubic meters (cbm). STEALTHGAS&#146;s shares are listed on NASDAQ and trade under the symbol &#147;GASS&#148;.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Forward-Looking Statement </B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are be
yond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charterhire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in STEALTHGAS INC.'s operating expenses, including bunker prices, dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the US Securities and Exchange Commission. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Visit our website at www.stealthgas.com</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>&nbsp;</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#3F3F3F" align=justify><FONT COLOR=#3F3F3F><B>Company Contact:</B></FONT></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#3F3F3F" align=justify>Andrew J. Simmons</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#3F3F3F" align=justify>Chief Financial Officer</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#3F3F3F" align=justify>STEALTHGAS INC.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#3F3F3F" align=justify>011-30-210-6250-001<BR>
E-mail: simmons@stealthgas.com</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#3F3F3F"><B>Investor Relations/Media:<BR>
</B>Nicolas Bornozis<BR>
Capital Link, Inc.(New York)<BR>
Tel. 212-661-7566<BR>
E-mail: nbornozis@capitallink.com</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt"><FONT FACE="Times New Roman" COLOR=#000000>&nbsp;</FONT></P>
<P style="margin:0pt" align=center><B>SIGNATURES </B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Courier New"><FONT FACE="Courier New">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereto duly authorized.</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><FONT FACE="Times New Roman"><B><U>Stealthgas, Inc. </U></B></FONT></P>
<P style="margin:0pt" align=center>(Registrant) </P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Courier New"><FONT FACE="Courier New"><I>Dated: &nbsp;May 22, 2006 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT FACE="Times New Roman">By: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Andrew J. Simmons &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="margin:0pt; font-family:Courier New"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;----------------------------------</I></P>
<P style="margin:0pt; font-family:Courier New"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I><FONT FACE="Times New Roman">Andrew J. Simmons</FONT></P>
<P style="margin:0pt; font-family:Courier New" align=center><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I><FONT FACE="Times New Roman">Chief Financial Officer</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"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:18pt; margin:0pt; font-size:16pt" align=center><FONT FACE="Times New Roman"><B>End of Filing</B></FONT></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:10pt; margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>gass6k052206002.gif
<TEXT>
begin 644 gass6k052206002.gif
M1TE&.#EAQ0!K`/<``*#/_VFT_\GD__'X_T&@_X7"_URM_ZW6_TZG_^3Q_];K
M_W>[_Y+)_[O=__O?3O_^^?O?4/_^^_O>3/___?O@5?_\\/OA6?_]]/[VS/WL
ME?SG??_\[/SF=?WOJO_]]O_\[OSC9/[VT/[YW_[ZY?O@4_OA6_SD:O[XV_SG
M>?SH@?[SO_WQLOWQL/SC9OSJBO[UR/OB7_WMG?[[Z/WKD/OA7?WSN_SE</[X
MV?[WU/SF=_[XU_WRN?WNH_SE;O[ZX?SD;/SB8?SE<OWJCO[ZX_[VSOWQM/[W
MTO_]\OWLF?[TP?WOIOSIAO[UQOWNG_[YW?SC:/[URO[SO?SJC/[TP_SH?_WM
MF_WLE_WPKOSIB/WNH?SG>_WPK/_[ZOSH@_WRM_O>2C.9_____P``````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````"P`````Q0!K```(_P##A`D3)DR8,&'"A`D3)DR8
M,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8
M,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8
M,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8
M,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8
M,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8
M,&'"A`D3)DR8,&'"A/\)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,
MF#!AA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488883_
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$_Q%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011A@`"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F
M3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F
M3)@P8<*$"1,F3)@P8<*$"?\3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3
M)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3
M)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3
M)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3
M)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AC_88011AAAA!%&&&&$$488882!0AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488_V&$$488882!PA<H
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA-'!%_]??%%%&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M80`D3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$
M"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$
M"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$
M"1,F3)@P8<*$"1,F3)@P8<*$"1,FC)$O7[Y\^<(B3)@P8<*$"1,F3)@P8<*$
M"1,F3)C_,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"
MA`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"
MA`D3)DR8,&'"A`D3)DR8,&'"A`D31AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&$?`\,477WSQQ1=&A!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801_T8888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&'T\,477WSQQ1=??.%#&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$?]&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&X\,477WSQQ1=??/$%#$>$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$488880!D#!APH0)$R9,F#!A
MPH0)$R9,F##_8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P
M8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P
M8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P
M8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*P^/+ERY<O7[Y\^?+E"XHP
M8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P
M8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$_PD3)DR8
M,&'"A`D3)DP888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$88/7WSQQ1=?
M?/'%%U]\\<477[@01AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$4888?^$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$<81%'SQQ1=??/'%%U]\\<477WSQ10=AA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&'_A!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488/7SQQ1=??/'%
M%U]\\<477WSQQ1=?&!%&&&&$$09`PH0)$R9,F#!APH0)$R9,F#!APH0)$R9,
MF#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,
MF#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)_Q,F
M3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F
M3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)4O7[Y\^?+E
MRY<O7[Y\^?+ERY<O7WR$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F
M3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P88011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011O\888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M8821Q!=??/'%%U]\\<477WSQQ1=??/'%%U]\0<$188011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$4;_&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$488883APQ=??/'%%U]\\<477WSQQ1=??/'%
M%U]\\<47/8011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M_QAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488881Q
M!`Q??/'%%P#Y\N7+ER]?OGSY\N7+ER]?OGSY\@5%F#!APH0)$R9,F#!APH0)
M$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)
M$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)
M$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)
M$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F/\P8<*$"1,F3)@P8<*@
M^/+ERY<O7[Y\^?+ERY<O7[Y\^?+ERY<O7[Y\J1(F3)@P8<*$"1,F3)@P8<*$
M"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&%4\<477WS_\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%
M%TF$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&$8\<477WSQQ1=??/'%
M%U]\__'%%U]\\<477WSQQ1=??/'%%U]\X4,888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&$`)$R8,&'"
MA`D3)DR8,&%\?/GRY<N7+U^^?/GRY<N7+U^^?/GRY<N7+_]?OGSY\N7+ER]'
MPH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!A
MPH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!A
MPH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!A
MPH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!A
MPH0)$R8,C"]?OGSY\N7+ER]?OGSY\N7+ER]?OGSY\N7+ER]?OGSY\J7'D3!A
MPH0)$R9,F#!APH0)$T8888011AC_88011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$488*'SQQ1=??/'%%U]\\<477WSQQ1=??/'%
M%U]\\<477WSQQ1=??/'%%U^@$$8888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$488_V&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488'7SQ
MQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\4458801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&/]AA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA`&0,&'"A`D3)DR8,&'"A`D3)DR8
M,&'"A`D3)DR8,&'"A`D3QLB7+U^^?/GRY<N7+U^^?/GRY<N7+U^^?/GRY<N7
M+U^^?/GRY<N7+U^^)`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8
M,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`G_$R9,F#!APH0)$R9,F#!APH0)$R9,
MF#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,
MF#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,
MF#!APH0)$R9,F#!ACGSY\N7+ER]?OGSY\N7+ER]?OGSY\N7+ER]?OGSY\N7+
M%U]\\<477WSQQ1=?&!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$4888801_T8888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011@]??/'%%U]\\<477WSQ
MQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%$6&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$?]&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$4888801A@M??/'%%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\
M\<477WSQQ1=??/'%%S`<$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!'_1AAAA!%&&&&$$48888011AAA
MA!%&&&&$$4888801!D#"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3
M)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&$Z?/GRY<N7+U^^?/GRY<N7+U^^?/GR
MY<N7+U^^?/GRY<N7+U^^?/GRY<N7+U^^?/F"(DR8,&'"A`D3)DR8,&'"A`D3
M)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3
M)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3
M)DR8,&'"A`D3)DR8_S!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)
M$R9,F#!APH0)$R9,F#!APH0)$\;'ER]?OGSY\N7+ER]??/'%%U]\\<477WSQ
MQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\<477WSA0AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888?^$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA'/'%%U]\
M\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\
M\<477WSQQ1<=A!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&'_A!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA-'#%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=?
M?/'%%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=??&%$&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011A@`
M"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$
M"1,F3)@P8<*$"1,F3)@P_V'"A`D3)DR8,&'"A`D3QL67+U^^?/GRY<N7+U^^
M?/GRY<N7+U^^?/GRY<N7+U^^?/GRY<N7+U^^?/GRY<N7+U^^?/GRY<L7'V'"
MA`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"
MA`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"
MA`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"
MA`D3)DR8,&'"A`D3)DR8,&'"A!%&&&&$$48827SQQ1=??/'%%U]\\<477WSQ
MQ?\77WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\
M\04,1X011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$488/GSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\<7_%U]\\<477WSQQ1=?
M?/'%%U]\\<477WSQQ1=??/'%%U]\\<477_001AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$4881U#PQ1=??/'%%U]\\<477WSQQ1=?
M?/'%%U]\\<477WSQQ1=??/'%_Q=??/'%%U]\\<477WSQQ1=??/'%%U]\\<47
M7WSQA0MAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48880`D3)@P8<*$"1,F3)@P
M8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P
M8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P85!\^?+ERY<O
M7[Y\^?+ERY<O7[Y\^?+ERY<O7[Y\^?+ERY<O7[Y\^?+ERY<O7[Y\^?+ERY<O
M7[Y\^?_RY<N7+U\ZA`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8
M,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8
M,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8
M,&'"A`D31AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011A5??/'%%U]\
M\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\
M\<477WSQQ1=??/'%%U]\\<477R011AAAA!%&&&&$$488883_$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011A)??/'%%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=?
M?/'%%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\<477WSQA0]A
MA!%&&&&$$48888011AAAA!%&&&&$_Q%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801A@]??/'%%U]\\<47
M7WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\<47
M7WSQQ1=??/'%%U]\\<477WSQQ1<4'!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA/\11AAAA!%&&&&$`9`P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F
M3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F
M3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"7.D
MQY<O7[Y\^?+ERY<O7[Y\^?+ERY<O7[Y\^?+ERY<O7[Y\^?+ERY<O7[Y\^?+E
MRY<O7[Y\^?+ERY<O7[Y\^?+ERY<O7[Y\Z1$F3)@P8<*$"1,F3)@P8<*$"1,F
M3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)C_,&'"A`D3
M)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DP888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA('"%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=?
M?/'%%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\@4(888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$488_V&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA%'%%U]\\<477WSQQ1=??/'%%U]\\<47
M7WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\<47
M7WSQQ1=??/'%%U]\\<4758011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&/]AA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA&'$
M%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%
M%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\<477WR11!AAA!%&
M&&&$$09`PH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)
M$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F##_8<*$
M"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$
M"1,F3)@P1[Y\^?+ERY<O7[Y\^?+ERY<O7[Y\^?+ERY<O7[Y\^?+ERY<O7[Y\
M^?+ERY<O7[Y\^?+ERY<O7[Y\^?+ERY<O7[Y\^?+ERY<O7[Y\^?+EBY$P8<*$
M"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$
M"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P88011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$4888801_T8888011AAAA!%&&&&$$488
M88011AAAA!%&&&'`\,477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\<47
M7WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\<47
M7WSQQ1=??/$%!4>$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$?]&&&&$$48888011AAAA!%&&&&X\,477WSQQ1=??/'%
M%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%
M%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U_`<$0888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!'_
M1AAAA!%&&&%T\,477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\<477WSQ
MQ1=??/'%%U]\\<477WSQQ1=??/'%%U]\\<477WSQQ1=??/'%%P#Y\N7+ER]?
MOGSY\N7+ER]?OJ`($R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!A
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MQ1=??/'%%U]\\<477WSQQ1=??/'%%U\`Y,N7+U^^?/GR_^7+ER]?OGSY\N7+
MER]5PH0)T^'+ER]?OGSY\N7+ER]?OGSY\N5(F#!APH0)$R9,F#!APH0)$R9,
MF#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,
MF#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,
MF#!APH0)$R9,F#!APH0)$R9,F#`=OGSY\N7+ER]?OGSY\N7+ER\=PH0)XP/&
MER]?OGSY\N7+ER]?OGSY\N7+ER]?OGSY\N7+ER]?OGSY\N7+ER]?OGSYDB1,
MF#!APB3Y\N7+ER]?OGSY\N7+E_\O7[[`.!(F3)@P8<*$"1,F3)@P8<*$"1-&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA.'#%U]\\<477WSQQ1=??/'%
M%U]\444888011AAAH/#%%U]\\<477WSQQ1=??-'#%U]\\<477WSQQ1=??$'!
M%U]\\<477WSQQ1=?P.!#&&&$$4888821Q!=??/'%%U]\\<477WSQQ1=??-%#
M&&&$$4;_&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA'$$!5]\\<477WSQQ1=??/'%%U]\X4(888011AAAA!%&$E]\\<477WSQ
MQ1=??(%"&$9\\<477WSQQ1=??(%"&#U\\<477WSQQ1=?]'!$&&&$$4888801
M1AA&?/'%%U]\\<477WSQQ1=??/'%%RZ$$48888011AAAA!%&_QAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&#U]\\<477WSQQ1=??/'%%U]\
MX4(888011AAAA`&0,&'"^(#QY<N7+U^^?$$1)DP8(U^^?/GRY<N7*F'"'('Q
MY<N7+U^^5`D3)DR8,&'"A`D3)DP8(U^^?/GRY<N7+U^^?/GRY<N7#F'"A`D3
M)DR8,&'"A`D3)DR8,&'"A`D3)DR8,/]APH0)$R9,F#!APH0)$R9,F#!APH0)
M$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)
M$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)4^7+ER]?OGSY\N7+ER]?OGSI
M$29,F#!APH0)$R9,F#!A7'SY\N7+%Q1APH0)$\;(ER]?OGRI$B9,F#!'*'SY
M\N5+DC!APH0)$R9,F#!APH0)$\8'A2]?OGSY\N7+%U]\\<477WQA1!AAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$488883_$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&$D\<477WSQ
MQ1=??/'%%U]\\<47/8011AAAA!%&&&&$$48888011AA)?/'%%RB$$4888801
M1AA&?/'%%TF$$4888801A@\4?$&!#V&$$48888011AAAA!%&&&&$$488/E#P
MQ1=??/'%%U]\\<477WSQQ1<^A!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$_Q%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&'X\,477WSQQ1=??/'%%U]\\<47%!P11AAAA!%&&&&$
M$48888011AAAA.%##RB$$48888011AAAA&'$%TF$$48888011AAA&('"$6&$
M$48888011AAAA!%&&&&$$488881Q!`5??/'%%U]\\<477WSQQ1=?H!!&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA/\11AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&$<`<,77WSQ!4"^
M?/GRY<N7+U^^4#@2)DR8,&'"A`D3)DR8,&'"A`D3)LR1,&'"A`D3)DR8,&'"
MA`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"^(#QY<N7+U^^
M?/GRY<L7%V'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"
MA`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"
MA`D3)DR8,&'"A`G_$R9,F#!APH0)$R9,F#!APH0)$R9,F#`=OGSY\N7+ER]?
MOGSY\N7+%Q]APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!A
MPH0)$R9,F#!APH0)$R9,F#!AA!%&&&&$$48888011AAAA!%&&$?T\,477WSQ
MQ1=??/%%$F&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888801
M1AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488_V&$
M$4888831P1=??/'%%U]\\<477WSQA0]AA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$<00,7WSQQ1=??-'#$6&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&/]&4/#%%U]\\<477WSQ11)A
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888?3PQ1=?
M?%%%&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011A@`"1,F3)@P8<*$"1,F3)@P
M8<*$"1/F"(HO7[Y\^?+_Y<N.,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8
M,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8
M,&'"A`D3Y@B*+Q2,A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8
M,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8
M,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8
M,&'"A`E3Y<N7+U^^5`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8
M_S!APH011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&%4>$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAA&/'%%U]4$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$?]&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!'&$3V@$$8888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!'_1AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48880`D3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F
M3)@P8<*$"1,F3)@P8<*$"1,F3)@P88Z$"1,F3)@P8<*$"1,F3)@P8<*$"1,F
M3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F
M3)@P_V'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3
M)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3
M)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3
M)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D31AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$4888?^$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&'_A!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAA_X011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$`9`P8<*$"1,F3)@P8<*$"1-&P0(P8,`@6'!@`((`8<*$"1,F3)@P8<*$
M"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P810``````(`#8<*$
M"1,F3)@P8<*$"1,&````````2!`F3)@P8<*$"1,F3)@P8<*$"1/FP`($8,`@
M6-`@3!@`8!2$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$
M"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"?\3)DR8,&'"
MA`D3)DR8,&'"A`D3)DR8,&$*@`$#A@$`,&#`@`$3($R8,&'"A`D3)DR8,&'"
MA`D3)DR8,&'"A`D3)DR8,&'"A`D3)DP888011AAAA!'&`6"``0888`001AAA
MA!%&&&&$$4888801!@)@@`$&&&`H$$8888011AAAA!%&&&&$$48882B``!A@
M@$%```2``08"!R``A@!AA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$4;_&&&$$488880!`!A@$#!`&&$,P``8
M8(`10!AAA!%&&&&$L0`#88011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&$H``888(`10!AAA!%&&&&$L0`#88011AAA+``&&&"`(4`8
M88011AAAA!%&&&&$$48881P`!AA@@`%`&&&$P0`88(`!!A@"A!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!$&_QA@@`%`&&&$$488`8`!1@!AA!%&&&&$`0`8`8011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$0888(`!1@!AA!%&
M&&&$`0`8`8011AAAA`$`&&"``88`88011AAAA!%&&&&$$488830`!AA@@`%`
M&&&$$488!X`!!AA@"!!&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&`,``````````````#!`&&&$$09`PH0)$R9,F#!A
MPH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!A#H`!`T9!F#!APH09`/\&3(`P
M8<*$"9,`#)@`8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P
M8<*``0,&3(`P8<*$"9,`#!@#8<*$"1,&`!@P8,`("!,F3)@P8<*$"1,F3)@!
M8,"``8,@3)@P8<*$"0,`#!@P`L*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P
M8<*$"1,F3)@P8<*$"1,F3!@%!L"``0,&#!@P`12$"1,F3)@P8<*$"1,F3)@P
M8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F#`,P8,``"!,F3)@P80Z`"1`F3)@P
M81"``1,@3)@P88011AAAA!%&&&&$$488883_$48888011AAAA!%&&&&$$488
M8801!AA@@`%&`&&$$48881@`!A@!A!%&&&&$`0`88(`!A@!AA!%&&&&$$488
M88011A@,@`$&&&``$$8888011AAAA&$`&&`($$8888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$488880!`!A@@`$&&`F$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$88!
M8(`!A@$#A!%&&&&$D0`8`8011AAA,``&&&`$$$8888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$_Q%&&&&$$48888011AA@@`$&&`&$$48882P`!AA@!!!&
M&&&$$08`8(`!!A@"A!%&&&&$$48888011A@#@`$&&&"`D4`888011AAAA!&&
M`&"`(4`888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AA@@`$&&`&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$488`8`!!AA@&)!`&&&$$488##`01AAA```&
M&&"`$4`888011AAAA!'&`````$`"88011AAAA!%&&`D``````"@01AAAA/\1
M1AAA@`$&&&`$$$8880``!AA@@!%`&&&$$488`(`!!AA@"!!&`P``T$`88801
M1AAA```&&&"``48888011AAAA!%&&&$8`(8`88011AAAA!%&`P```$`#"801
M1AAAA!%&&&&$<0```"00Q@$'A!%&&``)$R9,F#!APH0)`P8,&#`!PH0)$R9,
MF#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#!APH0)$R9,F#`+P(`!`P8,
M&`!APH0)$R9,F#`-P(`!`P8,&#!@`(0)$V;``C!@P(`!$V!`F#!APB0P``8,
M&#!@P(`Y$"9,F#!AP(`!`R9`F#`-P(`!`P8,&##_8`"$"0,`#!@P8``8``,&
M#!@#8<*$"1-F`1@P8,`8"!,F3)@P8<*$"1/F`!@%8<*$"1,&`!@P8,"``0,F
M0)@P8<*$"7,`#!@P8,`@`!,@3)@P8<*$"1,F3)@P8<"``0,F0)@P8<*$"1,F
M3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,&`!@P8,"``088
M"#001AAAA!%&&`"``0888(`!!AA@`!!&&&$$``88""2P`!A@&!!&&&&$`088
M8!P0!@!@@`$&&`>$$48888`!!AA@!!!&&`"``0888(`!!AA@`!!&&`"``088
M8(`!!AA@@`$&&`N$$488_V&``0888(`10!AAA!%&&&&$$48888011AAAA!%&
M&`"``88!821@`!A@@&'``&&$$48#8(`!!@`'@`$&&`&$$48888011AAAA!%&
M&&&``0888`001AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA`$&&&"``0888(`!1@`*A!%&&&&$$0888(`!1@!AA!%&
M&&$```888``01@)@@`'&`6&$P0`88("10!AA%``&&&`0$$88880!!AA@@!%`
M&&&$$0888(`!1@!AA!%&&&$```888(`!A@$-@`$&&&"`$488880!!AA@@`$&
M`/]AA!%&&&&$$48888011AAAA!%&&`.``088"X011@)@@`$&&`"$$488"(`!
M1@%AA#$`&&`$$$8888011AAAA!%&&&&$`0888(`10!AAA!%```$$$,`!`"``
M!A@,#!!&&&&$$488`!@`!A@&`!!&&&&$$48888011AAAA!'&`6"``0888(`!
M!AA@@'%`&&&$$4888(`!!A@!A!%&&&&$`0888(`A0!AA@`$&&`:$$48`8(`!
MQ@)AA`$`&&"``88"8801!AA@@`%&`&&$$4888(`!!A@!A!%&&&&$`0`88(`!
MQ@)AA+$`&&"``88"880A`!A@@`$&&`"$$48888011AC_88011AAAA!%&&&$(
M``888("10!AA``0,&#!@#(0)DP`,&#`%PH0)TP!,@#!APH0)$R9,F#!APH0!
M`P8,F`!APH0I``8,&#!@P(`!`P:,@3!APH098``,F`5@P(!A$"9,F#!APH0)
M$R9,F#!A%H`!`P8,&#!@P(`!HR!,F#!AP(`!`R9`F#!APB@``P8,F#!APH`!
M`P9,F#`!P(`!$R!,&`!@P(`!(R!,F#!@P(`!$R!,F#!AP(`!`R9`F#!APH0!
M``8,&#`*PH0!``8,&#`"PH01``8,&#!@`(0)$R9,F#!APH0)$R9,F#!AP@@`
M`P8,&`%APH`!`P9,@#!A%(`!_P,&S($P80:`"1`F3)@P8<*$"1,F3)@P8,"`
M`1,@3)@P80R``0,&#((%8,"``:,@3)@P!L"`"1#&`6"``48"88011AAAA!%&
M&&&$$48880``!AA@@`$&&&"``08!88011AA@@`$&&`&$$48880``!AA@@!%&
M&&&``0888"@0!@!@@`$&`&&$`0`88(`!A@!AA!$&&&"``48`88011AA@@`$&
M&`&$$488880!`!A@@`&&`&&$`0`88(`!A@!AA"$`&&"``088`(011AAAA!%&
M&&&$$48888011AAAA`$&&&"`,4`888`!!AA@!!!&&`*``0888("Q0`)A))!`
M&&&$$?]&&&&$$4888801!AA@@`%&`&&$$488`8`!!A@(#!`&&&"``08`881Q
M`!A@@-%`&`"``088"H011AAAA!%&&&&$$4888801Q@`!@`$&&&"``0888#00
M1AAA@`$&&&`$$$88882Q`!A@@`%&``8$``888(!Q0!@#`!````,,```"8(`!
M!A@"A!%&&&"``088`8011AAA@`$&&&`$$$888801!@!@@`$&&`*$$08`8(`!
M!A@"A!&&`&"``0888``01AAAA'&``0$$$$``!@00@`$!A!&&`@44H$`8`A0`
M!AA@@!%`&&$,``888(`!!AA@`!!&&&&$$48888011AAAA!'_1AA@@`$&&`&$
M$488800`!AA@`!!&&`&``088`(01A@%@@`%&`F$T``888"001AAAA!%&&&&$
M$48888011AAAA*$``F"``0888(`!0!AAA`$&&&"`$4`888011@!@@`$&&&"`
M`0888(`!!@!AA!%&&`D4``888(`!!AA@"!!&&&&``0888`001AAAA`$&&&"`
M$4`888011A@`@`$&&&`($$88`(`!!AA@"!!&&&&``0888(!10!AAA`&0,`H`
M(``#!@P8,&`,``@3)DR8,``0@`$#!@P8,`'"A`E3``P8,&#`@`%C8$"8,&'"
MA`D3)DR8,&'"@`$#!DR`,&'"A`D`_P8,&`!AP@0``P8,@#!AP(`!`R9,F#`+
M`C0($R9,F#!APH0)$R8,&`9APH0)$R8,`#!@P(`!$R!,F#!@P(`!$R!,F#!A
M`H`!`P:,@C!APH0)$R9,F#`#&(`!`R9``3!@P(`1$"9,&#!@P(`)$"9,F#!@
MP(`!$R!,F#!AP@```P8,&`%AP@```P8,&`%APH1!``8,&#`!PH0)$R9,F`%@
MP(`!`\9`F#!APH01@``,&#``P(`!`R9`F#!A!A@``P8,&#!@P#`($R9,F#!A
MPH0)$R9,&#!@P(`)$"9,&&$$``888``01A@!@`$&&`"$H0`88(`!1AAAA!%&
M&&&$$4888?^$$48888011AA@(!!&&&&$$48881P`!AA@@!%`&&&$`0888(`1
M0!AAA!%&`&"``088#8011AAAA!%&&&$,8``88("Q0!@`@`$&&&`($$8888`!
M!AA@!!!&&&&$`0888(`10!AAA!%&&`"``0888`@01A@`@`$&&&`($$88810`
M!AA@@`%&&&&$$4888801`!A@@`$&`&&$$488!X`!!AA@)!`&&&"``88!8801
M1A@#+``&&&"``0888(011AAAA!%&&&&$$48888`!!AA@!!!&&&&$$0`88(`!
M0!AA!``&&&``$$8#8(`!!A@#A!%&&&&$$48888011AAAA!%&&&'_@`%&`F&$
M$48888011@!@@`%&`&&$$0888(`!1@!AA!%&&`R``0888``01AAAA!%&&&&$
M40`88(`!1@)A```&&&"`(4`8880!!AA@@!%`&&&$$0888(`!1@!AA!%&&&$`
M``888(`A0!AA```&&&"`(4`8880A`!A@@`$&&`F$$48888011@!@@`$&&`"$
M$488"8`!!AA@%!!&&&"``088`801Q@`"#!"&`@:``0888("A0!AAA!%&&&&$
M$488880!!AA@@!%`&&&$$48`8(`!!@!AA!$`&&"``4`8"H`!!AA@*!!&&&&$
M$48888011AAAA!%&&&&$`088#(011AAA_X011A@`@`$&&`"$$4888(`!!A@!
MA!%&&&$```888(`10!AAA!%&&`H,,``88(`!1@!AA`$`&&"``88`8801!AA@
M@`%&`&&$$4888(`!!A@!A!%&&&&$`0`88(`!!D`$A`D#``P8,&`$A`D3)@P"
M,&#`@`$0)DR8,&'"!``#!@P8`&'"A&$`!@P8,`K"A`$#!@R8`&'""``#($R8
M,`#`@`$#1D"8,&'"A`D3)DR8,&'`@`$#)D"8,&'"!``#!@R`,&$"@`$#!D"8
M!&#`@`$#($R8,&'"A`D3)DR8,&'"A`D3!@P8,`G"A`D3)DR8!6#`@$D0)DP8
M,&#`@`D0IL&"!/\)P(`!`P:,@C!AP@```T`!&#!@P!@($X8!&#!@P`@($R8,
M&#!@P`0($R9,&#!@P(`)$*;!@@1A`(`!`P:,@#!A`(`!`P:,@#!APH11``8,
M&#`(PH0)$R9,F`!@P(`!`R!,F#`&P(`!`Z9!F`%@P(`!$R!,&`5@#(0)$R8,
M`#!@@"%`&&&$$48888011AAAA`$&&&"`$4`888011@!@@`$&`&&$$0`88(`!
M0!AA@`$&&&`@$$888821P`!AA!%&&&&$$488880!!AA@&#!`&&&$$<8`"(`!
MA@%AA!%&&&"``0888"2``!@#A&$`&&"``088#0P``!A@)-``&&"``0;_&`T`
M``888(`!Q@$)A!$&&&"``48`88011AA@@`$&&&`D@``8`X0!`!A@@`&&`&&$
M`0`88(`!A@!AA!%&&&$P``888(#!0!AAA!%&&`&``0888``01AAA!``&&&"`
M84`"!H`!!AA@&*!`&`V``48#88011@-@@`%&&&&$$48888011AAAA!$&&&"`
M`48`88011A@!@`$&&`"$$48`8(`!!@!AA,$`&&"``<8"8821`!@`A!%&&&&$
M$4888801!AA@@`&&`0J$$<8`!H`!!A@#A!%&&&$8``888(`!!A@,A!&&`F"`
M`0888(`!!AA@'!#&`&"``0888(`!!AA@@`$&_QA@(!!&`V"``0888(011AAA
M&``&&&"``088#(011@!@@`$&&`"$$88!8(`!!A@`A!%&&&&$$<8"8(`!!A@,
M#!!&&`J``0888(`!0!AAA`$`&&"``0888(`!!AA@@`$&&`<H``888"@0Q@`&
M@`'&`F&$$48888011AAAA!$&`&"``0888"001AAA(``&&&`L$$88"(`!!A@+
MA!%&`F"``0888`3``!A@)!!&&&&$$48888011AA@@`$&&&"`88`!8(`!!@()
MA!%&&&&$`0`88(`!!A@&#!!&&&$<``888(`!!AA@,!!&&&$P``888(`!!A@,
M@`$&&&"``<`!8(`!!O\8``$#AD"",&$`@`$#!@P8`P/"(``#!@P8,&`*%``#
M!@P8,&`8A`D3)DR8,`+`@`$#AH`!`V#`@`&#X$"8,&'")``#!@P8,&`,!``#
M!@P8!`D:@`$#!HP!!&#`(`@3)DR8,&'"A`D3)H$!,&#`@`$#!HR!!`C`@`$#
M!@P#!&#`@`$#AD&8,`W`@`$#!@P8,`?"A`D3)DR8,&'"A`D#AL&``PL0@`$#
M9L&!,&'"A`D3)DP8``C`@&$P($R8,&'"*`@`!@R8!0K"A`D39@`#,&`0%$@0
MA@$8,`8:A!$``````````$@0)DP8``C`@&$P($P8`````````,"!`P````#_
M``#`@3!APH0)$R9,F`,+#(`!`\;``@`)PH0)$R9,F#`*#(`!A@$'A)&``6"`
MP<``82@`!@`'!``&&`0P,$`888011AAAA!%&&&$D``````````````!``@``
M``````!P```````````<$$88822P``%@@+%``F&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$_Q%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA/\11AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M80`D3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$
M"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$
M"1/_)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"
MA`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"
MA`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"
MA`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"
MA`D3)DR8,&'"A`D3)DR8,&'"A`D31AAAA!%&&&&$$48888011AAAA!%&&&&$
M$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488_V&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&/]AA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$488
M88011AC_88011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&
M&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$`9`P8<*$"1,F3)@P
M8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P
M8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P
M8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P
M8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P8<*$"1,F3)@P^V'"A`D3)DR8
M,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8
M,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8,&'"A`D3)DR8
M,&'"A`D3)DP888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
MA!%&&&&$$48888011AAAA!%&&&&$$48888011AAAA!%&&&&$$48888011AAA
4A!%&&&&$$48888011AAAA!$0`#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
